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 Advisors LLC

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, 2021

Date of reporting period: December 31, 2021

Item 1. Reports to Stockholders.

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

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, 2021

http://advisor.wilshire.com

Wilshire Mutual Funds, Inc.   Table of Contents

Letter to Shareholders	1
Commentary:
Large Company Growth Portfolio	6
Large Company Value Portfolio	13
Small Company Growth Portfolio	17
Small Company Value Portfolio	21
Wilshire 5000 Indexsm Fund	25
Wilshire International Equity Fund	29
Wilshire Income Opportunities Fund	36
Disclosure of Fund Expenses	42
Condensed Schedules of Investments:
Large Company Growth Portfolio	45
Large Company Value Portfolio	49
Small Company Growth Portfolio	53
Small Company Value Portfolio	55
Wilshire 5000 Indexsm Fund	57
Wilshire International Equity Fund	59
Wilshire Income Opportunities Fund	65
Statements of Assets and Liabilities	87
Statements of Operations	93
Statements of Changes in Net Assets	98
Financial Highlights:
Large Company Growth Portfolio	102
Large Company Value Portfolio	104
Small Company Growth Portfolio	106
Small Company Value Portfolio	108
Wilshire 5000 Indexsm Fund	110
Wilshire International Equity Fund	112
Wilshire Income Opportunities Fund	114
Notes to Financial Statements	116
Report of Independent Registered Public Accounting Firm	158
Additional Fund Information	160
Tax Information	164
Board Approval of Advisory Agreement	166
Board Approval of Subadvisory Agreements	175

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, 2021 to December 31, 2021, 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 FT Wilshire 5000 Index^SM, was up 26.70% for the year 2021. Sharply rising inflation will likely be remembered as the economic story of 2021. Increases in the Consumer Price Index (“CPI”) have reached rates not seen in 40 years. Food and energy prices are up meaningfully, but so too are the major “core” CPI items of automobiles and apparel. Consumers’ ability to manage this period will help determine whether the U.S. can continue its economic progress. The employment picture is quite strong, including an unemployment rate approaching 4% and continued above-trend growth in wages. However, the personal savings rate has fallen to a level last seen in late-2017, suggesting that consumers are saving less as they adjust to rising prices. Inflation and new COVID variants are likely behind depressed consumer sentiment surveys.

Sector returns for the FT Wilshire 5000 Total Market Index^SM were positive for the year. Energy (+56.36%) and Real Estate (+40.39%) were the best performing sectors while Utilities (+17.55%) and Consumer Staples (+17.81%) sectors were the laggards. For the year, large-capitalization stocks outperformed small-capitalization stocks with the Wilshire US Large Index^SM returning 27.46% versus 19.17% for the Wilshire US Small Index^SM. Growth led value equities during the 12-month period, with the Wilshire US Large Growth Index^SM returning 28.86% versus 24.53% for the Wilshire US Large Value Index^SM.

International Equity Market

Performance results within international equity markets were mixed for the year, with meaningful differences in returns between developed and emerging markets. The MSCI EAFE Index was up 11.26% for the year, while the MSCI Emerging Markets Index was down -2.54%. The main sources of weakness were China, South Korea, and Brazil. In China, the real estate market, which accounts for nearly a third of China’s Gross Domestic Product (“GDP”), has been experiencing a major slump and developers are heavily indebted. While economic growth forecasts are on the decline, the Chinese economy is still expected to expand in 2022. Within Europe, Germany, the area’s largest economy, is facing a potential recession as supply issues and new coronavirus cases weigh on growth. Germany’s Ifo Institute for Economic Research has forecasted 2.7% gross in GDP for 2022. 2.5% below the level that could have been achieved without the pandemic. Growth has slowed in the U.K., as well, and is expected to face additional headwinds.

1

Wilshire Mutual Funds, Inc.   Letter to Shareholders (Unaudited) - (Continued)

Bond Market

The U.S. Treasury yield curve was up 45 basis points at the short end (2-year maturity) but down in the long end of the curve. The 10-year Treasury yield ended the year at 1.51%, up two basis points from September. Investment-grade credit spreads widened during the year but spreads on the broad high yield tightened, closing the year at 2.83%. The Federal Open Market Committee (the “Fed”) met twice during the fourth quarter, as scheduled, with no change to the overnight rate. However, the current intention appears to be for three 25 basis point increases in the overnight rate before the end of 2022. The Fed’s median forecast for year-end 2023 is for a Fed funds rate of 1.625%. During the December meeting, the Fed announced that it would begin to reduce (i.e., taper) the monthly pace of asset purchases, starting in January. Despite previously labeling increased inflation as “transitory,” Fed chair Jerome Powell acknowledged that increases have spread to a broader range of goods and that inflation may now be “more persistent.”

Fund Performance Review

The Wilshire Large Company Growth Portfolio - Institutional Class returned 23.42%, underperforming the Russell 1000 Growth Index by -4.18%. The Wilshire Large Company Value Portfolio - Institutional Class returned 27.26%, outperforming the Russell 1000 Value Index by 2.10%. The Wilshire Small Company Growth Portfolio - Institutional Class returned 13.36%, outperforming the Russell 2000 Growth Index by 10.53%. The Wilshire Small Company Value Portfolio - Institutional Class returned 32.40%, outperforming the Russell 2000 Value Index by 4.13%. The Wilshire International Equity Fund - Institutional Class returned 12.78%, outperforming the MSCI All Country World ex USA Investable Market Index by 4.25%. The Wilshire 5000 Index Fund – Institutional Class returned 25.85% the year, underperforming the Wilshire 5000 Index return of 26.7% by -0.85%. The Wilshire Income Opportunities Fund - Institutional Class returned 0.63%, outperforming the Bloomberg US Universal Index return of -1.10% by 1.73%.

We are pleased with the general performance of the Funds. We believe that the Funds are well-positioned going into 2022 as the market deals with the ongoing pandemic and macroeconomic and geopolitical issues.

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

Sincerely,

Jason Schwarz
President, Wilshire Mutual Funds

2

Wilshire Mutual Funds, Inc.   Letter to Shareholders (Unaudited) - (Continued)

DISCLOSURES:

This report must be preceded or accompanied by a prospectus.

Opinions expressed are those of the Portfolios and are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security.

Sector allocations are subject to change.

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 Portfolio 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, 2021. 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 All Country World ex USA Index is an equity index which captures large and mid cap representation across 22 of 23 Developed Markets countries (excluding the U.S) and 26 Emerging Markets countries. With 2,370 constituents, the index covers approximately 85% of the global equity opportunity set outside the US.

The MSCI All Country World ex USA Investable Market Index is an equity index which captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 26 Emerging Markets countries. With 6,434 constituents, the index covers approximately 99% of the global equity opportunity set outside the US.

3

Wilshire Mutual Funds, Inc.   Letter to Shareholders (Unaudited) - (Continued)

The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries* around the world, excluding the US and Canada. With 825 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country.

The MSCI Emerging Markets Index is an equity index which captures large and mid-cap representation across 26 Emerging Markets countries. With 1,385 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

The FT Wilshire 5000 Total Market Index 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.

The Wilshire US Large-Cap Index is a benchmark of the large-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Index is a float-adjusted, market capitalization- weighted index of the issues ranked above 750 market capitalization of the Wilshire 5000 Total Market Index.

The Wilshire US Small-Cap Index is a benchmark of the small-sized (based on capitalization) companies in the U.S. equity market. The Wilshire US Small-Cap is a float-adjusted, market capitalization-weighted index of the issues ranked between 750 and 2,500 by market capitalization of the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Growth Index is a benchmark of the large-sized growth (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Growth is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

The Wilshire US Large-Cap Value Index is a benchmark of the large-sized value (based on capitalization) companies in the U.S. equity market. The Wilshire US Large-Cap Value is a float-adjusted, market capitalization-weighted derivative index of the Wilshire US Large-Cap Index and by extension the Wilshire 5000 Total Market Index.

The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The Bloomberg U.S. Credit Index measures the investment grade, US dollar-denominated, fixed-rate, taxable corporate and government related bond markets.

The Bloomberg U.S. Corporate High Yield Index measures the US dollar-denominated, high yield, fixed-rate, corporate bond market.

The Bloomberg U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index.

4

Wilshire Mutual Funds, Inc.   Letter to Shareholders (Unaudited) - (Continued)

The Bloomberg TIPS measures the performance of the U.S. Treasury Inflation-Protected Securities known as TIPS.

The Bloomberg Long Term Treasury Index measures the U.S. investment grade fixed rate bond market issued by the U.S. government with 10+ years of maturity.

The Russell 1000^® Growth Index: Measures the performance of the broad growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000 Value Index: Measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values.

The Russell 2000^® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

Mortgaged-Backed Securities are bonds secured by residential and other real estate loans.

Agency Residential Mortgaged-Backed Securities are residential mortgaged-backed securities for which a U.S. government entity guarantees payment of principal and interest to holders of securities.

Commercial Mortgage-Backed Securities are bonds secreted by commercial and multifamily mortgages.

Asset-Backed Securities are financial securities back by income-generating assets such as loans, leases, credit card balances, or receivables.

A basis point is one hundredth of a percent or equivalently one percent of one percent.

The Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Indexes are available for the U.S. and various geographic areas. Average price data for select utility, automotive fuel, and food items are also available.

Credit Spread is the difference in yield between a U.S. Treasury bond and another debt security of the same maturity but different credit quality.

Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.

5

Large Company Growth Portfolio   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	23.03%
Five Years Ended 12/31/21	22.29%
Ten Years Ended 12/31/21	16.98%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	27.60%
Five Years Ended 12/31/21	25.32%
Ten Years Ended 12/31/21	19.79%

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 12/31/21.

On July 21, 2020, the Large Company Growth Portfolio’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.

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 Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.31% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.30% for Investment Class Shares.

6

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.30% of average daily net assets for Investment Class Shares until April 30, 2022.

7

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	23.42%
Five Years Ended 12/31/21	22.68%
Ten Years Ended 12/31/21	17.34%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	27.60%
Five Years Ended 12/31/21	25.32%
Ten Years Ended 12/31/21	19.79%

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 12/31/21.

On July 21, 2020, the Large Company Growth Portfolio’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.

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 Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 0.98% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 0.98% for Institutional Class Shares.

8

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.00% of average daily net assets for Institutional Class Shares until April 30, 2022.

9

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

The FT Wilshire 5000 Total Market Index^SM returned 26.70% for the 2021 year. Real Gross Domestic Product (“GDP”) growth slowed during the third quarter of 2021, up an annualized 2.3%. The main drivers of growth were private investments (up 12.4%) and personal consumption (up 2.0%). Imports continue to rise while exports fell during the fourth quarter, the net effect being a drag on the economic growth of -1.3%. Inflation remains a concern within the U.S., but some of the components of inflation should begin to ease during 2022. For instance, energy prices are unlikely to increase another 30% again and new auto prices will likely not match their 20% increase from 2021. The inability of Congress to pass President Biden’s “Build Back Better” bill could have a modestly deflationary impact as the enhanced child tax credit ends going into 2022. Economic growth will likely be strong in the U.S. and abroad in the 2nd quarter and perhaps the 3rd quarter of 2022. U.S. corporate earnings are expected to continue growing in 2022, though at a far reduced rate when compared to 2021

Outside of the United States, equities lagged U.S. counterparts, with the MSCI All Country World ex USA Index returning 7.82% for the year. Both developed and emerging markets faced headwinds during the year as nations dealt with the surge of Omicron as well as country-specific issues such as recent regulatory changes in China and weaker expected growth in the eurozone, particularly in Germany.

The spread of the Omicron variant of COVID will likely negatively impact the pace of global economic growth during the first quarter of 2022. However, while more contagious, it appears less lethal, suggesting the beginning of a transition from pandemic crisis to endemic challenge.

Real estate securities were up during the year both in the U.S. and abroad. Commodities were quite strong for 2021, up more than 27%, broadly speaking. Commodity results were positive for the year. Crude oil ended at $75.21 per barrel for the year. Natural gas prices rose dramatically during 2021, increasing by more than 100% during the first nine-month period. However, prices went down by more than 30% during the fourth quarter, ending at $3.73 per million BTUs. Gold prices were volatile in 2021 and were up 4.2% during the quarter, finishing at approximately $1,829 per troy ounce.

The Bloomberg US Aggregate Bond Index returned -1.54% for the year as fixed-income markets responded negatively to higher than anticipated inflation and the Federal Reserve’s more hawkish tone. Long-duration securities, represented by the Bloomberg Long Term Treasury Index returned -4.65%, returned negatively for the year due to rising interest rates. Conversely, Treasury Inflation-Protected Securities, Bank Loans, and High Yield Bonds generally produced positive returns as these securities are generally less interest-rate sensitive. The Bloomberg TIPS and Bloomberg U.S. Corporate High Yield Indexes returned 5.95% and 5.28%, respectively, for the year. On the global debt front, the Bloomberg Global Aggregate Index returned -4.71% for the year.

10

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

The Wilshire Large Company Growth Portfolio - Institutional Class returned 23.42% for the year, underperforming the Russell 1000 Growth Index return of 27.6% by -4.18%. Stock selection within Consumer Discretionary and Communication Services were the top two detractors of performance. Underweight exposure to the Real Estate sector also detracted from relative performance. Conversely, stock selection within Industrials marginally contributed marginally to relative performance. Slight overweight to Communication Services and Energy sectors also contributed positively to performance.

The Wilshire Large Company Growth Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short term fixed income instruments to cover the costs of the swap. In 2021, returns on these fixed-income investments exceeded the costs of the swap and contributed to the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

11

Large Company Growth Portfolio   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2021)

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

Common Stocks are composed of:

Information Technology	47.0%
Consumer Discretionary	16.6%
Health Care	12.7%
Communication Services	12.0%
Industrials	5.6%
Financials	2.9%
Consumer Staples	2.4%
Materials	0.4%
Energy	0.2%
Real Estate	0.2%

The industry classifications represented in the Portfolio Sector Weightings and Condensed Schedules of Investments are in accordance with Global Industry Classification Standards (GICS^®), which was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC.

12

Large Company Value Portfolio   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	25.82%
Five Years Ended 12/31/21	9.33%
Ten Years Ended 12/31/21	11.61%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	25.16%
Five Years Ended 12/31/21	11.16%
Ten Years Ended 12/31/21	12.97%

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 12/31/21.

On July 21, 2020, the Large Company Value Portfolio’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.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁽¹⁾ The Russell 1000^® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

The Portfolio’s total expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.32% for Investment Class Shares.

13

Large Company Value Portfolio   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	27.26%
Five Years Ended 12/31/21	9.83%
Ten Years Ended 12/31/21	11.98%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	25.16%
Five Years Ended 12/31/21	11.16%
Ten Years Ended 12/31/21	12.97%

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 12/31/21.

On July 21, 2020, the Large Company Value Portfolio’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.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

⁽¹⁾ The Russell 1000^® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

The Portfolio’s total expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 0.99% for Institutional Class Shares.

14

Large Company Value Portfolio   Commentary (Unaudited) - (Continued)

The Wilshire Large Company Value Portfolio – Institutional Class returned 27.26% for the year, outperforming the Russell 1000 Value Index return of 25.16% by 2.10%. Stock selection within the Industrial and Information Technology sectors meaningfully contributed to performance. Overweight exposure to Financials and slight underweight exposure to Utilities also aided relative performance. Conversely, stock selection within Energy detracted from performance. Underweight exposure to Information Technology and Real Estate sectors contributed negatively from relative performance.

The Wilshire Large Company Growth Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2021, returns on these fixed-income investments exceeded the costs of the swap and contributed to the Portfolio’s relative performance.

We are pleased with the Portfolio’s recent relative outperformance for the year and believe that the Portfolio is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

15

Large Company Value Portfolio   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2021)

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

Common Stocks are composed of:

Financials	20.0%
Information Technology	19.8%
Industrials	14.9%
Health Care	12.8%
Consumer Staples	6.4%
Communication Services	6.4%
Consumer Discretionary	6.3%
Energy	6.1%
Materials	4.1%
Real Estate	1.6%
Utilities	1.6%

16

Small Company Growth Portfolio   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	13.07%
Five Years Ended 12/31/21	14.21%
Ten Years Ended 12/31/21	14.79%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	2.83%
Five Years Ended 12/31/21	14.53%
Ten Years Ended 12/31/21	14.14%

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 12/31/21.

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 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.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.63% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.35% for Investment Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% of average daily net assets for Investment Class Shares until April 30, 2022.

17

Small Company Growth Portfolio   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	13.36%
Five Years Ended 12/31/21	14.50%
Ten Years Ended 12/31/21	15.08%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	2.83%
Five Years Ended 12/31/21	14.53%
Ten Years Ended 12/31/21	14.14%

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 12/31/21.

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 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.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.36% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.10% for Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.10% of average daily net assets for Institutional Class Shares until April 30, 2022.

18

Small Company Growth Portfolio   Commentary (Unaudited) - (Continued)

The Wilshire Small Company Growth Portfolio – Institutional Class returned 13.36% for the year, outperforming the Russell 2000 Growth Index return of 2.83% by 10.53%. Stock selection within Health Care meaningful contributed to positive performance. Slight underweight exposure to Financials and overweight to the Information Technology sectors aided relative performance. Conversely, sector allocation within Industrials and Real Estate weighed on performance. Stock selection within Consumer Staples and Materials sectors also detracted from performance.

We are pleased with the Portfolio’s recent relative outperformance for the year and believe that the Portfolio is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

19

Small Company Growth Portfolio   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2021)

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

20

Small Company Value Portfolio   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	32.04%
Five Years Ended 12/31/21	7.90%
Ten Years Ended 12/31/21	12.13%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	28.27%
Five Years Ended 12/31/21	9.07%
Ten Years Ended 12/31/21	12.03%

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 12/31/21.

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 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 Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.84% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.35% for Investment Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.35% of average daily net assets for Investment Class Shares until April 30, 2022.

21

Small Company Value Portfolio   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	32.40%
Five Years Ended 12/31/21	8.18%
Ten Years Ended 12/31/21	12.42%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	28.27%
Five Years Ended 12/31/21	9.07%
Ten Years Ended 12/31/21	12.03%

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 12/31/21.

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 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 Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.52% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.10% for Institutional Class Shares.

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.10% of average daily net assets for Institutional Class Shares until April 30, 2022.

22

Small Company Value Portfolio   Commentary (Unaudited) - (Continued)

The Wilshire Small Company Value Portfolio – Institutional Class returned 32.4% for the year, outperforming the Russell 2000 Value Index return of 28.27% by 4.13%. Stock selection within Financials meaningfully contributed performance. Underweight to Health Care sector was the second top contributor to relative performance. Conversely, underweight exposure to Real Estate sector and stock selection within Consumer Staples and Health Care sectors weighed on performance.

We are pleased with the Portfolio’s recent relative outperformance for the year and believe that the Portfolio is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

23

Small Company Value Portfolio   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2021)

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

24

Wilshire 5000 Index^sm Fund   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	25.59%
Five Years Ended 12/31/21	17.26%
Ten Years Ended 12/31/21	15.64%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/21	26.70%
Five Years Ended 12/31/21	18.11%
Ten Years Ended 12/31/21	16.40%

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 12/31/21.

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 Portfolio 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.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2021 was 0.62% for Investment Class Shares.

25

Wilshire 5000 Index^sm Fund   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	25.85%
Five Years Ended 12/31/21	17.59%
Ten Years Ended 12/31/21	15.93%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/21	26.70%
Five Years Ended 12/31/21	18.11%
Ten Years Ended 12/31/21	16.40%

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 12/31/21.

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 Portfolio 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.

The Index Fund’s total expense ratio per the prospectus dated 4/30/2021 was 0.32% for Institutional Class Shares.

26

Wilshire 5000 Index^sm Fund   Commentary (Unaudited) - (Continued)

The Wilshire 5000 Index Fund – Institutional Class returned 25.85% the year, underperforming the Wilshire 5000 Index return of 26.7% by -0.85%. Relative underperformance is attributable to Fund expenses and is well within the historical range.

27

Wilshire 5000 Index^sm Fund   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2021)

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

28

Wilshire International Equity Fund   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	12.48%
Five Years Ended 12/31/21	12.17%
Ten Years Ended 12/31/21	8.44%

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

Average Annual Total Returns

One Year Ended 12/31/21	8.53%
Five Years Ended 12/31/21	9.83%
Ten Years Ended 12/31/21	7.57%

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 12/31/21.

On April 2, 2013 and July 21, 2021, 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.

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.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.69% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.50% for Investment Class Shares.

29

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.50% of average daily net assets for Investment Class Shares until April 30, 2022.

⁽¹⁾ The MSCI ACWI ex-U.S. Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. The index covers approximately 99% of the global equity opportunity set outside the US. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

30

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	12.78%
Five Years Ended 12/31/21	12.47%
Ten Years Ended 12/31/21	8.70%

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

Average Annual Total Returns

One Year Ended 12/31/21	8.53%
Five Years Ended 12/31/21	9.83%
Ten Years Ended 12/31/21	7.57%

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 12/31/21.

On April 2, 2013 and July 21, 2021, 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.

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.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021 was 1.32% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021 was 1.25% for Institutional Class Shares.

31

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.25% of average daily net assets for Institutional Class Shares until April 30, 2022.

⁽¹⁾ The MSCI ACWI ex-U.S. Investable Market Index captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 23 Emerging Markets countries. The index covers approximately 99% of the global equity opportunity set outside the US. Unlike a mutual fund, the performance of an index assumes no taxes, transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

32

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

The Wilshire International Equity Fund – Institutional Class returned 12.78% for the year, outperforming the MSCI All Country World ex USA Investable Market Index return of 8.53% by 4.25%. Stock selection within Consumer Discretionary, Information Technology, and Health Care sectors contributed positively. Selection within the United States and Japan also aided performance. Underweight allocation to Communication Services and Information Technology sectors marginally aided performance. Conversely, overweight exposure to Consumer Discretionary and stock selection within the Energy sector weighed on performance.

The Wilshire International Equity Fund also uses derivatives for benchmark exposure. Collateral is invested in short term fixed income instruments to cover the costs of the swaps. In 2021, returns on these fixed income investments exceeded the costs of the swaps and contributed to the Fund’s relative performance.

We are pleased with the Fund’s recent relative outperformance for the year and believe that the Fund is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

33

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2021)

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

Common Stocks are composed of:

Japan	13.2%
Britain	8.0%
Switzerland	7.3%
France	6.2%
Canada	5.9%
Taiwan	5.6%
China	5.1%
Netherlands	4.4%
United States	4.3%
Germany	4.3%
Denmark	3.8%
Australia	3.7%
Ireland	3.7%
Sweden	3.5%
South Korea	2.9%
Hong Kong	2.3%
Italy	2.1%
India	2.0%
Spain	1.4%
Finland	1.3%
Russia	1.1%
Brazil	1.0%
Singapore	0.9%
United Kingdom	0.6%

34

Wilshire International Equity Fund   Commentary (Unaudited) - (Continued)

Thailand	0.6%
Israel	0.6%
South Africa	0.5%
United Arab Emirates	0.5%
Belgium	0.4%
Norway	0.3%
Turkey	0.3%
Czech Republic	0.3%
Malaysia	0.2%
Austria	0.2%
Poland	0.2%
Saudi Arabia	0.1%
Mexico	0.1%
Portugal	0.1%
Indonesia	0.1%
Philippines	0.1%
Qatar	0.1%
Luxembourg	0.1%
Malta	0.1%
New Zealand	0.1%
Egypt	0.1%
Gibraltar	0.1%
Chile	0.1%
Georgia	0.1%
Mauritius	0.0%
Hungary	0.0%
Isle Of Man	0.0%
Greece	0.0%
Jersey	0.0%
Macau	0.0%

35

Wilshire Income Opportunities Fund   Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	0.40%
Five Years Ended 12/31/21	3.64%
Inception (03/30/16) through 12/31/21	3.84%

BLOOMBERG U.S. UNIVERSAL INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	-1.10%
Five Years Ended 12/31/21	3.84%
Inception (03/30/16) through 12/31/21	3.51%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire Income Opportunities Fund, Investment Class Shares and the Bloomberg U.S. Universal Index through 12/31/21.

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 Bloomberg 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 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. An individual cannot directly invest in any index.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.30% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 1.16% for Investment Class Shares.

36

Wilshire Income Opportunities Fund   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.15% of average daily net assets for Investment Class Shares until April 30, 2022.

37

Wilshire Income Opportunities Fund   Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/21	0.63%
Five Years Ended 12/31/21	3.88%
Inception (03/30/16) through 12/31/21	4.04%

BLOOMBERG U.S. UNIVERSAL INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/21	-1.10%
Five Years Ended 12/31/21	3.84%
Inception (03/30/16) through 12/31/21	3.51%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire Income Opportunities Fund, Institutional Class Shares and the Bloomberg U.S. Universal Index through 12/31/21.

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 Bloomberg 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 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. An individual cannot directly invest in any index.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 0.93% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2021, supplemented on 12/16/2021 was 0.91% for Institutional Class Shares.

38

Wilshire Income Opportunities Fund   Commentary (Unaudited) - (Continued)

The Advisor has agreed to waive a portion of its management fee to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 0.90% of average daily net assets for Institutional Class Shares until April 30, 2022.

39

Wilshire Income Opportunities Fund   Commentary (Unaudited) - (Continued)

The Wilshire Income Opportunities Fund - Institutional Class returned 0.63% for the year, outperforming the Bloomberg US Universal Index return of -1.10% by 1.73%. Exposures to sectors with less interest rate sensitivity such as Asset-Backed Securities, Residential Mortgage-Backed Securities, or Bank Loans, generally contributed positively to performance. Underweight exposure to duration across the three subadvisers also aided relative performance. Conversely, allocations to Treasuries and Investment Grades weighed on relative performance as these securities generally experience negative returns in a rising interest rate environment. In some cases, the Fund also uses derivatives to implement its investment strategy, particularly with respect to foreign currency and interest rates. For the year, these derivatives positions were modestly detractive.

We are pleased with the Fund’s recent relative outperformance for the year and believe that the Fund is well-positioned going into 2022 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

This report must be preceded or accompanied by a prospectus.

Opinions expressed are those of the Portfolios and are subject to change, are not guaranteed, and should not be considered a recommendation to buy or sell any security. Sector allocations are subject to change.

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, 2021. 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.

Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.

40

Wilshire Income Opportunities Fund   Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2021)

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

41

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, 2021 to December 31, 2021.

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.

42

Wilshire Mutual Funds, Inc.   Disclosure of Fund Expenses (Unaudited) - (Continued)   For the Six Months Ended December 31, 2021 (Unaudited)

	Beginning Account Value 07/01/2021		Ending Account Value 12/31/2021		Net Expense Ratio(1)			Expenses Paid During Period 07/01/2021- 12/31/2021(2)
Large Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,085.40		1.31	%	$	6.89
Institutional Class	$	1,000.00	$	1,087.10		0.97	%	$	5.10
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.60		1.31	%	$	6.67
Institutional Class	$	1,000.00	$	1,020.32		0.97	%	$	4.94
Large Company Value Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,071.10		1.32	%	$	6.89
Institutional Class	$	1,000.00	$	1,080.90		1.00	%	$	5.25
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.55		1.32	%	$	6.72
Institutional Class	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Small Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,005.00		1.35	%	$	6.82
Institutional Class	$	1,000.00	$	1,006.30		1.10	%	$	5.56
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	$	1,048.20		1.35	%	$	6.97
Institutional Class	$	1,000.00	$	1,049.50		1.10	%	$	5.68
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

43

Wilshire Mutual Funds, Inc.   Disclosure of Fund Expenses (Unaudited) - (Continued)   For the Six Months Ended December 31, 2021 (Unaudited)

	Beginning Account Value 07/01/2021		Ending Account Value 12/31/2021		Net Expense Ratio(1)			Expenses Paid During Period 07/01/2021- 12/31/2021(2)
Wilshire 5000 IndexSM Fund
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,094.40		0.46	%	$	2.43
Institutional Class	$	1,000.00	$	1,095.20		0.31	%	$	1.64
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,022.89		0.46	%	$	2.35
Institutional Class	$	1,000.00	$	1,023.64		0.31	%	$	1.58
Wilshire International Equity Fund
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,004.70		1.50	%	$	7.58
Institutional Class	$	1,000.00	$	1,005.80		1.25	%	$	6.32
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	$	995.50		1.15	%	$	5.78
Institutional Class	$	1,000.00	$	995.50		0.90	%	$	4.53
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Institutional Class	$	1,000.00	$	1,020.67		0.90	%	$	4.58

(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).

44

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 79.0% (a)
Communication Services — 9.5%
Alphabet, Inc. - Class A (b)		984	$	2,850,687
Alphabet, Inc. - Class C (b)		4,999		14,465,056
Meta Platforms, Inc. - Class A (b)		20,493		6,892,821
Other Securities (b)(c)				3,841,757
				28,050,321
Consumer Discretionary — 13.1%
Amazon.com, Inc. (b)		4,192		13,977,553
General Motors Co. (b)		23,584		1,382,730
MGM Resorts International		37,195		1,669,312
NIKE, Inc. - Class B		15,381		2,563,551
Tesla, Inc. (b)		5,187		5,481,518
The Home Depot, Inc.		10,055		4,172,925
Other Securities (b)(c)				9,294,134
				38,541,723
Consumer Staples — 1.9%
Costco Wholesale Corp.		5,518		3,132,569
Monster Beverage Corp. (b)		17,671		1,697,123
Other Securities (b)(c)				851,943
				5,681,635
Energy — 0.1%
Other Securities (c)				371,481
Financials — 2.2%
S&P Global, Inc.		3,919		1,849,494
Signature Bank		5,874		1,900,063
Other Securities (b)(c)(d)				2,884,389
				6,633,946
Health Care — 10.1%
Align Technology, Inc. (b)		3,714		2,440,767
Catalent, Inc. (b)		10,346		1,324,598
Danaher Corp.		5,976		1,966,164
Edwards Lifesciences Corp. (b)		12,885		1,669,252
IDEXX Laboratories, Inc. (b)		1,740		1,145,720
Intuitive Surgical, Inc. (b)		6,859		2,464,439
UnitedHealth Group, Inc.		12,741		6,397,766
Vertex Pharmaceuticals, Inc. (b)		10,244		2,249,582
Zoetis, Inc.		14,312		3,492,557
Other Securities (b)(c)				6,505,670
				29,656,515

	Shares		Value
Industrials — 4.5%
AMETEK, Inc.		9,065	$	1,332,917
Copart, Inc. (b)		8,940		1,355,483
Eaton Corp. PLC		15,306		2,645,183
Roper Technologies, Inc.		2,637		1,297,035
TransDigm Group, Inc. (b)		1,629		1,036,500
Uber Technologies, Inc. (b)		28,013		1,174,585
Other Securities (b)(c)				4,301,002
				13,142,705
Information Technology — 37.2%
Accenture PLC - Class A		3,084		1,278,472
Adobe, Inc. (b)		9,266		5,254,378
Advanced Micro Devices, Inc. (b)		20,803		2,993,552
Apple, Inc.		84,888		15,073,562
Applied Materials, Inc.		20,925		3,292,758
Arista Networks, Inc. (b)		14,526		2,088,112
Bill.com Holdings, Inc. (b)		4,268		1,063,372
EPAM Systems, Inc. (b)		1,922		1,284,761
Intuit, Inc.		4,053		2,606,971
Micron Technology, Inc.		20,160		1,877,904
Microsoft Corp.		74,705		25,124,786
NVIDIA Corp.		25,877		7,610,684
PayPal Holdings, Inc. (b)		18,273		3,445,922
QUALCOMM, Inc.		40,166		7,345,156
salesforce.com, Inc. (b)		8,114		2,062,011
Shopify, Inc. - Class A (b)		1,046		1,440,750
Unity Software, Inc. (b)		7,358		1,052,120
Visa, Inc. - Class A		28,709		6,221,527
Xilinx, Inc.		7,317		1,551,424
Other Securities (b)(c)				16,835,302
				109,503,524
Materials — 0.3%
Other Securities (c)				888,203
Real Estate — 0.1%
Other Securities (b)(c)				363,364
Total Common Stocks (Cost $134,739,942)				232,833,417

See Notes to Financial Statements.
45

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value	Value
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Notes — 0.3%
Other Securities (c)(e)		$	794,275
Total U.S. Treasury Obligations (Cost $799,815)			794,275
AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.1%
Federal Home Loan Mortgage Corp. — 0.1%
Other Securities (c)(e)(f)			323,956
Total Agency Mortgage-Backed Obligations (Cost $277,841)			323,956
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.8%
Other Securities (c)(e)(f)(g)(h)			5,214,050
Total Non-Agency Mortgage-Backed Obligations (Cost $5,255,761)			5,214,050
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
Other Securities (c)(e)(f)(g)			337,935
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $358,224)			337,935
ASSET-BACKED SECURITIES — 1.5%
Other Securities (c)(e)(g)(h)			4,491,723
Total Asset-Backed Securities (Cost $4,514,532)			4,491,723
COLLATERALIZED LOAN OBLIGATIONS — 1.7%
Other Securities (c)(e)(g)(h)(i)			5,064,579
Total Collateralized Loan Obligations (Cost $5,074,868)			5,064,579

	Par Value		Value
CORPORATE BONDS — 3.7%
Basic Materials — 0.0% (j)
Other Securities (c)(e)			$	145,422
Communications — 0.3%
Amazon.com, Inc.
1.500%, due 06/03/30 (e)	$	100,000		96,991
Other Securities (c)(e)(g)				668,703
				765,694
Consumer, Cyclical — 0.2%
The Home Depot, Inc.
1.500%, due 09/15/28 (e)		103,000		101,451
Other Securities (c)(e)(g)				580,728
				682,179
Consumer, Non-cyclical — 0.6%
Other Securities (c)(e)(g)				1,768,051
Energy — 0.1%
Other Securities (c)(e)				408,480
Financial — 1.7%
Other Securities (c)(e)(g)(h)				5,021,247
Industrial — 0.2%
Other Securities (c)(e)				460,517
Technology — 0.3%
Apple, Inc.
1.200%, due 02/08/28 (e)		80,000		77,615
Microsoft Corp.
2.400%, due 08/08/26 (e)		150,000		156,719
Other Securities (c)(e)				522,853
				757,187
Utilities — 0.3%
Other Securities (c)(e)				758,363
Total Corporate Bonds (Cost $10,956,891)				10,767,140

See Notes to Financial Statements.
46

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.7%
Voya Emerging Markets Hard Currency Debt Fund - Class P		238,869	$	2,240,592
Voya High Yield Bond Fund - Class P		259,330		2,082,421
Voya Investment Grade Credit Fund - Class P		81,566		906,202
Voya Securitized Credit Fund - Class P		875,074		8,549,478
Total Affiliated Registered Investment Companies (Cost $13,619,674)				13,778,693
Total Investments at Value — 92.9% (Cost $175,597,548)			$	273,605,768
Other Assets in Excess of Liabilities — 7.1%				20,981,283
Net Assets — 100.0%			$	294,587,051

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.

(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, 2021.

(d) This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021, was $61,026 (Note 8).

(e) Level 2 security.

(f) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.

(g) 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, 2021, the value of these investments was $14,313,916, or 4.9% of total net assets.

(h) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.

(i) Illiquid security. The total value of such securities is $1,268,223 as of December 31, 2021, representing 0.4% of net assets.

(j) Represents less than 0.1%.

See Notes to Financial Statements.
47

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Schedule of Total Return Swaps December 31, 2021

Counterparty	Reference Entity	Pay/ Receive Total Return on Reference Entity	Financing Rate	Maturity Date	Payment Frequency	Shares	Notional Amount		Value/ Unrealized Appreciation
Goldman Sachs Bank, USA	Russell 1000 Growth Total Return Index	Receive	(U.S. Federal Funds Rate + 0.490%)	11/02/2022	At Maturity	19,134	$	59,167,609	$	6,093,160
Total Return Swaps									$	6,093,160

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Schedule of Futures Contracts December 31, 2021

FUTURES CONTRACTS PURCHASED	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Depreciation
2-Year U.S. Treasury Note Future	4	03/31/2022	$	824,421	$	(533	)
Total Futures Contracts Purchased			$	824,421	$	(533	)

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Depreciation
5-Year U.S. Treasury Note Future	24	03/31/2022	$	2,348,593	$	(12,234	)
10-Year U.S. Treasury Note Future	27	03/22/2022		2,984,045		(40,554	)
U.S. Treasury Long Bond Future	6	03/22/2022		868,292		(15,809	)
Ultra 10-Year U.S. Treasury Bond Future	15	03/22/2022		1,464,007		(39,288	)
Ultra Long-Term U.S. Treasury Bond Future	5	03/22/2022		605,276		(24,542	)
Total Futures Contracts Sold Short			$	8,270,213	$	(132,427	)

See Notes to Financial Statements.
48

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 80.0% (a)
Communication Services — 5.1%
Alphabet, Inc. - Class A (b)		1,209	$	3,502,521
Alphabet, Inc. - Class C (b)		404		1,169,010
Discovery, Inc. - Class C (b)		45,104		1,032,882
Other Securities (b)(c)				5,948,376
				11,652,789
Consumer Discretionary — 5.1%
General Motors Co.(b)		29,054		1,703,436
Magna International, Inc.		13,792		1,116,324
Other Securities (b)(c)				8,793,088
				11,612,848
Consumer Staples — 5.1%
Colgate-Palmolive Co.		26,196		2,235,567
Costco Wholesale Corp.		2,939		1,668,470
Other Securities (b)(c)				7,876,635
				11,780,672
Energy — 4.8%
Marathon Oil Corp.		99,502		1,633,823
Other Securities (b)(c)				9,473,097
				11,106,920
Financials — 16.0%
American International Group, Inc.		40,089		2,279,461
Aon PLC - Class A		3,779		1,135,816
Berkshire Hathaway, Inc. - Class B (b)		9,133		2,730,767
Citigroup, Inc.		45,617		2,754,811
JPMorgan Chase & Co.		11,806		1,869,480
Moody’s Corp.		3,994		1,559,977
S&P Global, Inc.		2,534		1,195,871
The Charles Schwab Corp.		20,514		1,725,227
Wells Fargo & Co.		64,681		3,103,394
Other Securities (b)(c)				18,370,137
				36,724,941
Health Care — 10.3%
Agilent Technologies, Inc.		10,090		1,610,869
Anthem, Inc.		4,922		2,281,544
Bruker Corp.		15,462		1,297,416
CVS Health Corp.		14,239		1,468,895
Danaher Corp.		3,721		1,224,246
Johnson & Johnson		8,344		1,427,408
UnitedHealth Group, Inc.		3,405		1,709,787
Other Securities (b)(c)				12,531,989
				23,552,154

	Shares		Value
Industrials — 11.9%
Equifax, Inc.		3,561	$	1,042,625
FedEx Corp.		4,749		1,228,281
General Electric Co.		24,776		2,340,589
Honeywell International, Inc.		5,149		1,073,618
Otis Worldwide Corp.		24,604		2,142,270
Rockwell Automation, Inc.		4,504		1,571,220
Watts Water Technologies, Inc. - Class A		7,212		1,400,354
Other Securities (b)(c)				16,455,288
				27,254,245
Information Technology — 15.8%
Accenture PLC - Class A		4,324		1,792,514
Adobe, Inc. (b)		2,255		1,278,720
Analog Devices, Inc.		7,571		1,330,755
ANSYS, Inc. (b)		3,025		1,213,388
Cadence Design Systems, Inc. (b)		9,292		1,731,564
Cisco Systems, Inc.		18,530		1,174,246
F5 Networks, Inc.(b)		5,788		1,416,381
Mastercard, Inc. - Class A		3,238		1,163,478
Microsoft Corp.		10,991		3,696,493
salesforce.com, Inc. (b)		7,535		1,914,870
Synopsys, Inc. (b)		3,739		1,377,822
Texas Instruments, Inc.		5,637		1,062,405
Other Securities (b)(c)(d)				17,219,009
				36,371,645
Materials — 3.3%
Givaudan SA		195		1,025,505
Vulcan Materials Co.		6,725		1,395,975
Other Securities (c)				5,128,800
				7,550,280
Real Estate — 1.3%
Other Securities (b)(c)				3,004,425
Utilities — 1.3%
PPL Corp.		43,203		1,298,682
Other Securities (c)				1,671,311
				2,969,993
Total Common Stocks (Cost $147,284,578)				183,580,912

See Notes to Financial Statements.
49

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value	Value
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Notes — 0.3%
Other Securities (c)(e)		$	733,336
Total U.S. Treasury Obligations (Cost $737,570)			733,336
AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
Federal Home Loan Mortgage Corp. — 0.1%
Other Securities (c)(e)(f)			156,525
Total Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $134,836)			156,525
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7%
Other Securities (c)(e)(f)(g)(h)			3,882,358
Total Non-Agency Mortgage-Backed Obligations (Cost $3,920,953)			3,882,358
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 0.1%
Other Securities (c)(e)(f)			137,858
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $144,567)			137,858
ASSET-BACKED SECURITIES — 1.5%
Other Securities (c)(e)(g)(h)			3,486,519
Total-Asset Backed Securities (Cost $3,504,513)			3,486,519
COLLATERALIZED LOAN OBLIGATIONS — 2.0%
Other Securities (c)(e)(g)(h)(i)			4,517,416
Total Collateralized Loan Obligations (Cost $4,521,043)			4,517,416

	Par Value		Value
CORPORATE BONDS — 3.2%
Basic Materials — 0.0% (i)
Other Securities (c)(e)			$	84,510
Communications — 0.2%
Other Securities (c)(e)				482,068
Consumer, Cyclical — 0.1%
Other Securities (c)(e)(g)				251,416
Consumer, Non-cyclical — 0.5%
Other Securities (c)(e)(g)				1,188,859
Energy — 0.2%
Other Securities (c)(e)				363,847
Financial — 1.6%
American International Group, Inc.
3.900%, due 04/01/26 (d)	$	77,000		83,457
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (d)(g)		90,000		89,187
4.450%, due 09/29/27 (d)		42,000		46,789
JPMorgan Chase & Co.
2.776%, due 04/25/23 (3 Month U.S. LIBOR + 0.935%) (d)(g)		88,000		88,544
3.875%, due 09/10/24 (d)		100,000		106,363
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (d)(g)		90,000		89,001
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (d)(g)		117,000		114,514
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (d)(g)		38,000		36,420
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (d)(g)		99,000		100,312

See Notes to Financial Statements.
50

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
CORPORATE BONDS — 3.2% (Continued)
Financial — 1.6% (Continued)
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (d)(g)	$	118,000	$	120,838
Other Securities (c)(e)(g)(h)				2,693,562
				3,568,987
Industrial — 0.2%
Other Securities (c)(e)				359,814
Technology — 0.2%
Microsoft Corp.
2.400%, due 08/08/26 (d)		101,000		105,524
Other Securities (c)(e)				431,543
				537,067
Utilities — 0.2%
Other Securities (c)(e)				430,040
Total Corporate Bonds (Cost $7,399,313)				7,266,608

	Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES — 5.3%
Voya Emerging Markets Hard Currency Debt Fund - Class P		183,659		1,722,723
Voya High Yield Bond Fund - Class P		200,571		1,610,581
Voya Investment Grade Credit Fund - Class P		187,553		2,083,715
Voya Securitized Credit Fund - Class P		692,306		6,763,832
Total Affiliated Registered Investment Companies (Cost $12,145,031)				12,180,851
Total Investments at Value — 94.2% (Cost $179,792,404)			$	215,942,383
Other Assets in Excess of Liabilities — 5.8%				13,413,137
Net Assets — 100.0%			$	229,355,520

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.

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

(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, 2021.

(d) This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021, was $184,160 (Note 8).

(e) Level 2 security.

(f) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.

(g) 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, 2021, the value of these investments was $11,277,722 or 4.9% of total net assets.

(h) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.

(i) Illiquid security. The total value of such securities is $1,119,023 as of December 31, 2021, representing 0.5% of net assets.

(j) Represents less than 0.1%.

See Notes to Financial Statements.
51

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Schedule of Total Return Swaps December 31, 2021

Counterparty	Reference Entity	Pay/ Receive Total Return on Reference Entity	Financing Rate	Maturity Date	Payment Frequency	Shares	Notional Amount		Value/ Unrealized Appreciation
Goldman Sachs Bank, USA	Russell 1000 Value Total Return Index	Receive	(U.S. Federal Funds Rate + 0.490%)	11/02/2022	At Maturity	19,538	$	45,264,251	$	3,204,371
Total Return Swaps									$	3,204,371

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Schedule of Futures Contracts December 31, 2021

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	1	03/31/2022	$	206,115	$	346
5-Year U.S. Treasury Note Future	20	03/31/2022		1,957,158		(10,170	)
10-Year U.S. Treasury Note Future	11	03/22/2022		1,215,724		(16,508	)
U.S. Treasury Long Bond Future	6	03/22/2022		868,292		(15,837	)
Ultra 10-Year U.S. Treasury Bond Future	15	03/22/2022		1,464,007		(39,293	)
Ultra Long-Term U.S. Treasury Bond Future	5	03/22/2022		605,275		(24,536	)
Total Futures Contracts Sold Short			$	6,316,571	$	(105,998	)

See Notes to Financial Statements.
52

Wilshire Mutual Funds, Inc.   Small Company Growth Portfolio   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 97.0% (a)
Communication Services — 1.5%
Other Securities (b)(c)			$	602,596
Consumer Discretionary — 12.3%
Boot Barn Holdings, Inc. (b)		3,204		394,252
Skyline Champion Corp. (b)		7,828		618,255
Texas Roadhouse, Inc.		4,361		389,350
TopBuild Corp. (b)		1,539		424,625
YETI Holdings, Inc. (b)		3,189		264,145
Other Securities (b)(c)(d)				2,680,989
				4,771,616
Consumer Staples — 2.8%
elf Beauty, Inc. (b)		15,538		516,017
Grocery Outlet Holding Corp. (b)		12,525		354,207
Other Securities (b)(c)(d)				212,916
				1,083,140
Energy — 1.3%
Other Securities (b)(c)				497,542
Financials — 5.6%
Banc of California, Inc.		15,026		294,810
Cadence Bank		11,171		332,784
Home BancShares, Inc.		12,732		310,024
Other Securities (b)(c)				1,228,790
				2,166,408
Health Care — 33.1%
Avid Bioservices, Inc. (b)		16,284		475,167
BioLife Solutions, Inc. (b)		15,656		583,499
CONMED Corp.		4,955		702,421
Enanta Pharmaceuticals, Inc. (b)		3,206		239,745
Harvard Bioscience, Inc. (b)		62,139		438,080
Heska Corp. (b)		1,696		309,503
LeMaitre Vascular, Inc.		5,035		252,908
Medpace Holdings, Inc. (b)		3,366		732,576
Mesa Laboratories, Inc.		2,063		676,850
Neogen Corp. (b)		9,914		450,195
NeoGenomics, Inc. (b)		15,174		517,737
Omnicell, Inc. (b)		2,154		388,668
Organogenesis Holdings, Inc. (b)		26,106		241,219
Repligen Corp. (b)		2,047		542,127
Sharps Compliance Corp. (b)		42,313		301,692

	Shares		Value
Simulations Plus, Inc. (d)		7,813	$	369,555
Veracyte, Inc. (b)		5,789		238,507
Vericel Corp. (b)		7,190		282,567
Other Securities (b)(c)(d)				5,158,941
				12,901,957
Industrials — 13.5%
Alta Equipment Group, Inc. (b)		26,118		382,368
Columbus McKinnon Corp.		7,125		329,603
Lawson Products, Inc. (b)		4,834		264,661
Luxfer Holdings PLC		13,503		260,743
Rush Enterprises, Inc. - Class A		4,344		241,700
Saia, Inc. (b)		2,220		748,207
SiteOne Landscape Supply, Inc. (b)		1,350		327,078
The AZEK Co., Inc. (b)		5,785		267,498
Other Securities (b)(c)(d)				2,442,747
				5,264,605
Information Technology — 23.2%
Computer Task Group, Inc. (b)		32,136		320,396
Digital Turbine, Inc. (b)		4,928		300,559
Endava PLC - ADR (b)		2,525		423,998
Evo Payments, Inc. - Class A (b)		18,128		464,077
Mimecast Ltd. (b)		3,760		299,183
Pegasystems, Inc.		4,737		529,691
PROS Holdings, Inc. (b)		7,224		249,156
Qualys, Inc. (b)		2,996		411,111
Repay Holdings Corp. (b)		14,970		273,502
WNS Holdings Ltd. - ADR (b)		8,271		729,668
Workiva, Inc. (b)		5,710		745,098
Other Securities (b)(c)(d)				4,300,932
				9,047,371
Materials — 2.0%
Ferroglobe Representation & Warranty Insurance Trust (b)(e)(f)		840		—
Materion Corp.		3,710		341,097
Quaker Chemical Corp.		1,220		281,552
Other Securities (b)(c)				161,847
				784,496

See Notes to Financial Statements.
53

Wilshire Mutual Funds, Inc.   Small Company Growth Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
COMMON STOCKS — 97.0% (a) (Continued)
Real Estate — 1.6%
Innovative Industrial Properties, Inc.		1,482	$	389,633
Other Securities (b)(c)				224,125
				613,758
Utilities — 0.1%
Other Securities (c)				51,528
Total Common Stocks (Cost $27,723,276)				37,785,017
Total Investments at Value — 97.0% (Cost $27,723,276)			$	37,785,017
Other Assets in Excess of Liabilities — 3.0%				1,177,587
Net Assets — 100.0%			$	38,962,604

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, 2021.

(d) This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021 was $324,858.

(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, 2021, representing 0.0% of net assets.

(f) Illiquid security. The total value of such securities is $0 as of December 31, 2021, representing 0.0% of net assets.

See Notes to Financial Statements.
54

Wilshire Mutual Funds, Inc.   Small Company Value Portfolio   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 98.6% (a)
Communication Services — 1.5%
Other Securities (b)(c)			$	543,684
Consumer Discretionary — 14.8%
Green Brick Partners, Inc. (b)		7,558		229,234
Group 1 Automotive, Inc.		700		136,654
Hanesbrands, Inc.		9,577		160,127
Macy’s, Inc.		6,690		175,144
Red Rock Resorts, Inc. - Class A		11,735		645,542
Vail Resorts, Inc.		998		327,244
Wolverine World Wide, Inc.		5,160		148,660
Other Securities (b)(c)(d)				3,667,453
				5,490,058
Consumer Staples — 4.7%
Cal-Maine Foods, Inc.		10,297		380,886
Flowers Foods, Inc.		4,737		130,125
Lancaster Colony Corp.		971		160,798
Post Holdings, Inc. (b)		3,014		339,768
Seaboard Corp.		49		192,815
Other Securities (b)(c)(d)				528,332
				1,732,724
Energy — 6.7%
California Resources Corp.		3,680		157,173
Civitas Resources, Inc.		5,312		260,129
PDC Energy, Inc.		2,787		135,950
Other Securities (b)(c)(d)				1,924,816
				2,478,068
Financials — 31.1%
Bank OZK		11,430		531,838
BankUnited, Inc.		3,198		135,307
BOK Financial Corp.		2,279		240,412
Cadence Bank		5,959		177,519
Cathay General Bancorp		5,307		228,148
Enstar Group Ltd. (b)		1,512		374,356
FirstCash Holdings, Inc.		1,880		140,643
Glacier Bancorp, Inc.		3,039		172,311
Hancock Whitney Corp.		2,896		144,858
International Bancshares Corp.		3,710		157,267
Live Oak Bancshares, Inc.		3,372		294,342

	Shares		Value
Mr. Cooper Group, Inc. (b)		6,273	$	261,020
ProAssurance Corp.		12,174		308,002
PROG Holdings, Inc.		4,864		219,415
Sterling Bancorp		18,895		487,302
United Bankshares, Inc.		4,590		166,525
Other Securities (b)(c)				7,501,108
				11,540,373
Health Care — 3.8%
Natus Medical, Inc. (b)		5,753		136,519
Other Securities (b)(c)				1,259,180
				1,395,699
Industrials — 16.4%
Allegiant Travel Co. (b)		1,220		228,189
Colfax Corp. (b)		8,512		391,297
EMCOR Group, Inc.		2,052		261,404
Encore Wire Corp.		1,386		198,337
Kirby Corp. (b)		2,217		131,734
Matson, Inc.		1,935		174,208
Mueller Industries, Inc.		3,275		194,404
Stericycle, Inc. (b)		2,494		148,742
WESCO International, Inc. (b)		3,293		433,326
Other Securities (b)(c)				3,941,185
				6,102,826
Information Technology — 7.4%
Rambus, Inc. (b)		4,595		135,047
Sanmina Corp. (b)		4,711		195,318
WNS Holdings Ltd. - ADR (b)		3,804		335,589
Other Securities (b)(c)(d)				2,063,546
				2,729,500
Materials — 4.6%
Ashland Global Holdings, Inc.		2,653		285,622
Chase Corp.		1,605		159,794
Taseko Mines Ltd. (b)		76,754		157,346
Other Securities (b)(c)				1,115,544
				1,718,306
Real Estate — 5.3%
CubeSmart		3,777		214,949
Rayonier, Inc.		3,441		138,879
Other Securities (b)(c)(d)				1,626,716
				1,980,544

See Notes to Financial Statements.
55

Wilshire Mutual Funds, Inc.   Small Company Value Portfolio   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
COMMON STOCKS — 98.6% (a) (Continued)
Utilities — 2.3%
South Jersey Industries, Inc.		7,436	$	194,228
Other Securities (c)				658,002
				852,230
Total Common Stocks (Cost $28,195,429)				36,564,012
Total Investments at Value — 98.6% (Cost $28,195,429)			$	36,564,012
Other Assets in Excess of Liabilities — 1.4%				534,061
Net Assets — 100.0%			$	37,098,073

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

REIT Real Estate Investment Trust

(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, 2021.

(d) This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021 was $351,050.

See Notes to Financial Statements.
56

Wilshire Mutual Funds, Inc.   Wilshire 5000 Index^sm Fund   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 98.7% (a)
Communication Services — 9.2%
Actua Corp. (b)(c)(d)		100	$	1
Alphabet, Inc. - Class A (d)		1,529		4,429,574
Alphabet, Inc. - Class C (d)		1,750		5,063,783
AT&T, Inc.		39,870		980,802
Comcast Corp. - Class A		24,365		1,226,290
Meta Platforms, Inc. - Class A (d)		12,246		4,118,942
Netflix, Inc. (d)		2,435		1,466,941
The Walt Disney Co. (d)		9,015		1,396,333
Verizon Communications, Inc.		22,235		1,155,331
Other Securities (d)(e)(f)				3,861,036
				23,699,033
Consumer Discretionary — 12.4%
Amazon.com, Inc. (d)		2,554		8,515,904
Lowe’s Cos, Inc.		3,718		961,029
McDonald’s Corp.		3,808		1,020,811
NIKE, Inc. - Class B		7,090		1,181,690
Tesla, Inc. (d)		4,835		5,109,531
The Home Depot, Inc.		5,929		2,460,594
Other Securities (d)(e)(f)				12,834,701
				32,084,260
Consumer Staples — 5.5%
Costco Wholesale Corp.		2,354		1,336,366
PepsiCo, Inc.		7,620		1,323,670
The Coca-Cola Co.		23,024		1,363,251
The Procter & Gamble Co.		13,115		2,145,352
Walmart, Inc.		8,552		1,237,389
Other Securities (d)(e)(f)				6,835,186
				14,241,214
Energy — 2.7%
Chevron Corp.		10,518		1,234,287
Exxon Mobil Corp.		22,547		1,379,651
Other Securities (d)(e)(f)				4,316,833
				6,930,771
Financials — 11.8%
Bank of America Corp.		43,222		1,922,947
Berkshire Hathaway, Inc. - Class A (d) .		2		901,324
Berkshire Hathaway, Inc. - Class B (d)		12,136		3,628,664
JPMorgan Chase & Co.		16,220		2,568,437
Wells Fargo & Co.		22,815		1,094,664

	Shares		Value
Other Securities (d)(e)(f)				20,365,074
				30,481,110
Health Care — 12.9%
Abbott Laboratories		9,928	$	1,397,267
AbbVie, Inc.		9,696		1,312,838
Danaher Corp.		3,890		1,279,849
Eli Lilly & Co.		4,598		1,270,060
Johnson & Johnson		14,272		2,441,511
Merck & Co., Inc.		14,000		1,072,960
Pfizer, Inc.		31,563		1,863,795
Thermo Fisher Scientific, Inc.		2,193		1,463,257
UnitedHealth Group, Inc.		5,267		2,644,771
Other Securities (d)(e)(f)				18,579,720
				33,326,028
Industrials — 8.5%
Other Securities (d)(e)(f)				21,921,980
Information Technology — 27.2%
Adobe, Inc. (d)		2,661		1,508,947
Advanced Micro Devices, Inc. (d)		6,755		972,044
Apple, Inc.		91,962		16,329,692
Broadcom, Inc.		1,806		1,201,730
Cisco Systems, Inc.		23,431		1,484,822
Intel Corp.		22,697		1,168,896
Intuit, Inc.		1,492		959,684
Mastercard, Inc.		4,895		1,758,871
Microsoft Corp.		40,545		13,636,094
NVIDIA Corp.		13,551		3,985,485
PayPal Holdings, Inc. (d)		6,433		1,213,135
QUALCOMM, Inc.		6,232		1,139,646
salesforce.com, Inc. (d)		5,345		1,358,325
Texas Instruments, Inc.		5,151		970,809
Visa, Inc. - Class A		9,758		2,114,656
Other Securities (d)(e)(f)				20,417,423
				70,220,259
Materials — 2.3%
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d)		500		—
Other Securities (d)(e)(f)				5,911,639
				5,911,639
Real Estate — 3.8%
Spirit MTA REIT (b)(c)(d)		300		80

See Notes to Financial Statements.
57

Wilshire Mutual Funds, Inc.   Wilshire 5000 Index^sm Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
COMMON STOCKS — 98.7% (a) (Continued)
Other Securities (d)(f)			$	9,706,451
				9,706,531
Utilities — 2.4%
NextEra Energy, Inc.		10,890		1,016,690
Other Securities (d)(f)				5,245,582
				6,262,272
Total Common Stocks (Cost $59,308,892)				254,785,097
RIGHT – 0.0% (g)
AMR Corp., Escrow (b)(c)(d)		3,275		—
Total Right (Cost $0)				—
Total Investments at Value — 98.7% (Cost $59,308,892)			$	254,785,097
Other Assets in Excess of Liabilities — 1.3%				3,408,694
Net Assets — 100.0%			$	258,193,791

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.

REIT — Real Estate Investment Trust

(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 $81 as of December 31, 2021, 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 $81 as of December 31, 2021, 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, 2021. The total market value of securities on loan at December 31, 2021 was $1,196,568 (Note 8).

(f) 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, 2021.

(g) Represents less than 0.1%.

See Notes to Financial Statements.
58

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Condensed Schedule of Investments December 31, 2021

	Shares		Value
COMMON STOCKS — 79.6%
Australia — 2.9%
Atlassian Corp. PLC - Class A (b)		4,080	$	1,555,663
BGP Holdings Ltd. (b)(c)(d)		4,007		—
CSL Ltd. (a)		11,100		2,350,578
Other Securities (a)(b)(e)(f)				4,815,227
				8,721,468
Austria — 0.2%
Other Securities (a)(f)				468,000
Belgium — 0.3%
Other Securities (a)(b)(f)				909,909
Brazil — 0.8%
Ambev SA		649,900		1,801,518
Other Securities (f)				553,439
				2,354,957
Britain — 6.3%
HSBC Holdings PLC (a)		274,135		1,658,814
Other Securities (a)(b)(e)(f)				17,228,398
				18,887,212
Canada — 4.7%
Canadian Pacific Railway Ltd.		34,750		2,499,915
Lululemon Athletica, Inc. (b)		5,210		2,039,454
Shopify, Inc. - Class A (b)		1,660		2,286,467
Other Securities (b)(e)(f)				7,181,519
				14,007,355
Chile — 0.0% (g)
Other Securities (f)				122,974
China — 4.0%
Alibaba Group Holding Ltd. (a)(b)		104,448		1,563,791
Other Securities (a)(b)(e)(f)				10,478,900
				12,042,691
Czech Republic — 0.2%
Other Securities (a)(f)				710,699
Denmark — 3.1%
AP Moller - Maersk A/S (a)		543		1,948,794
DSV A/S (a)		11,996		2,771,877
Novo Nordisk A/S (a)		21,561		2,410,407

	Shares		Value
Other Securities (a)(b)(e)(f)			$	2,004,837
				9,135,915
Egypt — 0.1%
Other Securities (a)(f)				145,207
Finland — 1.0%
Nokia Oyj (a)(b)		283,277		1,779,570
Other Securities (a)(b)(e)(f)(h)				1,323,162
				3,102,732
France — 5.0%
Cie Generale des Etablissements Michelin SCA (a)		13,026		2,135,197
LVMH Moet Hennessy Louis Vuitton SE (a)		3,375		2,785,048
Pernod Ricard SA (a)		6,420		1,544,635
Rexel SA (a)		124,181		2,524,415
Other Securities (a)(b)(e)(f)				5,778,700
				14,767,995
Georgia — 0.0% (g)
Other Securities (a)(f)				117,089
Germany — 3.3%
BASF SE (a)		35,440		2,492,686
Covestro AG (a)(e)		28,809		1,777,654
Fresenius Medical Care AG & Co KGaA (a)		23,405		1,516,157
Other Securities (a)(b)(f)				4,305,436
				10,091,933
Gibraltar — 0.0% (g)
Other Securities (f)				123,833
Greece — 0.0% (g)
FF Group (b)(c)(d)		2,880		—
Other Securities (a)(b)(f)				35,670
				35,670
Hong Kong — 1.9%
AIA Group Ltd. (a)		225,965		2,278,048
Brilliance China Automotive Holdings Ltd. (b)(c)(d)		658,000		—
Other Securities (a)(b)(f)(h)				3,253,226
				5,531,274

See Notes to Financial Statements.
59

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
COMMON STOCKS — 79.6% (Continued)
Hungary — 0.0% (g)
Other Securities (f)			$	74,365
India — 1.6%
Other Securities (a)(b)(e)(f)				4,797,846
Indonesia — 0.1%
Other Securities (a)(f)				300,698
Ireland — 2.9%
Accenture PLC - Class A		6,645		2,754,685
Experian PLC (a)		65,031		3,190,058
ICON PLC (b)		7,730		2,393,981
Other Securities (a)(b)(f)				353,612
				8,692,336
Isle Of Man — 0.0% (g)
Other Securities (f)				65,275
Israel — 0.5%
Other Securities (a)(b)(f)				1,380,676
Italy — 1.7%
Ferrari NV (a)		9,617		2,473,654
Other Securities (a)(b)(e)(f)				2,617,138
				5,090,792
Japan — 10.5%
Honda Motor Co. Ltd. (a)		60,600		1,701,798
Keyence Corp. (a)		4,380		2,752,664
Komatsu Ltd. (a)		86,400		2,023,402
Lasertec Corp. (a)		9,200		2,796,779
Panasonic Corp. (a)		138,241		1,520,449
Other Securities (a)(b)(f)				20,662,762
				31,457,854
Jersey — 0.0% (g)
Other Securities (f)				22,096
Luxembourg — 0.1%
Other Securities (f)				192,506
Macau — 0.0% (g)
Other Securities (f)				8,386
Malaysia — 0.2%
Other Securities (a)(b)(e)(f)				547,309

	Shares		Value
Malta — 0.1%
Other Securities (a)(b)(f)			$	172,616
Mauritius — 0.0% (g)
Other Securities (f)				100,333
Mexico — 0.1%
Other Securities (f)
				318,966
Netherlands — 3.5%
Adyen NV (a)(b)(e)		630		1,648,219
ASML Holding NV		3,570		2,842,220
ASML Holding NV (a)		1,546		1,232,737
Royal Dutch Shell PLC - Class B (a)		91,689		2,014,809
Other Securities (a)(b)(e)(f)				2,625,305
				10,363,290
New Zealand — 0.0% (g)
Other Securities (a)(b)(f)				151,906
Norway — 0.3%
Other Securities (a)(b)(e)(f)				788,916
Philippines — 0.1%
Other Securities (a)(f)				258,788
Poland — 0.1%
Other Securities (a)(b)(f)				434,822
Portugal — 0.1%
Other Securities (a)(b)(f)				311,348
Qatar — 0.1%
Other Securities (a)(f)				226,102
Russia — 0.9%
Other Securities (a)(b)(f)				2,717,458
Saudi Arabia — 0.1%
Other Securities (a)(b)(f)				332,753
Singapore — 0.7%
Other Securities (a)(b)(f)				2,050,027

See Notes to Financial Statements.
60

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares		Value
COMMON STOCKS — 79.6% (Continued)
South Africa — 0.4%
Other Securities (a)(b)(f)			$	1,295,192
South Korea — 2.3%
Other Securities (a)(b)(f)				6,884,564
Spain — 1.1%
Other Securities (a)(b)(e)(f)				3,198,021
Sweden — 2.8%
Atlas Copco AB (a)		29,400		2,035,172
Evolution AB (a)(e)		16,000		2,250,899
Other Securities (a)(b)(e)(f)				4,036,958
				8,323,029
Switzerland — 5.8%
Alcon, Inc. (a)		24,680		2,174,430
Lonza Group AG (a)		2,650		2,207,565
Nestle SA (a)		19,732		2,758,372
Roche Holding AG (a)		4,617		1,913,910
Sika AG (a)		6,856		2,845,896
UBS Group AG (a)		93,104		1,671,039
Other Securities (a)(b)(e)(f)				3,671,144
				17,242,356
Taiwan — 4.5%
Hon Hai Precision Industry Co. Ltd. (a)		584,961		2,193,003
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		115,600		2,559,703
Taiwan Semiconductor Manufacturing Co. Ltd.		23,600		2,839,316
Other Securities (a)(f)				5,727,008
				13,319,030
Thailand — 0.5%
Other Securities (a)(b)(f)				1,470,787
Turkey — 0.3%
Other Securities (a)(b)(f)				787,456
United Arab Emirates — 0.4%
Other Securities (a)(f)				1,082,348
United Kingdom — 0.5%
Other Securities (a)(b)(f)				1,481,672

	Shares		Value
United States — 3.5%
EPAM Systems, Inc. (b)		3,090	$	2,065,510
Mettler-Toledo International, Inc. (b)		1,320		2,240,317
ResMed, Inc.		9,910		2,581,357
STERIS PLC		7,300		1,776,893
Other Securities (a)(f)				1,649,025
				10,313,102
Total Common Stocks (Cost $180,175,439)				237,531,934
PREFERRED STOCKS — 0.9%
Brazil — 0.2%
Other Securities (f)				421,643
Colombia — 0.0% (g)
Other Securities (f)				2,259
Germany — 0.7%
Other Securities (a)(f)				1,969,972
Russia — 0.0% (g)
Other Securities (a)(f)				138,763
Total Preferred Stocks (Cost $2,870,875)				2,532,637
		Par Value
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Notes — 0.5%
Other Securities (a)(f)				1,536,066
Total U.S. Treasury Obligations (Cost $1,546,205)				1,536,066
AGENCY MORTGAGE-BACKED OBLIGATIONS — 0.1%
Other Securities (a)(f)(i)				262,900
Total Agency Mortgage-Backed Obligations (Cost $226,217)				262,900

See Notes to Financial Statements.
61

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value	Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%
Other Securities (a)(e)(f)(i)(j)		$	5,949,103
Total Non-Agency Mortgage-Backed Obligations (Cost $6,009,802)			5,949,103
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
Other Securities (a)(f)(i)			265,611
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $287,805)			265,611
ASSET-BACKED SECURITIES — 1.6%%
Other Securities (a)(e)(f)(j)			4,868,633
Total Asset-Backed Securities (Cost $4,890,232)			4,868,633
COLLATERALIZED LOAN OBLIGATIONS — 1.5%
Other Securities (a)(e)(f)(j)			4,604,535
Total Collateralized Loan Obligations (Cost $4,599,290)			4,604,535
CORPORATE BONDS — 3.9%
Australia — 0.1%
Other Securities (f)			194,209
Britain — 0.2%
Other Securities (a)(f)			614,598
Canada — 0.1%
Other Securities (a)(f)			287,787
Cayman Islands — 0.0% (g)
Other Securities (a)(f)			86,681
Japan — 0.1%
Other Securities (a)(e)(f)			169,604
United States — 3.4%
Other Securities (a)(e)(f)(j)			10,262,397
Total Corporate Bonds (Cost $11,837,264)			11,615,276

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.9%
Voya Emerging Markets Hard Currency Debt Fund - Class P		245,067	$	2,298,725
Voya High Yield Bond Fund - Class P		308,773		2,479,447
Voya Investment Grade Credit Fund - Class P		63,869		709,584
Voya Securitized Credit Fund - Class P		929,936		9,085,479
Total Affiliated Registered Investment Companies (Cost $14,329,420)				14,573,235
Total Investments at Value — 95.1% (Cost $226,772,549)			$	283,739,930
Other Assets in Excess of Liabilities — 4.9%				14,683,241
Net Assets — 100.0%			$	298,423,171

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 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.

(a) Level 2 security.

(b) Non-income producing security.

(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 $0 as of December 31, 2021, representing 0.0% of net assets.

(d) Illiquid security. The total value of such securities is $745,490 as of December 31, 2021, representing 0.3% of net assets.

See Notes to Financial Statements.
62

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

(e) 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, 2021, the value of these investments was $24,185,446, or 8.1% of total net assets.

(f) 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, 2021.

(g) Represents less than 0.1%.

(h) This security or a partial position of this security is on loan at December 31, 2021. The total market value of securities on loan at December 31, 2021 was $91,599 (Note 8).

(i) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.

(j) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.

See Notes to Financial Statements.
63

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Schedule of Total Return Swaps December 31, 2021

Counterparty	Reference Entity	Pay/ Receive Total Return on Reference Entity	Financing Rate	Maturity Date	Payment Frequency	Shares	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Morgan Stanley Capital	MSCI EAFE Total Return Index	Receive	(U.S. Federal Funds Rate + 0.070%)	11/02/2022	Monthly	4,937	$	37,992,609	$	991,633
Morgan Stanley Capital	MSCI Emerging Markets Total Return Index	Receive	(U.S. Federal Funds Rate + 0.120%)	11/02/2022	Monthly	27,581		16,776,585		(225,794	)
Total Return Swaps									$	765,839

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Schedule of Futures Contracts December 31, 2021

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	1	03/31/2022	$	206,115	$	123
5-Year U.S. Treasury Note Future	24	03/31/2022		2,348,593		(12,234	)
10-Year U.S. Treasury Note Future	21	03/22/2022		2,320,918		(31,542	)
U.S. Treasury Long Bond Future	7	03/22/2022		1,013,000		(18,444	)
Ultra 10-Year U.S. Treasury Bond Future	24	03/22/2022		2,342,414		(62,861	)
Ultra Long-Term U.S. Treasury Bond Future	4	03/22/2022		484,218		(19,633	)
Total Futures Contracts Sold Short			$	8,715,258	$	(144,591	)

See Notes to Financial Statements.
64

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments December 31, 2021

	Par Value		Value
U.S. TREASURY OBLIGATIONS — 10.0%
U.S. Treasury Bonds — 1.9%
4.375%, due 02/15/38	$	610,000	$	838,750
2.250%, due 05/15/41		560,000		587,300
2.000%, due 11/15/41		709,000		715,758
3.000%, due 02/15/49		1,095,000		1,345,481
2.000%, due 02/15/50		495,000		502,502
1.250%, due 05/15/50		400,000		339,500
1.625%, due 11/15/50		1,300		1,210
2.000%, due 08/15/51		447,100		455,763
1.875%, due 11/15/51		910,000		902,748
				5,689,012
U.S. Treasury Notes — 8.1%
0.125%, due 02/28/23		5,140,000		5,119,119
0.125%, due 03/31/23		1,230,000		1,224,042
0.125%, due 04/30/23		950,000		944,805
0.125%, due 05/31/23		105,000		104,344
0.125%, due 10/15/23		1,291,000		1,278,090
0.750%, due 12/31/23		890,000		890,278
2.375%, due 02/29/24		155,000		160,280
0.250%, due 06/15/24		461,000		454,229
1.000%, due 12/15/24 (a)		5,729,700		5,735,072
0.375%, due 11/30/25		910,000		882,416
0.500%, due 02/28/26		760,000		738,269
2.375%, due 04/30/26		135,000		141,581

	Par Value		Value
0.750%, due 08/31/26	$	240,000	$	234,600
2.000%, due 11/15/26		310,000		320,656
1.250%, due 11/30/26		33,400		33,384
1.250%, due 12/31/26		1,317,300		1,315,859
0.500%, due 06/30/27		790,000		755,684
0.375%, due 09/30/27		69,000		65,313
1.250%, due 09/30/28		228,100		225,462
1.500%, due 11/30/28		287,700		288,869
1.375%, due 12/31/28		2,179,500		2,169,965
2.625%, due 02/15/29		480,000		518,850
1.125%, due 02/15/31		47,000		45,605
1.375%, due 11/15/31 (a)		949,000		936,544
				24,583,316
U.S. Treasury Inflation-Protected Note — 0.0% (b)
0.125%, due 01/15/30		69,878		77,477
Total U.S. Treasury Obligations (Cost $30,065,405)				30,349,805
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3%
Federal Home Loan Mortgage Corp. — 2.5%
Freddie Mac REMICS
Series 2989, 33.182%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) (c)		105,699		232,662
Series 4249, 4.576%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) (c)		563,440		549,049

See Notes to Financial Statements.
65

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3% (Continued)
Federal Home Loan Mortgage Corp. — 2.5% (Continued)
Series 4355, 4.000%, due 05/15/44	$	4,653,560	$	5,097,464
Freddie Mac STACR REMIC Trust 2020-DNA3
Series 2020-DNA3, 3.103%, due 06/25/50 (1 Month U.S. LIBOR + 3.000%) (c)(d)		52,320		52,393
Freddie Mac STACR REMIC Trust 2020-HQA1
Series 2020-HQA1, 2.003%, due 01/25/50 (1 Month U.S. LIBOR + 1.900%) (c)(d)		178,683		178,904
Freddie Mac STACR REMIC Trust 2021-HQA1
Series M-2, 2.300%, due 08/25/33 (SOFR 30 Day Average + 2.250%) (c)(d)		300,000		302,231
Freddie Mac STACR REMIC Trust 2021-HQA4
Series B-1, 3.800%, due 12/25/41 (SOFR 30 Day Average + 3.750%) (c)(d)		700,000		704,103
Freddie Mac STACR Trust 2019-HQA2
Series 2019-HQA2, 2.153%, due 04/25/49 (1 Month U.S. LIBOR + 2.050%) (c)(d)		380,879		382,724

	Par Value		Value
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2014-DN3, 4.103%, due 08/25/24 (1 Month U.S. LIBOR + 4.000%) (c)	$	49,515	$	50,374
Series 2017-DNA2, 1.303%, due 10/25/29 (1 Month U.S. LIBOR + 1.200%) (c)		13,060		13,065
				7,562,969
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6%
FHLMC REMIC SERIES K-1515
Series K-1515, 1.512%, due 02/25/35 (e)		798,081		122,171
Freddie Mac Multiclass Certificates Series 2021-P011
Series X1, 1.846%, due 09/25/45 (e)		570,632		89,184
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-L06, 1.364%, due 12/25/29		956,000		82,637
Series K-109, 1.582%, due 04/25/30 (e)		668,463		74,876
Series K-117, 1.242%, due 08/25/30 (e)		1,294,300		115,812
Series K-G04, 0.853%, due 11/25/30 (e)		1,898,440		122,228

See Notes to Financial Statements.
66

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3% (Continued)
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6% (Continued)
Series K-122, 0.883%, due 11/25/30 (e)	$	1,857,254	$	124,205
Series K-1517, 1.331%, due 07/25/35 (e)		898,896		127,147
Series K-1518, 0.871%, due 10/25/35 (e)		1,491,220		134,010
Series K-1521, 0.981%, due 08/25/36 (e)		819,547		88,614
Freddie Mac REMICS
Series 2980, 6.590%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) (c)		406,557		56,513
Series 3311, 6.300%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) (c)		1,522,791		345,570
Series 3359, 5.610%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) (c)		718,665		107,334
Series 4077, 5.890%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) (c)		416,222		60,618
Series 3966, 5.790%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) (c)		737,411		106,082
Series 4089, 5.890%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) (c)		598,435		93,937
				1,850,938

	Par Value		Value
Federal National Mortgage Association — 0.7%
Connecticut Avenue Securities Trust 2019-R02
Series 2019-R02, 2.403%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) (c)(d)	$	31,840	$	31,975
Connecticut Avenue Securities Trust 2019-R04
Series 2019-R04, 2.202%, due 06/25/39 (1 Month U.S. LIBOR + 2.100%) (c)(d)		7,157		7,164
Connecticut Avenue Securities Trust 2019-R06
Series 2019-R06, 2.202%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) (c)(d)		16,975		17,010
Connecticut Avenue Securities Trust 2020-R02
Series 2020-R02, 2.103%, due 01/25/40 (1 Month U.S. LIBOR + 2.000%) (c)(d)		367,796		369,050
Fannie Mae Connecticut Avenue Securities
Series 1M2, 4.103%, due 05/25/25 (1 Month U.S. LIBOR + 4.000%) (c)		175,607		178,887
Series 2015-C04, 5.653%, due 04/25/28 (1 Month U.S. LIBOR + 5.550%) (c)		104,291		108,768

See Notes to Financial Statements.
67

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3% (Continued)
Federal National Mortgage Association — 0.7% (Continued)
Series 2016-C05, 4.553%, due 01/25/29 (1 Month U.S. LIBOR + 4.450%) (c)	$	235,776	$	244,329
Series 2017-C07, 2.602%, due 05/25/30 (1 Month U.S. LIBOR + 2.500%) (c)		296,521		300,830
Series 2018-C01, 2.353%, due 07/25/30 (1 Month U.S. LIBOR + 2.250%) (c)		211,281		213,648
Series 2018-C06, 2.103%, due 03/25/31 (1 Month U.S. LIBOR + 2.000%) (c)		327,868		330,481
Series 2018-C06, 2.203%, due 03/25/31 (1 Month U.S. LIBOR + 2.100%) (c)		402,353		405,610
				2,207,752
Federal National Mortgage Association Interest-Only Strips — 1.2%
Fannie Mae Interest Strip
3.500%, due 04/25/44		2,785,888		410,721
Fannie Mae REMICS
Series 2013-60, 3.000%, due 06/25/31		3,413,084		131,454
Series 2014-63, 3.500%, due 06/25/33		1,449,028		41,669

	Par Value		Value
Series 2007-50, 6.348%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) (c)	$	2,523,313	$	464,438
Series 2009-78, 6.638%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) (c)		3,639,030		806,828
Series 2011-124, 6.398%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) (c)		524,575		89,635
Series 2012-20, 6.348%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) (c)		483,492		77,182
Series 2012-76, 5.898%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) (c)		245,735		41,893
Series 2014-28, 5.948%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) (c)		1,496,686		242,433
Series 2017-53, 4.000%, due 07/25/47		208,124		22,716
Series 2008-22, 6.058%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) (c)		1,751,332		323,496
Series PS, 5.948%, due 07/25/49 (6.050% - 1 Month U.S. LIBOR) (c)		6,018,977		1,053,690
				3,706,155

See Notes to Financial Statements.
68

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3% (Continued)
Government National Mortgage Association Interest-Only Strips — 0.3%
Other Securities (c)(f)			$	754,866
Total Agency Mortgage-Backed Obligations (Cost $15,629,247)				16,082,680
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.6%
Alternative Loan Trust 2006-OA6
Series FLT, 0.522%, due 07/25/46 (1 Month U.S. LIBOR + 0.420%) (c)	$	1,317,244		1,199,712
Angel Oak Mortgage Trust I LLC 2019-2
Series 2019-2, 6.286%, due 03/25/49 (d)(e)		1,300,000		1,306,397
BCRR 2016-FRR3 Trust
Series TRUST, 2.021%, due 05/26/26 (1 Month U.S. LIBOR + 18.348%) (c)(d)		797,720		726,890
Benchmark 2020-IG3 Mortgage Trust
Series 2020-IG3, 3.289%, due 09/15/48 (d)(e)		1,000,000		1,021,580
BX Commercial Mortgage Trust 2021-SOAR
Series TR, 2.460%, due 06/15/38 (1 Month U.S. LIBOR + 2.350%) (c)(d)		1,000,000		992,337

	Par Value		Value
CHL Mortgage Pass-Through Trust 2007-HY5
Series 2007-HY5, 2.983%, due 09/25/37 (e)	$	904,466	$	800,632
GCAT 2020-3 LLC
Series LLC, 2.981%, due 09/25/25 (d)		1,071,386		1,075,520
GS Mortgage Securities Corp Trust 2018-RIVR
Series F, 2.210%, due 07/15/35 (1 Month U.S. LIBOR + 2.100%) (c)(d)		1,000,000		920,464
GSAA Home Equity Trust 2005-6
Series 2005-6, 0.747%, due 06/25/35 (1 Month U.S. LIBOR + 0.645%) (c)		814,605		817,872
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.542%, due 07/05/33 (d)(e)		1,400,000		1,403,626
Legacy Mortgage Asset Trust 2020-GS3
Series A2, 4.000%, due 05/25/60 (d)		900,000		896,184
NewRez Warehouse Securitization Trust 2021-1
Series 21-1, 5.352%, due 05/25/55 (1 Month U.S. LIBOR + 5.250%) (c)(d)		1,000,000		999,073

See Notes to Financial Statements.
69

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.6% (Continued)
PR Mortgage Loan Trust 2014-1
Series 2014-1, 5.869%, due 10/25/49 (d)(e)(g)	$	1,367,651	$	1,339,840
WFRBS Commercial Mortgage Trust 2013-C12
Series 2013-C12, 3.500%, due 03/15/48 (d)		900,000		775,262
Other Securities (c)(d)(e)(f)(g)				24,050,590
Total Non-Agency Mortgage-Backed Obligations (Cost $38,528,893)				38,325,979
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8%
Other Securities (d)(e)(f)(g)				5,592,299
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $7,350,682)				5,592,299
ASSET-BACKED SECURITIES — 5.7%
AMSR 2021-SFR1 Trust
Series 2021-SFR1, 2.900%, due 06/17/38 (d)		1,200,000		1,174,571
Castlelake Aircraft Structured Trust 2019-1
Series 2091-1, 6.899%, due 04/15/39 (d)		923,003		755,083
Progress Residential 2020-SFR3 Trust
Series TR, 4.105%, due 10/17/27 (d)		2,000,000		2,023,199

	Par Value		Value
Progress Residential 2021-SFR3
Series TR, 4.254%, due 05/17/26 (d)	$	1,100,000	$	1,082,915
Progress Residential Trust
Series TR, 4.003%, due 07/17/38 (d)		700,000		696,465
Santander Drive Auto Receivables Trust 2018-1
Series 2018-1, 4.370%, due 05/15/25 (d)		750,000		755,234
Other Securities (c)(d)(f)(g)				10,878,875
Total Asset-Backed Securities (Cost $17,700,349)				17,366,342
COLLATERALIZED LOAN OBLIGATIONS — 5.3% (c)
Annisa CLO Ltd. 2016-2
Series 2016-R, 2.132%, due 07/20/31 (3 Month U.S. LIBOR + 2.000%) (d)		1,000,000		1,000,063
Ares XLIX CLO Ltd.
Series 2018-49, 2.078%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) (d)		1,000,000		999,895
Other Securities (d)(f)(g)				14,068,470
Total Collateralized Loan Obligations (Cost $16,098,377)				16,068,428
CORPORATE BONDS — 17.6%
Basic Materials — 0.8%
Other Securities (a)(d)(f)				2,390,868

See Notes to Financial Statements.
70

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Par Value		Value
CORPORATE BONDS — 17.6% (Continued)
Communications — 2.3%
Other Securities (c)(d)(f)			$	7,096,786
Consumer, Cyclical — 3.3%
Delta Air Lines, Inc.
4.750%, due 10/20/28 (d)	$	958,000		1,047,572
Other Securities (a)(d)(f)				8,828,916
				9,876,488
Consumer, Non-cyclical — 3.7%
HCA, Inc.
3.500%, due 09/01/30		746,000		785,165
Other Securities (a)(d)(f)				10,347,238
				11,132,403
Energy — 1.9%
Other Securities (a)(c)(d)(f)				5,851,884
Financial — 2.3%
Other Securities (c)(d)(f)				7,054,854
Industrial — 1.5%
The Boeing Co.
5.150%, due 05/01/30		615,000		717,417
Other Securities (d)(f)				3,746,851
				4,464,268
Technology — 0.9%
Other Securities (d)(f)				2,832,920
Utilities — 0.9%
Other Securities (c)(d)(f)				2,577,205
Total Corporate Bonds (Cost $51,801,259)				53,277,676

		Par Value		Value
FOREIGN BONDS — 21.5%
Argentina — 0.1%
Other Securities (c)(f)				$	208,750
Australia — 0.8%
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/31 (d)		$	995,000		1,048,481
Other Securities (c)(d)(f)					1,303,755
					2,352,236
Austria — 0.0% (b)
Other Securities (d)(f)					166,275
Bermuda — 0.2%
Other Securities (d)(f)					508,923
Brazil — 0.9%
Other Securities (c)(d)(f)					2,706,022
Britain — 1.0%
Other Securities (c)(d)(f)					2,981,107
Canada — 2.4%
Province of Ontario Canada
1.350%, due 12/02/30	CAD		1,610,000		1,207,586
Other Securities (c)(d)(f)					6,058,951
					7,266,537
Cayman Islands — 0.4%
Other Securities (d)(f)					1,249,812
Chile — 0.7%
Other Securities (c)(d)(f)					2,126,416

See Notes to Financial Statements.
71

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Value
FOREIGN BONDS — 21.5% (Continued)
China — 0.4%
Other Securities (f)	$	1,131,432
Colombia — 0.9%
Other Securities (f)		2,846,591
Dominican Republic — 0.0% (b)
Other Securities (f)		144,187
France — 0.4%
Other Securities (a)(c)(d)(f)		1,253,986
Germany — 0.0% (b)
Other Securities (f)		74,468
Greece — 0.2%
Other Securities (d)(f)		742,010
India — 0.2%
Other Securities (d)(f)		743,802
Indonesia — 1.5%
Other Securities (a)(d)(f)		4,551,973
Ireland — 0.2%
Other Securities (d)(f)		762,782
Israel — 0.1%
Other Securities (d)(f)		215,741
Italy — 0.4%
Other Securities (c)(d)(f)		1,113,292

		Par Value		Value
Japan — 0.3%
Japan Government Five Year Bond
0.100%, due 06/20/25	JPY		90,250,000	$	790,133
Other Securities (c)(f)					110,541
					900,674
Jersey — 0.2%
Other Securities (d)(f)					489,157
Liberia — 0.1%
Other Securities (d)(f)					460,875
Luxembourg — 1.2%
Other Securities (d)(f)					3,504,419
Malaysia — 0.7%
Other Securities (a)(c)(d)(f)					2,032,717
Mexico — 1.3%
Other Securities (a)(c)(d)(f)					3,856,578
Netherlands — 0.8%
Other Securities (c)(d)(f)					2,558,400
New Zealand — 0.3%
Other Securities (f)					908,974
Norway — 0.6%
Norway Government Bond
2.000%, due 05/24/23 (d)	NOK		6,530,000		750,540
Other Securities (c)(d)(f)					1,017,803
					1,768,343
Panama — 0.4%
Other Securities (c)(d)(f)					1,277,233

See Notes to Financial Statements.
72

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Value
FOREIGN BONDS — 21.5% (Continued)
Peru — 0.3%
Other Securities (c)(f)	$	938,347
Philippines — 0.5%
Other Securities (a)(f)		1,435,908
Portugal — 0.2%
Other Securities (d)(f)		632,212
Puerto Rico — 0.1%
Other Securities (f)		399,343
Qatar — 0.1%
Other Securities (d)(f)		422,874
Saudi Arabia — 0.5%
Other Securities (d)(f)		1,617,761
Singapore — 1.1%
Other Securities (c)(d)(f)		3,243,652
South Korea — 0.8%
Other Securities (a)(c)(d)(f)		2,401,742
Spain — 0.3%
Other Securities (c)(d)(f)		822,758
Sweden — 0.1%
Other Securities (d)(f)		258,350
Switzerland — 0.3%
Other Securities (c)(d)(f)		811,195

	Par Value		Value
Thailand — 0.1%
Other Securities (c)(f)			$	417,432
United Arab Emirates — 0.4%
Other Securities (d)(f)				1,087,170
Total Foreign Bonds (Cost $66,091,880)				65,392,456
BANK LOANS — 7.3% (c)
1011778 BC ULC
1.840%, due 11/19/26 (1 Month U.S. LIBOR + 1.750%)	$	817,665		807,955
Other Securities (f)(g)				21,291,470
Total Bank Loans (Cost $22,068,435)				22,099,425
		Shares
COMMON STOCKS — 0.9%
Consumer Discretionary — 0.1%
Other Securities (f)(h)				335,188
Financials — 0.5%
Other Securities (f)				1,325,977
Industrials — 0.2%
Other Securities (f)(h)				678,355
Real Estate — 0.1%
Other Securities (f)				269,763
Total Common Stocks (Cost $2,620,565)				2,609,283
PREFERRED STOCKS — 1.6%
Communication Services — 0.1%
Other Securities (d)(f)(g)				250,850

See Notes to Financial Statements.
73

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

	Shares	Value
PREFERRED STOCKS — 1.6% (Continued)
Financials — 0.2%
Other Securities (a)(c)(f)		$	591,591
Health Care — 0.2%
Other Securities (a)(f)			464,453
Industrials — 0.1%
Other Securities (a)(f)			229,299
Information Technology — 0.1%
Other Securities (f)			440,232
Utilities — 0.9%
Other Securities (f)			2,752,648
Total Preferred Stocks (Cost $4,265,777)			4,729,073

	Contracts		Notional Amount
PURCHASED OTC OPTIONS — 0.0% (b)
Currency Put Options — 0.0% (b)
Canadian Dollar, 4/11/22 at 1.215 Counterparty: Goldman Sachs Bank, USA		2,415,000	$	2,415,000	5,052
Equity Put Options — 0.0% (b)
iShares iBoxx $High Yield Corporate Bond ETF, 3/18/22 at $80.50 Counterparty: Citigroup		150,572		13,101,270	31,826
Total Purchased OTC Options (Cost $104,887)					36,878

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 7.0%
Voya Emerging Markets Hard Currency Debt Fund - Class P		546,707	$	5,128,114
Voya Floating Rate Fund - Class P		1,337,945		12,081,644
Voya High Yield Bond Fund - Class P		493,891		3,965,944
Total Affiliated Registered Investment Companies (Cost $21,385,048)				21,175,702
Total Investments at Value — 96.6% (Cost $293,710,804)			$	293,106,026
Other Assets in Excess of Liabilities — 3.4%				10,240,330
Net Assets — 100.0%			$	303,346,356

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 on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.

