N-CSR 1 fp0081225-2_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

Wilshire Mutual Funds, Inc.

1299 Ocean Avenue, Suite 700

Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)

Jason A. Schwarz

Wilshire 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, 2022

Date of reporting period: December 31, 2022

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, 2022

http://advisor.wilshire.com

Wilshire Mutual Funds, Inc.

Table of Contents

Letter to Shareholders	1
Commentary:
Large Company Growth Portfolio	7
Large Company Value Portfolio	13
Small Company Growth Portfolio	19
Small Company Value Portfolio	23
Wilshire 5000 Index^SM Fund	27
Wilshire International Equity Fund	31
Wilshire Income Opportunities Fund	38
Disclosure of Fund Expenses	44
Schedules of Investments:
Large Company Growth Portfolio	47
Large Company Value Portfolio	62
Small Company Growth Portfolio	79
Small Company Value Portfolio	87
Wilshire 5000 Index^SM Fund	98
Wilshire International Equity Fund	132
Wilshire Income Opportunities Fund	160
Statements of Assets and Liabilities	239
Statements of Operations	245
Statements of Changes in Net Assets	251
Financial Highlights:
Large Company Growth Portfolio	255
Large Company Value Portfolio	257
Small Company Growth Portfolio	259
Small Company Value Portfolio	261
Wilshire 5000 Index^SM Fund	263
Wilshire International Equity Fund	265
Wilshire Income Opportunities Fund	267
Notes to Financial Statements	269
Report of Independent Registered Public Accounting Firm	314
Additional Fund Information	316
Tax Information	320
Board Approval of Advisory Agreement	322
Board Approval of Subadvisory Agreements	331

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 “Portfolios”). This report covers the period from January 1, 2022 to December 31, 2022, 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^SMFund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund.

Market Environment

As the war in Ukraine makes its way towards its one-year anniversary, the possibility of meaningful negotiations remains slim despite both sides saying they are open to peace negotiations. While the U.S. and European countries continues their supports of Ukraine, Russia continue to increase its military effort in Eastern Ukraine with Iran’s recent aid in hopes to fully capture regions that Russia recently annexed illegally. Russia’s invasion continues to impact global food and energy prices, though an unusually warm winter in Europe has substantially reduced the cost of energy price caps and created more comfort that Europe can also navigate next winter without experiencing meaningful natural gas shortages. This improved energy clarity helps remove one major macro uncertainty heading into 2023.

Inflation within the U.S. has moderated to 7.1% at the end of November 2022, dipping from a 9.1% peak in June. Growth and recession concerns continue to be in the spotlight. In addition to December’s 50 basis points increase in the Fed Funds rate, the Federal Reserve (the “Fed”) also signaled that it is prepared to raise the rate to 5.0% by the end of 2023 and this commitment to increase rates and subdue inflation created some stress for equity and fixed income markets during December. Overall, the trend for inflation is positive and inflation is expected to fall meaningfully during 2023. The biggest question is if inflation falls fast enough, and far enough, for the Fed to avoid tightening monetary policy too far.

Although not fully reflected in published data yet, it is likely that U.S. housing prices have begun to fall and may continue to fall in the coming months. Mortgage rates are no longer at recent peak levels, but they remain high relative to the last decade and even modestly falling housing prices should help put downward pressure on inflation. Job growth remains solid, which concerns the Fed, since a strong labor market may continue to spur increased wage inflation which would likely prop up consumer spending. As high as wage growth has been over the past 24 months, it has generally been lower than headline inflation, so it remains to be seen if wage growth will remain elevated even as inflation falls.

On the international front, the European Central Bank (“ECB”) also raised rates by another 50 basis points. The ECB, taking a similar stance as the Fed and other central banks around the world, also reaffirmed its conviction to raise interest rates in the future. However, recent rate hikes would likely put pressure on the Italian government as its current public debit stood at 145% of the country’s Gross Domestic Product, the highest among its European peers. In the equity markets, investors expressed optimism that the inflation and prices pressure are easing, leading to a double-digit gain in the Europe, Australasia and the Far East regions as of the quarter end.

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

The aggressive action to combat unacceptably high inflation is the story of 2022 with uncertainty around Fed policy poised to drive market volatility in 2023. The Fed raised rates 4.25%, with increases becoming more dramatic in May. This marks the largest 12-month increase since 1981 (also a period of inflation near or above double-digits). Unsurprisingly, fixed income suffered but so did equities as investors repriced off a higher risk-free rate. The Fed is currently forecasting a rate 0.75% higher by the end of 2023. The market does not agree – or perhaps doubts the Fed’s credibility to continue tightening, with a modest change forecasted for the next year. How this disagreement plays out is likely to be a primary market driver this year.

Fund Performance Review

The Wilshire Large Company Growth Portfolio - Institutional Class returned -31.53%, underperforming the Russell 1000 Growth Index by -2.39%. The Wilshire Large Company Value Portfolio - Institutional Class returned -11.97%, underperforming the Russell 1000 Value Index by -4.43%. The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.42%, underperforming the Russell 2000 Growth Index by -5.06%. The Wilshire Small Company Value Portfolio – Institutional Class returned -10.13%, outperforming the Russell 2000 Value Index by 4.35%. The Wilshire International Equity Fund – Institutional Class returned -18.63%, underperforming the MSCI All Country World ex USA Investable Market Index by -2.05%. The Wilshire Income Opportunities Fund - Institutional Class returned -10.91%, outperforming the Bloomberg US Universal Index by 2.08%. The Wilshire 5000 Index Fund - Institutional Class returned -18.83%, outperforming the FT Wilshire 5000 Total Market Index return of -19.04% by 0.21%.