(a) This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021 was $4,766,653 (Note 8).

(b) Represents less than 0.1%.

(c) Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.

(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program

See Notes to Financial Statements.
74

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Condensed Schedule of Investments - (Continued) December 31, 2021

or other ‘‘qualified institutional buyers.’’ As of December 31, 2021, the value of these investments was $114,907,434, or 37.9% of total net assets.

(e) Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.

(f) 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, 2021.

(g) Illiquid security. The total fair value of such securities is $3,958,048 as of December 31, 2021, representing 1.3% of net assets.

(h) Non-income producing security.

REMIC — Real Estate Mortgage Investment Conduit

LIBOR — London Interbank Offered Rate

SOFR — Secured Overnight Financing Rate

CAD — Canadian Dollar

JPY — Japanese Yen

NOK — Norwegian Krone

ETF — Exchange Traded Fund

See Notes to Financial Statements.
75

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Futures Contracts December 31, 2021

FUTURES CONTRACTS PURCHASED	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	70	03/31/2022	$	14,427,496	$	(8,959	)
5-Year U.S. Treasury Note Future	249	03/31/2022		24,366,624		119,170
10-Year U.S. Treasury Note Future	58	03/22/2022		6,410,167		24,757
Euro Bund Future	3	03/08/2022		341,550		(9,532	)
Total Futures Contracts Purchased			$	45,545,837	$	125,436

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note Future	4	03/22/2022	$	442,085	$	(5,130	)
U.S. Treasury Long Bond Future	72	03/22/2022		10,419,453		(123,047	)
Ultra 10-Year U.S. Treasury Bond Future	62	03/22/2022		6,051,240		(158,585	)
Ultra Long-Term U.S. Treasury Bond Future	2	03/22/2022		242,109		(9,817	)
Euro Bund Future	6	03/08/2022		683,099		18,912
30 Year Euro Buxl Future	1	03/08/2022		113,850		11,498
Total Futures Contracts Sold Short			$	17,951,836	$	(266,169	)

See Notes to Financial Statements.
76

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts December 31, 2021

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.		1/19/2022		JPY		23,674,559		USD		215,141	$	(9,298	)
Australia and New Zealand Banking Group Ltd.		1/19/2022		NZD		377,214		AUD		357,292		(1,672	)
Australia and New Zealand Banking Group Ltd.		1/19/2022		USD		140,734		NZD		209,029		(2,394	)
Bank of America, San Francisco		1/19/2022		USD		27,182		GBP		20,484		(542	)
Barclays Capital, Inc.		1/19/2022		AUD		360,768		USD		262,076		416
Barclays Capital, Inc.		1/19/2022		CAD		2,559,261		USD		2,043,157		(19,983	)
Barclays Capital, Inc.		1/19/2022		GBP		259,123		EUR		302,812		5,835
Barclays Capital, Inc.		1/19/2022		GBP		308,125		USD		411,806		5,238
Barclays Capital, Inc.		1/19/2022		NZD		956,531		AUD		908,500		(6,051	)
Barclays Capital, Inc.		1/19/2022		USD		703,077		AUD		969,633		(2,422	)
Barclays Capital, Inc.		1/19/2022		USD		1,604,285		CAD		2,049,065		(15,563	)
Barclays Capital, Inc.		1/19/2022		USD		1,981,019		EUR		1,723,265		18,322
Barclays Capital, Inc.		1/19/2022		USD		823,530		GBP		607,500		1,285
Barclays Capital, Inc.		1/19/2022		USD		125,183		NZD		177,515		3,633
Barclays Capital, Inc.		1/19/2022		USD		374,732		SGD		512,869		(5,801	)
BNP Paribas Brokerage Services, Inc.		1/14/2022		AUD		3,745,194		USD		2,680,353		44,581
BNP Paribas Brokerage Services, Inc.		1/14/2022		CAD		1,845,134		USD		1,437,474		21,170
BNP Paribas Brokerage Services, Inc.		1/14/2022		CHF		4,146,362		USD		4,539,605		12,493
BNP Paribas Brokerage Services, Inc.		1/14/2022		EUR		2,294,657		USD		2,604,019		9,186
BNP Paribas Brokerage Services, Inc.		1/14/2022		GBP		4,381,279		USD		5,837,856		92,230
BNP Paribas Brokerage Services, Inc.		1/14/2022		NZD		2,879,320		USD		1,958,872		12,833
BNP Paribas Brokerage Services, Inc.		1/14/2022		SEK		15,195,878		USD		1,662,400		19,451
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		2,518,732		AUD		3,539,536		(56,568	)
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		3,056,233		CAD		3,867,636		(1,270	)
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		2,524,212		CHF		2,320,764		(23,647	)
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		6,988,463		EUR		6,177,765		(46,910	)

See Notes to Financial Statements.
77

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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)
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		2,445,869		JPY		277,539,878	$	32,851
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		739,165		NOK		6,659,023		(16,783	)
BNP Paribas Brokerage Services, Inc.		1/14/2022		USD		3,708,382		SEK		33,688,335		(20,181	)
BNY Mellon		1/19/2022		USD		132,813		EUR		117,627		(1,157	)
Brown Brothers Harriman & Co.		1/14/2022		NOK		5,915,657		USD		650,480		21,078
Brown Brothers Harriman & Co.		1/14/2022		SEK		9,798,500		USD		1,082,482		1,998
Brown Brothers Harriman & Co.		1/14/2022		USD		301,701		NOK		2,746,226		(10,056	)
CIBC, Toronto		1/19/2022		CAD		1,272,261		USD		1,029,958		(24,197	)
CIBC, Toronto		1/19/2022		EUR		298,750		GBP		256,056		(6,311	)
CIBC, Toronto		1/19/2022		EUR		654,735		USD		756,661		(10,956	)
CIBC, Toronto		1/19/2022		JPY		64,221,545		USD		585,000		(26,614	)
CIBC, Toronto		1/19/2022		SGD		491,557		USD		362,861		1,859
CIBC, Toronto		1/19/2022		USD		152,771		AUD		206,937		2,205
CIBC, Toronto		1/19/2022		USD		614,514		CAD		776,638		558
Citigroup		1/19/2022		AUD		360,768		USD		263,292		(799	)
Citigroup		1/19/2022		BRL		416,696		USD		73,092		1,384
Citigroup		1/14/2022		CAD		2,712,873		USD		2,115,763		28,859
Citigroup		1/19/2022		CAD		1,140,778		USD		907,500		(5,680	)
Citigroup		1/14/2022		CHF		2,000,902		USD		2,178,066		18,632
Citigroup		1/19/2022		GBP		921,250		CAD		1,544,634		25,822
Citigroup		1/14/2022		JPY		295,284,752		USD		2,602,648		(35,350	)
Citigroup		1/19/2022		NZD		1,665,301		AUD		1,573,292		(4,431	)
Citigroup		2/4/2022		PEN		129,831		USD		31,819		655
Citigroup		1/14/2022		SEK		5,442,426		USD		603,179		(822	)
Citigroup		1/19/2022		SGD		1,481,691		USD		1,094,916		4,452
Citigroup		1/19/2022		USD		402,533		AUD		547,358		4,278
Citigroup		1/19/2022		USD		954,434		CAD		1,196,439		8,612
Citigroup		1/14/2022		USD		2,178,509		CHF		2,012,016		(30,391	)
Citigroup		1/19/2022		USD		497,840		EUR		423,910		15,031
Citigroup		1/14/2022		USD		1,240,119		GBP		929,439		(17,883	)
Citigroup		1/19/2022		USD		1,068,270		JPY		116,977,701		51,186
Citigroup		1/19/2022		USD		305,341		MXN		6,610,587		(16,462	)
Citigroup		1/14/2022		USD		1,652,536		NZD		2,425,819		(8,620	)
Citigroup		1/19/2022		USD		652,671		NZD		929,599		16,144
Citigroup		1/14/2022		USD		753,969		SEK		6,854,451		(4,669	)

See Notes to Financial Statements.
78

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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)
Citigroup		1/19/2022		USD		1,395,681		SGD		1,902,288	$	(15,756	)
Goldman Sachs Bank, USA		1/19/2022		AUD		1,513,000		NZD		1,577,643		20,585
Goldman Sachs Bank, USA		1/14/2022		AUD		2,189,719		USD		1,582,159		11,040
Goldman Sachs Bank, USA		1/19/2022		AUD		2,045,843		USD		1,506,011		(17,467	)
Goldman Sachs Bank, USA		1/14/2022		CHF		778,063		USD		842,729		11,471
Goldman Sachs Bank, USA		1/14/2022		EUR		278,574		USD		315,208		2,038
Goldman Sachs Bank, USA		1/19/2022		EUR		424,975		USD		492,949		(8,928	)
Goldman Sachs Bank, USA		1/14/2022		GBP		609,096		USD		811,106		13,309
Goldman Sachs Bank, USA		1/14/2022		JPY		34,975,791		USD		306,771		(2,680	)
Goldman Sachs Bank, USA		1/19/2022		MXN		6,740,758		USD		310,000		18,140
Goldman Sachs Bank, USA		1/14/2022		NOK		19,719,392		USD		2,191,450		47,140
Goldman Sachs Bank, USA		1/14/2022		NZD		1,107,646		USD		756,267		2,229
Goldman Sachs Bank, USA		1/19/2022		SGD		741,893		USD		549,183		1,279
Goldman Sachs Bank, USA		1/19/2022		USD		230,668		AUD		305,833		8,145
Goldman Sachs Bank, USA		1/19/2022		USD		693,869		CAD		882,633		(3,880	)
Goldman Sachs Bank, USA		1/14/2022		USD		1,348,436		EUR		1,196,297		(13,933	)
Goldman Sachs Bank, USA		1/19/2022		USD		2,429,906		EUR		2,085,352		54,813
Goldman Sachs Bank, USA		1/14/2022		USD		1,450,226		GBP		1,093,833		(30,284	)
Goldman Sachs Bank, USA		1/19/2022		USD		606,667		JPY		69,126,937		5,630
Goldman Sachs Bank, USA		1/14/2022		USD		1,279,554		NOK		11,254,570		1,910
Goldman Sachs Bank, USA		1/14/2022		USD		345,881		NZD		507,576		(1,698	)
Goldman Sachs Bank, USA		1/19/2022		USD		345,181		NZD		495,795		5,694
Goldman Sachs Bank, USA		1/14/2022		USD		1,659,908		SEK		15,134,603		(15,162	)
Goldman Sachs Bank, USA		1/19/2022		USD		736,771		SGD		1,000,752		(5,755	)
Goldman Sachs Bank, USA		1/21/2022		USD		9,892		TRY		128,645		344
HSBC Bank, USA		1/19/2022		CAD		873,182		USD		691,843		(1,566	)
HSBC Bank, USA		1/19/2022		EUR		424,974		USD		494,502		(10,481	)
HSBC Bank, USA		1/19/2022		GBP		308,125		USD		411,748		5,296
HSBC Bank, USA		1/19/2022		JPY		67,185,977		USD		598,333		(14,173	)
HSBC Bank, USA		1/19/2022		MXN		6,644,743		USD		310,000		13,466
HSBC Bank, USA		1/19/2022		NZD		857,500		USD		595,027		(7,868	)
HSBC Bank, USA		1/19/2022		SGD		491,329		USD		362,861		1,689
HSBC Bank, USA		1/19/2022		USD		152,884		AUD		206,331		2,759
HSBC Bank, USA		1/19/2022		USD		604,545		CAD		761,498		2,558
HSBC Bank, USA		1/19/2022		USD		1,464,541		EUR		1,283,952		2,195
HSBC Bank, USA		1/19/2022		USD		2,164,638		GBP		1,593,959		7,231
HSBC Bank, USA		1/19/2022		USD		798,531		JPY		90,056,388		15,519
HSBC Bank, USA		1/19/2022		USD		1,466,310		SGD		1,974,181		1,530
JPMChase, New York		1/19/2022		AUD		601,000		NZD		630,539		5,533
JPMChase, New York		1/19/2022		AUD		579,518		USD		429,526		(7,872	)
JPMChase, New York		1/19/2022		CAD		1,511,579		USD		1,210,000		(15,051	)

See Notes to Financial Statements.
79

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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		1/19/2022		GBP		372,092		CAD		620,883	$	12,796
JPMChase, New York		1/19/2022		SGD		983,748		USD		725,723		4,187
JPMChase, New York		1/19/2022		USD		14,104		CAD		17,639		160
JPMChase, New York		1/19/2022		USD		251,825		EUR		215,010		6,941
JPMChase, New York		1/21/2022		USD		156		IDR		2,245,940		(1	)
JPMChase, New York		1/19/2022		USD		310,000		MXN		6,806,066		(21,319	)
JPMChase, New York		1/21/2022		USD		9,374		RUB		705,141		29
JPMChase, New York		1/19/2022		USD		362,040		SGD		486,120		1,354
Morgan Stanley Capital		1/19/2022		AUD		304,000		NZD		319,472		2,436
Morgan Stanley Capital		1/14/2022		AUD		6,166,682		USD		4,437,387		49,376
Morgan Stanley Capital		1/19/2022		CAD		519,728		GBP		306,250		(3,646	)
Morgan Stanley Capital		1/14/2022		CAD		733,870		USD		569,921		10,229
Morgan Stanley Capital		1/19/2022		CAD		242,157		USD		192,328		(896	)
Morgan Stanley Capital		1/14/2022		CHF		162,631		USD		177,265		1,280
Morgan Stanley Capital		2/4/2022		COP		476,957		USD		122		(5	)
Morgan Stanley Capital		1/19/2022		EUR		306,875		GBP		260,270		(2,760	)
Morgan Stanley Capital		1/14/2022		EUR		10,117,168		USD		11,440,367		81,283
Morgan Stanley Capital		1/19/2022		EUR		852,467		USD		1,001,375		(30,465	)
Morgan Stanley Capital		1/14/2022		GBP		1,499,399		USD		1,983,720		45,725
Morgan Stanley Capital		1/14/2022		JPY		42,682,828		USD		376,197		(5,099	)
Morgan Stanley Capital		1/14/2022		NOK		25,736,865		USD		2,862,430		59,277
Morgan Stanley Capital		1/19/2022		NZD		315,556		AUD		300,500		(2,570	)
Morgan Stanley Capital		1/14/2022		NZD		2,128,153		USD		1,444,508		12,812
Morgan Stanley Capital		1/21/2022		PLN		244		USD		58		2
Morgan Stanley Capital		1/14/2022		SEK		37,566,623		USD		4,149,526		8,278
Morgan Stanley Capital		1/19/2022		SGD		492,084		USD		362,861		2,249
Morgan Stanley Capital		1/14/2022		USD		1,024,461		AUD		1,421,124		(9,523	)
Morgan Stanley Capital		1/19/2022		USD		910,262		AUD		1,234,288		12,201
Morgan Stanley Capital		1/14/2022		USD		3,151,778		CAD		4,041,534		(43,196	)
Morgan Stanley Capital		1/19/2022		USD		707,267		CAD		888,701		4,722
Morgan Stanley Capital		1/14/2022		USD		4,686,500		CHF		4,318,692		(54,792	)
Morgan Stanley Capital		1/14/2022		USD		4,477,925		EUR		3,963,096		(35,334	)
Morgan Stanley Capital		1/19/2022		USD		248,077		EUR		211,955		6,673
Morgan Stanley Capital		1/14/2022		USD		2,221,176		GBP		1,673,916		(44,479	)
Morgan Stanley Capital		1/19/2022		USD		2,854,471		GBP		2,113,002		(5,456	)
Morgan Stanley Capital		1/14/2022		USD		3,509,677		JPY		398,828,959		42,133
Morgan Stanley Capital		1/19/2022		USD		267,174		MXN		5,758,810		(13,165	)
Morgan Stanley Capital		1/14/2022		USD		3,036,814		NOK		27,253,983		(57,119	)
Morgan Stanley Capital		1/19/2022		USD		371,266		NOK		3,135,486		15,350
Morgan Stanley Capital		1/14/2022		USD		1,240,258		NZD		1,836,181		(17,125	)
Morgan Stanley Capital		1/14/2022		USD		181,989		SEK		1,652,988		(960	)

See Notes to Financial Statements.
80

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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)
Morgan Stanley Capital		1/19/2022		USD		736,771		SGD		999,140	$	(4,559	)
Morgan Stanley Capital		1/21/2022		ZAR		23,909		USD		1,468		27
National Australia Bank		1/19/2022		USD		63,076		EUR		55,344		42
National Australia Bank		1/19/2022		USD		35,654		NOK		310,903		362
Royal Bank of Canada, Toronto		1/19/2022		CAD		1,236,655		USD		994,613		(16,999	)
Royal Bank of Canada, Toronto		1/19/2022		GBP		307,500		CAD		517,178		7,353
Royal Bank of Canada, Toronto		1/19/2022		NZD		178,387		USD		125,088		(2,941	)
Royal Bank of Canada, Toronto		1/19/2022		SEK		3,210,504		EUR		311,875		139
Royal Bank of Canada, Toronto		1/19/2022		USD		648,775		AUD		878,798		9,367
Royal Bank of Canada, Toronto		1/19/2022		USD		1,863,790		CAD		2,360,277		(2,081	)
Royal Bank of Canada, Toronto		1/19/2022		USD		303,333		JPY		34,567,169		2,783
Royal Bank of Canada, Toronto		1/19/2022		USD		248,726		NZD		355,030		5,625
Standard Chartered Securities N.A.		1/19/2022		CAD		765,182		USD		606,667		(1,767	)
Standard Chartered Securities N.A.		2/4/2022		CLP		1,437,301		USD		1,694		(16	)
Standard Chartered Securities N.A.		1/19/2022		EUR		298,750		GBP		256,406		(6,784	)
Standard Chartered Securities N.A.		1/19/2022		GBP		1,232,500		USD		1,663,416		4,760
Standard Chartered Securities N.A.		1/14/2022		JPY		114,641,697		USD		998,819		(2,088	)
Standard Chartered Securities N.A.		1/14/2022		SEK		1,174,131		USD		129,612		339
Standard Chartered Securities N.A.		1/19/2022		USD		303,750		CAD		388,356		(3,257	)
Standard Chartered Securities N.A.		1/14/2022		USD		484,561		GBP		365,507		(10,155	)
Standard Chartered Securities N.A.		1/14/2022		USD		1,494,377		JPY		169,068,473		24,444
Standard Chartered Securities N.A.		1/19/2022		USD		576,219		JPY		65,530,571		6,452
Standard Chartered Securities N.A.		1/14/2022		USD		1,302,525		NOK		11,759,028		(32,387	)

See Notes to Financial Statements.
81

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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.		1/14/2022		USD		197,025		NZD		287,687	$	22
Standard Chartered Securities N.A.		1/14/2022		USD		1,728,046		SEK		15,580,850		3,586
State Street Bank, Boston		1/14/2022		AUD		194,493		USD		140,968		541
State Street Bank, Boston		1/19/2022		CAD		3,097,674		GBP		1,837,500		(38,232	)
State Street Bank, Boston		1/14/2022		CAD		3,401,316		USD		2,654,184		34,677
State Street Bank, Boston		1/19/2022		CAD		1,162,728		USD		910,000		9,172
State Street Bank, Boston		1/14/2022		CHF		2,884,070		USD		3,144,384		21,903
State Street Bank, Boston		1/19/2022		EUR		306,875		GBP		263,071		(6,551	)
State Street Bank, Boston		1/14/2022		EUR		701,441		USD		793,325		5,491
State Street Bank, Boston		1/19/2022		EUR		1,028,687		USD		1,191,464		(19,849	)
State Street Bank, Boston		1/19/2022		GBP		306,250		CAD		513,287		8,737
State Street Bank, Boston		1/19/2022		GBP		1,032,908		EUR		1,203,125		27,741
State Street Bank, Boston		1/14/2022		GBP		1,433,487		USD		1,933,518		6,714
State Street Bank, Boston		1/14/2022		JPY		623,175,182		USD		5,452,958		(34,879	)
State Street Bank, Boston		1/19/2022		JPY		61,811,394		USD		557,336		(19,906	)
State Street Bank, Boston		1/14/2022		NZD		421,848		USD		287,328		1,546
State Street Bank, Boston		1/19/2022		NZD		356,773		USD		248,179		(3,884	)
State Street Bank, Boston		1/14/2022		SEK		9,542,057		USD		1,050,452		5,645
State Street Bank, Boston		1/14/2022		USD		4,185,867		AUD		5,825,953		(52,988	)
State Street Bank, Boston		1/19/2022		USD		257,463		AUD		362,133		(6,023	)
State Street Bank, Boston		1/19/2022		USD		987,515		BRL		5,450,457		13,362
State Street Bank, Boston		1/14/2022		USD		1,949,795		CAD		2,476,381		(7,872	)
State Street Bank, Boston		1/19/2022		USD		687,385		CAD		870,769		(984	)
State Street Bank, Boston		1/14/2022		USD		127,851		CHF		116,969		(563	)
State Street Bank, Boston		1/14/2022		USD		2,118,912		EUR		1,871,384		(12,261	)
State Street Bank, Boston		1/19/2022		USD		994,266		EUR		853,931		21,689
State Street Bank, Boston		1/14/2022		USD		6,065,961		GBP		4,522,764		(55,625	)
State Street Bank, Boston		1/19/2022		USD		1,275,897		GBP		939,633		4,114
State Street Bank, Boston		1/14/2022		USD		1,370,581		JPY		157,566,315		650
State Street Bank, Boston		1/19/2022		USD		1,155,527		JPY		127,990,410		42,690
State Street Bank, Boston		1/19/2022		USD		920,683		MXN		20,082,908		(56,953	)
State Street Bank, Boston		2/4/2022		USD		371		MXN		7,828		(9	)
State Street Bank, Boston		1/14/2022		USD		1,512,367		NZD		2,230,848		(15,277	)
State Street Bank, Boston		1/19/2022		USD		29,316		NZD		40,977		1,257
State Street Bank, Boston		1/19/2022		USD		381,032		SGD		520,119		(4,880	)
TD Securities, Toronto		1/19/2022		USD		43,259		CAD		55,000		(220	)
UBS AG, Stamford		1/19/2022		AUD		344,044		USD		252,747		(2,422	)
UBS AG, Stamford		1/19/2022		CAD		537,296		NZD		605,000		10,485
UBS AG, Stamford		1/19/2022		CAD		1,179,268		USD		918,334		13,914

See Notes to Financial Statements.
82

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Forward Foreign Currency Contracts (Continued) December 31, 2021

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		1/19/2022		EUR		597,500		GBP		512,085	$	(12,584	)
UBS AG, Stamford		1/19/2022		EUR		427,021		USD		489,310		(2,959	)
UBS AG, Stamford		1/19/2022		GBP		654,139		EUR		762,571		16,848
UBS AG, Stamford		1/19/2022		JPY		195,627,195		USD		1,754,402		(53,485	)
UBS AG, Stamford		1/19/2022		NZD		605,000		CAD		532,333		(6,562	)
UBS AG, Stamford		1/19/2022		NZD		65,000		USD		45,708		(1,200	)
UBS AG, Stamford		1/19/2022		SGD		227,892		USD		168,358		731
UBS AG, Stamford		1/19/2022		USD		1,816,591		CAD		2,275,099		18,055
UBS AG, Stamford		1/19/2022		USD		3,711,525		EUR		3,149,766		124,127
UBS AG, Stamford		1/19/2022		USD		468,736		GBP		347,910		(2,157	)
UBS AG, Stamford		1/19/2022		USD		816,784		NOK		6,933,580		29,739
UBS AG, Stamford		1/19/2022		USD		944,218		NZD		1,355,572		16,013
UBS AG, Stamford		1/19/2022		USD		1,195,927		SGD		1,619,028		(5,341	)
											$	163,808

AUD - Australian Dollar

BRL - Brazillian Real

CAD - Canadian Dollar

CHF - Swiss Franc

CLP - Chilean Peso

COP - Colombian Peso

EUR - Euro

GBP - British Pound

IDR - Indian Rupee

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PEN - Peruvian Sol

PLN - Polish Zloty

RUB - Russian Ruble

SEK - Swedish Krona

SGD - Singpore Dollar

TRY - Turkish Lira

USD - U.S. Dollar

ZAR - South African Rand

See Notes to Financial Statements.
83

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule Of Written Options December 31, 2021

WRITTEN OPTIONS	Counterparty	Contracts		Notional Amount		Value
Equity Put Options
iShares iBoxx $ High Yield Corporate Bond ETF, 1/21/22 at $85.25	Citigroup		81,472	$	7,088,879	$	(9,817	)
Total Written Options (Premiums Received $41,551)				$	7,088,879	$	(9,817	)

ETF — Exchange-Traded Fund

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule of Interest Rate Swaptions December 31, 2021

Counterparty	Protection	Description		Exercise Rate		Expiration Date		Notional Amount		Value			Upfront Premium Received		Unrealized Appreciation (Depreciation)
Calls
Goldman Sachs Bank, USA	Buy		Interest Rate, 3MO LIBOR		1.497%		01/06/2032	$	1,167,000	$	(1,100	)	$	7,483	$	6,383
Puts
Goldman Sachs Bank, USA	Sell		Interest Rate, 3MO LIBOR		1.497%		01/06/2032		1,167,000		(10,222	)		7,483		(2,738	)
Total Interest Rate Swaptions Written										$	(11,322	)	$	14,966	$	3,645

LIBOR — London Interbank Offered Rate.

See Notes to Financial Statements.
84

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule Of Centrally Cleared Credit Default Swaps December 31, 2021

Counterparty	Reference Entity	Protection	Pay Fixed Rate	Termination Date	Payment Frequency	Notional Amount		Value			Premium Received		Unrealized Depreciation
Morgan Stanley Capital	Prudential Financial, Inc.	Buy	1.000%	12/20/2024	Quarterly		445,000	$	(9,247	)	$	7,412	$	(1,835	)
Total Credit Default Swap Contracts								$	(9,247	)	$	7,412	$	(1,835	)

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule Of Centrally Cleared Interest Rate Swaps December 31, 2021

Counterparty	Pay (Receive) Floating Rate	Pay (Receive) Fixed Rate	Termination Date	Payment Frequency	Notional Value		Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital	3MO LIBOR	(1.466%)	12/21/2031	Quarterly	$	91,000	$	45		$	45
Morgan Stanley Capital	(3MO LIBOR)	1.497%	12/22/2031	Quarterly		113,000		785			785
Morgan Stanley Capital	(3MO LIBOR)	1.548%	12/23/2031	Quarterly		323,000		713			713
Morgan Stanley Capital	3MO LIBOR	(1.540%)	12/24/2031	Quarterly		60,000		(181	)		(181	)
Morgan Stanley Capital	(3MO LIBOR)	1.569%	12/29/2031	Quarterly		128,411		63			63
Morgan Stanley Capital	(3MO LIBOR)	1.628%	12/31/2031	Quarterly		303,200		(1,536	)		(1,536	)
Morgan Stanley Capital	3MO LIBOR	(1.581%)	01/04/2032	Quarterly		176,000		61			61
Morgan Stanley Capital	(3MO LIBOR)	1.578%	01/05/2032	Quarterly		50,300		—			—
Total Interest Rate Swap Contracts										$	(50	)

LIBOR — London Interbank Offered Rate.

See Notes to Financial Statements.
85

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Schedule Of Over the Counter Exchange Rate Volatility Swaps December 31, 2021

Counterparty	Description	Termination Date		Strike Price		Notional Value		Value		Unrealized Appreciation
BNP Paribas Brokerage Services, Inc.	EUR/USD		03/14/2022		6.500	$	709,600	$	2,750	$	2,750
Standard Chartered Securities N.A.	EUR/USD		06/14/2022		6.300		712,500		2,142		2,142
Goldman Sachs Bank, USA	EUR/USD		06/14/2022		6.400		629,500		2,300		2,300
Total Exchange Rate Volatility Swaps								$	7,192	$	7,192

EUR — Euro

See Notes to Financial Statements.
86

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities   December 31, 2021

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	259,827,075	$	203,761,532
Investments in affiliated registered investment companies, at value (Note 6)		13,778,693		12,180,851
Cash and cash equivalents		15,312,301		9,912,389
Cash proceeds from securities lending (Note 8)		65,385		190,450
Margin deposits for futures contracts		152,750		125,825
Receivable for capital shares sold		210,719		185,772
Receivable for investment securities sold		371,540		38,244
Net unrealized appreciation on swap contracts		6,093,160		3,204,371
Securities lending income receivable		4		489
Dividends and interest receivable		134,921		183,409
Foreign withholding tax reclaims receivable		18,367		12,364
Other assets		29,263		26,295
Total Assets		295,994,178		229,821,991
LIABILITIES:
Net variation margin payable on futures contracts		18,359		17,312
Payable upon return of securities loaned (Note 8)		65,385		190,450
Payable for capital shares redeemed		33,723		33,550
Payable for investment securities purchased		971,227		-
Investment advisory fees payable (Note 3)		190,033		143,602
Distribution fees payable (Note 4)		25,382		406
Shareholder service fees payable (Note 4)		20,822		11,765
Administration fees payable		22,612		18,850
Foreign withholding tax payable		18		729
Accrued interest expense (Note 5)		6,996		1,001
Accrued expenses and other payables		52,570		48,806
Total Liabilities		1,407,127		466,471
NET ASSETS	$	294,587,051	$	229,355,520
* Includes fair value of securities on loan	$	61,026	$	184,160

See Notes to Financial Statements.
87

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities - (Continued)   December 31, 2021

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO
NET ASSETS CONSIST OF:
Paid-in capital	$	161,067,234	$	178,351,660
Distributable earnings		133,519,817		51,003,860
NET ASSETS	$	294,587,051	$	229,355,520
NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	86,216,779	$	6,067,489
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		1,944,610		272,177
Net asset value, offering and redemption price per share	$	44.34	$	22.29
INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	208,370,272	$	223,288,031
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		4,028,780		10,019,035
Net asset value, offering and redemption price per share	$	51.72	$	22.29
Unaffiliated investments, at cost (Note 2)	$	161,977,874	$	167,647,373
Investments in affiliated registered investment companies, at cost (Note 6)	$	13,619,674	$	12,145,031

See Notes to Financial Statements.
88

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities - (Continued)   December 31, 2021

	SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEXSM FUND
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	37,785,017	$	36,564,012	$	254,785,097
Cash and cash equivalents		1,191,308		372,116		3,323,486
Cash proceeds from securities lending (Note 8)		334,880		372,554		1,249,018
Receivable for capital shares sold		48,877		15,516		35,362
Receivable for investment securities sold		—		186,450		—
Securities lending income receivable		36		513		1,909
Dividends and interest receivable		9,216		34,524		159,735
Foreign withholding tax reclaims receivable		—		34		776
Other assets		15,453		14,658		31,713
Total Assets		39,384,787		37,560,377		259,587,096
LIABILITIES:
Payable upon return of securities loaned (Note 8)		334,880		372,554		1,249,018
Payable for capital shares redeemed		4,279		15,258		4,028
Payable for investment securities purchased		9,967		15,363		—
Investment advisory fees payable (Note 3)		17,975		14,033		21,590
Distribution fees payable (Note 4)		12,892		413		50,434
Shareholder service fees payable (Note 4)		3,325		3,767		610
Administration fees payable		6,198		6,558		22,461
Accrued interest expense (Note 5)		566		—		—
Foreign withholding tax payable		—		—		39
Accrued expenses and other payables		32,101		34,358		45,125
Total Liabilities		422,183		462,304		1,393,305
NET ASSETS	$	38,962,604	$	37,098,073	$	258,193,791
* Includes fair value of securities on loan	$	324,858	$	351,050	$	1,196,568

See Notes to Financial Statements.
89

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities - (Continued)   December 31, 2021

	SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEXSM FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	25,446,311	$	27,634,861	$	61,553,838
Distributable earnings		13,516,293		9,463,212		196,639,953
NET ASSETS	$	38,962,604	$	37,098,073	$	258,193,791
NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	10,816,910	$	6,750,877	$	202,121,010
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		430,835		240,545		6,875,203
Net asset value, offering and redemption price per share	$	25.11	$	28.06	$	29.40
INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	28,145,694	$	30,347,196	$	56,072,781
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		966,665		1,054,532		1,905,928
Net asset value, offering and redemption price per share	$	29.12	$	28.78	$	29.42
Unaffiliated investments, at cost (Note 2)	$	27,723,276	$	28,195,429	$	59,308,892

See Notes to Financial Statements.
90

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities - (Continued)   December 31, 2021

	WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	269,166,695	$	271,930,324
Investments in affiliated registered investment companies, at value (Note 6)		14,573,235		21,175,702
Cash and cash equivalents		10,144,907		8,128,331
Foreign currency, at value		5,707		—
Cash proceeds from securities lending (Note 8)		95,944		4,870,275
Due from custodian		—		145,515
Margin deposits for futures contracts		163,575		700,350
Margin deposits for swap contracts		1,030,000		138,257
Receivable for capital shares sold		447,102		454,167
Receivable for investment securities sold		739,917		1,025,374
Net unrealized appreciation on swap contracts		765,839		7,192
Unrealized appreciation on swaption contracts		—		6,383
Unrealized appreciation on foreign forward currency contracts (Note 7)		—		1,624,455
Net variation margin receivable on swaps		—		2,406
Securities lending income receivable		499		923
Dividends and interest receivable		599,799		1,863,159
Foreign withholding tax reclaims receivable		1,285,176		12,341
Other assets		36,482		23,339
Total Assets		299,054,877		312,108,493
LIABILITIES:
Options written, at value		—		9,817
Swaption premium received		—		14,966
Due to custodian		3,019		133,112
Due to broker		—		27,938
Payable upon return of securities loaned (Note 8)		95,944		4,870,275
Payable for capital shares redeemed		57,035		195,416
Payable for investment securities purchased		23,521		1,697,212
Unrealized depreciation on swaption contracts		—		2,738
Unrealized depreciation on foreign forward currency contracts (Note 7)		—		1,460,647
Net variation margin payable on futures contracts		19,609		35,929
Investment advisory fees payable (Note 3)		224,189		150,590
Distribution fees payable (Note 4)		253		221
Shareholder service fees payable (Note 4)		12,548		17,266
Administration fees payable		28,282		25,904
Foreign withholding tax payable		53,966		5,661
Accrued interest expense (Note 5)		1,325		—
Accrued expenses and other payables		112,015		114,445
Total Liabilities		631,706		8,762,137
NET ASSETS	$	298,423,171	$	303,346,356
* Includes value of securities on loan	$	91,599	$	4,766,653

See Notes to Financial Statements.
91

Wilshire Mutual Funds, Inc.   Statements of Assets and Liabilities - (Continued)   December 31, 2021

	WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	242,287,515	$	305,196,526
Distributable earnings (Accumulated losses)		56,135,656		(1,850,170	)
NET ASSETS	$	298,423,171	$	303,346,356
NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	3,269,287	$	2,136,543
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†		280,877		212,047
Net asset value, offering and redemption price per share (a)	$	11.64	$	10.08
INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	295,153,884	$	301,209,813
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†		25,741,704		30,142,015
Net asset value, offering and redemption price per share (a)	$	11.47	$	9.99
Unaffiliated investments, at cost (Note 2)	$	212,443,129	$	272,325,756
Investments in affiliated registered investment companies, at cost (Note 5)	$	14,329,420	$	21,385,048
Foreign currency, at cost	$	5,160	$	—
Premiums received for options written	$	—	$	41,551

†	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.
92

Wilshire Mutual Funds, Inc.   Statements of Operations   For the Year Ended December 31, 2021

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO
INVESTMENT INCOME:
Dividends	$	1,286,277		$	2,822,845
Dividends from affiliated registered investment companies (Note 6)		527,785			417,160
Interest		334,139			254,043
Income from securities lending (Note 8)		472			4,744
Foreign taxes withheld		(25,427	)		(20,097	)
Total income		2,123,246			3,478,695
EXPENSES:
Investment advisory fee (Note 3)		2,109,576			1,673,301
Distribution (12b-1) fees (Note 4)
Investment Class		205,563			15,079
Shareholder Service fees (Note 4)
Institutional Class		93,712			98,898
Investment Class		103,036			7,426
Administration and accounting fees (Note 3)		134,496			114,248
Directors’ fees and expenses (Note 3)		62,356			48,928
Professional fees		60,512			55,874
Registration and filing fees		53,731			55,547
Pricing costs		42,041			44,861
Transfer agent fees (Note 3)		41,385			33,524
Custodian fees (Note 3)		35,436			35,289
Printing expense		25,414			24,699
Insurance expense		16,924			10,971
Other		9,016			8,483
Interest expense (Note 5)		7,388			1,735
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3)		5,090			—
Total expenses		3,005,676			2,228,863
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(1,620	)		—
Fees paid indirectly (Note 4)		(1,084	)		(105	)
Net expenses		3,002,972			2,228,758
Net investment income (loss)		(879,726	)		1,249,937

See Notes to Financial Statements.
93

Wilshire Mutual Funds, Inc.   Statements of Operations - (Continued)   For the Year Ended December 31, 2021

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains (losses) from:
Sale of unaffiliated investments	$	59,935,068		$	40,302,583
Sale of affiliated investment company shares		(63,425	)		(56,464	)
Long-term capital gain distribution from affiliated registered investment companies		10,058			23,128
Futures contracts		614,335			388,431
Swap contracts		14,280,018			9,638,710
Foreign currency transactions		—			674
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(12,851,384	)		2,793,500
Investments in affiliated investment company shares		(140,996	)		(133,570	)
Futures contracts		(158,879	)		(123,995	)
Swap contracts		(1,835,435	)		(961,452	)
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—			81
Net realized and unrealized gains on investments and foreign currency transactions		59,789,360			51,871,626
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	58,909,634		$	53,121,563

See Notes to Financial Statements.
94

Wilshire Mutual Funds, Inc.   Statements of Operations - (Continued)   For the Year Ended December 31, 2021

	SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEXSM FUND
INVESTMENT INCOME:
Dividends	$	191,875		$	590,270		$	3,143,276
Interest		96			133			1,114
Income from securities lending (Note 8)		2,122			1,659			17,043
Foreign taxes withheld		—			(586	)		(480	)
Total income		194,093			591,476			3,160,953
EXPENSES:
Investment advisory fee (Note 3)		353,298			314,627			238,721
Shareholder Service fees (Note 4)
Institutional Class		28,916			29,179			14,534
Investment Class		10,850			8,602			116,753
Administration and accounting fees (Note 3)		38,886			40,356			133,828
Registration and filing fees		34,657			35,176			48,023
Distribution (12b-1) fees (Note 4)
Investment Class		28,205			15,879			329,005
Professional fees		26,554			25,447			55,013
Transfer agent fees (Note 3)		24,134			23,809			36,260
Pricing costs		14,588			22,550			55,784
Custodian fees (Note 3)		12,480			16,412			15,060
Printing expense		11,965			12,731			15,178
Directors’ fees and expenses (Note 3)		9,707			8,516			52,185
Other		2,408			2,595			2,141
Insurance expense		1,992			1,711			12,466
Interest expense (Note 5)		1,655			1,410			174
Total expenses		600,295			559,000			1,125,125
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(112,600	)		(133,921	)		—
Fees paid indirectly (Note 4)		(1,132	)		(696	)		—
Net expenses		486,563			424,383			1,125,125
Net investment income (loss)		(292,470	)		167,093			2,035,828
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains from:
Sale of unaffiliated investments		14,832,854			6,614,240			16,428,052
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(8,848,254	)		3,689,452			35,403,173
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—			—			2
Net realized and unrealized gains on investments and foreign currency transactions		5,984,600			10,303,692			51,831,227
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,692,130		$	10,470,785		$	53,867,055

See Notes to Financial Statements.
95

Wilshire Mutual Funds, Inc.   Statements of Operations - (Continued)   For the Year Ended December 31, 2021

	WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends	$	5,896,836		$	247,260
Dividends from affiliated registered investment companies		620,493			916,313
Non-cash dividends		467,122			—
Interest		425,113			9,934,938
Income from securities lending (Note 7)		2,444			8,032
Foreign taxes withheld		(787,335	)		(30,545	)
Total income		6,624,673			11,075,998
EXPENSES:
Investment advisory fee (Note 3)		3,067,786			1,822,226
Custodian fees (Note 3)		365,071			92,787
Administration and accounting fees (Note 3)		242,548			160,574
Shareholder Service fees (Note 4)
Institutional Class		125,874			155,233
Investment Class		4,633			3,736
Pricing costs		93,718			298,451
Professional fees		92,413			76,833
Directors’ fees and expenses (Note 3)		70,173			69,324
Registration and filing fees		51,303			51,022
Transfer agent fees (Note 3)		40,523			37,080
Other		25,763			8,428
Insurance expense		21,202			18,478
Printing expense		18,172			16,830
Interest expense (Note 2)		8,277			—
Distribution (12b-1) fees (Note 4)
Investment Class		6,851			5,065
Total expenses		4,234,307			2,816,067
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(372,589	)		(77,038	)
Fees paid indirectly (Note 4)		(5,676	)		—
Net expenses		3,856,042			2,739,029
Net investment income		2,768,631			8,336,969

See Notes to Financial Statements.
96

Wilshire Mutual Funds, Inc.   Statements of Operations - (Continued)   For the Year Ended December 31, 2021

	WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains (losses) from:
Sale of unaffiliated investments	$	35,189,603		$	1,897,198
Sale of affiliated registered investment company shares		(80,027	)		18,607
Long-term capital gain distribution from affiliated registered investment companies		7,876			—
Futures contracts		626,418			(561,733	)
Forward foreign currency contracts		—			34,553
Option contracts written		—			180,034
Swap contracts		10,915,532			(480,940	)
Swaption contracts		—			395,406
Foreign currency transactions		(162,389	)		(31,375	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(5,243,824	)		(7,424,262	)
Investments in affiliated investment company shares		(103,490	)		(345,421	)
Futures contracts		(169,894	)		(294,885	)
Forward foreign currency contracts		—			171,971
Option contracts written		—			27,078
Swap contracts		(6,976,916	)		6,165
Swaption contracts		—			17,749
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(67,357	)		(31,988	)
Net realized and unrealized gains (losses) on investments and foreign currency transactions		33,935,532			(6,421,843	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	36,704,163		$	1,915,126

See Notes to Financial Statements.
97

Wilshire Mutual Funds, Inc.   Statements of Changes in Net Assets

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
OPERATIONS:
Net investment income (loss)	$	(879,726	)	$	(493,442	)	$	1,249,937		$	2,867,388
Net realized gains (losses) on investments and foreign currency transactions		74,765,996			51,271,105			50,273,934			(14,121,216	)
Long-term capital gain distributions from registered investment companies		10,058			30,340			23,128			32,236
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		(14,986,694	)		29,167,079			1,574,564			9,142,990
Net increase (decrease) in net assets resulting from operations		58,909,634			79,975,082			53,121,563			(2,078,602	)
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(16,133,735	)		(13,650,797	)		(624,176	)		(54,448	)
Institutional Class shares		(34,585,139	)		(30,321,883	)		(23,610,544	)		(1,879,212	)
Total distributions to shareholders		(50,718,874	)		(43,972,680	)		(24,234,720	)		(1,933,660	)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		968,034			1,636,138			316,336			459,739
Shares issued as reinvestment of distributions		15,659,535			13,390,463			561,711			53,358
Shares redeemed		(8,946,272	)		(10,449,385	)		(1,049,643	)		(893,066	)
Net increase (decrease) in net assets from Investment Class share transactions		7,681,297			4,577,216			(171,596	)		(379,969	)
Institutional Class shares:
Shares sold		22,374,699			53,658,417			34,484,987			62,075,523
Shares issued as reinvestment of distributions		33,428,919			29,138,547			23,417,240			1,867,534
Shares redeemed		(39,451,647	)		(71,942,910	)		(50,315,675	)		(58,635,890	)
Net increase in net assets from Institutional Class share transactions		16,351,971			10,854,054			7,586,552			5,307,167
Net increase in net assets		32,224,028			51,433,672			36,301,799			914,936
NET ASSETS:
Beginning of period		262,363,023			210,929,351			193,053,721			192,138,785
End of period	$	294,587,051		$	262,363,023		$	229,355,520		$	193,053,721

See Notes to Financial Statements.
98

Wilshire Mutual Funds, Inc.   Statements of Changes in Net Assets - (Continued)

	SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
OPERATIONS:
Net investment income (loss)	$	(292,470	)	$	(324,421	)	$	167,093		$	214,782
Net realized gains (losses) on investments		14,832,854			5,435,991			6,614,240			(5,441,581	)
Net change in unrealized appreciation (depreciation) on investments		(8,848,254	)		4,037,553			3,689,452			1,106,315
Net increase (decrease) in net assets resulting from operations		5,692,130			9,149,123			10,470,785			(4,120,484	)
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(3,055,210	)		(1,206,193	)		(62,733	)		(118,716	)
Institutional Class shares		(7,240,937	)		(3,758,680	)		(350,128	)		(773,004	)
Total distributions to shareholders		(10,296,147	)		(4,964,873	)		(412,861	)		(891,720	)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		268,360			404,964			460,415			532,525
Shares issued as reinvestment of distributions		2,923,634			1,164,454			61,789			116,830
Shares redeemed		(1,860,991	)		(1,488,655	)		(557,609	)		(711,018	)
Net increase (decrease) in net assets from Investment Class share transactions		1,331,003			80,763			(35,405	)		(61,663	)
Institutional Class shares:
Shares sold		2,990,895			3,856,050			1,650,866			5,849,495
Shares issued as reinvestment of distributions		7,103,020			3,702,203			345,764			765,889
Shares redeemed		(15,918,223	)		(26,887,293	)		(14,903,070	)		(21,992,216	)
Net decrease in net assets from Institutional Class share transactions		(5,824,308	)		(19,329,040	)		(12,906,440	)		(15,376,832	)
Net decrease in net assets		(9,097,322	)		(15,064,027	)		(2,883,921	)		(20,450,699	)
NET ASSETS:
Beginning of period		48,059,926			63,123,953			39,981,994			60,432,693
End of period	$	38,962,604		$	48,059,926		$	37,098,073		$	39,981,994

See Notes to Financial Statements.
99

Wilshire Mutual Funds, Inc.   Statements of Changes in Net Assets - (Continued)

	WILSHIRE 5000 INDEXSM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
OPERATIONS:
Net investment income	$	2,035,828		$	2,300,389		$	2,768,631		$	2,118,737
Net realized gains on investments and foreign currency transactions		16,428,052			16,685,820			46,489,137			25,496,882
Long-term capital gain distributions from registered investment companies		—			—			7,876			28,129
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		35,403,175			14,403,520			(12,561,481	)		7,732,209
Net increase in net assets resulting from operations		53,867,055			33,389,729			36,704,163			35,375,957
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(13,848,970	)		(14,051,111	)		(543,935	)		(157,257	)
Institutional Class shares		(3,992,279	)		(4,284,398	)		(49,759,777	)		(20,495,045	)
Total distributions to shareholders		(17,841,249	)		(18,335,509	)		(50,303,712	)		(20,652,302	)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		13,878,596			12,884,807			1,060,987			370,606
Shares issued as reinvestment of distributions		13,296,783			13,501,542			508,704			151,899
Redemption fees (Note 2)		—			—			35			33
Shares redeemed		(16,985,711	)		(37,561,008	)		(486,162	)		(869,511	)
Net increase (decrease) in net assets from Investment Class share transactions		10,189,668			(11,174,659	)		1,083,564			(346,973	)
Institutional Class shares:
Shares sold		3,941,879			15,300,155			35,250,331			24,320,912
Shares issued as reinvestment of distributions		3,508,853			3,729,111			49,330,817			20,345,307
Redemption fees (Note 2)		—			—			3,870			3,970
Shares redeemed		(8,215,522	)		(12,545,555	)		(81,516,365	)		(141,281,646	)
Net increase (decrease) in net assets from Institutional Class share transactions		(764,790	)		6,483,711			3,068,653			(96,611,457	)
Net increase (decrease) in net assets		45,450,684			10,363,272			(9,447,332	)		(82,234,775	)
NET ASSETS:
Beginning of period		212,743,107			202,379,835			307,870,503			390,105,278
End of period	$	258,193,791		$	212,743,107		$	298,423,171		$	307,870,503

See Notes to Financial Statements.
100

Wilshire Mutual Funds, Inc.   Statements of Changes in Net Assets - (Continued)

	WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2021			Year Ended December 31, 2020
OPERATIONS:
Net investment income	$	8,336,969		$	10,038,351
Net realized gains on investments and foreign currency transactions		1,451,750			4,045,954
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(7,873,593	)		(597,738	)
Net increase in net assets resulting from operations		1,915,126			13,486,567
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(70,372	)		(73,417	)
Institutional Class shares		(11,875,158	)		(11,694,069	)
Total distributions to shareholders		(11,945,530	)		(11,767,486	)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		528,790			496,102
Shares issued as reinvestment of distributions		68,253			71,160
Shares redeemed		(395,778	)		(482,606	)
Net increase in net assets from Investment Class share transactions		201,265			84,656
Institutional Class shares:
Shares sold		42,508,646			73,129,503
Shares issued as reinvestment of distributions		11,777,165			11,607,602
Shares redeemed		(49,779,459	)		(75,221,205	)
Net increase in net assets from Institutional Class share transactions		4,506,352			9,515,900
Net increase (decrease) in net assets		(5,322,787	)		11,319,637
NET ASSETS:
Beginning of period		308,669,143			297,349,506
End of period	$	303,346,356		$	308,669,143

See Notes to Financial Statements.
101

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	44.34		$	38.88		$	33.33		$	39.53		$	33.93
Income (loss) from investment operations:
Net investment loss (a)		(0.27	)		(0.19	)		(0.15	)		(0.20	)		(0.08	)
Net realized and unrealized gains (losses) on investments		10.33			15.00			9.61			(0.35	)		9.24
Total from investment operations		10.06			14.81			9.46			(0.55	)		9.16
Less distributions:
From net investment income		—			—			—			—			—
From realized capital gains		(10.06	)		(9.35	)		(3.91	)		(5.65	)		(3.56	)
Total distributions		(10.06	)		(9.35	)		(3.91	)		(5.65	)		(3.56	)
Net asset value, end of period	$	44.34		$	44.34		$	38.88		$	33.33		$	39.53
Total return (b)		23.03	%		38.82	%		28.61	%		(1.90	%)		26.93	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	86,217		$	77,659		$	64,470		$	56,671		$	64,130
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (c)		1.30	%(d)		1.30	%(d)		1.30	%(d)		1.31	%		1.30	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)(e)		1.30	%		1.31	%		1.32	%		1.31	%		1.30	%
Net investment loss (f)		(0.55	%)		(0.43	%)		(0.37	%)		(0.48	%)		(0.21	%)
Portfolio turnover rate		85	%		84	%		43	%		69	%		51	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(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%, 1.30% and 1.30% for the years ended December 31, 2021, 2020 and 2019, 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 1.30%, 1.31% 1.32%, 1.31%, and 1.30%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017 respectively (Note 4).
(f)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
102

Wilshire Mutual Funds, Inc.   Large Company Growth Portfolio   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	50.18		$	42.99		$	36.41		$	42.53		$	36.19
Income (loss) from investment operations:
Net investment income (loss) (a)		(0.12	)		(0.06	)		(0.03	)		(0.07	)		0.05
Net realized and unrealized gains (losses) on investments		11.72			16.65			10.52			(0.40	)		9.87
Total from investment operations		11.60			16.59			10.49			(0.47	)		9.92
Less distributions:
From net investment income		—			(0.05	)		—			—			(0.02	)
From realized capital gains		(10.06	)		(9.35	)		(3.91	)		(5.65	)		(3.56	)
Total distributions		(10.06	)		(9.40	)		(3.91	)		(5.65	)		(3.58	)
Net asset value, end of period	$	51.72		$	50.18		$	42.99		$	36.41		$	42.53
Total return (b)		23.42	%		39.25	%		29.02	%		(1.58	%)		27.35	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	208,370		$	184,704		$	146,459		$	148,029		$	170,708
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (c)		0.97	%(f)		0.98	%		1.00	%		0.98	%		0.98	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c)(d)		0.97	%		0.98	%		1.00	%		0.99	%		0.98	%
Net investment income (loss) (e)		(0.22	%)		(0.12	%)		(0.07	%)		(0.16	%)		0.11	%
Portfolio turnover rate		85	%		84	%		43	%		69	%		51	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(d)	The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.97%, 0.98%, 1.00% 0.99%, and 0.98%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).
(e)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.
(f)	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 0.97% for the year ended December 31, 2021 (Note 3).

See Notes to Financial Statements.
103

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	19.75		$	20.11		$	17.22		$	21.18		$	20.40
Income (loss) from investment operations:
Net investment income (a)		0.05			0.22			0.31			0.29			0.30
Net realized and unrealized gains (losses) on investments and foreign currency transactions		4.99			(0.39	)		3.74			(2.73	)		2.67
Total from investment operations		5.04			(0.17	)		4.05			(2.44	)		2.97
Less distributions:
From net investment income		(0.28	)		—			(0.32	)		(0.29	)		(0.30	)
From realized capital gains		(2.22	)		(0.19	)		(0.84	)		(1.23	)		(1.89	)
Total distributions		(2.50	)		(0.19	)		(1.16	)		(1.52	)		(2.19	)
Net asset value, end of period	$	22.29		$	19.75		$	20.11		$	17.22		$	21.18
Total return (b)		25.82	%		(0.81	%)		23.63	%		(11.71	%)		14.64	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	6,068		$	5,509		$	6,070		$	5,137		$	6,547
Operating expenses (c)(d)		1.32	%		1.32	%		1.26	%		1.24	%		1.26	%
Net investment income (e)		0.24	%		1.32	%		1.61	%		1.40	%		1.38	%
Portfolio turnover rate		87	%		77	%		48	%		65	%		39	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(d)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.32%, 1.32%, 1.26%, 1.24%, and 1.26% for the years ended December 31, 2021, 2020, 2019, 2018, and 2017 respectively (Note 4).
(e)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
104

Wilshire Mutual Funds, Inc.   Large Company Value Portfolio   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	19.56		$	19.86		$	17.01		$	20.95		$	20.20
Income (loss) from investment operations:
Net investment income (a)		0.13			0.28			0.36			0.35			0.36
Net realized and unrealized gains (losses) on investments and foreign currency transactions		5.14			(0.39	)		3.71			(2.71	)		2.65
Total from investment operations		5.27			(0.11	)		4.07			(2.36	)		3.01
Less distributions:
From net investment income		(0.32	)		—			(0.38	)		(0.35	)		(0.37	)
From realized capital gains		(2.22	)		(0.19	)		(0.84	)		(1.23	)		(1.89	)
Total distributions		(2.54	)		(0.19	)		(1.22	)		(1.58	)		(2.26	)
Net asset value, end of period	$	22.29		$	19.56		$	19.86		$	17.01		$	20.95
Total return (b)		27.26	%		(0.52	%)		23.99	%		(11.47	%)		14.99	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	223,288		$	187,545		$	186,069		$	182,553		$	151,923
Operating expenses (c)(d)		0.99	%		0.99	%		0.98	%		0.97	%		0.98	%
Net investment income (e)		0.57	%		1.65	%		1.88	%		1.70	%		1.67	%
Portfolio turnover rate		87	%		77	%		48	%		65	%		39	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(d)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.99% 0.98%, 0.98%, 0.97%, and 0.98% for the years ended December 31 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).
(e)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
105

Wilshire Mutual Funds, Inc.   Small Company Growth Portfolio   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	30.94		$	27.09		$	21.71		$	25.05		$	24.41
Income (loss) from investment operations:
Net investment loss (a)		(0.29	)		(0.24	)		(0.17	)		(0.17	)		(0.19	)
Net realized and unrealized gains (losses) on investments		4.07			7.84			6.07			(1.75	)		3.51
Total from investment operations		3.78			7.60			5.90			(1.92	)		3.32
Less distributions:
From realized capital gains		(9.61	)		(3.75	)		(0.52	)		(1.42	)		(2.68	)
Net asset value, end of period	$	25.11		$	30.94		$	27.09		$	21.71		$	25.05
Total return (b)		13.07	%		28.98	%		27.23	%		(7.87	%)		13.66	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	10,817		$	11,128		$	9,823		$	8,162		$	11,386
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.35	%		1.35	%		1.35	%(c)		1.35	%		1.48	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)		1.63	%		1.63	%		1.54	%		1.54	%		1.64	%
Net investment loss		(0.88	)%		(0.91	)%		(0.67	%)		(0.65	%)		(0.75	%)
Portfolio turnover rate		65	%		50	%		67	%		92	%		110	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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 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 1.35% for the year ended December 31, 2019 (Note 3).
(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 1.63%, 1.63%, 1.53% 1.54%, and 1.60%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).

See Notes to Financial Statements.
106

Wilshire Mutual Funds, Inc.   Small Company Growth Portfolio   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	34.40		$	29.70		$	23.70		$	27.14		$	26.18
Income (loss) from investment operations:
Net investment loss (a)		(0.24	)		(0.19	)		(0.12	)		(0.11	)		(0.14	)
Net realized and unrealized gains (losses) on investments		4.57			8.64			6.64			(1.91	)		3.78
Total from investment operations		4.33			8.45			6.52			(2.02	)		3.64
Less distributions:
From realized capital gains		(9.61	)		(3.75	)		(0.52	)		(1.42	)		(2.68	)
Net asset value, end of period	$	29.12		$	34.40		$	29.70		$	23.70		$	27.14
Total return (b)		13.36	%		29.30	%		27.56	%		(7.63	%)		13.96	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	28,146		$	36,932		$	53,301		$	44,603		$	36,599
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.10	%		1.10	%		1.10	%(c)		1.10	%		1.23	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)		1.38	%		1.36	%		1.27	%		1.27	%		1.34	%
Net investment loss		(0.64	)%		(0.66	%)		(0.43	%)		(0.37	%)		(0.47	%)
Portfolio turnover rate		65	%		50	%		67	%		92	%		110	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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 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 1.10% for the year ended December 31, 2019 (Note 3).
(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 1.37%, 1.36%, 1.26% 1.27%, and 1.33%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).

See Notes to Financial Statements.
107

Wilshire Mutual Funds, Inc.   Small Company Value Portfolio   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	21.45		$	21.85		$	18.13		$	22.99		$	23.75
Income (loss) from investment operations:
Net investment income (loss) (a)		0.07			0.06			0.14			0.05			(0.05	)
Net realized and unrealized gains (losses) on investments (b)		6.80			0.03			3.72			(3.77	)		2.09
Total from investment operations		6.87			0.09			3.86			(3.72	)		2.04
Less distributions:
From net investment income		(0.24	)		—			(0.14	)		(0.05	)		—
From capital gains		(0.02	)		(0.49	)		—			(1.09	)		(2.80	)
Total distributions		(0.26	)		(0.49	)		(0.14	)		(1.14	)		(2.80	)
Net asset value, end of period	$	28.06		$	21.45		$	21.85		$	18.13		$	22.99
Total return (c)		32.04	%		0.47	%		21.32	%		(16.35	%)		8.65	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	6,751		$	5,186		$	5,355		$	4,792		$	6,305
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.35	%		1.35	%		1.35	%		1.35	%		1.45	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)		1.75	%		1.84	%		1.56	%		1.57	%		1.69	%
Net investment income (loss)		0.28	%		0.36	%		0.69	%		0.21	%		(0.25	%)
Portfolio turnover rate		45	%		54	%		168	%		74	%		88	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(b)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(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 1.75%, 1.84%, 1.55% 1.58%, and 1.67%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).

See Notes to Financial Statements.
108

Wilshire Mutual Funds, Inc.   Small Company Value Portfolio   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	21.99		$	22.33		$	18.53		$	23.49		$	24.14
Income (loss) from investment operations:
Net investment income (a)		0.13			0.11			0.19			0.11			0.01
Net realized and unrealized gains (losses) on investments (b)		7.00			0.04			3.81			(3.88	)		2.14
Total from investment operations		7.13			0.15			4.00			(3.77	)		2.15
Less distributions:
From net investment income		(0.32	)		—			(0.20	)		(0.10	)		—
From realized capital gains		(0.02	)		(0.49	)		—			(1.09	)		(2.80	)
Total distributions		(0.34	)		(0.49	)		(0.20	)		(1.19	)		(2.80	)
Net asset value, end of period	$	28.78		$	21.99		$	22.33		$	18.53		$	23.49
Total return (c)		32.40	%		0.73	%		21.60	%		(16.17	%)		8.97	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	30,347		$	34,796		$	55,078		$	46,948		$	33,919
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.10	%		1.10	%		1.10	%(d)		1.10	%		1.19	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (e)		1.46	%		1.52	%		1.28	%		1.26	%		1.37	%
Net investment income		0.49	%		0.59	%		0.92	%		0.53	%		0.07	%
Portfolio turnover rate		45	%		54	%		168	%		74	%		88	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(b)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(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 1.10% for the year ended December 31, 2019 (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 1.46%, 1.51%, 1.27% 1.27%, and 1.35%, for the years ended December 31, 2021, 2020, 2019, 2018, and 2017, respectively (Note 4).

See Notes to Financial Statements.
109

Wilshire Mutual Funds, Inc.   Wilshire 5000 Index^sm Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	25.14		$	22.93		$	18.58		$	20.83		$	18.86
Income (loss) from investment operations:
Net investment income (a)		0.23			0.26			0.31			0.31			0.29
Net realized and unrealized gains (losses) on investments and foreign currency transactions		6.16			4.25			5.20			(1.45	)		3.52
Total from investment operations		6.39			4.51			5.51			(1.14	)		3.81
Less distributions:
From net investment income		(0.22	)		(0.26	)		(0.30	)		(0.30	)		(0.27	)
From realized capital gains		(1.91	)		(2.04	)		(0.86	)		(0.81	)		(1.57	)
Total distributions		(2.13	)		(2.30	)		(1.16	)		(1.11	)		(1.84	)
Net asset value, end of period	$	29.40		$	25.14		$	22.93		$	18.58		$	20.83
Total return (b)		25.59	%		19.93	%		29.74	%		(5.60	%)		20.20	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	202,121		$	164,172		$	162,114		$	134,197		$	149,342
Operating expenses		0.52	%		0.61	%		0.62	%		0.60	%		0.62	%
Net investment income		0.81	%		1.13	%		1.34	%		1.42	%		1.39	%
Portfolio turnover rate		9	%		9	%		3	%		1	%		3	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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.

See Notes to Financial Statements.
110

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 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	25.15		$	22.93		$	18.58		$	20.83		$	18.85
Income (loss) from investment operations:
Net investment income (a)		0.29			0.33			0.37			0.37			0.35
Net realized and unrealized gains (losses) on investments and foreign currency transactions		6.17			4.26			5.20			(1.46	)		3.53
Total from investment operations		6.46			4.59			5.57			(1.09	)		3.88
Less distributions:
From net investment income		(0.28	)		(0.33	)		(0.36	)		(0.35	)		(0.33	)
From realized capital gains		(1.91	)		(2.04	)		(0.86	)		(0.81	)		(1.57	)
Total distributions		(2.19	)		(2.37	)		(1.22	)		(1.16	)		(1.90	)
Net asset value, end of period	$	29.42		$	25.15		$	22.93		$	18.58		$	20.83
Total return (b)		25.85	%		20.28	%		30.08	%		(5.32	%)		20.57	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	56,073		$	48,571		$	40,266		$	32,110		$	35,066
Operating expenses		0.31	%		0.31	%		0.33	%		0.33	%		0.33	%
Net investment income		1.02	%		1.44	%		1.61	%		1.70	%		1.67	%
Portfolio turnover rate		9	%		9	%		3	%		1	%		3	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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.

See Notes to Financial Statements.
111

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	12.38		$	11.37		$	9.32		$	11.19		$	8.92
Income (loss) from investment operations:
Net investment income (a)		0.09			0.05			0.12			0.10			0.08
Net realized and unrealized gains (losses) on investments and foreign currency transactions		1.41			1.81			2.07			(1.51	)		2.20
Total from investment operations		1.50			1.86			2.19			(1.41	)		2.28
Less distributions:
From net investment income		(0.39	)		(0.02	)		(0.14	)		(0.04	)		(0.01	)
From realized capital gains		(1.85	)		(0.83	)		—			(0.42	)		—
Total distributions		(2.24	)		(0.85	)		(0.14	)		(0.46	)		(0.01	)
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	$	11.64		$	12.38		$	11.37		$	9.32		$	11.19
Total return (c)		12.48	%		16.55	%		23.52	%		(12.66	%)		25.54	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	3,269		$	2,438		$	2,612		$	2,789		$	4,176
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (d)		1.50	%		1.50	%		1.50	%		1.51	%(e)		1.51	%(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)		1.76	%(f)		1.69	%(f)		1.63	%(f)		1.59	%		1.55	%
Net investment income (g)		0.65	%		0.44	%		1.21	%		1.02	%		0.87	%
Portfolio turnover rate		53	%		61	%		54	%		96	%		62	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(e)	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).
(f)	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 1.76%, 1.69% and 1.63% for the years ended December 31, 2021, 2020 and 2019, respectively (Note 4).
(g)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
112

Wilshire Mutual Funds, Inc.   Wilshire International Equity Fund   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	12.20		$	11.19		$	9.19		$	11.04		$	8.81
Income (loss) from investment operations:
Net investment income (a)		0.12			0.08			0.14			0.13			0.10
Net realized and unrealized gains (losses) on investments and foreign currency transactions		1.39			1.78			2.05			(1.49	)		2.18
Total from investment operations		1.51			1.86			2.19			(1.36	)		2.28
Less distributions:
From net investment income		(0.39	)		(0.02	)		(0.19	)		(0.07	)		(0.05	)
From realized capital gains		(1.85	)		(0.83	)		—			(0.42	)		—
Total distributions		(2.24	)		(0.85	)		(0.19	)		(0.49	)		(0.05	)
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	$	11.47		$	12.20		$	11.19		$	9.19		$	11.04
Total return (c)		12.78	%		16.82	%		23.81	%		(12.39	%)		25.92	%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	295,154		$	305,433		$	387,493		$	383,682		$	351,136
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (d)		1.25	%		1.25	%		1.25	%(e)		1.27	%(e)		1.26	%(f)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d)		1.38	%(g)		1.32	%(g)		1.29	%(g)		1.25	%		1.26	%
Net investment income (h)		0.90	%		0.71	%		1.39	%		1.28	%		1.02	%
Portfolio turnover rate		53	%		61	%		54	%		96	%		62	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(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)	Ratio does not include expenses from underlying funds.
(e)	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).
(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.
(g)	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 1.38%, 1.31% and 1.28% for the years ending December 31, 2021, 2020 and 2019, respectively (Note 4).
(h)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
113

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	10.39		$	10.42		$	9.88		$	10.25		$	10.14
Income (loss) from investment operations:
Net investment income (a)		0.26			0.33			0.35			0.32			0.35
Net realized and unrealized gains (losses) on investments and foreign currency transactions (b)		(0.22	)		0.03			0.58			(0.39	)		0.22
Total from investment operations		0.04			0.36			0.93			(0.07	)		0.57
Less distributions:
From net investment income		(0.26	)		(0.35	)		(0.39	)		(0.30	)		(0.42	)
From realized capital gains		(0.09	)		(0.04	)		—			—			(0.04	)
Total distributions		(0.35	)		(0.39	)		(0.39	)		(0.30	)		(0.46	)
Net asset value, end of period	$	10.08		$	10.39		$	10.42		$	9.88		$	10.25
Total return (c)		0.40	%		3.59	%(d)		9.58	%(d)		(0.65	%)(d)		5.60	%(d)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	2,136		$	1,998		$	1,913		$	1,864		$	6,409
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (e)		1.15	%		1.15	%		1.18	%(f)		1.16	%		1.17	%(g)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (e)		1.31	%		1.29	%		1.26	%		1.20	%		1.23	%
Net investment income (h)		2.49	%		3.24	%		3.37	%		3.02	%		3.28	%
Portfolio turnover rate		109	%		104	%		89	%		177	%		88	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(b)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(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 returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
(e)	Ratio does not include expenses from underlying funds.
(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 1.15% for the year ended December 31, 2019.
(g)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.
(h)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
114

Wilshire Mutual Funds, Inc.   Wilshire Income Opportunities Fund   Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018			Year Ended 12/31/2017
Net asset value, beginning of period	$	10.33		$	10.37		$	9.83		$	10.22		$	10.10
Income (loss) from investment operations:
Net investment income (a)		0.28			0.35			0.38			0.35			0.37
Net realized and unrealized gains (losses) on investments and foreign currency transactions (b)		(0.22	)		0.03			0.58			(0.40	)		0.22
Total from investment operations		0.06			0.38			0.96			(0.05	)		0.59
Less distributions:
From net investment income		(0.31	)		(0.38	)		(0.42	)		(0.34	)		(0.43	)
From realized capital gains		(0.09	)		(0.04	)		—			—			(0.04	)
Total distributions		(0.40	)		(0.42	)		(0.42	)		(0.34	)		(0.47	)
Net asset value, end of period	$	9.99		$	10.33		$	10.37		$	9.83		$	10.22
Total return (c)		0.63	%		3.77	%(d)		9.94	%(d)		(0.43	%)(d)		5.84	%(d)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	301,210		$	306,671		$	295,437		$	312,201		$	310,227
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (e)		0.90	%		0.90%			0.92	%(f)		0.90	%		0.92	%(g)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (e)		0.92	%		0.92	%		0.92	%		0.90	%		0.92	%(g)
Net investment income (h)		2.75	%		3.48	%		3.66	%		3.48	%		3.49	%
Portfolio turnover rate		109	%		104	%		89	%		177	%		88	%

(a)	The selected per share data was calculated using the average shares outstanding method for the year.
(b)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.
(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 returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.
(e)	Ratio does not include expenses from underlying funds.
(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 0.89% for the year ended December 31, 2019.
(g)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.
(h)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
115

Wilshire Mutual Funds, Inc.   Notes to Financial Statements   December 31, 2021

1. Organization.

Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), 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 Large Company Growth Portfolio is an open-end non-diversified investment company. The 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 are open-end diversified investment companies. The Company accounts separately for the assets, liabilities and operations of each Portfolio.

The investment objective of Large Company Growth Portfolio is to seek capital appreciation.

The investment objective of Large Company Value Portfolio is to seek capital appreciation.

The investment objective of Small Company Growth Portfolio is to seek capital appreciation.

The investment objective of Small Company Value Portfolio is to seek capital appreciation.

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 to seek 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.

116

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 Adviser’s 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 Adviser’s Pricing Committee, whose members include at least two representatives of Wilshire Advisors LLC (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee which is composed of Directors of the Company. Fair value is defined as the amount the owner of

117

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 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 a third-party pricing agent who provides a daily fair value for foreign securities. In the event that the Adviser believes that the fair values provided are not reliable, the Adviser 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, 2021, 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, 2021:

118

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Large Company Growth Portfolio	Level 1			Level 2		Level 3		Total
Common Stocks	$	232,833,417		$	—	$	—	$	232,833,417
U.S. Treasury Obligations		—			794,275		—		794,275
Agency Mortgage-Backed Obligations		—			323,956		—		323,956
Non-Agency Mortgage-Backed Obligations		—			5,214,050		—		5,214,050
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			337,935		—		337,935
Asset-Backed Securities		—			4,491,723		—		4,491,723
Collateralized Loan Obligations		—			5,064,579		—		5,064,579
Corporate Bonds		—			10,767,140		—		10,767,140
Affiliated Registered Investment Companies		13,778,693			—		—		13,778,693
Total	$	246,612,110		$	26,993,658	$	—	$	273,605,768
Other Financial Instruments**
Assets
Unrealized appreciation on swap contracts	$	—		$	6,093,160	$	—	$	6,093,160
Total Assets	$	—		$	6,093,160	$	—	$	6,093,160
Liabilities
Unrealized depreciation on futures contracts	$	(132,960	)	$	—	$	—	$	(132,960	)
Total Liabilities	$	(132,960	)	$	—	$	—	$	(132,960	)

119

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Large Company Value Portfolio	Level 1			Level 2		Level 3		Total
Common Stocks	$	183,580,912		$	—	$	—	$	183,580,912
U.S. Treasury Obligations		—			733,336		—		733,336
Agency Mortgage-Backed Obligations
Interest-Only Strips		—			156,525		—		156,525
Non-Agency Mortgage-Backed Obligations		—			3,882,358		—		3,882,358
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			137,858		—		137,858
Asset-Backed Securities		—			3,486,519		—		3,486,519
Collateralized Loan Obligations		—			4,517,416		—		4,517,416
Corporate Bonds		—			7,266,608		—		7,266,608
Affiliated Registered Investment Companies		12,180,851			—		—		12,180,851
Total	$	195,761,763		$	20,180,620	$	—	$	215,942,383
Other Financial Instruments**
Assets
Unrealized appreciation on futures contracts	$	346		$	—	$	—	$	346
Unrealized appreciation on swap contracts		—			3,204,371		—		3,204,371
Total Assets	$	346		$	3,204,371	$	—	$	3,204,717
Liabilities
Unrealized depreciation on futures contracts	$	(106,344	)	$	—	$	—	$	(106,344	)
Total Liabilities.	$	(106,344	)	$	—	$	—	$	(106,344	)

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	37,785,017	$	—	$	—	*	$	37,785,017
Total	$	37,785,017	$	—	$	—		$	37,785,017

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	36,564,012	$	—	$	—	$	36,564,012
Total	$	36,564,012	$	—	$	—	$	36,564,012

Wilshire 5000 IndexSM Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	254,785,016	$	—	$	81	*	$	254,785,097
Right		—		—		—	*		—
Total	$	254,785,016	$	—	$	81		$	254,785,097

120

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Wilshire International Equity Fund	Level 1			Level 2			Level 3			Total
Common Stocks	$	46,445,827		$	191,086,107		$	—	*	$	237,531,934
Preferred Stocks		423,902			2,108,735						2,532,637
U.S. Treasury Obligations		—			1,536,066			—			1,536,066
Agency Mortgage-Backed Obligations		—			262,900			—			262,900
Non-Agency Mortgage-Backed Obligations		—			5,949,103			—			5,949,103
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			265,611			—			265,611
Asset-Backed Securities		—			4,868,633			—			4,868,633
Collateralized Loan Obligations		—			4,604,535			—			4,604,535
Corporate Bonds		—			11,615,276			—			11,615,276
Affiliated Registered Investment Companies		14,573,235			—			—			14,573,235
Total	$	61,442,964		$	222,296,966		$	—		$	283,739,930
Other Financial Instruments**
Assets
Unrealized appreciation on futures contracts	$	123		$	—		$	—		$	123
Unrealized appreciation on swap contracts		—			991,633			—			991,633
Total Assets	$	123		$	991,633		$	—		$	991,756
Liabilities
Unrealized depreciation on futures contracts	$	(144,714	)	$	—		$	—		$	(144,714	)
Unrealized depreciation on swap contracts		—			(225,794	)		—			(225,794	)
Total Liabilities.	$	(144,714	)	$	(225,794	)	$	—		$	(370,508	)

121

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Wilshire Income Opportunities Fund	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—		$	30,349,805		$	—	$	30,349,805
Agency Mortgage-Backed Obligations		—			16,082,680			—		16,082,680
Non-Agency Mortgage-Backed Obligations		—			38,325,979			—		38,325,979
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			5,592,299			—		5,592,299
Asset-Backed Securities		—			17,366,342			—		17,366,342
Collateralized Loan Obligations		—			16,068,428			—		16,068,428
Corporate Bonds		—			53,277,676			—		53,277,676
Foreign Bonds		—			65,392,456			—		65,392,456
Bank Loans		—			22,099,425			—		22,099,425
Common Stocks		2,609,283			—			—		2,609,283
Preferred Stocks		4,478,223			250,850			—		4,729,073
Purchased OTC Options		—			36,878			—		36,878
Affiliated Registered Investment Companies		21,175,702			—			—		21,175,702
Total	$	28,263,208		$	264,842,818		$	—	$	293,106,026
Other Financial Instruments**
Assets
Unrealized appreciation on forward currency contracts	$	—		$	1,624,455		$	—	$	1,624,455
Unrealized appreciation on futures contracts		174,337			—			—		174,337
Unrealized appreciation on swap contracts		—			8,859			—		8,859
Unrealized appreciation on swaption contracts		—			6,383			—		6,383
Total Assets	$	174,337		$	1,639,697		$	—	$	1,814,034
Liabilities
Written Options	$	—		$	(9,817	)	$	—	$	(9,817	)
Unrealized depreciation on forward currency contracts		—			(1,460,647	)		—		(1,460,647	)
Unrealized depreciation on futures contracts		(315,070	)		—			—		(315,070	)
Unrealized depreciation on swap contracts		—			(3,552	)		—		(3,552	)
Unrealized depreciation on swaption contracts		—			(2,738	)		—		(2,738	)
Total Liabilities.	$	(315,070	)	$	(1,476,754	)	$	—	$	(1,791,824	)

*	Includes securities that have been fair valued at $0.
**	Other financial instruments are derivative financial instruments not reflected in the Condensed 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.