Despite underperformance of four of the actively managed equities Portfolios, we believe that all of the Portfolios are well-positioned going into 2023 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

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 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. Investments in derivatives, such as swaps, futures contracts and options contracts and currency transactions expose a Portfolio to risks in addition to and greater than those associated with investing directly in the securities underlying those derivatives and could also result in a loss, which in some cases may be unlimited.

Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on December 31, 2022. These holdings are subject to change and risk. 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 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.

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.

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

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. 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.

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.

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

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

Agency Residential Mortgaged-Backed Securities is 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 backed 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.

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.

Wilshire Mutual Funds, Inc.

Overall Fund Commentary (Unaudited)

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was down -19.04% for the year. Sector returns for the FT Wilshire 5000 Total Market Index^SM were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stocks with the Wilshire US Large-Cap Index^SM returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index^SM. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index^SM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index^SM.

Real estate securities were up during the fourth quarter in both the United States and abroad. Commodity results also were positive for the quarter, with crude oil rising modestly by 1.0% to $80.26 per barrel. Oil prices were quite volatile in 2022, with lows approaching $70 and highs at nearly $125, due to tightening supplies with the Ukraine invasion but then falling demand from China. Natural gas prices fell dramatically during the quarter due to relatively mild winter temperatures – despite the destruction done by Winter Storm Elliott. By quarter-end, natural gas was down -33.9%, closing at $4.48 per million BTUs. Gold prices were up 9.8% during the quarter, finishing at approximately $1,826 per troy ounce, as the Federal Reserve continued its hawkish stance toward inflation.

Performance results within international equity markets were negative, with developed outperforming emerging markets. The MSCI EAFE Index was down -14.45% for the year, while the MSCI Emerging Markets Index was down -20.09%. Europe faced similar headwinds as the United States in 2022 – surging inflation and aggressive central bank tightening – but also had to more directly contend with the ongoing war in Ukraine. The labor market remains tight in the Eurozone – including Germany where unemployment has fallen below 3% – and many businesses report that a labor shortage is limiting production. Despite China’s zero-COVID policies, including widespread lockdowns, infections continued to surge. Tension among the country’s citizens continued to rise and led to protests not seen in decades. In early December, the central government took definitive steps to ease restrictions.

The U.S. Treasury yield curve was up in the short-end (below 3-years) by 50-135 basis points but largely unchanged across the remainder of the curve. The 10-year Treasury yield ended the quarter at 3.88%, up just 5 basis points from September. Credit spreads tightened during the quarter within both investment grade and high yield bonds (down 84 basis points within the speculative market). The Federal Open Market Committee met twice during the quarter, as scheduled, and increased the overnight rate by 0.75% in November and 0.50% in December, targeting a range of 4.25% to 4.50%. The Fed’s “dot plot” is messaging that the current intent is for another 75 basis points in increases before the end of 2023. Following the December meeting, Fed Chair Jerome Powell indicated that inflation data during the fourth quarter has been encouraging but that it will take “substantially more evidence” to ensure that modest price increases are sustainable.

Large Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-31.74%
Five Years Ended 12/31/22	8.02%
Ten Years Ended 12/31/22	11.16%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-29.14%
Five Years Ended 12/31/22	10.96%
Ten Years Ended 12/31/22	14.10%

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 12/31/22.

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 4/30/2022 was 1.30% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.30% for Investment Class Shares.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Advisor has contractually 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 through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-31.53%
Five Years Ended 12/31/22	8.36%
Ten Years Ended 12/31/22	11.51%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-29.14%
Five Years Ended 12/31/22	10.96%
Ten Years Ended 12/31/22	14.10%

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 12/31/22.

⁽¹⁾

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 0.97% for Institutional Class Shares.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Advisor has contractually 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% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index^SM were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index^SM returning -19.03% versus -18.65% for the Wilshire US Small-Cap Index^SM. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index^SM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index^SM.

The Wilshire Large Company Growth Portfolio - Institutional Class returned -31.53% in 2022 underperforming the Russell 1000 Growth Index return of -29.14% by -2.39%. Stock selection within Information Technology was a significant detractor. Underweight exposure to Consumer Staples also weighed on relative performance. Conversely, overweight exposure to Health Care and stock selection within Communication Service aided results.

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 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2022)

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

Common Stocks are composed of:

Information Technology	40.8%
Health Care	21.0%
Consumer Discretionary	12.8%
Industrials	7.0%
Consumer Staples	5.6%
Communication Services	5.5%
Financials	3.4%
Energy	2.2%
Materials	0.7%
Utilities	0.6%
Real Estate	0.4%

The industry classifications represented in the Portfolio Sector Weightings and 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’s LLC.

Large Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-11.46%
Five Years Ended 12/31/22	3.82%
Ten Years Ended 12/31/22	8.65%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-7.54%
Five Years Ended 12/31/22	6.67%
Ten Years Ended 12/31/22	10.29%

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 12/31/22.

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.

⁽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 gross expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 1.32% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 1.30% for Investment Class Shares.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-11.97%
Five Years Ended 12/31/22	4.11%
Ten Years Ended 12/31/22	8.92%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-7.54%
Five Years Ended 12/31/22	6.67%
Ten Years Ended 12/31/22	10.29%

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 12/31/22.

⁽¹⁾

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 0.99% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022, supplemented on 8/30/2022, was 0.99% for Institutional Class Shares.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Advisor has contractually 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% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Large Company Value Portfolio - Institutional Class returned -11.97% in 2022 underperforming the Russell 1000 Value Index return of -7.54% by -4.43%. Overweight exposure to Health Care was by far the top detractor from relative performance. Stock selection within Industrials and Consumer Staples also detracted from Portfolio’s results. Conversely, stock selection within Financials and overweight exposure to Energy aided results.

The Wilshire Large Company Value Portfolio also uses derivatives for benchmark exposure. Collateral is invested in short-term fixed income instruments to cover the costs of the swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31, 2022)

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

Common Stocks are composed of:

Financials	21.1%
Information Technology	17.8%
Industrials	14.9%
Health Care	12.2%
Energy	8.9%
Consumer Staples	6.7%
Communication Services	5.2%
Consumer Discretionary	5.0%
Materials	4.4%
Utilities	2.1%
Real Estate	1.7%

Small Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-31.59%
Five Years Ended 12/31/22	3.18%
Ten Years Ended 12/31/22	9.12%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-26.36%
Five Years Ended 12/31/22	3.51%
Ten Years Ended 12/31/22	9.20%

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 12/31/22.

⁽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 4/30/2022 was 1.63% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.

The Advisor has contractually 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 through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-31.42%
Five Years Ended 12/31/22	3.44%
Ten Years Ended 12/31/22	9.40%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-26.36%
Five Years Ended 12/31/22	3.51%
Ten Years Ended 12/31/22	9.20%

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 12/31/22.

⁽¹⁾

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.38% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.

The Advisor has contractually 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% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The U.S. stock market, represented by the FT Wilshire 5000 Total Market Index^SM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market Index^SM were mixed for the year. Energy (+62.48%) and Utilities (+1.21%) were the best performing sectors while Communication Services (-40.04%) and Consumer Discretionary (-36.33%) sectors were the largest detractors. For the year, large capitalization stocks underperformed small capitalization stock with the Wilshire US Large-Cap Index^SM returning -19.03% versus -18.65% for the Wilshire US Small-Cap IndexSM. Growth lagged Value equities during the period, with Wilshire US Large-Cap Growth Index^SM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value Index^SM.

The Wilshire Small Company Growth Portfolio - Institutional Class returned -31.42% in 2022, underperforming the Russell 2000 Growth Index return of -26.36% by -5.06%. Stock selection within Healthcare was by far the top detractor of relative performance. Slight underweight exposure to Energy weighed on the Portfolio’s results. Conversely, stock selection within Consumer Staples and underweight exposure to Communication Services and Consumer Discretionary mitigated underperformance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of December 31,2022)

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

Small Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-10.33%
Five Years Ended 12/31/22	3.84%
Ten Years Ended 12/31/22	9.17%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-14.48%
Five Years Ended 12/31/22	4.13%
Ten Years Ended 12/31/22	8.48%

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 12/31/22.

⁽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 4/30/2022 was 1.75% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.35% for Investment Class Shares.

The Advisor has contractually 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 through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-10.13%
Five Years Ended 12/31/22	4.09%
Ten Years Ended 12/31/22	9.45%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-14.48%
Five Years Ended 12/31/22	4.13%
Ten Years Ended 12/31/22	8.48%

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 12/31/22.

⁽¹⁾

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.46% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.10% for Institutional Class Shares.

The Advisor has contractually 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% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Value Portfolio - Institutional Class returned -10.13% in 2022 outperforming the Russell 2000 Value Index return of -14.48% by 4.35%. Stock selection within Consumer Staples and Information Technology contributed to relative performance. Underweight exposure to Health Care also aided performance. Conversely, stock selection within Energy and overweight exposure to Consumer Discretionary detracted from performance.

We are pleased with the Portfolio’s relative outperformance for the year and believe that the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2022)

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

Wilshire 5000 Index^sm Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-18.98%
Five Years Ended 12/31/22	8.37%
Ten Years Ended 12/31/22	11.62%

FT WILSHIRE 5000 TOTAL MARKET RETURN INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/22	-19.04%
Five Years Ended 12/31/22	8.99%
Ten Years Ended 12/31/22	12.28%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares
of Wilshire 5000 Index^SM Fund, Investment Class Shares and the
FT Wilshire 5000 Total Market Return Index^SM through 12/31/22.

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 FT Wilshire 5000 Total Market Return 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 4/30/2022 was 0.54% for Investment Class Shares.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-18.83%
Five Years Ended 12/31/22	8.64%
Ten Years Ended 12/31/22	11.91%

FT WILSHIRE 5000 TOTAL MARKET RETURN INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/22	-19.04%
Five Years Ended 12/31/22	8.99%
Ten Years Ended 12/31/22	12.28%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares
of Wilshire 5000 Index^SM Fund, Institutional Class Shares and the
FT Wilshire 5000 Total Market Return Index^SM through 12/31/22.

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 Index Fund’s total expense ratio per the prospectus dated 4/30/2022 was 0.33% for Institutional Class Shares.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

The Wilshire 5000 Index Fund - Institutional Class returned -18.83% for the year, outperforming the FT Wilshire 5000 Total Market Index return of -19.04% by 0.21%. Relative performance can vary as the Fund is managed using enhanced stratified sampling technique in an attempt to hold stocks representing at least 90% of the total market value of the FT Wilshire 5000 Total Market Index^SM. Relative performance is within the historical range.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2022)

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

Wilshire International Equity Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-18.88%
Five Years Ended 12/31/22	2.79%
Ten Years Ended 12/31/22	4.87%

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

Average Annual Total Returns

One Year Ended 12/31/22	-16.58%
Five Years Ended 12/31/22	0.85%
Ten Years Ended 12/31/22	3.98%

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 12/31/22.

On April 2, 2013 and July 21, 2020, 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 4/30/2022 was 1.76% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.50% for Investment Class Shares.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

The Advisor has contractually 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 through at least April 30, 2023. The net expense ratio is applicable to shareholders.

⁽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 24 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.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-18.63%
Five Years Ended 12/31/22	3.07%
Ten Years Ended 12/31/22	5.13%

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

Average Annual Total Returns

One Year Ended 12/31/22	-16.58%
Five Years Ended 12/31/22	0.85%
Ten Years Ended 12/31/22	3.98%

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 12/31/22.