122

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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, 2021. Small Company Growth Portfolio 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 $81 and $0, 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 $0. 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 its net assets in Level 3 investments.

Cash and Cash Equivalents – Idle cash may be swept into various overnight demand deposits and is classified as Cash and cash equivalents on the Statements of Assets and Liabilities. The Portfolios maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

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 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

123

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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, 2021 were $9,533,295 and $5,507,052, 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, 2021 were $11,197,707 and $6,423,539, respectively.

Total Return Swaps – The Large Company Growth Portfolio, Large Company Value Portfolio, and the Wilshire International Equity Fund enter into total return swaps. In a swap transaction, two parties generally agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested in a particular security or other asset or in a “basket” of securities representing a particular index). A party’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). An equity swap is an agreement in which at least one party’s payments are based on the rate of return of an equity security or equity index. The other party’s payments can be based on a fixed rate, a non-equity variable rate or even a different equity index. For financial reporting purposes, the unrealized value of such swaps is netted and displayed on the Statements of Assets and Liabilities. 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 Portfolios use swaps to gain equity exposure of the underlying index.

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 their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s

124

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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. 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. 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, 2021 was $4,968,266.

Credit Default Swaps – During the year ended December 31, 2021, 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 Opportunities Fund during the year ended December 31, 2021 was $1,055,000.

Futures Contracts – During the year ended December 31, 2021, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund held futures contracts. They may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. These Portfolios may use futures contacts as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns and/or assist in managing cash. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

125

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Upon entering into a contract, the Portfolios deposit and maintain as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolios agree 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 Portfolios as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolios record 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. 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 on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolios, if any, is noted in the Condensed Schedules 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 amount of futures contracts held in Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the year ended December 31, 2021, were as follows:

Portfolio	Long Contracts		Short Contracts
Large Company Growth Portfolio	$	1,219,027	$	8,805,336
Large Company Value Portfolio		415,722		6,276,663
Wilshire International Equity Fund		52,136		9,989,797
Wilshire Income Opportunities Fund		46,592,941		21,576,875

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

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.

126

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Mortgage, asset-backed and collateralized loan securities – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and 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 Portfolios’ return and result in losses to the Portfolios 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 Portfolios 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 a Portfolio experiences with respect to its CLO investments may be an indication of future realized losses.

Stripped Mortgage-Backed Securities (“SMBS”) – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and 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 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

127

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 $73,494 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. Foreign currency transactions are related to gains and losses between trade and settlement dates on currency 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.

128

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. The average monthly notional value of forward foreign currency contracts purchased and sold for Wilshire Income Opportunities Fund during the year ended December 31, 2021, were $56,641,188 and $70,065,336, 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 “Net variation margin receivable on swaps” 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 Commodity Futures Trading Commission (“CFTC”), or the applicable regulator. Customer Account Agreements (“CAA”) 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, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund have entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolios 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 Portfolios 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 Portfolios. For financial reporting purposes, the Portfolios do 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.

129

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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.

The average monthly notional value of over the counter total return swaps for Large Company Growth Portfolio, Large Company Value Portfolio, and Wilshire International Equity Fund during the year ended December 31, 2021, were $53,969,720, $40,447,059, and $60,508,010, respectively.

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, 2021 was $170,967.

The following table presents, by derivative type, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund’s financial derivative instruments net of the related collateral pledged by counterparty at December 31, 2021:

Large Company Growth Portfolio

	Derivative Assets						Derivative Liabilities
Counterparty	Total Return Swaps		Futures Contracts		Total		Futures Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged**		Net Amount
Goldman Sachs Bank, USA	$	6,093,160	$	—	$	6,093,160	$	—		$	—		$	6,093,160		$	—	$	6,093,160
N/A*		—		188		188		(18,547	)		(18,547	)		(18,359	)		18,359		—
Total	$	6,093,160	$	188	$	6,093,348	$	(18,547	)	$	(18,547	)	$	6,074,801		$	18,359	$	6,093,160

Large Company Value Portfolio

	Derivative Assets						Derivative Liabilities
Counterparty	Total Return Swaps		Futures Contracts		Total		Futures Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged**		Net Amount
Goldman Sachs Bank, USA	$	3,204,371	$	—	$	3,204,371	$	—		$	—		$	3,204,371		$	—	$	3,204,371
N/A*		—		—		—		(17,312	)		(17,312	)		(17,312	)		17,312		—
Total	$	3,204,371	$	—	$	3,204,371	$	(17,312	)	$	(17,312	)	$	3,187,059		$	17,312	$	3,204,371

130

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Wilshire International Equity Fund

	Derivative Assets						Derivative Liabilities
Counterparty	Total Return Swaps		Futures Contracts		Total		Total Return Swaps			Futures Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged**		Net Amount
Morgan Stanley Capital	$	991,633	$	—	$	991,633	$	(225,794	)	$	—		$	(225,794	)	$	765,839		$	—	$	765,839
N/A*		—		—		—		—			(19,609	)		(19,609	)		(19,609	)		19,609		—
Total	$	991,633	$	—	$	991,633	$	(225,794	)	$	(19,609	)	$	(245,403	)	$	746,230		$	19,609	$	765,839

Wilshire Income Opportunities Fund

	Derivative Assets
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Futures Contracts		Swaptions		Exchange Rate Volatility Swaps		Total
Australia and New Zealand Banking Group Ltd.	$	—	$	—	$	—	$	—	$	—	$	—
Bank of America, San Francisco		—		—		—		—		—		—
Barclays Capital, Inc.		34,729		—		—		—		—		34,729
BNP Paribas Brokerage Services, Inc.		244,795		—		—		—		2,750		247,545
BNY Mellon		—		—		—		—		—		—
Brown Brothers Harriman & Co.		23,076		—		—		—		—		23,076
CIBC, Toronto		4,622		—		—		—		—		4,622
Citigroup		175,055		31,826		—		—		—		206,881
Goldman Sachs Bank, USA		203,767		5,052		—		6,383		2,300		217,502
HSBC Bank, USA		52,243		—		—		—		—		52,243
JPMChase, New York		31,000		—		—		—		—		31,000
Morgan Stanley Capital		354,053		—		—		—		—		354,053
National Australia Bank		404		—		—		—		—		404
Royal Bank of Canada, Toronto		25,267		—		—		—		—		25,267
Standard Chartered Securities N.A.		39,603		—		—		—		2,142		41,745
State Street Bank, Boston		205,929		—		—		—		—		205,929
TD Securities, Toronto		—		—		—		—		—		—
UBS AG, Stamford		229,912		—		—		—		—		229,912
N/A*		—		—		24,414		—		—		24,414
Total	$	1,624,455	$	36,878	$	24,414	$	6,383	$	7,192	$	1,699,322

131

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

	Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts			Written Options			Futures Contracts			Swaptions			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged**		Net Amount
Australia and New Zealand Banking Group Ltd.	$	(13,364	)	$	—		$	—		$	—		$	(13,364	)	$	(13,364	)	$	—	$	(13,364	)
Bank of America, San Francisco		(542	)		—			—			—			(542	)		(542	)		—		(542	)
Barclays Capital, Inc.		(49,820	)		—			—			—			(49,820	)		(15,091	)		—		(15,091	)
BNP Paribas Brokerage Services, Inc.		(165,359	)		—			—			—			(165,359	)		82,186			—		82,186
BNY Mellon		(1,157	)		—			—			—			(1,157	)		(1,157	)		—		(1,157	)
Brown Brothers Harriman & Co.		(10,056	)		—			—			—			(10,056	)		13,020			—		13,020
CIBC, Toronto		(68,078	)		—			—			—			(68,078	)		(63,456	)		—		(63,456	)
Citigroup		(140,863	)		(9,817	)		—			—			(150,680	)		56,201			—		56,201
Goldman Sachs Bank, USA		(99,787	)		—			—			(2,738	)		(102,525	)		114,977			—		114,977
HSBC Bank, USA		(34,088	)		—			—			—			(34,088	)		18,155			—		18,155
JPMChase, New York		(44,243	)		—			—			—			(44,243	)		(13,243	)		—		(13,243	)
Morgan Stanley Capital		(331,149	)		—			—			—			(331,149	)		22,904			—		22,904
National Australia Bank		—			—			—			—			—			404			—		404
Royal Bank of Canada, Toronto		(22,021	)		—			—			—			(22,021	)		3,246			—		3,246
Standard Chartered Securities N.A.		(56,454	)		—			—			—			(56,454	)		(14,709	)		—		(14,709	)
State Street Bank, Boston		(336,736	)		—			—			—			(336,736	)		(130,807	)		—		(130,807	)
TD Securities, Toronto		(220	)		—			—			—			(220	)		(220	)		—		(220	)
UBS AG, Stamford		(86,710	)		—			—			—			(86,710	)		143,202			—		143,202
N/A*		—			—			(60,343	)		—			(60,343	)		(35,929	)		35,929		—
Total	$	(1,460,647	)	$	(9,817	)	$	(60,343	)	$	(2,738	)	$	(1,533,545	)	$	165,777		$	35,929	$	201,706

*	Futures contracts are exchange traded, therefore, other than the exchange, there is not a counterparty to the contract.
**	Actual collateral pledged, or margin deposits in the case of futures contracts, may be larger than reported in order to satisfy broker or exchange requirements.

132

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 registered 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.

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.

133

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 year ended December 31, 2021, and the year ended December 31, 2020, Wilshire International Equity Fund collected $3,905 and $4,003, respectively, in redemption fees.

New Accounting and Regulatory Pronouncements – In March 2020, FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Portfolios will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

134

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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, 2022. 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, 2021, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

Portfolio	Fee Reductions/ Reimbursements		Fees Recouped
Large Company Growth Portfolio	$	1,620	$	5,090
Small Company Growth Portfolio		112,600		—
Small Company Value Portfolio		133,921		—
Wilshire International Equity Fund		372,589		—
Wilshire Income Opportunities Fund		77,038		—

As of December 31, 2021, 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

135

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

and Wilshire Income Opportunities Fund are $18,096, $342,117, $407,530, $708,617, and $136,506, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

Portfolio	December 31, 2022		December 31, 2023		December 31, 2024
Large Company Growth Portfolio	$	2,524	$	13,952	$	1,620
Small Company Growth Portfolio		106,613		122,904		112,600
Small Company Value Portfolio		110,173		163,436		133,921
Wilshire International Equity Fund		131,671		204,357		372,589
Wilshire Income Opportunities Fund		1,342		58,126		77,038

The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Pzena Investment Management, LLC (“Pzena”), Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS”), Ranger Investment Management, LLC (“Ranger”), AllianceBernstein, L.P. (“AllianceBernstein”), Granahan Investment Management, Inc. (“Granahan”), 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”), Diamond Hill Capital Management, Inc. (“Diamond Hill”), and Fred Alger Management, LLC (“Alger Management”), (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, AllianceBernstein, Alger Management and Voya each manage a portion of Large Company Growth Portfolio. L.A. Capital, Hotchkis & Wiley, MFS and Voya each manage a portion of Large Company Value Portfolio. L.A. Capital, Ranger, and Granahan 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, WCM and Voya 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.

Commissions earned by Fred Alger & Company, LLC, an affiliate of Alger Management, for services rendered as a registered broker-dealer in securities transactions for Large Company Growth Portfolio for the year ended December 31, 2021, totaled $1,331.

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

136

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the year ended December 31, 2021, there were no such transactions by the Portfolios.

U.S. Bank N.A. serves as the Trust’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 also serves as the Trust’s transfer agent and dividend disbursing agent. Compass Distributors, LLC, serves as the Company’s principal underwriter. Certain officers and an interested Trustee of the Trust may also be officers or employees of the Adviser, Administrator or their affiliates. They receive no fees for serving as officers or as an interested Trustee of the Trust.

Officers’ and Directors’ Expenses – During the year ended December 31, 2021, the Company and the Wilshire Variable Insurance Trust together paid 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.

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, 2021, 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, except the Wilshire 5000 Index^SM Fund. The Wilshire 5000 Index^SM Fund incurred distribution and service fee expenses totaling 0.18% of the average net assets of the Investment Class.

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

137

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the year ended December 31, 2021, 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	0.125%	0.047%
Large Company Value Portfolio	0.123%	0.046%
Small Company Growth Portfolio	0.096%	0.095%
Small Company Value Portfolio	0.135%	0.095%
Wilshire 5000 IndexSM Fund	0.063%	0.027%
Wilshire International Equity Fund	0.169%	0.041%
Wilshire Income Opportunities Fund	0.184%	0.051%

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, 2021, were as follows:

Large Company Growth Portfolio	$	1,084
Large Company Value Portfolio		105
Small Company Growth Portfolio		1,132
Small Company Value Portfolio		696
Wilshire 5000 IndexSM Fund		—
Wilshire International Equity Fund		5,676
Wilshire Income Opportunities Fund		—

For the year ended December 31, 2021, Cowen retained the following commissions:

Large Company Growth Portfolio	$	331
Large Company Value Portfolio		608
Small Company Growth Portfolio		953
Small Company Value Portfolio		148
Wilshire 5000 IndexSM Fund		—
Wilshire International Equity Fund		1,759
Wilshire Income Opportunities Fund		—

5. Line of Credit.

The Company and the Wilshire Variable Insurance Trust have a $75,000,000 umbrella line of credit (the “Line”), which is uncommitted and senior secured with U.S. Bank N.A. The Line serves as a temporary liquidity service to meet redemption requests that

138

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio are secured by the Portfolios assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 6, 2023. Interest is charged at the prime rate, which was 3.25% as of December 31, 2021. During the year ended December 31, 2021, the Wilshire Income Opportunities Fund did not have any borrowings under the Line. During the year ended December 31, 2021, the 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, Line activity was as follows:

Fund	Average Interest Rate			Interest Expense		Maximum Borrowings		Maximum Borrowing Date		Average Borrowings
Large Company Growth Portfolio		3.25	%	$	7,388	$	9,411,000		December 14, 2021	$	224,882
Large Company Value Portfolio		3.25	%		1,735		4,117,000		December 14, 2021		47,008
Small Company Growth Portfolio		3.25	%		1,655		3,059,000		February 5, 2021		50,225
Small Company Value Portfolio		3.25	%		1,410		3,851,000		February 5, 2021		42,784
Wilshire 5000 IndexSM Fund		3.25	%		174		491,000		February 5, 2021		5,279
Wilshire International Equity Fund		3.25	%		8,277		10,874,000		February 5, 2021		251,178

6. Investment Transactions.

During the year ended December 31, 2021, 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	$	210,649,859	$	227,129,150
Large Company Value Portfolio		168,621,196		179,245,447
Small Company Growth Portfolio		26,554,342		42,266,607
Small Company Value Portfolio		16,427,708		29,409,195
Wilshire 5000 IndexSM Fund		21,075,537		28,420,859
Wilshire International Equity Fund		135,018,102		167,073,112
Wilshire Income Opportunities Fund		143,859,053		144,539,379

139

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Purchases and sales and maturities of long-term U.S. Government securities during the year ended December 31, 2021 were:

Portfolio	Purchases		Sales and Maturities
Large Company Growth Portfolio	$	10,336,373	$	9,603,279
Large Company Value Portfolio		8,615,689		7,885,298
Wilshire International Equity Fund		15,897,010		14,423,044
Wilshire Income Opportunities Fund		177,697,934		176,928,256

Due to Voya managing a portion of Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the year ended December 31, 2021, certain securities held by such Portfolios are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the year ended December 31, 2021, and the value of such investments as of December 31, 2021, were as follows:

Large Company Growth Portfolio

Fund	Value as of December 31, 2020		Purchases		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2021		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	2,089,744	$	305,407	$	—		$	—		$	(154,559	)	$	2,240,592	$	105,567	$	—
Voya High Yield Bond Fund - Class P		2,526,256		369,354		(800,000	)		20,094			(33,283	)		2,082,421		115,772		—
Voya Investment Grade Credit Fund - Class P		2,468,643		201,583		(1,650,000	)		(118,539	)		4,515			906,202		36,602		10,058
Voya Securitized Credit Fund - Class P		8,303,211		1,368,916		(1,200,000	)		35,020			42,331			8,549,478		269,844		—
	$	15,387,854	$	2,245,260	$	(3,650,000	)	$	(63,425	)	$	(140,996	)	$	13,778,693	$	527,785	$	10,058

140

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Large Company Value Portfolio

Fund	Value as of December 31, 2020		Purchases		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2021		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	1,358,333	$	470,495	$	—		$	—		$	(106,105	)	$	1,722,723	$	71,691	$	—
Voya High Yield Bond Fund - Class P		1,631,540		286,937		(300,000	)		7,301			(15,197	)		1,610,581		85,800		—
Voya Investment Grade Credit Fund - Class P		2,622,934		486,638		(900,000	)		(63,765	)		(62,092	)		2,083,715		60,543		23,128
Voya Securitized Credit Fund - Class P		5,319,256		1,394,752		—			—			49,824			6,763,832		199,126		—
	$	10,932,063	$	2,638,822	$	(1,200,000	)	$	(56,464	)	$	(133,570	)	$	12,180,851	$	417,160	$	23,128

Wilshire International Equity Fund

Fund	Value as of December 31, 2020		Purchases		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2021		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	2,350,962	$	116,941	$	—		$	—		$	(169,178	)	$	2,298,725	$	116,202	$	—
Voya High Yield Bond Fund - Class P		2,842,037		149,407		(500,000	)		12,099			(24,096	)		2,479,447		145,981		—
Voya Investment Grade Credit Fund - Class P		2,262,923		46,796		(1,500,000	)		(106,183	)		6,048			709,584		34,195		7,876
Voya Securitized Credit Fund - Class P		9,263,281		324,414		(600,009	)		14,057			83,736			9,085,479		324,115		—
	$	16,719,203	$	637,558	$	(2,600,009	)	$	(80,027	)	$	(103,490	)	$	14,573,235	$	620,493	$	7,876

141

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Wilshire Income Opportunities Fund

Fund	Value as of December 31, 2020		Purchases		Proceeds from Sales			Realized Gain		Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2021		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	5,544,550	$	264,559	$	(300,000	)	$	18,607	$	(399,602	)	$	5,128,114	$	260,981	$	—
Voya Floating Rate Fund - Class P		9,793,585		2,219,642		—			—		68,417			12,081,644		430,143		—
Voya High Yield Bond Fund - Class P		3,752,640		227,540		—			—		(14,236	)		3,965,944		225,189		—
	$	19,090,775	$	2,711,741	$	(300,000	)	$	18,607	$	(345,421	)	$	21,175,702	$	916,313	$	—

7. Derivative Transactions.

Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index^SM Fund did not hold any derivative instruments as of or during the year ended December 31, 2021.

At December 31, 2021, Large Company Growth Portfolio is invested in derivative contracts, which are reflected in the Portfolio’s Statement of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statement of Assets and Liabilities Location	Fair Value Amount		Statement of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	N/A	$	—	Net variation margin payable on futures contracts	$	(132,960	)
Equity	Total return swap contracts	Net unrealized appreciation on swap contracts		6,093,160	N/A		—
			$	6,093,160		$	(132,960	)

* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day’s variation margin is reported within the Portfolio’s Statement of Assets and Liabilities.

142

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

At December 31, 2021, Large Company Value Portfolio is invested in derivative contracts, which are reflected in the Portfolio’s Statement of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statement of Assets and Liabilities Location	Fair Value Amount		Statement of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin payable on futures contracts	$	346	Net variation margin payable on futures contracts	$	(106,344	)
Equity	Total return swap contracts	Net unrealized appreciation on swap contracts		3,204,371	N/A		—
			$	3,204,717		$	(106,344	)

* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day’s variation margin is reported within the Portfolio’s Statement of Assets and Liabilities.

At December 31, 2021, Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Portfolio’s Statement of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statement of Assets and Liabilities Location	Fair Value Amount		Statement of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin payable on futures contracts	$	123	Net variation margin payable on futures contracts	$	(144,714	)
Equity	Total return swap contracts	Net unrealized appreciation on swap contracts		991,633	Net unrealized appreciation on swap contracts		(225,794	)
			$	991,756		$	(370,508	)

* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day’s variation margin is reported within the Portfolio’s Statement of Assets and Liabilities.

143

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

At December 31, 2021, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Portfolio’s Statement of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statement of Assets and Liabilities Location	Fair Value Amount		Statement of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin payable on futures contracts	$	174,337	Net variation margin payable on futures contracts	$	(315,070	)
	Centrally cleared interest rate swaps*	Net variation margin receivable on swaps		1,667	Net variation margin receivable on swaps		(1,717	)
	OTC interest rate swaptions	Unrealized appreciation on swaption contracts		6,383	Unrealized depreciation on swaption contracts		(2,738	)
Credit	Centrally cleared credit default swap contracts*	N/A		—	Net variation margin receivable on swaps		(1,835	)
Currency	Forward foreign currency exchange contracts	Unrealized appreciation on foreign forward currency contracts		1,624,455	Unrealized depreciation on foreign forward currency contracts		(1,460,647	)
	OTC exchange rate volatility swaps	Net unrealized appreciation on swap contracts		7,192	N/A		—
	OTC currency options	Unaffiliated investments, at value		5,052	N/A		—
Equity	OTC equity options	Unaffiliated investments, at value		31,826	Options written, at value		(9,817	)
			$	1,850,912		$	(1,791,824	)

* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts, Schedule of Centrally Cleared Credit Default Swaps, and Schedule of Centrally Cleared Interest Rate Swaps. For futures contracts, centrally cleared credit default swaps, and centrally cleared interest rate swaps, only current day’s variation margin is reported within the Portfolio’s Statement of Assets and Liabilities.

144

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

For the year ended December 31, 2021, the effect of derivative contracts in Large Company Growth Portfolio’s Statement of Operations was as follows:

		Statement of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	614,335	$	(158,879	)
Equity	Total return swap contracts	Swap contracts		14,280,018		(1,835,435	)

For the year ended December 31, 2021, the effect of derivative contracts in Large Company Value Portfolio’s Statement of Operations was as follows:

		Statement of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	388,431	$	(123,995	)
Equity	Total return swap contracts	Swap contracts		9,638,710		(961,452	)

For the year ended December 31, 2021, the effect of derivative contracts in Wilshire International Equity Fund’s Statement of Operations was as follows:

		Statement of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	626,418	$	(169,894	)
Equity	Total return swap contracts	Swap contracts		10,915,532		(6,976,916	)

145

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

For the year ended December 31, 2021, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statement of Operations was as follows:

		Statement of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	(561,733	)	$	(294,885	)
Interest Rate	Swaptions	Swaption contracts		498,460			3,645
Interest Rate	Swap contracts	Swap contracts		(434,601	)		(50	)
Interest Rate Total				(497,874	)		(291,290	)
Credit	Swaptions	Swaption contracts		(103,054	)		14,104
Credit	Swap contracts	Swap contracts		(46,339	)		(977	)
Credit Total				(149,393	)		13,127
Currency	Forward foreign currency exchange contracts	Forward foreign currency contracts		34,553			171,971
Currency	Written options	Option contracts written		165,654			(4,656	)
Currency	Purchased options	Unaffiliated investments		(128,975	)		32,836
Currency	Swap contracts	Swap contracts		—			7,192
Currency Total				71,232			207,343
Equity	Written options	Option contracts written		14,380			31,734
Equity	Purchased options	Unaffiliated investments		(12,760	)		(45,772	)
Total Equity				1,620			(14,038	)

8. 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 a U.S. Bank Money Market Deposit Account. 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

146

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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. The value of the securities on loan and the cash collateral at December 31, 2021 are shown on the Statements of Assets and Liabilities. Proceeds from cash collateral received from securities on loan were invested in a U.S. Bank Money Market Deposit Account.

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, 2021:

Portfolio	Gross Amount of Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received*
Large Company Growth Portfolio	$	61,026	$	61,026
Large Company Value Portfolio		184,160		184,160
Small Company Growth Portfolio		324,858		324,858
Small Company Value Portfolio		351,050		351,050
Wilshire 5000 IndexSM Fund		1,196,568		1,196,568
Wilshire International Equity Fund		91,599		91,599
Wilshire Income Opportunities Fund		4,766,653		4,766,653

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

147

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

9. Capital Share Transactions.

Transactions in shares of the Portfolios are summarized below:

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO						SMALL COMPANY GROWTH PORTFOLIO
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		20,194			37,293			13,915			27,401			7,960			15,609
Shares issued as reinvestment of distributions		358,588			311,261			25,451			2,744			119,625			40,112
Shares redeemed		(185,544	)		(255,209	)		(46,163	)		(52,958	)		(56,458	)		(58,652	)
Net increase (decrease) in Investment Class shares outstanding		193,238			93,345			(6,797	)		(22,813	)		71,127			(2,931	)
Shares outstanding at beginning of year		1,751,372			1,658,027			278,974			301,787			359,708			362,639
Shares outstanding at end of year		1,944,610			1,751,372			272,177			278,974			430,835			359,708
Institutional Class shares:
Shares sold		414,382			1,206,598			1,606,053			3,843,478			86,290			145,605
Shares issued as reinvestment of distributions		656,370			597,865			1,059,648			96,914			250,636			114,726
Shares redeemed		(722,747	)		(1,530,427	)		(2,232,678	)		(3,722,688	)		(443,984	)		(981,417	)
Net increase (decrease) in Institutional Class shares outstanding		348,005			274,036			433,023			217,704			(107,058	)		(721,086	)
Shares outstanding at beginning of year		3,680,775			3,406,739			9,586,012			9,368,308			1,073,723			1,794,809
Shares outstanding at end of year		4,028,780			3,680,775			10,019,035			9,586,012			966,665			1,073,723

148

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

	SMALL COMPANY VALUE PORTFOLIO						WILSHIRE 5000 INDEXSM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2021			Year Ended December 31, 2020
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		17,570			29,781			491,727			598,993			76,990			35,328
Shares issued as reinvestment of distributions		2,200			5,566			457,586			545,160			43,441			12,672
Shares redeemed		(20,963	)		(38,690	)		(603,899	)		(1,683,116	)		(36,394	)		(80,868	)
Net increase (decrease) in Investment Class shares outstanding		(1,193	)		(3,343	)		345,414			(538,963	)		84,037			(32,868	)
Shares outstanding at beginning of year		241,738			245,081			6,529,789			7,068,752			196,840			229,708
Shares outstanding at end of year		240,545			241,738			6,875,203			6,529,789			280,877			196,840
Institutional Class shares:
Shares sold		60,294			356,079			143,779			701,027			2,732,764			2,513,242
Shares issued as reinvestment of distributions		12,004			35,590			120,538			150,242			4,274,740			1,721,659
Shares redeemed		(600,010	)		(1,275,950	)		(289,525	)		(675,836	)		(6,295,492	)		(13,840,388	)
Net increase (decrease) in Institutional Class shares outstanding		(527,712	)		(884,281	)		(25,208	)		175,433			712,012			(9,605,487	)
Shares outstanding at beginning of year		1,582,244			2,466,525			1,931,136			1,755,703			25,029,692			34,635,179
Shares outstanding at end of year		1,054,532			1,582,244			1,905,928			1,931,136			25,741,704			25,029,692

149

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

	WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2021			Year Ended December 31, 2020
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		51,293			48,826
Shares issued as reinvestment of distributions		6,688			7,094
Shares redeemed		(38,274	)		(47,095	)
Net increase (decrease) in Investment Class shares outstanding		19,707			8,825
Shares outstanding at beginning of year		192,340			183,515
Shares outstanding at end of year		212,047			192,340
Institutional Class shares:
Shares sold		4,141,651			7,412,124
Shares issued as reinvestment of distributions		1,161,392			1,162,900
Shares redeemed		(4,838,766	)		(7,385,737	)
Net increase (decrease) in Institutional Class shares outstanding		464,277			1,189,287
Shares outstanding at beginning of year		29,677,738			28,488,451
Shares outstanding at end of year		30,142,015			29,677,738

10. Significant Shareholders.

On December 31, 2021, 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 (4 omnibus shareholders)	85%
Large Company Value Portfolio (3 omnibus shareholders)	80%
Small Company Growth Portfolio (4 omnibus shareholders)	71%
Small Company Value Portfolio (4 omnibus shareholders)	84%
Wilshire 5000 IndexSM Fund (3 omnibus shareholders)	73%
Wilshire International Equity Fund (3 omnibus shareholders)	82%
Wilshire Income Opportunities Fund (3 omnibus shareholders)	79%

150

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

As of December 31, 2021, 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	31%
Large Company Value Portfolio	46%
Small Company Growth Portfolio	23%
Small Company Value Portfolio	28%
Wilshire 5000 IndexSM Fund	0%
Wilshire International Equity Fund	47%
Wilshire Income Opportunities Fund	41%

11. 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, but not limited to, examination by tax authorities of returns filed within the past three years and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

151

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

The federal tax cost of portfolio securities and unrealized appreciation and depreciation, including derivatives, and the components of distributable earnings (accumulated losses) for income tax purposes as of December 31, 2021, for each Portfolio are as follows:

	Large Company Growth Fund			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Tax cost of Investments		177,260,698			180,477,404			28,228,717			28,757,947
Unrealized Appreciation		107,150,672			41,439,752			11,425,377			9,753,262
Unrealized Depreciation		(4,712,442	)		(2,770,402	)		(1,869,077	)		(1,947,197	)
Net unrealized appreciation (depreciation)		102,438,230			38,669,350			9,556,300			7,806,065
Undistributed Ordinary Income		—			2,130,011			—			—
Undistributed Long-Term Capital Gain		31,530,508			10,204,368			4,298,505			1,657,147
Distributable earnings		31,530,508			12,334,379			4,298,505			1,657,147
Other accumulated gain/(loss)		(448,921	)		131			(338,512	)		—
Total distributable earnings (accumulated losses)		133,519,817			51,003,860			13,516,293			9,463,212

	Wilshire 5000 IndexSM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax cost of Investments		60,599,376			228,698,150			294,637,604
Unrealized Appreciation		198,147,317			71,703,096			8,518,935
Unrealized Depreciation		(3,961,594	)		(16,661,316	)		(10,040,887	)
Net unrealized appreciation (depreciation)		194,185,723			55,041,780			(1,521,952	)
Undistributed Ordinary Income		—			—			246,238
Undistributed Long-Term Capital Gain		2,454,230			2,050,227			—
Distributable earnings		2,454,230			2,050,227			246,238
Other accumulated gain/(loss)		—			(956,351	)		(574,456	)
Total distributable earnings (accumulated losses)		196,639,953			56,135,656			(1,850,170	)

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

152

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

At December 31, 2021, Large Company Growth Portfolio, Small Company Growth Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund had post-October capital loss deferrals of $448,921, $338,512, $900,787, and $571,121, respectively. The Wilshire International Equity Fund also had a specified ordinary late year loss deferral of $94,183.

During the year ended December 31, 2021, Large Company Value Portfolio and Small Company Value Portfolio utilized capital losses carried forward of $9,935,862 and $4,928,519, respectively.

The tax character of distributions declared during the years ended December 31, 2021 and December 31, 2020 was as follows:

Portfolio	2021 Ordinary Income		2021 Long-Term Capital Gains		2020 Ordinary Income		2020 Long-Term Capital Gains
Large Company Growth Fund	$	8,816,031	$	41,902,843	$	8,824,692	$	35,147,988
Large Company Value Portfolio		6,997,644		17,237,076		67		1,933,593
Small Company Growth Portfolio		2,351,726		7,944,421		—		4,964,873
Small Company Value Portfolio		375,370		37,491		—		891,720
Wilshire 5000 IndexSM Fund		2,291,936		15,549,313		2,304,011		16,031,498
Wilshire International Equity Fund		13,590,293		36,713,419		429,361		20,222,941
Wilshire Income Opportunities Fund		9,200,066		2,745,464		11,767,486		—

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended December 31, 2021.

For the year ended December 31, 2021, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences between income tax regulations and GAAP:

	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Distributable earnings (Accumulated losses)	$	(3,645,213	)	$	(2,195,227	)	$	(1,609,528	)	$	(40,756	)
Paid-in capital	$	3,645,213		$	2,195,227		$	1,609,528		$	40,756

	Wilshire 5000 IndexSM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Distributable earnings (Accumulated losses)	$	(795,961	)	$	(4,985,147	)	$	—
Paid-in capital	$	795,961		$	4,985,147		$	—

153

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

Such reclassifications, primarily related to the use of equalization, 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.

12. Indemnifications.

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

13. Certain Investment Risks.

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

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

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

154

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

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

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

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

Foreign security risk – Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of

155

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

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 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, 2021, Large Company Growth Portfolio had 37.2% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Growth Portfolio had 33.1% of the value of its net assets invested in stocks within the Health Care sector; Small Company Value Portfolio had 31.1% of the value of its net assets invested in stocks within the Financials sector; and the Wilshire 5000 Index^SM Fund had 27.2% of its net assets invested in stocks within the Information Technology sector.

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

14. Contingencies.

Wilshire 5000 Index^SM Fund was named as a class defendant in a lawsuit filed on December 7, 2010 in the U.S. Bankruptcy Court for the District of Delaware in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The lawsuit was brought

156

Wilshire Mutual Funds, Inc.   Notes to Financial Statements - (Continued)   December 31, 2021

by the Official Committee of Unsecured Creditors of the Tribune Company and relates 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. The case has been transferred along with other cases to the Southern District of New York for consolidated pretrial proceedings. The District Court dismissed the complaint against the former shareholders and, following a motion by plaintiff to assert constructive fraudulent conveyance claims against the former shareholders, ultimately denied leave to amend. The dismissal and denial of leave to amend to add constructive fraudulent conveyance claims against the former shareholders was affirmed by the Second Circuit on August 20, 2021. On January 5, 2022, the plaintiff filed a petition for a writ of certiorari with the United States Supreme Court. The United States Supreme Court denied the plaintiff’s petition for writ of certiorari in February 2022.

15. Other Risks.

The global outbreak of coronavirus disease 2019 (“COVID-19”) has disrupted global economic markets and adversely affected individual companies and investment products. The prolonged economic impact of COVID-19 is uncertain. The operational and financial performance of the issuers of securities in which the Portfolio invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Portfolios’ investments.

16. 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:

Effective January 1, 2022, the Adviser has entered into an expense limitation agreement with Large Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2023 or upon the termination of the Advisory Agreement. To the extent that the Portfolio’s expenses are less than the expense limitation, Wilshire may recoup the amount of any management fee waived/expenses reimbursed within three years from the date on which it waived its fees or reimbursed expenses if the recoupment does not exceed the existing expense limitation as well as the expense limitation that was in place at the time of the fee waiver/expense reimbursement.

157

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 and schedules of total return swaps, futures contracts, forward foreign currency contracts, written options, interest rate swaptions, centrally cleared credit default swaps, centrally cleared interest rate swaps, and over the counter exchange rate volatility swaps, 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, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund (“the Funds”) as of December 31, 2021, 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, the related notes, and the financial highlights for each of the five 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 Funds as of December 31, 2021, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2021, by correspondence with the custodian, agent banks, counterparties and brokers; when replies were not received from counterparties, brokers, or agent banks, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles

158

Wilshire Mutual Funds, Inc.   Report of Independent Registered Public
Accounting Firm - (Continued)  

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
March 1, 2022

159

Wilshire Mutual Funds, Inc.   Additional Fund Information (Unaudited)

DIRECTORS AND OFFICERS

The Board of Directors, five 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 as of April 30, 2021	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, 73	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, 71	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)
Elizabeth A. Levy-Navarro, 58	Director	Since 2019	Independent Corporate Advisor, Summit Strategy (since 2018); Chief Executive Officer, Orrington Strategies (2002 to 2017); Partner, Practice Leader, and Operating Committee Member for a division of Nielsen Holdings (1993 to 2002).	8	Wilshire Variable Insurance Trust (1 Fund); Eastside Distilling Company

160

Wilshire Mutual Funds, Inc.   Additional Fund Information (Unaudited) - (Continued)

Name and Age as of April 30, 2021	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
Suanne K. Luhn, 67	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, 71	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
INTERESTED DIRECTOR and PRESIDENT
Jason Schwarz,(2) 47	Director and President	Director since 2018/ President since 2012	President, Wilshire Advisors LLC (since 2021); Chief Operating Officer, Wilshire Advisors LLC (since 2020); President, Wilshire Funds Management (2014 to 2020); President, Wilshire Analytics (2017 to 2020); Managing Director, Head of Wilshire Funds Management’s Client Service, Sales, Marketing and Distribution functions (2005 to 2014)	8	Wilshire Advisors LLC; Wilshire Variable Insurance Trust (1 Fund)
OFFICERS
Benkai Bouey, 50	Chief Compliance Officer	Since 2015	Chief Compliance Officer, Wilshire Advisors LLC (since 2012); Attorney, Benkai Bouey, Attorney at Law (2010 to 2013); Client Relationship Manager, Horizon Asset Management, Inc. (2008 to 2010)	N/A	N/A

161

Wilshire Mutual Funds, Inc.   Additional Fund Information (Unaudited) - (Continued)

Name and Age as of April 30, 2021	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
Nathan R. Palmer, 46	Vice President	Since 2011	Managing Director, Wilshire Advisors LLC (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
Michael Wauters, 55	Treasurer	Since 2009	Managing Director - Finance, Wilshire Advisors LLC (since 2021); Controller, (2009 to 2012); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000 to 2009)	N/A	N/A
Josh Emanuel, 42	Vice President	Since 2015	Chief Investment Officer - Global Investment Management (since 2021); Managing Director, Wilshire Advisors LLC (since 2015); Chief Investment Officer, Global Investment Management Wilshire Advisors LLC (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010 to 2015)	N/A	N/A
Michael Lavalle, 40	Secretary	Since 2021	Head of Legal, Wilshire Advisors LLC (since 2021); Senior Vice President/Counsel, Wilshire Advisors LLC (2019 to 2021); Vice President/Counsel, Wilshire Advisors LLC (2014 to 2019); Counsel, Corporate Affairs, Relativity Media (2012 to 2014); Latham & Watkins, Associate (2009 to 2012)	N/A	N/A

162

Wilshire Mutual Funds, Inc.   Additional Fund Information (Unaudited) - (Continued)

Name and Age as of April 30, 2021	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
Suehyun Kim, 44	Vice President	Since 2019	Vice President, Wilshire Advisors LLC (since 2018); Director, Cetera Financial Group (2011 to 2018)	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.

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.

163

Wilshire Mutual Funds, Inc.   Tax Information (Unaudited)

For the year ended December 31, 2021, the Portfolios designated the following long-term capital gain distributions:

Portfolio	Amount
Large Company Growth Fund	$	41,902,843
Large Company Value Portfolio		17,237,076
Small Company Growth Portfolio		7,944,421
Small Company Value Portfolio		37,491
Wilshire 5000 IndexSM Fund		15,549,313
Wilshire Income Opportunities Fund		2,745,464
Wilshire International Equity Fund		36,713,419

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	13.60%
Large Company Value Portfolio	64.58%
Small Company Growth Portfolio	7.84%
Small Company Value Portfolio	100.00%
Wilshire 5000 IndexSM Fund	100.00%
Wilshire Income Opportunities Fund	2.34%
Wilshire International Equity Fund	2.15%

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 designated the following percentages of their income dividends distributed in 2021 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Fund	18.59%
Large Company Value Portfolio	79.56%
Small Company Growth Portfolio	7.86%
Small Company Value Portfolio	100.00%
Wilshire 5000 IndexSM Fund	100.00%
Wilshire Income Opportunities Fund	2.61%
Wilshire International Equity Fund	62.10%

164

Wilshire Mutual Funds, Inc.   Tax Information (Unaudited) - (continued)

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designated 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	100.00%
Large Company Value Portfolio	52.95%
Small Company Growth Portfolio	100.00%
Small Company Value Portfolio	0.00%
Wilshire 5000 IndexSM Fund	10.46%
Wilshire Income Opportunities Fund	0.00%
Wilshire International Equity Fund	32.33%

Foreign Tax Credit Pass Through

The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund’s foreign source income per share was $0.24 and the foreign tax expense per share was $0.03 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 2021. These shareholders will receive more detailed information along with their 2021 Form 1099-DIV.

165

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited)

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 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, 2021, 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 Advisors LLC (“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 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 3, 2021 meeting (the “November Meeting”). As required by the 1940 Act, the approval was confirmed by the separate vote of the Independent Directors, casting votes 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.

166

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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 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 3, 2021 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

167

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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 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, and for certain Funds, manages a portion of the Fund. Thus, the Board considered the capabilities and expertise of the Adviser’s personnel responsible for implementing the Funds’ investment strategies 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, 2020, 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

168

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

Wilshire 5000 Index Fund (the “Index Fund”)—for the annualized one-, three-, five- and ten-year periods ended September 30, 2020, 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, 2021—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.

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 the one-, five- and ten-year periods, ranking in the fourth, fourth and third quintiles, respectively, of its peer group (the first quintile being the best performers and the fifth quintile being the worst performers) and performed the same as the peer group median for the three-year period. 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, as well as steps the Adviser was taking to improve performance by replacing one of the subadvisers.

Large Company Value Portfolio

● With the exception of the one-year period, the Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, although the Fund outperformed its peer group median for the one-year period, ranking in the second quintile, the Fund underperformed its peer group median for the other periods reviewed, ranking in the fourth quintile of its peer group for the three-, five- and ten-year periods. In assessing the Fund’s performance

169

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, as well as steps the Adviser was taking to improve performance by replacing one of the subadvisers.

Small Company Growth Portfolio

● The Fund’s annualized returns for the one-, three-, five- and ten-year periods were above the Fund’s benchmark performance. The Fund also outperformed its peer group median for the one- and ten-year periods, ranking in the third quintile of its peer group. The Fund underperformed its peer group median for the three- and five-year periods, ranking in the fourth quintile of its peer group. The Board also took into account the steps the Adviser was taking to improve performance by adding a third subadviser to the Fund.

Small Company Value Portfolio

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

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, fifth 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.

Wilshire Income Opportunities Fund

● Although the Fund’s annualized return for the three-year period ended September 30, 2021 was below the Fund’s benchmark performance, the Fund’s annualized return for the one- and five-year periods exceeded its benchmark. In addition, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the fifth, fourth and fourth quintiles of its peer group, respectively. 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.

170

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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 one-, 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 first quintile.

In evaluating each Fund’s performance metrics, the Board took into account its discussions with management throughout the year 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 and fifth quintiles, respectively (the first quintile being the lowest and the fifth quintile being the highest), the actual management fee paid was six 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.

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 ranked in the

171

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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. The Board also took into account that the Adviser agreed to enter into an expense limitation agreement with respect to the Fund.

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

● 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.

Index Fund

● Both the Fund’s total expense ratio and the actual management fee paid were below the peer group median, ranking in the second and first quintiles, respectively.

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 first 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, ranking in the fifth and fourth quintiles of its peer group, respectively. 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.

172

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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. However, the Board considered that the Adviser provides advisory services to retirement plans and that certain plans invest in Wilshire collective investment trusts that have investment strategies similar to certain of the Funds and that Wilshire charges those retirements plans a lower fee. In this connection, the Board considered, among other things, the Adviser’s discussion of the significant differences in the scope of services provided to the Funds and to such plans, as well as the size of the Funds relative to such plans. The Board concluded that the information it received demonstrated that the aggregate services provided to and specific circumstances of the Funds were sufficiently different from the services provided to and specific circumstances of the retirement plans to support the difference in fees.

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

173

Wilshire Mutual Funds, Inc.   (the “Company” and each series thereof, a “Fund”) Board Approval of Advisory Agreement (Unaudited) - (continued)

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 that the Adviser may retain a portion of the Rule 12b-1 fees collected from the Investment Class of each Fund to offset its costs for distribution services provided to the Investment Class of the Fund. The Board also considered the Adviser’s statement that benefits from its relationship with the Funds were primarily 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.

174

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited)

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, and it 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 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, 2021, 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 Advisors LLC (“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)
Diamond Hill Capital Management, Inc. (“Diamond Hill”)	Small Company Value Portfolio
DoubleLine Capital LP (“DoubleLine”)	Wilshire Income Opportunities Fund
Fred Alger Management, LLC (“Fred Alger”)	Large Company Growth Portfolio
Hotchkis & Wiley Capital Management, LLC (“Hotchkis & Wiley”)	Small Company Value Portfolio
Lazard Asset Management LLC (“Lazard”)	Wilshire International Equity 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
Voya Investment Management Co. LLC (“Voya”)	Large Company Growth Portfolio
	Large Company Value Portfolio
	Wilshire Income Opportunities Fund
	Wilshire International Equity Fund
WCM Investment Management, LLC (“WCM”)	Wilshire International Equity Fund

175

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

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.” The Pzena Subadvisory Agreement includes an amendment to such Subadvisory Agreement pursuant to which Pzena agreed to reduce its subadvisory fee for each of the Large Company Value Portfolio and Wilshire International Equity Fund.

Each of the Subadvisory Agreements continues in effect from year to year, provided that such continuance is specifically approved at least annually in the manner required by the 1940 Act and the rules and regulations thereunder.

The Board approved the renewal of each of the Subadvisory Agreements following an extensive process that concluded at the Board’s August 23, 2021 meeting (the “Meeting”). As required by the 1940 Act, each approval was confirmed by the separate vote of the Directors who are not “interested person[s],” as defined by the 1940 Act, of the Funds (the “Independent Directors”). 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 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.

176

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

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 composed solely of Independent Directors), which met on August 23, 2021 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 tenure 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

177

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

each Subadviser’s compliance with investment policies and general legal compliance, in addition to information regarding each firm’s disaster recovery, including cybersecurity risk mitigation, and policies with respect to portfolio execution, trading, liquidity risk management oversight 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, 2021. 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:

Large Company Growth Portfolio

● Fred Alger. The Subadviser underperformed for the quarter-to-date and one-year periods ended June 30, 2021. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in March 2020. 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.

● LA Capital. The Subadviser outperformed for the year-to-date, one-, three- and ten-year periods ended June 30, 2021 and underperformed for the quarter-to-date and five-year periods ended June 30, 2021. 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.

178

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

● Loomis Sayles. The Subadviser outperformed for the year-to-date period ended June 30, 2021 and underperformed for the quarter-to-date, one-, three- and five-year periods ended June 30, 2021. 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, but will continue to closely monitor the Subadviser’s performance.

● Voya. The Subadviser outperformed for the quarter-to-date and year-to-date periods ended June 30, 2021. The Board noted that the Subadviser began managing its portion of the Fund in August 2020 and determined that performance history was too new to judge.

Large Company Value Portfolio

● LA Capital. With the exception of the quarter-to-date period ended June 30, 2021, the Subadviser underperformed for all periods reviewed. The Board considered 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.

● Pzena. With the exception of the three-year period ended June 30, 2021, the Subadviser outperformed for all periods reviewed. 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.

● Voya. The Subadviser outperformed for the quarter-to-date and year-to-date periods ended June 30, 2021. The Board noted that the Subadviser began managing its portion of the Fund in August 2020 and determined that performance history was too new to judge.

Small Company Growth Portfolio

● LA Capital. The Subadviser outperformed for the quarter-to-date, year-to-date, one- and ten-year periods ended June 30, 2021, and underperformed for the three- and five-year periods ended June 30, 2021. 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.

● Ranger. With the exception of the one-year period ended June 30, 2021, the Subadviser outperformed for all periods reviewed.

179

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

Small Company Value Portfolio

● Diamond Hill. The Subadviser underperformed for all periods reviewed. The Board noted that the Subadviser began managing its portion of the Fund in December 2019 and determined that performance history was too new too new to judge. However, the Board considered the Adviser’s statement that it will continue to closely monitor the Subadviser’s performance.

● Hotchkis & Wiley. With the exception of the quarter-to-date period ended June 30, 2021, the Subadviser outperformed for all periods reviewed. The Board noted that the Subadviser began managing its portion of the Fund in December 2019 and determined that performance history was too new to judge. However, the Board considered the Adviser’s statement that it will continue to closely monitor the Subadviser’s performance.

● LA Capital. The Subadviser outperformed for the year-to-date and ten-year periods ended June 30, 2021, and underperformed for the quarter-to-date, one-, three- and five-year periods ended June 30, 2021. The Board considered 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.

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 the quarter-to-date, year-to-date and one-year periods ended June 30, 2021, and underperformed for the three-year period ended June 30, 2021. 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.

● Manulife. The Subadviser outperformed for all periods reviewed.

180

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

● Voya. The Subadviser outperformed for the year-to-date and one-year periods ended June 30, 2021, and underperformed for the quarter-to-date and three-year periods ended June 30, 2021. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in June 2018. 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.

Wilshire International Equity Fund

● Lazard. The Subadviser outperformed for the quarter-to-date and year-to-date periods ended June 30, 2021, and underperformed for the one-year period ended June 30, 2021. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in June 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.

● LA Capital. With the exception of the quarter-to-date period ended June 30, 2021, the Subadviser outperformed for all periods reviewed.

● Pzena. With the exception of the quarter-to-date period ended June 30, 2021, the Subadviser outperformed for all periods reviewed.

● Voya. The Subadviser outperformed for the quarter-to-date and year-to-date periods ended June 30, 2021. The Board noted that the Subadviser began managing its portion of the Fund in August 2020 and determined that performance history 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.

181

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (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” managed in the same investment style as the applicable Fund or portion thereof, in cases in which the fees charged to the Adviser by the Subadviser were higher than those charged to Other Clients, the Board reviewed the Subadviser’s explanation for any difference and 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, as well as affiliated brokerage arrangements for Fred Alger. 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.

182

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

On November 3, 2021, the Board of Directors (the “Board” and each individually, a “Director”) of Wilshire Mutual Funds, Inc. (the “Company”) approved new subadvisory agreements between Wilshire Advisors LLC (“Wilshire” or the “Adviser”) and the following subadvisers with respect to the foregoing series of the Company (each, a “Fund” and collectively, the “Funds”):

Subadviser	Fund
AllianceBernstein L.P. (“AllianceBernstein”)	Large Company Growth Portfolio
Granahan Investment Management Inc. (“Granahan”)	Small Company Growth Portfolio
Hotchkis & Wiley Capital Management, LLC (“Hotchkis & Wiley”)	Large Company Value Portfolio

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.”

At the meeting on November 3, 2021, in connection with the review of Wilshire’s proposed Subadvisory Agreement with each Subadviser, the Board evaluated information provided by Wilshire and the Subadviser 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. 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

183

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

approval of the Subadvisory Agreements, and advised the Independent Directors of the relevant legal standards. In deciding to approve each Subadvisory Agreement, 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 the Independent Directors, considered the approval of the Subadvisory Agreements at the Board’s November 3, 2021 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 as to the Fund it would manage 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 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. 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 applicable 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 firm’s overall reputation, the qualifications and background of the Subadviser, its financial condition, the investment approach and methodologies of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management of the portion of the applicable Fund, and the resources made available to such personnel, as well as information regarding how the Subadviser compensates such personnel. The Board also considered information regarding each Subadviser’s disaster recovery, including cybersecurity risk mitigation, and policies with respect to portfolio execution, trading, liquidity risk management oversight 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. With respect to Hotchkis & Wiley, the Board also considered its experience with the Subadviser who also serves as a subadviser to another series of the Company. In addition, the Board considered the analysis provided by the Adviser, including the metrics used by the Adviser to evaluate each Subadviser, which concluded that the Subadviser would provide reasonable services

184

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

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 applicable Fund be approved.

In connection with its evaluation of the quality of services to be provided by each Subadviser, the Board reviewed information comparing the 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 applicable Fund to the Fund’s benchmark index for the one-, three-, five- and seven-year periods ended June 30, 2021.

As to each Subadviser’s performance, the Board made the observations and considered the factors noted below:

● AllianceBernstein. The Board noted that, although the Subadviser underperformed the Russell 1000 Growth Index for the one-year period, the Subadviser outperformed for the three-, five- and seven-year periods.

● Granahan. The Board noted that the Subadviser outperformed the Russell 2000 Growth Index for the one-, three-, five- and seven-year periods.

● Hotchkis & Wiley. The Board noted that the Subadviser outperformed the Russell 1000 Value Index for the one-, three-, five- and seven-year periods.

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 expected to be provided by each Subadviser to each Fund pursuant to the applicable Subadvisory Agreement.

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 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.

As part of its evaluation of each Subadviser’s fee, the Board noted that the Subadviser indicated that it did not charge a lower fee to any other client portfolios that it advises using the same investment style as that to be employed for the applicable Fund or did not charge a lower fee to any client portfolios that it advises using the same investment style as that to be employed for the applicable Fund and that are the same size as the Subadviser’s allocated portion of such Fund.

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

185

Wilshire Mutual Funds, Inc.   Board Approval of Subadvisory Agreements   (Unaudited) - (continued)

Profitability to the Subadvisers

The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the subadvisory fees were negotiated at arm’s length between the Adviser and the Subadviser. In addition, the Board noted that the revenues to the Subadviser would be 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 may be economies of scale with respect to the subadvisory services to be provided to the applicable Funds and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the subadvisory fee rate under each Subadvisory Agreement is reasonable in relation to the asset size of the applicable Fund. The Board concluded that the fee schedule under each Subadvisory Agreement 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 Subadviser. 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

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 the Subadvisory Agreement is in the best interests of the applicable Fund.

186

[This page intentionally left blank]

[This page intentionally left blank]

[This page intentionally left blank]

Wilshire Mutual Funds

WH-WMF-ANNU 12/31/21

Wilshire Advisors LLC

1299 Ocean Avenue

Santa Monica, CA 90401

1-866-591-1568

http://advisor.wilshire.com

(b) Not applicable.

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 herewith. 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 12/31/2021	FYE 12/31/2020
Audit Fees	135,500	135,500
Audit-Related Fees	0	0
Tax Fees	35,000	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 12/31/2021	FYE 12/31/2020
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 12/31/2021	FYE 12/31/2020
Registrant	35,000	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).

(b) Not applicable.

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, the Wilshire International Equity Fund, and the Wilshire Income Opportunities Fund are listed below.

WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY GROWTH PORTFOLIO	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 79.0% (a)
Communication Services - 9.5%
Alphabet, Inc. - Class A (b)		984	$	2,850,687
Alphabet, Inc. - Class C (b)		4,999		14,465,056
Live Nation Entertainment, Inc. (b)		7,305		874,336
Meta Platforms, Inc. - Class A (b)		20,493		6,892,821
Netflix, Inc. (b)		716		431,347
Nexstar Media Group, Inc. - Class A		61		9,210
Pinterest, Inc. - Class A (b)		4,611		167,610
Roku, Inc. (b)		1,947		444,305
Sea Ltd. - ADR (b)		828		185,232
Snap, Inc. - Class A (b)		18,187		855,335
Take-Two Interactive Software, Inc. (b)		4,920		874,382
				28,050,321
Consumer Discretionary - 13.1%
Amazon.com, Inc. (b)		4,192		13,977,553
AutoZone, Inc. (b)		37		77,566
Bath & Body Works, Inc. (b)		1,469		102,521
Booking Holdings, Inc. (b)		240		575,815
Burlington Stores, Inc. (b)		2,817		821,184
Capri Holdings Ltd. (b)		11,371		738,092
Carvana Co. (b)		1,664		385,699
Domino's Pizza, Inc.		1,714		967,262
eBay, Inc.		1,245		82,792
Etsy, Inc. (b)		2,648		579,753
General Motors Co. (b)		23,584		1,382,730
Lithia Motors, Inc.		545		161,838
Lowe's Cos., Inc.		3,712		959,478
Lululemon Athletica, Inc. (b)		957		374,618
McDonald's Corp.		1,557		417,385
MGM Resorts International		37,195		1,669,312
NIKE, Inc. - Class B		15,381		2,563,551
O'Reilly Automotive, Inc. (b)		59		41,668
Pool Corp.		758		429,028
RH (b)		740		396,596
Ross Stores, Inc.		1,237		141,364
Starbucks Corp.		3,923		458,873
Target Corp.		2,604		602,670
Tesla, Inc. (b)		5,187		5,481,518
The Home Depot, Inc.		10,055		4,172,925
The TJX Cos., Inc.		5,635		427,809
Toll Brothers, Inc.		2,612		189,083
Ulta Beauty, Inc. (b)		406		167,410
Victoria's Secret & Co. (b)		489		27,159
Williams-Sonoma, Inc.		47		7,949
Yum! Brands, Inc.		1,156		160,522
				38,541,723
Consumer Staples - 1.9%
Costco Wholesale Corp.		5,518		3,132,569
Monster Beverage Corp. (b)		17,671		1,697,123
PepsiCo, Inc.		506		87,897
The Coca-Cola Co.		8,921		528,212
US Foods Holding Corp. (b)		6,771		235,834
				5,681,635
Energy - 0.1%
Coterra Energy, Inc.		11,889		225,891
Equitrans Midstream Corp.		4,091		42,301
Hess Corp.		555		41,086
Pioneer Natural Resources Co.		342		62,203
				371,481
Financials - 2.2%
Alleghany Corp. (b)		54		36,050
American Express Co.		1,837		300,533
Cboe Global Markets, Inc.		3,541		461,746
Coinbase Global, Inc. - Class A (b)		1,771		446,947
Discover Financial Services		671		77,541
Everest Re Group Ltd.		1,751		479,634
MarketAxess Holdings, Inc.		363		149,291
Marsh & McLennan Cos., Inc.		614		106,725
Moody's Corp.		75		29,294
MSCI, Inc.		100		61,269
Rocket Cos., Inc. - Class A (c)		4,404		61,656
S&P Global, Inc.		3,919		1,849,494
Signature Bank		5,874		1,900,063
SLM Corp.		8,487		166,939
Synchrony Financial		10,924		506,764
				6,633,946
Health Care - 10.1%
AbbVie, Inc.		2,891		391,441
ABIOMED, Inc. (b)		1,066		382,875
Agilent Technologies, Inc.		2,429		387,790
Align Technology, Inc. (b)		3,714		2,440,767
Amgen, Inc.		113		25,422
Avantor, Inc. (b)		1,376		57,985
Catalent, Inc. (b)		10,346		1,324,598
Danaher Corp.		5,976		1,966,164
Dexcom, Inc. (b)		901		483,792
Edwards Lifesciences Corp. (b)		12,885		1,669,252
Encompass Health Corp.		658		42,941
HCA Healthcare, Inc.		1,741		447,298
IDEXX Laboratories, Inc. (b)		1,740		1,145,720
Illumina, Inc. (b)		1,210		460,332
Incyte Corp. (b)		549		40,297
Intuitive Surgical, Inc. (b)		6,859		2,464,439
IQVIA Holdings, Inc. (b)		921		259,851
Johnson & Johnson		709		121,289
Mettler-Toledo International, Inc. (b)		263		446,366
Moderna, Inc. (b)		771		195,819
Molina Healthcare, Inc. (b)		788		250,647
Natera, Inc. (b)		2,980		278,302
Regeneron Pharmaceuticals, Inc. (b)		440		277,869
Repligen Corp. (b)		769		203,662
ResMed, Inc.		398		103,671
Thermo Fisher Scientific, Inc.		459		306,263
UnitedHealth Group, Inc.		12,741		6,397,766
Veeva Systems, Inc. - Class A (b)		2,828		722,497
Vertex Pharmaceuticals, Inc. (b)		10,244		2,249,582
Waters Corp. (b)		1,662		619,261
Zoetis, Inc.		14,312		3,492,557
				29,656,515
Industrials - 4.5%
3M Co.		159		28,243
Allegion PLC		3,440		455,594
Allison Transmission Holdings, Inc.		879		31,952
AMETEK, Inc.		9,065		1,332,917
Booz Allen Hamilton Holding Corp.		730		61,897
Copart, Inc. (b)		8,940		1,355,483
Eaton Corp. PLC		15,306		2,645,183
GXO Logistics, Inc. (b)		276		25,069
IDEX Corp.		1,968		465,078
Illinois Tool Works, Inc.		829		204,597
Landstar System, Inc.		964		172,575
Old Dominion Freight Line, Inc.		1,777		636,841
Robert Half International, Inc.		689		76,837
Roper Technologies, Inc.		2,637		1,297,035
Textron, Inc.		8,937		689,936
TransDigm Group, Inc. (b)		1,629		1,036,500
Trex Co., Inc. (b)		3,636		490,969
Uber Technologies, Inc. (b)		28,013		1,174,585
Union Pacific Corp.		1,760		443,397
United Parcel Service, Inc. - Class B		2,146		459,974
WW Grainger, Inc.		112		58,043
				13,142,705
Information Technology - 37.2%
Accenture PLC - Class A		3,084		1,278,472
Adobe, Inc. (b)		9,266		5,254,378
Advanced Micro Devices, Inc. (b)		20,803		2,993,552
Allegro MicroSystems, Inc. (b)		1,073		38,821
Amphenol Corp. - Class A		8,607		752,768
Analog Devices, Inc.		2,115		371,754
Apple, Inc.		84,888		15,073,562
Applied Materials, Inc.		20,925		3,292,758
Arista Networks, Inc. (b)		14,526		2,088,112
ASML Holding NV - ADR		1,154		918,746
Atlassian Corp. PLC - Class A (b)		692		263,853
Bill.com Holdings, Inc. (b)		4,268		1,063,372
Broadcom, Inc.		997		663,414
CDW Corp.		985		201,708
Cognex Corp.		4,648		361,428
Cognizant Technology Solutions Corp. - Class A		2,479		219,937
Crowdstrike Holdings, Inc. - Class A (b)		1,773		363,022
Datadog, Inc. - Class A (b)		940		167,423
Dlocal Ltd. (b)		8,533		304,543
DocuSign, Inc. (b)		1,345		204,857
Dynatrace, Inc. (b)		5,476		330,477
Enphase Energy, Inc. (b)		159		29,087
Entegris, Inc.		274		37,971
EPAM Systems, Inc. (b)		1,922		1,284,761
Fortinet, Inc. (b)		2,826		1,015,664
Gartner, Inc. (b)		1,860		621,835
HP, Inc.		6,362		239,657
HubSpot, Inc. (b)		165		108,760
Intuit, Inc.		4,053		2,606,971
IPG Photonics Corp. (b)		3,539		609,203
KLA Corp.		1,291		555,272
Manhattan Associates, Inc. (b)		2,524		392,457
Marqeta, Inc. - Class A (b)		47,535		816,176
Mastercard, Inc. - Class A		2,635		946,808
Micron Technology, Inc.		20,160		1,877,904
Microsoft Corp.		74,705		25,124,786
Monolithic Power Systems, Inc.		365		180,065
Motorola Solutions, Inc.		1,328		360,818
NVIDIA Corp.		25,877		7,610,684
NXP Semiconductors NV		1,399		318,664
Palo Alto Networks, Inc. (b)		416		231,612
PayPal Holdings, Inc. (b)		18,273		3,445,922
PTC, Inc. (b)		3,595		435,534
QUALCOMM, Inc.		40,166		7,345,156
salesforce.com, Inc. (b)		8,114		2,062,011
ServiceNow, Inc. (b)		1,235		801,651
Shopify, Inc. - Class A (b)		1,046		1,440,750
Skyworks Solutions, Inc.		2,778		430,979
Snowflake, Inc. - Class A (b)		1,369		463,749
SolarEdge Technologies, Inc. (b)		1,129		316,764
Texas Instruments, Inc.		3,412		643,060
Twilio, Inc. - Class A (b)		3,590		945,391
Tyler Technologies, Inc. (b)		711		382,482
Ubiquiti, Inc.		385		118,080
Unity Software, Inc. (b)		7,358		1,052,120
Universal Display Corp.		881		145,391
Visa, Inc. - Class A		28,709		6,221,527
VMware, Inc. - Class A		1,059		122,717
Workday, Inc. - Class A (b)		844		230,564
Xilinx, Inc.		7,317		1,551,424
Zoom Video Communications, Inc. - Class A (b)		936		172,140
				109,503,524
Materials - 0.3%
The Chemours Co.		5,028		168,740
The Sherwin-Williams Co.		2,043		719,463
				888,203
Real Estate - 0.1%
CBRE Group, Inc. - Class A (b)		1,004		108,944
Public Storage		68		25,470
Simon Property Group, Inc.		1,433		228,950
				363,364
Total Common Stocks (Cost $134,739,942)				232,833,417

	Par Value
U.S. TREASURY OBLIGATIONS - 0.3%
U.S. Treasury Notes - 0.3%
0.125%, due 05/31/23 (d)	$	119,000	118,256
0.250%, due 09/30/23 (d)		32,000	31,775
0.250%, due 06/15/24 (d)		172,000	169,474
0.750%, due 11/15/24 (d)		52,000	51,716
0.250%, due 10/31/25 (d)		55,000	53,152
0.875%, due 09/30/26 (d)		156,000	153,221
1.250%, due 11/30/26 (d)		131,000	130,939
1.125%, due 02/15/31 (d)		7,000	6,792
1.375%, due 11/15/31 (d)		80,000	78,950
Total U.S. Treasury Obligations (Cost $799,815)			794,275
AGENCY MORTGAGE-BACKED OBLIGATIONS - 0.1%
Federal Home Loan Mortgage Corp. - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.690%, due 03/25/30 (d)(e)		459,870	55,916
Series K-1501, 0.394%, due 04/25/30 (d)(e)		2,567,920	66,024
Series K-110, 1.697%, due 04/25/30 (d)(e)		399,133	47,831
Series K-118, 0.961%, due 09/25/30 (d)(e)		997,697	71,594
Series K-123, 0.775%, due 12/25/30 (d)(e)		1,398,397	82,591
Total Agency Mortgage-Backed Obligations (Cost $277,841)			323,956
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 1.8%
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.832%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (d)(f)(g)		180,000	177,981
BBCMS 2020-BID Mortgage Trust
Series 2020-BID, 2.250%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (d)(f)(g)		170,000	170,501
BBCMS 2021-AGW Mortgage Trust
Series 2021-AGW, 1.360%, due 06/15/36 (1 Month U.S. LIBOR + 1.250%) (d)(f)(g)		300,000	299,252
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.510%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (d)(f)(g)		82,243	82,151
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (d)(e)(f)		480,742	476,047
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.200%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (d)(f)(g)		170,000	169,682
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/06/34 (d)(f)		180,000	184,310
JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/05/34 (d)(f)		130,000	133,343
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (d)(e)(f)		66,798	67,814
JP Morgan Mortgage Trust 2018-5
Series 2018-5, 3.500%, due 10/25/48 (d)(e)(f)		133,075	134,636
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (d)(e)(f)		21,039	21,176
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (d)(e)(f)		5,019	5,049
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (d)(e)(f)		124,419	126,645
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (d)(e)(f)		109,329	110,715
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (d)(e)(f)		278,244	275,962
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (d)(e)(f)		76,414	77,386
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.098%, due 07/15/45 (d)(e)		163,000	167,603
KREST Commercial Mortgage Securities Trust 2021-CHIP
Series C, 2.927%, due 11/05/44 (d)(e)(f)		275,000	270,812
Mello Warehouse Securitization Trust 2020-1
Series 2020-1, 1.252%, due 10/25/53 (1 Month U.S. LIBOR + 1.150%) (d)(f)(g)		100,000	100,041
OBX 2021-J3 Trust
Series 2021-J3, 2.500%, due 10/25/51 (d)(e)(f)		400,000	396,246
Provident Funding Mortgage Trust 2021-J1
Series 2.00000, 2.000%, due 10/25/51 (d)(e)(f)		100,000	95,551
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.852%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (d)(f)(g)		350,000	348,578
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (d)(e)(f)		14,000	14,010
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (d)(e)(f)		17,207	17,438
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 09/25/49 (d)(e)(f)		13,638	13,812
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (d)(e)(f)		200,000	201,251
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (d)(e)(f)		350,000	348,707
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (d)(f)		190,000	193,852
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.310%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (d)(f)(g)		200,000	199,656
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (d)(e)(f)		147,950	149,719
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/15/47 (d)(e)		180,000	184,124
Total Non-Agency Mortgage-Backed Obligations (Cost $5,255,761)			5,214,050
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 0.1%
BBCMS Trust 2021-C10
Series 2021-C10, 1.308%, due 07/15/54 (d)(e)		997,706	94,725
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.776%, due 09/15/53 (d)(e)		997,210	102,077
Benchmark 2021-B29 Mortgage Trust
Series X-A, 1.049%, due 09/15/54 (d)(e)(f)		999,153	74,559
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.712%, due 09/15/53 (d)(e)		708,590	66,574
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $358,224)			337,935
ASSET-BACKED SECURITIES - 1.5%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 09/22/27 (d)		76,166	77,968
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 06/15/28 (d)		48,928	48,826
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (d)		100,000	98,384
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (d)(f)		98,333	97,983
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (d)(f)		133,023	136,302
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (d)		200,000	200,871
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 02/20/34 (d)		240,418	235,737
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (d)(f)		205,088	211,206
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (d)(f)		234,619	233,786
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (d)(f)		193,645	196,975
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (d)(f)		200,000	198,329
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (d)(f)		72,335	69,929
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (d)(f)		94,725	93,313
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (d)(f)		200,000	198,479
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (d)(f)		100,000	98,622
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (d)(f)		150,000	147,522
Santander Drive Auto Receivables Trust 2019-3
Series D, 2.680%, due 10/15/25 (d)		250,000	253,532
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (d)		100,000	100,098
Santander Drive Auto Receivables Trust 2020-3
Series C, 1.120%, due 01/15/26 (d)		200,000	200,664
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (d)		100,000	99,199
Sofi Consumer Loan Program 2018-1 Trust
Series B, 3.650%, due 02/25/27 (d)(f)		36,365	36,548
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (d)(f)		350,000	353,007
SoFi Consumer Loan Program 2021-1 Trust
Series B, 1.300%, due 09/25/30 (d)(f)		350,000	346,027
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.703%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (d)(f)(g)		85,785	85,817
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (d)(f)		110,964	112,763
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (d)(f)		225,000	227,791
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 09/03/26 (d)		43,086	44,680
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (d)(f)		192,182	188,985
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (d)(f)		100,000	98,380
Total Asset-Backed Securities (Cost $4,514,532)			4,491,723
COLLATERALIZED LOAN OBLIGATIONS - 1.7%
Aimco CLO 11 Ltd.
Series 2020-11R, 1.253%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (d)(f)(g)		1,000,000	997,657
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 1.710%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (d)(f)(g)(h)		350,000	348,036
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
Series C, 1.960%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (d)(f)(g)(h)		275,000	273,773
Benefit Street Partners CLO XIX Ltd.
Series A, 1.474%, due 01/15/33 (3 Month U.S. LIBOR + 1.350%) (d)(f)(g)		350,000	350,047
Benefit Street Partners CLO XXIII Ltd.
Series A-1, 1.204%, due 04/25/34 (3 Month U.S. LIBOR + 1.080%) (d)(f)(g)		250,000	248,760
Carlyle US CLO 2021-1 Ltd.
Series LTD, 1.264%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (d)(f)(g)		250,000	249,970
CIFC Funding 2021-I Ltd.
Series LTD, 1.234%, due 04/25/33 (3 Month U.S. LIBOR + 1.110%) (d)(f)(g)		250,000	249,909
Greystone CRE Notes 2021-FL3 Ltd.
Series 2021-FL3, 2.110%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (d)(f)(g)(h)		275,000	273,608
Marble Point CLO XIV Ltd.
Series FLT, 1.412%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (d)(f)(g)		450,000	450,199
MF1 2021-FL6 Ltd.
Series 2021-FL6, 1.958%, due 07/16/36 (1 Month U.S. LIBOR + 1.850%) (d)(f)(g)(h)		175,000	174,168
MF1 2021-FL7 Ltd.
Series 2021-FL7, 2.158%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (d)(f)(g)(h)		200,000	198,638
Octagon Investment Partners 32 Ltd.
Series FLT, 1.324%, due 07/15/29 (3 Month U.S. LIBOR + 1.200%) (d)(f)(g)		250,000	250,001
OHA Credit Funding 3 Ltd.
Series A-R, 1.272%, due 07/02/35 (3 Month U.S. LIBOR + 1.140%) (d)(f)(g)		250,000	249,692
OHA Credit Funding 4 Ltd.
Series A-R, 1.278%, due 10/22/36 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		500,000	500,089
Palmer Square CLO 2019-1 Ltd.
1.348%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		250,000	250,032
Total Collateralized Loan Obligations (Cost $5,074,868)			5,064,579
CORPORATE BONDS - 3.7%
Basic Materials - 0.0% (i)
Ecolab, Inc.
4.800%, due 03/24/30 (d)		61,000	73,008
Steel Dynamics, Inc.
1.650%, due 10/15/27 (d)		74,000	72,414
			145,422
Communications - 0.3%
Amazon.com, Inc.
1.500%, due 06/03/30 (d)		100,000	96,991
AT&T, Inc.
2.250%, due 02/01/32 (d)		148,000	142,826
Fox Corp.
3.050%, due 04/07/25 (d)		135,000	141,709
The Walt Disney Co.
2.200%, due 01/13/28 (d)		68,000	69,267
T-Mobile USA, Inc.
3.750%, due 04/15/27 (d)		74,000	80,166
Verizon Communications, Inc.
4.329%, due 09/21/28 (d)		74,000	83,894
2.355%, due 03/15/32 (d)(f)		153,000	150,841
			765,694
Consumer, Cyclical - 0.2%
American Honda Finance Corp.
1.200%, due 07/08/25 (d)		70,000	69,702
Nissan Motor Co. Ltd.
4.810%, due 09/17/30 (d)(f)		74,000	82,763
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (d)		158,000	171,276
Ross Stores, Inc.
4.600%, due 04/15/25 (d)		114,000	124,702
The Home Depot, Inc.
1.500%, due 09/15/28 (d)		103,000	101,451
Walmart, Inc.
1.050%, due 09/17/26 (d)		134,000	132,285
			682,179
Consumer, Non-cyclical - 0.6%
AbbVie, Inc.
3.800%, due 03/15/25 (d)		121,000	128,784
Altria Group, Inc.
3.400%, due 05/06/30 (d)		88,000	91,115
Amgen, Inc.
3.200%, due 11/02/27 (d)		115,000	123,664
AstraZeneca PLC
0.700%, due 04/08/26 (d)		81,000	78,333
BAT International Finance PLC
1.668%, due 03/25/26 (d)		142,000	139,452
Constellation Brands, Inc.
3.700%, due 12/06/26 (d)		88,000	95,169
CVS Health Corp.
3.875%, due 07/20/25 (d)		234,000	250,867
1.750%, due 08/21/30 (d)		148,000	140,727
Global Payments, Inc.
2.650%, due 02/15/25 (d)		78,000	80,038
HCA, Inc.
4.125%, due 06/15/29 (d)		98,000	108,168
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (d)		67,000	72,943
PepsiCo, Inc.
2.625%, due 07/29/29 (d)		79,000	82,994
Royalty Pharma PLC
0.750%, due 09/02/23 (d)		59,000	58,513
1.200%, due 09/02/25 (d)		61,000	59,800
1.750%, due 09/02/27 (d)		60,000	58,358
2.200%, due 09/02/30 (d)		84,000	81,052
Triton Container International Ltd.
2.050%, due 04/15/26 (d)(f)		119,000	118,074
			1,768,051
Energy - 0.1%
Enterprise Products Operating LLC
2.800%, due 01/31/30 (d)		74,000	77,027
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 (d)		67,000	68,508
MPLX LP
4.875%, due 12/01/24 (d)		70,000	75,950
2.650%, due 08/15/30 (d)		56,000	55,860
Phillips 66
0.900%, due 02/15/24 (d)		75,000	74,525
Sabine Pass Liquefaction LLC
5.625%, due 03/01/25 (d)		51,000	56,610
			408,480
Financial - 1.7%
Aflac, Inc.
3.250%, due 03/17/25 (d)		80,000	84,545
American International Group, Inc.
3.900%, due 04/01/26 (d)		141,000	152,823
Assurant, Inc.
4.200%, due 09/27/23 (d)		67,000	70,316
Aviation Capital Group LLC
1.950%, due 09/20/26 (d)(f)		101,000	98,014
Avolon Holdings Funding Ltd
2.875%, due 02/15/25 (d)(f)		78,000	79,658
2.125%, due 02/21/26 (d)(f)		141,000	138,356
Bank of America Corp.
4.125%, due 01/22/24 (d)		150,000	159,339
4.000%, due 01/22/25 (d)		71,000	75,762
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (d)(g)		318,000	315,814
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (d)(g)		168,000	169,263
Blackstone Holdings Finance Co. LLC
1.625%, due 08/05/28 (d)(f)		143,000	138,661
BNP Paribas SA
2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (d)(f)(g)		200,000	205,725
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (d)(g)		120,000	118,916
4.450%, due 09/29/27 (d)		76,000	84,666
Equinix, Inc.
1.250%, due 07/15/25 (d)		126,000	123,765
2.900%, due 11/18/26 (d)		56,000	58,170
Intercontinental Exchange, Inc.
3.750%, due 12/01/25 (d)		90,000	97,263
JPMorgan Chase & Co.
3.875%, due 09/10/24 (d)		183,000	194,644
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (d)(g)		120,000	118,668
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (d)(g)		161,000	157,579
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (d)(g)		69,000	66,131
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (d)(g)		180,000	182,386
Kite Realty Group LP
4.000%, due 10/01/26 (d)		94,000	99,691
Main Street Capital Corp.
3.000%, due 07/14/26 (d)		137,000	136,980
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23 (d)		67,000	69,724
Morgan Stanley
0.560%, due 11/10/23 (SOFR Rate + 0.466%) (d)(g)		149,000	148,711
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (d)(g)		108,000	106,946
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (d)(g)		223,000	227,007
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (d)(g)		160,000	158,148
1.512%, due 07/20/27 (SOFR Rate + 0.858%) (d)(g)		120,000	118,094
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (d)(g)		89,000	86,854
Oaktree Specialty Lending Corp.
2.700%, due 01/15/27 (d)		124,000	122,548
Realty Income Corp.
3.250%, due 01/15/31 (d)		168,000	180,180
Royal Bank of Canada
1.200%, due 04/27/26 (d)		80,000	78,432
Scentre Group Trust 1
3.625%, due 01/28/26 (d)(f)		158,000	168,599
The Charles Schwab Corp.
3.300%, due 04/01/27 (d)		46,000	49,282
The Goldman Sachs Group, Inc.
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (d)(g)		80,000	78,212
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (d)(g)		216,000	221,195
XLIT Ltd.
4.450%, due 03/31/25 (d)		74,000	80,180
			5,021,247
Industrial - 0.2%
Amphenol Corp.
2.800%, due 02/15/30 (d)		93,000	95,919
Carrier Global Corp.
2.722%, due 02/15/30 (d)		188,000	190,890
Raytheon Technologies Corp.
3.200%, due 03/15/24 (d)		87,000	90,539
The Boeing Co.
4.875%, due 05/01/25 (d)		76,000	83,169
			460,517
Technology - 0.3%
Apple, Inc.
1.200%, due 02/08/28 (d)		80,000	77,615
Broadcom, Inc.
4.150%, due 11/15/30 (d)		55,000	60,930
DXC Technology Co.
1.800%, due 09/15/26 (d)		60,000	59,149
Fiserv, Inc.
3.850%, due 06/01/25 (d)		54,000	57,677
Intel Corp.
3.400%, due 03/25/25 (d)		22,000	23,383
3.700%, due 07/29/25 (d)		33,000	35,607
Microsoft Corp.
2.400%, due 08/08/26 (d)		150,000	156,719
Oracle Corp.
2.950%, due 04/01/30 (d)		200,000	201,533
VMware, Inc.
1.000%, due 08/15/24 (d)		85,000	84,574
			757,187
Utilities - 0.3%
Ameren Illinois Co.
3.800%, due 05/15/28 (d)		70,000	76,422
Duke Energy Corp.
3.150%, due 08/15/27 (d)		150,000	158,508
Entergy Corp.
0.900%, due 09/15/25 (d)		100,000	96,715
FirstEnergy Corp.
4.400%, due 07/15/27 (d)		138,000	148,375
Sierra Pacific Power Co.
2.600%, due 05/01/26 (d)		121,000	125,919
Southwestern Electric Power Co.
1.650%, due 03/15/26 (d)		80,000	79,636
The AES Corp.
1.375%, due 01/15/26 (d)		75,000	72,788
			758,363
Total Corporate Bonds (Cost $10,956,891)			10,767,140

	Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES - 4.7%
Voya Emerging Markets Hard Currency Debt Fund - Class P		238,869		2,240,592
Voya High Yield Bond Fund - Class P		259,330		2,082,421
Voya Investment Grade Credit Fund - Class P		81,566		906,202
Voya Securitized Credit Fund - Class P		875,074		8,549,478
Total Affiliated Registered Investment Companies (Cost $13,619,674)				13,778,693
Total Investments at Value - 92.9% (Cost $175,597,548)				273,605,768
Other Assets in Excess of Liabilities - 7.1%				20,981,283
Net Assets - 100.0%			$	294,587,051

Percentages are stated as a percent of net assets.