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 Advisor has contractually 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% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

⁽¹⁾

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

The Wilshire International Equity Fund - Institutional Class returned -18.63% in 2022 underperforming the MSCI All Country World ex USA Investable Market Index return of -16.58% by -2.05%. Stock selection within Materials and Health Care detracted from relative performance. Stock selection within United Kingdom also weighed on performance. Lastly, overweight exposure to Information Technology detracted from the Portfolio’s results.

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 swap. In 2022, returns on these fixed-income investments underperformed the cost of the swap and detracted from the Portfolio’s relative performance.

Despite recent relative underperformance, we believe the Portfolio is well-positioned going into 2023 as the market deals with the ongoing pandemic, macroeconomic and geopolitical issues.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2022)

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

Common Stocks are composed of:

Japan	13.3%
Britain	10.4%
France	9.1%
Switzerland	5.9%
Canada	5.6%
China	5.4%
Netherlands	4.7%
United States	4.4%
Germany	3.7%
Taiwan	3.4%
Denmark	3.1%
Hong Kong	3.1%
Ireland	3.1%
India	3.0%
South Korea	2.7%
Sweden	2.7%
Australia	2.7%
Italy	2.6%
Finland	1.5%
Brazil	1.3%
Spain	1.2%
Singapore	1.0%
Luxembourg	0.7%

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

Thailand	0.7%
South Africa	0.6%
Turkey	0.5%
Mexico	0.5%
Norway	0.5%
United Arab Emirates	0.4%
Indonesia	0.3%
Malaysia	0.3%
Israel	0.2%
Portugal	0.2%
Philippines	0.2%
New Zealand	0.2%
Austria	0.1%
Saudi Arabia	0.1%
Poland	0.1%
Belgium	0.1%
Egypt	0.1%
Chile	0.1%
Greece	0.1%
Mauritius	0.1%
Isle Of Man	0.0%
Georgia	0.0%
Jersey	0.0%
Czech Republic	0.0%
Qatar	0.0%
Gibraltar	0.0%
Columbia	0.0%
Russia	0.0%

Wilshire Income Opportunities Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-11.18%
Five Years Ended 12/31/22	0.11%
Inception (03/30/16) through 12/31/22	1.47%

BLOOMBERG U.S. UNIVERSAL INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-12.99%
Five Years Ended 12/31/22	0.18%
Inception (03/30/16) through 12/31/22	0.89%

CUSTOM BLENDED INDEX⁽²⁾

Average Annual Total Returns

One Year Ended 12/31/22	-11.82%
Five Years Ended 12/31/22	0.67%
Inception (03/30/16) through 12/31/22	1.69%

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 12/31/22.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

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. 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.

⁽²⁾

The Custom Blended Index consists of 70% Bloomberg U.S. Universal Index, 10% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, 10% S&P/LSTA Leveraged Loan Index, and 10% Bloomberg Emerging Markets USD Aggregate Bond Index.

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 1.32% for Investment Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.16% for Investment Class Shares.

The Advisor has contractually 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 through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Wilshire Income Opportunities Fund

Commentary (Unaudited)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

One Year Ended 12/31/22	-10.91%
Five Years Ended 12/31/22	0.36%
Inception (03/30/16) through 12/31/22	1.68%

BLOOMBERG U.S. UNIVERSAL INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/22	-12.99%
Five Years Ended 12/31/22	0.18%
Inception (03/30/16) through 12/31/22	0.89%

CUSTOM BLENDED INDEX⁽²⁾

Average Annual Total Returns

One Year Ended 12/31/22	-11.82%
Five Years Ended 12/31/22	0.67%
Inception (03/30/16) through 12/31/22	1.69%

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 12/31/22.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

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⁾

⁽²⁾

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 was 0.93% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 0.91% for Institutional Class Shares.

The Advisor has contractually 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% for Institutional Class Shares, respectively, through at least April 30, 2023. The net expense ratio is applicable to shareholders.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

The Wilshire Income Opportunities Fund - Institutional Class returned -10.91% for 2022, outperforming the Bloomberg US Universal Index return of -12.99% by 2.08%. Exposure to most fixed income sectors generally detracted from performance. Exposure to Emerging Market Debt and U.S. Investment Grade Corporate were the top detracting sectors. Exposures to Credit sectors, such as U.S. Agency Mortgage Back Securities, High Yield Corporate and Bank Loans, outperformed the Bloomberg US Universal Index but still generated negative returns. Security selection within High Yield aided relative Portfolio results.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2022)

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the Portfolio. A Portfolio’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

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

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee reductions, that you paid over the period. The “Ending Account Value” shown is derived from each Portfolio’s actual return for the period. The “Expense Ratio” column shows the period’s annualized expense ratio and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolios at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Portfolio in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare the Portfolios’ costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and assumed rate of return. It assumes that each Portfolio had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not each Portfolio’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Wilshire Mutual Funds, Inc. has no such charges, but these may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Six Months Ended December 31, 2022 (Unaudited)

	Beginning Account Value 07/01/2022		Ending Account Value 12/31/2022		Net Expense Ratio⁽¹⁾			Expenses Paid During Period 07/01/2022- 12/31/2022⁽²⁾
Large Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	977.00		1.30	%	$	6.48
Institutional Class	$	1,000.00	$	978.30		1.02	%	$	5.09
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.65		1.30	%	$	6.61
Institutional Class	$	1,000.00	$	1,020.06		1.02	%	$	5.19
Large Company Value Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,060.50		1.28	%	$	6.65
Institutional Class	$	1,000.00	$	1,061.80		1.01	%	$	5.25
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.75		1.28	%	$	6.51
Institutional Class	$	1,000.00	$	1,020.11		1.01	%	$	5.14
Small Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,002.80		1.33	%	$	6.71
Institutional Class	$	1,000.00	$	1,004.00		1.08	%	$	5.46
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.50		1.33	%	$	6.77
Institutional Class	$	1,000.00	$	1,019.76		1.08	%	$	5.50
Small Company Value Portfolio
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,068.50		1.35	%	$	7.04
Institutional Class	$	1,000.00	$	1,070.20		1.10	%	$	5.74
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,018.40		1.35	%	$	6.87
Institutional Class	$	1,000.00	$	1,019.66		1.10	%	$	5.60