ADR	American Depository Receipt
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate

(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, 2021. The total fair value of securities on loan at December 31, 2021, was $61,026 (Note 8).
(d)	Level 2 Security.
(e)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.
(f)	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, 2021, the value of these investments was $14,313,916, or 4.9% of total net assets.
(g)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.
(h)	Illiquid security. The total value of such securities is $1,268,223 as of December 31, 2021, representing 0.4% of net assets.
(i)	Represents less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
LARGE COMPANY VALUE PORTFOLIO	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 80.0% (a)
Communication Services - 5.1%
Activision Blizzard, Inc.		9,297	$	618,529
Alphabet, Inc. - Class A (b)		1,209		3,502,521
Alphabet, Inc. - Class C (b)		404		1,169,010
Altice USA, Inc. - Class A (b)		2,400		38,832
AT&T, Inc.		23,366		574,804
Comcast Corp. - Class A		16,888		849,973
Discovery, Inc. - Class C (b)		45,104		1,032,882
Electronic Arts, Inc.		2,553		336,741
Fox Corp. - Class A		1,970		72,693
News Corp. - Class A		41,117		917,320
News Corp. - Class B		11,560		260,100
Nexstar Media Group, Inc. - Class A		1,700		256,666
Omnicom Group, Inc.		3,457		253,294
Take-Two Interactive Software, Inc. (b)		2,497		443,767
Verizon Communications, Inc.		13,363		694,342
Vodafone Group PLC - ADR		42,285		631,315
				11,652,789
Consumer Discretionary - 5.1%
Adient PLC (b)		4,665		223,360
Advance Auto Parts, Inc.		290		69,565
Amazon.com, Inc. (b)		244		813,579
AutoNation, Inc. (b)		4,960		579,576
AutoZone, Inc. (b)		221		463,302
Bath and Body Works, Inc.(b)		2,595		181,105
Booking Holdings, Inc. (b)		176		422,265
Capri Holdings Ltd. (b)		1,730		112,294
Carter's, Inc.		2,980		301,636
Dick's Sporting Goods, Inc.		403		46,341
Dollar General Corp.		306		72,164
Domino's Pizza, Inc.		323		182,279
DR Horton, Inc.		1,420		153,999
Ford Motor Co.		12,490		259,417
Frontdoor, Inc. (b)		585		21,440
General Motors Co.(b)		29,054		1,703,436
Harley-Davidson, Inc.		6,226		234,658
Lennar Corp. - Class A		1,110		128,938
Lennar Corp. - Class B		950		90,839
LKQ Corp.		2,560		153,677
LVMH Moet Hennessy Louis Vuitton SE		639		528,893
Magna International, Inc.		13,792		1,116,324
Mattel, Inc. (b)		4,170		89,905
McDonald's Corp.		2,199		589,486
NIKE, Inc. - Class B		6,115		1,019,187
Penske Automotive Group, Inc.		540		57,899
PVH Corp.		1,920		204,768
Tapestry, Inc.		2,709		109,985
Target Corp.		2,655		614,473
The Goodyear Tire & Rubber Co. (b)		10,339		220,428
The Home Depot, Inc.		177		73,457
Toll Brothers, Inc.		195		14,116
Victoria's Secret & Co. (b)		865		48,042
Williams-Sonoma, Inc.		310		52,430
Yum! Brands, Inc.		4,750		659,585
				11,612,848
Consumer Staples - 5.1%
Colgate-Palmolive Co.		26,196		2,235,567
Constellation Brands, Inc. - Class A		1,574		395,027
Costco Wholesale Corp.		2,939		1,668,470
Diageo PLC		13,391		731,539
General Mills, Inc.		530		35,711
Kellogg Co.		1,720		110,802
Mondelez International, Inc. - Class A		11,455		759,581
PepsiCo, Inc.		365		63,404
Pernod Ricard SA		2,857		687,944
Philip Morris International, Inc.		5,070		481,650
The Coca-Cola Co.		10,093		597,607
The Estee Lauder Cos., Inc. - Class A		2,545		942,159
The Hershey Co.		700		135,429
The Kraft Heinz Co.		3,420		122,778
The Procter & Gamble Co.		4,929		806,286
Tyson Foods, Inc. - Class A		2,700		235,332
Unilever PLC - ADR		14,815		796,899
Walmart, Inc.		6,735		974,487
				11,780,672
Energy - 4.8%
APA Corp.		35,964		967,072
Baker Hughes Co.		12,595		303,036
Coterra Energy, Inc.		26,290		499,510
Cenovus Energy, Inc.		21,605		265,309
Chevron Corp.		5,490		644,251
ConocoPhillips		5,710		412,148
Diamondback Energy, Inc.		490		52,847
DT Midstream, Inc.		4,700		225,506
Equitrans Midstream Corp.		7,020		72,587
Exxon Mobil Corp.		16,077		983,752
Halliburton Co.		24,840		568,091
Hess Corp.		13,705		1,014,581
HollyFrontier Corp.		13,480		441,874
Kinder Morgan, Inc.		17,500		277,550
Marathon Oil Corp.		99,502		1,633,823
Marathon Petroleum Corp.		5,018		321,102
Murphy Oil Corp.		8,730		227,940
NOV, Inc.		38,595		522,962
Royal Dutch Shell PLC - Class A - ADR		19,612		851,161
Schlumberger Ltd.		11,150		333,943
Targa Resources Corp.		6,938		362,441
Valero Energy Corp.		1,670		125,434
				11,106,920
Financials - 16.0%
Affiliated Managers Group, Inc.		900		148,059
Ally Financial, Inc.		8,630		410,874
American Express Co.		990		161,964
American International Group, Inc.		40,089		2,279,461
Aon PLC - Class A		3,779		1,135,816
Arch Capital Group Ltd. (b)		10,422		463,258
Arthur J Gallagher & Co.		4,519		766,739
Axis Capital Holdings Ltd.		720		39,218
Bank of America Corp.		21,715		966,100
Berkshire Hathaway, Inc. - Class B (b)		9,133		2,730,767
BlackRock, Inc.		297		271,921
Capital One Financial Corp.		3,000		435,270
Cboe Global Markets, Inc.		3,465		451,836
Chubb Ltd.		540		104,387
CIT Group, Inc.		7,970		409,180
Citigroup, Inc.		45,617		2,754,811
Citizens Financial Group, Inc.		15,165		716,546
CME Group, Inc.		1,446		330,353
Credit Suisse Group AG		53,457		515,326
Discover Financial Services		1,995		230,542
Equitable Holdings, Inc.		7,911		259,402
Everest Re Group Ltd.		1,782		488,125
Fidelity National Financial, Inc.		6,510		339,692
First Republic Bank		250		51,628
Franklin Resources, Inc.		5,680		190,223
Huntington Bancshares, Inc.		2,905		44,795
Interactive Brokers Group, Inc. - Class A		4,386		348,336
Invesco Ltd.		3,100		71,362
Janus Henderson Group PLC		2,930		122,884
JPMorgan Chase & Co.		11,806		1,869,480
Lazard Ltd. - Class A		5,260		229,494
M&T Bank Corp.		2,581		396,390
Markel Corp. (b)		271		334,414
Marsh & Mclennan Cos., Inc.		5,531		961,398
Moody's Corp.		3,994		1,559,977
Nasdaq, Inc.		1,896		398,179
New York Community Bancorp, Inc.		2,690		32,845
OneMain Holdings, Inc.		9,820		491,393
Popular, Inc.		1,955		160,388
Prosperity Bancshares, Inc.		2,120		153,276
Raymond James Financial, Inc.		1,635		164,154
Regions Financial Corp.		6,335		138,103
Reinsurance Group of America, Inc.		990		108,395
S&P Global, Inc.		2,534		1,195,871
Santander Consumer USA Holdings, Inc.		2,785		117,026
SEI Investments Co.		1,180		71,909
SLM Corp.		9,568		188,203
State Street Corp.		6,046		562,278
Stifel Financial Corp.		3,350		235,907
Synchrony Financial		9,799		454,576
T Rowe Price Group, Inc.		160		31,462
The Bank of New York Mellon Corp.		15,697		911,682
The Charles Schwab Corp.		20,514		1,725,227
The Goldman Sachs Group, Inc.		2,505		958,288
The Hartford Financial Services Group, Inc.		8,847		610,797
The Travelers Cos., Inc.		5,969		933,731
Truist Financial Corp.		9,140		535,147
US Bancorp		4,493		252,372
Virtu Financial, Inc. - Class A		2,830		81,589
Voya Financial, Inc.		1,020		67,636
W.R. Berkley Corp.		5,475		451,085
Wells Fargo & Co.		64,681		3,103,394
				36,724,941
Health Care - 10.3%
Abbott Laboratories		3,060		430,664
AbbVie, Inc.		980		132,692
Agilent Technologies, Inc.		10,090		1,610,869
agilon health, Inc. (b)		998		26,946
AmerisourceBergen Corp.		2,340		310,963
Anthem, Inc.		4,922		2,281,544
Baxter International, Inc.		200		17,168
Becton Dickinson and Co.		360		90,533
Biogen, Inc. (b)		180		43,186
Bio-Techne Corp.		447		231,251
Boston Scientific Corp. (b)		6,300		267,624
Bristol-Myers Squibb Co.		9,858		614,646
Bruker Corp.		15,462		1,297,416
Centene Corp. (b)		7,672		632,173
Cerner Corp.		2,300		213,601
Chemed Corp.		300		158,712
CVS Health Corp.		14,239		1,468,895
Danaher Corp.		3,721		1,224,246
DENTSPLY SIRONA, Inc		1,878		104,774
Encompass Health Corp.		2,200		143,572
Gilead Sciences, Inc.		3,740		271,561
GlaxoSmithKline PLC - ADR		15,114		666,527
HCA Healthcare, Inc.		2,445		628,169
Hologic, Inc. (b)		2,330		178,385
Humana, Inc.		1,493		692,543
ICON PLC (b)		1,434		444,110
IQVIA Holdings, Inc. (b)		1,303		367,628
Johnson & Johnson		8,344		1,427,408
Laboratory Corp. of America Holdings (b)		759		238,485
Maravai LifeSciences Holdings, Inc. - Class A (b)		7,471		313,035
McKesson Corp.		1,725		428,783
Medtronic PLC		7,216		746,495
Merck & Co., Inc.		3,084		236,358
Molina Healthcare, Inc. (b)		720		229,018
Organon & Co.		4,325		131,696
Pfizer, Inc.		13,398		791,152
Quest Diagnostics, Inc.		525		90,830
Regeneron Pharmaceuticals, Inc. (b)		130		82,098
ResMed, Inc.		730		190,150
Royalty Pharma PLC - Class A		4,045		161,193
Sanofi - ADR		8,785		440,129
Thermo Fisher Scientific, Inc.		1,024		683,254
UnitedHealth Group, Inc.		3,405		1,709,787
Waters Corp. (b)		2,020		752,652
Zimmer Biomet Holdings, Inc.		2,749		349,233
				23,552,154
Industrials - 11.9%
3M Co.		3,135		556,870
A.O. Smith Corp.		3,430		294,466
Allegion PLC		770		101,979
Allison Transmission Holdings, Inc.		2,070		75,244
AMETEK, Inc.		1,245		183,065
Carlisle Cos., Inc.		840		208,421
CNH Industrial NV		51,230		995,399
Core & Main, Inc. (b)		2,180		66,141
Cummins, Inc.		2,801		611,010
Curtiss-Wright Corp.		231		32,033
Deere & Co.		760		260,596
Emerson Electric Co.		3,420		317,957
Equifax, Inc.		3,561		1,042,625
Expeditors International of Washington, Inc.		450		60,430
Fastenal Co.		8,368		536,054
FedEx Corp.		4,749		1,228,281
Ferguson PLC		2,616		464,032
Fluor Corp. (b)		6,416		158,924
Fortive Corp.		2,535		193,395
FTI Consulting, Inc. (b)		123		18,871
General Electric Co.		24,776		2,340,589
Graco, Inc.		8,776		707,521
Honeywell International, Inc.		5,149		1,073,618
IDEX Corp.		4,064		960,404
Illinois Tool Works, Inc.		1,070		264,076
Ingersoll Rand, Inc.		8,961		554,417
Johnson Controls International PLC		11,091		901,809
Knight-Swift Transportation Holdings, Inc.		770		46,924
ManpowerGroup, Inc.		2,230		217,046
Masco Corp.		730		51,261
MSA Safety, Inc.		2,449		369,701
Nordson Corp.		3,467		885,021
Norfolk Southern Corp.		1,259		374,817
Northrop Grumman Corp.		280		108,380
Old Dominion Freight Line, Inc.		583		208,936
Otis Worldwide Corp.		24,604		2,142,270
PACCAR, Inc.		5,634		497,257
Parker-Hannifin Corp.		569		181,010
Pentair PLC		4,591		335,281
Raytheon Technologies Corp.		6,160		530,130
RBC Bearings, Inc. (b)		1,534		309,822
Republic Services, Inc.		715		99,707
Rockwell Automation, Inc.		4,504		1,571,220
Schneider National, Inc. - Class B		4,150		111,677
Simpson Manufacturing Co., Inc.		2,585		359,496
Snap-on, Inc.		130		27,999
Trane Technologies PLC		3,488		704,681
TransUnion		7,241		858,638
Union Pacific Corp.		280		70,540
United Parcel Service, Inc. - Class B		710		152,181
Verisk Analytics, Inc.		3,072		702,659
Watsco, Inc.		2,330		729,010
Watts Water Technologies, Inc. - Class A		7,212		1,400,354
				27,254,245
Information Technology - 15.8%
Accenture PLC - Class A		4,324		1,792,514
Adobe, Inc. (b)		2,255		1,278,720
Altair Engineering, Inc. - Class A (b)		7,660		592,271
Amdocs Ltd.		1,300		97,292
Analog Devices, Inc.		7,571		1,330,755
ANSYS, Inc. (b)		3,025		1,213,388
Apple, Inc.		693		123,056
Applied Materials, Inc.		6,011		945,891
Arista Networks, Inc. (b)		4,740		681,375
Arrow Electronics, Inc. (b)		593		79,622
Autodesk, Inc. (b)		2,671		751,058
Cadence Design Systems, Inc. (b)		9,292		1,731,564
Cisco Systems, Inc.		18,530		1,174,246
Cognizant Technology Solutions Corp. - Class A		11,326		1,004,843
Concentrix Corp. (b)		1,685		300,975
Corning, Inc.		17,851		664,593
Datto Holding Corp. (b)(c)		8,290		218,441
DocuSign, Inc. (b)		521		79,354
EPAM Systems, Inc. (b)		370		247,326
F5, Inc. (b)		5,788		1,416,381
FleetCor Technologies, Inc. (b)		176		39,396
Genpact Ltd.		3,050		161,894
Hewlett Packard Enterprise Co.		37,485		591,138
HP, Inc.		11,400		429,438
Intel Corp.		11,977		616,815
Jabil, Inc.		3,980		279,993
Jack Henry & Associates, Inc.		877		146,450
Lam Research Corp.		1,226		881,678
LiveRamp Holdings, Inc. (b)		2,994		143,562
Manhattan Associates, Inc. (b)		167		25,967
Mastercard, Inc. - Class A		3,238		1,163,478
Micron Technology, Inc.		8,632		804,071
Microsoft Corp.		10,991		3,696,493
Motorola Solutions, Inc.		1,014		275,504
Novanta, Inc. (b)		1,849		326,034
NXP Semiconductors NV		1,610		366,726
Oracle Corp.		8,637		753,233
Power Integrations, Inc.		1,546		143,608
PTC, Inc. (b)		1,997		241,937
Qorvo, Inc. (b)		700		109,473
QUALCOMM, Inc.		440		80,463
salesforce.com, Inc. (b)		7,535		1,914,870
Semtech Corp. (b)		1,607		142,911
Shimadzu Corp.		13,500		569,786
Silicon Laboratories, Inc. (b)		2,804		578,802
Skyworks Solutions, Inc.		970		150,486
Snowflake, Inc. - Class A (b)		510		172,762
SS&C Technologies Holdings, Inc.		1,170		95,917
TD SYNNEX Corp.		680		77,765
Synopsys, Inc. (b)		3,739		1,377,822
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		6,185		744,117
TE Connectivity Ltd.		3,979		641,972
Telefonaktiebolaget LM Ericsson - ADR		48,152		523,412
Texas Instruments, Inc.		5,637		1,062,405
The Western Union Co.		4,050		72,252
VeriSign, Inc.(b)		140		35,535
VMware, Inc. - Class A		1,180		136,738
Vontier Corp.		6,610		203,125
Western Digital Corp. (b)		480		31,301
Workday, Inc. - Class A (b)		2,261		617,660
Zendesk, Inc. (b)		2,119		220,991
				36,371,645
Materials - 3.3%
Agnico Eagle Mines Ltd.		1,442		76,594
Amcor PLC		7,960		95,600
Franco-Nevada Corp.		5,389		745,288
Givaudan SA		195		1,025,505
International Paper Co.		4,335		203,658
Linde PLC		28		9,700
LyondellBasell Industries NV - Class A		381		35,140
Martin Marietta Materials, Inc.		2,149		946,677
NewMarket Corp.		704		241,275
Reliance Steel & Aluminum Co.		834		135,291
Royal Gold, Inc.		5,074		533,836
RPM International, Inc.		3,060		309,060
Sealed Air Corp.		3,946		266,237
Silgan Holdings, Inc.		780		33,415
The Chemours Co.		6,770		227,201
The Sherwin-Williams Co.		2,180		767,709
Vulcan Materials Co.		6,725		1,395,975
Westlake Chemical Corp.		810		78,675
Wheaton Precious Metals Corp.		9,868		423,444
				7,550,280
Real Estate - 1.3%
AvalonBay Communities, Inc.		234		59,106
CBRE Group, Inc. - Class A (b)		2,310		250,658
Equity Residential		1,140		103,170
Extra Space Storage, Inc.		470		106,563
Federal Realty Investment Trust		640		87,245
Highwoods Properties, Inc.		950		42,361
Kilroy Realty Corp.		1,340		89,056
Kimco Realty Corp.		7,305		180,068
Lamar Advertising Co. - Class A		180		21,834
National Retail Properties, Inc.		1,660		79,796
Public Storage		679		254,326
Realty Income Corp.		3,214		230,090
Regency Centers Corp.		12,107		912,263
Ventas, Inc.		10,810		552,607
WP Carey, Inc.		430		35,282
				3,004,425
Utilities - 1.3%
American Electric Power Co., Inc.		680		60,500
CenterPoint Energy, Inc.		1,919		53,559
Dominion Energy, Inc.		1,720		135,123
Duke Energy Corp.		300		31,470
Evergy, Inc.		2,670		183,189
Exelon Corp.		1,156		66,770
FirstEnergy Corp.		2,230		92,746
NextEra Energy, Inc.		480		44,813
PPL Corp.		43,203		1,298,682
Sempra Energy		270		35,716
The Southern Co.		6,982		478,825
UGI Corp.		9,920		455,427
Xcel Energy, Inc.		490		33,173
				2,969,993
Total Common Stocks (Cost $147,284,578)				183,580,912

U.S. TREASURY OBLIGATIONS - 0.3%	Par Value
U.S. Treasury Notes - 0.3%
United States Treasury Note/Bond
0.125%, due 05/31/23 (d)	$	82,000	81,488
0.250%, due 09/30/23 (d)		16,000	15,888
0.250%, due 06/15/24 (d)		147,000	144,841
0.750%, due 11/15/24 (d)		29,000	28,841
0.875%, due 09/30/26 (d)		177,000	173,847
1.250%, due 11/30/26 (d)		265,000	264,876
1.250%, due 09/30/28 (d)		2,000	1,977
1.125%, due 02/15/31 (d)		8,000	7,762
1.375%, due 11/15/31 (d)		14,000	13,816
Total U.S. Treasury Obligations (Cost $737,570)			733,336
AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 0.1%
Federal Home Loan Mortgage Corp. - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.690%, due 03/25/30 (d)(e)		289,918	35,251
Series K-1501, 0.394%, due 04/25/30 (d)(e)		1,650,806	42,445
Series K-110, 1.697%, due 04/25/30 (d)(e)		299,350	35,873
Series K-118, 0.961%, due 09/25/30 (d)(e)		598,618	42,956
Total Agency Mortgage-Backed Obligations Interest-Only Strips  (Cost $134,836)			156,525
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 1.7%
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.832%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (d)(f)(g)		120,000	118,654
BBCMS 2020-BID Mortgage Trust
Series 2020-BID, 2.250%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (d)(f)(g)		110,000	110,324
BBCMS 2021-AGW Mortgage Trust
Series 2021-AGW, 1.360%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (d)(f)(g)		200,000	199,501
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.510%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (d)(f)(g)		82,243	82,151
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (d)(e)(f)		288,445	285,629
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 3.944%, due 07/12/49 (d)(e)		108,000	109,236
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.200%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (d)(f)(g)		110,000	109,794
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (d)(f)		120,000	122,873
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (d)(f)		90,000	92,315
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (d)(e)(f)		43,946	44,614
JP MORGAN MORTGAGE TRUST 2018-5
Series 2018-5, 3.500%, due 10/25/48 (d)(e)(f)		85,228	86,228
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (d)(e)(f)		19,028	19,152
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (d)(e)(f)		3,346	3,366
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (d)(e)(f)		93,314	94,984
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (d)(e)(f)		65,597	66,429
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (d)(e)(f)		185,496	183,975
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (d)(e)(f)		54,581	55,276
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.098%, due 07/17/45 (d)(e)		105,000	107,965
KREST Commercial Mortgage Securities Trust 2021-CHIP
Series C, 3.024%, due 11/05/44 (d)(e)(f)		225,000	221,574
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 3.892%, due 11/18/49 (d)(e)		100,000	99,473
OBX 2021-J3 Trust
Series 2021-J3, 2.500%, due 10/25/51 (d)(e)(f)		400,000	396,246
Provident Funding Mortgage Trust 2021-J1
Series 2.00000, 2.000%, due 10/25/51 (d)(e)(f)		100,000	95,551
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (d)(e)(f)		46,338	47,044
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.852%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (d)(f)(g)		250,000	248,984
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (d)(e)		57,509	58,013
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (d)(e)(f)		9,334	9,340
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (d)(e)(f)		8,603	8,719
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (d)(e)(f)		100,000	100,625
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (d)(e)(f)		250,000	249,076
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (d)(f)		140,000	142,838
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.310%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (d)(f)(g)		100,000	99,828
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (d)(e)(f)		88,770	89,832
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (d)(e)		120,000	122,749
Total Non-Agency Mortgage-Backed Obligations  (Cost $3,920,953)			3,882,358
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 0.1%
BBCMS Trust 2021-C10
Series 2021-C10, 1.308%, due 07/17/54 (d)(e)		997,706	94,725
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.712%, due 08/15/53 (d)(e)		459,087	43,133
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $144,567)			137,858
ASSET-BACKED SECURITIES - 1.5%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 03/22/29 (d)		55,461	56,773
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29 (d)		23,700	23,650
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (d)		100,000	98,384
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (d)(f)		98,333	97,983
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (d)(f)		84,651	86,738
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (d)		150,000	150,653
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35 (d)		132,514	129,934
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (d)(f)		123,053	126,723
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (d)(f)		156,412	155,857
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (d)(f)		116,187	118,185
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (d)(f)		100,000	99,164
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (d)(f)		72,335	69,929
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/15/69 (d)(f)		92,056	91,624
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (d)(f)		63,150	62,209
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (d)(f)		100,000	99,240
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (d)(f)		100,000	98,622
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (d)(f)		100,000	98,348
Santander Drive Auto Receivables Trust 2019-3
Series D, 2.680%, due 10/15/25 (d)		125,000	126,766
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (d)		100,000	100,098
Series C, 1.120%, due 01/15/26 (d)		150,000	150,498
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (d)		100,000	99,199
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (d)(f)		177,240	176,603
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (d)(f)		250,000	252,148
SoFi Consumer Loan Program 2021-1 Trust
Series B, 1.300%, due 09/25/30 (d)(f)		250,000	247,162
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.703%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (d)(f)(g)		64,339	64,363
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (d)(f)		66,578	67,658
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (d)(f)		125,000	126,550
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 09/03/26 (d)		20,549	21,309
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (d)(f)		144,137	141,739
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (d)(f)		100,000	98,380
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (d)(f)		150,000	150,030
Total-Asset Backed Securities (Cost $3,504,513)			3,486,519
COLLATERALIZED LOAN OBLIGATIONS - 2.0%
Aimco CLO 11 Ltd.
Series 2020-11R, 1.253%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%)  (d)(f)(g)		500,000	498,828
Apidos CLO XXIII
Series XXIII, 1.344%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (d)(f)(g)		250,000	250,036
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 1.710%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (d)(f)(g)(h)		250,000	248,597
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
Series C, 1.960%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (d)(f)(g)(h)		225,000	223,996
Benefit Street Partners CLO XIX Ltd.
Series A, 1.474%, due 01/18/33 (3 Month U.S. LIBOR + 1.350%) (d)(f)(g)		250,000	250,034
CARLYLE US CLO 2021-1 Ltd.
Series LTD, 1.264%, due 04/17/34 (3 Month U.S. LIBOR + 1.140%) (d)(f)(g)		250,000	249,970
Dryden 78 CLO Ltd.
Series LTD, 1.302%, due 04/18/33 (3 Month U.S. LIBOR + 1.180%) (d)(f)(g)		250,000	249,857
Greystone CRE Notes 2021-FL3 Ltd.
Series 2021-FL3, 2.110%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (d)(f)(g)(h)		225,000	223,861
Madison Park Funding XXI Ltd.
Series FLT, 1.518%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (d)(f)(g)		250,000	249,998
Marble Point CLO XIV Ltd.
Series FLT, 1.412%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (d)(f)(g)		280,000	280,124
MF1 2021-FL6 Ltd.
Series 2021-FL6, 1.958%, due 07/18/36 (1 Month U.S. LIBOR + 1.850%) (d)(f)(g)(h)		225,000	223,931
MF1 2021-FL7 Ltd.
Series 2021-FL7, 2.158%, due 10/20/36 (1 Month U.S. LIBOR + 1.150%) (d)(f)(g)(h)		200,000	198,638
Octagon Investment Partners 48 Ltd.
Series A-R, 1.277%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		250,000	249,706
OHA Credit Funding 3 Ltd.
Series A-R, 1.272%, due 07/02/35 (3 Month U.S. LIBOR + 1.140%) (d)(f)(g)		250,000	249,692
OHA Credit Funding 4 Ltd.
Series A-R, 1.278%, due 10/22/36 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		350,000	350,062
OHA Loan Funding 2015-1 Ltd.
Series LTD, 1.330%, due 01/19/37 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		270,000	270,054
Palmer Square CLO 2019-1 Ltd.
1.348%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (d)(f)(g)		250,000	250,032
Total Collateralized Loan Obligations  (Cost $4,521,043)			4,517,416
CORPORATE BONDS - 3.2%
Basic Materials - 0.0% (i)
Ecolab, Inc.
4.800%, due 03/24/30 (d)		33,000	39,496
Steel Dynamics, Inc.
1.650%, due 10/15/27 (d)		46,000	45,014
			84,510
Communications - 0.2%
Amazon.com, Inc.
1.500%, due 06/03/30 (d)		70,000	67,894
AT&T, Inc.
2.250%, due 02/01/32 (d)		92,000	88,784
Fox Corp.
3.050%, due 04/07/25 (d)		98,000	102,870
The Walt Disney Co.
2.200%, due 01/13/28 (d)		38,000	38,708
T-Mobile USA, Inc.
3.750%, due 04/15/27 (d)		46,000	49,833
Verizon Communications Inc
2.355%, due 03/15/32 (d)(f)		83,000	81,829
Verizon Communications, Inc.
4.329%, due 09/21/28 (d)		46,000	52,150
			482,068
Consumer, Cyclical - 0.1%
American Honda Finance Corp.
1.200%, due 07/08/25 (d)		38,000	37,838
Nissan Motor Co. Ltd.
4.810%, due 09/17/30 (d)(f)		46,000	51,447
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (d)		87,000	94,311
Ross Stores, Inc.
4.600%, due 04/15/25 (d)		62,000	67,820
			251,416
Consumer, Non-cyclical - 0.5%
AbbVie, Inc.
3.800%, due 03/15/25 (d)		67,000	71,310
Altria Group, Inc.
3.400%, due 05/06/30 (d)		48,000	49,699
Amgen, Inc.
3.200%, due 11/02/27 (d)		63,000	67,746
AstraZeneca PLC
0.700%, due 04/08/26 (d)		44,000	42,551
BAT International Finance PLC
1.668%, due 03/25/26 (d)		78,000	76,601
Constellation Brands, Inc.
3.700%, due 12/06/26 (d)		48,000	51,910
CVS Health Corp.
3.875%, due 07/20/25 (d)		128,000	137,227
1.750%, due 08/21/30 (d)		92,000	87,479
Global Payments, Inc.
2.650%, due 02/15/25 (d)		43,000	44,124
HCA, Inc.
4.125%, due 06/15/29 (d)		54,000	59,603
Johnson & Johnson
0.950%, due 09/01/27 (d)		100,000	97,648
1.300%, due 09/01/30 (d)		100,000	96,100
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (d)		37,000	40,282
PepsiCo, Inc.
2.625%, due 07/29/29 (d)		44,000	46,224
Royalty Pharma PLC
1.200%, due 09/02/25 (d)		39,000	38,233
1.750%, due 09/02/27 (d)		39,000	37,933
2.200%, due 09/02/30 (d)		61,000	58,859
Triton Container International Ltd
2.050%, due 04/15/26 (d)(f)		86,000	85,330
			1,188,859
Energy - 0.2%
BP Capital Markets PLC
3.535%, due 11/04/24 (d)		58,000	61,669
Enterprise Products Operating LLC
2.800%, due 01/31/30 (d)		46,000	47,882
Exxon Mobil Corp.
2.275%, due 08/16/26 (d)		52,000	53,659
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 (d)		37,000	37,832
MPLX LP
4.875%, due 12/01/24 (d)		38,000	41,230
2.650%, due 08/15/30 (d)		35,000	34,913
Phillips 66
0.900%, due 02/15/24 (d)		47,000	46,702
Sabine Pass Liquefaction LLC.
5.625%, due 03/01/25 (d)		36,000	39,960
			363,847
Financial - 1.6%
Aflac, Inc.
3.250%, due 03/17/25 (d)		60,000	63,409
American International Group, Inc.
3.900%, due 04/01/26 (d)		77,000	83,457
Assurant, Inc.
4.200%, due 09/27/23 (d)		37,000	38,831
Aviation Capital Group LLC
1.950%, due 09/20/26 (d)(f)		73,000	70,841
Avolon Holdings Funding Ltd.
2.875%, due 02/15/25 (d)(f)		56,000	57,190
2.125%, due 02/21/26 (d)(f)		102,000	100,087
Bank of America Corp.
4.125%, due 01/22/24 (d)		102,000	108,350
4.000%, due 01/22/25 (d)		39,000	41,616
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (d)(g)		230,000	228,419
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (d)(g)		92,000	92,692
Blackstone Holdings Finance Co. LLC
1.625%, due 08/05/28 (d)(f)		104,000	100,844
BNP Paribas SA
2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (d)(f)(g)		200,000	205,725
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (d)(g)		90,000	89,187
4.450%, due 09/29/27 (d)		42,000	46,789
Equinix, Inc.
1.250%, due 07/15/25 (d)		69,000	67,777
2.900%, due 11/18/26 (d)		54,000	56,092
Intercontinental Exchange, Inc.
3.750%, due 12/01/25 (d)		65,000	70,246
JPMorgan Chase & Co.
2.776%, due 04/25/23 (3 Month U.S. LIBOR + 0.935%) (d)(g)		88,000	88,544
3.875%, due 09/10/24 (d)		100,000	106,363
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (d)(g)		90,000	89,001
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (d)(g)		117,000	114,514
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (d)(g)		38,000	36,420
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (d)(g)		99,000	100,312
Kite Realty Group LP
4.000%, due 10/01/26 (d)		52,000	55,148
Main Star Cap Corp.
3.000%, due 07/14/26 (d)		99,000	98,986
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23 (d)		37,000	38,504
Morgan Stanley
0.560%, due 11/10/23 (SOFR Rate + 0.466%) (d)(g)		92,000	91,822
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (d)(g)		82,000	81,199
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (d)(g)		122,000	124,192
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (d)(g)		120,000	118,611
1.512%, due 07/20/27 (SOFR Rate + 0.858%) (d)(g)		87,000	85,618
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (d)(g)		48,000	46,843
Oaktree Specialty Lending Corp.
2.700%, due 01/15/27 (d)		90,000	88,946
Realty Income Corp.
3.250%, due 01/15/31 (d)		92,000	98,670
Royal Bank of Canada
1.200%, due 04/27/26 (d)		60,000	58,824
Scentre Group Trust 1
3.625%, due 01/28/26 (d)(f)		87,000	92,836
The Bank of Nova Scotia
2.700%, due 08/03/26 (d)		87,000	90,703
The Charles Schwab Corp.
3.300%, due 04/01/27 (d)		34,000	36,426
The Goldman Sachs Group, Inc.
2.908%, due 06/05/23 (3 Month U.S. LIBOR + 1.053%) (d)(g)		75,000	75,614
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (d)(g)		60,000	58,659
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (d)(g)		118,000	120,838
XLIT Ltd.
4.450%, due 03/31/25 (d)		46,000	49,842
			3,568,987
Industrial - 0.2%
3M Co.
2.000%, due 02/14/25 (d)		48,000	49,030
Amphenol Corp.
2.800%, due 02/15/30 (d)		51,000	52,601
Carrier Global Corp.
2.722%, due 02/15/30 (d)		103,000	104,583
Caterpillar Financial Services Corp.
2.850%, due 05/17/24 (d)		50,000	52,214
Raytheon Technologies Corp.
3.200%, due 03/15/24 (d)		48,000	49,953
The Boeing Co.
4.875%, due 05/01/25 (d)		47,000	51,433
			359,814
Technology - 0.2%
Apple, Inc.
1.200%, due 02/08/28 (d)		60,000	58,211
Broadcom, Inc.
4.150%, due 11/15/30 (d)		30,000	33,235
DXC Technology Co.
1.800%, due 09/15/26 (d)		58,000	57,177
Fiserv, Inc.
3.850%, due 06/01/25 (d)		52,000	55,541
Intel Corp.
3.400%, due 03/25/25 (d)		21,000	22,321
3.700%, due 07/29/25 (d)		32,000	34,528
Microsoft Corp.
2.400%, due 08/08/26 (d)		101,000	105,524
Oracle Corp.
2.950%, due 04/01/30 (d)		109,000	109,836
Vmware, Inc.
1.000%, due 08/15/24 (d)		61,000	60,694
			537,067
Utilities - 0.2%
Ameren Illinois Co.
3.800%, due 05/15/28 (d)		50,000	54,587
Duke Energy Corp.
3.150%, due 08/15/27 (d)		94,000	99,332
Entergy Corp.
0.900%, due 09/15/25 (d)		20,000	19,343
FirstEnergy Corp.
4.400%, due 07/15/27 (d)		76,000	81,714
Sierra Pacific Power Co.
2.600%, due 05/01/26 (d)		67,000	69,723
Southwestern Electric Power Co.
1.650%, due 03/15/26 (d)		60,000	59,727
The AES Corp.
1.375%, due 01/15/26 (d)		47,000	45,614
			430,040
Total Corporate Bonds  (Cost $7,399,313)			7,266,608

	Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES - 5.3%
Voya Emerging Markets Hard Currency Debt Fund - Class P		183,659		1,722,723
Voya High Yield Bond Fund - Class P		200,571		1,610,581
Voya Investment Grade Credit Fund - Class P		187,553		2,083,715
Voya Securitized Credit Fund - Class P		692,306		6,763,832
Total Affiliated Registered Investment Companies (Cost $12,145,031)				12,180,851
Total Investments at Value - 94.2% (Cost $179,792,404)				215,942,383
Other Assets in Excess of Liabilities - 5.8%				13,413,137
Net Assets - 100.0%			$	229,355,520

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

(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, 2021. The total fair value of securities on loan at December 31, 2021, was $184,160 (Note 8).
(d)	Level 2 security.
(e)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.
(f)	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, 2021, the value of these investments was $11,277,722 or 4.9% of total net assets.
(g)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.
(h)	Illiquid security. The total value of such securities is $1,119,023 as of December 31, 2021, representing 0.5% of net assets.
(i)	Represents less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY GROWTH PORTFOLIO	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 97.0% (a)
Communication Services - 1.5%
AMC Networks, Inc. - Class A (b)		1,046	$	36,024
Bandwidth, Inc. - Class A (b)		258		18,514
Cardlytics, Inc. (b)		3,142		207,655
Cargurus, Inc. (b)		119		4,003
Cars.com, Inc. (b)		1,183		19,034
Cinemark Holdings, Inc. (b)		1,878		30,273
Cogent Communications Holdings, Inc.		44		3,220
Eventbrite, Inc. - Class A (b)		324		5,651
Gogo, Inc. (b)		526		7,117
Magnite, Inc. (b)		7,901		138,268
Ooma, Inc. (b)		1,241		25,366
QuinStreet, Inc. (b)		1,529		27,812
TechTarget, Inc. (b)		419		40,082
Ziff Davis, Inc. (b)		357		39,577
				602,596
Consumer Discretionary - 12.3%
1-800-Flowers.com, Inc. - Class A (b)		382		8,927
2U, Inc. (b)		641		12,865
Academy Sports & Outdoors, Inc. (b)		651		28,579
American Eagle Outfitters, Inc. (c)		189		4,785
Arko Corp. (b)		2,195		19,250
Asbury Automotive Group, Inc. (b)		160		27,637
BJ's Restaurants, Inc. (b)		168		5,804
Bloomin' Brands, Inc. (b)		2,606		54,674
Boot Barn Holdings, Inc. (b)		3,204		394,252
Brinker International, Inc. (b)		756		27,662
Caesars Entertainment, Inc. (b)		119		11,130
Caleres, Inc.		279		6,328
Camping World Holdings, Inc. - Class A		1,220		49,288
Carriage Services, Inc.		345		22,232
Cavco Industries, Inc. (b)		183		58,130
Century Casinos, Inc. (b)		3,798		46,260
Century Communities, Inc.		139		11,369
Citi Trends, Inc. (b)		238		22,551
Crocs, Inc. (b)		501		64,238
Dave & Buster's Entertainment, Inc. (b)		780		29,952
Dorman Products, Inc. (b)		216		24,410
Drive Shack, Inc. (b)		5,310		7,593
Everi Holdings, Inc. (b)		1,627		34,736
Fox Factory Holding Corp. (b)		140		23,814
Funko, Inc. - Class A (b)		1,224		23,011
Golden Nugget Online Gaming, Inc. (b)		971		9,661
Green Brick Partners, Inc. (b)		7,799		236,544
Guess?, Inc.		928		21,975
Hamilton Beach Brands Holding Co. - Class A		443		6,362
Haverty Furniture Cos., Inc.		814		24,884
Hibbett, Inc.		559		40,209
International Game Technology PLC		2,201		63,631
iRobot Corp. (b)		71		4,677
Legacy Housing Corp. (b)		378		10,006
MasterCraft Boat Holdings, Inc. (b)		633		17,933
Meritage Homes Corp. (b)		148		18,065
Monarch Casino & Resort, Inc. (b)		435		32,168
Murphy USA, Inc.		452		90,056
National Vision Holdings, Inc. (b)		41		1,968
Noodles & Co. (b)		169		1,533
The ONE Group Hospitality, Inc. (b)		1,044		13,165
OneWater Marine, Inc. - Class A		54		3,292
Overstock.com, Inc. (b)		485		28,620
Papa John's International, Inc.		214		28,563
Party City Holdco, Inc. (b)		419		2,334
Penn National Gaming, Inc. (b)		748		38,784
Perdoceo Education Corp. (b)		1,414		16,629
PetMed Express, Inc.		152		3,840
PlayAGS, Inc. (b)		4,029		27,357
Porch Group, Inc. (b)		411		6,408
PowerSchool Holdings, Inc. - Class A (b)		1,101		18,134
RCI Hospitality Holdings, Inc.		106		8,255
Red Rock Resorts, Inc. - Class A		156		8,582
Revolve Group, Inc. (b)		106		5,940
RH (b)		39		20,902
Sally Beauty Holdings, Inc. (b)		3,173		58,574
Scientific Games Corp. (b)		529		35,353
Shake Shack, Inc. - Class A (b)		320		23,091
Shoe Carnival, Inc.		493		19,266
Shutterstock, Inc.		1,129		125,184
Signet Jewelers Ltd.		715		62,226
Skyline Champion Corp. (b)		7,828		618,255
Sleep Number Corp. (b)		221		16,929
Sonos, Inc. (b)		3,635		108,323
Standard Motor Products, Inc.		734		38,454
Steven Madden Ltd.		3,909		181,651
Stoneridge, Inc. (b)		3,568		70,432
Stride, Inc. (b)		197		6,566
Sturm Ruger & Co., Inc.		400		27,208
Taylor Morrison Home Corp. (b)		841		29,401
Texas Roadhouse, Inc.		4,361		389,350
The Cheesecake Factory, Inc. (b)		583		22,824
The Children's Place, Inc. (b)		583		46,226
The Lovesac Co. (b)		711		47,111
ThredUp, Inc. - Class A (b)		6,532		83,348
TopBuild Corp. (b)		1,539		424,625
Urban Outfitters, Inc. (b)		353		10,364
Vivint Smart Home, Inc. (b)		1,874		18,328
Wingstop, Inc.		265		45,792
Winmark Corp.		336		83,425
Winnebago Industries, Inc.		817		61,210
WW International, Inc. (b)		1,488		24,001
YETI Holdings, Inc. (b)		3,189		264,145
				4,771,616
Consumer Staples - 2.8%
BellRing Brands, Inc. - Class A (b)(c)		246		7,018
Coca-Cola Consolidated, Inc.		9		5,573
elf Beauty, Inc. (b)		15,538		516,017
Grocery Outlet Holding Corp. (b)		12,525		354,207
Inter Parfums, Inc.		139		14,859
J & J Snack Foods Corp.		37		5,844
Medifast, Inc.		178		37,279
Performance Food Group Co. (b)		369		16,933
Sanderson Farms, Inc.		124		23,694
USANA Health Sciences, Inc. (b)		74		7,489
Vector Group Ltd.		2,910		33,407
Veru, Inc. (b)		690		4,064
WD-40 Co.		232		56,756
				1,083,140
Energy - 1.3%
Arch Resources, Inc.		65		5,936
Brigham Minerals, Inc. - Class A		10,370		218,703
Callon Petroleum Co. (b)		213		10,064
Centennial Resource Development, Inc. - Class A (b)		2,351		14,059
Crescent Energy, Inc. - Class A (b)		547		6,936
Denbury, Inc. (b)		263		20,143
Dorian LPG Ltd.		460		5,837
Earthstone Energy, Inc. - Class A (b)		123		1,346
Kosmos Energy Ltd. (b)		13,712		47,444
Magnolia Oil & Gas Corp. - Class A		1,775		33,494
Matador Resources Co.		764		28,207
Ovintiv, Inc.		575		19,378
Par Pacific Holdings, Inc. (b)		1,208		19,920
Southwestern Energy Co. (b)		12,326		57,439
TETRA Technologies, Inc. (b)		3,041		8,636
				497,542
Financials - 5.6%
Artisan Partners Asset Management, Inc. - Class A		630		30,013
Atlanticus Holdings Corp. (b)		572		40,795
Banc of California, Inc.		15,026		294,810
Cadence Bank		11,171		332,784
Cohen & Steers, Inc.		1,362		125,999
Cowen, Inc. - Class A		682		24,620
CrossFirst Bankshares, Inc. (b)		937		14,627
Curo Group Holdings Corp.		281		4,499
Customers Bancorp, Inc. (b)		84		5,491
Eastern Bankshares, Inc.		1,002		20,210
First Financial Bankshares, Inc.		267		13,574
FirstCash Holdings, Inc.		394		29,475
Focus Financial Partners, Inc. - Class A (b)		102		6,092
GAMCO Investors, Inc. - Class A		608		15,188
Glacier Bancorp, Inc.		665		37,706
Hanmi Financial Corp.		172		4,073
Home BancShares, Inc.		12,732		310,024
Houlihan Lokey, Inc.		1,027		106,315
James River Group Holdings Ltd.		4,074		117,372
Kinsale Capital Group, Inc.		33		7,851
Metrocity Bankshares, Inc.		600		16,518
Moelis & Co. - Class A		1,207		75,450
NMI Holdings, Inc. - Class A (b)		480		10,488
Open Lending Corp. - Class A (b)		608		13,668
Piper Sandler Cos.		115		20,529
PJT Partners, Inc. - Class A		945		70,015
PROG Holdings, Inc.		1,512		68,206
Regional Management Corp.		427		24,535
Silvergate Capital Corp. - Class A (b)		41		6,076
StepStone Group, Inc. - Class A		2,934		121,966
Texas Capital Bancshares, Inc. (b)		3,277		197,439
				2,166,408
Health Care - 33.1%
1Life Healthcare, Inc. (b)		2,010		35,316
Accolade, Inc. (b)		180		4,745
Accuray, Inc. (b)		1,825		8,705
AdaptHealth Corp. (b)		978		23,922
Aerie Pharmaceuticals, Inc. (b)		15,122		106,156
Affimed NV (b)		10,787		59,544
Agenus, Inc. (b)		3,165		10,191
Albireo Pharma, Inc. (b)		768		17,887
Alector, Inc. (b)		279		5,761
Allakos, Inc. (b)		164		1,606
ALX Oncology Holdings, Inc. (b)		180		3,868
American Well Corp. - Class A (b)		16,203		97,866
AMN Healthcare Services, Inc. (b)		575		70,340
Amneal Pharmaceuticals, Inc. (b)		3,461		16,578
Apellis Pharmaceuticals, Inc. (b)		127		6,005
Apollo Medical Holdings, Inc. (b)(c)		73		5,364
Arcus Biosciences, Inc. (b)		2,232		90,329
Arcutis Biotherapeutics, Inc. (b)		517		10,723
Arrowhead Pharmaceuticals, Inc. (b)		462		30,631
Arvinas, Inc. (b)		393		32,281
Atara Biotherapeutics, Inc. (b)		110		1,734
Atea Pharmaceuticals, Inc. (b)		271		2,423
Avid Bioservices, Inc. (b)		16,284		475,167
Beam Therapeutics, Inc. (b)		1,482		118,101
Biohaven Pharmaceutical Holding Co. Ltd. (b)		283		39,000
BioLife Solutions, Inc. (b)		15,656		583,499
Bioventus, Inc. - Class A (b)		1,002		14,519
Blueprint Medicines Corp. (b)		804		86,116
Bridgebio Pharma, Inc. (b)(c)		620		10,342
CareDx, Inc. (b)		263		11,961
Caribou Biosciences, Inc. (b)		1,673		25,246
Castle Biosciences, Inc. (b)		5,323		228,197
Cerus Corp. (b)		3,206		21,833
Chemed Corp.		100		52,904
ChromaDex Corp. (b)		2,918		10,913
ClearPoint Neuro, Inc. (b)		526		5,902
Community Health Systems, Inc. (b)		881		11,726
CONMED Corp.		4,955		702,421
Corcept Therapeutics, Inc. (b)		242		4,792
CRISPR Therapeutics AG (b)		813		61,609
Cross Country Healthcare, Inc. (b)		526		14,602
CryoLife, Inc. (b)		670		13,634
CryoPort, Inc. (b)		3,490		206,503
Curis, Inc. (b)		871		4,146
Cutera, Inc. (b)		670		27,684
CytoSorbents Corp. (b)		5,401		22,630
Denali Therapeutics, Inc. (b)		1,982		88,397
Dynavax Technologies Corp. (b)		460		6,472
Eagle Pharmaceuticals, Inc. (b)		94		4,786
Editas Medicine, Inc. (b)		2,966		78,747
Enanta Pharmaceuticals, Inc. (b)		3,206		239,745
Fate Therapeutics, Inc. (b)		637		37,271
Fulgent Genetics, Inc. (b)		332		33,396
Generation Bio Co. (b)		197		1,395
Global Blood Therapeutics, Inc. (b)		337		9,864
Globus Medical, Inc. - Class A (b)		217		15,667
Halozyme Therapeutics, Inc. (b)		2,884		115,966
Harvard Bioscience, Inc. (b)		62,139		438,080
Health Catalyst, Inc. (b)		3,374		133,678
HealthStream, Inc. (b)		102		2,689
Heska Corp. (b)		1,696		309,503
iCAD, Inc. (b)		7,909		56,945
IGM Biosciences, Inc. (b)		312		9,151
ImmunoGen, Inc. (b)		14,824		109,994
Inari Medical, Inc. (b)		225		20,536
Innoviva, Inc. (b)		2,881		49,697
Inspire Medical Systems, Inc. (b)		355		81,671
Integer Holdings Corp. (b)		213		18,231
Intellia Therapeutics, Inc. (b)		1,131		133,729
Intercept Pharmaceuticals, Inc. (b)		845		13,765
Invitae Corp. (b)		813		12,415
iRhythm Technologies, Inc. (b)		197		23,185
Ironwood Pharmaceuticals, Inc. (b)		3,112		36,286
Kiniksa Pharmaceuticals Ltd. - Class A (b)		9,236		108,708
Kodiak Sciences, Inc. (b)		105		8,902
LeMaitre Vascular, Inc.		5,035		252,908
Lexicon Pharmaceuticals, Inc. (b)		1,808		7,124
LHC Group, Inc. (b)		1,506		206,668
MacroGenics, Inc. (b)		4,067		65,275
Marinus Pharmaceuticals, Inc. (b)		628		7,461
Medpace Holdings, Inc. (b)		3,366		732,576
Merit Medical Systems, Inc. (b)		139		8,660
Mesa Laboratories, Inc.		2,063		676,850
ModivCare, Inc. (b)		140		20,761
Morphic Holding, Inc. (b)		324		15,351
Neogen Corp. (b)		9,914		450,195
NeoGenomics, Inc. (b)		15,174		517,737
Nkarta, Inc. (b)		649		9,962
Novocure Ltd. (b)		42		3,153
Nurix Therapeutics, Inc. (b)		394		11,406
NuVasive, Inc. (b)		28		1,469
Omnicell, Inc. (b)		2,154		388,668
Organogenesis Holdings, Inc. (b)		26,106		241,219
Ortho Clinical Diagnostics Holdings PLC (b)		1,249		26,716
OrthoPediatrics Corp. (b)		3,138		187,841
Pacific Biosciences of California, Inc. (b)		1,036		21,197
Pacira BioSciences, Inc. (b)		213		12,816
Paratek Pharmaceuticals, Inc. (b)		16,308		73,223
Phreesia, Inc. (b)		369		15,373
Pliant Therapeutics, Inc. (b)		3,107		41,945
Precigen, Inc. (b)		5,031		18,665
Precision BioSciences, Inc. (b)		945		6,993
Progyny, Inc. (b)		505		25,427
Pulse Biosciences, Inc. (b)		4,655		68,941
Puma Biotechnology, Inc. (b)		419		1,274
Quanterix Corp. (b)		4,406		186,814
Quotient Ltd. (b)		1,467		3,800
R1 RCM, Inc. (b)		1,529		38,974
Renalytix PLC - ADR (b)		4,042		64,268
Repligen Corp. (b)		2,047		542,127
Rocket Pharmaceuticals, Inc. (b)		374		8,164
Sangamo Therapeutics, Inc. (b)		1,913		14,347
Scholar Rock Holding Corp. (b)		123		3,055
Seer, Inc. (b)		1,109		25,296
Select Medical Holdings Corp.		2,271		66,767
Seres Therapeutics, Inc. (b)		994		8,280
Sesen Bio, Inc. (b)		3,592		2,927
Sharps Compliance Corp. (b)		42,313		301,692
Shockwave Medical, Inc. (b)		370		65,982
SI-BONE, Inc. (b)		10,727		238,247
Silk Road Medical, Inc. (b)		2,333		99,409
Simulations Plus, Inc. (c)		7,813		369,555
Spero Therapeutics, Inc. (b)		7,634		122,220
STAAR Surgical Co. (b)		914		83,448
Stereotaxis, Inc. (b)		2,680		16,616
Stoke Therapeutics, Inc. (b)		386		9,260
Syros Pharmaceuticals, Inc. (b)		5,762		18,784
Teladoc Health, Inc. (b)		27		2,479
The Ensign Group, Inc.		316		26,531
Tivity Health, Inc. (b)		133		3,517
Turning Point Therapeutics, Inc. (b)		378		18,031
Twist Bioscience Corp. (b)		213		16,484
US Physical Therapy, Inc.		423		40,418
Veracyte, Inc. (b)		5,789		238,507
Vericel Corp. (b)		7,190		282,567
Viemed Healthcare, Inc. (b)		1,812		9,459
Vir Biotechnology, Inc. (b)		891		37,306
Vocera Communications, Inc. (b)		1,122		72,750
Xencor, Inc. (b)		818		32,818
Xenon Pharmaceuticals, Inc. (b)		1,352		42,236
Xeris Biopharma Holdings, Inc. (b)		26,169		76,675
				12,901,957
Industrials - 13.5%
AAON, Inc.		468		37,173
Acacia Research Corp. (b)		9,964		51,115
Aerojet Rocketdyne Holdings, Inc.		1,032		48,256
Allied Motion Technologies, Inc.		73		2,664
Alta Equipment Group, Inc. (b)		26,118		382,368
Atkore, Inc. (b)		969		107,743
Atlas Air Worldwide Holdings, Inc. (b)		238		22,401
Barrett Business Services, Inc.		94		6,492
Bloom Energy Corp. - Class A (b)		920		20,176
Boise Cascade Co.		184		13,101
Chart Industries, Inc. (b)		1,088		173,525
Columbus McKinnon Corp.		7,125		329,603
Comfort Systems USA, Inc.		303		29,979
Cornerstone Building Brands, Inc. (b)		650		11,336
Daseke, Inc. (b)		986		9,899
Desktop Metal, Inc. - Class A (b)		686		3,396
Douglas Dynamics, Inc.		5,311		207,448
EMCOR Group, Inc.		838		106,753
Exponent, Inc.		165		19,260
Franklin Covey Co. (b)		1,619		75,057
Franklin Electric Co., Inc.		1,093		103,354
FuelCell Energy, Inc. (b)(c)		5,368		27,914
GrafTech International Ltd.		2,729		32,284
Heritage-Crystal Clean, Inc. (b)		427		13,673
Hudson Technologies, Inc. (b)		28,264		125,492
Infrastructure and Energy Alternatives, Inc. (b)		1,504		13,837
INNOVATE Corp. (b)		1,515		5,605
John Bean Technologies Corp.		568		87,222
Kratos Defense & Security Solutions, Inc. (b)		8,656		167,926
Lawson Products, Inc. (b)		4,834		264,661
Luxfer Holdings PLC		13,503		260,743
Masonite International Corp. (b)		90		10,616
Mercury Systems, Inc. (b)		3,552		195,573
Meritor, Inc. (b)		485		12,018
MRC Global, Inc. (b)		250		1,720
Mueller Industries, Inc.		1,178		69,926
Plug Power, Inc. (b)		172		4,856
RBC Bearings, Inc. (b)		91		18,379
Regal Rexnord Corp.		115		19,571
Rush Enterprises, Inc. - Class A		4,344		241,700
Saia, Inc. (b)		2,220		748,207
Science Applications International Corp.		18		1,505
Simpson Manufacturing Co., Inc.		820		114,037
SiteOne Landscape Supply, Inc. (b)		1,350		327,078
Sterling Construction Co., Inc. (b)		312		8,206
Tetra Tech, Inc.		103		17,489
The AZEK Co., Inc. (b)		5,785		267,498
The Brink's Co.		45		2,951
Titan International, Inc. (b)		1,266		13,875
Titan Machinery, Inc. (b)		6,280		211,573
TriNet Group, Inc. (b)		852		81,162
UFP Industries, Inc.		1,089		100,199
Vectrus, Inc. (b)		82		3,753
Vicor Corp. (b)		56		7,111
Watts Water Technologies, Inc. - Class A		49		9,514
Werner Enterprises, Inc.		328		15,632
				5,264,605
Information Technology - 23.2%
3D Systems Corp. (b)		2,417		52,062
8x8, Inc. (b)		891		14,933
908 Devices, Inc. (b)(c)		6,517		168,595
A10 Networks, Inc.		4,457		73,897
ACI Worldwide, Inc. (b)		1,287		44,659
Alarm.com Holdings, Inc. (b)		279		23,662
Alkami Technology, Inc. (b)		534		10,712
Alpha & Omega Semiconductor Ltd. (b)		411		24,890
Ambarella, Inc. (b)		440		89,272
Appfolio, Inc. - Class A (b)		1,341		162,341
Appian Corp. (b)		476		31,040
Asana, Inc. - Class A (b)		493		36,753
Avaya Holdings Corp. (b)		345		6,831
Axcelis Technologies, Inc. (b)		1,843		137,414
Badger Meter, Inc.		179		19,074
BigCommerce Holdings, Inc. (b)		838		29,640
Blackbaud, Inc. (b)		378		29,854
Blackline, Inc. (b)		211		21,847
Box, Inc. - Class A (b)		3,329		87,187
Cass Information Systems, Inc.		499		19,621
Cerence, Inc. (b)		2,067		158,415
CEVA, Inc. (b)		4,145		179,230
Computer Task Group, Inc. (b)		32,136		320,396
Consensus Cloud Solutions, Inc. (b)		265		15,336
CTS Corp.		764		28,054
Digital Turbine, Inc. (b)		4,928		300,559
Diodes, Inc. (b)		49		5,381
Domo, Inc. - Class B (b)		287		14,235
DoubleVerify Holdings, Inc. (b)		6,680		222,310
Endava PLC - ADR (b)		2,525		423,998
Enphase Energy, Inc. (b)		17		3,110
Everbridge, Inc. (b)		57		3,838
Evo Payments, Inc. - Class A (b)		18,128		464,077
ExlService Holdings, Inc. (b)		430		62,251
Extreme Networks, Inc. (b)		4,431		69,567
FormFactor, Inc. (b)		1,052		48,097
Harmonic, Inc. (b)		2,318		27,260
II-VI, Inc. (b)		804		54,937
International Money Express, Inc. (b)		5,055		80,678
JFrog Ltd. (b)		1,027		30,502
Kopin Corp. (b)		2,252		9,211
Kulicke & Soffa Industries, Inc.		1,560		94,442
Lattice Semiconductor Corp. (b)		1,631		125,685
Limelight Networks, Inc. (b)		11,009		37,761
LivePerson, Inc. (b)		472		16,860
MACOM Technology Solutions Holdings, Inc. (b)		1,585		124,105
Maximus, Inc.		419		33,382
MaxLinear, Inc. (b)		698		52,622
MicroStrategy, Inc. - Class A (b)		74		40,292
Mimecast Ltd. (b)		3,760		299,183
Model N, Inc. (b)		545		16,366
nLight, Inc. (b)		7,188		172,152
Novanta, Inc. (b)		296		52,194
NVE Corp.		420		28,686
ON24, Inc. (b)		871		15,112
Onto Innovation, Inc. (b)		748		75,720
OSI Systems, Inc. (b)		698		65,054
PagerDuty, Inc. (b)		1,085		37,704
Pegasystems, Inc.		4,737		529,691
Power Integrations, Inc.		768		71,340
PROS Holdings, Inc. (b)		7,224		249,156
Q2 Holdings, Inc. (b)		147		11,678
Qualys, Inc. (b)		2,996		411,111
Repay Holdings Corp. (b)		14,970		273,502
Sailpoint Technologies Holdings, Inc. (b)		546		26,394
Sapiens International Corp. NV		1,282		44,165
Semtech Corp. (b)		1,743		155,005
Silicon Laboratories, Inc. (b)		1,046		215,915
SMART Global Holdings, Inc. (b)		1,525		108,260
Sprout Social, Inc. - Class A (b)		263		23,851
SPS Commerce, Inc. (b)		280		39,858
Sumo Logic, Inc. (b)		304		4,122
Synaptics, Inc. (b)		260		75,273
The Hackett Group, Inc.		928		19,052
TTEC Holdings, Inc.		253		22,909
Ultra Clean Holdings, Inc. (b)		1,414		81,107
Varonis Systems, Inc. (b)		753		36,731
Veeco Instruments, Inc. (b)		7,113		202,507
Verra Mobility Corp. (b)		3,066		47,308
Vonage Holdings Corp. (b)		1,242		25,821
WNS Holdings Ltd. - ADR (b)		8,271		729,668
Workiva, Inc. (b)		5,710		745,098
Xperi Holding Corp.		254		4,803
				9,047,371
Materials - 2.0%
Avient Corp.		149		8,337
Balchem Corp.		142		23,941
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e)		840		–
Forterra, Inc. (b)		1,956		46,514
Greif, Inc. - Class A		442		26,683
Innospec, Inc.		624		56,372
Materion Corp.		3,710		341,097
Quaker Chemical Corp.		1,220		281,552
				784,496
Real Estate - 1.6%
Douglas Elliman, Inc. (b)		1,455		16,732
EastGroup Properties, Inc.		224		51,038
eXp World Holdings, Inc.		1,466		49,389
Innovative Industrial Properties, Inc.		1,482		389,633
Newmark Group, Inc. - Class A		3,444		64,403
Redfin Corp. (b)		735		28,217
Ryman Hospitality Properties, Inc. (b)		156		14,346
				613,758
Utilities - 0.1%
Ormat Technologies, Inc.		69		5,471
South Jersey Industries, Inc.		731		19,094
Via Renewables, Inc.		2,359		26,963
				51,528
Total Common Stocks (Cost $27,723,276)				37,785,017
Total Investments at Value - 97.0% (Cost $27,723,276)				37,785,017
Other Assets in Excess of Liabilities - 3.0%				1,177,587
Net Assets - 100.0%			$	38,962,604

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, 2021. The total fair value of securities on loan at December 31, 2021, was $324,858.
(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, 2021, representing 0.0% of net assets.
(e)	Illiquid security.  The total value of such securities is $0 as of December 31, 2021, representing 0.0% of net assets.

WILSHIRE MUTUAL FUNDS, INC.
SMALL COMPANY VALUE PORTFOLIO	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.6% (a)
Communication Services - 1.5%
Advantage Solutions, Inc. (b)		1,466	$	11,757
AMC Networks, Inc. - Class A (b)		1,170		40,295
Cars.com, Inc. (b)		670		10,780
Cinemark Holdings, Inc. (b)		1,530		24,664
Clear Channel Outdoor Holdings, Inc. (b)		4,800		15,888
EchoStar Corp. - Class A (b)		630		16,601
Emerald Holding, Inc. (b)		8,300		32,951
Entravision Communications Corp. - Class A		4,490		30,442
Gannett Co., Inc. (b)		2,152		11,470
Gogo, Inc. (b)		550		7,442
Gray Television, Inc.		980		19,757
Hemisphere Media Group, Inc. (b)		1,365		9,924
iHeartMedia, Inc.  - Class A (b)		870		18,305
Liberty Latin America Ltd. - Class A (b)		1,545		18,015
Liberty Latin America Ltd. - Class C (b)		4,135		47,139
Lions Gate Entertainment Corp. - Class B (b)		1,430		22,008
Live Nation Entertainment, Inc. (b)		883		105,686
Magnite, Inc. (b)		335		5,863
National CineMedia, Inc.		4,177		11,737
Ooma, Inc. (b)		870		17,783
Sinclair Broadcast Group, Inc. - Class A		245		6,475
Stagwell, Inc. (b)		2,500		21,675
TEGNA, Inc.		1,995		37,027
				543,684
Consumer Discretionary - 14.8%
2U, Inc. (b)		390		7,827
Abercrombie & Fitch Co. - Class A (b)		406		14,141
Academy Sports & Outdoors, Inc. (b)		620		27,218
Adient PLC (b)		1,100		52,668
Adtalem Global Education, Inc. (b)		410		12,120
American Eagle Outfitters, Inc. (c)		1,203		30,460
American Public Education, Inc. (b)		1,440		32,040
Asbury Automotive Group, Inc. (b)		500		86,365
Bassett Furniture Industries, Inc.		700		11,739
Bed Bath & Beyond, Inc. (b)(c)		1,815		26,463
Big 5 Sporting Goods Corp. (c)		1,100		20,911
Biglari Holdings, Inc. - Class B (b)		120		17,108
Bluegreen Vacations Holding Corp. (b)		1,950		68,445
Brinker International, Inc. (b)		1,000		36,590
Carriage Services, Inc.		750		48,330
Carter's, Inc.		595		60,226
Casper Sleep, Inc. (b)		880		5,878
Century Casinos, Inc. (b)		670		8,161
Century Communities, Inc.		1,094		89,478
Chuy's Holdings, Inc. (b)		425		12,801
Citi Trends, Inc. (b)		135		12,791
Conn's, Inc. (b)		862		20,274
Coursera, Inc. (b)		1,570		38,371
Del Taco Restaurants, Inc.		1,170		14,567
Designer Brands, Inc. - Class A (b)		800		11,368
Dillard's, Inc. - Class A (c)		395		96,783
Dine Brands Global, Inc.		300		22,743
El Pollo Loco Holdings, Inc. (b)		2,670		37,887
Ethan Allen Interiors, Inc.		2,200		57,838
Foot Locker, Inc.		830		36,213
Fossil Group, Inc. (b)		3,070		31,590
Franchise Group, Inc.		350		18,256
Funko, Inc. - Class A (b)		1,310		24,628
Genesco, Inc. (b)		800		51,336
G-III Apparel Group Ltd. (b)		1,300		35,932
Green Brick Partners, Inc. (b)		7,558		229,234
Group 1 Automotive, Inc.		700		136,654
Guess?, Inc.		815		19,299
H&R Block, Inc.		1,900		44,764
Hanesbrands, Inc.		9,577		160,127
Haverty Furniture Cos., Inc.		2,765		84,526
Hibbett, Inc.		763		54,883
Hooker Furnishings Corp.		1,200		27,936
International Game Technology PLC		2,230		64,469
iRobot Corp. (b)		250		16,470
Jack in the Box, Inc.		420		36,742
Johnson Outdoors, Inc. - Class A		1,217		114,021
KB Home		790		35,337
Kirkland's, Inc. (b)		2,500		37,325
Lakeland Industries, Inc. (b)		800		17,360
Laureate Education, Inc. - Class A		995		12,179
La-Z-Boy, Inc.		1,400		50,834
Lazydays Holdings, Inc. (b)		1,910		41,141
LGI Homes, Inc. (b)		190		29,351
Lifetime Brands, Inc.		830		13,255
Lumber Liquidators Holdings, Inc. (b)		700		11,949
M/I Homes, Inc. (b)		2,030		126,225
Macy's, Inc.		6,690		175,144
MarineMax, Inc. (b)		600		35,424
Meritage Homes Corp. (b)		1,064		129,872
Movado Group, Inc.		930		38,902
Murphy USA, Inc.		282		56,186
OneWater Marine, Inc. - Class A		800		48,776
Perdoceo Education Corp. (b)		5,160		60,682
PetMed Express, Inc.		1,339		33,823
PlayAGS, Inc. (b)		3,590		24,376
Potbelly Corp. (b)		1,400		7,812
Red Rock Resorts, Inc. - Class A		11,735		645,542
Rent-A-Center, Inc.		650		31,226
Rocky Brands, Inc.		951		37,850
Sally Beauty Holdings, Inc. (b)		3,043		56,174
Shoe Carnival, Inc.		380		14,850
Signet Jewelers Ltd.		483		42,035
Sleep Number Corp. (b)		190		14,554
Sonic Automotive, Inc. - Class A		900		44,505
Standard Motor Products, Inc.		861		45,108
Sturm Ruger & Co., Inc.		672		45,710
Superior Group of Cos., Inc.		65		1,426
Taylor Morrison Home Corp. (b)		3,180		111,173
The Aaron's Co., Inc.		2,000		49,300
The Cato Corp. - Class A		2,700		46,332
The Cheesecake Factory, Inc. (b)		395		15,464
The Children's Place, Inc. (b)		350		27,752
The Container Store Group, Inc. (b)		3,184		31,776
The Goodyear Tire & Rubber Co. (b)		1,766		37,651
The ODP Corp. (b)		1,260		49,493
Tilly's, Inc. - Class A		4,295		69,193
Travel + Leisure Co.		620		34,267
Tri Pointe Homes, Inc. (b)		2,810		78,371
Tupperware Brands Corp. (b)		1,700		25,993
Unifi, Inc. (b)		1,690		39,124
Urban Outfitters, Inc. (b)		1,315		38,608
Vail Resorts, Inc.		998		327,244
Vera Bradley, Inc. (b)		5,400		45,954
Vista Outdoor, Inc. (b)		1,577		72,652
Vivint Smart Home, Inc. (b)		2,620		25,624
Winnebago Industries, Inc.		170		12,736
Wolverine World Wide, Inc.		5,160		148,660
WW International, Inc. (b)		1,897		30,599
Zumiez, Inc. (b)		802		38,488
				5,490,058
Consumer Staples - 4.7%
B&G Foods, Inc. (c)		1,040		31,959
BellRing Brands, Inc. - Class A (b)(c)		930		26,533
Cal-Maine Foods, Inc.		10,297		380,886
Central Garden & Pet Co. (b)		1,000		52,630
Edgewell Personal Care Co.		225		10,285
Energizer Holdings, Inc.		1,200		48,120
Flowers Foods, Inc.		4,737		130,125
Hostess Brands, Inc. (b)		4,770		97,403
Ingles Markets, Inc. - Class A		120		10,361
Inter Parfums, Inc.		150		16,035
Lancaster Colony Corp.		971		160,798
Medifast, Inc.		110		23,037
Natural Grocers by Vitamin Cottage, Inc.		2,400		34,200
Nu Skin Enterprises, Inc. - Class A		540		27,405
Post Holdings, Inc. (b)		3,014		339,768
Primo Water Corp.		625		11,019
Seaboard Corp.		49		192,815
Seneca Foods Corp. - Class A (b)		530		25,413
The Duckhorn Portfolio, Inc. (b)		1,270		29,642
The Simply Good Foods Co. (b)		740		30,762
USANA Health Sciences, Inc. (b)		400		40,480
Vector Group Ltd.		526		6,039
Veru, Inc. (b)		1,190		7,009
				1,732,724
Energy - 6.7%
Amplify Energy Corp. (b)		900		2,799
Arch Resources, Inc.		245		22,373
Berry Corp.		5,400		45,468
Cactus, Inc. - Class A		800		30,504
California Resources Corp.		3,680		157,173
Callon Petroleum Co. (b)		130		6,142
Centennial Resource Development, Inc. - Class A (b)		4,500		26,910
ChampionX Corp. (b)		3,692		74,615
Chesapeake Energy Corp.		1,230		79,359
Civitas Resources, Inc.		5,312		260,129
Clean Energy Fuels Corp. (b)		1,200		7,356
CNX Resources Corp. (b)		6,105		83,944
Comstock Resources, Inc. (b)		3,160		25,564
CONSOL Energy, Inc. (b)		225		5,110
Core Laboratories NV		900		20,079
Coterra Energy, Inc.		3,770		71,630
CVR Energy, Inc.		800		13,448
Delek US Holdings, Inc. (b)		2,910		43,621
DHT Holdings, Inc.		5,300		27,507
Dorian LPG Ltd.		550		6,980
Dril-Quip, Inc. (b)		2,400		47,232
Equitrans Midstream Corp.		4,500		46,530
Expro Group Holdings NV (b)		2,950		42,333
Gevo, Inc. (b)(c)		1,950		8,346
Golar LNG Ltd. (b)		520		6,443
Helix Energy Solutions Group, Inc. (b)(c)		9,400		29,328
HollyFrontier Corp.		600		19,668
Kosmos Energy Ltd. (b)		13,600		47,056
Laredo Petroleum, Inc. (b)		350		21,045
Liberty Oilfield Services, Inc. - Class A (b)		3,700		35,890
Magnolia Oil & Gas Corp. - Class A		905		17,077
Murphy Oil Corp.		1,700		44,387
National Energy Services Reunited Corp. (b)		4,600		43,470
Newpark Resources, Inc. (b)		10,700		31,458
NexTier Oilfield Solutions, Inc. (b)		10,200		36,210
Northern Oil and Gas, Inc.		3,910		80,468
Oasis Petroleum, Inc.		415		52,286
Oil States International, Inc. (b)		1,500		7,455
Ovintiv, Inc.		2,830		95,371
Par Pacific Holdings, Inc. (b)		2,700		44,523
PDC Energy, Inc.		2,787		135,950
ProPetro Holding Corp. (b)		3,100		25,110
Range Resources Corp. (b)		4,575		81,572
Ranger Oil Corp.(b)		1,600		43,072
REX American Resources Corp. (b)		305		29,280
Scorpio Tankers, Inc.		1,110		14,219
Select Energy Services, Inc. - Class A (b)		4,900		30,527
SFL Corp. Ltd.		500		4,075
Solaris Oilfield Infrastructure, Inc. - Class A		4,400		28,820
Southwestern Energy Co. (b)		7,512		35,006
Talos Energy, Inc. (b)		3,000		29,400
TechnipFMC PLC (b)		1,300		7,696
Transocean Ltd. (b)		3,790		10,460
Vertex Energy, Inc. (b)(c)		2,800		12,684
W&T Offshore, Inc. (b)		14,644		47,300
Whiting Petroleum Corp. (b)		1,606		103,876
World Fuel Services Corp.		2,710		71,734
				2,478,068
Financials - 31.1%
1st Source Corp.		800		39,680
Amalgamated Financial Corp.		1,300		21,801
Ambac Financial Group, Inc. (b)		2,600		41,730
Amerant Bancorp, Inc.		1,584		54,727
American Equity Investment Life Holding Co.		2,320		90,294
AMERISAFE, Inc.		222		11,950
Apollo Commercial Real Estate Finance, Inc.		1,590		20,924
Argo Group International Holdings Ltd.		330		19,176
Arlington Asset Investment Corp. - Class A (b)		2,700		9,450
ARMOUR Residential REIT, Inc.		690		6,769
Artisan Partners Asset Management, Inc. - Class A		1,795		85,514
AssetMark Financial Holdings, Inc. (b)		2,450		64,215
Associated Banc-Corp		3,478		78,568
Assured Guaranty Ltd.		1,000		50,200
Axis Capital Holdings Ltd.		850		46,299
BancFirst Corp.		1,455		102,665
Bank of Marin Bancorp		500		18,615
Bank OZK		11,430		531,838
BankUnited, Inc.		3,198		135,307
Banner Corp.		600		36,402
BCB Bancorp, Inc.		800		12,344
Berkshire Hills Bancorp, Inc.		2,850		81,025
Blackstone Mortgage Trust, Inc. - Class A		475		14,544
Blue Foundry Bancorp (b)		1,400		20,482
BOK Financial Corp.		2,279		240,412
Bridgewater Bancshares, Inc. (b)		700		12,383
Brighthouse Financial, Inc. (b)		400		20,720
Brookline Bancorp, Inc.		1,200		19,428
Cadence Bank		5,959		177,519
Camden National Corp.		500		24,080
Cannae Holdings, Inc. (b)		50		1,758
Carter Bankshares, Inc. (b)		700		10,773
Cathay General Bancorp		5,307		228,148
Central Pacific Financial Corp.		1,400		39,438
Central Valley Community Bancorp		1,000		20,770
CIT Group, Inc.		1,200		61,608
City Holding Co.		499		40,813
Civista Bancshares, Inc.		600		14,640
CNB Financial Corp.		600		15,900
CNO Financial Group, Inc.		1,900		45,296
Columbia Banking System, Inc.		2,270		74,274
Community Bank System, Inc.		610		45,433
Community Trust Bancorp, Inc.		600		26,166
Cowen, Inc. - Class A		1,300		46,930
CrossFirst Bankshares, Inc. (b)		1,375		21,464
CVB Financial Corp.		5,325		114,008
Diamond Hill Investment Group, Inc.		140		27,192
Dynex Capital, Inc.		5,660		94,579
Eagle Bancorp, Inc.		840		49,006
Eastern Bankshares, Inc.		2,815		56,779
Employers Holdings, Inc.		1,000		41,380
Encore Capital Group, Inc. (b)		835		51,862
Enova International, Inc. (b)		260		10,650
Enstar Group Ltd. (b)		1,512		374,356
Enterprise Financial Services Corp.		300		14,127
Essent Group Ltd.		1,040		47,351
Evercore, Inc. - Class A		100		13,585
FB Financial Corp.		1,043		45,704
Federal Agricultural Mortgage Corp. - Class C		300		37,179
Federated Hermes, Inc.		1,100		41,338
Financial Institutions, Inc.		800		25,440
First BanCorp		7,415		102,179
First Busey Corp.		1,800		48,816
First Business Financial Services, Inc.		400		11,668
First Community Bankshares, Inc.		2,328		77,802
First Financial Bancorp		1,000		24,380
First Financial Corp.		1,401		63,451
First Hawaiian, Inc.		1,300		35,529
First Internet Bancorp		600		28,224
First Interstate BancSystem, Inc. - Class A		3,108		126,402
First Merchants Corp.		735		30,789
First Mid Bancshares, Inc.		400		17,116
First Midwest Bancorp, Inc.		700		14,336
FirstCash Holdings, Inc.		1,880		140,643
Flagstar Bancorp, Inc.		310		14,861
Flushing Financial Corp.		2,100		51,030
FNB Corp.		4,000		48,520
FS Bancorp, Inc.		400		13,452
Fulton Financial Corp.		4,840		82,280
Genworth Financial, Inc. - Class A (b)		19,540		79,137
Glacier Bancorp, Inc.		3,039		172,311
Granite Point Mortgage Trust, Inc.		900		10,539
Great Ajax Corp.		1,713		22,543
Great Southern Bancorp, Inc.		500		29,625
Great Western Bancorp, Inc.		1,215		41,261
Greenhill & Co., Inc.		1,700		30,481
Hancock Whitney Corp.		2,896		144,858
Hanmi Financial Corp.		2,200		52,096
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		465		24,701
Heartland Financial USA, Inc.		700		35,427
Heritage Financial Corp.		1,000		24,440
Heritage Insurance Holdings, Inc.		840		4,939
Hilltop Holdings, Inc.		1,400		49,196
Home Bancorp, Inc.		200		8,302
Home BancShares, Inc.		2,320		56,492
HomeStreet, Inc.		700		36,400
Hope Bancorp, Inc.		8,015		117,901
Horace Mann Educators Corp.		840		32,508
Horizon Bancorp, Inc.		1,920		40,032
Houlihan Lokey, Inc.		1,020		105,590
Independent Bank Corp.		150		12,229
Independent Bank Corp.		2,693		64,282
International Bancshares Corp.		3,710		157,267
Invesco Mortgage Capital, Inc.		6,392		17,770
Investar Holding Corp.		600		11,046
Investors Bancorp, Inc.		5,231		79,250
James River Group Holdings Ltd.		900		25,929
Kemper Corp.		400		23,516
Lakeland Bancorp, Inc.		2,200		41,778
LendingClub Corp. (b)		930		22,487
Level One Bancorp, Inc.		300		11,832
Live Oak Bancshares, Inc.		3,372		294,342
Luther Burbank Corp.		1,400		19,656
Macatawa Bank Corp.		1,400		12,348
Marlin Business Services Corp.		340		7,915
Mercantile Bank Corp.		1,623		56,854
Meta Financial Group, Inc.		170		10,142
MFA Financial, Inc.		17,260		78,706
Midland States Bancorp, Inc.		1,300		32,227
MidWestOne Financial Group, Inc.		800		25,896
Moelis & Co. - Class A		1,260		78,763
Mr. Cooper Group, Inc. (b)		6,273		261,020
National Bank Holdings Corp. - Class A		245		10,765
National Bankshares, Inc.		300		10,878
National Western Life Group, Inc. - Class A		599		128,450
Navient Corp.		2,400		50,928
NBT Bancorp, Inc.		1,018		39,213
New York Mortgage Trust, Inc.		10,560		39,283
Nicolet Bankshares, Inc. (b)		550		47,163
NMI Holdings, Inc. - Class A (b)		2,875		62,819
Northeast Bank		400		14,292
Northeast Community Bancorp, Inc.		1,100		12,243
Northfield Bancorp, Inc.		1,100		17,776
Northrim BanCorp, Inc.		870		37,810
OceanFirst Financial Corp.		2,400		53,280
Old National Bancorp		6,130		111,076
Oppenheimer Holdings, Inc. - Class A		2,305		106,883
Orrstown Financial Services, Inc.		500		12,600
PacWest Bancorp		700		31,619
PCB Bancorp		1,200		26,352
Peapack-Gladstone Financial Corp.		700		24,780
Peoples Bancorp, Inc.		2,510		79,843
Peoples Financial Services Corp.		170		8,957
Perella Weinberg Partners		2,000		25,720
PRA Group, Inc. (b)		1,385		69,541
Preferred Bank		500		35,895
Premier Financial Corp.		3,191		98,634
Primis Financial Corp.		1,400		21,056
ProAssurance Corp.		12,174		308,002
PROG Holdings, Inc.		4,864		219,415
Prosperity Bancshares, Inc.		299		21,618
Provident Financial Services, Inc.		2,135		51,710
Pzena Investment Management, Inc. - Class A		4,566		43,240
Radian Group, Inc.		2,140		45,218
RBB Bancorp		900		23,580
Ready Capital Corp.		3,860		60,332
Redwood Trust, Inc.		825		10,882
Regional Management Corp.		519		29,822
Reinsurance Group of America, Inc.		523		57,263
Reliant Bancorp, Inc.		425		15,088
RenaissanceRe Holdings Ltd.		568		96,179
Renasant Corp.		1,000		37,950
Republic Bancorp, Inc. - Class A		500		25,420
S&T Bancorp, Inc.		1,190		37,509
Safety Insurance Group, Inc.		360		30,611
Sandy Spring Bancorp, Inc.		620		29,810
Selective Insurance Group, Inc.		405		33,186
Sierra Bancorp		500		13,575
Simmons First National Corp. - Class A		1,395		41,264
SiriusPoint Ltd. (b)		5,000		40,650
South Plains Financial, Inc.		430		11,958
StepStone Group, Inc. - Class A		660		27,436
Sterling Bancorp		18,895		487,302
Stewart Information Services Corp.		200		15,946
Stifel Financial Corp.		842		59,294
Stock Yards Bancorp, Inc.		1,285		82,086
Territorial Bancorp, Inc.		500		12,625
Texas Capital Bancshares, Inc. (b)		810		48,802
The Community Financial Corp.		300		11,793
The First of Long Island Corp.		1,300		28,067
The Hanover Insurance Group, Inc.		140		18,348
Towne Bank		800		25,272
TPG RE Finance Trust, Inc.		3,258		40,139
Trean Insurance Group, Inc. (b)		1,500		13,365
TriCo Bancshares		300		12,888
Triumph Bancorp, Inc. (b)		1,015		120,866
TrustCo Bank Corp.		940		31,311
Trustmark Corp.		1,600		51,936
Two Harbors Investment Corp.		1,570		9,059
UMB Financial Corp.		200		21,222
United Bankshares, Inc.		4,590		166,525
United Community Banks, Inc.		2,035		73,138
Universal Insurance Holdings, Inc.		4,079		69,343
Univest Financial Corp.		2,834		84,793
Valley National Bancorp		1,115		15,331
Victory Capital Holdings, Inc. - Class A		1,000		36,530
Virtus Investment Partners, Inc.		70		20,797
Washington Federal, Inc.		2,450		81,781
Washington Trust Bancorp, Inc.		250		14,092
Waterstone Financial, Inc.		2,480		54,213
Webster Financial Corp.		530		29,595
White Mountains Insurance Group Ltd.		35		35,487
William Penn Bancorp		1,000		12,080
Wintrust Financial Corp.		410		37,236
WSFS Financial Corp.		140		7,017
				11,540,373
Health Care - 3.8%
4D Molecular Therapeutics, Inc. (b)		300		6,582
AdaptHealth Corp. (b)		960		23,482
Albireo Pharma, Inc. (b)		345		8,035
Allscripts Healthcare Solutions, Inc. (b)		855		15,775
Altimmune, Inc. (b)		480		4,397
American Well Corp. - Class A (b)		6,700		40,468
AnaptysBio, Inc. (b)		1,770		61,507
Apria, Inc. (b)		840		27,384
Arcutis Biotherapeutics, Inc. (b)		1,720		35,673
Atara Biotherapeutics, Inc. (b)		870		13,711
BioCryst Pharmaceuticals, Inc. (b)		240		3,324
Biohaven Pharmaceutical Holding Co. Ltd. (b)		50		6,891
Bioventus, Inc. - Class A (b)		480		6,955
Catalyst Pharmaceuticals, Inc. (b)		5,460		36,964
ChemoCentryx, Inc. (b)		190		6,918
Community Health Systems, Inc. (b)		1,560		20,764
Cross Country Healthcare, Inc. (b)		374		10,382
CryoLife, Inc. (b)		790		16,076
Cullinan Oncology, Inc. (b)		310		4,783
Curis, Inc. (b)		2,840		13,518
Emergent BioSolutions, Inc. (b)		1,260		54,772
Forma Therapeutics Holdings, Inc. (b)		590		8,390
Fulgent Genetics, Inc. (b)		230		23,136
Generation Bio Co. (b)		360		2,549
Hanger, Inc. (b)		4,933		89,435
ImmunoGen, Inc. (b)		2,628		19,500
Innoviva, Inc. (b)		3,640		62,790
Integer Holdings Corp. (b)		849		72,666
Invitae Corp. (b)		990		15,117
Kiniksa Pharmaceuticals Ltd. - Class A (b)		2,040		24,011
MEDNAX, Inc. (b)		295		8,027
Meridian Bioscience, Inc. (b)		1,350		27,540
National HealthCare Corp.		763		51,838
Natus Medical, Inc. (b)		5,753		136,519
Nkarta, Inc. (b)		430		6,600
Novavax, Inc. (b)		198		28,328
Nurix Therapeutics, Inc. (b)		660		19,107
Oncternal Therapeutics, Inc. (b)		6,560		14,891
OraSure Technologies, Inc. (b)		1,740		15,121
Passage Bio, Inc. (b)		1,460		9,271
Patterson Cos., Inc.		400		11,740
Precigen, Inc. (b)		5,130		19,032
Prestige Consumer Healthcare, Inc. (b)		960		58,224
Sana Biotechnology, Inc. (b)		295		4,567
Seer, Inc. (b)		770		17,564
Selecta Biosciences, Inc. (b)		10,300		33,578
Surface Oncology, Inc. (b)		3,530		16,873
Syros Pharmaceuticals, Inc. (b)		5,830		19,006
Taro Pharmaceutical Industries Ltd. (b)		860		43,095
Tenet Healthcare Corp. (b)		466		38,067
Triple-S Management Corp. (b)		68		2,426
Utah Medical Products, Inc.		190		19,000
Vanda Pharmaceuticals, Inc. (b)		3,440		53,974
Veracyte, Inc. (b)		130		5,356
				1,395,699
Industrials - 16.4%
AAR Corp. (b)		3,055		119,237
ABM Industries, Inc.		2,285		93,342
ACCO Brands Corp.		5,600		46,256
Aerojet Rocketdyne Holdings, Inc.		478		22,351
Allegiant Travel Co. (b)		1,220		228,189
Allied Motion Technologies, Inc.		2,325		84,839
Allison Transmission Holdings, Inc.		1,400		50,890
Argan, Inc.		1,090		42,172
Armstrong Flooring, Inc. (b)		4,700		9,306
ASGN, Inc. (b)		405		49,977
Atkore, Inc. (b)		130		14,455
Atlas Air Worldwide Holdings, Inc. (b)		380		35,766
Avis Budget Group, Inc. (b)		190		39,400
AZZ, Inc.		950		52,526
Barnes Group, Inc.		500		23,295
Beacon Roofing Supply, Inc. (b)		395		22,653
BGSF, Inc.		1,000		14,350
BlueLinx Holdings, Inc. (b)		480		45,965
Boise Cascade Co.		630		44,856
CBIZ, Inc. (b)		520		20,343
CIRCOR International, Inc. (b)		55		1,495
Colfax Corp. (b)		8,512		391,297
Comfort Systems USA, Inc.		250		24,735
Concrete Pumping Holdings, Inc. (b)		15,246		125,017
Costamare, Inc.		1,450		18,343
Covenant Logistics Group, Inc. (b)		610		16,122
Douglas Dynamics, Inc.		2,702		105,540
Ducommun, Inc. (b)		515		24,087
DXP Enterprises, Inc. (b)		1,355		34,783
EMCOR Group, Inc.		2,052		261,404
Encore Wire Corp.		1,386		198,337
Energy Recovery, Inc. (b)		1,741		37,414
Enerpac Tool Group Corp.		2,200		44,616
EnerSys		665		52,575
Ennis, Inc.		1,800		35,154
EnPro Industries, Inc.		460		50,632
Flowserve Corp.		1,530		46,818
Fluor Corp. (b)		2,200		54,494
Forward Air Corp.		300		36,327
Franklin Electric Co., Inc.		740		69,974
FTI Consulting, Inc. (b)		175		26,849
GATX Corp.		290		30,215
GrafTech International Ltd.		4,300		50,869
Graham Corp.		800		9,952
Great Lakes Dredge & Dock Corp. (b)		3,200		50,304
Griffon Corp.		600		17,088
Hawaiian Holdings, Inc. (b)		495		9,093
Healthcare Services Group, Inc.		2,500		44,475
Heartland Express, Inc.		2,100		35,322
Heidrick & Struggles International, Inc.		1,400		61,222
Heritage-Crystal Clean, Inc. (b)		910		29,138
Hillenbrand, Inc.		1,020		53,030
Hyster-Yale Materials Handling, Inc.		720		29,592
Infrastructure and Energy Alternatives, Inc. (b)		860		7,912
Interface, Inc.		1,600		25,520
JELD-WEN Holding, Inc. (b)		1,800		47,448
Kelly Services, Inc. - Class A		1,800		30,186
Kimball International, Inc. - Class B		3,300		33,759
Kirby Corp. (b)		2,217		131,734
Korn Ferry		1,000		75,730
LB Foster Co. - Class A (b)		700		9,625
ManTech International Corp. - Class A		350		25,525
Masonite International Corp. (b)		400		47,180
MasTec, Inc. (b)		367		33,867
Matrix Service Co. (b)		3,300		24,816
Matson, Inc.		1,935		174,208
Meritor, Inc. (b)		1,930		47,825
Mesa Air Group, Inc. (b)		2,100		11,760
Miller Industries, Inc.		600		20,040
Moog, Inc. - Class A		655		53,035
MRC Global, Inc. (b)		3,595		24,734
Mueller Industries, Inc.		3,275		194,404
Mueller Water Products, Inc. - Class A		1,600		23,040
MYR Group, Inc. (b)		260		28,743
National Presto Industries, Inc.		595		48,808
PAM Transportation Services, Inc. (b)		200		14,202
Powell Industries, Inc.		900		26,541
Preformed Line Products Co.		400		25,880
Primoris Services Corp.		1,500		35,970
Proto Labs, Inc. (b)		600		30,810
Quanex Building Products Corp.		2,580		63,932
Radiant Logistics, Inc. (b)		2,980		21,724
Resideo Technologies, Inc. (b)		2,740		71,322
Resources Connection, Inc.		2,800		49,952
Rush Enterprises, Inc. - Class A		900		50,076
Safe Bulkers, Inc. (b)		4,410		16,626
Schneider National, Inc. - Class B		600		16,146
Sensata Technologies Holding PLC (b)		905		55,829
SP Plus Corp. (b)		320		9,030
Spirit Airlines, Inc. (b)		1,000		21,850
SPX FLOW, Inc.		613		53,012
Steelcase, Inc. - Class A		3,100		36,332
Stericycle, Inc. (b)		2,494		148,742
Sterling Construction Co., Inc. (b)		1,000		26,300
The Brink's Co.		600		39,342
The Greenbrier Cos., Inc.		1,100		50,479
Thermon Group Holdings, Inc. (b)		2,500		42,325
Titan International, Inc. (b)		950		10,412
Titan Machinery, Inc. (b)		230		7,749
Triton International Ltd.		1,934		116,485
TrueBlue, Inc. (b)		3,502		96,900
Tutor Perini Corp. (b)		2,500		30,925
UFP Industries, Inc.		310		28,523
Vectrus, Inc. (b)		1,520		69,570
Veritiv Corp. (b)		422		51,725
Wabash National Corp.		2,300		44,896
Watts Water Technologies, Inc. - Class A		255		49,513
WESCO International, Inc. (b)		3,293		433,326
				6,102,826
Information Technology - 7.4%
3D Systems Corp. (b)		2,083		44,868
A10 Networks, Inc.		440		7,295
Ambarella, Inc. (b)		113		22,927
Amkor Technology, Inc.		2,355		58,380
Avnet, Inc.		1,200		49,476
Axcelis Technologies, Inc. (b)		235		17,522
Belden, Inc.		830		54,556
BM Technologies, Inc. (b)		446		4,108
Casa Systems, Inc. (b)		1,200		6,804
Cass Information Systems, Inc.		1,200		47,184
CommScope Holding Co., Inc. (b)		2,100		23,184
Comtech Telecommunications Corp.		1,940		45,959
Concentrix Corp.		344		61,445
CSG Systems International, Inc.		300		17,286
Diebold Nixdorf, Inc. (b)		4,200		38,010
Diodes, Inc. (b)		300		32,943
Ebix, Inc.		800		24,320
ePlus, Inc. (b)		440		23,707
FormFactor, Inc. (b)		745		34,061
GTY Technology Holdings, Inc. (b)		1,180		7,906
Harmonic, Inc. (b)		3,330		39,161
II-VI, Inc. (b)		260		17,766
Insight Enterprises, Inc. (b)		460		49,036
Kimball Electronics, Inc. (b)		1,000		21,760
Lumentum Holdings, Inc. (b)		284		30,039
MACOM Technology Solutions Holdings, Inc. (b)		640		50,112
Marathon Digital Holdings, Inc. (b)(c)		170		5,586
Methode Electronics, Inc.		1,030		50,645
MoneyGram International, Inc. (b)		6,190		48,839
NETGEAR, Inc. (b)		1,000		29,210
NVE Corp.		117		7,991
ON24, Inc. (b)		1,308		22,694
Onto Innovation, Inc. (b)		380		38,467
OSI Systems, Inc. (b)		665		61,978
PC Connection, Inc.		740		31,916
Photronics, Inc. (b)		2,200		41,470
Plexus Corp. (b)		100		9,589
Rambus, Inc. (b)		4,595		135,047
Rogers Corp. (b)		109		29,757
Sanmina Corp. (b)		4,711		195,318
ScanSource, Inc. (b)		1,480		51,918
Semtech Corp. (b)		680		60,472
SMART Global Holdings, Inc. (b)		1,025		72,765
StarTek, Inc. (b)		9,480		49,486
Super Micro Computer, Inc. (b)		1,315		57,794
Synaptics, Inc. (b)		115		33,294
SYNNEX Corp.		424		48,489
Telos Corp. (b)		1,500		23,130
The Hackett Group, Inc.		1,360		27,921
TTM Technologies, Inc. (b)		1,120		16,688
Ultra Clean Holdings, Inc. (b)		1,004		57,589
Veeco Instruments, Inc. (b)		2,695		76,727
Verra Mobility Corp. (b)		800		12,344
Vishay Intertechnology, Inc.		3,690		80,700
Vishay Precision Group, Inc. (b)		2,986		110,840
WNS Holdings Ltd. - ADR (b)		3,804		335,589
Xperi Holding Corp.		3,989		75,432
				2,729,500
Materials - 4.6%
AdvanSix, Inc.		1,100		51,975
American Vanguard Corp.		1,600		26,224
Ashland Global Holdings, Inc.		2,653		285,622
Avient Corp.		205		11,470
Cabot Corp.		730		41,026
Chase Corp.		1,605		159,794
Commercial Metals Co.		1,845		66,955
Compass Minerals International, Inc.		700		35,756
Ecovyst, Inc.		5,000		51,200
FutureFuel Corp.		1,200		9,168
Glatfelter Corp.		1,800		30,960
Greif, Inc. - Class A		720		43,466
Hawkins, Inc.		300		11,835
HB Fuller Co.		310		25,110
Innospec, Inc.		1,045		94,405
Kaiser Aluminum Corp.		520		48,849
Koppers Holdings, Inc. (b)		345		10,798
Materion Corp.		558		51,303
Mercer International, Inc.		2,500		29,975
NewMarket Corp.		70		23,990
Ryerson Holding Corp.		700		18,235
Summit Materials, Inc. - Class A (b)		1,241		49,814
Taseko Mines Ltd. (b)		76,754		157,346
Tredegar Corp.		2,510		29,668
TriMas Corp.		3,019		111,703
Trinseo PLC		800		41,968
UFP Technologies, Inc. (b)		1,580		111,011
Warrior Met Coal, Inc.		1,100		28,281
Worthington Industries, Inc.		1,105		60,399
				1,718,306
Real Estate - 5.3%
Acadia Realty Trust		2,640		57,631
Agree Realty Corp.		590		42,102
Alexander's, Inc.		170		44,251
Apartment Investment and Management Co. - Class A (b)		1,890		14,591
Braemar Hotels & Resorts, Inc. (b)		2,500		12,750
CubeSmart		3,777		214,949
DiamondRock Hospitality Co. (b)		2,743		26,360
Douglas Elliman, Inc. (b)		263		3,025
Easterly Government Properties, Inc.		5,530		126,748
Empire State Realty Trust, Inc. - Class A		9,610		85,529
Equity Commonwealth (b)		260		6,734
Essential Properties Realty Trust, Inc.		412		11,878
Four Corners Property Trust, Inc.		250		7,352
Getty Realty Corp.		1,200		38,508
Healthcare Realty Trust, Inc.		3,580		113,271
Hersha Hospitality Trust (b)		770		7,061
iStar, Inc. (c)		2,601		67,184
Jones Lang LaSalle, Inc. (b)		281		75,684
Kennedy-Wilson Holdings, Inc.		2,300		54,924
Kite Realty Group Trust		1,370		29,839
LXP Industrial Trust		1,955		30,537
National Health Investors, Inc.		436		25,057
Newmark Group, Inc. - Class A		3,995		74,706
Outfront Media, Inc.		350		9,387
Pebblebrook Hotel Trust		2,685		60,063
Piedmont Office Realty Trust, Inc. - Class A		2,540		46,685
PS Business Parks, Inc.		110		20,259
Rayonier, Inc.		3,441		138,879
RE/MAX Holdings, Inc. - Class A		1,792		54,638
Realogy Holdings Corp. (b)		955		16,054
RPT Realty		865		11,574
Ryman Hospitality Properties, Inc. (b)		978		89,937
Sabra Health Care REIT, Inc.		2,490		33,715
Seritage Growth Properties - Class A (b)		3,550		47,108
SITE Centers Corp.		3,160		50,023
STAG Industrial, Inc.		770		36,929
Summit Hotel Properties, Inc. (b)		885		8,638
Sunstone Hotel Investors, Inc. (b)		8,030		94,192
Terreno Realty Corp.		90		7,676
The Macerich Co.		610		10,541
The RMR Group, Inc. - Class A		1,360		47,165
Urban Edge Properties		1,390		26,410
				1,980,544
Utilities - 2.3%
ALLETE, Inc.		680		45,118
Artesian Resources Corp. - Class A		610		28,261
Avista Corp.		1,300		55,237
Black Hills Corp.		630		44,459
Brookfield Infrastructure Corp. - Class A		340		23,209
Brookfield Renewable Corp. - Class A		505		18,599
Hawaiian Electric Industries, Inc.		1,100		45,650
Northwest Natural Holding Co.		130		6,341
Otter Tail Corp.		740		52,851
PNM Resources, Inc.		840		38,312
Portland General Electric Co.		1,580		83,614
South Jersey Industries, Inc.		7,436		194,228
Southwest Gas Holdings, Inc.		700		49,035
Spire, Inc.		700		45,654
UGI Corp.		2,650		121,662
				852,230
Total Common Stocks (Cost $28,195,429)				36,564,012
Total Investments at Value - 98.6% (Cost $28,195,429)				36,564,012
Other Assets in Excess of Liabilities - 1.4%				534,061
Net Assets - 100.0%			$	37,098,073

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

REIT - Real Estate Investment Trust

(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, 2021. The total fair value of securities on loan at December 31, 2021, was $351,050.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE 5000 INDEX FUND	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 98.7% (a)
Communication Services - 9.2%
Activision Blizzard, Inc.		4,183	$	278,295
Actua Corp. (b)(c)(d)		100		1
Alphabet, Inc. - Class A (d)		1,529		4,429,574
Alphabet, Inc. - Class C (d)		1,750		5,063,783
Altice USA, Inc. (d)		120		1,942
AMC Entertainment Holdings, Inc. - Class A (d)(e)		2,885		78,472
Angi, Inc. (d)		150		1,381
AT&T, Inc.		39,870		980,802
Bumble, Inc. (d)		510		17,269
Cable One, Inc.		20		35,269
Cardlytics, Inc. (d)		230		15,201
Cars.com, Inc. (d)		445		7,160
Charter Communications, Inc. (d)		676		440,732
Cinemark Holdings, Inc. (d)		775		12,493
Cogent Communications Holdings, Inc.		340		24,881
Comcast Corp. - Class A		24,365		1,226,290
Consolidated Communications Holdings, Inc. (d)		501		3,747
Discovery, Inc. (d)(e)		798		18,785
Discovery, Inc. (d)		2,209		50,586
DISH Network Corp. (d)		1,469		47,654
EchoStar Corp. (d)		400		10,540
Electronic Arts, Inc.		1,650		217,635
Fox Corp. - Class A		2,196		81,032
Fox Corp. - Class B		878		30,089
Frontier Communications Parent, Inc. (d)		1,359		40,077
Gannett Co., Inc. (d)		364		1,940
IAC/InterActiveCorp (d)		450		58,820
iHeartMedia, Inc. - Class A (d)		316		6,649
Iridium Communications, Inc. (d)		362		14,947
John Wiley & Sons, Inc. - Class A		200		11,454
Liberty Media Corp.-Liberty SiriusXM (d)		638		32,442
Liberty Media Corp.-Liberty SiriusXM (d)		1,199		60,969
Lions Gate Entertainment Corp. (d)		1,033		15,898
Live Nation Entertainment, Inc. (d)		819		98,026
Loyalty Ventures, Inc. (d)		60		1,804
Lumen Technologies, Inc.		6,074		76,229
Madison Square Garden Entertainment Corp. (d)		192		13,505
Madison Square Garden Sports Corp. (d)		93		16,157
Magnite, Inc. (d)		700		12,250
Match Group, Inc. (d)		1,416		187,266
Meta Platforms, Inc. - Class A (d)		12,246		4,118,942
Netflix, Inc. (d)		2,435		1,466,941
News Corp. - Class A		2,291		51,112
News Corp. - Class B		1,121		25,223
Nexstar Media Group, Inc. - Class A		189		28,535
Omnicom Group, Inc.		1,114		81,623
Pinterest, Inc. - Class A (d)		580		21,083
ROBLOX Corp. - Class A (d)		1,162		119,872
Roku, Inc. (d)		140		31,948
Shenandoah Telecommunications Co.		300		7,650
Sinclair Broadcast Group, Inc. - Class A		425		11,233
Sirius XM Holdings, Inc. (e)		4,685		29,750
Skillz, Inc. (d)(e)		2,545		18,935
Snap, Inc. (d)		6,564		308,705
Take-Two Interactive Software, Inc. (d)		635		112,852
TechTarget, Inc. (d)		60		5,740
TEGNA, Inc.		215		3,990
Telephone and Data Systems, Inc.		700		14,105
The Interpublic Group of Cos., Inc.		1,762		65,987
The Marcus Corp. (d)		100		1,786
The New York Times Co.		620		29,946
The Walt Disney Co. (d)		9,015		1,396,333
T-Mobile US, Inc. (d)		3,544		411,033
TripAdvisor, Inc. (d)		634		17,283
Twitter, Inc. (d)		4,320		186,710
Verizon Communications, Inc.		22,235		1,155,331
ViacomCBS, Inc. - Class B		3,094		93,377
Vimeo, Inc. (d)		730		13,111
Warner Music Group Corp. - Class A		407		17,574
World Wrestling Entertainment, Inc.		280		13,815
Yelp, Inc. (d)		566		20,512
Ziff Davis, Inc. (d)		325		36,030
ZoomInfo Technologies, Inc. (d)		400		25,680
Zynga, Inc. - Class A (d)		5,350		34,240
				23,699,033
Consumer Discretionary - 12.4%
1-800-Flowers.com, Inc. - Class A (d)		300		7,011
2U, Inc. (d)		325		6,523
Abercrombie & Fitch Co. - Class A (d)		425		14,803
Academy Sports & Outdoors, Inc. (d)		555		24,364
Adtalem Global Education, Inc. (d)		400		11,824
Advance Auto Parts, Inc.		371		88,995
Airbnb, Inc. - Class A (d)		380		63,266
Amazon.com, Inc. (d)		2,554		8,515,904
American Eagle Outfitters, Inc. (e)		665		16,838
American Outdoor Brands, Inc. (d)		118		2,352
Aramark		1,065		39,245
Asbury Automotive Group, Inc. (d)		50		8,636
Autoliv, Inc.		357		36,917
AutoNation, Inc. (d)		195		22,786
AutoZone, Inc. (d)		121		253,663
Bath & Body Works, Inc. (d)		1,484		103,568
Beazer Homes USA, Inc. (d)		200		4,644
Bed Bath & Beyond, Inc. (d)(e)		275		4,010
Best Buy Co., Inc.		1,171		118,974
Big Lots, Inc.		200		9,010
Bloomin' Brands, Inc. (d)		880		18,462
Booking Holdings, Inc. (d)		228		547,024
Boot Barn Holdings, Inc. (d)		58		7,137
BorgWarner, Inc.		1,310		59,042
Boyd Gaming Corp. (d)		1,052		68,980
Bright Horizons Family Solutions, Inc. (d)		300		37,764
Brinker International, Inc. (d)		175		6,403
Brunswick Corp.		298		30,018
Burlington Stores, Inc. (d)		308		89,785
Caesars Entertainment, Inc. (d)		1,129		105,595
Callaway Golf Co. (d)		650		17,836
Camping World Holdings, Inc. - Class A		18		727
CarMax, Inc. (d)		890		115,905
Carnival Corp. (d)		5,125		103,115
Carter's, Inc.		172		17,410
Carvana Co. (d)		80		18,543
Chegg, Inc. (d)		740		22,718
Chewy, Inc. - Class A (d)(e)		290		17,101
Chipotle Mexican Grill, Inc. (d)		147		256,993
Choice Hotels International, Inc.		200		31,198
Churchill Downs, Inc.		191		46,012
Columbia Sportswear Co.		340		33,130
Coursera, Inc. (d)		645		15,764
Cracker Barrel Old Co.untry Store, Inc.		191		24,570
Crocs, Inc. (d)		250		32,055
Dana, Inc.		900		20,538
Darden Restaurants, Inc.		643		96,862
Dave & Buster's Entertainment, Inc. (d)		300		11,520
Deckers Outdoor Corp. (d)		145		53,115
Dick's Sporting Goods, Inc. (e)		346		39,787
Dillard's, Inc. - Class A (e)		92		22,542
Dollar General Corp.		1,226		289,128
Dollar Tree, Inc. (d)		1,306		183,519
Domino's Pizza, Inc.		171		96,500
DoorDash, Inc. (d)		220		32,758
Dorman Products, Inc. (d)		200		22,602
DR Horton, Inc.		1,838		199,331
DraftKings, Inc. - Class A (d)		3,532		97,024
eBay, Inc.		3,685		245,053
Etsy, Inc. (d)		630		137,932
Expedia Group, Inc. (d)		724		130,841
Faraday Future Intelligent Electric, Inc. (d)(e)		2,306		12,268
Five Below, Inc. (d)		230		47,585
Floor & Decor Holdings, Inc. (d)		440		57,204
Foot Locker, Inc.		475		20,724
Ford Motor Co.		20,876		433,595
Fox Factory Holding Corp. (d)		123		20,922
Frontdoor, Inc. (d)		487		17,849
GameStop Corp. - Class A (d)(e)		336		49,859
General Motors Co. (d)		7,560		443,243
Gentex Corp.		1,599		55,725
Gentherm, Inc. (d)		75		6,518
Genuine Parts Co.		747		104,729
Golden Entertainment, Inc. (d)		100		5,053
Graham Holdings Co. - Class B		41		25,823
Grand Canyon Education, Inc. (d)		200		17,142
Green Brick Partners, Inc. (d)		45		1,365
Group 1 Automotive, Inc.		43		8,394
H&R Block, Inc.		1,310		30,864
Hanesbrands, Inc.		1,575		26,334
Harley-Davidson, Inc.		650		24,499
Hasbro, Inc.		610		62,086
Helen of Troy Ltd. (d)		119		29,092
Hilton Grand Vacations, Inc. (d)		635		33,090
Hilton Worldwide Holdings, Inc. (d)		1,450		226,186
Houghton Mifflin Harcourt Co. (d)		325		5,233
Hyatt Hotels Corp. - Class A (d)		300		28,770
Installed Building Products, Inc.		70		9,780
iRobot Corp. (d)		167		11,002
KB Home		375		16,774
Kohl's Corp.		563		27,807
Kontoor Brands, Inc.		339		17,374
Las Vegas Sands Corp. (d)		1,993		75,017
La-Z-Boy, Inc.		425		15,432
LCI Industries		154		24,004
Lear Corp.		350		64,033
Leggett & Platt, Inc.		706		29,059
Lennar Corp.		1,357		157,629
Leslie's, Inc. (d)		344		8,139
Lithia Motors, Inc. - Class A		134		39,791
LKQ Corp.		1,540		92,446
Lowe's Cos, Inc.		3,718		961,029
Lucid Group, Inc. (d)(e)		3,447		131,158
Lumber Liquidators Holdings, Inc. (d)		241		4,114
Macy's, Inc.		2,223		58,198
Marriott International, Inc. - Class A (d)		1,642		271,324
Marriott Vacations Worldwide Corp.		244		41,231
Mattel, Inc. (d)		1,025		22,099
McDonald's Corp.		3,808		1,020,811
MDC Holdings, Inc.		1,257		70,178
Meritage Homes Corp. (d)		200		24,412
MGM Resorts International		2,670		119,830
Mohawk Industries, Inc. (d)		392		71,415
Murphy USA, Inc.		126		25,104
National Vision Holdings, Inc. (d)		540		25,915
Newell Brands, Inc.		2,575		56,238
NIKE, Inc. - Class B		7,090		1,181,690
Nordstrom, Inc. (d)		670		15,155
Norwegian Cruise Line Holdings Ltd. (d)		1,875		38,888
NVR, Inc. (d)		20		118,177
Ollie's Bargain Outlet Holdings, Inc. (d)		340		17,405
O'Reilly Automotive, Inc. (d)		380		268,367
Overstock.com, Inc. (d)		240		14,162
Oxford Industries, Inc.		50		5,076
Papa John's International, Inc.		173		23,090
Patrick Industries, Inc.		20		1,614
Peloton Interactive, Inc. (d)		320		11,443
Penn National Gaming, Inc. (d)		668		34,636
Penske Automotive Group, Inc.		98		10,508
Perdoceo Education Corp. (d)		500		5,880
Planet Fitness, Inc. - Class A (d)		440		39,855
Polaris, Inc.		340		37,369
Pool Corp.		235		133,010
PulteGroup, Inc.		1,425		81,453
PVH Corp.		413		44,046
QuantumScape Corp. (d)(e)		1,153		25,585
Qurate Retail, Inc.		2,919		22,184
Ralph Lauren Corp.		191		22,702
Red Rock Resorts, Inc. - Class A		508		27,945
Rent-A-Center, Inc.		728		34,973
RH (d)		82		43,947
Ross Stores, Inc.		1,835		209,704
Royal Caribbean Cruises Ltd. (d)		1,019		78,361
Sally Beauty Holdings, Inc. (d)		700		12,922
Scientific Games Corp. (d)		315		21,051
SeaWorld Entertainment, Inc. (d)		235		15,242
Service Corp. International/US		820		58,212
Shake Shack, Inc. - Class A (d)		60		4,330
Shoe Carnival, Inc.		120		4,690
Shutterstock, Inc.		122		13,527
Signet Jewelers Ltd.		113		9,834
Six Flags Entertainment Corp. (d)		590		25,122
Skechers USA, Inc. - Class A (d)		750		32,550
Skyline Champion Corp. (d)		425		33,567
Sleep Number Corp. (d)		90		6,894
Smith & Wesson Brands, Inc.		475		8,455
Sonos, Inc. (d)		390		11,622
Starbucks Corp.		6,460		755,626
Steven Madden Ltd.		450		20,912
Strategic Education, Inc.		87		5,032
Stride, Inc. (d)		300		9,999
Tapestry, Inc.		1,370		55,622
Target Corp.		2,665		616,788
Taylor Morrison Home Corp. (d)		900		31,464
Tempur Sealy International, Inc.		1,192		56,060
Terminix Global Holdings, Inc. (d)		525		23,746
Tesla, Inc. (d)		4,835		5,109,531
Texas Roadhouse, Inc.		475		42,408
The Aaron's Co., Inc.		200		4,930
The Cheesecake Factory, Inc. (d)		300		11,745
The Children's Place, Inc. (d)		122		9,673
The Gap, Inc.		840		14,826
The Goodyear Tire & Rubber Co. (d)		6,526		139,134
The Home Depot, Inc.		5,929		2,460,594
The TJX Cos, Inc.		6,816		517,471
The Wendy's Co.		1,105		26,354
Thor Industries, Inc.		157		16,292
Toll Brothers, Inc.		374		27,074
TopBuild Corp. (d)		125		34,489
Tractor Supply Co.		595		141,967
Travel + Leisure Co.		642		35,483
Tri Pointe Homes, Inc. (d)		263		7,335
Ulta Beauty, Inc. (d)		285		117,517
Under Armour, Inc. - Class A (d)		1,256		26,615
Under Armour, Inc. - Class C (d)		1,558		28,106
Vail Resorts, Inc.		200		65,580
Veoneer, Inc. (d)		648		22,991
VF Corp.		1,742		127,549
Victoria's Secret & Co. (d)		494		27,437
Vista Outdoor, Inc. (d)		400		18,428
Visteon Corp. (d)		101		11,225
Vroom, Inc. (d)		760		8,200
Warby Parker, Inc. - Class A (d)		1,193		55,546
Wayfair, Inc. - Class A (d)(e)		270		51,292
Whirlpool Corp.		274		64,297
Williams-Sonoma, Inc.		310		52,430
Wingstop, Inc.		220		38,016
Winnebago Industries, Inc.		175		13,111
Wolverine World Wide, Inc.		725		20,887
WW International, Inc. (d)		440		7,097
Wyndham Hotels & Resorts, Inc.		286		25,640
Wynn Resorts Ltd. (d)		561		47,707
YETI Holdings, Inc. (d)		559		46,302
Yum! Brands, Inc.		1,349		187,322
				32,084,260
Consumer Staples - 5.5%
Albertsons Cos, Inc. - Class A		1,491		45,013
Altria Group, Inc.		9,810		464,896
Archer-Daniels-Midland Co.		2,856		193,037
B&G Foods, Inc. (e)		250		7,683
Beyond Meat, Inc. (d)(e)		390		25,412
BJ's Wholesale Club Holdings, Inc. (d)		465		31,141
Brown-Forman Corp. - Class B		1,555		113,297
Bunge Ltd.		1,193		111,379
Cal-Maine Foods, Inc.		18		666
Campbell Soup Co.		1,430		62,148
Casey's General Stores, Inc.		177		34,931
Celsius Holdings, Inc. (d)		320		23,862
Church & Dwight Co., Inc.		1,396		143,090
Colgate-Palmolive Co.		4,438		378,739
Conagra Brands, Inc.		2,541		86,775
Constellation Brands, Inc.		966		242,437
Costco Wholesale Corp.		2,354		1,336,366
Darling Ingredients, Inc. (d)		975		67,558
Edgewell Personal Care Co.		416		19,015
elf Beauty, Inc. (d)		300		9,963
Energizer Holdings, Inc.		152		6,095
Flowers Foods, Inc.		780		21,427
Fresh Del Monte Produce, Inc.		100		2,760
Freshpet, Inc. (d)		270		25,723
General Mills, Inc.		3,231		217,705
Grocery Outlet Holding Corp. (d)		160		4,525
Herbalife Nutrition Ltd. (d)		380		15,553
Hormel Foods Corp.		1,875		91,519
Ingredion, Inc.		271		26,189
Kellogg Co.		1,643		105,842
Keurig Dr Pepper, Inc.		4,468		164,691
Kimberly-Clark Corp.		1,911		273,120
Lamb Weston Holdings, Inc.		667		42,274
Lancaster Co.lony Corp.		112		18,547
McCormick & Co., Inc.		1,035		99,991
Medifast, Inc.		30		6,283
Molson Coors Beverage Co.		673		31,194
Mondelez International, Inc.		7,690		509,924
Monster Beverage Corp. (d)		2,026		194,577
Nu Skin Enterprises, Inc.		325		16,494
PepsiCo, Inc.		7,620		1,323,670
Performance Food Group Co. (d)		690		31,664
Philip Morris International, Inc.		8,766		832,770
Post Holdings, Inc. (d)		213		24,012
PriceSmart, Inc.		115		8,415
Reynolds Consumer Products, Inc.		590		18,526
Sanderson Farms, Inc.		143		27,324
Spectrum Brands Holdings, Inc.		277		28,176
Sprouts Farmers Market, Inc. (d)		162		4,808
Sysco Corp.		2,800		219,940
The Andersons, Inc.		75		2,903
The Boston Beer Co., Inc. (d)		50		25,255
The Clorox Co.		615		107,231
The Coca-Cola Co.		23,024		1,363,251
The Estee Lauder Cos., Inc. - Class A		1,161		429,802
The Hain Celestial Group, Inc. (d)		600		25,566
The Hershey Co.		819		158,452
The J M Smucker Co.		517		70,219
The Kraft Heinz Co.		4,176		149,918
The Kroger Co.		3,489		157,912
The Procter & Gamble Co.		13,115		2,145,352
The Simply Good Foods Co. (d)		54		2,245
Tootsie Roll Industries, Inc.		27		978
TreeHouse Foods, Inc. (d)		385		15,604
Tyson Foods, Inc. - Class A		1,376		119,932
United Natural Foods, Inc. (d)		2,758		135,363
US Foods Holding Corp. (d)		1,425		49,633
USANA Health Sciences, Inc. (d)		118		11,942
Vector Group Ltd.		938		10,768
Veru, Inc. (d)		55		324
Walgreens Boots Alliance, Inc.		4,199		219,020
Walmart, Inc.		8,552		1,237,389
WD-40 Co.		45		11,009
				14,241,214
Energy - 2.7%
Antero Midstream Corp.		627		6,069
Antero Resources Corp. (d)		2,370		41,475
APA Corp.		2,303		61,928
Baker Hughes Co.		4,245		102,135
Bristow Group, Inc. (d)		100		3,167
California Resources Corp.		128		5,467
Callon Petroleum Co. (d)(e)		400		18,900
Centennial Resource Development, Inc. (d)		2,750		16,445
ChampionX Corp. (d)		730		14,753
Cheniere Energy, Inc.		1,345		136,410
Chesapeake Energy Corp.		450		29,034
Chevron Corp.		10,518		1,234,287
Civitas Resources, Inc.		919		45,003
Clean Energy Fuels Corp. (d)		1,650		10,114
CNX Resources Corp. (d)		1,650		22,687
ConocoPhillips		7,521		542,866
CONSOL Energy, Inc. (d)		206		4,678
Continental Resources, Inc.		245		10,966
Coterra Energy, Inc.		3,857		73,283
Delek US Holdings, Inc. (d)		301		4,512
Denbury, Inc. (d)		290		22,211
Devon Energy Corp.		3,642		160,430
Diamondback Energy, Inc.		850		91,673
Dril-Quip, Inc. (d)		145		2,854
DT Midstream, Inc.		511		24,518
EOG Resources, Inc.		2,718		241,440
EQT Corp. (d)		1,339		29,204
Equitrans Midstream Corp.		1,178		12,181
Exxon Mobil Corp.		22,547		1,379,651
Green Plains, Inc. (d)		300		10,428
Halliburton Co.		4,891		111,857
Helmerich & Payne, Inc.		550		13,035
Hess Corp.		1,270		94,018
HollyFrontier Corp.		1,158		37,959
Kinder Morgan, Inc.		11,670		185,086
Marathon Oil Corp.		6,484		106,467
Marathon Petroleum Corp.		3,591		229,788
Matador Resources Co.		700		25,844
Murphy Oil Corp.		1,025		26,763
New Fortress Energy, Inc. (e)		840		20,278
NOV, Inc.		2,661		36,057
Occidental Petroleum Corp.		4,953		143,587
ONEOK, Inc.		2,475		145,431
Ovintiv, Inc.		1,330		44,821
PDC Energy, Inc.		560		27,317
Phillips 66		2,463		178,469
Pioneer Natural Resources Co.		1,417		257,724
Range Resources Corp. (d)		1,350		24,071
Renewable Energy Group, Inc. (d)		454		19,268
Schlumberger NV		7,546		226,003
SFL Corp. Ltd.		575		4,686
SM Energy Co.		910		26,827
Southwestern Energy Co. (d)		5,040		23,486
Targa Resources Corp.		1,228		64,151
Texas Pacific Land Corp.		95		118,643
The Williams Cos., Inc.		6,580		171,343
Valero Energy Corp.		2,404		180,564
Whiting Petroleum Corp. (d)		440		28,459
				6,930,771
Financials - 11.8%
Affiliated Managers Group, Inc.		138		22,702
Aflac, Inc.		3,711		216,685
AGNC Investment Corp.		3,245		48,805
Alleghany Corp. (d)		76		50,737
Ally Financial, Inc.		1,668		79,413
American Equity Investment Life Holding Co.		605		23,547
American Express Co.		3,784		619,062
American Financial Group, Inc.		410		56,301
American International Group, Inc.		4,530		257,576
American National Group, Inc.		181		34,180
Ameriprise Financial, Inc.		615		185,521
Ameris Bancorp		300		14,904
Annaly Capital Management, Inc.		7,739		60,519
Apollo Commercial Real Estate Finance, Inc.		560		7,370
Apollo Investment Corp.		1,937		24,774
Arbor Realty Trust, Inc.		2,031		37,208
Arch Capital Group Ltd. (d)		1,747		77,654
Ares Capital Corp. (e)		7,581		160,641
Argo Group International Holdings Ltd.		71		4,126
ARMOUR Residential REIT, Inc.		80		785
Arthur J Gallagher & Co.		1,229		208,524
Artisan Partners Asset Management, Inc. - Class A		300		14,292
Associated Banc-Corp		900		20,331
Assurant, Inc.		337		52,525
Assured Guaranty Ltd.		517		25,953
Atlantic Union Bankshares Corp.		275		10,255
Axis Capital Holdings Ltd.		475		25,873
Axos Financial, Inc. (d)		372		20,799
Bank of America Corp.		43,222		1,922,947
Bank of Hawaii Corp.		303		25,379
Bank OZK		765		35,595
BankFinancial Corp.		700		7,469
BankUnited, Inc.		205		8,674
Banner Corp.		300		18,201
Barings BDC, Inc.		350		3,857
Berkshire Hathaway, Inc. - Class A (d)		2		901,324
Berkshire Hathaway, Inc. - Class B (d)		12,136		3,628,664
Berkshire Hills Bancorp, Inc.		300		8,529
BlackRock, Inc.		800		732,448
Blackstone Mortgage Trust, Inc. - Class A		1,150		35,213
BOK Financial Corp.		296		31,225
Bright Health Group, Inc. (d)		2,671		9,188
Brighthouse Financial, Inc. (d)		378		19,580
Brookline Bancorp, Inc.		500		8,095
Brown & Brown, Inc.		1,390		97,689
Cadence Bank		675		20,108
Camden National Corp.		150		7,224
Capital One Financial Corp.		2,479		359,678
Capitol Federal Financial, Inc.		1,000		11,330
Cathay General Bancorp		463		19,904
Cboe Global Markets, Inc.		520		67,808
Chimera Investment Corp.		1,455		21,941
Cincinnati Financial Corp.		885		100,828
CIT Group, Inc.		710		36,451
Citigroup, Inc.		11,080		669,121
Citizens Financial Group, Inc.		2,555		120,724
CME Group, Inc.		1,531		349,772
CNO Financial Group, Inc.		1,100		26,224
Cohen & Steers, Inc.		370		34,229
Coinbase Global, Inc. - Class A (d)		1,123		283,412
Columbia Banking System, Inc.		276		9,031
Comerica, Inc.		603		52,461
Commerce Bancshares, Inc.		496		34,095
Community Bank System, Inc.		200		14,896
Community Trust Bancorp, Inc.		110		4,797
Cowen, Inc. - Class A		540		19,494
Crawford & Co. - Class B		200		1,498
Credit Acceptance Corp. (d)		52		35,759
CrossFirst Bankshares, Inc. (d)		23		359
Cullen/Frost Bankers, Inc.		480		60,514
CVB Financial Corp.		600		12,846
Dime Co.mmunity Bancshares, Inc.		300		10,548
Discover Financial Services		1,735		200,497
Donnelley Financial Solutions, Inc. (d)		159		7,495
Eagle Bancorp, Inc.		300		17,502
East West Bancorp, Inc.		515		40,520
Eastern Bankshares, Inc.		969		19,545
eHealth, Inc. (d)		175		4,462
Employers Holdings, Inc.		75		3,103
Enstar Group Ltd. (d)		120		29,711
Enterprise Financial Services Corp.		50		2,354
Equitable Holdings, Inc.		2,350		77,056
Erie Indemnity Co. - Class A		44		8,477
Evercore, Inc.		240		32,604
Everest Re Group Ltd.		241		66,015
FactSet Research Systems, Inc.		250		121,502
Federated Hermes, Inc.		101		3,796
Fidelity National Financial, Inc.		1,909		99,612
Fifth Third Bancorp		3,499		152,381
First American Financial Corp.		527		41,227
First BanCorp		1,366		18,823
First Busey Corp.		325		8,814
First Citizens BancShares, Inc. - Class A		50		41,492
First Co.mmonwealth Financial Corp.		800		12,872
First Financial Bankshares, Inc.		600		30,504
First Financial Corp.		100		4,529
First Hawaiian, Inc.		300		8,199
First Horizon Corp.		3,336		54,477
First Interstate BancSystem, Inc.		300		12,201
First Merchants Corp.		425		17,803
First Midwest Bancorp, Inc.		800		16,384
First Republic Bank		1,033		213,325
FirstCash Holdings, Inc.		221		16,533
FNB Corp.		2,460		29,840
Franklin Resources, Inc.		1,443		48,326
FS KKR Capital Corp.		1,771		37,085
Fulton Financial Corp.		1,250		21,250
Glacier Bancorp, Inc.		550		31,185
Globe Life, Inc.		566		53,046
Great Ajax Corp.		81		1,066
Golub Capital BDC, Inc.		5,719		88,301
Green Dot Corp. - Class A (d)		250		9,060
Hancock Whitney Corp.		500		25,010
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		244		12,961
Heartland Financial USA, Inc.		300		15,183
Hercules Capital, Inc. (e)		775		12,857
Heritage Co.mmerce Corp.		50		597
Hilltop Holdings, Inc.		550		19,327
Home BancShares, Inc.		950		23,132
Hope Bancorp, Inc.		1,092		16,063
Horace Mann Educators Corp.		375		14,512
Houlihan Lokey, Inc.		72		7,453
Huntington Bancshares, Inc.		8,469		130,592
Independent Bank Corp.		300		24,459
Independent Bank Group, Inc.		90		6,493
Interactive Brokers Group, Inc. - Class A		500		39,710
Intercontinental Exchange, Inc.		3,220		440,399
International Bancshares Corp.		400		16,956
Invesco Ltd.		2,285		52,601
Investors Bancorp, Inc.		1,325		20,074
Jackson Financial, Inc. (e)		646		27,022
Jefferies Financial Group, Inc.		1,352		52,458
JPMorgan Chase & Co.		16,220		2,568,437
Kemper Corp.		300		17,637
KeyCorp		5,045		116,691
Kinsale Capital Group, Inc.		100		23,789
Lemonade, Inc. (d)(e)		347		14,612
LendingTree, Inc. (d)		30		3,678
Lincoln National Corp.		1,109		75,700
Live Oak Bancshares, Inc.		620		54,120
Loews Corp.		1,050		60,648
LPL Financial Holdings, Inc.		410		65,637
M&T Bank Corp.		727		111,653
Main Street Capital Corp. (e)		475		21,309
Markel Corp. (d)		73		90,082
MarketAxess Holdings, Inc.		191		78,553
MarketWise, Inc. (d)		2,813		21,210
Marsh & McLennan Cos, Inc.		2,824		490,868
Mercury General Corp.		300		15,918
MetLife, Inc.		4,313		269,519
MFA Financial, Inc.		5,650		25,764
MGIC Investment Corp.		1,500		21,630
Moody's Corp.		998		389,799
Morgan Stanley		8,479		832,299
Morningstar, Inc.		120		41,039
MSCI, Inc.		499		305,732
Nasdaq, Inc.		600		126,006
Navient Corp.		992		21,050
NBT Bancorp, Inc.		200		7,704
Nelnet, Inc. - Class A		25		2,442
New Mountain Finance Corp.		650		8,905
New Residential Investment Corp.		2,630		28,167
New York Co.mmunity Bancorp, Inc.		3,062		37,387
NMI Holdings, Inc. - Class A (d)		620		13,547
Northern Trust Corp.		1,113		133,126
Northwest Bancshares, Inc.		875		12,390
OceanFirst Financial Corp.		100		2,220
OFG Bancorp		432		11,474
Old National Bancorp		950		17,214
Old Republic International Corp.		1,661		40,827
OneMain Holdings, Inc.		760		38,030
Open Lending Corp. - Class A (d)		622		13,983
Orchid Island Capital, Inc.		3,770		16,965
Owl Rock Capital Corp.		1,926		27,272
Pacific Premier Bancorp, Inc.		300		12,009
PacWest Bancorp		817		36,904
Palomar Holdings, Inc. (d)		210		13,602
Park National Corp.		87		11,946
PennantPark Floating Rate Capital Ltd.		1,205		15,388
PennyMac Financial Services, Inc.		97		6,769
PennyMac Mortgage Investment Trust		450		7,798
People's United Financial, Inc.		2,517		44,853
Pinnacle Financial Partners, Inc.		291		27,791
Piper Sandler Cos		702		125,314
Popular, Inc.		282		23,135
PRA Group, Inc. (d)		300		15,063
Premier Financial Corp.		117		3,616
Primerica, Inc.		130		19,925
Principal Financial Group, Inc.		1,172		84,771
ProAssurance Corp.		230		5,819
PROG Holdings, Inc.		400		18,044
Prospect Capital Corp.		2,650		22,287
Prosperity Bancshares, Inc.		650		46,995
Provident Financial Services, Inc.		600		14,532
Prudential Financial, Inc.		2,250		243,540
Radian Group, Inc.		1,165		24,616
Raymond James Financial, Inc.		1,057		106,123
Ready Capital Corp.		139		2,173
Regions Financial Corp.		4,801		104,662
Reinsurance Group of America, Inc.		373		40,840
RenaissanceRe Holdings Ltd.		140		23,706
Renasant Corp.		400		15,180
RLI Corp.		195		21,860
Robinhood Markets, Inc. (d)(e)		588		10,443
S&P Global, Inc.		1,312		619,172
S&T Bancorp, Inc.		350		11,032
Sandy Spring Bancorp, Inc.		300		14,424
Seacoast Banking Corp. of Florida		150		5,309
SEI Investments Co.		605		36,869
Selective Insurance Group, Inc.		300		24,582
Selectquote, Inc. (d)		890		8,063
ServisFirst Bancshares, Inc.		400		33,976
Signature Bank		304		98,335
Silvergate Capital Corp. - Class A (d)		49		7,262
Simmons First National Corp. - Class A		438		12,956
Sixth Street Specialty Lending, Inc.		1,110		25,963
SLM Corp.		1,300		25,571
SLR Investment Corp.		500		9,215
SouthState Corp.		290		23,232
Starwood Property Trust, Inc.		1,825		44,348
State Street Corp.		1,866		173,538
Sterling Bancorp		405		10,445
Stewart Information Services Corp.		300		23,919
Stifel Financial Corp.		510		35,914
StoneX Group, Inc. (d)		150		9,188
SVB Financial Group (d)		330		223,819
Synchrony Financial		2,665		123,629
Synovus Financial Corp.		847		40,546
T Rowe Price Group, Inc.		1,270		249,733
TCG BDC, Inc.		1,197		16,435
Texas Capital Bancshares, Inc. (d)		384		23,136
TFS Financial Corp.		525		9,382
The Allstate Corp.		1,603		188,593
The Bancorp, Inc. (d)		50		1,265
The Bank of New York Mellon Corp.		4,513		262,115
The Charles Schwab Corp.		9,840		827,544
The Goldman Sachs Group, Inc.		1,932		739,087
The Hanover Insurance Group, Inc.		108		14,154
The Hartford Financial Services Group, Inc.		1,804		124,548
The PNC Financial Services Group, Inc.		2,354		472,024
The Progressive Corp.		3,285		337,205
The Travelers Cos., Inc.		1,299		203,203
Tompkins Financial Corp.		105		8,776
Towne Bank/Portsmouth VA		553		17,469
TPG RE Finance Trust, Inc.		754		9,289
Tradeweb Markets, Inc. - Class A		390		39,055
TriCo Bancshares		109		4,683
Triumph Bancorp, Inc. (d)		1,558		185,527
Truist Financial Corp.		7,468		437,251
Trupanion, Inc. (d)		270		35,648
Trustmark Corp.		425		13,796
UMB Financial Corp.		243		25,785
Umpqua Holdings Corp.		1,500		28,860
United Bankshares, Inc.		553		20,063
United Co.mmunity Banks, Inc.		474		17,036
United Security Bancshares		406		3,297
Unum Group		1,407		34,570
Upstart Holdings, Inc. (d)		359		54,317
US Bancorp		7,750		435,318
Valley National Bancorp		2,390		32,863
Virtus Investment Partners, Inc.		48		14,261
Voya Financial, Inc.		460		30,503
W R Berkley Corp.		767		63,193
Walker & Dunlop, Inc.		280		42,246
Washington Federal, Inc.		433		14,454
Washington Trust Bancorp, Inc.		100		5,637
Webster Financial Corp.		3,654		204,039
Wells Fargo & Co.		22,815		1,094,664
WesBanco, Inc.		350		12,247
Westamerica BanCorp		83		4,792
Western Alliance Bancorp		573		61,683
Western New England Bancorp, Inc.		200		1,752
White Mountains Insurance Group Ltd.		20		20,278
Wintrust Financial Corp.		142		12,896
Zions Bancorp NA		940		59,370
				30,481,110
Health Care - 12.9%
1Life Healthcare, Inc. (d)		520		9,136
2seventy bio, Inc. (d)		149		3,819
Abbott Laboratories		9,928		1,397,267
AbbVie, Inc.		9,696		1,312,838
ABIOMED, Inc. (d)		250		89,792
Acadia Healthcare Co., Inc. (d)		395		23,976
ACADIA Pharmaceuticals, Inc. (d)		735		17,155
Accolade, Inc. (d)		570		15,025
Adaptive Biotechnologies Corp. (d)		350		9,821
Addus HomeCare Corp. (d)		70		6,546
Aerie Pharmaceuticals, Inc. (d)		350		2,457
Agilent Technologies, Inc.		1,617		258,154
agilon health, Inc. (d)(e)		1,000		27,000
Agios Pharmaceuticals, Inc. (d)		300		9,861
Alector, Inc. (d)		560		11,564
Align Technology, Inc. (d)		448		294,417
Alkermes PLC (d)		1,000		23,260
Allakos, Inc. (d)		160		1,566
Allogene Therapeutics, Inc. (d)		500		7,460
Alnylam Pharmaceuticals, Inc. (d)		553		93,778
ALX Oncology Holdings, Inc. (d)		109		2,342
Amedisys, Inc. (d)		201		32,538
AmerisourceBergen Corp.		900		119,601
Amgen, Inc.		2,944		662,312
Amicus Therapeutics, Inc. (d)		1,225		14,149
AMN Healthcare Services, Inc. (d)		250		30,582
Amneal Pharmaceuticals, Inc. (d)		650		3,113
Anika Therapeutics, Inc. (d)		100		3,583
Anthem, Inc.		1,340		621,144
Apellis Pharmaceuticals, Inc. (d)		430		20,330
Apollo Medical Holdings, Inc. (d)(e)		202		14,843
Arena Pharmaceuticals, Inc. (d)		440		40,894
Arrowhead Pharmaceuticals, Inc. (d)		460		30,498
Arvinas, Inc. (d)		370		30,392
Atara Biotherapeutics, Inc. (d)		400		6,304
AtriCure, Inc. (d)		400		27,812
Avanos Medical, Inc. (d)		297		10,297
Avantor, Inc. (d)		2,790		117,571
Axonics, Inc. (d)		360		20,160
Axsome Therapeutics, Inc. (d)		220		8,312
Baxter International, Inc.		2,723		233,742
Beam Therapeutics, Inc. (d)		280		22,313
Becton Dickinson and Co.		1,582		397,841
Berkeley Lights, Inc. (d)		490		8,908
BioCryst Pharmaceuticals, Inc. (d)		1,160		16,066
Biogen, Inc. (d)		703		168,664
BioMarin Pharmaceutical, Inc. (d)		738		65,202
Bio-Rad Laboratories, Inc. (d)		99		74,801
Bio-Techne Corp.		232		120,023
Bluebird Bio, Inc. (d)		448		4,476
Blueprint Medicines Corp. (d)		320		34,275
Boston Scientific Corp. (d)		7,907		335,889
Bridgebio Pharma, Inc. (d)(e)		590		9,841
Bristol-Myers Squibb Co.		12,426		774,761
Bruker Corp.		305		25,593
C4 Therapeutics, Inc. (d)		657		21,155
Cardinal Health, Inc.		1,718		88,460
CareDx, Inc. (d)		240		10,915
Catalent, Inc. (d)		900		115,227
Celldex Therapeutics, Inc. (d)		450		17,388
Centene Corp. (d)		3,068		252,803
Cerner Corp.		1,670		155,093
Certara, Inc. (d)		880		25,010
Cerus Corp. (d)		377		2,567
Change Healthcare, Inc. (d)		1,570		33,567
Charles River Laboratories International, Inc. (d)		277		104,368
Chemed Corp.		96		50,788
ChemoCentryx, Inc. (d)		430		15,656
Cigna Corp.		1,801		413,564
Codexis, Inc. (d)		115		3,596
Computer Programs and Systems, Inc. (d)		100		2,930
CONMED Corp.		110		15,594
Corcept Therapeutics, Inc. (d)		430		8,514
Covetrus, Inc. (d)		356		7,109
CryoPort, Inc. (d)		420		24,851
CVS Health Corp.		6,886		710,360
Cytokinetics, Inc. (d)(e)		108		4,923
Danaher Corp.		3,890		1,279,849
DaVita, Inc. (d)		324		36,858
Deciphera Pharmaceuticals, Inc. (d)		330		3,224
Denali Therapeutics, Inc. (d)		470		20,962
DENTSPLY SIRONA, Inc.		1,122		62,596
Dexcom, Inc. (d)		510		273,844
Doximity, Inc. - Class A (d)		699		35,041
Editas Medicine, Inc. (d)		320		8,496
Edwards Lifesciences Corp. (d)		3,609		467,546
Elanco Animal Health, Inc. (d)		2,190		62,152
Eli Lilly & Co.		4,598		1,270,060
Emergent BioSolutions, Inc. (d)		293		12,737
Encompass Health Corp.		650		42,419
Envista Holdings Corp. (d)(e)		535		24,107
Evolent Health, Inc. (d)		740		20,476
Exact Sciences Corp. (d)		865		67,323
Exelixis, Inc. (d)		1,985		36,286
Fate Therapeutics, Inc. (d)		590		34,521
FibroGen, Inc. (d)		750		10,575
Gilead Sciences, Inc.		6,200		450,182
Ginkgo Bioworks Holdings, Inc. (d)		25,549		212,312
Glaukos Corp. (d)		280		12,443
Global Blood Therapeutics, Inc. (d)		370		10,830
Globus Medical, Inc. - Class A (d)		340		24,548
Guardant Health, Inc. (d)		570		57,011
Haemonetics Corp. (d)		250		13,260
Halozyme Therapeutics, Inc. (d)		830		33,374
HCA Healthcare, Inc.		1,330		341,704
Health Catalyst, Inc. (d)		60		2,377
HealthEquity, Inc. (d)		430		19,023
Heat Biologics, Inc. (d)		4,119		12,522
Henry Schein, Inc. (d)		890		69,002
Heska Corp. (d)		168		30,658
Hologic, Inc. (d)		1,006		77,019
Homology Medicines, Inc. (d)		340		1,238
Horizon Therapeutics PLC (d)		1,573		169,506
Humana, Inc.		619		287,129
ICU Medical, Inc. (d)		100		23,734
IDEXX Laboratories, Inc. (d)		479		315,402
Illumina, Inc. (d)		767		291,797
Inari Medical, Inc. (d)		210		19,167
Incyte Corp. (d)		1,133		83,162
Insmed, Inc. (d)		760		20,702
Inspire Medical Systems, Inc. (d)		110		25,307
Insulet Corp. (d)		285		75,830
Integer Holdings Corp. (d)		300		25,677
Integra LifeSciences Holdings Corp. (d)		378		25,322
Intellia Therapeutics, Inc. (d)		290		34,290
Intercept Pharmaceuticals, Inc. (d)		137		2,232
Intuitive Surgical, Inc. (d)		1,947		699,557
Invitae Corp. (d)		1,350		20,615
Ionis Pharmaceuticals, Inc. (d)		700		21,301
IQVIA Holdings, Inc. (d)		1,081		304,993
iRhythm Technologies, Inc. (d)		130		15,300
Ironwood Pharmaceuticals, Inc. (d)		1,000		11,660
Johnson & Johnson		14,272		2,441,511
Kodiak Sciences, Inc. (d)		300		25,434
Kymera Therapeutics, Inc. (d)		608		38,602
Laboratory Corp. of America Holdings (d)		498		156,477
LHC Group, Inc. (d)		170		23,329
Ligand Pharmaceuticals, Inc. (d)		164		25,331
Madrigal Pharmaceuticals, Inc. (d)		60		5,084
Magellan Health, Inc. (d)		100		9,499
Maravai LifeSciences Holdings, Inc. (d)		103		4,316
Masimo Corp. (d)		300		87,834
McKesson Corp.		888		220,730
MEDNAX, Inc. (d)		600		16,326
Medpace Holdings, Inc. (d)		100		21,764
Merck & Co., Inc.		14,000		1,072,960
Meridian Bioscience, Inc. (d)		375		7,650
Merit Medical Systems, Inc. (d)		176		10,965
Mettler-Toledo International, Inc. (d)		120		203,665
Moderna, Inc. (d)		2,024		514,056
ModivCare, Inc. (d)		60		8,897
Molina Healthcare, Inc. (d)		300		95,424
Myriad Genetics, Inc. (d)		450		12,420
NanoString Technologies, Inc. (d)		300		12,669
Natera, Inc. (d)		550		51,365
Natus Medical, Inc. (d)		75		1,780
Nektar Therapeutics (d)		650		8,782
Neogen Corp. (d)		292		13,260
NeoGenomics, Inc. (d)		690		23,543
Neurocrine Biosciences, Inc. (d)		460		39,178
Nevro Corp. (d)		162		13,133
NextGen Healthcare, Inc. (d)		305		5,426
Novavax, Inc. (d)		415		59,374
NuVasive, Inc. (d)		290		15,219
Oak Street Health, Inc. (d)		855		28,335
Ocugen, Inc. (d)(e)		680		3,094
Omnicell, Inc. (d)		195		35,186
Option Care Health, Inc. (d)		766		21,785
Organon & Co.		1,475		44,914
Owens & Minor, Inc.		620		26,970
Pacific Biosciences of California, Inc. (d)		1,120		22,915
Patterson Cos, Inc.		575		16,876
PDS Biotechnology Corp. (d)		151		1,223
Penumbra, Inc. (d)		196		56,315
PerkinElmer, Inc.		1,481		297,770
Pfizer, Inc.		31,563		1,863,795
Phreesia, Inc. (d)		360		14,998
Premier, Inc. - Class A		785		32,318
Prestige Co.nsumer Healthcare, Inc. (d)		350		21,228
Pro-Dex, Inc. (d)		10		239
Progyny, Inc. (d)		520		26,182
PTC Therapeutics, Inc. (d)		470		18,720
Quest Diagnostics, Inc.		682		117,993
Quidel Corp. (d)		180		24,298
R1 RCM, Inc. (d)		640		16,314
Reata Pharmaceuticals, Inc. (d)		130		3,428
Regeneron Pharmaceuticals, Inc. (d)		382		241,241
Relay Therapeutics, Inc. (d)		620		19,040
Repligen Corp. (d)		300		79,452
ResMed, Inc.		736		191,713
Revance Therapeutics, Inc. (d)		710		11,587
REVOLUTION Medicines, Inc. (d)		530		13,340
Rocket Pharmaceuticals, Inc. (d)		400		8,732
Royalty Pharma PLC - Class A		460		18,331
Sage Therapeutics, Inc. (d)		300		12,762
Sana Biotechnology, Inc. (d)		136		2,105
Sangamo Therapeutics, Inc. (d)		730		5,475
Sarepta Therapeutics, Inc. (d)		380		34,219
Seagen, Inc. (d)		957		147,952
Select Medical Holdings Corp.		1,104		32,458
Sharecare, Inc. (d)		2,726		12,240
Shockwave Medical, Inc. (d)		150		26,750
Silk Road Medical, Inc. (d)		280		11,931
Sotera Health Co. (d)		870		20,489
Spero Therapeutics, Inc. (d)		322		5,155
SpringWorks Therapeutics, Inc. (d)		280		17,354
STAAR Surgical Co. (d)		280		25,564
Stryker Corp.		1,927		515,318
Syneos Health, Inc. (d)		300		30,804
Tandem Diabetes Care, Inc. (d)		236		35,523
Teladoc Health, Inc. (d)		839		77,037
Teleflex, Inc.		260		85,405
Tenet Healthcare Corp. (d)		631		51,546
The Cooper Cos, Inc.		240		100,546
The Ensign Group, Inc.		300		25,188
The Pennant Group, Inc. (d)		150		3,462
Thermo Fisher Scientific, Inc.		2,193		1,463,257
Tilray, Inc. (d)(e)		2,667		18,749
Tivity Health, Inc. (d)		64		1,692
Turning Point Therapeutics, Inc. (d)		310		14,787
Twist Bioscience Corp. (d)		260		20,121
Ultragenyx Pharmaceutical, Inc. (d)		207		17,407
United Therapeutics Corp. (d)		288		62,231
UnitedHealth Group, Inc.		5,267		2,644,771
Universal Health Services, Inc.		482		62,496
Varex Imaging Corp. (d)		282		8,897
Veeva Systems, Inc. - Class A (d)		565		144,346
Veracyte, Inc. (d)		440		18,128
Vericel Corp. (d)		230		9,039
Vertex Pharmaceuticals, Inc. (d)		1,399		307,220
Viatris, Inc.		6,317		85,469
Vir Biotechnology, Inc. (d)		580		24,285
Waters Corp. (d)		324		120,722
West Pharmaceutical Services, Inc.		362		169,782
Y-mAbs Therapeutics, Inc. (d)		370		5,998
Zentalis Pharmaceuticals, Inc. (d)		1,182		99,359
Zimmer Biomet Holdings, Inc.		1,172		148,891
Zoetis, Inc.		2,665		650,340
Zogenix, Inc. (d)		410		6,663
				33,326,028
Industrials - 8.5%
3M Co.		3,161		561,488
A O Smith Corp.		716		61,469
AAON, Inc.		165		13,106
AAR Corp. (d)		300		11,709
ABM Industries, Inc.		500		20,425
ACCO Brands Corp.		825		6,814
Acuity Brands, Inc.		226		47,849
Advanced Drainage Systems, Inc.		270		36,755
AECOM (d)		497		38,443
Aerojet Rocketdyne Holdings, Inc.		400		18,704
AeroVironment, Inc. (d)		21		1,303
AGCO Corp.		400		46,408
Air Lease Corp.		600		26,538
Air Transport Services Group, Inc. (d)		670		19,685
Alaska Air Group, Inc. (d)		484		25,216
Albany International Corp. - Class A		100		8,845
Allegiant Travel Co. (d)		73		13,654
Allison Transmission Holdings, Inc.		625		22,719
Altra Industrial Motion Corp.		300		15,471
AMERCO		70		50,836
American Airlines Group, Inc. (d)		3,840		68,966
American Woodmark Corp. (d)		130		8,476
AMETEK, Inc.		1,150		169,096
Applied Industrial Technologies, Inc.		86		8,832
Armstrong World Industries, Inc.		200		23,224
ASGN, Inc. (d)		250		30,850
Astec Industries, Inc.		200		13,854
Atkore, Inc. (d)		190		21,126
Avis Budget Group, Inc. (d)		241		49,976
Axon Enterprise, Inc. (d)		325		51,025
Beacon Roofing Supply, Inc. (d)		500		28,675
Boise Cascade Co.		57		4,058
Booz Allen Hamilton Holding Corp.		457		38,749
Brady Corp. - Class A		145		7,815
Builders FirstSource, Inc. (d)		1,004		86,053
BWX Technologies, Inc.		292		13,981
CACI International, Inc. - Class A (d)		84		22,614
Canadian Pacific Railway Ltd.		1,497		107,679
Carlisle Cos, Inc.		293		72,699
Carrier Global Corp.		4,158		225,530
Casella Waste Systems, Inc. (d)		100		8,542
Caterpillar, Inc.		2,883		596,031
CH Robinson Worldwide, Inc.		740		79,646
ChargePoint Holdings, Inc. (d)(e)		1,053		20,060
Chart Industries, Inc. (d)		173		27,592
Cintas Corp.		521		230,892
Clean Harbors, Inc. (d)		154		15,365
Colfax Corp. (d)		585		26,892
Comfort Systems USA, Inc.		110		10,883
Copart, Inc. (d)		1,314		199,229
CoreCivic, Inc. (d)		799		7,966
CoStar Group, Inc. (d)		2,150		169,914
Covenant Logistics Group, Inc. (d)		100		2,643
Crane Co.		325		33,062
CSX Corp.		11,317		425,519
Cummins, Inc.		769		167,750
Curtiss-Wright Corp.		300		41,601
Deere & Co.		1,618		554,796
Delta Air Lines, Inc. (d)		3,390		132,481
Deluxe Corp.		200		6,422
Donaldson Co., Inc.		545		32,297
Dover Corp.		761		138,198
Dun & Bradstreet Holdings, Inc. (d)		770		15,777
DXP Enterprises, Inc. (d)		100		2,567
Dycom Industries, Inc. (d)		11		1,031
Eaton Corp. PLC		2,264		391,264
EMCOR Group, Inc.		230		29,300
Emerson Electric Co.		3,086		286,905
Encore Wire Corp.		654		93,587
Energy Recovery, Inc. (d)		500		10,745
Enerpac Tool Group Corp.		290		5,881
EnerSys		375		29,648
Ennis, Inc.		50		977
Equifax, Inc.		645		188,850
ESCO Technologies, Inc.		200		17,998
Evoqua Water Technologies Corp. (d)		900		42,075
Expeditors International of Washington, Inc.		834		111,998
Exponent, Inc.		310		36,186
Fastenal Co.		3,150		201,789
Federal Signal Corp.		475		20,587
FedEx Corp.		1,357		350,974
Flowserve Corp.		815		24,939
Fluor Corp. (d)		1,086		26,900
Fortive Corp.		1,993		152,046
Fortune Brands Home & Security, Inc.		640		68,416
Franklin Electric Co., Inc.		275		26,004
FTI Co.nsulting, Inc. (d)		80		12,274
FuelCell Energy, Inc. (d)(e)		3,080		16,016
GATX Corp.		45		4,689
Generac Holdings, Inc. (d)		377		132,674
General Dynamics Corp.		1,387		289,148
General Electric Co.		5,528		522,230
Global Industrial Co.		10		409
Graco, Inc.		1,039		83,764
GrafTech International Ltd.		1,920		22,714
Griffon Corp.		260		7,405
GXO Logistics, Inc. (d)		395		35,878
H&E Equipment Services, Inc.		325		14,388
Hawaiian Holdings, Inc. (d)		325		5,970
Healthcare Services Group, Inc.		375		6,671
HEICO Corp.		251		36,199
HEICO Corp. - Class A		472		60,661
Helios Technologies, Inc.		781		82,138
Herc Holdings, Inc.		143		22,387
Hexcel Corp. (d)		320		16,576
Hillenbrand, Inc.		325		16,897
HNI Corp.		100		4,205
Honeywell International, Inc.		3,722		776,074
Howmet Aerospace, Inc.		2,411		76,742
Hub Group, Inc. - Class A (d)		50		4,212
Hubbell, Inc.		318		66,230
Huntington Ingalls Industries, Inc.		249		46,498
Huron Co.nsulting Group, Inc. (d)		200		9,980
IAA, Inc. (d)		518		26,221
IDEX Corp.		437		103,272
IES Holdings, Inc. (d)		60		3,038
Illinois Tool Works, Inc.		1,583		390,684
Ingersoll Rand, Inc.		1,810		111,985
Insperity, Inc.		67		7,913
ITT, Inc.		280		28,613
Jacobs Engineering Group, Inc.		650		90,500
JB Hunt Transport Services, Inc.		419		85,644
JELD-WEN Holding, Inc. (d)		30		791
JetBlue Airways Corp. (d)		1,750		24,920
John Bean Technologies Corp.		151		23,188
Johnson Co.ntrols International plc		4,150		337,437
Kadant, Inc.		96		22,126
KAR Auction Services, Inc. (d)		975		15,230
KBR, Inc.		925		44,049
Kennametal, Inc.		475		17,057
Kforce, Inc.		150		11,283
Kirby Corp. (d)		300		17,826
Knight-Swift Transportation Holdings, Inc.		638		38,880
Korn Ferry		225		17,039
Kratos Defense & Security Solutions, Inc. (d)		1,020		19,788
L3Harris Technologies, Inc.		1,140		243,094
Landstar System, Inc.		140		25,063
Leidos Holdings, Inc.		672		59,741
Lennox International, Inc.		167		54,168
Lincoln Electric Holdings, Inc.		332		46,304
Lockheed Martin Corp.		1,501		533,470
Lyft, Inc. (d)		300		12,819
ManpowerGroup, Inc.		480		46,718
Masco Corp.		1,227		86,160
MasTec, Inc. (d)		180		16,610
Matson, Inc.		175		15,755
Matthews International Corp. - Class A		100		3,667
Maxar Technologies, Inc.		690		20,376
Mercury Systems, Inc. (d)		400		22,024
Meritor, Inc. (d)		550		13,629
Microvast Holdings, Inc. (d)(e)		2,372		13,426
MillerKnoll, Inc.		460		18,027
MSA Safety, Inc.		228		34,419
MSC Industrial Direct Co., Inc.		245		20,595
Mueller Industries, Inc.		300		17,808
Mueller Water Products, Inc.		55		792
Nikola Corp. (d)		3,543		34,969
Nordson Corp.		282		71,986
Norfolk Southern Corp.		1,344		400,122
Northrop Grumman Corp.		859		332,493
NOW, Inc. (d)		649		5,542
nVent Electric PLC		1,020		38,760
Old Dominion Freight Line, Inc.		538		192,808
Oshkosh Corp.		350		39,449
Otis Worldwide Corp.		2,434		211,928
Owens Co.rning		530		47,965
PACCAR, Inc.		1,915		169,018
Parker-Hannifin Corp.		747		237,636
Parsons Corp. (d)		720		24,228
Plug Power, Inc. (d)		2,467		69,643
Primoris Services Corp.		515		12,350
Proto Labs, Inc. (d)		130		6,676
Quanta Services, Inc.		846		97,002
Raytheon Technologies Corp.		8,347		718,343
RBC Bearings, Inc. (d)		145		29,286
Regal Rexnord Corp.		432		73,518
Republic Services, Inc.		2,044		285,036
Resideo Technologies, Inc. (d)		758		19,731
Resources Co.nnection, Inc.		200		3,568
Robert Half International, Inc.		610		68,027
Rockwell Automation, Inc.		640		223,264
Rollins, Inc.		1,380		47,210
Roper Technologies, Inc.		533		262,161
Rush Enterprises, Inc. - Class A		112		6,232
Ryder System, Inc.		405		33,384
Saia, Inc. (d)		110		37,073
Science Applications International Corp.		340		28,421
Shoals Technologies Group, Inc. (d)		700		17,010
Simpson Manufacturing Co., Inc.		923		128,362
SiteOne Landscape Supply, Inc. (d)		230		55,724
SkyWest, Inc. (d)		375		14,738
Snap-on, Inc.		250		53,845
Southwest Airlines Co. (d)		2,944		126,121
Spirit AeroSystems Holdings, Inc. - Class A		700		30,163
Spirit Airlines, Inc. (d)		1,030		22,506
SPX Corp. (d)		312		18,620
SPX FLOW, Inc.		312		26,982
Standex International Corp.		50		5,533
Stanley Black & Decker, Inc.		820		154,668
Stericycle, Inc. (d)		575		34,293
Sunrun, Inc. (d)		1,120		38,416
Terex Corp.		255		11,207
Tetra Tech, Inc.		238		40,412
Textron, Inc.		925		71,410
The Boeing Co. (d)		3,278		659,927
The Brink's Co.		105		6,885
The Gorman-Rupp Co.		182		8,108
The Greenbrier Cos., Inc.		200		9,178
The Manitowoc Co., Inc. (d)		268		4,982
The Middleby Corp. (d)		228		44,861
The Shyft Group, Inc.		75		3,685
The Timken Co.		375		25,984
The Toro Co.		634		63,343
TransDigm Group, Inc. (d)		258		164,160
TransUnion		1,010		119,766
Trex Co., Inc. (d)		600		81,018
TriNet Group, Inc. (d)		200		19,052
Trinity Industries, Inc.		151		4,560
Triumph Group, Inc. (d)		196		3,632
TrueBlue, Inc. (d)		300		8,301
Tutor Perini Corp. (d)		200		2,474
Uber Technologies, Inc. (d)		10,371		434,856
UFP Industries, Inc.		399		36,712
UniFirst Corp.		86		18,094
Union Pacific Corp.		3,517		886,038
United Airlines Holdings, Inc. (d)		2,001		87,604
United Parcel Service, Inc. - Class B		3,790		812,349
United Rentals, Inc. (d)		380		126,270
Univar Solutions, Inc. (d)		575		16,301
Upwork, Inc. (d)		512		17,490
US Ecology, Inc. (d)		200		6,388
Valmont Industries, Inc.		159		39,830
Verisk Analytics, Inc.		914		209,059
Veritiv Corp. (d)		97		11,889
Viad Corp. (d)		100		4,279
Vicor Corp. (d)		40		5,079
Wabash National Corp.		50		976
Waste Management, Inc.		2,349		392,048
Watsco, Inc.		114		35,668
Watts Water Technologies, Inc. - Class A		120		23,300
Welbilt, Inc. (d)		1,075		25,553
Werner Enterprises, Inc.		250		11,915
WESCO International, Inc. (d)		322		42,372
Westinghouse Air Brake Technologies Corp.		1,126		103,716
WillScot Mobile Mini Holdings Corp. (d)		976		39,860
Woodward, Inc.		250		27,365
WW Grainger, Inc.		264		136,815
XPO Logistics, Inc. (d)		535		41,425
Xylem, Inc.		953		114,284
Zurn Water Solutions Corp.		730		26,572
				21,921,980
Information Technology - 27.2%
3D Systems Corp. (d)		848		18,266
8x8, Inc. (d)		230		3,855
ACI Worldwide, Inc. (d)		560		19,432
Adobe, Inc. (d)		2,661		1,508,947
Advanced Energy Industries, Inc.		300		27,318
Advanced Micro Devices, Inc. (d)		6,755		972,044
Affirm Holdings, Inc. (d)		630		63,353
Akamai Technologies, Inc. (d)		894		104,634
Alarm.com Holdings, Inc. (d)		170		14,418
Alliance Data Systems Corp.		150		9,985
Alteryx, Inc. - Class A (d)		40		2,420
Ambarella, Inc. (d)		450		91,301
Amkor Technology, Inc.		1,050		26,029
Amphenol Corp. - Class A		2,921		255,471
Analog Devices, Inc.		2,989		525,377
Anaplan, Inc. (d)		720		33,012
ANSYS, Inc. (d)		458		183,713
Appfolio, Inc. - Class A (d)		110		13,317
Apple, Inc.		91,962		16,329,692
Applied Materials, Inc.		5,074		798,445
AppLovin Corp. - Class A (d)		1,863		175,606
Arista Networks, Inc. (d)		1,400		201,250
Arrow Electronics, Inc. (d)		400		53,708
Asana, Inc. - Class A (d)		201		14,985
Aspen Technology, Inc. (d)		325		49,465
Autodesk, Inc. (d)		1,201		337,709
Automatic Data Processing, Inc.		2,378		586,367
Avalara, Inc. (d)		480		61,973
Avnet, Inc.		249		10,266
Azenta, Inc.		446		45,987
Badger Meter, Inc.		43		4,582
Belden, Inc.		100		6,573
Benchmark Electronics, Inc.		325		8,807
Bill.com Holdings, Inc. (d)		425		105,889
Black Knight, Inc. (d)		585		48,491
Blackbaud, Inc. (d)		200		15,796
Blackline, Inc. (d)		240		24,850
Block, Inc. (d)		1,265		204,310
Bottomline Technologies DE, Inc. (d)		375		21,176
Box, Inc. - Class A (d)		1,190		31,166
Broadcom, Inc.		1,806		1,201,730
Broadridge Financial Solutions, Inc.		625		114,262
Cadence Design Systems, Inc. (d)		1,492		278,034
Calix, Inc. (d)		175		13,995
CDK Global, Inc.		520		21,705
CDW Corp.		718		147,032
Cerence, Inc. (d)		271		20,769
Ceridian HCM Holding, Inc. (d)		367		38,337
Ciena Corp. (d)		997		76,739
Cirrus Logic, Inc. (d)		140		12,883
Cisco Systems, Inc.		23,431		1,484,822
Citrix Systems, Inc.		668		63,186
Cloudflare, Inc. - Class A (d)		210		27,615
CMC Materials, Inc.		140		26,837
Cognex Corp.		1,101		85,614
Cognizant Technology Solutions Corp.		2,800		248,416
Coherent, Inc. (d)		105		27,987
CommScope Holding Co., Inc. (d)		1,150		12,696
CommVault Systems, Inc. (d)		375		25,845
Comtech Telecommunications Corp.		100		2,369
Concentrix Corp.		229		40,904
Consensus Cloud Solutions, Inc. (d)		108		6,250
Corning, Inc.		4,399		163,775
Coupa Software, Inc. (d)		340		53,737
Crowdstrike Holdings, Inc. (d)		170		34,808
CSG Systems International, Inc.		78		4,494
CTS Corp.		100		3,672
Datadog, Inc. - Class A (d)		200		35,622
Dell Technologies, Inc. (d)		1,300		73,021
DigitalOcean Holdings, Inc. (d)		301		24,179
Diodes, Inc. (d)		300		32,943
DocuSign, Inc. (d)		1,040		158,402
Dolby Laboratories, Inc. - Class A		300		28,566
Duck Creek Technologies, Inc. (d)		500		15,055
DXC Technology Co. (d)		1,118		35,988
Dynatrace, Inc. (d)		1,180		71,213
Ebix, Inc.		31		942
eGain Corp. (d)		150		1,497
Enphase Energy, Inc. (d)		717		131,168
Entegris, Inc.		681		94,373
Envestnet, Inc. (d)(e)		375		29,753
EPAM Systems, Inc. (d)		291		194,519
Euronet Worldwide, Inc. (d)		349		41,590
Everbridge, Inc. (d)		190		12,793
ExlService Holdings, Inc. (d)		101		14,622
F5, Inc. (d)		313		76,594
Fair Isaac Corp. (d)		146		63,316
Fidelity National Information Services, Inc.		3,526		384,863
First Solar, Inc. (d)		522		45,498
Fiserv, Inc. (d)		3,252		337,525
Five9, Inc. (d)		400		54,928
FleetCor Technologies, Inc. (d)		438		98,042
FormFactor, Inc. (d)		480		21,946
Fortinet, Inc. (d)		735		264,159
Gartner, Inc. (d)		451		150,778
Genpact Ltd.		605		32,113
Global Payments, Inc.		1,543		208,583
GLOBALFOUNDRIES, Inc. (d)		1,134		73,676
GoDaddy, Inc. - Class A (d)		350		29,701
Guidewire Software, Inc. (d)		490		55,630
Hewlett Packard Enterprise Co.		6,477		102,142
HP, Inc.		6,395		240,900
HubSpot, Inc. (d)		230		151,605
II-VI, Inc. (d)		541		36,967
Infinera Corp. (d)		600		5,754
Insight Enterprises, Inc. (d)		200		21,320
Intel Corp.		22,697		1,168,896
InterDigital, Inc.		246		17,621
International Business Machines Corp.		4,810		642,905
Intuit, Inc.		1,492		959,684
IonQ, Inc. (d)(e)		1,416		23,647
IPG Photonics Corp. (d)		281		48,371
Itron, Inc. (d)		200		13,704
Jabil, Inc.		555		39,044
Jack Henry & Associates, Inc.		376		62,788
JFrog Ltd. (d)		480		14,256
Juniper Networks, Inc.		1,450		51,780
Keysight Technologies, Inc. (d)		1,048		216,422
KLA Corp.		756		325,163
Knowles Corp. (d)		458		10,694
Kulicke & Soffa Industries, Inc.		125		7,568
Kyndryl Holdings, Inc. (d)		1,003		18,154
Lam Research Corp.		781		561,656
Lattice Semiconductor Corp. (d)		530		40,842
Littelfuse, Inc.		118		37,132
LivePerson, Inc. (d)		130		4,644
LiveRamp Holdings, Inc. (d)		175		8,391
Lumentum Holdings, Inc. (d)		424		44,846
MACOM Technology Solutions Holdings, Inc. (d)		133		10,414
Mandiant, Inc. (d)		1,760		30,870
Manhattan Associates, Inc. (d)		350		54,422
Marvell Technology, Inc.		3,849		336,749
Mastercard, Inc.		4,895		1,758,871
Matterport, Inc. (d)(e)		1,197		24,706
Maximus, Inc.		425		33,860
MaxLinear, Inc. (d)		475		35,810
Methode Electronics, Inc.		100		4,917
Microchip Technology, Inc.		2,788		242,723
Micron Technology, Inc.		6,128		570,823
Microsoft Corp.		40,545		13,636,094
MicroStrategy, Inc. - Class A (d)(e)		60		32,669
Mitek Systems, Inc. (d)		420		7,455
MKS Instruments, Inc.		300		52,251
Momentive Global, Inc. (d)		1,170		24,746
Monolithic Power Systems, Inc.		270		133,199
Motorola Solutions, Inc.		920		249,964
National Instruments Corp.		812		35,460
nCino, Inc. (d)		330		18,104
NCR Corp. (d)		935		37,587
NetApp, Inc.		955		87,850
NETGEAR, Inc. (d)		50		1,461
NetScout Systems, Inc. (d)		700		23,156
New Relic, Inc. (d)		230		25,291
NortonLifeLock, Inc.		2,463		63,989
Novanta, Inc. (d)		220		38,793
Nuance Communications, Inc. (d)		1,595		88,235
Nutanix, Inc. (d)		470		14,974
NVIDIA Corp.		13,551		3,985,485
Okta, Inc. (d)		260		58,284
ON Semiconductor Corp. (d)		2,186		148,473
Onto Innovation, Inc. (d)		350		35,431
Oracle Corp.		9,773		852,303
OSI Systems, Inc. (d)		100		9,320
PagerDuty, Inc. (d)		620		21,545
Palantir Technologies, Inc. (d)		1,660		30,229
Palo Alto Networks, Inc. (d)		509		283,391
PAR Technology Corp. (d)		100		5,277
Paychex, Inc.		1,788		244,062
Paycom Software, Inc. (d)		310		128,709
Paylocity Holding Corp. (d)		150		35,424
Payoneer Global, Inc. (d)		2,683		19,720
PayPal Holdings, Inc. (d)		6,433		1,213,135
Pegasystems, Inc.		300		33,546
Perficient, Inc. (d)		167		21,591
Plantronics, Inc. (d)		300		8,802
Plexus Corp. (d)		26		2,493
Power Integrations, Inc.		280		26,009
Progress Software Corp.		200		9,654
PROS Holdings, Inc. (d)		300		10,347
PTC, Inc. (d)		663		80,322
Pure Storage, Inc. - Class A (d)		187		6,087
Q2 Holdings, Inc. (d)		240		19,066
Qorvo, Inc. (d)		550		86,015
QUALCOMM, Inc.		6,232		1,139,646
Qualtrics International, Inc. - Class A (d)		532		18,833
Qualys, Inc. (d)		93		12,761
Rambus, Inc. (d)		500		14,695
Rapid7, Inc. (d)		230		27,069
RingCentral, Inc. - Class A (d)		260		48,711
Riot Blockchain, Inc. (d)(e)		2,779		62,055
Rogers Corp. (d)		57		15,561
Sabre Corp. (d)		1,400		12,026
Sailpoint Technologies Holdings, Inc. (d)		630		30,454
salesforce.com, Inc. (d)		5,345		1,358,325
Sanmina Corp. (d)		333		13,806
Semtech Corp. (d)		300		26,679
SentinelOne, Inc. - Class A (d)(e)		375		18,934
ServiceNow, Inc. (d)		1,061		688,706
Silicon Laboratories, Inc. (d)		160		33,027
SiTime Corp. (d)		107		31,302
Skyworks Solutions, Inc.		959		148,779
Snowflake, Inc. - Class A (d)		170		57,588
Splunk, Inc. (d)		878		101,602
SPS Commerce, Inc. (d)		200		28,470
Squarespace, Inc. - Class A (d)		680		20,060
SS&C Technologies Holdings, Inc.		1,325		108,624
Sumo Logic, Inc. (d)		1,120		15,187
SunPower Corp. (d)(e)		450		9,392
Synaptics, Inc. (d)		153		44,295
Synopsys, Inc. (d)		847		312,120
TD SYNNEX Corp.		863		98,693
Teledyne Technologies, Inc. (d)		223		97,426
Tenable Holdings, Inc. (d)		490		26,984
Teradata Corp. (d)		534		22,679
Teradyne, Inc.		865		141,453
Texas Instruments, Inc.		5,151		970,809
The Trade Desk, Inc. - Class A (d)		1,800		164,952
The Western Union Co.		1,694		30,221
Trimble, Inc. (d)		1,394		121,543
TTM Technologies, Inc. (d)		488		7,271
Twilio, Inc. (d)		450		118,503
Tyler Technologies, Inc. (d)		200		107,590
Ultra Clean Holdings, Inc. (d)		410		23,518
Unisys Corp. (d)		427		8,783
Unity Software, Inc. (d)		620		88,654
Universal Display Corp.		270		44,558
Varonis Systems, Inc. (d)		450		21,951
Veeco Instruments, Inc. (d)		400		11,388
Verint Systems, Inc. (d)		375		19,691
VeriSign, Inc. (d)		576		146,200
Verra Mobility Corp. (d)		1,420		21,911
Viasat, Inc. (d)		350		15,589
Viavi Solutions, Inc. (d)		1,328		23,399
Visa, Inc. - Class A		9,758		2,114,656
Vishay Intertechnology, Inc.		806		17,627
Vishay Precision Group, Inc. (d)		129		4,788
VMware, Inc. - Class A		996		115,416
Vonage Holdings Corp. (d)		1,425		29,626
Vontier Corp.		610		18,745
Western Digital Corp. (d)		1,588		103,553
WEX, Inc. (d)		214		30,043
Wolfspeed, Inc. (d)		445		49,738
Workday, Inc. - Class A (d)		545		148,883
Workiva, Inc. (d)		210		27,403
Xerox Holdings Corp.		828		18,746
Xilinx, Inc.		1,385		293,662
Xperi Holding Corp.		799		15,109
Zebra Technologies Corp. - Class A (d)		273		162,490
Zendesk, Inc. (d)		700		73,003
Zoom Video Communications, Inc. (d)		170		31,265
Zscaler, Inc. (d)		510		163,878
				70,220,259
Materials - 2.3%
Air Products and Chemicals, Inc.		1,188		361,461
Albemarle Corp.		735		171,821
Alcoa Corp.		1,163		69,291
Amyris, Inc. (d)(e)		2,120		11,469
AptarGroup, Inc.		286		35,029
Arconic Corp. (d)		785		25,913
Ashland Global Holdings, Inc.		225		24,223
Avery Dennison Corp.		440		95,291
Avient Corp.		483		27,024
Axalta Co.ating Systems Ltd. (d)		675		22,356
Balchem Corp.		201		33,889
Ball Corp.		1,710		164,622
Berry Global Group, Inc. (d)		540		39,841
Cabot Corp.		400		22,480
Carpenter Technology Corp.		200		5,838
Celanese Corp.		645		108,399
CF Industries Holdings, Inc.		980		69,364
Clearwater Paper Corp. - Class A (d)		130		4,767
Cleveland-Cliffs, Inc. (d)		1,930		42,016
Commercial Metals Co.		775		28,125
Compass Minerals International, Inc.		100		5,108
Corteva, Inc.		4,263		201,555
Crown Holdings, Inc.		739		81,748
Dow, Inc.		4,103		232,722
DuPont de Nemours, Inc.		2,781		224,649
Eagle Materials, Inc.		153		25,468
Eastman Chemical Co.		620		74,964
Ecolab, Inc.		1,474		345,786
Ferro Corp. (d)		575		12,552
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d)		500		–
FMC Corp.		665		73,077
Freeport-McMoRan, Inc.		8,089		337,554
Glatfelter Corp.		325		5,590
Graphic Packaging Holding Co.		1,325		25,837
Hawkins, Inc.		7		276
HB Fuller Co.		150		12,150
Hecla Mining Co.		4,180		21,820
Huntsman Corp.		1,575		54,936
Ingevity Corp. (d)		93		6,668
International Flavors & Fragrances, Inc.		1,321		199,009
International Paper Co.		1,717		80,665
Kaiser Aluminum Corp.		118		11,085
Livent Corp. (d)		818		19,943
Louisiana-Pacific Corp.		422		33,064
Martin Marietta Materials, Inc.		297		130,834
Minerals Technologies, Inc.		250		18,287
MP Materials Corp. (d)(e)		2,790		126,722
Myers Industries, Inc.		200		4,002
Neenah, Inc.		120		5,554
NewMarket Corp.		2		685
Newmont Corp.		4,248		263,461
Nucor Corp.		1,425		162,664
Olin Corp.		542		31,176
Packaging Corp. of America		395		53,779
PPG Industries, Inc.		1,339		230,897
Quaker Chemical Corp.		100		23,078
Reliance Steel & Aluminum Co.		419		67,970
Royal Gold, Inc.		341		35,877
RPM International, Inc.		710		71,710
Sealed Air Corp.		680		45,880
Sensient Technologies Corp.		69		6,904
Silgan Holdings, Inc.		400		17,136
Sonoco Products Co.		328		18,988
Southern Co.pper Corp.		537		33,138
Steel Dynamics, Inc.		1,242		77,091
Stepan Co.		148		18,395
Summit Materials, Inc. - Class A (d)		571		22,920
Sylvamo Corp. (d)		156		4,351
The Chemours Co.		419		14,062
The Mosaic Co.		1,915		75,240
The Scotts Miracle-Gro Co.		266		42,826
The Sherwin-Williams Co.		1,479		520,845
TimkenSteel Corp. (d)		400		6,600
United States Steel Corp.		1,480		35,239
Valvoline, Inc.		1,192		44,450
Vulcan Materials Co.		725		150,495
Westlake Chemical Corp.		212		20,592
Westrock Co.		1,534		68,048
Worthington Industries, Inc.		225		12,298
				5,911,639
Real Estate - 3.8%
Acadia Realty Trust		676		14,757
Agree Realty Corp.		300		21,408
Alexander & Baldwin, Inc.		213		5,344
Alexandria Real Estate Equities, Inc.		801		178,591
American Assets Trust, Inc.		425		15,950
American Campus Communities, Inc.		982		56,259
American Homes 4 Rent		1,700		74,137
American Tower Corp.		2,558		748,215
Americold Realty Trust		1,340		43,939
Apartment Investment and Management Co. (d)		826		6,377
Apartment, Income REIT Corp.		826		45,157
Apple Hospitality REIT, Inc.		1,975		31,896
AvalonBay Communities, Inc.		778		196,515
Boston Properties, Inc.		923		106,311
Brandywine Realty Trust		1,413		18,962
Brixmor Property Group, Inc.		1,206		30,644
Camden Property Trust		565		100,954
CareTrust REIT, Inc.		403		9,200
CBRE Group, Inc. (d)		1,898		205,952
Chatham Lodging Trust (d)		425		5,831
Corporate Office Properties Trust		850		23,774
Cousins Properties, Inc.		839		33,795
Crown Castle International Corp.		2,385		497,845
CubeSmart		952		54,178
CyrusOne, Inc.		725		65,047
DiamondRock Hospitality Co. (d)		1,727		16,596
Digital Realty Trust, Inc.		1,631		288,475
DigitalBridge Group, Inc. (d)		1,274		10,612
Douglas Elliman, Inc. (d)		469		5,393
Douglas Emmett, Inc.		1,300		43,550
Duke Realty Corp.		2,206		144,802
EastGroup Properties, Inc.		262		59,697
EPR Properties		422		20,041
Equinix, Inc.		509		430,533
Equity Commonwealth (d)		359		9,298
Equity LifeStyle Properties, Inc.		1,178		103,263
Equity Residential		2,084		188,602
Essential Properties Realty Trust, Inc.		830		23,929
Essex Property Trust, Inc.		382		134,552
eXp World Holdings, Inc.		540		18,193
Extra Space Storage, Inc.		809		183,425
Federal Realty Investment Trust		414		56,436
First Industrial Realty Trust, Inc.		565		37,403
Franklin Street Properties Corp.		950		5,652
Gaming and Leisure Properties, Inc.		1,154		56,154
Getty Realty Corp.		402		12,900
Global Net Lease, Inc.		1,160		17,725
Healthcare Realty Trust, Inc.		875		27,685
Healthcare Trust of America, Inc. - Class A		1,025		34,225
Healthpeak Properties, Inc.		3,055		110,255
Highwoods Properties, Inc.		800		35,672
Host Hotels & Resorts, Inc. (d)		4,834		84,063
Hudson Pacific Properties, Inc.		815		20,139
Independence Realty Trust, Inc.		3,029		78,239
Industrial Logistics Properties Trust		175		4,384
Innovative Industrial Properties, Inc.		150		39,437
Invitation Homes, Inc.		3,381		153,295
Iron Mountain, Inc.		1,544		80,798
JBG SMITH Properties		764		21,934
Jones Lang LaSalle, Inc. (d)		296		79,725
Kennedy-Wilson Holdings, Inc.		925		22,089
Kilroy Realty Corp.		620		41,205
Kimco Realty Corp.		3,361		82,849
Kite Realty Group Trust		787		17,141
Lamar Advertising Co.		400		48,520
Life Storage, Inc.		492		75,365
LXP Industrial Trust		1,125		17,573
Medical Properties Trust, Inc.		3,590		84,832
Mid-America Apartment Co.mmunities, Inc.		689		158,084
National Health Investors, Inc.		325		18,678
National Retail Properties, Inc.		860		41,340
National Storage Affiliates Trust		580		40,136
Newmark Group, Inc. - Class A		765		14,306
Office Properties, Income Trust		228		5,664
Omega Healthcare Investors, Inc.		1,749		51,753
Opendoor Technologies, Inc. (d)		2,468		36,057
Orion Office REIT, Inc. (d)		291		5,433
Outfront Media, Inc.		1,026		27,517
Paramount Group, Inc.		1,800		15,012
Park Hotels & Resorts, Inc. (d)		1,629		30,756
Pebblebrook Hotel Trust		1,188		26,576
Physicians Realty Trust		900		16,947
Piedmont Office Realty Trust, Inc. - Class A		331		6,084
PotlatchDeltic Corp.		298		17,946
Prologis, Inc.		4,359		733,881
PS Business Parks, Inc.		185		34,071
Public Storage		889		332,984
Rayonier, Inc.		826		33,337
Realty, Income Corp.		2,910		208,327
Redfin Corp. (d)		630		24,186
Regency Centers Corp.		829		62,465
Retail Opportunity Investments Corp.		725		14,210
Retail Value, Inc.		158		1,014
Rexford Industrial Realty, Inc.		860		69,755
RLJ Lodging Trust		1,430		19,920
Ryman Hospitality Properties, Inc. (d)		210		19,312
Sabra Health Care REIT, Inc.		1,436		19,443
SBA Communications Corp.		623		242,359
Service Properties Trust		1,325		11,647
Simon Property Group, Inc.		1,739		277,840
SITE Centers Corp.		1,545		24,457
SL Green Realty Corp.		518		37,141
Spirit MTA REIT (b)(c)(d)		300		80
Spirit Realty Capital, Inc.		600		28,914
STAG Industrial, Inc.		1,140		54,674
STORE Capital Corp.		1,295		44,548
Summit Hotel Properties, Inc. (d)		975		9,516
Sun Communities, Inc.		640		134,381
Sunstone Hotel Investors, Inc. (d)		2,033		23,847
Tejon Ranch Co. (d)		50		954
Terreno Realty Corp.		255		21,749
The Howard Hughes Corp. (d)		321		32,671
The Macerich Co.		723		12,493
UDR, Inc.		1,888		113,261
Uniti Group, Inc.		1,228		17,204
Urban Edge Properties		811		15,409
Ventas, Inc.		2,258		115,429
Veris Residential, Inc. (d)		725		13,326
VICI Properties, Inc.		4,040		121,644
Vornado Realty Trust		1,148		48,055
Washington Real Estate Investment Trust		957		24,738
Welltower, Inc.		2,430		208,421
Weyerhaeuser Co.		4,137		170,362
WP Carey, Inc.		1,175		96,409
Xenia Hotels & Resorts, Inc. (d)		900		16,299
Zillow Group, Inc. (d)		352		21,901
Zillow Group, Inc. (d)		1,001		63,914
				9,706,531
Utilities - 2.4%
ALLETE, Inc.		425		28,199
Alliant Energy Corp.		1,225		75,301
Ameren Corp.		1,285		114,378
American Electric Power Co., Inc.		2,852		253,742
American States Water Co.		220		22,757
American Water Works Co., Inc.		1,040		196,414
Atmos Energy Corp.		829		86,854
Avangrid, Inc.		530		26,436
Avista Corp.		157		6,671
Black Hills Corp.		420		29,639
California Water Service Group		415		29,822
CenterPoint Energy, Inc.		2,703		75,441
Clearway Energy, Inc. - Class C		763		27,491
CMS Energy Corp.		1,520		98,876
Consolidated Edison, Inc.		2,075		177,039
Dominion Energy, Inc.		4,607		361,926
DTE Energy Co.		814		97,306
Duke Energy Corp.		4,149		435,230
Edison International		2,059		140,527
Entergy Corp.		1,120		126,168
Essential Utilities, Inc.		1,206		64,750
Evergy, Inc.		1,289		88,438
Eversource Energy		1,802		163,946
Exelon Corp.		5,023		290,128
FirstEnergy Corp.		2,716		112,958
Hawaiian Electric Industries, Inc.		820		34,030
IDACORP, Inc.		313		35,466
MDU Resources Group, Inc.		1,115		34,387
MGE Energy, Inc.		150		12,338
National Fuel Gas Co.		530		33,888
New Jersey Resources Corp.		440		18,066
NextEra Energy, Inc.		10,890		1,016,690
NiSource, Inc.		2,199		60,714
Northwest Natural Holding Co.		300		14,634
NorthWestern Corp.		330		18,863
NRG Energy, Inc.		1,512		65,137
OGE Energy Corp.		1,175		45,097
ONE Gas, Inc.		287		22,268
Ormat Technologies, Inc.		105		8,327
Otter Tail Corp.		350		24,997
PG&E Corp. (d)		8,103		98,370
Pinnacle West Capital Corp.		716		50,542
PNM Resources, Inc.		480		21,893
Portland General Electric Co.		500		26,460
PPL Corp.		4,020		120,841
Public Service Enterprise Group, Inc.		2,830		188,846
Sempra Energy		1,447		191,409
SJW Group		180		13,176
South Jersey Industries, Inc.		430		11,232
Southwest Gas Holdings, Inc.		325		22,766
Spire, Inc.		350		22,827
Sunnova Energy International, Inc. (d)		690		19,265
The AES Corp.		3,150		76,545
The Southern Co.		5,713		391,798
UGI Corp.		1,205		55,322
Vistra Corp.		2,077		47,293
WEC Energy Group, Inc.		1,639		159,098
Xcel Energy, Inc.		2,500		169,250
				6,262,272
Total Common Stocks (Cost $59,308,892)				254,785,097
RIGHT – 0.0% (f)
AMR Corp., Escrow (b)(c)(d)		3,275		–
Total Right (Cost $0)				–
Total Investments at Value - 98.7% (Cost $59,308,892)				254,785,097
Other Assets in Excess of Liabilities - 1.3%				3,408,694
Net Assets - 100.0%			$	258,193,791