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

For the Six Months Ended December 31, 2022 (Unaudited)

	Beginning Account Value 07/01/2022		Ending Account Value 12/31/2022		Net Expense Ratio⁽¹⁾			Expenses Paid During Period 07/01/2022- 12/31/2022⁽²⁾
Wilshire 5000 Index^SM Fund
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,022.70		0.60	%	$	3.06
Institutional Class	$	1,000.00	$	1,023.20		0.41	%	$	2.09
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,022.18		0.60	%	$	3.06
Institutional Class	$	1,000.00	$	1,023.14		0.41	%	$	2.09
Wilshire International Equity Fund
Based on Actual Fund Return
Investment Class	$	1,000.00	$	1,038.80		1.52	%	$	7.81
Institutional Class	$	1,000.00	$	1,041.60		1.25	%	$	6.43
Based on Hypothetical 5% Return
Investment Class	$	1,000.00	$	1,017.54		1.52	%	$	7.73
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	$	989.40		1.15	%	$	5.77
Institutional Class	$	1,000.00	$	989.90		0.90	%	$	4.51
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).

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.4% ^(a)
Communication Services — 4.4%
Alphabet, Inc. - Class A ^(b)		6,864	$	605,611
Alphabet, Inc. - Class C ^(b)		59,558		5,284,581
Liberty Media Corp. - Class C ^(b)		11,683		698,410
Live Nation Entertainment, Inc. ^(b)		11,519		803,335
Netflix, Inc. ^(b)		2,374		700,045
ROBLOX Corp. - Class A ^(b)		722		20,548
The Trade Desk, Inc. - Class A ^(b)		14,060		630,310
ZoomInfo Technologies, Inc. ^(b)		1,554		46,791
				8,789,631
Consumer Discretionary — 10.3%
Airbnb, Inc. - Class A ^(b)		293		25,052
Amazon.com, Inc. ^(b)		69,815		5,864,460
AutoZone, Inc. ^(b)		78		192,362
Best Buy Co., Inc.		652		52,297
Booking Holdings, Inc. ^(b)		173		348,643
Caesars Entertainment, Inc. ^(b)		875		36,400
Capri Holdings Ltd. ^(b)		5,083		291,358
Chipotle Mexican Grill, Inc. ^(b)		495		686,808
Dollar General Corp.		3,108		765,345
DoorDash, Inc. - Class A ^(b)		2,166		105,744
eBay, Inc.		1,967		81,571
Etsy, Inc. ^(b)		3,791		454,086
H&R Block, Inc.		8,963		327,239
Las Vegas Sands Corp. ^(b)		8,626		414,652
Lowe’s Cos., Inc.		3,890		775,044
Lululemon Athletica, Inc. ^(b)		667		213,693
McDonald’s Corp.		262		69,045
MercadoLibre, Inc. ^(b)		918		776,848
MGM Resorts International		24,004		804,854
NIKE, Inc. - Class B		7,728		904,253
O’Reilly Automotive, Inc. ^(b)		15		12,660
Pinduoduo, Inc. - ADR ^(b)		5,211		424,957
Ross Stores, Inc.		224		26,000
Starbucks Corp.		131		12,995

	Shares		Value
Tesla, Inc. ^(b)		11,218	$	1,381,833
The Home Depot, Inc.		10,222		3,228,721
The TJX Cos., Inc.		3,960		315,216
Toll Brothers, Inc.		1,825		91,104
Tractor Supply Co.		2,140		481,436
Travel + Leisure Co.		3,633		132,241
Ulta Beauty, Inc. ^(b)		899		421,694
Vail Resorts, Inc.		2,148		511,976
Williams-Sonoma, Inc.		2,876		330,510
				20,561,097
Consumer Staples — 4.5%
Altria Group, Inc.		5,947		271,837
BJ’s Wholesale Club Holdings, Inc. ^(b)		4,109		271,851
Brown-Forman Corp. - Class A		1,635		107,518
Brown-Forman Corp. - Class B		8,284		544,093
Costco Wholesale Corp.		6,104		2,786,476
Darling Ingredients, Inc. ^(b)		2,767		173,187
Kellogg Co.		885		63,047
Lamb Weston Holdings, Inc.		3,944		352,436
Monster Beverage Corp. ^(b)		21,077		2,139,948
Olaplex Holdings, Inc. ^(b)		4,047		21,085
PepsiCo, Inc.		4,763		860,484
Sysco Corp.		2,638		201,675
The Coca-Cola Co.		9,799		623,314
The Hershey Co.		1,379		319,335
The Proctor & Gamble Co.		1,089		165,049
				8,901,335
Energy — 1.8%
Antero Resources Corp. ^(b)		11,037		342,037
Diamondback Energy, Inc.		212		28,998
EOG Resources, Inc.		13,593		1,760,565
Equitrans Midstream Corp.		4,091		27,410
Halliburton Co.		178		7,004
Occidental Petroleum Corp.		392		24,692
Ovintiv, Inc.		3,551		180,071
PDC Energy, Inc.		1,870		118,708
Pioneer Natural Resources Co.		1,103		251,914
Range Resources Corp.		4,611		115,367
Schlumberger Ltd.		6,217		332,361