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(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 $81 as of December 31, 2021, 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 $81 as of December 31, 2021, 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, 2021. The total market value of securities on loan at December 31, 2021, was $1,196,568 (Note 8).
(f)	Represents less than 0.1%.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE INTERNATIONAL EQUITY FUND	December 31, 2021
SCHEDULE OF INVESTMENTS

	Shares		Value
COMMON STOCKS - 79.6%
Australia - 2.9%
Abacus Property Group (a)		15,591	$	43,005
ALS Ltd. (a)		3,071		29,240
ARB Corp. Ltd. (a)		1,871		71,505
ASX Ltd. (a)		1,980		133,875
Atlassian Corp. PLC - Class A (b)		4,080		1,555,663
Aurizon Holdings Ltd. (a)		33,630		85,407
Australia & New Zealand Banking Group Ltd. (a)		1,407		28,169
Aventus Group (a)		25,268		66,210
BGP Holdings Ltd. (b)(c)(d)		4,007		–
BHP Group Ltd. (a)		7,374		223,173
BHP Group PLC (a)		14,308		426,413
Charter Hall Group (a)		5,116		76,759
Charter Hall Long Wale REIT (a)		41,054		150,858
Charter Hall Retail REIT (a)		64,303		199,361
Collins Foods Ltd. (a)		3,661		35,622
Coronado Global Resources, Inc. (a)(b)(e)		47,239		42,676
CSL Ltd. (a)		11,100		2,350,578
Dexus (a)(b)		11,732		94,943
Dicker Data Ltd. (a)		2,361		25,500
Downer EDI Ltd. (a)		6,321		27,423
Elders Ltd. (a)		6,978		62,211
Emeco Holdings Ltd. (a)		66,464		42,594
Evolution Mining Ltd. (a)		7,762		22,968
Goodman Group (a)		6,868		132,623
Grange Resources Ltd. (a)		171,935		94,767
GUD Holdings Ltd. (a)		11,914		98,586
Hansen Technologies Ltd. (a)		7,018		27,317
Healius Ltd. (a)		62,317		239,483
IGO Ltd. (a)		8,237		69,068
Iluka Resources Ltd. (a)		3,897		28,793
Ingenia Communities Group (a)		30,719		139,181
Inghams Group Ltd. (a)		22,985		58,544
JB Hi-Fi Ltd. (a)		889		31,261
Lifestyle Communities Ltd. (a)		2,708		41,061
Magellan Financial Group Ltd. (a)		3		46
Medibank Pvt Ltd. (a)		13,773		33,577
Metcash Ltd. (a)		24,029		78,690
National Australia Bank Ltd. (a)		5,386		113,045
New Hope Corp. Ltd. (a)		71,081		115,499
Nick Scali Ltd. (a)		9,704		108,428
NRW Holdings Ltd. (a)		25,212		32,440
Perseus Mining Ltd. (a)		44,851		52,929
REA Group Ltd. (a)		2,322		283,307
Rio Tinto Ltd. (a)		117		8,548
Rural Funds Group (a)		20,054		46,279
Sandfire Resources Ltd. (a)		11,258		54,085
Seven West Media Ltd. (a)(b)		77,815		36,525
Shopping Centres Australasia Property Group (a)		67,477		145,855
Sonic Healthcare Ltd. (a)		4,421		150,172
Stockland (a)		13,964		43,095
Super Retail Group Ltd. (a)		9,293		84,384
Technology One Ltd. (a)		5,274		48,991
Telstra Corp. Ltd. (a)		14,358		43,673
Waypoint REIT (a)		16,480		33,970
Wesfarmers Ltd. (a)		5,635		243,147
West African Resources Ltd. (a)(b)		119,657		115,155
Westpac Banking Corp. (a)		6,097		94,791
				8,721,468
Austria - 0.2%
Erste Group Bank AG (a)		932		43,812
Oesterreichische Post AG (a)		659		28,324
OMV AG (a)		1,694		96,253
Palfinger AG (a)		656		25,603
Raiffeisen Bank International AG (a)		7		206
Semperit AG Holding (a)		2,609		86,781
Telekom Austria AG (a)		7,219		62,590
Verbund AG (a)		168		18,961
Wienerberger AG (a)		2,869		105,470
				468,000
Belgium - 0.3%
Aedifica SA (a)		368		48,146
Anheuser-Busch InBev SA/NV (a)		8		484
Bekaert SA (a)		2,885		128,588
Intervest Offices & Warehouses NV (a)		1,037		33,300
KBC Group NV (a)		5,896		506,405
Retail Estates NV (a)		271		22,032
Telenet Group Holding NV (a)		3,301		120,487
Tessenderlo Group SA (a)(b)		1,329		50,467
				909,909
Brazil - 0.8%
Ambev SA		649,900		1,801,518
Cia de Saneamento de Minas Gerais-COPASA		17,300		39,570
Cia de Saneamento do Parana		36,400		125,015
Energisa SA		1,700		13,475
Jalles Machado SA		20,200		38,333
Mahle-Metal Leve SA		4,700		26,074
Marfrig Global Foods SA		9,700		38,765
Petroleo Brasileiro SA		11,500		63,198
Portobello SA		15,800		27,345
Vale SA		2,796		39,305
WEG SA		16,800		99,624
YDUQS Participacoes SA		11,600		42,735
				2,354,957
Britain - 6.3%
Airtel Africa PLC (a)(e)		48,655		87,913
Ashtead Group PLC (a)		1,822		146,010
AstraZeneca PLC (a)		5,744		669,319
Aviva PLC (a)		127,719		709,262
Balfour Beatty PLC (a)		10,759		38,063
Barclays PLC (a)		297,613		756,466
Barratt Developments PLC (a)		9,856		99,563
Big Yellow Group PLC (a)		6,298		145,300
BP PLC (a)		46,745		207,955
Bytes Technology Group PLC (a)		3,568		27,358
Central Asia Metals PLC (a)		14,430		50,431
Centrica PLC (a)(b)		72,298		69,848
Clipper Logistics PLC (a)		4,857		47,802
Coca-Cola Europacific Partners PLC		6,820		381,443
Compass Group PLC (a)(b)		3,264		72,710
Computacenter PLC (a)		5,508		217,082
Cranswick PLC (a)		1,481		74,138
Currys PLC (a)		20,354		31,407
CVS Group PLC (a)		1,384		41,952
Diageo PLC (a)		3,697		201,534
Direct Line Insurance Group PLC (a)		7,204		27,157
Drax Group PLC (a)		4,043		33,142
Dunelm Group PLC (a)		3,379		63,051
EMIS Group PLC (a)		3,868		70,990
Firstgroup PLC (a)(b)		41,774		57,945
Forterra PLC (a)(e)		9,668		36,092
Future PLC (a)		2,374		122,930
Greggs PLC (a)		3,365		151,503
Gulf Keystone Petroleum Ltd. (a)		37,277		90,553
Halfords Group PLC (a)		20,372		95,299
Hargreaves Lansdown PLC (a)		340		6,239
Howden Joinery Group PLC (a)		15,346		186,739
HSBC Holdings PLC (a)		274,135		1,658,814
IMI PLC (a)		11,972		280,596
Indivior PLC (a)(b)		11,188		38,852
InterContinental Hotels Group PLC (a)(b)		1,522		97,966
ITV PLC (a)(b)		107,608		160,495
J Sainsbury PLC (a)		367,224		1,369,175
John Wood Group PLC (a)(b)		501,015		1,295,404
Jubilee Metals Group PLC (b)		103,499		22,765
Kainos Group PLC (a)		5,617		145,916
Keller Group PLC (a)		2,436		32,468
Liontrust Asset Management PLC (a)		3,252		96,846
Lloyds Banking Group PLC (a)		457,300		294,812
M&G PLC (a)		12,454		33,620
Man Group PLC/Jersey (a)		49,357		151,882
NatWest Group PLC (a)		234,276		713,860
Ninety One PLC (a)		23,025		86,267
OSB Group PLC (a)		4,432		33,192
Pagegroup PLC (a)		3,508		30,105
Pan African Resources PLC (a)		137,529		31,043
Paragon Banking Group PLC (a)		3,545		27,116
PayPoint PLC (a)		4,360		39,233
Persimmon PLC (a)		1,005		38,762
Pets at Home Group Plc (a)		9,950		62,569
Premier Foods PLC (a)		15,926		24,113
Prudential PLC (a)		4,772		82,288
QinetiQ Group PLC (a)		5,461		19,656
Reckitt Benckiser Group PLC (a)		8,606		738,286
Redde Northgate PLC (a)		10,651		62,795
Redrow PLC (a)		2,629		24,891
Renewi PLC (a)(b)		6,254		63,973
Renishaw PLC (a)		388		25,095
Rio Tinto PLC (a)		3,561		234,780
Royal Mail PLC (a)		24,146		165,636
RWS Holdings PLC (a)		3,330		29,262
Safestore Holdings PLC (a)		18,037		343,629
Savills PLC (a)		3,678		70,018
Serco Group PLC (a)		76,987		140,404
Serica Energy PLC (a)		11,293		36,836
Spirent Communications PLC (a)		6,140		22,991
Stagecoach Group PLC (a)(b)		75,310		91,510
Standard Chartered PLC (a)		156,135		943,652
Standard Life Investment Property, Inc.ome Trust Ltd. (a)		47,643		52,556
SThree PLC (a)		7,759		48,661
Supermarket, Inc.ome Reit PLC (a)		73,005		120,559
Tate & Lyle PLC (a)		7,078		63,252
Team17 Group PLC (a)(b)		2,788		29,434
TechnipFMC PLC (b)		181,765		1,076,049
Tesco PLC (a)		350,820		1,375,434
The Restaurant Group PLC (a)(b)		23,851		30,315
Tullow Oil PLC (a)(b)		42,310		26,593
Unilever PLC (a)		891		47,735
Vertu Motors PLC (a)		38,139		35,506
Virgin Money UK PLC (a)(b)		25,985		62,321
Vodafone Group PLC (a)		616,657		919,730
Watches of Switzerland Group PLC (a)(b)(e)		3,632		69,777
Wincanton PLC (a)		10,153		50,521
				18,887,212
Canada - 4.7%
AGF Management Ltd. - Class B		17,810		117,565
Alimentation Couche-Tard, Inc.		3,500		146,646
Artis Real Estate Investment Trust		12,000		113,269
Bank of Montreal		2,800		301,460
Baytex Energy Corp. (b)		14,000		43,274
Birchcliff Energy Ltd.		8,200		41,877
Bird Construction, Inc.		4,300		33,382
BRP, Inc.		1,100		96,352
Canaccord Genuity Group, Inc.		4,100		48,878
Canadian Apartment Properties REIT		2,685		127,272
Canadian Imperial Bank of Commerce		700		81,596
Canadian Natural Resources Ltd.		3,000		126,764
Canadian Pacific Railway Ltd.		34,750		2,499,915
Canadian Pacific Railway Ltd.		800		57,539
Canadian Tire Corp. Ltd. - Class A		500		71,718
Canadian Western Bank		3,057		87,726
Canfor Corp. (b)		4,354		110,352
Cenovus Energy, Inc.		3,400		41,689
CI Financial Corp.		8,062		168,512
Cogeco Communications, Inc.		1,134		90,302
Constellation Software, Inc.		200		371,072
Crescent Point Energy Corp.		9,900		52,828
Dream Industrial Real Estate Investment Trust		5,300		72,150
Empire Co. Ltd.		4,600		140,151
Enbridge, Inc.		7,100		277,332
Enerplus Corp.		3,000		31,638
ERO Copper Corp. (b)		1,600		24,412
Fairfax Financial Holdings Ltd.		400		196,764
Finning International, Inc.		8,543		215,306
Gildan Activewear, Inc.		6,100		258,621
Granite Real Estate Investment Trust		1,394		116,153
H&R Real Estate Investment Trust		6,300		80,932
Hardwoods Distribution, Inc.		1,400		49,583
Home Capital Group, Inc. (b)		1,800		55,596
IGM Financial, Inc.		200		7,213
Imperial Oil Ltd.		1,700		61,310
Interfor Corp.		1,800		57,645
Intertape Polymer Group, Inc.		1,900		39,534
Kinross Gold Corp.		25,000		145,065
Kirkland Lake Gold Ltd.		2,275		95,338
Linamar Corp.		554		32,816
Lululemon Athletica, Inc. (b)		5,210		2,039,454
Lundin Mining Corp.		1,300		10,154
Magnet Forensics, Inc. (b)		1,100		28,584
Methanex Corp.		2,100		83,074
Mullen Group Ltd.		8,200		75,391
National Bank of Canada		1,600		121,984
Nutrien Ltd.		300		22,549
Onex Corp.		1,700		133,425
Parex Resources, Inc.		2,800		47,834
Parkland Corp. (b)		2,000		54,975
Pet Valu Holdings Ltd.		1,600		45,624
Richelieu Hardware Ltd.		5,099		175,872
Royal Bank of Canada		2,200		233,488
Russel Metals, Inc.		6,857		182,300
Shopify, Inc. - Class A (b)		1,660		2,286,467
Shopify, Inc. - Class A (b)		100		137,689
Sleep Country Canada Holdings, Inc. (e)		1,836		54,473
Spin Master Corp. (b)(e)		800		30,319
Stelco Holdings, Inc.		1,400		45,621
Summit Industrial, Inc.ome REIT		3,700		68,738
Suncor Energy, Inc.		2,300		57,548
The Bank of Nova Scotia		4,281		303,066
The North West Co, Inc.		3,544		95,930
The Toronto-Dominion Bank		5,200		398,669
Thomson Reuters Corp.		500		59,793
TMX Group Ltd.		100		10,139
Toromont Industries Ltd.		300		27,122
Tricon Residential, Inc.		2,200		33,671
True North Commercial Real Estate Investment Trust		15,000		87,869
Western Forest Products, Inc.		75,600		126,105
Whitecap Resources, Inc.		6,800		40,264
WSP Global, Inc.		700		101,617
				14,007,355
Chile - 0.0% (f)
Empresa Nacional de Telecomunicaciones SA		13,002		43,935
Enel Americas SA		41,850		4,568
Engie Energia Chile SA		62,526		36,840
Falabella SA		11,537		37,631
				122,974
China - 4.0%
Alibaba Group Holding Ltd. (a)(b)		104,448		1,563,791
Anhui Conch Cement Co. Ltd. (a)		19,300		96,416
Anhui Conch Cement Co. Ltd. (a)		9,369		59,239
ANTA Sports Products Ltd. (a)		5,900		88,515
Baidu, Inc. (b)		5,095		758,085
Bank of Jiangsu Co. Ltd. (a)		29,300		26,795
Beijing United Information Technology Co. Ltd. (a)		500		8,433
BGI Genomics Co. Ltd. (a)		1,000		13,786
Bilibili, Inc. (b)		112		5,197
BYD Co. Ltd. (a)		3,900		163,889
By-health Co. Ltd. (a)		2,700		11,429
China BlueChemical Ltd. (a)		88,000		24,491
China Construction Bank Corp. (a)		752,000		521,047
China Construction Bank Corp. (a)		16,700		15,340
China Galaxy Securities Co. Ltd. (a)		113,300		65,097
China Galaxy Securities Co. Ltd. (a)		6,900		12,112
China Medical System Holdings Ltd. (a)		26,000		43,443
China Modern Dairy Holdings Ltd. (a)		159,000		26,715
China National Building Material Co. Ltd. (a)		14,000		17,174
China Petroleum & Chemical Corp. (a)		292,000		136,092
China Petroleum & Chemical Corp. (a)		39,000		25,879
China Reinsurance Group Corp. (a)		938,000		90,289
China Shenhua Energy Co. Ltd. (a)		16,000		37,513
China Shenhua Energy Co. Ltd. (a)		13,500		47,710
China XLX Fertiliser Ltd. (a)		52,000		35,549
China Yongda Automobiles Services Holdings Ltd. (a)		16,500		22,092
Chlitina Holding Ltd. (a)		7,000		57,331
Chongqing Brewery Co. Ltd. (a)(b)		1,200		28,483
CMGE Technology Group Ltd. (a)		60,000		23,876
COFCO Joycome Foods Ltd. (a)		71,000		27,046
Country Garden Services Holdings Co. Ltd. (a)		2,500		14,976
Daqo New Energy Corp. (b)		1,636		65,963
DaShenLin Pharmaceutical Group Co. Ltd. (a)		2,040		13,477
Ecovacs Robotics Co. Ltd. (a)		900		21,316
Focus Media Information Technology Co. Ltd. (a)		34,839		44,765
G-bits Network Technology Xiamen Co. Ltd. (a)		200		13,236
Gigadevice Semiconductor Beijing, Inc. (a)		600		16,527
Guangzhou Kingmed Diagnostics Group Co. Ltd. (a)		1,100		19,221
Haitong Securities Co. Ltd. (a)		22,600		43,468
Hangzhou Robam Appliances Co. Ltd. (a)		1,300		7,328
Huaxi Securities Co. Ltd. (a)		6,200		9,580
Huisen Household International Group Ltd. (a)		92,000		23,328
Industrial & Commercial Bank of China Ltd. (a)		394,100		222,478
JCET Group Co. Ltd. (a)		4,200		20,439
JD.com, Inc. (b)		1,188		83,243
Jiangsu Hengli Hydraulic Co. Ltd. (a)		3,148		40,462
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. (a)		3,300		85,284
JiuGui Liquor Co. Ltd. (a)		524		17,463
JNBY Design Ltd. (a)		38,500		61,220
Li Auto, Inc. (b)		2,064		66,254
Li Ning Co. Ltd. (a)		126,000		1,378,870
Livzon Pharmaceutical Group, Inc. (a)		1,500		9,460
LONGi Green Energy Technology Co. Ltd. (a)		6,320		85,457
Luzhou Laojiao Co. Ltd. (a)		800		31,870
Mango Excellent Media Co. Ltd. (a)		3,400		30,516
NetDragon Websoft Holdings Ltd. (a)		21,000		49,362
NetEase, Inc.		861		87,633
NIO, Inc. (b)		2,828		89,591
Oppein Home Group, Inc. (a)		1,200		27,764
PetroChina Co. Ltd. (a)		468,000		208,431
PetroChina Co. Ltd. (a)		18,300		14,095
Pinduoduo, Inc. (b)		1,334		77,772
SAIC Motor Corp. Ltd. (a)		18,268		59,064
SG Micro Corp. (a)		600		29,084
Shaanxi Coal Industry Co. Ltd. (a)		3,000		5,743
Shanghai Jahwa United Co. Ltd. (a)		1,600		10,146
Shanghai Pharmaceuticals Holding Co. Ltd. (a)		2,700		8,417
Shenzhou International Group Holdings Ltd. (a)		64,900		1,247,729
Sinotrans Ltd. (a)		209,000		67,019
Sinotruk Hong Kong Ltd. (a)		27,000		41,556
Tencent Holdings Ltd. (a)		4,380		256,945
Tongdao Liepin Group (a)(b)		18,600		45,389
Trip.com Group Ltd. (b)		58,815		1,448,025
Want Want China Holdings Ltd.		166,300		152,703
West China Cement Ltd. (a)		158,000		28,173
Will Semiconductor Co. Ltd. Shanghai (a)		1,800		87,728
Wuxi Biologics Cayman, Inc. (a)(b)(e)		115,619		1,374,293
XPeng, Inc. (b)		1,343		67,593
Zhongsheng Group Holdings Ltd. (a)		4,000		31,217
Zoomlion Heavy Industry Science and Technology Co. Ltd. (a)		46,800		29,491
Zoomlion Heavy Industry Science and Technology Co. Ltd. (a)		16,600		18,673
				12,042,691
Czech Republic - 0.2%
CEZ AS (a)		18,635		705,183
Komercni Banka AS (a)		129		5,516
				710,699
Denmark - 3.1%
ALK-Abello A/S (a)(b)		149		78,216
AP Moller - Maersk A/S (a)		543		1,948,794
AP Moller - Maersk A/S (a)		20		66,669
Carlsberg AS (a)		4		687
Chemometec A/S (a)		321		40,723
D/S Norden A/S (a)		1,969		49,974
Danske Bank A/S (a)		33,742		576,663
DSV A/S (a)		11,996		2,771,877
Genmab A/S (a)(b)		947		379,178
GN Store Nord AS (a)		1,767		110,411
Jyske Bank A/S (a)(b)		2,574		132,589
Netcompany Group A/S (a)(e)		349		37,215
Novo Nordisk A/S (a)		21,561		2,410,407
Pandora A/S (a)		495		61,608
Per Aarsleff Holding A/S (a)		1,530		71,501
Ringkjoebing Landbobank A/S (a)		509		68,371
Royal Unibrew A/S (a)		902		101,725
Scandinavian Tobacco Group A/S (a)(e)		8,044		168,779
Schouw & Co. A/S (a)		262		22,812
Solar A/S (a)		313		37,716
				9,135,915
Egypt - 0.1%
Palm Hills Developments SAE		527,384		66,905
Telecom Egypt Co (a)		73,352		78,302
				145,207
Finland - 1.0%
Kemira Oyj (a)		4,506		67,983
Kesko Oyj (a)		3,333		110,566
Neste Oyj (a)		6,437		317,410
Nokia Oyj (a)(b)		283,277		1,779,570
Nordea Bank Abp (a)		17,946		218,553
QT Group Oyj (a)(b)		405		60,847
Sampo Oyj (a)		4,557		227,348
Tecnotree Oyj (a)(b)(g)		21,594		35,782
Terveystalo Oyj (a)(e)		2,259		30,340
Tokmanni Group Corp. (a)		4,136		92,418
Uponor Oyj (a)		4,093		97,545
Valmet Oyj (a)		1,512		64,370
				3,102,732
France - 5.0%
Airbus SE (a)(b)		1,539		196,551
Amundi SA (a)(e)		17,903		1,477,864
Biosynex (a)(g)		1,141		34,182
Bouygues SA (a)		9,135		327,306
Bureau Veritas SA (a)		3,911		129,816
Cie de Saint-Gobain (a)		2,931		206,167
Cie Generale des Etablissements Michelin SCA (a)		13,026		2,135,197
Coface SA (a)(b)		4,076		58,103
Constellium SE (b)		2,000		35,820
Elis SA (a)(b)		3,219		55,725
Faurecia SE (a)		201		9,562
Hermes International (a)		169		295,103
Ipsen SA (a)		211		19,295
IPSOS (a)		1,266		59,428
Jacquet Metals SACA (a)		2,470		59,139
Kering SA (a)		18		14,443
Klepierre SA (a)		480		11,382
Lagardere SA (a)(b)		1,707		47,369
Legrand SA (a)		1,050		122,886
L'Oreal SA (a)		123		58,307
LVMH Moet Hennessy Louis Vuitton SE (a)		3,375		2,785,048
Mercialys SA (a)		4,827		47,067
Mersen SA (a)		815		34,266
Nexans SA (a)		656		64,206
Nexity SA (a)		2,032		95,561
Pernod Ricard SA (a)		6,420		1,544,635
Publicis Groupe SA (a)		12,581		847,033
Rexel SA (a)		124,181		2,524,415
Rothschild & Co (a)		813		37,304
Sanofi (a)		1,121		112,631
Sartorius Stedim Biotech (a)		63		34,503
SCOR SE (a)		12,608		393,736
Societe BIC SA (a)		3,205		172,589
Societe Generale SA (a)		1,906		65,451
Television Francaise 1 (a)		5,474		54,354
Thales SA (a)		623		53,019
TotalEnergies SE (a)		3,768		191,379
Valeo (a)		863		26,085
Verallia SA (a)(e)		2,273		80,095
Vicat SA (a)		1,313		53,764
Virbac SA (a)		409		197,209
				14,767,995
Georgia - 0.0% (f)
Bank of Georgia Group PLC (a)		2,063		46,568
TBC Bank Group PLC (a)		3,161		70,521
				117,089
Germany - 3.3%
Adesso SE (a)		323		76,724
adidas AG (a)		435		125,454
Allianz SE (a)		1,799		425,318
Amadeus Fire AG (a)		367		76,047
Aurubis AG (a)		1,198		120,121
BASF SE (a)		35,440		2,492,686
Bayerische Motoren Werke AG (a)		3,981		401,173
Cewe Stiftung & Co. KGAA (a)		445		65,055
Covestro AG (a)(e)		28,809		1,777,654
CropEnergies AG (a)		2,151		29,997
Daimler AG (a)		3,173		243,654
Daimler Truck Holding AG (b)		1,587		58,323
Dermapharm Holding SE (a)		1,403		142,622
Deutsche Post AG (a)		45		2,897
Deutz AG (a)(b)		6,238		46,656
Freenet AG (a)		1,918		50,905
Fresenius Medical Care AG & Co KGaA (a)		23,405		1,516,157
Gerresheimer AG (a)		438		42,253
Hannover Rueck SE (a)		79		15,043
HelloFresh SE (a)(b)		3,524		271,068
Hornbach Baumarkt AG (a)		2,050		111,190
Hornbach Holding AG & Co KGaA (a)		1,645		248,275
Infineon Technologies AG (a)		2,274		105,443
Kloeckner & Co. SE (a)(b)		5,748		70,150
Koenig & Bauer AG (a)(b)		954		33,999
MLP SE (a)		2,758		26,891
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (a)		211		62,596
ProSiebenSat.1 Media SE (a)		2,137		34,118
Puma SE (a)		1,008		123,425
Rational AG (a)		182		186,586
Rheinmetall AG (a)		1,652		156,235
Salzgitter AG (a)(b)		1,096		39,209
SAP SE (a)		1,291		184,382
Siemens AG (a)		2,207		383,626
Sirius Real Estate Ltd. (a)		45,974		88,001
Suedzucker AG (a)		1,998		30,146
SUESS MicroTec SE (a)(b)		1,245		29,745
Volkswagen AG (a)		367		107,944
Wacker Neuson SE (a)		2,224		63,904
Wuestenrot & Wuerttembergische AG (a)		1,312		26,261
				10,091,933
Gibraltar - 0.0% (f)
888 Holdings PLC (a)		30,379		123,833
Greece - 0.0% (f)
FF Group (b)(c)		2,880		–
Hellenic Telecommunications Organization SA (a)		146		2,702
National Bank of Greece SA (a)(b)		9,878		32,968
				35,670
Hong Kong - 1.9%
AIA Group Ltd. (a)		225,965		2,278,048
Beijing Enterprises Holdings Ltd. (a)		14,500		50,025
Brilliance China Automotive Holdings Ltd. (b)(c)		658,000		–
China Everbright Ltd. (a)		46,000		54,986
China Overseas Land & Investment Ltd. (a)		304,000		719,747
China Resources Land Ltd. (a)		6,000		25,241
China Water Affairs Group Ltd. (a)		38,000		54,501
Chow Tai Fook Jewellery Group Ltd. (a)		16,000		28,780
CP Pokphand Co. Ltd.		550,000		80,410
First Pacific Co. Ltd. (a)		402,000		148,013
Futu Holdings Ltd. (b)(g)		658		28,491
Galaxy Entertainment Group Ltd. (a)(b)		277,000		1,435,342
Henderson Land Development Co. Ltd. (a)		13,200		56,223
Hutchison Port Holdings Trust (a)		145,000		32,626
Johnson Electric Holdings Ltd. (a)		20,000		42,389
Kerry Logistics Network Ltd. (a)		26,500		64,794
Melco Resorts & Entertainment Ltd. (b)		9		92
Perfect Medical Health Management Ltd. (a)		51,000		37,051
Sino Biopharmaceutical Ltd. (a)		54,000		37,839
Sun Hung Kai Properties Ltd. (a)		6,000		72,836
Texhong Textile Group Ltd. (a)		21,000		27,754
Truly International Holdings Ltd. (a)		88,000		36,005
VSTECS Holdings Ltd. (a)		62,000		58,134
Yuexiu Property Co. Ltd. (a)		183,800		161,947
				5,531,274
Hungary - 0.0% (f)
MOL Hungarian Oil & Gas PLC (a)		7,560		58,679
OTP Bank Nyrt (a)(b)		307		15,686
				74,365
India - 1.6%
APL Apollo Tubes Ltd. (a)(b)		4,946		66,525
Apollo Hospitals Enterprise Ltd. (a)		3,248		219,136
Bajaj Auto Ltd. (a)		2,478		108,325
Bharat Petroleum Corp. Ltd. (a)		33,893		175,771
Bharti Airtel Ltd. (a)(b)		5,525		50,832
Chambal Fertilisers and Chemicals Ltd. (a)		14,452		76,705
Colgate-Palmolive India Ltd. (a)		1,468		29,256
Computer Age Management Services Ltd. (a)		607		21,763
Container Corp. Of India Ltd. (a)		623		5,151
Coromandel International Ltd. (a)		2,461		24,949
Escorts Ltd. (a)		3,227		82,817
GAIL India Ltd. (a)		8,266		14,370
GHCL Ltd. (a)		9,075		46,001
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (a)		6,755		40,052
Gujarat State Fertilizers & Chemicals Ltd. (a)		21,813		35,393
Havells India Ltd. (a)		5,171		97,192
Hero MotoCorp Ltd. (a)		4,708		155,618
Hindustan Petroleum Corp. Ltd. (a)		26,648		104,755
ICICI Bank Ltd. (a)		39,583		392,100
ICICI Securities Ltd. (a)(e)		2,899		30,869
Indian Energy Exchange Ltd. (a)(e)		43,218		146,826
Indian Oil Corp. Ltd. (a)		72,900		109,368
Indraprastha Gas Ltd. (a)		10,990		69,549
KPIT Technologies Ltd. (a)		6,997		57,708
Laurus Labs Ltd. (a)(e)		6,468		46,894
Mahindra & Mahindra Ltd. (a)		7,193		81,014
Marksans Pharma Ltd. (a)		39,968		32,344
National Aluminium Co. Ltd. (a)		42,406		57,629
Newgen Software Technologies Ltd. (a)		5,333		42,276
NIIT Ltd. (a)		7,625		46,265
NTPC Ltd. (a)		149,751		250,429
Oil & Natural Gas Corp. Ltd. (a)		44,733		85,610
Oil India Ltd. (a)		14,212		38,031
Page Industries Ltd. (a)		199		108,215
Persistent Systems Ltd. (a)		649		42,802
Polyplex Corp. Ltd. (a)		6,259		157,799
Power Grid Corp. of India Ltd. (a)		60,407		166,076
PTC India Ltd. (a)		66,953		98,243
Rail Vikas Nigam Ltd. (a)		65,209		30,486
Redington India Ltd. (a)		28,982		56,472
Shree Cement Ltd. (a)		31		11,257
Siemens Ltd. (a)		2,797		88,802
Sonata Software Ltd. (a)		2,553		29,908
State Bank of India (a)		33,234		205,875
Suven Pharmaceuticals Ltd. (a)		4,213		27,873
Tata Steel Ltd. (a)		8,805		131,691
The Great Eastern Shipping Co. Ltd. (a)		14,141		56,376
Thyrocare Technologies Ltd. (a)(e)		2,223		33,141
Trident Ltd./India (a)		57,344		41,099
Uflex Ltd. (a)		4,548		31,309
UltraTech Cement Ltd. (a)		135		13,787
United Spirits Ltd. (a)(b)		11,408		137,825
Vaibhav Global Ltd. (a)(b)		5,272		41,463
Vedanta Ltd. (a)		14,602		67,036
Wipro Ltd. (a)		15,726		151,357
WNS Holdings Ltd. (b)		2,578		227,431
				4,797,846
Indonesia - 0.1%
Adaro Energy Tbk PT (a)		307,000		48,469
Astra Agro Lestari Tbk PT (a)		75,200		50,127
Dharma Satya Nusantara Tbk PT (a)		663,800		23,287
Industri Jamu Dan Farmasi Sido Muncul Tbk PT (a)		1,101,700		66,849
Japfa Comfeed Indonesia Tbk PT (a)		388,000		46,816
Metrodata Electronics Tbk PT (a)		102,300		27,418
Tower Bersama Infrastructure Tbk PT (a)		10,400		2,152
XL Axiata Tbk PT (a)		160,000		35,580
				300,698
Ireland - 2.9%
Accenture PLC - Class A		6,645		2,754,685
Bank of Ireland Group PLC (a)(b)		5,718		32,440
Experian PLC (a)		65,031		3,190,058
ICON PLC (b)		7,730		2,393,981
James Hardie Industries PLC (a)		6,783		273,015
Keywords Studios PLC (a)		1,211		48,157
				8,692,336
Isle Of Man - 0.0% (f)
Playtech Plc (a)(b)		6,585		65,275
Israel - 0.5%
Ashtrom Group Ltd. (a)		2,231		60,542
Bank Hapoalim BM (a)		12,226		125,899
Bank Leumi Le-Israel BM (a)		2,837		30,484
Check Point Software Technologies Ltd. (b)		23		2,681
CyberArk Software Ltd. (b)		207		35,869
Danel Adir Yeoshua Ltd. (a)		495		112,059
Delek Group Ltd. (a)(b)		518		42,393
Delta Galil Industries Ltd. (a)		819		56,266
ICL Group Ltd. (a)		7,627		73,273
Israel Discount Bank Ltd. (a)		28,891		194,057
Matrix IT Ltd. (a)		1,413		42,899
Maytronics Ltd. (a)		3,544		87,395
Nova Ltd. (b)		800		117,200
Palram Industries 1990 Ltd. (a)		1,812		27,592
Perion Network Ltd. (b)		1,300		31,265
Plus500 Ltd. (a)		3,786		69,642
Radware Ltd. (b)		4,249		176,928
The Phoenix Holdings Ltd. (a)		7,293		94,232
				1,380,676
Italy - 1.7%
Anima Holding SpA (a)(e)		12,263		62,169
Azimut Holding SpA (a)		1,528		42,652
Banca Generali SpA (a)		1,201		52,611
Banca Popolare di Sondrio SCPA (a)		9,350		39,290
Banco BPM SpA (a)		42,289		126,775
Buzzi Unicem SpA (a)		2,886		61,954
Credito Emiliano SpA (a)		5,764		38,159
Danieli & C Officine Meccaniche SpA (a)		2,924		57,058
De' Longhi SpA (a)		1,592		56,882
DiaSorin SpA (a)		120		22,828
Digital Bros SpA (a)		1,123		38,161
El.En. SpA (a)		2,120		37,333
Enel SpA (a)		147,516		1,174,811
Eni SpA (a)		4,996		69,063
Exprivia SpA (a)(b)		15,587		39,156
Ferrari NV (a)		9,617		2,473,654
Fila SpA (a)		3,081		33,796
Hera SpA (a)		21,250		88,083
Iren SpA (a)		12,829		38,577
Leonardo SpA (a)(b)		15,969		113,949
MFE-MediaForEurope NV - Class B		10,980		15,563
Moncler SpA (a)		2,615		189,001
Piaggio & C SpA (a)		16,982		55,268
Reply SpA (a)		450		90,836
Sanlorenzo SpA/Ameglia (a)		1,193		51,441
Tinexta Spa (a)		504		21,722
				5,090,792
Japan - 10.5%
ADEKA Corp. (a)		3,300		73,654
AFC-HD AMS Life Science Co. Ltd. (a)		5,900		44,679
Astena Holdings Co. Ltd. (a)		8,600		36,264
Bell System24 Holdings, Inc. (a)		7,000		76,136
Belluna Co. Ltd. (a)		3,600		22,190
Benesse Holdings, Inc. (a)		1,400		27,437
BML, Inc. (a)		1,100		34,189
Bunka Shutter Co. Ltd. (a)		4,300		40,150
Canon, Inc. (a)		6,100		148,551
Careerlink Co. Ltd. (a)		2,100		24,650
Cawachi Ltd. (a)		5,600		107,206
Chugai Pharmaceutical Co. Ltd. (a)		2,200		71,354
Cosmo Energy Holdings Co. Ltd. (a)		3,400		66,450
Credit Saison Co. Ltd. (a)		12,700		133,496
Cresco Ltd. (a)		2,000		36,359
CTI Engineering Co. Ltd. (a)		2,000		43,435
Daihen Corp. (a)		1,000		41,516
Dai-ichi Life Holdings, Inc. (a)		13,400		270,723
Daikin Industries Ltd. (a)		1,600		362,966
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. (a)		1,300		26,495
Daito Trust Construction Co. Ltd. (a)		900		102,820
DCM Holdings Co. Ltd. (a)		17,000		157,403
Dear Life Co. Ltd. (a)		10,900		51,962
Dentsu Group, Inc. (a)		800		28,518
Digital Holdings, Inc. (a)(b)		3,500		39,973
Disco Corp. (a)		1,100		336,187
DTS Corp. (a)		1,300		28,528
Earth Corp. (a)		1,600		85,272
Eisai Co. Ltd. (a)		1,200		68,138
EJ Holdings, Inc. (a)		3,800		41,199
Electric Power Development Co. Ltd. (a)		3,100		41,154
Endo Lighting Corp. (a)		4,900		46,012
Exedy Corp. (a)		7,900		114,357
FANUC Corp. (a)		300		63,596
FIDEA Holdings Co. Ltd. (a)		2,600		30,158
Fukuoka Financial Group, Inc. (a)		30,100		515,810
Furuno Electric Co. Ltd. (a)		2,500		26,324
GMO internet, Inc. (a)		2,600		60,983
H.U. Group Holdings, Inc. (a)		5,400		136,836
Hakuto Co. Ltd. (a)		4,200		96,257
Halows Co. Ltd. (a)		1,500		36,804
Hankyu Hanshin REIT, Inc. (a)		21		28,950
Hanwa Co. Ltd. (a)		4,400		124,716
Hokkaido Electric Power Co, Inc. (a)		29,300		130,551
Honda Motor Co. Ltd. (a)		60,600		1,701,798
Hoshizaki Corp. (a)		1,000		74,978
Hosiden Corp. (a)		3,600		36,082
Hoya Corp. (a)		1,200		177,929
Hulic Reit, Inc. (a)		16		24,067
Iida Group Holdings Co. Ltd. (a)		2,400		55,681
Iino Kaiun Kaisha Ltd. (a)		11,300		53,686
Inabata & Co. Ltd. (a)		1,900		27,702
INFRONEER Holdings, Inc. (a)		10,000		90,881
Inpex Corp. (a)		8,800		76,736
ISB Corp. (a)		2,500		22,023
Iseki & Co. Ltd. (a)		3,500		42,056
Isuzu Motors Ltd. (a)		84,900		1,056,327
Itfor, Inc. (a)		5,900		41,400
Itochu Techno-Solutions Corp. (a)		200		6,434
Itoham Yonekyu Holdings, Inc. (a)		24,100		137,697
Jaccs Co. Ltd. (a)		2,500		64,381
Japan Communications, Inc. (a)(b)		24,200		42,711
Japan Post Holdings Co. Ltd. (a)		28,800		224,786
Japan Securities Finance Co. Ltd. (a)		9,900		82,629
Japan Tobacco, Inc. (a)		300		6,049
Joshin Denki Co. Ltd. (a)		1,600		29,769
JSP Corp. (a)		2,600		36,958
Juki Corp. (a)		11,800		87,002
Juroku Financial Group, Inc. (a)		3,400		63,960
JVCKenwood Corp. (a)		82,100		125,623
Kamei Corp. (a)		4,900		44,445
Kaneka Corp. (a)		1,600		52,514
Kawasaki Kisen Kaisha Ltd. (a)(b)		2,100		126,351
KDDI Corp. (a)		1,800		52,612
Keyence Corp. (a)		4,380		2,752,664
KFC Holdings Japan Ltd. (a)		2,700		67,908
Kintetsu World Express, Inc. (a)		2,500		64,992
Ki-Star Real Estate Co. Ltd. (a)		500		38,821
Kobe Steel Ltd. (a)		8,500		42,642
Komatsu Ltd. (a)		86,400		2,023,402
Komeri Co. Ltd. (a)		1,900		42,238
Kuraray Co. Ltd. (a)		3,000		26,057
Kureha Corp. (a)		1,000		71,470
KYB Corp. (a)		1,300		36,452
Kyocera Corp. (a)		100		6,249
Lasertec Corp. (a)		9,200		2,796,779
Lawson, Inc. (a)		1,800		85,179
Macnica Fuji Electronics Holdings, Inc. (a)		6,200		148,359
Marubeni Corp. (a)		7,200		70,082
Maruha Nichiro Corp. (a)		1,600		33,395
Meiko Network Japan Co. Ltd. (a)		5,300		26,218
Mimasu Semiconductor Industry Co. Ltd. (a)		4,800		110,599
Mirai Corp. (a)		371		159,367
Mirait Holdings Corp. (a)		4,500		74,220
MISUMI Group, Inc. (a)		10,200		418,588
Mitsubishi Logistics Corp. (a)		2,800		70,234
Mitsubishi Materials Corp. (a)		1,700		29,192
Mitsubishi UFJ Financial Group, Inc. (a)		500		2,717
Mitsui & Co. Ltd. (a)		23,300		551,729
Mitsui Chemicals, Inc. (a)		2,700		72,538
Mitsui-Soko Holdings Co. Ltd. (a)		4,900		105,910
Mizuho Financial Group, Inc. (a)		200		2,544
MOS Food Services, Inc. (a)		1,400		37,398
MS&AD Insurance Group Holdings, Inc. (a)		19,200		592,425
Nachi-Fujikoshi Corp. (a)		2,100		75,225
Nexon Co. Ltd. (a)		1,900		36,641
NGK Spark Plug Co. Ltd. (a)		1,600		27,863
Nintendo Co. Ltd. (a)		500		233,219
Nippon Electric Glass Co. Ltd. (a)		5,700		146,145
Nippon Light Metal Holdings Co. Ltd. (a)		1,900		28,503
NIPPON REIT Investment Corp. (a)		6		21,386
Nippon Steel Corp. (a)		200		3,271
Nippon Suisan Kaisha Ltd. (a)		17,900		84,506
Nippon Systemware Co. Ltd. (a)		1,400		27,971
Nippon Telegraph & Telephone Corp. (a)		20,400		557,776
Nipro Corp. (a)		17,500		165,400
Nishi-Nippon Financial Holdings, Inc. (a)		14,900		96,370
Nisshinbo Holdings, Inc. (a)		33,200		252,077
Nitto Denko Corp. (a)		2,400		185,504
Nomura Research Institute Ltd. (a)		5,101		217,228
NS United Kaiun Kaisha Ltd. (a)		900		27,349
Okamura Corp. (a)		8,000		89,237
Olympus Corp. (a)		26,100		599,496
Omron Corp. (a)		200		19,928
Onoken Co. Ltd. (a)		5,500		80,095
Osaka Soda Co. Ltd. (a)		2,000		52,862
Oyo Corp. (a)		6,200		115,668
Pacific Metals Co. Ltd. (a)		6,400		119,041
Panasonic Corp. (a)		138,241		1,520,449
Pharma Foods International Co. Ltd. (a)		2,300		42,337
Recruit Holdings Co. Ltd. (a)		4,900		297,033
Renesas Electronics Corp. (a)(b)		2,400		29,470
Resona Holdings, Inc. (a)		150,900		586,963
Resorttrust, Inc. (a)		3,300		53,911
Restar Holdings Corp. (a)		4,000		70,109
Riken Corp. (a)		1,200		26,854
Riken Vitamin Co. Ltd. (a)		2,300		34,074
Rock Field Co. Ltd. (a)		2,300		30,102
S Foods, Inc. (a)		1,300		39,251
Sakai Chemical Industry Co. Ltd. (a)		1,500		29,891
Sanei Architecture Planning Co. Ltd. (a)		2,900		44,099
Sankyo Tateyama, Inc. (a)		4,100		25,760
Santen Pharmaceutical Co. Ltd. (a)		3,200		39,044
SCREEN Holdings Co. Ltd. (a)		1,000		106,726
Secom Co. Ltd. (a)		500		34,715
Seiko Epson Corp. (a)		2,700		48,617
Seven & i Holdings Co. Ltd. (a)		1,100		48,353
Shimadzu Corp. (a)		6,500		274,382
Shimano, Inc. (a)		1,800		478,367
Shin Nippon Biomedical Laboratories Ltd. (a)		5,600		68,971
SKY Perfect JSAT Holdings, Inc. (a)		41,400		151,169
SoftBank Corp. (a)		7,600		96,104
SoftBank Group Corp. (a)		100		4,725
Sony Group Corp. (a)		2,300		290,741
SOSiLA Logistics REIT, Inc. (a)		17		25,976
Star Asia Investment Corp. (a)		138		75,857
Star Mica Holdings Co. Ltd. (a)		3,400		39,198
Starts Proceed Investment Corp. (a)		50		103,409
Sumitomo Corp. (a)		22,900		338,567
Sumitomo Forestry Co. Ltd. (a)		1,700		32,902
Sumitomo Heavy Industries Ltd. (a)		1,100		26,675
Sumitomo Mitsui Financial Group, Inc. (a)		27,200		929,733
Sumitomo Riko Co. Ltd. (a)		4,900		25,251
Sumitomo Seika Chemicals Co. Ltd. (a)		1,500		40,884
Sun Frontier Fudousan Co. Ltd. (a)		4,500		39,242
Suntory Beverage & Food Ltd. (a)		200		7,233
Suzuki Motor Corp. (a)		7,800		300,364
T&D Holdings, Inc. (a)		24,600		314,834
Taihei Dengyo Kaisha Ltd. (a)		1,300		32,473
Takaoka Toko Co. Ltd. (a)		2,500		30,887
Takara Bio, Inc. (a)		1,100		25,216
Takara Leben Co. Ltd. (a)		19,700		49,497
Takara Leben Real Estate Investment Corp. (a)		81		81,712
Takasho Co. Ltd. (a)		3,900		25,253
Takeuchi Manufacturing Co. Ltd. (a)		1,500		35,592
TDC Soft, Inc. (a)		3,200		32,134
The 77 Bank Ltd. (a)		4,100		47,588
The Aichi Bank Ltd. (a)		2,200		89,227
The Ogaki Kyoritsu Bank Ltd. (a)		3,100		52,061
The Oita Bank Ltd. (a)		2,200		34,963
Tokyo Electron Ltd. (a)		500		286,228
Tokyo Seimitsu Co. Ltd. (a)		600		26,418
Tokyotokeiba Co. Ltd. (a)		1,700		62,925
Tosei Corp. (a)		12,700		111,519
Toyo Seikan Group Holdings Ltd. (a)		8,300		98,874
Toyo Tire Corp. (a)		1,700		26,414
Toyobo Co. Ltd. (a)		7,100		77,531
Toyota Motor Corp. (a)		20,000		369,197
Trans Genic, Inc. (a)		10,400		40,579
Transcosmos, Inc. (a)		1,100		31,368
Trend Micro, Inc. (a)(b)		500		27,658
TV Asahi Holdings Corp. (a)		2,000		24,857
Uchida Yoko Co. Ltd. (a)		1,600		73,309
Unitika Ltd. (a)(b)		20,800		54,254
Xebio Holdings Co. Ltd. (a)		8,100		64,930
Yamaha Motor Co. Ltd. (a)		200		4,798
Yokorei Co. Ltd. (a)		6,000		43,556
ZOZO, Inc. (a)		5,000		155,690
				31,457,854
Jersey - 0.0% (f)
Centamin PLC (a)		18,368		22,096
Luxembourg - 0.1%
Tenaris SA (a)		18,445		192,506
Macau - 0.0% (f)
Sands China Ltd. (a)(b)		3,600		8,386
Malaysia - 0.2%
Bumi Armada Bhd (a)(b)		614,200		69,228
Cahya Mata Sarawak Bhd (a)		125,100		38,440
Frencken Group Ltd. (a)		45,600		66,765
Hibiscus Petroleum Bhd (a)		391,200		76,626
Lotte Chemical Titan Holding Bhd (a)(e)		101,100		58,244
Sime Darby Bhd (a)		213,800		119,065
Sime Darby Plantation Bhd (a)		67,200		60,654
Telekom Malaysia Bhd (a)		44,200		58,287
				547,309
Malta - 0.1%
Catena Media PLC (a)(b)		7,225		41,985
Kambi Group PLC (a)(b)		1,221		34,734
Kindred Group PLC (a)		8,111		95,897
				172,616
Mauritius - 0.0% (f)
Capital Ltd. (a)		88,034		100,333
Mexico - 0.1%
America Movil SAB de CV		1,200		1,271
Arca Continental SAB de CV		15,700		99,695
GCC SAB de CV		10,000		76,799
Genomma Lab Internacional SAB de CV		42,200		44,353
Grupo Mexico SAB de CV		1,900		8,283
Orbia Advance Corp. SAB de CV		34,700		88,565
				318,966
Netherlands - 3.5%
Adyen NV (a)(b)(e)		630		1,648,219
ASML Holding NV (a)		1,546		1,232,737
ASML Holding NV		3,570		2,842,220
ASR Nederland NV (a)		3,700		170,112
Boskalis Westminster (a)		1,780		51,978
Eurocommercial Properties NV (a)		1,866		40,567
ForFarmers NV (a)		5,797		26,642
Heijmans NV (a)		4,019		67,771
ING Groep NV (a)		100,716		1,403,427
Koninklijke Ahold Delhaize NV (a)		9,966		341,482
Koninklijke BAM Groep NV (a)(b)		17,187		52,742
Ordina NV (a)		21,232		99,056
Randstad NV (a)		2,737		187,505
Royal Dutch Shell PLC - Class A (a)		2,603		57,115
Royal Dutch Shell PLC - Class A (a)		4,129		90,632
Royal Dutch Shell PLC - Class B (a)		91,689		2,014,809
Signify NV (a)(e)		787		36,276
				10,363,290
New Zealand - 0.0% (f)
Fletcher Building Ltd. (a)		5,542		27,822
Meridian Energy Ltd. (a)		841		2,798
Pushpay Holdings Ltd. (a)(b)		60,997		55,089
Summerset Group Holdings Ltd. (a)		7,063		66,197
				151,906
Norway - 0.3%
Aker Solutions ASA (a)(b)		27,062		71,659
Belships ASA (a)		31,137		49,767
DNB Bank ASA (a)		15,648		358,500
Equinor ASA (a)		97		2,559
Europris ASA (a)(e)		9,658		77,204
FLEX LNG Ltd. (a)		2,311		51,630
Gjensidige Forsikring ASA (a)		1,958		47,557
Kongsberg Gruppen ASA (a)		1,186		38,490
SpareBank 1 Nord Norge (a)		4,776		61,042
Veidekke ASA (a)		2,030		30,508
				788,916
Philippines - 0.1%
Aboitiz Equity Ventures, Inc. (a)		36,800		39,275
DMCI Holdings, Inc. (a)		422,000		63,805
First Gen Corp. (a)		52,100		28,436
Metro Pacific Investments Corp. (a)		1,004,000		76,783
Metropolitan Bank & Trust Co. (a)		21,500		23,494
Robinsons Land Corp. (a)		71,700		26,995
				258,788
Poland - 0.1%
Asseco Poland SA (a)		1,443		30,949
Cyfrowy Polsat SA (a)		3,215		27,657
Enea SA (a)(b)		23,053		48,662
Grupa Azoty SA (a)(b)		4,356		36,550
InPost SA (a)(b)		313		3,781
LPP SA (a)		3		12,771
PGE Polska Grupa Energetyczna SA (a)(b)		17,841		35,749
Polski Koncern Naftowy ORLEN SA (a)		1,446		26,657
Polskie Gornictwo Naftowe i Gazownictwo SA (a)		23,625		36,915
Santander Bank Polska SA (a)		1,447		125,195
Tauron Polska Energia SA (a)(b)		76,354		49,936
				434,822
Portugal - 0.1%
Banco Comercial Portugues SA (a)(b)		292,049		46,836
Jeronimo Martins SGPS SA (a)		5,652		129,352
Sonae SGPS SA (a)		118,438		135,160
				311,348
Qatar - 0.1%
Industries Qatar QSC (a)		40,417		171,899
Qatar Fuel QSC (a)		6,247		31,353
Qatar Islamic Bank SAQ (a)		4,540		22,850
				226,102
Russia - 0.9%
Beluga Group PJSC (b)		517		23,065
Globaltrans Investment PLC (a)		4,210		35,837
HeadHunter Group PLC		500		25,545
LUKOIL PJSC		16,488		1,480,622
Mechel PJSC (b)		6,500		20,670
MMC Norilsk Nickel PJSC (a)		426		129,491
Novolipetsk Steel PJSC (a)		53,460		154,852
PhosAgro PJSC		5,340		110,805
Ros Agro PLC (a)		3,238		49,271
Rostelecom PJSC (b)		106,154		123,304
Sberbank of Russia PJSC (a)		29,200		113,954
Severstal PAO (a)		9,951		212,356
Surgutneftegas PJSC (a)		202,900		107,237
Tatneft PJSC (a)		19,624		130,449
				2,717,458
Saudi Arabia - 0.1%
Alinma Bank (a)		424		2,698
Etihad Etisalat Co. (a)		3,280		27,179
Herfy Food Services Co. (a)		4,493		74,494
Saudi Basic Industries Corp. (a)		1,793		55,347
Saudi Industrial Investment Group (a)		8,436		69,900
Saudi Kayan Petrochemical Co. (a)(b)		4,742		21,475
Saudi Telecom Co (a)		2,731		81,660
				332,753
Singapore - 0.7%
BW Energy Ltd. (a)(b)		14,748		33,557
CROMWELL EU REIT (a)(b)		19,100		55,020
DBS Group Holdings Ltd. (a)		40,750		986,608
Golden Agri-Resources Ltd. (a)		189,800		34,522
Oversea-Chinese Banking Corp. Ltd. (a)		8,700		73,652
Propnex Ltd. (a)		28,500		35,756
Raffles Medical Group Ltd. (a)		92,200		93,760
Riverstone Holdings Ltd. (a)		95,700		49,829
Sea Ltd. (b)		18		4,027
Singapore Exchange Ltd. (a)		1,300		8,977
SPH REIT (a)		175,000		129,910
Wilmar International Ltd. (a)		162,900		500,818
XP Power Ltd. (a)		631		43,591
				2,050,027
South Africa - 0.4%
Anglo American Platinum Ltd. (a)		953		108,538
Barloworld Ltd. (a)		4,153		39,191
Impala Platinum Holdings Ltd. (a)		4,727		66,763
Investec Ltd. (a)		34,499		189,581
Investec PLC (a)		45,568		247,637
KAP Industrial Holdings Ltd. (a)		94,677		25,969
Kumba Iron Ore Ltd. (a)		2,298		66,469
Mediclinic International PLC (a)(b)		6,085		25,992
Mr Price Group Ltd. (a)		2,731		34,194
MTN Group Ltd. (a)(b)		2,256		24,115
MultiChoice Group (a)		11,645		89,129
Murray & Roberts Holdings Ltd. (a)(b)		42,482		38,016
Royal Bafokeng Platinum Ltd. (a)		7,033		68,632
Shoprite Holdings Ltd. (a)		16,425		215,181
Sibanye Stillwater Ltd. (a)		1,445		4,465
Vodacom Group Ltd. (a)		6,085		51,320
				1,295,192
South Korea - 2.3%
AfreecaTV Co. Ltd. (a)		561		95,450
Asia Paper Manufacturing Co. Ltd. (a)		728		32,004
BNK Financial Group, Inc. (a)		20,484		144,341
Daewoo Engineering & Construction Co. Ltd. (a)(b)		7,769		37,690
DB HiTek Co. Ltd. (a)		1,072		65,495
DB Insurance Co. Ltd. (a)		689		31,207
DGB Financial Group, Inc. (a)		9,839		77,614
DoubleUGames Co. Ltd. (a)		927		45,131
Global Standard Technology Co. Ltd. (a)		1,055		33,132
GOLFZON Co. Ltd. (a)		427		62,656
GS Holdings Corp. (a)		1,658		54,500
Hana Financial Group, Inc. (a)		21,866		770,016
Hankook Tire & Technology Co. Ltd. (a)		3,531		117,332
Hansol Chemical Co. Ltd. (a)		110		28,252
Hanwha Aerospace Co. Ltd. (a)		772		31,099
Hanwha General Insurance Co. Ltd. (a)(b)		11,184		34,782
Hanwha Life Insurance Co. Ltd. (a)		14,071		34,727
HMM Co. Ltd. (a)(b)		3,757		84,953
HYBE Co. Ltd. (a)(b)		28		8,179
Hyundai Glovis Co. Ltd. (a)		666		94,050
Hyundai Steel Co. (a)		936		32,263
Insun ENT Co. Ltd. (a)(b)		3,703		34,497
i-SENS, Inc. (a)		1,074		27,280
JB Financial Group Co. Ltd. (a)		5,186		36,378
Kakao Corp. (a)(b)		569		53,667
KakaoBank Corp. (a)(b)		74		3,663
Kia Corp. (a)		3,573		245,298
Korea Gas Corp.. (a)(b)		5,465		179,680
Korea Real Estate Investment & Trust Co. Ltd. (a)		122,178		267,635
Korean Reinsurance Co (a)		12,742		99,128
Kumho Petrochemical Co. Ltd. (a)		718		99,945
Kyung Dong Navien Co. Ltd. (a)		700		32,141
LabGenomics Co. Ltd. (a)(b)		1,682		35,340
LF Corp. (a)		4,838		70,185
LG Chem Ltd. (a)		5		2,580
LG Corp. (a)		212		14,336
LG Innotek Co. Ltd. (a)		700		214,121
Lotte Chemical Corp. (a)		153		27,911
LX Hausys Ltd. (a)		1,361		69,841
LX Semicon Co. Ltd. (a)		920		129,391
MOM'S TOUCH&Co. (a)(b)		8,113		35,990
Osstem Implant Co. Ltd. (a)		370		44,274
POSCO (a)		4,947		1,135,627
Samchully Co. Ltd. (a)		670		51,125
Samsung Card Co. Ltd. (a)		955		25,300
Samsung Electronics Co. Ltd. (a)		9,571		628,338
Samsung Securities Co. Ltd. (a)		2,104		79,299
Seegene, Inc. (a)		1,310		67,092
Shinhan Financial Group Co. Ltd. (a)		34,039		1,049,590
SK Bioscience Co. Ltd. (a)(b)		283		53,436
S-Oil Corp. (a)		570		41,049
Sunjin Co. Ltd. (a)		3,899		37,706
Woori Financial Group, Inc. (a)		4,266		45,510
Youngone Corp. (a)(b)		881		32,338
				6,884,564
Spain - 1.1%
Amadeus IT Group SA (a)(b)		22,350		1,505,372
CaixaBank SA (a)		352,580		966,843
Faes Farma SA (a)		18,439		72,955
Gestamp Automocion SA (a)(b)(e)		15,130		76,588
Grupo Catalana Occidente SA (a)		1,236		42,037
Industria de Diseno Textil SA (a)		7,867		254,957
Laboratorios Farmaceuticos Rovi SA (a)		1,955		163,965
Pharma Mar SA (a)		632		40,904
Repsol SA (a)		3,456		41,021
Unicaja Banco SA (a)(e)		33,725		33,379
				3,198,021
Sweden - 2.8%
AcadeMedia AB (a)(e)		11,546		70,766
Alfa Laval AB (a)		4,526		181,086
Assa Abloy AB (a)		3,345		101,614
Atlas Copco AB (a)		29,400		2,035,172
Betsson AB (a)(b)		7,008		42,138
Bilia AB (a)		5,348		94,668
Biotage AB (a)		2,218		64,179
Boliden AB (a)		214		8,296
Bufab AB (a)		1,010		49,542
Byggmax Group AB (a)		2,740		27,105
Coor Service Management Holding AB (a)(e)		7,259		66,389
Epiroc AB (a)(b)		1,178		29,866
EQT AB (a)		2,771		150,617
Evolution AB (a)(e)		16,000		2,250,899
Ferronordic AB (a)		1,942		72,415
Fortnox AB (a)		557		35,851
Getinge AB (a)		2,041		88,652
H & M Hennes & Mauritz AB (a)		4,505		88,352
Haldex AB (a)(b)		6,162		36,135
Humana AB (a)(b)		3,322		26,710
Husqvarna AB (a)		6,736		107,248
Industrivarden AB (a)		252		7,882
Intrum AB (a)		917		23,681
Inwido AB (a)		1,224		25,145
KNOW IT AB (a)		1,292		53,495
Lindab International AB (a)		3,097		110,125
Lundin Energy AB (a)		7,883		282,703
New Wave Group AB (a)		8,422		155,214
Nobina AB (a)(e)		15,722		186,159
Nordic Waterproofing Holding AB (a)		1,532		37,634
Peab AB - Class B (a)		14,212		178,744
Saab AB (a)		4,824		122,674
Sandvik AB (a)		19,305		539,378
Skanska AB (a)		103		2,653
SSAB AB - Class B (a)(b)		46,384		232,584
Swedbank AB - Class A (a)		14,133		283,829
Swedencare AB (a)(b)		1,320		22,464
Swedish Match (a)(b)		28,132		223,521
Thule Group AB (a)(e)		3,432		207,444
				8,323,029
Switzerland - 5.8%
Alcon, Inc. (a)		24,680		2,174,430
Bachem Holding AG (a)		260		203,677
Belimo Holding AG (a)(b)		67		42,408
Bobst Group SA (a)(b)		403		36,659
Cie Financiere Richemont SA (a)		433		64,657
Credit Suisse Group AG (a)		42,296		410,239
dormakaba Holding AG (a)		84		55,396
Ferrexpo PLC (a)		14,776		59,855
Geberit AG (a)		202		164,438
Holcim Ltd. (a)		6,421		326,777
Huber + Suhner AG (a)		508		48,311
Interroll Holding AG (a)		12		53,908
Kardex Holding AG (a)		117		38,513
Kongsberg Automotive ASA (a)(b)		104,125		35,666
Kuehne + Nagel International AG (a)		1,933		621,643
LEM Holding SA (a)		22		61,319
Leonteq AG (a)		402		30,522
Lonza Group AG (a)		2,650		2,207,565
Nestle SA (a)		19,732		2,758,372
Novartis AG (a)		236		20,725
Partners Group Holding AG (a)		104		171,446
Peach Property Group AG (a)		396		27,527
Roche Holding AG (a)		4,617		1,913,910
Sensirion Holding AG (a)(b)(e)		458		66,488
SFS Group AG (a)		362		49,886
SGS SA (a)		9		29,979
Sika AG (a)		6,856		2,845,896
Sonova Holding AG (a)		497		194,113
STMicroelectronics NV (a)		10,929		535,706
Tecan Group AG (a)		279		169,654
The Swatch Group AG (a)		1,332		77,726
UBS Group AG (a)		93,104		1,671,039
Zehnder Group AG (a)		726		73,906
				17,242,356
Taiwan - 4.5%
Acer, Inc. (a)		141,000		154,848
Anpec Electronics Corp. (a)		5,000		50,096
ASE Technology Holding Co. Ltd. (a)		18,000		69,005
Asia Polymer Corp. (a)		20,000		26,491
Asia Vital Components Co. Ltd. (a)		10,000		31,752
Asustek Computer, Inc. (a)		28,000		380,554
Brighton-Best International Taiwan, Inc. (a)		21,000		29,268
Catcher Technology Co. Ltd. (a)		89,000		501,985
Cathay Financial Holding Co. Ltd. (a)		103,000		232,095
Chicony Power Technology Co. Ltd. (a)		25,000		70,498
ChipMOS Technologies, Inc. (a)		27,000		47,269
Compal Electronics, Inc. (a)		105,000		91,759
CTBC Financial Holding Co. Ltd. (a)		176,000		164,841
DA CIN Construction Co. Ltd. (a)		72,000		85,171
Dimerco Express Corp. (a)		12,170		46,389
E Ink Holdings, Inc. (a)		7,000		37,935
Faraday Technology Corp. (a)		5,000		42,939
Feng Hsin Steel Co. Ltd. (a)		19,000		57,333
Foxsemicon Integrated Technology, Inc. (a)		5,000		45,928
General Interface Solution Holding Ltd. (a)		15,000		55,108
Gigabyte Technology Co. Ltd. (a)		18,000		100,467
Global Mixed Mode Technology, Inc. (a)		10,000		95,560
Global Unichip Corp. (a)		2,000		42,181
Grand Pacific Petrochemical (a)		48,000		49,797
Greatek Electronics, Inc. (a)		38,000		107,034
HannStar Display Corp. (a)		78,000		50,784
Hiwin Technologies Corp. (a)		3,000		33,153
Holtek Semiconductor, Inc. (a)		15,000		60,610
Hon Hai Precision Industry Co. Ltd. (a)		584,961		2,193,003
ITE Technology, Inc. (a)		28,000		109,407
Kindom Development Co. Ltd. (a)		62,000		84,509
King Yuan Electronics Co. Ltd. (a)		18,000		29,053
Macronix International Co. Ltd. (a)		43,000		65,372
MediaTek, Inc. (a)		13,600		581,463
Micro-Star International Co. Ltd. (a)		18,000		104,125
Nanya Technology Corp. (a)		43,000		121,337
Novatek Microelectronics Corp. (a)		20,700		401,572
Pegavision Corp. (a)		3,000		46,174
Pou Chen Corp. (a)		5,000		5,982
Realtek Semiconductor Corp. (a)		19,400		406,787
Shin Foong Specialty & Applied Materials Co. Ltd. (a)		6,000		35,749
Shiny Chemical Industrial Co. Ltd. (a)		21,111		133,873
Sigurd Microelectronics Corp. (a)		18,000		38,163
Silicon Motion Technology Corp.		500		47,515
Sitronix Technology Corp. (a)		9,000		103,570
Speed Tech Corp. (a)		10,000		29,677
Taita Chemical Co. Ltd. (a)		27,500		34,266
Taiwan Glass Industry Corp. (a)		56,000		53,974
Taiwan Semiconductor Manufacturing Co. Ltd. (a)		115,600		2,559,703
Taiwan Semiconductor Manufacturing Co. Ltd.		23,600		2,839,316
Tong Hsing Electronic Industries Ltd. (a)		7,000		74,869
TXC Corp. (a)		36,000		136,839
USI Corp. (a)		21,000		23,943
Vanguard International Semiconductor Corp. (a)		36,000		205,631
Winbond Electronics Corp. (a)		49,000		59,877
Wisdom Marine Lines Co. Ltd. (a)		11,000		32,431
				13,319,030
Thailand - 0.5%
AP Thailand PCL (a)		793,900		227,038
Bangkok Chain Hospital PCL (a)		60,400		36,302
Forth Corp. PCL (a)(b)		185,000		117,327
Hana Microelectronics PCL (a)		25,800		68,066
Indorama Ventures PCL (a)		4,600		5,952
Mega Lifesciences PCL (a)		55,000		83,085
Polyplex Thailand PCL (a)		89,900		64,033
PTT Exploration & Production PCL (a)		15,700		55,287
PTT Global Chemical PCL (a)		32,200		56,401
Sri Trang Agro-Industry PCL (a)		31,000		28,573
The Siam Commercial Bank PCL (a)		193,500		728,723
				1,470,787
Turkey - 0.3%
Akbank TAS (a)		649,930		347,125
Aksa Akrilik Kimya Sanayii AS (a)		22,794		58,140
Aksa Enerji Uretim AS (a)(b)		107,872		81,540
Haci Omer Sabanci Holding AS (a)		94,813		94,828
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS - Class D (a)(b)		35,533		24,754
Koza Altin Isletmeleri AS (a)(b)		2,967		25,950
Koza Anadolu Metal Madencilik Isletmeleri AS (a)(b)		24,080		32,026
Logo Yazilim Sanayi Ve Ticaret AS (a)		12,302		37,998
Sok Marketler Ticaret AS (a)		30,455		28,582
Turk Telekomunikasyon AS (a)		48,083		34,968
Vestel Elektronik Sanayi ve Ticaret AS (a)		11,637		21,545
				787,456
United Arab Emirates - 0.4%
Abu Dhabi Commercial Bank PJSC (a)		379,637		881,195
Abu Dhabi Islamic Bank PJSC (a)		57,365		107,249
Dubai Islamic Bank PJSC (a)		64,176		93,904
				1,082,348
United Kingdom - 0.5%
Travis Perkins (a)(b)		70,583		1,481,672
United States - 3.5%
Aon PLC - Class A		4,980		1,496,789
EPAM Systems, Inc. (b)		3,090		2,065,510
Mettler-Toledo International, Inc. (b)		1,320		2,240,317
Parade Technologies Ltd. (a)		2,000		152,236
ResMed, Inc.		9,910		2,581,357
STERIS PLC		7,300		1,776,893
				10,313,102
Total Common Stocks (Cost $180,175,439)				237,531,934
PREFERRED STOCKS - 0.9%
Brazil - 0.2%
Cia Energetica de Minas Gerais		36,013		84,570
Cia Paranaense de Energia		85,600		98,663
Metalurgica Gerdau SA		22,000		45,067
Petroleo Brasileiro SA		28,700		146,952
Unipar Carbocloro SA		2,500		46,391
				421,643
Colombia - 0.0% (f)
Bancolombia SA		287		2,259
Germany - 0.7%
Bayerische Motoren Werke AG (a)		2,232		186,299
Draegerwerk AG & Co. KGaA (a)		598		37,618
Einhell Germany AG (a)		210		52,829
Schaeffler AG (a)		11,400		94,559
STO SE & Co KGaA (a)		346		87,040
Volkswagen AG (a)		7,480		1,511,627
				1,969,972
Russia - 0.0% (f)
Surgutneftegas PJSC (a)		270,800		138,763
Total Preferred Stocks (Cost $2,870,875)				2,532,637

	Par Value
U.S. TREASURY OBLIGATIONS - 0.5%
U.S. Treasury Notes - 0.5%
0.125%, due 05/31/23 (a)		144,000		143,100
0.250%, due 09/30/23 (a)		33,000		32,768
0.250%, due 06/15/24 (a)		250,000		246,328
0.750%, due 11/15/24 (a)		60,000		59,672
0.250%, due 10/31/25 (a)		59,000		57,018
0.875%, due 09/30/26 (a)		236,000		231,796
1.250%, due 11/30/26 (a)		361,000		360,831
1.125%, due 02/15/31 (a)		27,000		26,198
1.625%, due 05/15/31 (a)		288,000		291,510
1.375%, due 11/15/31 (a)		88,000		86,845
Total U.S. Treasury Obligations (Cost $1,546,205)				1,536,066
AGENCY MORTGAGE-BACKED OBLIGATIONS - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.690%, due 03/25/30 (a)(h)		499,859		60,778
Series K-1501, 0.394%, due 04/25/30 (a)(h)		2,751,343		70,740
Series K-110, 1.697%, due 04/25/30 (a)(h)		498,916		59,789
Series K-118, 0.961%, due 09/25/30 (a)(h)		997,697		71,593
Total Agency Mortgage-Backed Obligations (Cost $226,217)				262,900
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 2.0%
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 2.360%, due 04/15/34 (1 Month U.S. LIBOR + 2.250%) (a)(e)(i)		200,000		199,626
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 0.832%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (a)(e)(i)		200,000		197,756
BBCMS 2021-AGW Mortgage Trust
Series 2021-AGW, 1.360%, due 06/15/36 (1 Month U.S. LIBOR + 1.250%) (a)(e)(i)		500,000		498,753
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 1.510%, due 10/15/37 (1 Month U.S. LIBOR + 1.400%) (a)(e)(i)		82,243		82,151
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (a)(e)(h)		576,891		571,257
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 3.944%, due 07/10/49 (a)(h)		186,000		188,129
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 1.200%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (a)(e)(i)		190,000		189,645
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/06/34 (a)(e)		200,000		204,789
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/05/34 (a)(e)		150,000		153,858
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (a)(e)(h)		72,072		73,167
JP MORGAN MORTGAGE TRUST 2018-5
Series 2018-5, 3.500%, due 10/25/48 (a)(e)(h)		151,317		153,092
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (a)(e)(h)		21,813		21,955
JP Morgan Mortgage Trust 2019-3
Series 2019-3, 4.000%, due 09/25/49 (a)(e)(h)		5,577		5,610
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (a)(e)(h)		186,629		189,967
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (a)(e)(h)		109,329		110,716
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (a)(e)(h)		278,244		275,962
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (a)(e)(h)		87,330		88,441
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.098%, due 07/15/45 (a)(h)		182,000		187,139
Mello Warehouse Securitization Trust 2020-1
Series 2020-1, 1.252%, due 10/25/53 (1 Month U.S. LIBOR + 1.150%) (a)(e)(i)		150,000		150,061
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 3.892%, due 11/15/49 (a)(h)		200,000		198,946
PFP 2021-8 Ltd.
Series 2021-8, 1.909%, due 08/09/37 (1 Month U.S. LIBOR + 1.800%) (a)(d)(e)(i)		100,000		99,377
Provident Funding Mortgage Trust 2021-J1
Series 2.00000, 2.000%, due 10/25/51 (a)(e)(h)		200,000		191,102
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (a)(e)(h)		92,676		94,088
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 1.852%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (a)(e)(i)		400,000		398,375
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (a)(h)		100,640		101,522
Sequoia Mortgage Trust 2016-3
Series 2016-3, 3.000%, due 11/25/46 (a)(e)(h)		15,556		15,566
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (a)(e)(h)		8,603		8,719
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 09/25/49 (a)(e)(h)		13,638		13,812
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (a)(e)(h)		200,000		201,251
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (a)(e)(h)		400,000		398,522
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/15/41 (a)(e)		220,000		224,460
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 1.310%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (a)(e)(i)		100,000		99,828
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (a)(e)(h)		147,950		149,719
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/15/47 (a)(h)		207,000		211,742
Total Non-Agency Mortgage-Backed Obligations (Cost $6,009,802)				5,949,103
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 0.1%
BANK 2020-BNK30
Series 2020-BNK30, 1.332%, due 12/15/53 (a)(h)		989,006		89,458
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.776%, due 09/15/53 (a)(h)		997,210		102,077
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.712%, due 09/15/53 (a)(h)		788,431		74,076
Total Non - Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $287,805)				265,611
ASSET-BACKED SECURITIES - 1.6%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 09/22/27 (a)		95,393		97,649
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 06/15/28 (a)		53,515		53,403
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 (a)		100,000		98,384
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (a)(e)		98,333		97,983
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (a)(e)		133,023		136,302
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 (a)		200,000		200,871
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 02/20/34 (a)		277,333		271,933
Helios Issuer LLC
Series A, 2.980%, due 06/20/47 (a)(e)		246,106		253,447
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (a)(e)		234,619		233,786
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (a)(e)		232,375		237,295
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (a)(e)		200,000		198,329
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (a)(e)		108,503		104,893
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/16/69 (a)(e)		161,097		160,342
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (a)(e)		94,725		93,313
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (a)(e)		200,000		198,479
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (a)(e)		100,000		98,622
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (a)(e)		150,000		147,522
Santander Drive Auto Receivables Trust 2020-3
Series B, 0.690%, due 03/17/25 (a)		100,000		100,098
Series C, 1.120%, due 01/15/26 (a)		200,000		200,664
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 (a)		100,000		99,199
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (a)(e)		310,170		309,055
Sofi Consumer Loan Program 2018-1 Trust
Series B, 3.650%, due 02/25/27 (a)(e)		36,365		36,548
SoFi Consumer Loan Program 2020-1 Trust
Series B, 2.250%, due 01/25/29 (a)(e)		400,000		403,436
Sofi Professional Loan Program 2017-C LLC
Series A-1, 0.703%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (a)(e)(i)		85,785		85,817
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (a)(e)		110,964		112,763
Tesla Auto Lease Trust 2019-A
Series 2019-A, 2.680%, due 01/20/23 (a)(e)		250,000		253,101
United Airlines 2014-2 Class A Pass Through Trust
Series A, 3.750%, due 09/03/26 (a)		47,064		48,804
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (a)(e)		192,182		188,985
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (a)(e)		150,000		147,570
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (a)(e)		200,000		200,040
Total Asset-Backed Securities (Cost $4,890,232)				4,868,633
COLLATERALIZED LOAN OBLIGATIONS - 1.5%
Aimco CLO 11 Ltd.
Series 2020-11R, 1.253%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (a)(e)(i)		250,000		249,414
Apidos CLO XXIII
Series XXIII, 1.344%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (a)(e)(i)		400,000		400,057
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 1.710%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (a)(d)(e)(i)		450,000		447,475
Benefit Street Partners CLO XIX Ltd.
Series A, 1.474%, due 01/15/33 (3 Month U.S. LIBOR + 1.350%) (a)(e)(i)		400,000		400,054
Betony CLO 2 Ltd.
Series 2018, 1.212%, due 04/30/31 (3 Month U.S. LIBOR + 1.080%) (a)(e)(i)		250,000		249,689
CARLYLE US CLO 2021-1 Ltd.
Series LTD, 1.264%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (a)(e)(i)		250,000		249,970
Dryden 78 CLO Ltd.
Series LTD, 1.302%, due 04/17/33 (3 Month U.S. LIBOR + 1.180%) (a)(e)(i)		500,000		499,714
Madison Park Funding XXI Ltd.
Series FLT, 1.518%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (a)(e)(i)		250,000		249,999
Marble Point CLO XIV Ltd.
Series FLT, 1.412%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (a)(e)(i)		490,000		490,217
MF1 2021-FL7 Ltd.
Series 2021-FL7, 2.158%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (a)(d)(e)(i)		200,000		198,638
Octagon Investment Partners 48 Ltd.
Series A-R, 1.277%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (a)(e)(i)		400,000		399,530
OHA Credit Funding 3 Ltd.
Series A-R, 1.272%, due 07/02/35 (3 Month U.S. LIBOR + 1.140%) (a)(e)(i)		250,000		249,692
OHA Loan Funding 2015-1 Ltd.
Series LTD, 1.330%, due 01/19/37 (3 Month U.S. LIBOR + 1.150%) (a)(e)(i)		270,000		270,054
Palmer Square CLO 2019-1 Ltd.
1.348%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (a)(e)(i)		250,000		250,032
Total Collateralized Loan Obligations (Cost $4,599,290)				4,604,535
CORPORATE BONDS - 3.9%
Australia - 0.1%
Scentre Group Trust 1 / Scentre Group Trust 2
3.625%, due 01/28/26 (a)(e)		182,000		194,209
Britain - 0.2%
AstraZeneca PLC
0.700%, due 04/08/26 (a)		94,000		90,905
BAT International Finance PLC
1.668%, due 03/25/26 (a)		165,000		162,039
BP Capital Markets PLC
3.535%, due 11/04/24 (a)		122,000		129,718
Royalty Pharma PLC
0.750%, due 09/02/23 (a)		66,000		65,454
1.750%, due 09/02/27 (a)		67,000		65,167
2.200%, due 09/02/30 (a)		105,000		101,315
				614,598
Canada - 0.1%
Royal Bank of Canada
1.200%, due 04/27/26 (a)		100,000		98,040
The Bank of Nova Scotia
2.700%, due 08/03/26 (a)		182,000		189,747
				287,787
Cayman Islands - 0.0% (f)
XLIT Ltd.
4.450%, due 03/31/25 (a)		80,000		86,681
Japan - 0.1%
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23 (a)		77,000		80,130
Nissan Motor Co. Ltd.
4.810%, due 09/17/30 (a)(e)		80,000		89,474
				169,604
United States - 3.4%
3M Co.
2.000%, due 02/14/25 (a)		102,000		104,190
AbbVie, Inc.
3.800%, due 03/15/25 (a)		140,000		149,006
Aflac, Inc.
3.250%, due 03/17/25 (a)		100,000		105,682
Altria Group, Inc.
3.400%, due 05/06/30 (a)		102,000		105,611
Amazon.com, Inc.
1.500%, due 06/03/30 (a)		146,000		141,608
Ameren Illinois Co.
3.800%, due 05/15/28 (a)		87,000		94,981
American Honda Finance Corp.
1.200%, due 07/08/25 (a)		81,000		80,655
American International Group, Inc.
3.900%, due 04/01/26 (a)		162,000		175,584
Amgen, Inc.
3.200%, due 11/02/27 (a)		132,000		141,945
Amphenol Corp.
2.800%, due 02/15/30 (a)		107,000		110,359
Apple, Inc.
1.200%, due 02/08/28 (a)		100,000		97,019
Assurant, Inc.
4.200%, due 09/27/23 (a)		77,000		80,811
AT&T, Inc.
2.250%, due 02/01/32 (a)		160,000		154,406
Bank of America Corp.
4.125%, due 01/22/24 (a)		214,000		227,324
4.000%, due 01/22/25 (a)		82,000		87,500
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (a)(i)		153,000		151,948
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (a)(i)		194,000		195,458
Broadcom, Inc.
4.150%, due 11/15/30 (a)		64,000		70,900
Carrier Global Corp.
2.722%, due 02/15/30 (a)		215,000		218,305
Caterpillar Financial Services Corp.
2.850%, due 05/17/24 (a)		104,000		108,605
Charter Communications Operating LLC / Charter Communications Operating Capital
4.464%, due 07/23/22 (a)		64,000		64,957
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (a)(i)		150,000		148,645
4.450%, due 09/29/27 (a)		88,000		98,034
Constellation Brands, Inc.
3.700%, due 12/06/26 (a)		102,000		110,309
CVS Health Corp.
3.875%, due 07/20/25 (a)		270,000		289,462
1.750%, due 08/21/30 (a)		160,000		152,138
Duke Energy Corp.
3.150%, due 08/15/27 (a)		156,000		164,849
Ecolab, Inc.
4.800%, due 03/24/30 (a)		70,000		83,780
Entergy Corp.
0.900%, due 09/15/25 (a)		110,000		106,387
Enterprise Products Operating LLC
2.800%, due 01/31/30 (a)		80,000		83,273
Equinix, Inc.
1.250%, due 07/15/25 (a)		145,000		142,429
Exxon Mobil Corp.
2.275%, due 08/16/26 (a)		109,000		112,477
FirstEnergy Corp.
4.400%, due 07/15/27 (a)		159,000		170,954
Fox Corp.
3.050%, due 04/07/25 (a)		167,000		175,299
Global Payments, Inc.
2.650%, due 02/15/25 (a)		90,000		92,352
HCA, Inc.
4.125%, due 06/15/29 (a)		113,000		124,724
Johnson & Johnson
0.950%, due 09/01/27 (a)		100,000		97,648
1.300%, due 09/01/30 (a)		100,000		96,100
JPMorgan Chase & Co.
2.776%, due 04/25/23 (3 Month U.S. LIBOR + 0.935%) (a)(i)		187,000		188,155
3.875%, due 09/10/24 (a)		211,000		224,426
1.578%, due 04/22/27 (SOFR Rate + 0.885%) (a)(i)		150,000		148,335
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (a)(i)		80,000		76,674
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (a)(i)		208,000		210,757
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 (a)		77,000		83,830
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 (a)		77,000		78,732
Kite Realty Group LP
4.000%, due 10/01/26 (a)		109,000		115,599
Microsoft Corp.
2.400%, due 08/08/26 (a)		213,000		222,540
Morgan Stanley
0.560%, due 11/10/23 (SOFR Rate + 0.466%) (a)(i)		161,000		160,688
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (a)(i)		110,000		108,927
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (a)(i)		257,000		261,618
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (a)(i)		200,000		197,685
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (a)(i)		102,000		99,540
MPLX LP
4.875%, due 12/01/24 (a)		81,000		87,885
2.650%, due 08/15/30 (a)		59,000		58,852
Oracle Corp.
2.950%, due 04/01/30 (a)		231,000		232,771
O'Reilly Automotive, Inc.
3.600%, due 09/01/27 (a)		182,000		197,293
PepsiCo, Inc.
2.625%, due 07/29/29 (a)		92,000		96,651
Phillips 66
0.900%, due 02/15/24 (a)		78,000		77,506
Raytheon Technologies Corp.
3.200%, due 03/15/24 (a)		101,000		105,108
Realty Income Corp.
3.250%, due 01/15/31 (a)		194,000		208,065
Ross Stores, Inc.
4.600%, due 04/15/25 (a)		131,000		143,297
Sabine Pass Liquefaction LLC
5.625%, due 03/01/25 (a)		62,000		68,820
Sierra Pacific Power Co.
2.600%, due 05/01/26 (a)		140,000		145,691
Southwestern Electric Power Co.
1.650%, due 03/15/26 (a)		100,000		99,545
Steel Dynamics, Inc.
1.650%, due 10/15/27 (a)		80,000		78,285
The AES Corp.
1.375%, due 01/15/26 (a)		78,000		75,699
The Boeing Co.
4.875%, due 05/01/25 (a)		82,000		89,735
The Charles Schwab Corp.
3.300%, due 04/01/27 (a)		59,000		63,209
The Goldman Sachs Group, Inc.
2.908%, due 06/05/23 (3 Month U.S. LIBOR + 1.053%) (a)(i)		158,000		159,293
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (a)(i)		100,000		97,765
The Home Depot, Inc.
1.500%, due 09/15/28 (a)		133,000		130,999
The Walt Disney Co.
2.200%, due 01/13/28 (a)		79,000		80,472
T-Mobile USA, Inc.
3.750%, due 04/15/27 (a)		80,000		86,666
Verizon Communications, Inc.
4.329%, due 09/21/28 (a)		80,000		90,696
2.355%, due 03/15/32 (a)(e)		175,000		172,531
VMware, Inc.
1.000%, due 08/15/24 (a)		104,000		103,479
Walmart, Inc.
1.050%, due 09/17/26 (a)		166,000		163,876
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (a)(i)		249,000		254,988
				10,262,397
Total Corporate Bonds (Cost $11,837,264)				11,615,276
AFFILIATED REGISTERED INVESTMENT COMPANIES - 4.9%
Voya Emerging Markets Hard Currency Debt Fund - Class P		245,067		2,298,725
Voya High Yield Bond Fund - Class P		308,773		2,479,447
Voya Investment Grade Credit Fund - Class P		63,869		709,584
Voya Securitized Credit Fund - Class P		929,936		9,085,479
Total Affiliated Registered Investment Companies (Cost $14,329,420)				14,573,235
Total Investments at Value - 95.1% (Cost $226,772,549)				283,739,930
Other Assets in Excess of Liabilities - 4.9%				14,683,241
Net Assets - 100.0%			$	298,423,171

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

(a)	Level 2 security.
(b)	Non-income producing security.
(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 $0 as of December 31, 2021, representing 0.0% of net assets.
(d)	Illiquid security. The total value of such securities is $745,490 as of December 31, 2021, representing 0.3% of net assets.
(e)	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, 2021, the value of these investments was $24,185,446, or 8.1% of total net assets.
(f)	Represents less than 0.1%.
(g)	This security or a partial position of this security is on loan at December 31, 2021. The total market value of securities on loan at December 31, 2021, was $91,599 (Note 8).
(h)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.
(i)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.