See Notes to Financial Statements.
47

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.4% ^(a) (Continued)
Energy — 1.8% (Continued)
Targa Resources Corp.		4,316	$	317,226
				3,506,353
Financials — 2.7%
American Express Co.		1,837		271,417
Arch Capital Group Ltd. ^(b)		12,499		784,687
Cboe Global Markets, Inc.		918		115,182
Everest Re Group Ltd.		1,851		613,181
LPL Financial Holdings, Inc.		2,168		468,657
Marsh & McLennan Cos., Inc.		794		131,391
Moody’s Corp.		177		49,316
MSCI, Inc.		1,708		794,510
S&P Global, Inc.		3,503		1,173,295
Signature Bank		1,933		222,720
SLM Corp.		2,869		47,625
Synchrony Financial		1,911		62,796
Synovus Financial Corp.		1,028		38,601
The Progressive Corp.		4,823		625,591
Western Alliance Bancorp		274		16,319
				5,415,288
Health Care — 16.9%
AbbVie, Inc.		14,138		2,284,842
Acadia Healthcare Co., Inc. ^(b)		12,695		1,045,052
Agilent Technologies, Inc.		2,429		363,500
Align Technology, Inc. ^(b)		1,067		225,030
Amgen, Inc.		2,389		627,447
AstraZeneca PLC - ADR		12,029		815,566
Biogen, Inc. ^(b)		1,703		471,595
Centene Corp. ^(b)		6,929		568,247
Danaher Corp.		5,425		1,439,904
Dexcom, Inc. ^(b)		263		29,782
Doximity, Inc. - Class A ^(b)		791		26,546
Edwards Lifesciences Corp. ^(b)		19,265		1,437,362
Elevance Health, Inc.		51		26,162
Eli Lilly & Co.		3,332		1,218,979
Encompass Health Corp.		2,237		133,795
Exelixis, Inc. ^(b)		17,430		279,577
Genmab A/S - ADR ^(b)		6,306		267,248
HCA Healthcare, Inc.		118		28,315
Humana, Inc.		500		256,095

	Shares		Value
IDEXX Laboratories, Inc. ^(b)		3,131	$	1,277,323
Illumina, Inc. ^(b)		1,168		236,170
Incyte Corp. ^(b)		1,625		130,520
Intuitive Surgical, Inc. ^(b)		7,140		1,894,599
IQVIA Holdings, Inc. ^(b)		1,056		216,364
Johnson & Johnson		344		60,768
McKesson Corp.		3,120		1,170,374
Merck & Co., Inc.		1,177		130,588
Mettler-Toledo International, Inc. ^(b)		591		854,261
Molina Healthcare, Inc. ^(b)		1,074		354,656
Natera, Inc. ^(b)		27,411		1,101,100
Neurocrine Biosciences, Inc. ^(b)		2,785		332,640
Prometheus Biosciences, Inc. ^(b)		4,290		471,900
Reata Pharmaceuticals, Inc. - Class A ^(b)		6,511		247,353
TransMedics Group, Inc. ^(b)		5,534		341,559
UnitedHealth Group, Inc.		12,720		6,743,890
Veeva Systems, Inc. - Class A ^(b)		7,380		1,190,984
Vertex Pharmaceuticals, Inc. ^(b)		10,401		3,003,601
Waters Corp. ^(b)		199		68,173
Zoetis, Inc.		14,996		2,197,664
				33,569,531
Industrials — 5.6%
3M Co.		264		31,659
AECOM		2,641		224,300
AMETEK, Inc.		5,362		749,179
Booz Allen Hamilton Holding Corp.		730		76,300
Carlisle Cos., Inc.		98		23,094
Caterpillar, Inc.		500		119,780
Cintas Corp.		163		73,614
Copart, Inc. ^(b)		17,706		1,078,118
Core & Main, Inc. - Class A ^(b)		11,016		212,719
Eaton Corp. PLC		11,978		1,879,947
GXO Logistics, Inc. ^(b)		276		11,782
IDEX Corp.		2,582		589,548
Illinois Tool Works, Inc.		829		182,629

See Notes to Financial Statements.
48

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.4% ^(a) (Continued)
Industrials — 5.6% (Continued)
Landstar System, Inc.		964	$	157,036
Lincoln Electric Holdings, Inc.		1,244		179,745
Tetra Tech, Inc.		2,200		319,418
TransDigm Group, Inc.		3,507		2,208,182
Trex Co., Inc. ^(b)		4,562		193,109
Uber Technologies, Inc. ^(b)		16,116		398,549
United Parcel Service, Inc. - Class B		4,783		831,477
United Rentals, Inc. ^(b)		649		230,667
Waste Management, Inc.		2,850		447,108
Westinghouse Air Brake Technologies Corp.		9,839		982,031
WW Grainger, Inc.		112		62,300
				11,262,291
Information Technology — 32.8%
Accenture PLC - Class A		4,466		1,191,707
Adobe, Inc. ^(b)		4,120		1,386,504
Advanced Micro Devices, Inc. ^(b)		12,468		807,552
Allegro MicroSystems, Inc. ^(b)		1,073		32,211
Amphenol Corp. - Class A		9,923		755,537
Apple, Inc.		56,004		7,276,600
Applied Materials, Inc.		1,163		113,253
Arista Networks, Inc. ^(b)		10,952		1,329,025
ASML Holding NV - ADR		995		543,668
Autodesk, Inc. ^(b)		2,978		556,499
Automatic Data Processing, Inc.		2,826		675,018
Broadcom, Inc.		3,450		1,928,998
Cadence Design Systems, Inc. ^(b)		2,969		476,940
CDW Corp.		985		175,901
Cloudflare, Inc. - Class A ^(b)		580		26,222
Cognex Corp.		5,624		264,947
Cognizant Technology Solutions Corp. - Class A		2,479		141,774
Coupa Software, Inc. ^(b)		324		25,651
Crowdstrike Holdings, Inc. - Class A ^(b)		1,953		205,631
Datadog, Inc. - Class A ^(b)		11,244		826,434