WILSHIRE MUTUAL FUNDS, INC.
WILSHIRE INCOME OPPORTUNITIES FUND	December 31, 2021
SCHEDULE OF INVESTMENTS

		Par Value		Value
U.S. TREASURY OBLIGATIONS - 10.0%
U.S. Treasury Bonds - 1.9%
4.375%, due 02/15/38		$	610,000	$	838,750
2.250%, due 05/15/41			560,000		587,300
2.000%, due 11/15/41			709,000		715,758
3.000%, due 02/15/49			1,095,000		1,345,481
2.000%, due 02/15/50			495,000		502,502
1.250%, due 05/15/50			400,000		339,500
1.625%, due 11/15/50			1,300		1,210
2.000%, due 08/15/51			447,100		455,763
1.875%, due 11/15/51			910,000		902,748
					5,689,012
U.S. Treasury Notes - 8.1%
0.125%, due 02/28/23			5,140,000		5,119,119
0.125%, due 03/31/23			1,230,000		1,224,042
0.125%, due 04/30/23			950,000		944,805
0.125%, due 05/31/23			105,000		104,344
0.125%, due 10/15/23			1,291,000		1,278,090
0.750%, due 12/31/23			890,000		890,278
2.375%, due 02/29/24			155,000		160,280
0.250%, due 06/15/24			461,000		454,229
1.000%, due 12/15/24 (a)			5,729,700		5,735,072
0.375%, due 11/30/25			910,000		882,416
0.500%, due 02/28/26			760,000		738,269
2.375%, due 04/30/26			135,000		141,581
0.750%, due 08/31/26			240,000		234,600
2.000%, due 11/15/26			310,000		320,656
1.250%, due 11/30/26			33,400		33,384
1.250%, due 12/31/26			1,317,300		1,315,859
0.500%, due 06/30/27			790,000		755,684
0.375%, due 09/30/27			69,000		65,313
1.250%, due 09/30/28			228,100		225,462
1.500%, due 11/30/28			287,700		288,869
1.375%, due 12/31/28			2,179,500		2,169,965
2.625%, due 02/15/29			480,000		518,850
1.125%, due 02/15/31			47,000		45,605
1.375%, due 11/15/31 (a)			949,000		936,544
					24,583,316
U.S. Treasury Inflation-Protected Note - 0.0% (b)
0.125%, due 01/15/30			69,878		77,477
Total U.S. Treasury Obligations (Cost $30,065,405)					30,349,805
AGENCY MORTGAGE-BACKED OBLIGATIONS - 5.3%
Federal Home Loan Mortgage Corp. - 2.5%
Freddie Mac REMICS
Series 2989, 33.182%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) (c)			105,699		232,662
Series 4249, 4.576%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) (c)			563,440		549,049
Series 4355, 4.000%, due 05/15/44			4,653,560		5,097,464
Freddie Mac STACR REMIC Trust 2020-DNA3
Series 2020-DNA3, 3.103%, due 06/25/50 (1 Month U.S. LIBOR + 3.000%) (c)(d)			52,320		52,393
Freddie Mac STACR REMIC Trust 2020-HQA1
Series 2020-HQA1, 2.003%, due 01/25/50 (1 Month U.S. LIBOR + 1.900%) (c)(d)			178,683		178,904
Freddie Mac STACR REMIC Trust 2021-HQA1
Series M-2, 2.300%, due 08/25/33 (SOFR 30 Day Average + 2.250%) (c)(d)			300,000		302,231
Freddie Mac STACR REMIC Trust 2021-HQA4
Series B-1, 3.800%, due 12/25/41 (SOFR 30 Day Average + 3.750%) (c)(d)			700,000		704,103
Freddie Mac STACR Trust 2019-HQA2
Series 2019-HQA2, 2.153%, due 04/25/49 (1 Month U.S. LIBOR + 2.050%) (c)(d)			380,879		382,724
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2014-DN3, 4.103%, due 08/25/24 (1 Month U.S. LIBOR + 4.000%) (c)			49,515		50,374
Series 2017-DNA2, 1.303%, due 10/25/29 (1 Month U.S. LIBOR + 1.200%) (c)			13,060		13,065
					7,562,969
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.6%
FHLMC REMIC SERIES K-1515
Series K-1515, 1.512%, due 02/25/35 (e)			798,081		122,171
Freddie Mac Multiclass Certificates Series 2021-P011
Series X1, 1.846%, due 09/25/45 (e)			570,632		89,184
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-L06, 1.364%, due 12/25/29			956,000		82,637
Series K-109, 1.582%, due 04/25/30 (e)			668,463		74,876
Series K-117, 1.242%, due 08/25/30 (e)			1,294,300		115,812
Series K-G04, 0.853%, due 11/25/30 (e)			1,898,440		122,228
Series K-122, 0.883%, due 11/25/30 (e)			1,857,254		124,205
Series K-1517, 1.331%, due 07/25/35 (e)			898,896		127,147
Series K-1518, 0.871%, due 10/25/35 (e)			1,491,220		134,010
Series K-1521, 0.981%, due 08/25/36 (e)			819,547		88,614
Freddie Mac REMICS
Series 2980, 6.590%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) (c)			406,557		56,513
Series 3311, 6.300%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) (c)			1,522,791		345,570
Series 3359, 5.610%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) (c)			718,665		107,334
Series 4077, 5.890%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) (c)			416,222		60,618
Series 3966, 5.790%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) (c)			737,411		106,082
Series 4089, 5.890%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) (c)			598,435		93,937
					1,850,938
Federal National Mortgage Association - 0.7%
Connecticut Avenue Securities Trust 2019-R02
Series 2019-R02, 2.403%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) (c)(d)			31,840		31,975
Connecticut Avenue Securities Trust 2019-R04
Series 2019-R04, 2.202%, due 06/25/39 (1 Month U.S. LIBOR + 2.100%) (c)(d)			7,157		7,164
Connecticut Avenue Securities Trust 2019-R06
Series 2019-R06, 2.202%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) (c)(d)			16,975		17,010
Connecticut Avenue Securities Trust 2020-R02
Series 2020-R02, 2.103%, due 01/25/40 (1 Month U.S. LIBOR + 2.000%) (c)(d)			367,796		369,050
Fannie Mae Connecticut Avenue Securities
Series 1M2, 4.103%, due 05/25/25 (1 Month U.S. LIBOR + 4.000%) (c)			175,607		178,887
Series 2015-C04, 5.653%, due 04/25/28 (1 Month U.S. LIBOR + 5.550%) (c)			104,291		108,768
Series 2016-C05, 4.553%, due 01/25/29 (1 Month U.S. LIBOR + 4.450%) (c)			235,776		244,329
Series 2017-C07, 2.602%, due 05/25/30 (1 Month U.S. LIBOR + 2.500%) (c)			296,521		300,830
Series 2018-C01, 2.353%, due 07/25/30 (1 Month U.S. LIBOR + 2.250%) (c)			211,281		213,648
Series 2018-C06, 2.103%, due 03/25/31 (1 Month U.S. LIBOR + 2.000%) (c)			327,868		330,481
Series 2018-C06, 2.203%, due 03/25/31 (1 Month U.S. LIBOR + 2.100%) (c)			402,353		405,610
					2,207,752
Federal National Mortgage Association Interest-Only Strips - 1.2%
Fannie Mae Interest Strip
3.500%, due 04/25/44			2,785,888		410,721
Fannie Mae REMICS
Series 2013-60, 3.000%, due 06/25/31			3,413,084		131,454
Series 2014-63, 3.500%, due 06/25/33			1,449,028		41,669
Series 2007-50, 6.348%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) (c)			2,523,313		464,438
Series 2009-78, 6.638%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) (c)			3,639,030		806,828
Series 2011-124, 6.398%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) (c)			524,575		89,635
Series 2012-20, 6.348%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) (c)			483,492		77,182
Series 2012-76, 5.898%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) (c)			245,735		41,893
Series 2014-28, 5.948%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) (c)			1,496,686		242,433
Series 2017-53, 4.000%, due 07/25/47			208,124		22,716
Series 2008-22, 6.058%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) (c)			1,751,332		323,496
Series PS, 5.948%, due 07/25/49 (6.050% - 1 Month U.S. LIBOR) (c)			6,018,977		1,053,690
					3,706,155
Government National Mortgage Association Interest-Only Strips - 0.3%
Government National Mortgage Association
Series 2010-133, 5.963%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) (c)			2,823,811		389,553
Series 2014-102, 5.546%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) (c)			2,192,489		251,764
Series 2018-083, 5.000%, due 01/20/48			1,103,083		113,549
					754,866
Total Agency Mortgage-Backed Obligations (Cost $15,629,247)					16,082,680
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 12.6%
280 Park Avenue 2017-280P Mortgage Trust
Series 2017-280P, 2.937%, due 09/15/34 (1 Month U.S. LIBOR + 2.827%) (c)(d)			168,000		165,936
ACE Securities Corp Mortgage Loan Trust Series 2007-D1
Series 2007-D1, 6.930%, due 02/25/38 (d)			444,427		428,778
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 3.210%, due 04/15/34 (1 Month U.S. LIBOR + 3.100%) (c)(d)			135,000		134,579
Alternative Loan Trust 2006-HY11
Series A-1, 0.342%, due 06/25/36 (1 Month U.S. LIBOR + 0.240%) (c)			292,502		262,320
Alternative Loan Trust 2006-OA6
Series FLT, 0.522%, due 07/25/46 (1 Month U.S. LIBOR + 0.420%) (c)			1,317,244		1,199,712
Alternative Loan Trust 2007-16CB
Series 2007-16CB, 6.250%, due 08/25/37			549,787		398,940
Alternative Loan Trust 2007-OA4
Series 2007-OA4, 0.442%, due 05/25/47 (1 Month U.S. LIBOR + 0.170%) (c)			315,657		303,659
Angel Oak Mortgage Trust I LLC 2019-2
Series 2019-2, 6.286%, due 03/25/49 (d)(e)			1,300,000		1,306,397
Arroyo Mortgage Trust 2019-1
Series 2019-1, 3.805%, due 01/25/49 (d)(e)			89,665		90,016
Arroyo Mortgage Trust 2019-2
Series 2019-2, 3.800%, due 04/25/49 (d)(e)			176,897		177,952
BBCMS 2019-BWAY Mortgage Trust
Series 2019-BWAY, 2.960%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) (c)(d)			100,000		94,727
BCRR 2016-FRR3 Trust
Series TRUST, 2.021%, due 05/26/26 (1 Month U.S. LIBOR + 18.348%) (c)(d)			797,720		726,890
Bear Stearns ARM Trust 2004-10
Series 2004-10, 2.568%, due 01/25/35 (e)			224,929		224,199
Benchmark 2018-B2 Mortgage Trust
Series 2018-B2, 4.197%, due 02/15/51 (e)			150,000		159,487
Benchmark 2020-B18 Mortgage Trust
Series 2020-B18, 3.759%, due 07/15/53 (d)			100,000		100,361
Benchmark 2020-IG3 Mortgage Trust
Series 2020-IG3, 3.289%, due 09/15/48 (d)(e)			1,000,000		1,021,580
BF 2019-NYT Mortgage Trust
Series 2019-NYT, 2.610%, due 12/15/35 (1 Month U.S. LIBOR + 2.500%) (c)(d)			325,000		318,260
BPR Trust 2021-TY
Series 2021-TY, 2.460%, due 09/15/38 (1 Month U.S. LIBOR + 2.350%) (c)(d)			167,000		166,383
BX Commercial Mortgage Trust 2019-IMC
Series 2019-IMC, 3.010%, due 04/15/34 (1 Month U.S. LIBOR + 2.900%) (c)(d)			108,000		106,956
BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 1.030%, due 10/15/36 (1 Month U.S. LIBOR + 0.920%) (c)(d)			337,866		337,768
BX Commercial Mortgage Trust 2021-21M
Series TR, 4.120%, due 10/15/36 (1 Month U.S. LIBOR + 4.010%) (c)(d)			162,000		160,459
BX Commercial Mortgage Trust 2021-SOAR
Series TR, 2.460%, due 06/15/38 (1 Month U.S. LIBOR + 2.350%) (c)(d)			1,000,000		992,337
BX Commercial Mortgage Trust 2021-VOLT
Series 2021-VOLT, 0.810%, due 09/15/36 (1 Month U.S. LIBOR + 0.700%) (c)(d)			115,000		114,623
BX Commercial Mortgage Trust 2021-VOLT
Series 2021-VOLT, 2.510%, due 09/15/36 (1 Month U.S. LIBOR + 2.400%) (c)(d)			167,000		165,431
BX Commercial Mortgage Trust 2021-XL2
Series E, 1.956%, due 10/15/38 (1 Month U.S. LIBOR + 1.846%) (c)(d)			164,000		162,982
BX Trust 2018-GW
Series 2018-GW, 3.030%, due 05/15/35 (1 Month U.S. LIBOR + 2.920%) (c)(d)			83,000		82,244
BX Trust 2019-CALM
Series 2019-CALM, 2.110%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) (c)(d)			195,000		193,934
BX TRUST 2021-BXMF
Series 2021-BXMF, 3.440%, due 10/15/26 (1 Month U.S. LIBOR + 3.350%) (c)(d)			162,000		158,846
CHL Mortgage Pass-Through Trust 2007-HY5
Series 2007-HY5, 2.983%, due 09/25/37 (e)			904,466		800,632
CIM Trust 2018-INV1
Series 2018-INV1, 4.000%, due 08/25/48 (d)(e)			393,908		402,221
CIM Trust 2019-INV2
Series 2019-INV2, 4.000%, due 05/25/49 (d)(e)			29,555		29,925
CIM Trust 2019-J1
Series 2019-J1, 3.983%, due 08/25/49 (d)(e)			184,458		185,187
Citigroup Commercial Mortgage Trust 2013-GC17
Series D, 5.102%, due 11/10/46 (d)(e)			100,000		94,063
Citigroup Commercial Mortgage Trust 2015-GC27
Series C, 4.419%, due 02/10/48 (e)			164,000		169,180
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 3.944%, due 07/10/49 (d)(e)			500,000		433,886
Citigroup Commercial Mortgage Trust 2018-C6
Series D, 5.065%, due 11/10/51 (d)(e)			380,000		396,061
Citigroup Commercial Mortgage Trust 2019-SMRT
Series E, 4.745%, due 01/10/36 (d)(e)			116,000		119,557
Citigroup Mortgage Loan Trust 2015-RP2
Series B-4, 4.250%, due 01/25/53 (d)			644,290		646,570
Citigroup Mortgage Loan Trust 2019-E
Series 2019-E, 3.228%, due 11/25/70 (d)			534,990		535,475
COMM 2014-CCRE16 Mortgage Trust
Series 2014-CCRE16, 4.919%, due 04/10/47 (e)			165,904		171,539
CSAIL 2020-C19 Commercial Mortgage Trust
Series 2020-C19, 2.500%, due 03/15/53 (d)			400,000		322,305
CSMC 2020-NET
Series 2020-NET, 3.704%, due 08/15/37 (d)(e)			118,000		119,940
CSMC Series 2019-NQM1
Series 2019-NQM1, 2.656%, due 10/25/59 (d)			33,353		33,631
CSMC Trust 2017-CHOP
Series 2017-CHOP, 3.660%, due 07/15/32 (1 Month U.S. LIBOR + 3.550%) (c)(d)			149,000		142,507
DBGS 2018-5BP Mortgage Trust
Series 2018-5BP, 1.610%, due 06/15/33 (1 Month U.S. LIBOR + 1.500%) (c)(d)			325,000		320,941
DBGS 2018-5BP Mortgage Trust
Series 2018-5BP, 2.710%, due 06/15/33 (1 Month U.S. LIBOR + 2.600%) (c)(d)			140,000		132,301
DBUBS 2011-LC2 Mortgage Trust
Series 2011-LC2, 3.749%, due 07/10/44 (1 Month U.S. LIBOR + 3.650%) (c)(d)			116,463		116,386
First Republic Mortgage Trust 2020-1
Series B-1, 2.876%, due 04/25/50 (d)(e)			697,009		705,119
Flagstar Mortgage Trust 2018-6RR
Series 2018-6RR, 4.942%, due 10/25/48 (d)(e)			467,723		484,552
Fontainebleau Miami Beach Trust 2019-FBLU
Series F, 3.963%, due 12/10/36 (d)(e)			120,000		117,961
Fontainebleau Miami Beach Trust 2019-FBLU
Series G, 3.963%, due 12/10/36 (d)(e)			112,000		106,141
FREMF 2018-KF49 Mortgage Trust
Series 2018-KF49, 1.994%, due 06/25/25 (1 Month U.S. LIBOR + 1.900%) (c)(d)			51,879		51,880
FREMF 2019-KF71 Mortgage Trust
Series 2019-KF71, 6.094%, due 10/25/29 (1 Month U.S. LIBOR + 6.000%) (c)(d)			199,165		201,481
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.000%, due 05/25/29 (d)			400,000		249,090
GCAT 2020-3 LLC
Series LLC, 2.981%, due 09/25/25 (d)			1,071,386		1,075,520
Great Wolf Trust 2019-WOLF
Series 2019-WOLF, 3.241%, due 12/15/36 (1 Month U.S. LIBOR + 3.131%) (c)(d)			124,000		116,257
GS Mortgage Securities Corp Trust 2012-ALOHA
Series 2012-ALOHA, 3.551%, due 04/10/34 (d)			116,000		115,942
GS Mortgage Securities Corp Trust 2018-LUAU
Series E, 2.660%, due 11/15/32 (1 Month U.S. LIBOR + 2.550%) (c)(d)			150,000		148,130
GS Mortgage Securities Corp Trust 2018-RIVR
Series C, 1.360%, due 07/15/35 (1 Month U.S. LIBOR + 1.250%) (c)(d)			122,000		118,339
GS Mortgage Securities Corp Trust 2018-RIVR
Series F, 2.210%, due 07/15/35 (1 Month U.S. LIBOR + 2.100%) (c)(d)			1,000,000		920,464
GS Mortgage-Backed Securities Corp Trust 2020-PJ6
Series A-4, 2.500%, due 05/25/51 (d)(e)			394,666		391,181
GSAA Home Equity Trust 2005-6
Series 2005-6, 0.747%, due 06/25/35 (1 Month U.S. LIBOR + 0.645%) (c)			814,605		817,872
GSAA Home Equity Trust 2006-4
Series 2006-4, 3.023%, due 03/25/36 (e)			456,645		344,195
GSAA Home Equity Trust 2007-7
Series 2007-7, 0.642%, due 07/25/37 (1 Month U.S. LIBOR + 0.540%) (c)			185,754		183,546
GSCG Trust 2019-600C
Series 2019-600C, 3.985%, due 09/06/34 (d)(e)			183,000		179,441
Home RE 2021-1 Ltd.
Series LTD, 2.402%, due 07/25/33 (1 Month U.S. LIBOR + 2.300%) (c)(d)			500,000		492,509
Homeward Opportunities Fund Trust 2020-BPL1
Series A2, 5.438%, due 08/25/25 (d)			497,846		505,941
HPLY Trust 2019-HIT
Series 2019-HIT, 3.260%, due 11/15/36 (1 Month U.S. LIBOR + 3.150%) (c)(d)			153,758		148,768
Hundred Acre Wood Trust 2021-INV1
Series A27, 2.500%, due 07/25/51 (d)(e)			375,561		372,011
IMT Trust 2017-APTS
Series 2017-APTS, 2.260%, due 06/15/34 (1 Month U.S. LIBOR + 2.150%) (c)(d)			128,148		126,389
IMT Trust 2017-APTS
Series 2017-APTS, 2.960%, due 06/15/34 (1 Month U.S. LIBOR + 2.850%) (c)(d)			39,430		39,346
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5
Series D, 5.733%, due 08/15/46 (d)(e)			29,107		28,839
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13
Series E, 3.986%, due 01/15/46 (d)(e)			445,000		412,283
JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20
Series 3.53820, 3.538%, due 07/15/47 (d)			119,975		121,772
JP Morgan Chase Commercial Mortgage Securities Trust 2018-AON
Series D, 4.613%, due 07/05/31 (d)(e)			382,000		392,368
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ
Series E, 3.110%, due 06/15/35 (1 Month U.S. LIBOR + 3.000%) (c)(d)			21,600		21,546
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.542%, due 07/05/33 (d)(e)			141,000		143,593
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.542%, due 07/05/33 (d)(e)			1,400,000		1,403,626
JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP
Series E, 2.270%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) (c)(d)			125,000		122,935
JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN
Series 3.97200, 3.972%, due 01/16/37 (d)			100,000		97,991
JP Morgan Mortgage Trust 2018-8
Series 2018-8, 4.133%, due 01/25/49 (d)(e)			466,684		469,141
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.203%, due 03/25/50 (d)(e)			191,708		193,742
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.500%, due 03/25/50 (d)(e)			14,683		14,859
JP Morgan Mortgage Trust 2020-4
Series 2020-4, 3.000%, due 11/25/50 (d)(e)			275,173		277,654
JPMBB Commercial Mortgage Securities Trust 2015-C27
Series D, 3.806%, due 02/15/48 (d)(e)			124,000		110,867
Legacy Mortgage Asset Trust 2020-GS3
Series A2, 4.000%, due 05/25/60 (d)			900,000		896,184
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 4.586%, due 03/10/49 (d)(e)			274,000		284,082
MBRT 2019-MBR
Series 2019-MBR, 2.909%, due 11/15/36 (1 Month U.S. LIBOR + 2.799%) (c)(d)			100,000		98,501
Med Trust 2021-MDLN
Series 2021-MDLN, 5.360%, due 11/15/38 (1 Month U.S. LIBOR + 5.250%) (c)(d)			161,000		161,086
MF1 Multifamily Housing Mortgage Loan Trust
2.664%, due 07/15/36 (SOFR 30 Day Average + 2.614%) (c)(d)(f)			100,000		99,446
MFA 2020-NQM3 Trust
1.632%, due 01/26/65 (d)(e)			236,149		236,061
MHC Commercial Mortgage Trust 2021-MHC
Series 2021-MHC, 2.711%, due 04/15/38 (1 Month U.S. LIBOR + 2.601%) (c)(d)			300,000		299,397
Morgan Stanley ABS Capital I Inc Trust 2006-NC1
Series 2006-NC1, 0.672%, due 12/25/35 (1 Month U.S. LIBOR + 0.570%) (c)			558,281		559,998
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 3.707%, due 11/15/46 (d)			220,000		158,486
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17
Series 2014-C17, 4.480%, due 08/15/47 (e)			117,000		120,850
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
Series 2017-C34, 4.179%, due 11/15/52 (e)			170,000		179,833
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 2.660%, due 07/15/35 (1 Month U.S. LIBOR + 2.550%) (c)(d)			60,000		59,288
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 3.160%, due 07/15/35 (1 Month U.S. LIBOR + 3.050%) (c)(d)			40,000		39,692
Morgan Stanley Capital I Trust 2019-NUGS
Series E, 3.744%, due 12/15/36 (1 Month U.S. LIBOR + 2.244%) (c)(d)			147,000		146,238
Morgan Stanley Capital I Trust 2019-NUGS
Series F, 4.344%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) (c)(d)			125,000		123,079
Morgan Stanley Capital I Trust 2019-PLND
Series E, 2.260%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) (c)(d)			189,000		177,137
MSCG Trust 2018-SELF
Series 2018-SELF, 3.160%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) (c)(d)			150,000		149,169
NewRez Warehouse Securitization Trust 2021-1
Series 21-1, 5.352%, due 05/25/55 (1 Month U.S. LIBOR + 5.250%) (c)(d)			1,000,000		999,073
One New York Plaza Trust 2020-1NYP
Series C, 2.310%, due 01/15/36 (1 Month U.S. LIBOR + 2.200%) (c)(d)			160,000		160,447
PR Mortgage Loan Trust 2014-1
Series 2014-1, 5.869%, due 10/25/49 (d)(e)(f)			1,367,651		1,339,840
Provident Funding Mortgage Trust 2021-J1
Series 2.00000, 2.000%, due 10/25/51 (d)(e)			200,000		191,102
RATE Mortgage Trust 2021-HB1
Series FLT, 2.500%, due 12/25/51 (d)(e)			500,000		494,180
RCKT Mortgage Trust 2021-1
Series 2021-1, 2.726%, due 03/25/51 (d)(e)			490,094		472,184
Renaissance Home Equity Loan Trust 2004-4
Series 2004-4, 5.818%, due 02/25/35			344,778		349,655
RLGH Trust 2021-TROT
Series 2021-TROT, 1.824%, due 04/15/36 (1 Month U.S. LIBOR + 1.714%) (c)(d)			175,000		175,026
Sequoia Mortgage Trust 2021-3
Series B-3, 2.655%, due 05/25/51 (d)(e)			492,840		476,210
Soho Trust 2021-SOHO
Series 2021-SOHO, 2.697%, due 08/10/38 (d)(e)			168,000		158,115
SREIT Trust 2021-IND
Series 2021-IND, 2.645%, due 10/15/38 (1 Month U.S. LIBOR + 2.535%) (c)(d)			164,000		163,490
TTAN 2021-MHC
Series 2021-MHC, 3.010%, due 03/15/38 (1 Month U.S. LIBOR + 2.900%) (c)(d)			199,908		198,160
UBS Commercial Mortgage Trust 2017-C4
Series 2017-C4, 4.430%, due 10/15/50 (e)			250,000		254,875
Velocity Commercial Capital Loan Trust 2020-2
5.000%, due 05/25/50 (d)(e)			500,000		484,690
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust
Series 2007-HY3, 2.832%, due 03/25/37 (e)			410,092		383,998
Wells Fargo Commercial Mortgage Trust 2016-C37
Series C, 4.493%, due 12/15/49 (e)			132,000		139,489
Wells Fargo Commercial Mortgage Trust 2021-C59
Series E, 2.500%, due 04/15/54 (d)			400,000		326,484
WFRBS Commercial Mortgage Trust 2013-C12
Series 2013-C12, 3.500%, due 03/15/48 (d)			900,000		775,262
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 3.497%, due 08/15/47 (d)			300,000		243,818
Total Non-Agency Mortgage-Backed Obligations (Cost $38,528,893)					38,325,979
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS - 1.8%
BANK 2017-BNK8
Series 2017-BNK8, 1.269%, due 11/15/50 (d)(e)			7,050,000		469,197
BANK 2018-BNK11
Series 2018-BNK11, 0.470%, due 03/15/61 (e)			11,464,136		309,808
BANK 2019-BNK21
Series 2019-BNK21, 0.869%, due 10/17/52 (e)			4,275,763		236,390
BANK 2020-BNK30
Series 2020-BNK30, 1.332%, due 12/15/53 (e)			1,285,708		116,296
Barclays Commercial Mortgage Trust 2019-C3
Series 2019-C3, 1.340%, due 05/15/52 (e)			1,458,169		120,316
BBCMS Mortgage Trust 2021-C11
Series 2021-C11, 1.523%, due 09/15/54 (d)(e)			1,255,000		160,705
Benchmark 2018-B4 Mortgage Trust
Series 2018-B4, 1.750%, due 07/15/51 (d)(e)			7,000,000		688,538
Benchmark 2019-B10 Mortgage Trust
Series 2019-B10, 0.900%, due 03/15/62 (d)(e)			2,820,000		172,948
Benchmark 2020-B17 Mortgage Trust
Series 2020-B17, 1.418%, due 03/15/53 (e)			2,536,148		204,057
Benchmark 2020-B18 Mortgage Trust
Series 2020-B18, 1.792%, due 07/15/53 (e)			1,557,168		160,922
Benchmark 2020-B22 Mortgage Trust
Series 2020-B22, 1.520%, due 01/15/54 (e)			1,286,487		144,890
Benchmark 2021-B25 Mortgage Trust
Series 2021-B25, 1.110%, due 04/15/54 (e)			2,234,855		183,976
CD 2017-CD4 Mortgage Trust
Series 2017-CD4, 1.274%, due 05/10/50 (e)			1,695,055		80,323
CFCRE Commercial Mortgage Trust 2016-C4
Series 2016-C4, 1.635%, due 05/10/58 (e)			709,276		41,072
CFCRE Commercial Mortgage Trust 2017-C8
Series 2017-C8, 1.496%, due 06/15/50 (e)			1,161,443		73,451
Citigroup Commercial Mortgage Trust 2016-C1
Series XA, 1.829%, due 05/10/49 (e)			758,759		51,932
Citigroup Commercial Mortgage Trust 2017-P8
Series X-A, 0.890%, due 09/15/50 (e)			990,043		41,697
Citigroup Commercial Mortgage Trust 2019-C7
Series X-A, 0.874%, due 12/15/72 (e)			6,255,076		359,931
COMM 2012-LC4 Mortgage Trust
Series 2012-LC4, 1.759%, due 12/10/44 (d)(e)			3,733,071		198
COMM 2013-CCRE12 Mortgage Trust
Series 2013-CCRE12, 1.109%, due 10/10/46 (e)			3,037,280		49,040
COMM 2015-LC21 Mortgage Trust
Series 2015-LC21, 0.674%, due 07/10/48 (e)			1,442,997		29,296
CSAIL 2016-C6 Commercial Mortgage Trust
Series 2016-C6, 1.866%, due 01/15/49 (e)			625,152		42,210
CSAIL 2017-CX10 Commercial Mortgage Trust
Series 2017-CX10, 0.708%, due 11/15/50 (e)			5,437,331		172,454
CSAIL 2018-CX12 Commercial Mortgage Trust
Series 2018-CX12, 0.570%, due 08/15/51 (e)			4,494,723		138,512
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 04/25/29 (d)			5,103,195		21,782
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 05/25/29 (d)			570,000		2,998
GS Mortgage Securities Corp II
Series 2013-GC10, 1.475%, due 02/10/46 (e)			1,783,135		18,601
GS Mortgage Securities Trust 2011-GC3
Series 2011-GC3, 0.291%, due 03/10/44 (d)(e)(f)			667,606		2,027
GS Mortgage Securities Trust 2019-GC42
Series X-A, 0.808%, due 09/01/52 (e)			2,317,793		119,668
GS Mortgage Securities Trust 2020-GC47
Series X-A, 1.131%, due 05/12/53 (e)			1,464,689		116,988
GS Mortgage Securities Trust 2020-GSA2
Series X-A, 1.735%, due 12/12/53 (d)(e)			1,210,232		145,264
JPMBB Commercial Mortgage Securities Trust 2014-C19
Series X-A, 0.655%, due 04/15/47 (e)			14,369,081		157,051
JPMDB Commercial Mortgage Securities Trust 2016-C2
Series X-A, 1.554%, due 06/15/49 (e)			1,003,433		48,831
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 1.766%, due 03/10/49 (d)(e)			1,194,703		42,865
LSTAR Commercial Mortgage Trust 2017-5
Series 2017-5, 0.857%, due 03/10/50 (d)(e)			2,149,875		50,574
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 0.944%, due 11/15/46 (e)			4,772,576		62,944
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
Series 2014-C19, 0.965%, due 12/15/47 (e)			2,181,257		49,961
Morgan Stanley Capital I Trust 2016-UBS12
Series X-A, 0.706%, due 12/15/49 (e)			2,726,351		75,897
PMTT4
Series 2017-PM1, 0.000%, due 10/25/48 (d)			208,214,390		218,812
SG Commercial Mortgage Securities Trust 2016-C5
Series 2016-C5, 1.903%, due 10/10/48 (e)			1,064,060		62,167
UBS Commercial Mortgage Trust 2018-C9
Series 2018-C9, 0.874%, due 03/15/51 (e)			2,478,014		112,946
Wells Fargo Commercial Mortgage Trust 2018-C45
Series X-A, 0.796%, due 06/15/51 (e)			5,210,153		234,764
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $7,350,682)					5,592,299
ASSET-BACKED SECURITIES - 5.7%
Air Canada 2017-1 Class B Pass Through Trust
Series 2017-1, 3.700%, due 01/15/26 (d)			706,349		692,222
AMSR 2021-SFR1 Trust
Series 2021-SFR1, 2.900%, due 06/17/38 (d)			1,200,000		1,174,571
AMSR 2021-SFR3 Trust
Series 2021-SFR3, 4.896%, due 10/17/38 (d)			550,000		541,136
Applebee's Funding LLC
Series 2019-1, 4.194%, due 06/05/49 (d)			148,500		150,310
Series 2019-1, 4.723%, due 06/05/49 (d)			99,000		101,994
AQUA FIN TR 2021-A
Series 2021-A, 1.540%, due 07/17/46 (d)			139,979		138,487
CARDS II Trust
Series 2021-1, 0.931%, due 04/15/27 (d)			150,000		148,059
Carmax Auto Owner Trust 2019-3
Series 2019-3, 2.850%, due 01/15/26			100,000		102,139
Castlelake Aircraft Structured Trust 2019-1
Series 2091-1, 6.899%, due 04/15/39 (d)			923,003		755,083
CLNC 2019-FL1 Ltd.
Series 2019-FL1, 2.064%, due 08/20/35 (SOFR 30 Day Average + 2.014%) (c)(d)(f)			100,000		99,648
Commonbond Student Loan Trust 2018-BGS
Series C, 4.120%, due 09/25/45 (d)			10,832		10,937
Countrywide Asset-Backed Certificates
Series 2006-6, 0.442%, due 09/25/36 (1 Month U.S. LIBOR + 0.340%) (c)			695,969		689,457
DB Master Finance LLC
Series 2019-1, 4.021%, due 05/20/49 (d)			87,975		91,405
Domino's Pizza Master Issuer LLC
Series 3.15100, 3.151%, due 04/25/51 (d)			99,500		101,516
First Franklin Mortgage Loan Trust 2004-FF10
Series M-1, 1.377%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) (c)			210,831		211,382
FirstKey Homes 2020-SFR2 Trust
Series TR, 1.266%, due 10/19/37 (d)			99,716		97,004
Home Partners of America 2019-1 Trust
Series 2019-1, 3.157%, due 09/17/39 (d)			88,431		88,214
Jack in the Box Funding LLC
Series 4.47600, 4.476%, due 08/25/49 (d)			114,138		118,674
Marlette Funding Trust 2019-3
Series 2019-3, 3.070%, due 09/17/29 (d)			96,235		96,507
Mill City Solar Loan 2019-2 Ltd.
Series 2019-2, 3.690%, due 07/20/43 (d)			91,821		95,991
Mosaic Solar Loan Trust 2018-1
Series 2018-1, 4.010%, due 06/22/43 (d)			219,863		231,352
Mosaic Solar Loan Trust 2018-2-GS
Series 2018-2-GS, 4.200%, due 02/22/44 (d)			233,849		248,171
Series 2018-2-GS, 4.740%, due 02/22/44 (d)			291,567		302,981
MVW Owner Trust 2018-1
Series 2018-1, 3.450%, due 01/21/36 (d)			34,330		35,300
Navient Private Education Refi Loan Trust 2020-H
Series A, 1.310%, due 01/15/69 (d)			139,723		139,321
Neighborly Issuer LLC
Series A-2, 3.584%, due 04/30/51 (d)			497,500		495,749
Oscar US Funding XI LLC
Series A-4, 2.680%, due 09/10/26 (d)			150,000		152,678
Progress Residential 2020-SFR3 Trust
Series TR, 4.105%, due 10/17/27 (d)			2,000,000		2,023,199
Progress Residential 2021-SFR3
Series TR, 4.254%, due 05/17/26 (d)			1,100,000		1,082,915
Progress Residential Trust
Series TR, 4.003%, due 07/17/38 (d)			700,000		696,465
Santander Drive Auto Receivables Trust 2018-1
Series 2018-1, 4.370%, due 05/15/25 (d)			750,000		755,234
Sofi Consumer Loan Program 2018-1 Trust
Series C, 3.970%, due 02/25/27 (d)			250,000		251,939
Sofi Consumer Loan Program 2018-2 Trust
Series C, 4.250%, due 04/26/27 (d)			215,000		216,922
Sofi Consumer Loan Program 2018-3 Trust
Series C, 4.670%, due 08/25/27 (d)			150,000		153,788
SoFi Consumer Loan Program 2018-4 Trust
Series D, 4.760%, due 11/26/27 (d)			500,000		508,609
Sofi Professional Loan Program 2018-C Trust
Series R-1, 0.000%, due 01/25/48 (d)(f)			10,000		200,298
SoFi Professional Loan Program 2021-A Trust
0.000%, due 08/17/43 (d)			23,000		518,438
SoFi Professional Loan Program 2021-B Trust
Series TR, 0.000%, due 02/15/47 (d)(f)			10,000		601,293
Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3
Series A3, 0.422%, due 10/25/36 (1 Month U.S. LIBOR + 0.320%) (c)			598,144		584,681
Sunnova Sol II Issuer LLC
Series A, 2.730%, due 11/01/55 (d)			490,138		491,864
Sunrun Xanadu Issuer 2019-1 LLC
Series 2019-1, 3.980%, due 06/30/54 (d)			120,350		126,614
Taco Bell Funding LLC
Series 2016-1, 4.970%, due 05/25/46 (d)			413,515		431,369
Series 1.94600, 1.946%, due 08/25/51 (d)			100,000		97,981
United Airlines 2020-1 Class A Pass Through Trust
Series 2020-1, 5.875%, due 10/15/27			293,572		320,728
VOLT XCII LLC
Series 2021-NPL1, 4.949%, due 02/27/51 (d)			700,000		697,928
Wendy's Funding LLC
Series 2019-1, 3.783%, due 06/15/49 (d)			92,000		96,098
Wingstop Funding LLC
Series 2020-1, 2.841%, due 12/05/50 (d)			248,750		247,817
Zaxby's Funding LLC
Series 2021-1, 3.238%, due 07/30/51 (d)			149,625		151,874
Total Asset-Backed Securities (Cost $17,700,349)					17,366,342
COLLATERALIZED LOAN OBLIGATIONS - 5.3% (c)
ACREC 2021-FL1 Ltd.
Series 2021-FL1, 2.254%, due 10/16/36 (1 Month U.S. LIBOR + 2.150%) (d)(f)			375,000		373,289
ALM 2020 Ltd.
Series 2020-1, 1.974%, due 10/15/29 (3 Month U.S. LIBOR + 1.850%) (d)			500,000		499,377
Annisa CLO Ltd. 2016-2
Series 2016-R, 2.132%, due 07/20/31 (3 Month U.S. LIBOR + 2.000%) (d)			1,000,000		1,000,063
Apidos CLO XXII
Series 2015-22R, 2.082%, due 04/20/31 (3 Month U.S. LIBOR + 1.950%) (d)			500,000		494,722
Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd.
Series 2020-FL1, 2.614%, due 02/15/35 (SOFR 30 Day Average + 2.564%) (d)(f)			170,000		169,684
Ares XLIX CLO Ltd.
Series 2018-49, 2.078%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) (d)			1,000,000		999,895
Atrium IX
Series 2013-40R, 3.776%, due 05/28/30 (3 Month U.S. LIBOR + 3.600%) (d)			500,000		499,248
BDS 2019-FL4 Ltd.
Series 2019-FL4, 1.859%, due 08/15/36 (1 Month U.S. LIBOR + 1.750%) (d)(f)			100,000		99,741
BDS 2020-FL5 Ltd.
Series LTD, 2.214%, due 02/16/37 (SOFR 30 Day Average + 2.164%) (d)(f)			340,000		338,986
Benefit Street Partners CLO X Ltd.
Series FLT, 2.282%, due 04/20/34 (3 Month U.S. LIBOR + 2.150%) (d)			250,000		248,874
BlueMountain CLO XXVIII Ltd.
Series C, 2.124%, due 04/15/34 (3 Month U.S. LIBOR + 2.000%) (d)			250,000		248,138
Canyon Capital CLO 2014-1 Ltd.
Series 2014-1R, 2.882%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) (d)			250,000		242,176
Canyon Capital CLO 2021-2 Ltd.
Series D, 3.474%, due 04/15/34 (3 Month U.S. LIBOR + 3.350%) (d)			500,000		496,631
Carlyle Global Market Strategies CLO 2015-3 Ltd.
Series C-R, 2.986%, due 07/28/28 (3 Month U.S. LIBOR + 2.850%) (d)			500,000		497,510
CIFC Funding 2015-IV Ltd.
Series IVR2, 2.032%, due 04/20/34 (3 Month U.S. LIBOR + 1.900%) (d)			250,000		246,955
CIFC Funding 2021-IV Ltd.
Series 2021-IV, 3.024%, due 07/15/33 (3 Month U.S. LIBOR + 2.900%) (d)			500,000		500,022
Columbia Cent CLO 27 Ltd.
4.010%, due 01/25/35 (3 Month U.S. LIBOR + 3.830%) (d)			500,000		497,086
Dryden 33 Senior Loan Fund
Series FLT, 3.774%, due 04/15/29 (3 Month U.S. LIBOR + 3.650%) (d)			500,000		498,155
Dryden 40 Senior Loan Fund
Series 2015-40R, 2.256%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) (d)			500,000		498,584
Goldentree Loan Management US CLO 2 Ltd.
Series D, 2.782%, due 11/28/30 (3 Month U.S. LIBOR + 2.650%) (d)			500,000		493,320
Greystone CRE Notes 2019-FL2 Ltd.
Series C, 2.110%, due 09/15/37 (1 Month U.S. LIBOR + 2.000%) (d)(f)			200,000		199,884
Greystone CRE Notes 2019-FL2 Ltd.
Series D, 2.510%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) (d)(f)			183,000		181,993
Hayfin Kingsland VIII Ltd.
Series 2018-8, 1.612%, due 04/20/31 (3 Month U.S. LIBOR + 1.480%) (d)			500,000		495,307
LCM XXIV Ltd.
Series LTD, 2.032%, due 03/20/30 (3 Month U.S. LIBOR + 1.900%) (d)			250,000		249,051
Madison Park Funding XXI Ltd.
Series FLT, 2.318%, due 10/15/32 (3 Month U.S. LIBOR + 2.200%) (d)			250,000		249,998
Neuberger Berman Loan Advisers CLO 40 Ltd.
Series C, 1.872%, due 04/16/33 (3 Month U.S. LIBOR + 1.750%) (d)			250,000		249,999
Oaktree CLO 2021-2 Ltd.
2.348%, due 01/15/35 (3 Month U.S. LIBOR + 2.250%) (d)			500,000		498,881
Octagon Investment Partners 30 Ltd.
Series B-R, 2.082%, due 03/17/30 (3 Month U.S. LIBOR + 1.950%) (d)			250,000		248,822
Octagon Investment Partners 31 LLC
Series C-R, 2.182%, due 07/20/30 (3 Month U.S. LIBOR + 2.050%) (d)			280,000		279,474
Octagon Investment Partners XIV Ltd.
Series LTD, 4.024%, due 07/15/29 (3 Month U.S. LIBOR + 3.900%) (d)			500,000		500,115
OHA Credit Funding 5 Ltd.
Series E, 6.372%, due 04/18/33 (3 Month U.S. LIBOR + 6.250%) (d)			500,000		498,074
OHA Credit Funding 8 Ltd.
Series 2021-8, 2.022%, due 01/18/34 (3 Month U.S. LIBOR + 1.900%) (d)			250,000		247,272
OHA Credit Partners XIII Ltd.
Series D-R, 3.346%, due 10/25/34 (3 Month U.S. LIBOR + 3.200%) (d)			500,000		498,406
OHA Loan Funding 2013-1 Ltd.
Series FLT, 2.194%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) (d)			500,000		497,503
Palmer Square CLO 2015-1 Ltd.
Series FLT, 2.010%, due 05/21/34 (3 Month U.S. LIBOR + 1.850%) (d)			500,000		493,405
Sound Point CLO XIV Ltd.
Series C-R, 2.174%, due 01/23/29 (3 Month U.S. LIBOR + 2.050%) (d)			250,000		249,233
TCI-Flatiron CLO 2018-1 Ltd.
Series C-R, 1.879%, due 01/29/32 (3 Month U.S. LIBOR + 1.750%) (d)			250,000		249,999
TCW CLO 2021-1 Ltd.
Series LTD, 2.032%, due 03/18/34 (3 Month U.S. LIBOR + 1.900%) (d)			250,000		247,173
Venture XIV CLO Ltd.
Series FLT, 1.726%, due 08/28/29 (3 Month U.S. LIBOR + 1.550%) (d)			500,000		500,036
Wind River 2014-3 CLO Ltd.
Series FLT, 3.528%, due 10/22/31 (3 Month U.S. LIBOR + 3.400%) (d)			500,000		491,347
Total Collateralized Loan Obligations (Cost $16,098,377)					16,068,428
CORPORATE BONDS - 17.6%
Basic Materials - 0.8%
Arconic Corp.
6.125%, due 02/15/28 (d)			55,000		58,300
Cleveland-Cliffs, Inc.
4.625%, due 03/01/29 (d)			295,000		303,112
4.875%, due 03/01/31 (d)			180,000		186,975
Coeur Mining, Inc.
5.125%, due 02/15/29 (a)(d)			25,000		22,969
Compass Minerals International, Inc.
6.750%, due 12/01/27 (d)			25,000		26,438
CVR Partners LP
6.125%, due 06/15/28 (d)			30,000		31,681
Ecolab, Inc.
1.000%, due 01/15/24	EUR		150,000		174,105
Freeport-McMoRan, Inc.
4.125%, due 03/01/28		$	50,000		51,750
4.625%, due 08/01/30			200,000		214,000
5.450%, due 03/15/43			480,000		603,600
Glatfelter Corp.
4.750%, due 11/15/29 (d)			65,000		67,031
Glencore Funding LLC
1.625%, due 04/27/26 (d)			60,000		58,872
3.375%, due 09/23/51 (d)			40,000		38,373
Illuminate Buyer LLC
9.000%, due 07/01/28 (d)			25,000		26,625
Iris Holdings, Inc.
8.750%, due 02/15/26 (d)			25,000		25,279
Joseph T Ryerson & Son, Inc.
8.500%, due 08/01/28 (d)			4,000		4,345
Kraton Polymers LLC
4.250%, due 12/15/25 (d)			75,000		77,438
LSF11 A5 HoldCo LLC
6.625%, due 10/15/29 (d)			25,000		24,625
Novelis Corp.
3.875%, due 08/15/31 (d)			25,000		24,875
Olin Corp.
5.125%, due 09/15/27			25,000		25,750
Schweitzer-Mauduit International, Inc.
6.875%, due 10/01/26 (d)			25,000		26,125
SCIH Salt Holdings, Inc.
4.875%, due 05/01/28 (d)			185,000		177,600
Tronox, Inc.
4.625%, due 03/15/29 (d)			20,000		19,850
Unifrax Escrow Issuer Corp.
5.250%, due 09/30/28 (d)			50,000		50,375
Venator Finance Sarl
5.750%, due 07/15/25 (d)			10,000		9,575
WR Grace Holdings LLC
5.625%, due 08/15/29 (d)			60,000		61,200
					2,390,868
Communications - 2.3%
AMC Networks, Inc.
4.250%, due 02/15/29			25,000		24,875
ANGI Group LLC
3.875%, due 08/15/28 (d)			135,000		131,962
AT&T, Inc.
3.500%, due 09/15/53			120,000		120,913
3.550%, due 09/15/55			33,000		32,966
Audacy Capital Corp.
6.500%, due 05/01/27 (d)			20,000		19,500
Avaya, Inc.
6.125%, due 09/15/28 (d)			35,000		37,100
Beasley Mezzanine Holdings LLC
8.625%, due 02/01/26 (d)			25,000		24,687
CCO Holdings LLC
5.125%, due 05/01/27 (d)			360,000		372,600
4.750%, due 03/01/30 (d)			230,000		239,775
4.500%, due 08/15/30 (d)			125,000		128,125
4.250%, due 02/01/31 (d)			35,000		35,350
4.500%, due 06/01/33 (d)			100,000		101,875
4.250%, due 01/15/34 (d)			55,000		54,037
Cengage Learning, Inc.
9.500%, due 06/15/24 (d)			40,000		40,250
Charter Communications Operating LLC
4.908%, due 07/23/25			170,000		187,107
2.800%, due 04/01/31			130,000		128,848
5.750%, due 04/01/48			180,000		225,043
5.125%, due 07/01/49			405,000		465,047
Clear Channel Outdoor Holdings, Inc.
7.500%, due 06/01/29 (d)			25,000		26,625
Comcast Corp.
3.400%, due 04/01/30			85,000		92,436
CommScope Technologies LLC
5.000%, due 03/15/27 (d)			25,000		23,406
CommScope, Inc.
4.750%, due 09/01/29 (d)			40,000		39,650
CSC Holdings LLC
5.250%, due 06/01/24			25,000		26,062
Diamond Sports Group LLC
5.375%, due 08/15/26 (d)			20,000		10,000
Directv Financing LLC
5.875%, due 08/15/27 (d)			60,000		61,350
DISH DBS Corp.
5.750%, due 12/01/28 (d)			30,000		30,225
5.125%, due 06/01/29			50,000		45,500
DISH Network Corp. CVRT
3.375%, due 08/15/26			125,000		117,290
Embarq Corp.
7.995%, due 06/01/36			25,000		28,187
Expedia Group, Inc.
5.000%, due 02/15/26			85,000		94,685
3.250%, due 02/15/30			85,000		86,856
Frontier Communications Holdings LLC
5.875%, due 10/15/27 (d)			10,000		10,575
5.000%, due 05/01/28 (d)			50,000		51,312
6.000%, due 01/15/30 (d)			35,000		35,088
GCI LLC
4.750%, due 10/15/28 (d)			124,000		127,100
Gray Escrow II, Inc.
5.375%, due 11/15/31 (d)			25,000		25,688
Hughes Satellite Systems Corp.
6.625%, due 08/01/26			25,000		27,938
iHeartCommunications, Inc.
8.375%, due 05/01/27			25,000		26,375
Liberty Broadband Corp. CVRT
1.250%, due 09/30/50 (d)			245,000		241,884
2.750%, due 09/30/50 (d)			165,000		167,408
Liberty Media Corp. CVRT
0.500%, due 12/01/50 (d)			100,000		143,392
Lumen Technologies, Inc.
5.125%, due 12/15/26 (d)			40,000		41,650
4.000%, due 02/15/27 (d)			30,000		30,337
Match Group Holdings II LLC
4.125%, due 08/01/30 (d)			200,000		202,250
McGraw-Hill Education, Inc.
8.000%, due 08/01/29 (d)			25,000		24,750
MercadoLibre, Inc.
2.375%, due 01/14/26			200,000		193,000
Midas OpCo Holdings LLC
5.625%, due 08/15/29 (d)			25,000		25,563
Midcontinent Communications
5.375%, due 08/15/27 (d)			25,000		25,719
Netflix, Inc.
4.375%, due 11/15/26			135,000		149,512
4.875%, due 04/15/28			60,000		68,400
5.875%, due 11/15/28			25,000		30,063
5.375%, due 11/15/29 (d)			210,000		249,375
News Corp.
3.875%, due 05/15/29 (d)			395,000		398,456
Radiate Holdco LLC
4.500%, due 09/15/26 (d)			25,000		25,188
Scripps Escrow II, Inc.
3.875%, due 01/15/29 (d)			25,000		24,938
Scripps Escrow, Inc.
5.875%, due 07/15/27 (d)			45,000		47,081
Sinclair Television Group, Inc.
4.125%, due 12/01/30 (d)			25,000		23,625
Sirius XM Radio, Inc.
5.000%, due 08/01/27 (d)			25,000		25,906
4.125%, due 07/01/30 (d)			20,000		20,050
Spanish Broadcasting System, Inc.
9.750%, due 03/01/26 (d)			25,000		25,813
Sprint Capital Corp.
8.750%, due 03/15/32			210,000		316,050
Sprint Corp.
7.125%, due 06/15/24			35,000		39,244
7.625%, due 03/01/26			25,000		29,906
TEGNA, Inc.
5.000%, due 09/15/29			25,000		25,625
T-Mobile USA, Inc.
2.250%, due 02/15/26			90,000		90,125
2.625%, due 04/15/26			45,000		45,306
4.750%, due 02/01/28			35,000		36,837
2.625%, due 02/15/29			90,000		88,565
3.375%, due 04/15/29			110,000		112,296
3.375%, due 04/15/29 (d)			5,000		5,083
2.875%, due 02/15/31			100,000		98,375
3.500%, due 04/15/31			65,000		67,385
3.500%, due 04/15/31 (d)			90,000		93,303
Townsquare Media, Inc.
6.875%, due 02/01/26 (d)			30,000		31,875
Uber Technologies, Inc.
4.500%, due 08/15/29 (d)			30,000		30,600
Uber Technologies, Inc. CVRT
0.000%, due 12/15/25			195,000		192,764
Univision Communications, Inc.
6.625%, due 06/01/27 (d)			25,000		26,875
4.500%, due 05/01/29 (d)			30,000		30,300
Urban One, Inc.
7.375%, due 02/01/28 (d)			25,000		25,750
Verizon Communications, Inc.
1.256%, due 05/15/25 (3 Month U.S. LIBOR + 1.100%) (c)			90,000		91,566
ViacomCBS, Inc.
6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) (c)			25,000		28,125
Viasat, Inc.
5.625%, due 09/15/25 (d)			25,000		25,125
Viavi Solutions, Inc.
3.750%, due 10/01/29 (d)			25,000		24,938
					7,096,786
Consumer, Cyclical - 3.3%
Academy Ltd.
6.000%, due 11/15/27 (d)			25,000		26,656
Adams Homes, Inc.
7.500%, due 02/15/25 (d)			25,000		26,062
Affinity Gaming
6.875%, due 12/15/27 (d)			25,000		26,000
Allison Transmission, Inc.
5.875%, due 06/01/29 (d)			25,000		27,187
American Airlines Group, Inc.
5.000%, due 06/01/22 (d)			160,000		159,600
American Airlines Group, Inc. CVRT
6.500%, due 07/01/25			285,000		392,556
American Airlines, Inc.
5.500%, due 04/20/26 (d)			220,000		228,800
5.750%, due 04/20/29 (d)			310,000		331,700
American Axle & Manufacturing, Inc.
5.000%, due 10/01/29 (a)			45,000		43,987
Arko Corp.
5.125%, due 11/15/29 (d)			25,000		24,031
Asbury Automotive Group, Inc.
4.750%, due 03/01/30			25,000		25,500
At Home Group, Inc.
7.125%, due 07/15/29 (d)			20,000		19,750
Bath & Body Works, Inc.
6.750%, due 07/01/36			25,000		30,875
Boyd Gaming Corp.
4.750%, due 06/15/31 (d)			25,000		25,562
Boyne USA, Inc.
4.750%, due 05/15/29 (d)			110,000		113,300
Burlington Stores, Inc. CVRT
2.250%, due 04/15/25			225,000		333,470
Caesars Entertainment, Inc.
6.250%, due 07/01/25 (d)			25,000		26,156
4.625%, due 10/15/29 (d)			55,000		55,206
CCM Merger, Inc.
6.375%, due 05/01/26 (d)			25,000		26,187
Cedar Fair LP
5.250%, due 07/15/29			30,000		30,750
Century Communities, Inc.
3.875%, due 08/15/29 (d)			25,000		25,250
Clarios Global LP
6.250%, due 05/15/26 (d)			39,000		41,243
Dealer Tire LLC
8.000%, due 02/01/28 (d)			5,000		5,187
Delta Air Lines 2020-1 Class A Pass Through Trust
2.500%, due 06/10/28			86,446		86,107
Delta Air Lines, Inc.
2.900%, due 10/28/24			200,000		203,500
4.500%, due 10/20/25 (d)			150,000		157,157
7.375%, due 01/15/26			35,000		41,213
4.750%, due 10/20/28 (d)			958,000		1,047,572
Dollar Tree, Inc.
4.000%, due 05/15/25			170,000		182,726
Ferrellgas LP
5.375%, due 04/01/26 (d)			25,000		24,250
Foot Locker, Inc.
4.000%, due 10/01/29 (d)			25,000		24,844
Ford Motor Co.
3.250%, due 02/12/32			175,000		178,811
Ford Motor Credit Co. LLC
3.350%, due 11/01/22			200,000		202,484
3.370%, due 11/17/23			200,000		205,491
2.748%, due 06/14/24	GBP		100,000		136,176
4.125%, due 08/17/27		$	300,000		323,681
3.625%, due 06/17/31			245,000		255,050
Foundation Building Materials, Inc.
6.000%, due 03/01/29 (d)			25,000		24,562
General Motors Financial Co., Inc.
2.400%, due 10/15/28			95,000		94,503
Golden Entertainment, Inc.
7.625%, due 04/15/26 (d)			25,000		26,125
Golden Nugget, Inc.
6.750%, due 10/15/24 (d)			65,000		64,919
Hilton Domestic Operating Co., Inc.
4.875%, due 01/15/30			65,000		69,469
3.625%, due 02/15/32 (d)			100,000		99,125
Hyatt Hotels Corp.
5.750%, due 04/23/30			148,000		176,930
Installed Building Products, Inc.
5.750%, due 02/01/28 (d)			25,000		25,937
Interface, Inc.
5.500%, due 12/01/28 (d)			25,000		26,187
IRB Holding Corp.
7.000%, due 06/15/25 (d)			25,000		26,406
LBM Acquisition LLC
6.250%, due 01/15/29 (d)			25,000		24,875
LCM Investments Holdings II LLC
4.875%, due 05/01/29 (d)			25,000		25,562
LGI Homes, Inc.
4.000%, due 07/15/29 (d)			25,000		24,906
Lions Gate Capital Holdings LLC
5.500%, due 04/15/29 (d)			255,000		258,187
Live Nation Entertainment, Inc.
6.500%, due 05/15/27 (d)			40,000		43,700
M/I Homes, Inc.
3.950%, due 02/15/30			25,000		24,625
Marriott International, Inc.
3.125%, due 06/15/26			90,000		93,970
McDonald's Corp.
3.600%, due 07/01/30			85,000		93,940
Meritage Homes Corp.
5.125%, due 06/06/27			25,000		27,563
Meritor, Inc.
4.500%, due 12/15/28 (d)			25,000		25,125
MGM Resorts International
5.500%, due 04/15/27			25,000		26,812
4.750%, due 10/15/28			20,000		20,700
Midwest Gaming Borrower LLC
4.875%, due 05/01/29 (d)			55,000		55,550
Mileage Plus Holdings LLC
6.500%, due 06/20/27 (d)			175,000		186,813
Murphy Oil USA, Inc.
5.625%, due 05/01/27			25,000		26,063
Newell Brands, Inc.
4.700%, due 04/01/26			35,000		38,106
Penn National Gaming, Inc.
4.125%, due 07/01/29 (d)			25,000		24,250
Premier Entertainment Sub LLC
5.625%, due 09/01/29 (d)			50,000		49,625
5.875%, due 09/01/31 (d)			50,000		49,875
Real Hero Merger Sub 2, Inc.
6.250%, due 02/01/29 (d)			25,000		24,969
Scientific Games International, Inc.
5.000%, due 10/15/25 (d)			25,000		25,719
7.250%, due 11/15/29 (d)			30,000		33,487
Shea Homes LP
4.750%, due 04/01/29 (d)			25,000		25,563
Sizzling Platter LLC
8.500%, due 11/28/25 (d)			25,000		25,406
Sonic Automotive, Inc.
4.625%, due 11/15/29 (d)			85,000		85,425
Southwest Airlines Co. CVRT
1.250%, due 05/01/25			180,000		239,935
Specialty Building Products Holdings LLC
6.375%, due 09/30/26 (d)			25,000		26,156
Speedway Motorsports LLC
4.875%, due 11/01/27 (d)			25,000		25,375
SRS Distribution, Inc.
4.625%, due 07/01/28 (d)			50,000		50,437
6.125%, due 07/01/29 (d)			25,000		25,219
Staples, Inc.
7.500%, due 04/15/26 (d)			25,000		25,563
10.750%, due 04/15/27 (d)			25,000		23,500
Station Casinos LLC
4.500%, due 02/15/28 (d)			25,000		25,125
STL Holding Co. LLC
7.500%, due 02/15/26 (d)			25,000		26,375
Suburban Propane Partners LP
5.000%, due 06/01/31 (d)			55,000		55,688
SWF Escrow Issuer Corp.
6.500%, due 10/01/29 (d)			50,000		47,875
Tempur Sealy International, Inc.
3.875%, due 10/15/31 (d)			25,000		24,938
The Gap, Inc.
3.875%, due 10/01/31 (d)			25,000		24,656
The Goodyear Tire & Rubber Co.
5.250%, due 07/15/31 (d)			50,000		54,000
The Michaels Cos., Inc.
5.250%, due 05/01/28 (d)			5,000		5,000
The Scotts Miracle-Gro Co.
4.375%, due 02/01/32 (d)			25,000		24,938
The William Carter Co.
5.625%, due 03/15/27 (d)			25,000		25,781
Travel + Leisure Co.
6.625%, due 07/31/26 (d)			132,000		145,530
4.500%, due 12/01/29 (d)			82,000		82,000
Tri Pointe Homes, Inc.
5.700%, due 06/15/28			25,000		27,563
United Airlines Holdings, Inc.
4.875%, due 01/15/25 (a)			25,000		25,844
United Airlines, Inc.
4.625%, due 04/15/29 (d)			30,000		30,975
Univar Solutions USA, Inc.
5.125%, due 12/01/27 (d)			25,000		26,063
Victoria's Secret & Co.
4.625%, due 07/15/29 (d)			90,000		91,800
Wheel Pros, Inc.
6.500%, due 05/15/29 (d)			25,000		24,000
Williams Scotsman International, Inc.
4.625%, due 08/15/28 (d)			25,000		25,719
WMG Acquisition Corp.
3.000%, due 02/15/31 (d)			440,000		421,850
Wolverine World Wide, Inc.
4.000%, due 08/15/29 (d)			25,000		24,063
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/28 (d)			145,000		149,350
Yum! Brands, Inc.
4.750%, due 01/15/30 (d)			402,000		433,658
3.625%, due 03/15/31			365,000		363,175
4.625%, due 01/31/32			175,000		185,281
					9,876,488
Consumer, Non-cyclical - 3.7%
AbbVie, Inc.
4.700%, due 05/14/45			145,000		179,475
Acadia Healthcare Co., Inc.
5.500%, due 07/01/28 (d)			25,000		26,156
ACCO Brands Corp.
4.250%, due 03/15/29 (d)			25,000		24,812
Albertsons Cos., Inc.
3.500%, due 03/15/29 (d)			25,000		25,031
Allied Universal Holdco LLC
6.625%, due 07/15/26 (d)			40,000		41,950
9.750%, due 07/15/27 (d)			70,000		74,725
Alta Equipment Group, Inc.
5.625%, due 04/15/26 (d)			25,000		25,594
Altria Group, Inc.
4.450%, due 05/06/50			85,000		88,182
AMN Healthcare, Inc.
4.625%, due 10/01/27 (d)			25,000		25,730
Anheuser-Busch Cos. LLC
4.900%, due 02/01/46			70,000		88,389
Anthem, Inc.
2.375%, due 01/15/25			90,000		92,672
APi Escrow Corp.
4.750%, due 10/15/29 (d)			25,000		25,375
Block, Inc.
3.500%, due 06/01/31 (d)			85,000		87,550
Catalent Pharma Solutions, Inc.
5.000%, due 07/15/27 (d)			25,000		25,844
Centene Corp.
4.625%, due 12/15/29			65,000		69,875
3.375%, due 02/15/30			435,000		444,788
3.000%, due 10/15/30			500,000		508,125
2.500%, due 03/01/31			320,000		310,855
2.625%, due 08/01/31			15,000		14,700
Chobani LLC
4.625%, due 11/15/28 (d)			10,000		10,225
Cigna Corp.
4.900%, due 12/15/48			140,000		180,802
Community Health Systems, Inc.
6.000%, due 01/15/29 (d)			45,000		48,094
6.875%, due 04/15/29 (d)			45,000		45,900
Constellation Brands, Inc.
3.150%, due 08/01/29			155,000		162,824
CoreLogic, Inc.
4.500%, due 05/01/28 (d)			25,000		24,750
CoStar Group, Inc.
2.800%, due 07/15/30 (d)			115,000		115,238
Coty, Inc.
5.000%, due 04/15/26 (d)			30,000		30,600
CPI CG, Inc.
8.625%, due 03/15/26 (d)			15,000		15,844
CVS Health Corp.
5.050%, due 03/25/48			110,000		143,243
DaVita, Inc.
4.625%, due 06/01/30 (d)			25,000		25,594
Encompass Health Corp.
4.625%, due 04/01/31			5,000		5,087
Flowers Foods, Inc.
2.400%, due 03/15/31			90,000		88,319
Gartner, Inc.
3.750%, due 10/01/30 (d)			125,000		126,875
Graham Holdings Co.
5.750%, due 06/01/26 (d)			25,000		25,969
HCA, Inc.
5.375%, due 02/01/25			370,000		405,150
4.125%, due 06/15/29			445,000		491,169
3.500%, due 09/01/30			746,000		785,165
KeHE Distributors LLC
8.625%, due 10/15/26 (d)			21,000		22,496
Kraft Heinz Foods Co.
3.000%, due 06/01/26			125,000		130,773
3.875%, due 05/15/27			75,000		80,761
4.250%, due 03/01/31			390,000		443,780
5.000%, due 07/15/35			30,000		36,644
6.875%, due 01/26/39			335,000		490,769
7.125%, due 08/01/39 (d)			35,000		53,086
4.625%, due 10/01/39			220,000		256,692
5.200%, due 07/15/45			45,000		57,110
4.375%, due 06/01/46			55,000		64,252
Kronos Acquisition Holdings, Inc.
5.000%, due 12/31/26 (d)			80,000		78,800
7.000%, due 12/31/27 (d)			45,000		42,750
Lamb Weston Holdings, Inc.
4.125%, due 01/31/30 (d)			25,000		25,500
Legacy LifePoint Health LLC
4.375%, due 02/15/27 (d)			55,000		55,550
Metis Merger Sub LLC
6.500%, due 05/15/29 (d)			60,000		58,200
ModivCare Escrow Issuer, Inc.
5.000%, due 10/01/29 (d)			15,000		15,300
Mozart Debt Merger Sub, Inc.
3.875%, due 04/01/29 (d)			275,000		273,969
5.250%, due 10/01/29 (d)			320,000		324,000
MPH Acquisition Holdings LLC
5.750%, due 11/01/28 (a)(d)			25,000		23,500
NESCO Holdings II, Inc.
5.500%, due 04/15/29 (d)			25,000		25,812
Nielsen Finance LLC
4.750%, due 07/15/31 (d)			25,000		24,719
Option Care Health, Inc.
4.375%, due 10/31/29 (d)			50,000		50,000
Ortho-Clinical Diagnostics, Inc.
7.250%, due 02/01/28 (d)			35,000		37,625
PECF USS Intermediate Holding III Corp.
8.000%, due 11/15/29 (d)			5,000		5,162
Performance Food Group, Inc.
5.500%, due 10/15/27 (d)			45,000		46,969
4.250%, due 08/01/29 (d)			30,000		29,625
Pilgrim's Pride Corp.
3.500%, due 03/01/32 (d)			25,000		25,250
Post Holdings, Inc.
5.750%, due 03/01/27 (d)			330,000		340,725
5.625%, due 01/15/28 (d)			325,000		344,094
5.500%, due 12/15/29 (d)			205,000		215,250
4.625%, due 04/15/30 (d)			65,000		65,812
4.500%, due 09/15/31 (d)			290,000		287,825
Prime Security Services Borrower LLC
3.375%, due 08/31/27 (d)			20,000		19,200
Primo Water Holdings, Inc.
4.375%, due 04/30/29 (d)			55,000		54,519
Quanta Services, Inc.
2.350%, due 01/15/32			195,000		189,362
Radiology Partners, Inc.
9.250%, due 02/01/28 (d)			35,000		36,269
Select Medical Corp.
6.250%, due 08/15/26 (d)			80,000		84,400
Simmons Foods, Inc.
4.625%, due 03/01/29 (d)			25,000		24,562
Smithfield Foods, Inc.
4.250%, due 02/01/27 (d)			155,000		166,019
Spectrum Brands, Inc.
5.750%, due 07/15/25			25,000		25,531
Sysco Corp.
5.950%, due 04/01/30			75,000		93,618
Tenet Healthcare Corp.
6.125%, due 10/01/28 (d)			80,000		84,200
The ADT Security Corp.
4.125%, due 08/01/29 (d)			25,000		24,687
Thermo Fisher Scientific, Inc.
0.750%, due 09/12/24	EUR		100,000		116,025
1.215%, due 10/18/24		$	180,000		179,437
1.400%, due 01/23/26	EUR		115,000		136,886
0.500%, due 03/01/28	EUR		100,000		114,068
Triton Water Holdings, Inc.
6.250%, due 04/01/29 (d)		$	90,000		86,850
United Natural Foods, Inc.
6.750%, due 10/15/28 (d)			50,000		53,500
United Rentals North America, Inc.
4.875%, due 01/15/28			185,000		194,250
4.000%, due 07/15/30			110,000		113,025
3.875%, due 02/15/31			230,000		233,450
3.750%, due 01/15/32			25,000		25,125
US Foods, Inc.
4.625%, due 06/01/30 (d)			60,000		60,600
Vizient, Inc.
6.250%, due 05/15/27 (d)			25,000		26,094
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/26 (d)			45,000		47,250
					11,132,403
Energy - 1.9%
Aethon United BR LP
8.250%, due 02/15/26 (d)			25,000		26,750
Antero Midstream Partners LP
5.750%, due 03/01/27 (d)			45,000		46,462
Apache Corp.
4.375%, due 10/15/28			25,000		27,125
Archrock Partners LP
6.250%, due 04/01/28 (d)			25,000		26,062
Blue Racer Midstream LLC
6.625%, due 07/15/26 (d)			15,000		15,525
BP Capital Markets America, Inc.
2.939%, due 06/04/51			100,000		96,671
Callon Petroleum Co.
6.125%, due 10/01/24			20,000		19,800
Cheniere Energy Partners LP
4.500%, due 10/01/29			75,000		80,062
4.000%, due 03/01/31			245,000		258,475
Chesapeake Energy Corp.
5.875%, due 02/01/29 (d)			50,000		53,375
CNX Resources Corp.
7.250%, due 03/14/27 (d)			25,000		26,437
6.000%, due 01/15/29 (d)			35,000		36,400
Continental Resources, Inc.
5.750%, due 01/15/31 (d)			307,000		361,109
2.875%, due 04/01/32 (d)			246,000		238,045
Crestwood Midstream Partners LP
5.750%, due 04/01/25			25,000		25,562
DCP Midstream Operating LP
5.625%, due 07/15/27			25,000		28,375
Delek Logistics Partners LP
6.750%, due 05/15/25			25,000		25,656
Devon Energy Corp.
5.250%, due 10/15/27			17,000		17,941
DT Midstream, Inc.
4.125%, due 06/15/29 (d)			25,000		25,688
Encino Acquisition Partners Holdings LLC
8.500%, due 05/01/28 (d)			25,000		25,938
Energy Transfer LP
4.750%, due 01/15/26			85,000		92,862
7.125%, Perpetual (5 Year CMT Rate + 5.306%) (c)			175,000		180,469
Enviva Partners LP
6.500%, due 01/15/26 (d)			25,000		25,813
EQM Midstream Partners LP
6.000%, due 07/01/25 (d)			10,000		10,850
4.750%, due 01/15/31 (d)			190,000		199,500
EQT Corp.
3.125%, due 05/15/26 (d)			40,000		40,950
3.900%, due 10/01/27			67,000		71,355
7.500%, due 02/01/30			25,000		32,000
3.625%, due 05/15/31 (a)(d)			550,000		571,313
Hess Midstream Operations LP
5.125%, due 06/15/28 (d)			45,000		47,025
4.250%, due 02/15/30 (d)			85,000		84,788
Hilcorp Energy I LP
6.250%, due 11/01/28 (d)			35,000		37,100
5.750%, due 02/01/29 (d)			50,000		51,375
Howard Midstream Energy Partners LLC
6.750%, due 01/15/27 (d)			25,000		25,438
Independence Energy Finance LLC
7.250%, due 05/01/26 (d)			25,000		26,000
Kinder Morgan Energy Partners LP
6.950%, due 01/15/38			65,000		88,657
Kinder Morgan, Inc.
2.000%, due 02/15/31			75,000		71,289
Murphy Oil Corp.
6.375%, due 07/15/28			25,000		26,531
NGL Energy Operating LLC
7.500%, due 02/01/26 (d)			65,000		66,950
NuStar Logistics LP
6.375%, due 10/01/30			35,000		38,938
Oasis Petroleum, Inc.
6.375%, due 06/01/26 (d)			25,000		26,250
Occidental Petroleum Corp.
3.400%, due 04/15/26			47,000		48,234
3.200%, due 08/15/26			31,000		31,930
6.625%, due 09/01/30			370,000		457,875
6.125%, due 01/01/31			195,000		236,681
7.500%, due 05/01/31			70,000		92,050
6.450%, due 09/15/36			25,000		31,875
Ovintiv, Inc.
7.375%, due 11/01/31			25,000		32,750
6.500%, due 08/15/34			145,000		186,506
6.500%, due 02/01/38			115,000		148,350
Patterson-UTI Energy, Inc.
3.950%, due 02/01/28			95,000		94,763
Peabody Energy Corp.
8.500%, due 12/31/24 (d)			13,136		12,732
Phillips 66
3.300%, due 03/15/52			90,000		89,999
Pioneer Natural Resources Co.
1.900%, due 08/15/30			100,000		94,861
Rockcliff Energy II LLC
5.500%, due 10/15/29 (d)			25,000		25,750
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27			80,000		89,960
Southwestern Energy Co.
6.450%, due 01/23/25			3,000		3,289
5.375%, due 02/01/29			60,000		63,600
4.750%, due 02/01/32			30,000		31,575
SunCoke Energy, Inc.
4.875%, due 06/30/29 (d)			65,000		64,675
Sunoco LP
6.000%, due 04/15/27			35,000		36,400
4.500%, due 05/15/29			40,000		40,400
Tallgrass Energy Partners LP
5.500%, due 01/15/28 (d)			25,000		25,000
Targa Resources Partners LP
5.500%, due 03/01/30			45,000		49,162
4.875%, due 02/01/31			25,000		27,094
The Williams Cos., Inc.
3.500%, due 11/15/30			30,000		31,883
3.500%, due 10/15/51			50,000		50,738
Transcontinental Gas Pipe Line Co. LLC
3.250%, due 05/15/30			30,000		31,466
USA Compression Partners LP
6.875%, due 09/01/27			75,000		78,750
Venture Global Calcasieu Pass LLC
4.125%, due 08/15/31 (d)			50,000		52,875
Vine Energy Holdings LLC
6.750%, due 04/15/29 (d)			25,000		27,125
Viper Energy Partners LP
5.375%, due 11/01/27 (d)			25,000		25,875
Western Midstream Operating LP
5.300%, due 02/01/30			210,000		231,000
5.450%, due 04/01/44			25,000		29,750
					5,851,884
Financial - 2.3%
Acrisure LLC
4.250%, due 02/15/29 (d)			25,000		24,250
Air Lease Corp.
1.875%, due 08/15/26			95,000		93,338
Alexandria Real Estate Equities, Inc.
3.000%, due 05/18/51			90,000		88,611
Alliant Holdings Intermediate LLC
6.750%, due 10/15/27 (d)			30,000		30,975
Ally Financial, Inc.
5.750%, due 11/20/25			25,000		28,185
American Express Co.
3.400%, due 02/22/24			140,000		146,604
American Tower Corp.
1.950%, due 05/22/26	EUR		100,000		120,583
0.500%, due 01/15/28	EUR		100,000		111,769
3.950%, due 03/15/29		$	85,000		92,880
AmWINS Group, Inc.
4.875%, due 06/30/29 (d)			75,000		75,937
Ares Capital Corp.
2.150%, due 07/15/26			95,000		93,693
Aretec Escrow Issuer, Inc.
7.500%, due 04/01/29 (d)			25,000		25,687
Athene Global Funding
0.610%, due 08/19/24 (SOFR Rate + 0.560%) (c)(d)			185,000		184,800
Bank of America Corp.
2.482%, due 09/21/36 (5 Year CMT Rate + 1.200%) (c)			95,000		91,805
Berkshire Hathaway Finance Corp.
2.375%, due 06/19/39	GBP		120,000		169,361
Berkshire Hathaway, Inc.
0.000%, due 03/12/25	EUR		200,000		227,347
BroadStreet Partners, Inc.
5.875%, due 04/15/29 (d)		$	25,000		24,429
Chubb INA Holdings, Inc.
0.300%, due 12/15/24	EUR		160,000		183,191
Citigroup, Inc.
0.000%, due 03/21/23 (3 Month EURIBOR + 0.500%) (c)	EUR		270,000		308,935
Crown Castle International Corp.
3.650%, due 09/01/27		$	125,000		134,325
2.250%, due 01/15/31			40,000		38,829
Cushman & Wakefield US Borrower LLC
6.750%, due 05/15/28 (d)			25,000		26,812
Discover Financial Services
4.100%, due 02/09/27			105,000		113,884
Freedom Mortgage Corp.
8.250%, due 04/15/25 (d)			15,000		15,300
6.625%, due 01/15/27 (d)			10,000		9,762
GTCR AP Finance, Inc.
8.000%, due 05/15/27 (d)			35,000		36,137
Host Hotels & Resorts LP
3.375%, due 12/15/29			65,000		66,426
3.500%, due 09/15/30			65,000		66,572
Icahn Enterprises LP
5.250%, due 05/15/27			30,000		30,750
Invitation Homes Operating Partnership LP
2.700%, due 01/15/34			90,000		88,424
Iron Mountain, Inc.
5.250%, due 07/15/30 (d)			25,000		26,313
4.500%, due 02/15/31 (d)			25,000		25,031
Ladder Capital Finance Holdings LLLP
4.750%, due 06/15/29 (d)			25,000		25,562
LPL Holdings, Inc.
4.625%, due 11/15/27 (d)			25,000		25,844
MGM Growth Properties Operating Partnership LP
3.875%, due 02/15/29 (d)			25,000		26,312
Midcap Financial Issuer Trust
6.500%, due 05/01/28 (d)			15,000		15,675
Morgan Stanley
2.484%, due 09/16/36 (SOFR Rate + 1.360%) (c)			170,000		162,926
MPT Operating Partnership LP
3.500%, due 03/15/31			25,000		25,281
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/30 (d)			25,000		24,687
5.750%, due 11/15/31 (d)			80,000		79,800
Navient Corp.
5.000%, due 03/15/27			20,000		20,400
4.875%, due 03/15/28			25,000		24,937
NFP Corp.
6.875%, due 08/15/28 (d)			30,000		30,000
OneMain Finance Corp.
6.625%, due 01/15/28			65,000		72,963
Park Intermediate Holdings LLC
4.875%, due 05/15/29 (d)			35,000		35,700
PennyMac Financial Services, Inc.
4.250%, due 02/15/29 (d)			65,000		62,400
PRA Group, Inc.
5.000%, due 10/01/29 (d)			25,000		25,188
Prudential Financial, Inc.
3.905%, due 12/07/47			75,000		86,982
Realogy Group LLC
5.750%, due 01/15/29 (d)			55,000		56,375
Santander Holdings USA, Inc.
3.400%, due 01/18/23			165,000		168,534
SBA Communications Corp.
3.875%, due 02/15/27			455,000		468,650
3.125%, due 02/01/29 (d)			195,000		187,200
Synchrony Financial
2.875%, due 10/28/31			180,000		178,985
The Goldman Sachs Group, Inc.
1.375%, due 05/15/24	EUR		150,000		174,231
3.375%, due 03/27/25	EUR		38,000		47,656
0.870%, due 09/10/27 (SOFR Rate + 0.820%) (c)		$	180,000		179,343
2.000%, due 11/01/28	EUR		37,000		45,717
The Western Union Co.
2.750%, due 03/15/31		$	190,000		187,578
United Wholesale Mortgage LLC
5.750%, due 06/15/27 (d)			25,000		24,938
Uniti Group LP
6.000%, due 01/15/30 (d)			25,000		24,063
US Bancorp
0.850%, due 06/07/24	EUR		445,000		517,033
3.700%, Perpetual (5 Year CMT Rate + 2.541%) (c)		$	390,000		390,000
USB Capital IX
3.500%, Perpetual (3 Month U.S. LIBOR + 1.020%) (c)			19,000		18,335
VICI Properties LP
4.625%, due 12/01/29 (d)			70,000		74,287
4.125%, due 08/15/30 (d)			165,000		174,488
Wells Fargo & Co.
3.250%, due 04/27/22	AUD		200,000		146,827
3.750%, due 01/24/24		$	225,000		236,245
Welltower, Inc.
2.050%, due 01/15/29			95,000		93,568
Willis North America, Inc.
4.500%, due 09/15/28			80,000		89,761
XHR LP
4.875%, due 06/01/29 (d)			25,000		25,438
					7,054,854
Industrial - 1.5%
AECOM
5.125%, due 03/15/27			230,000		249,550
Ardagh Metal Packaging Finance USA LLC
3.250%, due 09/01/28 (d)			200,000		197,000
4.000%, due 09/01/29 (d)			200,000		198,000
Ball Corp.
5.250%, due 07/01/25			260,000		286,325
4.875%, due 03/15/26			240,000		263,100
2.875%, due 08/15/30			105,000		101,981
Berry Global, Inc.
5.625%, due 07/15/27 (d)			180,000		187,875
Brundage-Bone Concrete Pumping Holdings, Inc.
6.000%, due 02/01/26 (d)			25,000		26,000
Builders FirstSource, Inc.
5.000%, due 03/01/30 (d)			25,000		26,750
Cargo Aircraft Management, Inc.
4.750%, due 02/01/28 (d)			25,000		25,469
Cascades, Inc.
5.375%, due 01/15/28 (d)			25,000		25,656
Clark Equipment Co.
5.875%, due 06/01/25 (d)			20,000		20,750
Clean Harbors, Inc.
5.125%, due 07/15/29 (d)			25,000		26,500
Crown Americas LLC
4.250%, due 09/30/26			25,000		26,687
Crown Cork & Seal Co., Inc.
7.375%, due 12/15/26			253,000		305,181
CSX Corp.
3.800%, due 11/01/46			85,000		96,070
Energizer Holdings, Inc.
4.750%, due 06/15/28 (d)			50,000		50,875
First Student Bidco, Inc.
4.000%, due 07/31/29 (d)			35,000		34,125
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/28 (d)			25,000		25,375
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/29 (d)			25,000		25,625
GrafTech Finance, Inc.
4.625%, due 12/15/28 (d)			25,000		25,344
Graham Packaging Co., Inc.
7.125%, due 08/15/28 (d)			25,000		25,625
Granite US Holdings Corp.
11.000%, due 10/01/27 (d)			25,000		27,187
Griffon Corp.
5.750%, due 03/01/28			30,000		31,125
II-VI, Inc.
5.000%, due 12/15/29 (d)			25,000		25,625
Imola Merger Corp.
4.750%, due 05/15/29 (d)			25,000		25,594
Koppers, Inc.
6.000%, due 02/15/25 (d)			25,000		25,313
Madison IAQ LLC
4.125%, due 06/30/28 (d)			40,000		40,050
5.875%, due 06/30/29 (d)			30,000		29,963
Maxar Space Robotics LLC
9.750%, due 12/31/23 (d)			15,000		16,106
New Enterprise Stone & Lime Co., Inc.
9.750%, due 07/15/28 (d)			25,000		26,750
Owens Corning
4.400%, due 01/30/48			75,000		87,325
Packaging Corp. of America
3.000%, due 12/15/29			90,000		93,681
Penske Truck Leasing Co. LP
4.200%, due 04/01/27 (d)			80,000		88,125
PGT Innovations, Inc.
4.375%, due 10/01/29 (d)			25,000		25,125
Raytheon Technologies Corp.
3.030%, due 03/15/52			90,000		90,087
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/29 (d)			25,000		25,500
Sensata Technologies, Inc.
3.750%, due 02/15/31 (d)			20,000		19,875
Silgan Holdings, Inc.
4.125%, due 02/01/28			70,000		71,575
Standard Industries, Inc.
3.375%, due 01/15/31 (d)			80,000		77,000
Stevens Holding Co., Inc.
6.125%, due 10/01/26 (d)			25,000		26,688
The Boeing Co.
5.040%, due 05/01/27			265,000		298,311
2.950%, due 02/01/30			90,000		91,306
5.150%, due 05/01/30			615,000		717,417
TransDigm, Inc.
6.250%, due 03/15/26 (d)			50,000		51,875
5.500%, due 11/15/27			60,000		61,650
Vertiv Group Corp.
4.125%, due 11/15/28 (d)			30,000		30,113
Weekley Homes LLC
4.875%, due 09/15/28 (d)			25,000		25,781
WRKCo, Inc.
3.750%, due 03/15/25			80,000		85,258
					4,464,268
Technology - 0.9%
Apple, Inc.
0.875%, due 05/24/25	EUR		215,000		252,027
Austin BidCo, Inc.
7.125%, due 12/15/28 (d)		$	25,000		25,813
Booz Allen Hamilton, Inc.
3.875%, due 09/01/28 (d)			25,000		25,437
Castle US Holding Corp.
9.500%, due 02/15/28 (d)			25,000		26,125
CDW LLC
4.250%, due 04/01/28			165,000		170,362
3.250%, due 02/15/29			25,000		25,188
Consensus Cloud Solutions, Inc.
6.500%, due 10/15/28 (d)			25,000		26,000
Dell International LLC
8.350%, due 07/15/46			110,000		183,232
Fidelity National Information Services, Inc.
1.500%, due 05/21/27	EUR		210,000		249,791
1.000%, due 12/03/28	EUR		100,000		115,734
Fiserv, Inc.
1.125%, due 07/01/27	EUR		100,000		117,574
MSCI, Inc.
3.625%, due 09/01/30 (d)		$	390,000		398,775
3.875%, due 02/15/31 (d)			155,000		161,588
3.625%, due 11/01/31 (d)			166,000		172,225
3.250%, due 08/15/33 (d)			80,000		81,000
NCR Corp.
5.125%, due 04/15/29 (d)			20,000		20,650
NetApp, Inc.
1.875%, due 06/22/25			90,000		90,861
NXP BV
3.875%, due 06/18/26 (d)			170,000		183,276
Oracle Corp.
3.600%, due 04/01/50			95,000		92,798
Playtika Holding Corp.
4.250%, due 03/15/29 (d)			25,000		24,469
Qorvo, Inc.
1.750%, due 12/15/24 (d)			30,000		30,009
Rackspace Technology Global, Inc.
5.375%, due 12/01/28 (d)			5,000		4,856
ROBLOX Corp.
3.875%, due 05/01/30 (d)			25,000		25,281
Rocket Software, Inc.
6.500%, due 02/15/29 (d)			25,000		24,375
Twilio, Inc.
3.625%, due 03/15/29			90,000		90,900
3.875%, due 03/15/31			125,000		126,250
Veritas US, Inc.
7.500%, due 09/01/25 (d)			25,000		25,875
Ziff Davis, Inc.
4.625%, due 10/15/30 (d)			61,000		62,449
					2,832,920
Utilities - 0.9%
Calpine Corp.
5.125%, due 03/15/28 (d)			40,000		40,400
4.625%, due 02/01/29 (d)			15,000		14,794
Clearway Energy Operating LLC
4.750%, due 03/15/28 (d)			25,000		26,375
Dominion Energy, Inc.
4.650%, Perpetual (5 Year CMT Rate + 2.993%) (c)			180,000		185,940
DPL, Inc.
4.125%, due 07/01/25			270,000		281,137
Duke Energy Corp.
4.875%, Perpetual (5 Year CMT Rate + 3.388%) (c)			150,000		156,000
Essential Utilities, Inc.
2.704%, due 04/15/30			85,000		86,296
FirstEnergy Corp.
4.400%, due 07/15/27			180,000		193,533
7.375%, due 11/15/31			320,000		431,948
Monongahela Power Co.
5.400%, due 12/15/43 (d)			85,000		109,490
NextEra Energy Capital Holdings, Inc.
2.250%, due 06/01/30			90,000		89,461
5.650%, due 05/01/79 (3 Month U.S. LIBOR + 3.156%) (c)			110,000		124,850
NRG Energy, Inc.
3.625%, due 02/15/31 (d)			60,000		58,500
Pacific Gas and Electric Co.
1.367%, due 03/10/23			85,000		84,153
2.500%, due 02/01/31			95,000		90,032
Pike Corp.
5.500%, due 09/01/28 (d)			95,000		95,238
South Jersey Industries, Inc.
5.020%, due 04/15/31			139,000		151,483
The AES Corp.
3.950%, due 07/15/30 (d)			30,000		31,731
The Brooklyn Union Gas Co.
4.487%, due 03/04/49 (d)			70,000		82,314
The Southern Co.
4.000%, due 01/15/51 (5 Year CMT Rate + 3.733%) (c)			130,000		132,505
3.750%, due 09/15/51 (5 Year CMT Rate + 2.915%) (c)			85,000		85,337
Vistra Operations Co. LLC
5.625%, due 02/15/27 (d)			25,000		25,688
					2,577,205
Total Corporate Bonds (Cost $51,801,259)					53,277,676
FOREIGN BONDS - 21.5%
Argentina - 0.1%
Banco Macro SA
6.750%, due 11/04/26 (5 Year USD Swap Rate + 5.463%) (c)			250,000		208,750
Australia - 0.8%
Australia Government Bond
0.250%, due 11/21/24	AUD		455,000		324,761
0.500%, due 09/21/26	AUD		155,000		108,460
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/31 (d)		$	995,000		1,048,481
Macquarie Group Ltd.
1.629%, due 09/23/27 (SOFR Rate + 0.910%) (c)(d)			95,000		92,945
New South Wales Treasury Corp.
1.000%, due 02/08/24	AUD		580,000		423,138
1.250%, due 03/20/25	AUD		175,000		127,348
Queensland Treasury Corp.
4.250%, due 07/21/23 (d)	AUD		180,000		138,405
Westpac Banking Corp.
3.020%, due 11/18/36 (5 Year CMT Rate + 1.530%) (c)		$	90,000		88,698
					2,352,236
Austria - 0.0% (b)
Republic of Austria Government Bond
0.500%, due 02/20/29 (d)	EUR		140,000		166,275
Bermuda - 0.2%
Digicel Group Holdings Ltd.
8.000%, due 04/01/25 (d)		$	66,296		61,784
Digicel Group Holdings Ltd. CVRT
7.000%, Perpetual (d)			100,318		87,276
Inkia Energy Ltd.
5.875%, due 11/09/27			200,000		205,750
Viking Cruises Ltd.
13.000%, due 05/15/25 (d)			10,000		11,275
5.875%, due 09/15/27 (d)			90,000		85,725
Weatherford International Ltd.
6.500%, due 09/15/28 (d)			30,000		31,425
8.625%, due 04/30/30 (d)			25,000		25,688
					508,923
Brazil - 0.9%
Banco do Brasil SA
9.000%, Perpetual (10 Year CMT Rate + 6.362%) (c)			200,000		213,250
Banco do Estado do Rio Grande do Sul SA
5.375%, due 01/28/31 (5 Year CMT Rate + 4.928%) (c)(d)			200,000		194,678
Brazilian Government International Bond
3.750%, due 09/12/31			200,000		188,250
5.625%, due 02/21/47			500,000		498,125
BRF SA
4.875%, due 01/24/30 (d)			200,000		202,250
Itau Unibanco Holding SA
3.875%, due 04/15/31 (5 Year CMT Rate + 3.446%) (c)			200,000		191,500
6.125%, Perpetual (5 Year CMT Rate + 3.981%) (c)			200,000		200,500
Natura Cosmeticos SA
4.125%, due 05/03/28 (d)			200,000		196,500
Nota do Tesouro Nacional
10.000%, due 01/01/23	BRL		1,480		261,449
10.000%, due 01/01/25	BRL		2,670		471,483
Simpar Finance Sarl
10.750%, due 02/12/28 (d)	BRL		590,000		88,037
					2,706,022
Britain - 1.0%
Barclays PLC
4.375%, Perpetual (5 Year CMT Rate + 3.410%) (c)		$	200,000		198,200
BP Capital Markets PLC CVRT
1.000%, due 04/28/23	GBP		200,000		276,353
European Investment Bank
0.542%, due 06/29/23 (SONIA Rate + 0.350%) (c)	GBP		100,000		135,942
Lloyds Banking Group PLC
7.500%, Perpetual (5 Year USD Swap Rate + 4.496%) (c)		$	200,000		226,000
MARB BondCo PLC
3.950%, due 01/29/31 (d)			200,000		191,752
NatWest Group PLC
6.000%, Perpetual (5 Year CMT Rate + 5.625%) (c)			200,000		219,000
Royalty Pharma PLC
3.300%, due 09/02/40			90,000		89,266
United Kingdom Gilt
0.500%, due 07/22/22	GBP		165,000		223,782
Vedanta Resources Finance II PLC
9.250%, due 04/23/26 (d)		$	200,000		187,250
Vedanta Resources Ltd.
6.125%, due 08/09/24			200,000		175,000
Virgin Media Finance PLC
5.000%, due 07/15/30 (d)			200,000		198,750
Virgin Media Secured Finance PLC
5.500%, due 05/15/29 (d)			276,000		290,145
Vmed O2 UK Financing I PLC
3.250%, due 01/31/31 (d)	EUR		150,000		169,192
4.250%, due 01/31/31 (d)		$	415,000		400,475
					2,981,107
Canada - 2.4%
1011778 BC ULC
3.875%, due 01/15/28 (d)			182,000		183,820
3.500%, due 02/15/29 (d)			136,000		134,300
4.000%, due 10/15/30 (d)			556,000		547,660
Air Canada CVRT
4.000%, due 07/01/25			100,000		133,490
Bank of Montreal
3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) (c)			85,000		90,844
Bausch Health Cos., Inc.
6.250%, due 02/15/29 (d)			40,000		38,000
5.250%, due 01/30/30 (d)			25,000		22,000
Baytex Energy Corp.
8.750%, due 04/01/27 (d)			25,000		26,187
Canada Housing Trust No 1
1.950%, due 12/15/25 (d)	CAD		295,000		237,611
1.250%, due 06/15/26 (d)	CAD		260,000		203,236
Canadian Government Bond
1.500%, due 09/01/24	CAD		175,000		139,902
Cenovus Energy, Inc.
3.500%, due 02/07/28	CAD		100,000		82,334
5.250%, due 06/15/37		$	44,000		51,865
6.750%, due 11/15/39			434,000		586,985
5.400%, due 06/15/47			154,000		190,767
Enbridge, Inc.
3.125%, due 11/15/29			175,000		183,343
Garda World Security Corp.
6.000%, due 06/01/29 (d)			55,000		52,800
GFL Environmental, Inc.
4.000%, due 08/01/28 (d)			25,000		24,656
Hudbay Minerals, Inc.
4.500%, due 04/01/26 (d)			25,000		24,969
Intelligent Packaging Ltd. Co-Issuer LLC
6.000%, due 09/15/28 (d)			25,000		25,719
International Bank for Reconstruction & Development
1.900%, due 01/16/25	CAD		260,000		208,627
Mattamy Group Corp.
4.625%, due 03/01/30 (d)		$	45,000		45,738
MEG Energy Corp.
7.125%, due 02/01/27 (d)			45,000		47,869
5.875%, due 02/01/29 (d)			10,000		10,375
MEGlobal Canada ULC
5.000%, due 05/18/25 (d)			200,000		217,750
Nutrien Ltd.
4.200%, due 04/01/29			85,000		95,849
Ontario Teachers' Finance Trust
0.375%, due 09/29/23 (d)			250,000		247,769
Open Text Corp.
3.875%, due 02/15/28 (d)			25,000		25,469
Parkland Corp.
4.500%, due 10/01/29 (d)			40,000		39,750
Province of Ontario Canada
2.900%, due 06/02/28	CAD		275,000		232,031
1.350%, due 12/02/30	CAD		1,610,000		1,207,586
3.450%, due 06/02/45	CAD		195,000		180,800
Province of Quebec Canada
3.000%, due 09/01/23	CAD		325,000		265,195
1.500%, due 12/15/23	GBP		105,000		143,646
0.200%, due 04/07/25	EUR		200,000		230,102
Rogers Communications, Inc.
5.000%, due 12/17/81 (5 Year Canadian Government Bond Rate + 3.575%) (c)	CAD		110,000		87,923
Royal Bank of Canada
4.200%, Perpetual (5 Year Canadian Government Bond Rate + 2.710%) (c)	CAD		200,000		157,239
St Marys Cement, Inc.
5.750%, due 01/28/27 (d)		$	200,000		224,000
Strathcona Resources Ltd.
6.875%, due 08/01/26 (d)			25,000		24,500
Superior Plus LP
4.500%, due 03/15/29 (d)			55,000		56,306
Taseko Mines Ltd.
7.000%, due 02/15/26 (d)			25,000		26,094
The Bank of Nova Scotia
3.400%, due 02/11/24			160,000		167,700
TransCanada PipeLines Ltd.
4.100%, due 04/15/30			310,000		343,731
					7,266,537
Cayman Islands - 0.4%
Avolon Holdings Funding Ltd.
3.250%, due 02/15/27 (d)			145,000		146,994
CK Hutchison International 20 Ltd.
2.500%, due 05/08/30 (d)			200,000		202,278
Cosan Overseas Ltd.
8.250%, Perpetual			200,000		203,750
Global Aircraft Leasing Co. Ltd.
6.500%, due 09/15/24 (d)			48,321		46,569
Gran Tierra Energy International Holdings Ltd.
6.250%, due 02/15/25			400,000		364,000
SA Global Sukuk Ltd.
2.694%, due 06/17/31 (d)			200,000		201,063
Transocean Poseidon Ltd.
6.875%, due 02/01/27 (d)			75,000		72,375
Transocean, Inc.
11.500%, due 01/30/27 (d)			13,000		12,783
					1,249,812
Chile - 0.7%
AES Gener SA
7.125%, due 03/26/79 (5 Year USD Swap Rate + 4.644%) (c)(d)			200,000		207,500
CAP SA
3.900%, due 04/27/31 (d)			200,000		187,750
Chile Electricity PEC SpA
0.000%, due 01/25/28 (d)			200,000		162,163
Chile Government International Bond
3.100%, due 05/07/41			600,000		590,016
3.100%, due 01/22/61			200,000		185,805
Empresa Electrica Angamos SA
4.875%, due 05/25/29			130,400		125,241
Empresa Electrica Cochrane SpA
5.500%, due 05/14/27			316,960		318,941
Guacolda Energia SA
4.560%, due 04/30/25			400,000		152,000
Inversiones Latin America Power Ltda
5.125%, due 06/15/33 (d)			200,000		197,000
					2,126,416
China - 0.4%
China Government Bond
2.880%, due 11/05/23	CNY		2,980,000		471,575
1.990%, due 04/09/25	CNY		2,720,000		419,130
2.690%, due 08/12/26	CNY		910,000		143,487
3.020%, due 05/27/31	CNY		610,000		97,240
					1,131,432
Colombia - 0.9%
Colombia Government International Bond
3.125%, due 04/15/31		$	200,000		179,441
3.250%, due 04/22/32			405,000		362,392
5.000%, due 06/15/45			200,000		180,466
4.125%, due 05/15/51			200,000		161,879
Colombian TES
10.000%, due 07/24/24	COP		1,310,000,000		345,281
6.250%, due 11/26/25	COP		750,000,000		177,626
7.500%, due 08/26/26	COP		770,000,000		187,965
Ecopetrol SA
5.375%, due 06/26/26		$	45,000		47,531
6.875%, due 04/29/30			145,000		163,488
4.625%, due 11/02/31			90,000		87,390
5.875%, due 05/28/45			95,000		91,912
5.875%, due 11/02/51			300,000		282,000
Empresas Publicas de Medellin ESP
4.375%, due 02/15/31			400,000		379,392
Oleoducto Central SA
4.000%, due 07/14/27			200,000		199,828
					2,846,591
Dominican Republic - 0.0% (b)
Dominican Republic International Bond
5.875%, due 01/30/60			150,000		144,187
France - 0.4%
BNP Paribas SA
4.625%, due 08/25/31 (5 Year CMT Rate + 3.340%) (a)(c)(d)			400,000		401,349
4.500%, Perpetual (5 Year CMT Rate + 2.944%) (a)(c)(d)			200,000		198,800
Credit Agricole SA
7.875%, Perpetual (5 Year USD Swap Rate + 4.898%) (c)(d)			200,000		218,832
Engie SA
0.375%, due 06/21/27	EUR		100,000		113,996
Societe Generale SA
8.000%, Perpetual (5 Year ICE Mid-Market Swap Rate + 5.873%) (c)(d)		$	200,000		231,000
TotalEnergies Capital International SA
3.386%, due 06/29/60			85,000		90,009
					1,253,986
Germany - 0.0% (b)
E.ON SE
0.375%, due 09/29/27	EUR		65,000		74,468
					74,468
Greece - 0.2%
Hellenic Republic Government Bond
2.000%, due 04/22/27 (d)	EUR		145,000		176,087
1.500%, due 06/18/30 (d)	EUR		205,000		237,873
4.200%, due 01/30/42	EUR		190,000		328,050
					742,010
India - 0.2%
Adani Green Energy UP Ltd.
6.250%, due 12/10/24 (d)		$	200,000		217,250
Adani International Container Terminal Pvt Ltd.
3.000%, due 02/16/31			196,000		189,140
Indian Railway Finance Corp. Ltd.
3.249%, due 02/13/30 (d)			200,000		202,567
NTPC Ltd.
7.250%, due 05/03/22	INR		10,000,000		134,845
					743,802
Indonesia - 1.5%
Indonesia Asahan Aluminium Persero PT
4.750%, due 05/15/25 (d)		$	225,000		239,625
Indonesia Government International Bond
2.625%, due 06/14/23 (d)	EUR		150,000		176,733
2.150%, due 07/18/24 (d)	EUR		150,000		178,408
3.850%, due 10/15/30 (a)		$	200,000		224,752
1.100%, due 03/12/33	EUR		100,000		109,632
3.700%, due 10/30/49		$	200,000		211,253
3.050%, due 03/12/51			200,000		197,514
Indonesia Treasury Bond
6.500%, due 06/15/25	IDR		6,493,000,000		481,537
8.375%, due 09/15/26	IDR		1,606,000,000		127,319
7.000%, due 05/15/27	IDR		2,030,000,000		152,957
6.125%, due 05/15/28	IDR		1,631,000,000		116,461
9.000%, due 03/15/29	IDR		1,457,000,000		118,104
8.250%, due 05/15/29	IDR		283,000,000		22,102
7.000%, due 09/15/30	IDR		4,685,000,000		340,679
8.750%, due 05/15/31	IDR		3,000,000,000		243,368
6.625%, due 05/15/33	IDR		1,779,000,000		125,557
7.500%, due 06/15/35	IDR		1,015,000,000		74,691
7.500%, due 05/15/38	IDR		1,447,000,000		105,719
Perusahaan Penerbit SBSN Indonesia III
4.150%, due 03/29/27 (d)		$	200,000		221,500
2.550%, due 06/09/31 (d)			600,000		608,250
3.800%, due 06/23/50			200,000		209,250
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.125%, due 05/15/27 (d)			250,000		266,562
					4,551,973
Ireland - 0.2%
Ireland Government Bond
3.400%, due 03/18/24	EUR		165,000		204,120
Johnson Controls International PLC
0.375%, due 09/15/27	EUR		100,000		112,771
LCPR Senior Secured Financing DAC
6.750%, due 10/15/27 (d)		$	231,000		244,141
5.125%, due 07/15/29 (d)			200,000		201,750
					762,782
Israel - 0.1%
Israel Electric Corp. Ltd.
6.875%, due 06/21/23 (d)			200,000		215,741
Italy - 0.4%
Intesa Sanpaolo SpA
4.198%, due 06/01/32 (1 Year CMT Rate + 2.600%) (c)(d)			200,000		200,505
7.700%, Perpetual (5 Year USD Swap Rate + 5.462%) (c)(d)			200,000		225,000
Italy Buoni Poliennali Del Tesoro
1.850%, due 07/01/25 (d)	EUR		410,000		493,402
Republic of Italy Government International Bond
1.250%, due 02/17/26		$	200,000		194,385
					1,113,292
Japan - 0.3%
Japan Government Five Year Bond
0.100%, due 06/20/25	JPY		90,250,000		790,133
Mitsubishi UFJ Financial Group, Inc.
0.913%, due 03/02/23 (3 Month U.S. LIBOR + 0.740%) (c)		$	110,000		110,541
					900,674
Jersey - 0.2%
Galaxy Pipeline Assets Bidco Ltd.
2.160%, due 03/31/34 (d)			200,000		195,846
2.625%, due 03/31/36			300,000		293,311
					489,157
Liberia - 0.1%
Royal Caribbean Cruises Ltd.
9.125%, due 06/15/23 (d)			10,000		10,600
4.250%, due 07/01/26 (d)			140,000		135,625
5.500%, due 04/01/28 (d)			310,000		314,650
					460,875
Luxembourg - 1.2%
Allergan Funding SCS
1.250%, due 06/01/24	EUR		100,000		114,416
2.625%, due 11/15/28	EUR		100,000		121,878
ArcelorMittal SA
4.550%, due 03/11/26		$	20,000		21,900
7.000%, due 10/15/39			25,000		34,437
6.750%, due 03/01/41			100,000		135,000
Atento Luxco 1 SA
8.000%, due 02/10/26 (d)			100,000		106,250
Becton Dickinson Euro Finance Sarl
1.208%, due 06/04/26	EUR		245,000		288,371
DH Europe Finance II Sarl
0.450%, due 03/18/28	EUR		410,000		466,378
Endo Luxembourg Finance Co. I Sarl
6.125%, due 04/01/29 (d)		$	30,000		29,288
EverArc Escrow Sarl
5.000%, due 10/30/29 (d)			60,000		60,000
FS Luxembourg Sarl
10.000%, due 12/15/25 (d)			200,000		219,199
Gilex Holding Sarl
8.500%, due 05/02/23 (d)			150,000		151,313
JBS Finance Luxembourg Sarl
3.625%, due 01/15/32 (d)			200,000		201,250
Kenbourne Invest SA
4.700%, due 01/22/28 (d)			200,000		194,939
MC Brazil Downstream Trading Sarl
7.250%, due 06/30/31 (d)			200,000		199,250
Mexico Remittances Funding Fiduciary Estate Management Sarl
4.875%, due 01/15/28 (d)			200,000		187,000
Millicom International Cellular SA
4.500%, due 04/27/31 (d)			200,000		201,750
Petrorio Luxembourg Sarl
6.125%, due 06/09/26 (d)			200,000		204,250
Rede D'or Finance Sarl
4.950%, due 01/17/28 (d)			200,000		203,250
Swiss Insured Brazil Power Finance Sarl
9.850%, due 07/16/32 (d)	BRL		1,878,063		316,944
Telecom Italia Capital SA
6.375%, due 11/15/33		$	25,000		26,906
Trinseo Materials Operating SCA
5.125%, due 04/01/29 (d)			20,000		20,450
					3,504,419
Malaysia - 0.7%
Malayan Banking Bhd
0.955%, due 08/16/24 (3 Month U.S. LIBOR + 0.800%) (c)			200,000		201,296
Malaysia Government Bond
4.059%, due 09/30/24	MYR		875,000		216,400
3.882%, due 03/14/25	MYR		805,000		198,754
3.900%, due 11/30/26	MYR		360,000		89,286
3.899%, due 11/16/27	MYR		975,000		241,447
3.733%, due 06/15/28	MYR		400,000		97,805
3.844%, due 04/15/33	MYR		980,000		235,275
3.828%, due 07/05/34	MYR		360,000		85,709
Malaysia Wakala Sukuk Bhd
2.070%, due 04/28/31 (a)		$	250,000		249,687
Petronas Capital Ltd.
3.500%, due 04/21/30 (d)			200,000		216,504
2.480%, due 01/28/32 (d)			200,000		200,554
					2,032,717
Mexico - 1.3%
Banco Actinver SA
9.500%, due 12/18/32 (d)	MXN		3,000,000		88,002
Becle SAB de CV
2.500%, due 10/14/31 (d)		$	205,000		200,892
Braskem Idesa SAPI
6.990%, due 02/20/32 (d)			200,000		201,023
Cemex SAB de CV
3.875%, due 07/11/31 (d)			200,000		199,250
Credito Real SAB de CV SOFOM ER
9.125%, Perpetual (5 Year CMT Rate + 7.026%) (a)(c)			200,000		96,000
Mexican Bonos
6.750%, due 03/09/23	MXN		43,600		218,038
5.750%, due 03/05/26	MXN		48,300		226,857
7.500%, due 06/03/27	MXN		89,700		441,782
7.750%, due 05/29/31	MXN		60,900		302,254
Mexico Government International Bond
2.659%, due 05/24/31		$	200,000		195,184
4.280%, due 08/14/41			400,000		415,324
4.600%, due 02/10/48			200,000		213,808
3.771%, due 05/24/61			600,000		554,371
Petroleos Mexicanos
6.750%, due 09/21/47			200,000		177,205
Total Play Telecomunicaciones SA de CV
7.500%, due 11/12/25 (d)			205,000		208,588
Unifin Financiera SAB de CV
8.875%, Perpetual (5 Year CMT Rate + 6.308%) (c)			200,000		118,000
					3,856,578
Netherlands - 0.8%
Airbus SE
1.625%, due 06/09/30	EUR		100,000		121,978
BMW Finance NV
1.000%, due 11/14/24	EUR		75,000		88,014
BNG Bank NV
0.250%, due 06/07/24	EUR		120,000		138,531
Braskem Netherlands Finance BV
5.875%, due 01/31/50 (d)		$	200,000		228,500
Diamond BC BV
4.625%, due 10/01/29 (d)			25,000		24,781
Greenko Dutch BV
3.850%, due 03/29/26 (d)			197,000		198,970
ING Groep NV
4.250%, Perpetual (5 Year CMT Rate + 2.862%) (c)			200,000		188,630
5.750%, Perpetual (5 Year CMT Rate + 4.342%) (c)			200,000		215,000
Minejesa Capital BV
4.625%, due 08/10/30			400,000		410,596
5.625%, due 08/10/37			200,000		209,250
Petrobras Global Finance BV
6.900%, due 03/19/49			210,000		223,650
6.750%, due 06/03/50			200,000		209,250
5.500%, due 06/10/51			100,000		92,750
VTR Finance NV
6.375%, due 07/15/28 (d)			200,000		208,500
					2,558,400
New Zealand - 0.3%
International Bank for Reconstruction & Development
3.375%, due 01/25/22	NZD		370,000		253,741
2.875%, due 11/30/26	NZD		155,000		106,927
International Finance Corp.
0.375%, due 09/10/25	NZD		250,000		157,734
New Zealand Government Bond
5.500%, due 04/15/23	NZD		60,000		43,120
0.500%, due 05/15/24	NZD		525,000		347,452
					908,974
Norway - 0.6%
Aker BP ASA
3.750%, due 01/15/30 (d)		$	185,000		195,869
European Investment Bank
1.500%, due 05/12/22	NOK		2,330,000		265,086
1.750%, due 03/13/25	NOK		290,000		33,037
Nordea Eiendomskreditt AS
1.060%, due 06/21/23 (3 Month NIBOR + 0.300%) (c)	NOK		1,000,000		113,892
1.170%, due 06/19/24 (3 Month NIBOR + 0.340%) (c)	NOK		1,000,000		114,120
Nordic Investment Bank
1.875%, due 04/10/24	NOK		980,000		111,958
Norway Government Bond
2.000%, due 05/24/23 (d)	NOK		6,530,000		750,540
1.500%, due 02/19/26 (d)	NOK		1,625,000		183,841
					1,768,343
Panama - 0.4%
Banco General SA
5.250%, Perpetual (10 Year CMT Rate + 3.665%) (c)(d)		$	200,000		203,000
Carnival Corp.
5.750%, due 03/01/27 (d)			360,000		360,000
Panama Government International Bond
2.252%, due 09/29/32			200,000		190,000
4.300%, due 04/29/53			300,000		321,750
UEP Penonome II SA
6.500%, due 10/01/38			192,383		202,483
					1,277,233
Peru - 0.3%
Banco de Credito del Peru
3.125%, due 07/01/30 (5 Year CMT Rate + 3.000%) (c)			400,000		395,904
Banco Internacional del Peru SAA Interbank
4.000%, due 07/08/30 (1 Year CMT Rate + 3.711%) (c)			350,000		348,687
Hunt Oil Co. of Peru LLC Sucursal Del Peru
6.375%, due 06/01/28			191,600		193,756
					938,347
Philippines - 0.5%
Philippine Government International Bond
0.875%, due 05/17/27	EUR		385,000		443,222
2.457%, due 05/05/30		$	200,000		206,252
1.648%, due 06/10/31 (a)			250,000		241,236
6.250%, due 01/14/36	PHP		5,000,000		109,931
3.700%, due 03/01/41		$	200,000		217,750
3.700%, due 02/02/42			200,000		217,517
					1,435,908
Portugal - 0.2%
Portugal Obrigacoes do Tesouro OT
0.700%, due 10/15/27 (d)	EUR		85,000		100,788
0.475%, due 10/18/30 (d)	EUR		460,000		531,424
					632,212
Puerto Rico - 0.1%
Popular, Inc.
6.125%, due 09/14/23		$	380,000		399,343
Qatar - 0.1%
Qatar Energy
2.250%, due 07/12/31			200,000		197,832
Qatar Government International Bond
4.000%, due 03/14/29 (d)			200,000		225,042
					422,874
Saudi Arabia - 0.5%
Saudi Arabian Oil Co.
3.500%, due 04/16/29 (d)			200,000		213,528
4.250%, due 04/16/39 (d)			200,000		225,916
4.375%, due 04/16/49 (d)			200,000		232,202
Saudi Government International Bond
2.250%, due 02/02/33			700,000		681,095
3.750%, due 01/21/55			250,000		265,020
					1,617,761
Singapore - 1.1%
DBS Group Holdings Ltd.
1.822%, due 03/10/31 (5 Year CMT Rate + 1.100%) (c)			200,000		197,926
LLPL Capital Pte Ltd.
6.875%, due 02/04/39 (d)			269,010		306,672
Medco Oak Tree Pte Ltd.
7.375%, due 05/14/26 (d)			220,000		227,150
Oversea-Chinese Banking Corp. Ltd.
1.832%, due 09/10/30 (5 Year CMT Rate + 1.580%) (c)(d)			500,000		494,346
PSA Treasury Pte Ltd.
2.125%, due 09/05/29			200,000		202,322
Singapore Government Bond
1.750%, due 04/01/22	SGD		485,000		360,950
2.375%, due 06/01/25	SGD		165,000		127,533
SingTel Group Treasury Pte Ltd.
1.875%, due 06/10/30		$	200,000		196,826
Temasek Financial I Ltd.
1.000%, due 10/06/30 (d)			400,000		372,472
1.625%, due 08/02/31			250,000		242,455
United Overseas Bank Ltd.
3.875%, Perpetual (5 Year USD Swap Rate + 1.794%) (c)			500,000		515,000
					3,243,652
South Korea - 0.8%
Korea East-West Power Co. Ltd.
1.750%, due 05/06/25 (d)			200,000		201,148
Korea Electric Power Corp.
1.125%, due 06/15/25 (d)			200,000		197,405
KT Corp.
2.500%, due 07/18/26			200,000		206,534
LG Chem Ltd.
2.375%, due 07/07/31 (d)			200,000		196,750
NongHyup Bank
1.250%, due 07/20/25 (d)			200,000		198,125
POSCO
2.375%, due 01/17/23			200,000		202,742
Shinhan Financial Group Co. Ltd.
2.875%, Perpetual (5 Year CMT Rate + 2.064%) (c)(d)			400,000		394,000
The Korea Development Bank
1.000%, due 09/09/26			200,000		195,382
1.625%, due 01/19/31			200,000		194,656
Woori Bank
4.250%, Perpetual (5 Year CMT Rate + 2.664%) (a)(c)			400,000		415,000
					2,401,742
Spain - 0.3%
Banco Santander SA
4.750%, Perpetual (5 Year CMT Rate + 3.753%) (c)			200,000		199,801
Cellnex Telecom SA
1.875%, due 06/26/29	EUR		100,000		112,767
Cellnex Telecom SA CVRT
0.750%, due 11/20/31	EUR		100,000		111,402
Spain Government Bond
0.250%, due 07/30/24 (d)	EUR		170,000		197,126
0.800%, due 07/30/27 (d)	EUR		170,000		201,662
					822,758
Sweden - 0.1%
Sweden Government International Bond
0.125%, due 04/24/23 (d)	EUR		225,000		258,350
Switzerland - 0.3%
Credit Suisse Group AG
5.100%, Perpetual (5 Year CMT Rate + 3.293%) (c)(d)		$	200,000		201,000
6.375%, Perpetual (5 Year CMT Rate + 4.822%) (c)(d)			200,000		215,500
UBS Group AG
3.875%, Perpetual (5 Year CMT Rate + 3.098%) (c)(d)			200,000		197,561
4.375%, Perpetual (5 Year CMT Rate + 3.313%) (c)(d)			200,000		197,134
					811,195
Thailand - 0.1%
Kasikornbank PCL
5.275%, Perpetual (5 Year CMT Rate + 4.940%) (c)			400,000		417,432
United Arab Emirates - 0.4%
Abu Dhabi Government International Bond
3.125%, due 04/16/30 (d)			400,000		432,005
1.700%, due 03/02/31 (d)			185,000		179,483
1.700%, due 03/02/31			250,000		242,907
3.875%, due 04/16/50 (d)			200,000		232,775
					1,087,170
Total Foreign Bonds (Cost $66,091,880)					65,392,456
BANK LOANS - 7.3% (c)
1011778 BC ULC
1.840%, due 11/19/26 (1 Month U.S. LIBOR + 1.750%)			817,665		807,955
AAdvantage Loyalty IP Ltd.
5.500%, due 04/20/28 (3 Month U.S. LIBOR + 4.750%)			130,000		134,933
Abe Investment Holdings, Inc.
4.625%, due 02/19/26 (1 Month U.S. LIBOR + 4.500%)			38,765		38,870
Access CIG LLC
4.654%, due 02/27/25 (1 Month U.S. LIBOR + 3.750%)			43,969		43,753
Acrisure LLC
3.632%, due 02/15/27 (3 Month U.S. LIBOR + 3.500%)			134,341		133,064
Acrisure LLC
4.750%, due 02/15/27 (1 Month U.S. LIBOR + 4.250%)			100,000		100,125
ADMI Corp.
4.000%, due 12/23/27 (1 Month U.S. LIBOR + 3.500%)			69,825		69,809
AECOM
1.842%, due 04/13/28 (1 Month U.S. LIBOR + 1.750%)			323,780		324,589
Air Canada
4.250%, due 08/11/28 (6 Month U.S. LIBOR + 3.500%)			360,000		360,193
Allied Universal Holdco LLC
4.250%, due 05/14/28 (3 Month U.S. LIBOR + 3.750%)			242,891		242,407
Alterra Mountain Co.
4.000%, due 08/17/28 (1 Month U.S. LIBOR + 3.500%)			127,406		127,406
Altice France SA
4.118%, due 08/14/26 (2 Month U.S. LIBOR + 4.000%)			138,219		137,735
AP Core Holdings II LLC
6.250%, due 09/01/27 (1 Month U.S. LIBOR + 5.500%)			138,250		138,466
AP Core Holdings II LLC
6.250%, due 09/01/27 (1 Month U.S. LIBOR + 5.500%)			100,000		100,291
APX Group, Inc.
4.000%, due 07/09/28 (1 Month U.S. LIBOR + 3.500%)			69,793		69,778
5.750%, due 07/09/28 (Prime + 2.500%)			207		207
Aramark Services, Inc.
1.851%, due 03/11/25 (1 Month U.S. LIBOR + 1.750%)			205,000		202,885
Ascend Learning LLC
3.500%, due 12/10/28 (1 Month U.S. LIBOR + 3.500%)			225,000		224,954
AssuredPartners, Inc.
3.604%, due 02/13/27 (1 Month U.S. LIBOR + 3.500%)			233,005		231,565
Astra Acquisition Corp.
5.750%, due 10/25/28 (1 Month U.S. LIBOR + 5.250%)			210,000		206,676
Asurion LLC
3.354%, due 07/31/27 (1 Month U.S. LIBOR + 3.250%)			179,098		178,224
Asurion LLC
5.354%, due 01/15/29 (1 Month U.S. LIBOR + 5.250%)			130,000		129,635
Avantor Funding, Inc.
2.750%, due 11/06/27 (3 Month U.S. LIBOR + 2.250%)			384,213		384,493
Avaya, Inc.
4.110%, due 12/15/27 (1 Month U.S. LIBOR + 4.000%)			150,000		150,122
Avaya, Inc.
4.360%, due 12/15/27 (1 Month U.S. LIBOR + 4.250%)			22,161		22,256
Aveanna Healthcare LLC
4.250%, due 07/15/28 (1 Month U.S. LIBOR + 3.750%)			113,301		112,957
Aveanna Healthcare LLC
4.500%, due 07/15/28 (1 Month U.S. LIBOR + 3.750%)			26,415		26,335
Aventiv Technologies LLC
5.500%, due 11/01/24 (3 Month U.S. LIBOR + 4.500%)			47,759		46,565
Bally's Corp.
3.750%, due 10/01/28 (1 Month U.S. LIBOR + 3.250%)			100,000		100,173
Berry Global, Inc.
1.864%, due 07/01/26 (2 Month U.S. LIBOR + 1.750%)			440,100		437,789
Blackhawk Network Holdings, Inc.
3.104%, due 06/15/25 (1 Month U.S. LIBOR + 3.000%)			107,401		106,871
Brown Group Holding LLC
3.000%, due 06/07/28 (3 Month U.S. LIBOR + 2.500%)			104,371		104,306
Burlington Coat Factory Warehouse Corp.
2.110%, due 06/24/28 (1 Month U.S. LIBOR + 2.000%)			189,050		188,301
Camelot US Acquisition LLC
4.000%, due 10/31/26 (1 Month U.S. LIBOR + 3.000%)			108,900		108,968
Carnival Corp.
3.750%, due 06/30/25 (6 Month U.S. LIBOR + 3.000%)			318,410		316,420
Carnival Corp.
4.000%, due 10/18/28 (6 Month U.S. LIBOR + 3.250%)			280,000		278,134
Castle US Holding Corp.
3.974%, due 01/31/27 (3 Month U.S. LIBOR + 3.750%)			142,916		141,844
Cengage Learning, Inc.
5.750%, due 07/14/26 (6 Month U.S. LIBOR + 4.750%)			179,550		180,270
Charter Communications Operating LLC
1.860%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%)			487,332		483,295
Charter Next Generation, Inc.
4.500%, due 12/01/27 (1 Month U.S. LIBOR + 3.750%)			69,300		69,533
CHG Healthcare Services, Inc.
4.000%, due 09/30/28 (3 Month U.S. LIBOR + 3.500%)			109,725		109,876
CHG PPC Parent LLC
3.500%, due 12/08/28 (1 Month U.S. LIBOR + 3.000%)			95,000		94,822
Clarios Global LP
3.354%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%)			548,645		546,519
Clean Harbors, Inc.
2.104%, due 10/08/28 (1 Month U.S. LIBOR + 2.000%)			100,000		100,063
ClubCorp Holdings, Inc.
2.974%, due 09/18/24 (3 Month U.S. LIBOR + 2.750%)			24,234		23,389
Cornerstone OnDemand, Inc.
4.250%, due 10/15/28 (6 Month U.S. LIBOR + 3.750%)			185,000		184,702
CP Atlas Buyer, Inc.
4.250%, due 11/23/27 (1 Month U.S. LIBOR + 3.750%)			119,108		118,751
CQP Holdco LP
4.250%, due 06/04/28 (3 Month U.S. LIBOR + 3.750%)			181,399		181,209
Cvent, Inc.
3.854%, due 11/30/24 (1 Month U.S. LIBOR + 3.750%)			39,029		39,016
Dcert Buyer, Inc.
4.104%, due 10/16/26 (1 Month U.S. LIBOR + 4.000%)			79,194		79,144
Deerfield Dakota Holding LLC
4.750%, due 04/09/27 (1 Month U.S. LIBOR + 3.750%)			103,450		103,701
Directv Financing LLC
5.750%, due 08/02/27 (1 Month U.S. LIBOR + 5.000%)			59,916		60,048
EAB Global, Inc.
4.000%, due 08/16/28 (1 Month U.S. LIBOR + 3.500%)			169,575		168,869
4.000%, due 08/16/28 (3 Month U.S. LIBOR + 3.500%)			425		423
EG Finco Ltd.
4.224%, due 02/05/25 (3 Month U.S. LIBOR + 4.000%)			27,932		27,864
Endurance International Group Holdings, Inc.
4.250%, due 02/10/28 (6 Month U.S. LIBOR + 3.500%)			154,225		153,141
Envision Healthcare Corp.
3.854%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%)			49,356		39,871
Filtration Group Corp.
3.104%, due 03/29/25 (1 Month U.S. LIBOR + 3.000%)			119,778		118,936
Finastra USA, Inc.
4.500%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%)			59,903		59,716
Finastra USA, Inc.
8.250%, due 06/13/25 (6 Month U.S. LIBOR + 7.250%)			20,000		20,002
First Student Bidco, Inc.
3.500%, due 07/21/28 (3 Month U.S. LIBOR + 3.000%)			124,167		123,804
First Student Bidco, Inc.
3.500%, due 07/21/28 (3 Month U.S. LIBOR + 3.000%)			45,833		45,700
Flex Acquisition Co., Inc.
3.131%, due 06/29/25 (3 Month U.S. LIBOR + 3.000%)			14,757		14,645
Gainwell Acquisition Corp.
4.750%, due 10/01/27 (3 Month U.S. LIBOR + 4.000%)			237,910		238,832
Genesys Cloud Services Holdings II LLC
4.750%, due 12/01/27 (1 Month U.S. LIBOR + 4.000%)			229,596		230,673
Gogo Intermediate Holdings LLC
4.500%, due 04/30/28 (3 Month U.S. LIBOR + 3.750%)			64,675		64,750
Graham Packaging Co., Inc.
3.750%, due 08/04/27 (1 Month U.S. LIBOR + 3.000%)			72,924		72,821
Great Outdoors Group LLC
4.500%, due 03/05/28 (3 Month U.S. LIBOR + 3.750%)			193,064		193,526
H-Food Holdings LLC
3.792%, due 05/31/25 (1 Month U.S. LIBOR + 3.688%)			53,821		53,552
Hilton Grand Vacations Borrower LLC
3.500%, due 08/02/28 (1 Month U.S. LIBOR + 3.000%)			84,788		84,989
Hilton Worldwide Finance LLC
1.852%, due 06/21/26 (1 Month U.S. LIBOR + 1.750%)			160,000		158,862
ICON Luxembourg Sarl
2.750%, due 07/01/28 (3 Month U.S. LIBOR + 2.250%)			267,467		267,893
Intelsat Jackson Holdings SA
5.750%, due 07/13/22 (3 Month U.S. LIBOR + 4.750%)			23,748		23,785
Intelsat Jackson Holdings SA
8.000%, due 11/27/23 (Prime + 4.750%)			115,382		115,405
ION Trading Finance Ltd.
4.974%, due 04/01/28 (6 Month U.S. LIBOR + 4.750%)			238,800		239,729
Jazz Financing Lux Sarl
4.000%, due 05/05/28 (1 Month U.S. LIBOR + 3.500%)			567,550		570,354
JELD-WEN, Inc.
2.340%, due 07/31/28 (1 Month U.S. LIBOR + 2.250%)			65,000		65,041
KFC Holding Co.
1.854%, due 03/15/28 (1 Month U.S. LIBOR + 1.750%)			375,286		375,286
KRATON Polymers US LLC
3.750%, due 11/18/28 (1 Month U.S. LIBOR + 3.250%)			60,000		60,113
Kronos Acquisition Holdings, Inc.
4.250%, due 12/22/26 (3 Month U.S. LIBOR + 3.750%)			90,233		87,823
4.250%, due 12/22/26 (1 Month U.S. LIBOR + 3.750%)			38,467		37,439
Level 3 Financing, Inc.
1.854%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%)			337,328		333,533
LifePoint Health, Inc.
3.852%, due 11/16/25 (1 Month U.S. LIBOR + 3.750%)			99,520		99,569
Lumen Technologies, Inc.
2.340%, due 03/15/27 (1 Month U.S. LIBOR + 2.250%)			490,000		485,066
Lummus Technology Holdings V LLC
3.604%, due 06/30/27 (1 Month U.S. LIBOR + 3.500%)			80,104		79,743
Marriott Ownership Resorts, Inc.
1.854%, due 08/31/25 (1 Month U.S. LIBOR + 1.750%)			155,000		152,870
Messer Industries USA, Inc.
2.724%, due 03/01/26 (3 Month U.S. LIBOR + 2.500%)			16,399		16,295
MillerKnoll, Inc.
2.125%, due 07/19/28 (1 Month U.S. LIBOR + 2.000%)			164,588		164,622
Mirion Technologies US, Inc.
3.250%, due 10/20/28 (6 Month U.S. LIBOR + 2.750%)			74,850		74,796
Mister Car Wash Holdings, Inc.
3.102%, due 05/14/26 (1 Month U.S. LIBOR + 3.000%)			47,633		47,436
Mitchell International, Inc.
4.250%, due 10/15/28 (1 Month U.S. LIBOR + 3.750%)			320,000		318,600
Mozart Borrower LP
3.750%, due 10/21/28 (1 Month U.S. LIBOR + 3.250%)			80,000		80,072
Nouryon USA LLC
3.102%, due 10/01/25 (1 Month U.S. LIBOR + 3.000%)			69,489		69,337
Olympus Water US Holding Corp.
4.250%, due 11/09/28 (1 Month U.S. LIBOR + 3.750%)			85,000		84,841
OneDigital Borrower LLC
4.750%, due 11/16/27 (1 Month SOFR Rate + 4.250%)			265,000		264,834
Organon & Co.
3.500%, due 06/02/28 (6 Month U.S. LIBOR + 3.000%)			318,522		319,284
Pacific Gas and Electric Co.
3.500%, due 01/01/22 (3 Month U.S. LIBOR + 3.000%)			73,875		73,229
Packers Holdings LLC
4.000%, due 03/09/28 (3 Month U.S. LIBOR + 3.250%)			114,147		113,576
Padagis LLC
5.250%, due 07/06/28 (3 Month U.S. LIBOR + 4.750%)			136,471		136,044
Peraton Corp.
4.500%, due 02/01/28 (1 Month U.S. LIBOR + 3.750%)			129,025		129,301
Petco Health & Wellness Co., Inc.
4.000%, due 03/04/28 (3 Month U.S. LIBOR + 3.250%)			133,988		133,998
PetSmart, Inc.
4.500%, due 02/12/28 (6 Month U.S. LIBOR + 3.750%)			74,813		75,023
Pilot Travel Centers LLC
2.104%, due 08/06/28 (1 Month U.S. LIBOR + 2.000%)			379,213		377,451
PRA Health Sciences, Inc.
2.750%, due 07/01/28 (3 Month U.S. LIBOR + 2.250%)			66,640		66,746
Pretium PKG Holdings, Inc.
4.500%, due 10/01/28 (6 Month U.S. LIBOR + 4.000%)			180,000		179,899
Proofpoint, Inc.
3.750%, due 08/31/28 (3 Month U.S. LIBOR + 3.250%)			140,000		139,639
Radiate Holdco LLC
4.000%, due 09/25/26 (1 Month U.S. LIBOR + 3.250%)			120,000		119,750
Radiology Partners, Inc.
4.354%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%)			65,552		64,723
4.360%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%)			56,204		55,494
Redstone Holdco 2 LP
5.500%, due 04/27/28 (3 Month U.S. LIBOR + 4.750%)			69,825		66,901
Rentpath LLC
7.000%, due 12/31/22 (Prime + 3.750%) (f)			4,193		1,069
RH
3.000%, due 10/20/28 (1 Month U.S. LIBOR + 2.500%)			159,600		159,480
Sabre GLBL, Inc.
4.000%, due 12/17/27 (1 Month U.S. LIBOR + 3.500%)			48,128		47,587
Sabre GLBL, Inc.
4.000%, due 12/17/27 (1 Month U.S. LIBOR + 3.500%)			30,188		29,848
SBA Senior Finance II LLC
1.850%, due 04/11/25 (1 Month U.S. LIBOR + 1.750%)			444,773		440,535
SCIH Salt Holdings, Inc.
4.750%, due 03/16/27 (6 Month U.S. LIBOR + 4.000%)			177,445		176,003
Sedgwick Claims Management Services, Inc.
3.854%, due 09/03/26 (1 Month U.S. LIBOR + 3.750%)			29,250		29,260
Setanta Aircraft Leasing DAC
2.140%, due 11/05/28 (3 Month U.S. LIBOR + 2.000%)			100,000		100,062
Solera LLC
4.500%, due 06/04/28 (1 Month U.S. LIBOR + 4.000%)			239,400		239,686
Sophia LP
4.250%, due 10/07/27 (3 Month U.S. LIBOR + 3.500%)			138,603		138,724
Southwestern Energy Co.
3.250%, due 12/07/28 (3 Month SOFR Rate + 2.500%)			110,000		110,344
Spin Holdco, Inc.
4.750%, due 03/04/28 (3 Month U.S. LIBOR + 4.000%)			94,525		94,945
SRS Distribution, Inc.
4.250%, due 06/02/28 (6 Month U.S. LIBOR + 3.750%)			109,725		109,642
Standard Industries, Inc.
3.000%, due 09/22/28 (3 Month U.S. LIBOR + 2.500%)			16,006		16,040
Sunset Debt Merger Sub, Inc.
4.750%, due 10/06/28 (1 Month U.S. LIBOR + 4.000%)			240,000		238,350
Surf Holdings LLC
3.690%, due 03/05/27 (3 Month U.S. LIBOR + 3.500%)			108,351		107,673
Team Health Holdings, Inc.
3.750%, due 02/06/24 (1 Month U.S. LIBOR + 2.750%)			24,486		23,482
The Edelman Financial Engines Center LLC
4.250%, due 04/07/28 (1 Month U.S. LIBOR + 3.500%)			73,031		73,082
The EW Scripps Co.
3.313%, due 05/01/26 (1 Month U.S. LIBOR + 2.563%)			33,092		33,095
The Hertz Corp.
3.750%, due 06/30/28 (1 Month U.S. LIBOR + 3.250%)			139,201		139,501
The Hertz Corp.
3.750%, due 06/30/28 (1 Month U.S. LIBOR + 3.250%)			25,660		25,715
The Hillman Group, Inc.
3.250%, due 07/14/28 (1 Month U.S. LIBOR + 2.750%)			49,202		49,097
The Hillman Group, Inc.
3.250%, due 07/14/28 (1 Month U.S. LIBOR + 2.750%)			11,812		11,787
Titan Acquisition Ltd.
3.354%, due 03/28/25 (6 Month U.S. LIBOR + 3.000%)			44,084		43,426
TK Elevator US Newco, Inc.
4.000%, due 07/31/27 (6 Month U.S. LIBOR + 3.500%)			192,575		192,949
Trans Union LLC
2.750%, due 12/01/28 (3 Month U.S. LIBOR + 2.250%)			195,000		194,756
TransDigm, Inc.
2.354%, due 12/09/25 (1 Month U.S. LIBOR + 2.250%)			181,755		179,518
Traverse Midstream Partners LLC
5.250%, due 09/27/24 (3 Month SOFR Rate + 4.250%)			58,708		58,562
TricorBraun Holdings, Inc.
3.750%, due 03/03/28 (1 Month U.S. LIBOR + 3.250%)			74,648		74,212
UFC Holdings LLC
3.500%, due 04/29/26 (6 Month U.S. LIBOR + 2.750%)			161,748		161,315
United Airlines, Inc.
4.500%, due 04/21/28 (3 Month U.S. LIBOR + 3.750%)			467,197		469,930
United Natural Foods, Inc.
3.354%, due 10/22/25 (1 Month U.S. LIBOR + 3.250%)			14,213		14,235
Univision Communications, Inc.
4.000%, due 03/24/26 (1 Month U.S. LIBOR + 3.250%)			159,200		159,760
Verscend Holding Corp.
4.104%, due 08/27/25 (1 Month U.S. LIBOR + 4.000%)			74,625		74,700
WestJet Airlines Ltd.
4.000%, due 12/11/26 (6 Month U.S. LIBOR + 3.000%)			68,514		66,712
Whatabrands LLC
3.750%, due 08/03/28 (1 Month U.S. LIBOR + 3.250%)			280,000		279,411
WMG Acquisition Corp.
2.229%, due 01/20/28 (1 Month U.S. LIBOR + 2.125%)			190,000		189,549
Worldwide Express, Inc.
5.000%, due 07/26/28 (3 Month U.S. LIBOR + 4.250%)			65,000		65,257
WR Grace Holdings LLC
4.250%, due 09/22/28 (3 Month U.S. LIBOR + 3.750%)			160,000		160,480
Zayo Group Holdings, Inc.
3.090%, due 03/09/27 (1 Month U.S. LIBOR + 3.000%)			59,336		58,637
Zebra Buyer LLC
3.750%, due 11/02/28 (3 Month U.S. LIBOR + 3.250%)			102,016		102,399
Zelis Payments Buyer, Inc.
3.599%, due 09/30/26 (1 Month U.S. LIBOR + 3.500%)			160,927		160,274
Zelis Payments Buyer, Inc.
3.631%, due 09/30/26 (1 Month U.S. LIBOR + 3.500%)			58,667		58,428
Total Bank Loans (Cost $22,068,435)					22,099,425

	Shares
COMMON STOCKS - 0.9%
Consumer Discretionary - 0.1%
General Motors Co. (g)		5,717	335,188
Financials - 0.5%
CIT Group, Inc.		3,943	202,434
Credit Agricole SA		14,789	211,307
Credit Suisse Group AG - ADR		15,052	145,101
Societe Generale SA		6,663	229,130
Synovus Financial Corp.		4,391	210,197
US Bancorp		5,836	327,808
			1,325,977
Industrials - 0.2%
Delta Air Lines, Inc. (g)		5,520	215,722
The Boeing Co. (g)		2,298	462,633
			678,355
Real Estate - 0.1%
Americold Realty Trust		8,227	269,763
Total Common Stocks (Cost $2,620,565)			2,609,283
PREFERRED STOCKS - 1.6%
Communication Services - 0.1%
2020 Cash Mandatory Exchangeable Trust CVRT (d)(f)		240	250,850
Financials - 0.2%
Stifel Financial Corp. (a)		6,550	169,055
US Bancorp (c)		175	168,000
Valley National Bancorp (c)		5,475	139,339
Wells Fargo & Co. (c)		4,300	115,197
			591,591
Health Care - 0.2%
Becton Dickinson and Co. CVRT (a)		2,150	113,413
Danaher Corp. CVRT		160	351,040
			464,453
Industrials - 0.1%
Stanley Black & Decker, Inc. CVRT (a)		2,100	229,299
Information Technology - 0.1%
Broadcom, Inc. CVRT		190	394,324
Sabre Corp. CVRT, due 09/01/23		400	45,908
			440,232
Utilities - 0.9%
Algonquin Power & Utilities Corp. CVRT		5,050	238,562
American Electric Power Co., Inc. CVRT		6,600	347,160
Dominion Energy, Inc. CVRT		4,200	422,688
DTE Energy Co. CVRT		7,050	361,947
NextEra Energy, Inc. CVRT		6,300	428,967
NextEra Energy, Inc. CVRT		6,600	379,764
NextEra Energy, Inc. CVRT		3,500	202,685
The Southern Co. CVRT		6,900	370,875
			2,752,648
Total Preferred Stocks (Cost $4,265,777)			4,729,073

PURCHASED OTC OPTIONS - 0.0% (b)	Contracts		Notional Amount
Currency Put Options - 0.0% (b)
Canadian Dollar, 4/11/22 at 1.215 Counterparty: Goldman Sachs Bank, USA		2,415,000	$	2,415,000	5,052
Equity Put Options - 0.0% (b)
iShares iBoxx $ High Yield Corporate Bond ETF, 3/18/22 at $80.50 Counterparty: Citigroup		150,572		13,101,270	31,826
Total Purchased OTC Options (Cost $104,887)					36,878

AFFILIATED REGISTERED INVESTMENT COMPANIES - 7.0%	Shares
Voya Emerging Markets Hard Currency Debt Fund - Class P		546,707		5,128,114
Voya Floating Rate Fund - Class P		1,337,945		12,081,644
Voya High Yield Bond Fund - Class P		493,891		3,965,944
Total Affiliated Registered Investment Companies (Cost $21,385,048)				21,175,702
Total Investments at Value - 96.6% (Cost $293,710,804)				293,106,026
Other Assets in Excess of Liabilities - 3.4%				10,240,330
Net Assets - 100.0%			$	303,346,356

Percentages are stated as a percent of net assets.

(a)	This security or a partial position of this security is on loan at December 31, 2021. The total fair value of securities on loan at December 31, 2021, was $4,766,653 (Note 8).
(b)	Represents less than 0.1%.
(c)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2021.
(d)	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, 2021, the value of these investments was $114,907,434, or 37.9% of total net assets.
(e)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2021.
(f)	Illiquid security. The total fair value of such securities is $3,958,048 as of December 31, 2021, representing 1.3% of net assets.
(g)	Non-income producing security.

ADR	American Depository Receipt
CVRT	Convertible Security
REMIC	Real Estate Mortgage Investment Conduit
CMT	Constant Maturity U.S. Treasury
LIBOR	London Interbank Offered Rate
EURIBOR	Euro Interbank Offered Rate
NIBOR	Norwegian Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
ETF	Exchange-Traded Fund
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNY	Chinese Yuan
COP	Colombian 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
PHP	Philippine Peso
SGD	Singapore Dollar

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 and schedules of total return swaps, futures contracts, forward foreign currency contracts, written options, interest rate swaptions, centrally cleared credit default swaps, centrally cleared interest rate swaps, and over the counter exchange rate volatility swaps, 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, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund (“the Funds”) and the schedules of investments (included in Item 6 of Form N-CSR) as of December 31, 2021, 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, the related notes, and the financial highlights for each of the five years in the period then ended (included in Item 1 of Form N-CSR) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2021, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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, 2021, by correspondence with the custodian, agent banks, counterparties and brokers; when replies were not received from counterparties, brokers, or agent banks, we performed other appropriate auditing procedures. 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

March 1, 2022

(b) Not applicable.

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.

(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. A copy of the registrant's Code of Ethics is filed herewith.

(a)(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.: Attached hereto

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: applicable to open-end investment companies.

(a)(4) Change in the registrant’s independent public accountants. There was no change in the registrant’s independent public accountant for the period covered by this report.

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

Exhibit 99.CODE ETH

Code of Ethics

Exhibit 99.CERT

Certifications required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT

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

SIGNATURES

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

(Registrant)	Wilshire Mutual Funds, Inc.
By (Signature and Title)*	/s/ Jason A. Schwarz
	Jason A. Schwarz
	President and Principal Executive Officer
Date	3/3/2022

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	3/3/2022
By (Signature and Title)*	/s/ Michael Wauters
	Michael Wauters
	Treasurer, Principal Financial Officer and Principal Accounting Officer
Date	3/3/2022