	Shares		Value
DoubleVerify Holdings, Inc. ^(b)		5,277	$	115,883
Dynatrace, Inc. ^(b)		4,882		186,981
Enphase Energy, Inc. ^(b)		182		48,223
Entegris, Inc.		6,247		409,741
EPAM Systems, Inc. ^(b)		3,540		1,160,200
Fair Isaac Corp. ^(b)		150		89,787
First Solar, Inc. ^(b)		3,343		500,748
FleetCor Technologies, Inc. ^(b)		653		119,943
Fortinet, Inc. ^(b)		26,880		1,314,163
Gartner, Inc. ^(b)		159		53,446
HubSpot, Inc. ^(b)		441		127,506
Intuit, Inc.		5,203		2,025,112
Jabil, Inc.		6,566		447,801
Lattice Semiconductor Corp. ^(b)		2,159		140,076
Manhattan Associates, Inc. ^(b)		5,085		617,319
Marvell Technology, Inc.		24,813		919,074
Mastercard, Inc. - Class A		3,830		1,331,806
Microchip Technology, Inc.		1,543		108,396
Micron Technology, Inc.		7,604		380,048
Microsoft Corp.		65,514		15,711,567
Monolithic Power Systems, Inc.		1,371		484,799
Motorola Solutions, Inc.		2,939		757,410
NVIDIA Corp.		19,638		2,869,897
Oracle Corp.		4,340		354,752
Palo Alto Networks, Inc. ^(b)		3,710		517,693
Paychex, Inc.		5,704		659,154
Paycom Software, Inc. ^(b)		1,854		575,315
PayPal Holdings, Inc. ^(b)		19,868		1,414,999
PTC, Inc. ^(b)		3,386		406,455
QUALCOMM, Inc.		20,552		2,259,487
Roper Technologies, Inc.		2,503		1,081,521
ServiceNow, Inc. ^(b)		1,986		771,104
Snowflake, Inc. - Class A ^(b)		4,588		658,562
SolarEdge Technologies, Inc. ^(b)		3,111		881,253
Synopsys, Inc. ^(b)		1,678		535,769
Texas Instruments, Inc.		1,535		253,613
Tyler Technologies, Inc. ^(b)		1,820		586,786

See Notes to Financial Statements.
49

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.4% ^(a) (Continued)
Information Technology — 32.8% (Continued)
Unity Software, Inc. ^(b)(c)		685	$	19,584
Universal Display Corp.		2,389		258,108
Visa, Inc. - Class A		24,531		5,096,561
VMware, Inc. - Class A ^(b)		—		—
Workday, Inc. - Class A ^(b)		60		10,040
Zebra Technologies Corp. - Class A ^(b)		1,389		356,153
				65,356,907
Materials — 0.6%
Ball Corp.		6,637		339,416
Eagle Materials, Inc.		451		59,915
Graphic Packaging Holding Co.		4,835		107,579
The Sherwin-Williams Co.		2,629		623,941
				1,130,851
Real Estate — 0.3%
Lamar Advertising Co. - Class A		289		27,281
SBA Communications Corp.		1,509		422,988
Simon Property Group, Inc.		1,433		168,349
				618,618
Utilities — 0.5%
National Fuel Gas Co.		645		40,828
NextEra Energy, Inc.		11,078		926,121
				966,949
Total Common Stocks (Cost $131,056,350)				160,078,851
	Par Value
U.S. TREASURY OBLIGATIONS — 0.5%
U.S. Treasury Bonds — 0.0% ^(d)
3.000%, due 08/15/52	$	19,000		15,728

U.S. Treasury Notes — 0.5%
0.125%, due 05/31/23		20,100		19,736
0.250%, due 09/30/23		32,000		30,950
1.625%, due 10/31/23		64,000		62,400
0.250%, due 06/15/24		172,000		161,438
0.750%, due 11/15/24		52,000		48,539
4.250%, due 12/31/24		103,000		102,646
3.000%, due 07/15/25		61,000		59,075
0.250%, due 10/31/25		55,000		49,173
4.000%, due 12/15/25		91,000		90,431

	Par Value		Value
0.875%, due 09/30/26	$	156,000	$	138,499
1.500%, due 01/31/27		44,800		40,432
2.750%, due 04/30/27		2,000		1,895
3.250%, due 06/30/27		2,400		2,320
3.875%, due 11/30/27		17,900		17,799
3.875%, due 12/31/27		66,000		65,629
1.125%, due 02/15/31 (c)		7,000		5,702
2.750%, due 08/15/32		19,000		17,281
4.125%, due 11/15/32		109,000		111,180
				1,025,125
Total U.S. Treasury Obligations (Cost $1,085,672)				1,040,853

AGENCY MORTGAGE-BACKED OLIGATIONS INTEREST-ONLY STRIPS — 0.1%
Federal Home Loan Mortgage Corp. - 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.691%, due 03/25/30 (e) Callable: 12/25/29		459,710		43,440
Series K-1501, 0.379%, due 04/25/30 (e) Callable: 02/25/30		2,513,944		52,035
Series K-110, 1.697%, due 04/25/30 (e) Callable: 02/25/30		398,506		36,815
Series K-118, 0.959%, due 09/25/30 (e) Callable: 06/25/30		995,571		55,544
Series K-123, 0.774%, due 12/25/30 (e) Callable: 10/25/30		1,396,344		62,958
Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $213,188)				250,792

NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9%
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 5.040%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (f)(g)		180,000		167,805

See Notes to Financial Statements.
50

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)
BBCMS 2020-BID Mortgage Trust
Series 2020-BID, 6.458%, due 10/15/37 (1 Month U.S. LIBOR + 2.140%) (f)(g)	$	60,000	$	58,413
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (f)(g)		70,000		66,704
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (e)(f) Callable: 04/25/45		446,559		345,350
Deephaven Residential Mortgage Trust 2022-2
Series 2022-2, 4.300%, due 03/25/67 (e)(f) Callable: 04/25/25		273,235		259,860
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (f)(g)		170,000		159,382
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (f)		180,000		163,349
JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (f)		130,000		125,475
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (e)(f) Callable: 04/25/29		53,176		45,975
JP Morgan Mortgage Trust 2018-5
Series 2018-5, 3.500%, due 10/25/48 (e)(f) Callable: 01/25/28		98,606		85,446
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (e)(f) Callable: 01/25/23		11,789		10,810

	Par Value		Value
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (e)(f) Callable: 08/25/32	$	82,578	$	72,342
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (e)(f) Callable: 03/25/28		75,452		64,657
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (e)(f) Callable: 01/25/45		255,869		198,359
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (e)(f) Callable: 05/25/23		52,449		46,637
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.113%, due 07/17/45 (e) Callable: 06/15/23		163,000		156,071
KREST Commercial Mortgage Securities Trust 2021-CHIP
Series C, 3.024%, due 11/07/44 (e)(f)		275,000		192,980
OBX 2021-J3 Trust
Series 2021-J3, 2.500%, due 10/25/51 (e)(f) Callable: 05/25/45		400,000		264,654
Provident Funding Mortgage Trust 2021-J1
Series FLT, 2.000%, due 10/25/51 (e)(f) Callable: 08/25/47		100,000		58,341
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (f)(g) Callable: 03/25/23		350,000		338,731
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (e)(f) Callable: 01/25/24		4,706		4,571
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 10/25/49 (e)(f) Callable: 05/25/26		6,769		6,276

See Notes to Financial Statements.
51

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTAGE-BACKED OBLIGATIONS — 1.9% (Continued)
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (e)(f) Callable: 01/25/40	$	200,000	$	129,280
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (e)(f) Callable: 07/25/44		350,000		231,551
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/17/41 (f)		190,000		152,376
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (e)(f) Callable: 08/25/29		104,171		88,984
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (e) Callable: 08/15/24		180,000		167,897
Total Non-Agency Mortgage- Backed Obligations (Cost $4,497,488)				3,662,276

NON-AGENCY MORTAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
BBCMS Trust 2021-C10
Series 2021-C10, 1.298%, due 07/17/54 (e) Callable: 05/15/31		991,767		74,864
Benchmark 2021-B29 Mortgage Trust
Series X-A, 1.042%, due 09/17/54 (e) Callable: 08/15/31		995,371		55,075
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.771%, due 09/17/53 (e) Callable: 10/15/30		993,658		76,007

	Par Value		Value
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.709%, due 08/15/53 (e) Callable: 06/15/30	$	706,955	$	48,830
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $345,981)				254,776
ASSET-BACKED SECURITIES — 1.5%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 03/22/29		71,286		63,243
American Airlines 2016-1 Class AA Pass Through Trust
Series 2016-1, 3.575%, due 07/15/29		7,144		6,358
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29		55,402		47,989
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 Callable: 03/18/25		100,000		90,986
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (f) Callable: 11/20/23		88,333		76,194
CLI Funding VIII LLC
Series LLC, 2.720%, due 01/18/47 (f) Callable: 12/19/23		114,767		97,454
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (f) Callable: Currently		93,804		89,948
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24		102,943		101,826
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35		226,836		184,185

See Notes to Financial Statements.
52

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 1.5% (Continued)
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (f) Callable: 10/25/28	$	162,459	$	145,850
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (f) Callable: 04/20/35		170,329		141,147
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (f) Callable: 01/15/25		200,000		190,205
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (f) Callable: 07/20/32		57,692		46,929
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (f) Callable: 01/15/28		69,283		59,870
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (f) Callable: 02/10/25		200,000		185,976
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (f) Callable: Currently		100,000		94,194
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (f) Callable: 03/15/25		150,000		136,732
Santander Drive Auto Receivables Trust 2019-3
Series D, 2.680%, due 10/15/25 Callable: 09/15/23		122,238		121,085
Santander Drive Auto Receivables Trust 2020-3
Series C, 1.120%, due 01/15/26 Callable: 04/15/24		88,538		87,757

	Par Value		Value
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 Callable: 08/15/24	$	100,000	$	97,148
SoFi Consumer Loan Program 2021-1 Trust
Series B, 1.300%, due 09/25/30 (f) Callable: 08/25/24		350,000		329,709
Sofi Professional Loan Program 2017-C LLC
Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (f)(g) Callable: 01/25/25		30,883		30,747
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (f) Callable: 07/25/25		62,027		60,048
Sunnova Helios IV Issuer LLC
Series A, 2.980%, due 06/20/47 (f) Callable: 06/20/27		188,665		156,996
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (f)		183,770		141,460
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (f) Callable: 07/15/24		100,000		94,146
Total Asset-Backed Securities (Cost $3,204,919)				2,878,182

COLLATERALIZED LOAN OBLIGATIONS — 2.4%
Aimco CLO 11 Ltd.
Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (f)(g) Callable: 10/17/23		1,000,000		973,409
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (f)(g) Callable: 12/15/23		350,000		327,384

See Notes to Financial Statements.
53

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 2.4%
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
Series C, 6.168%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (f)(g)(h) Callable: 03/15/24	$	275,000	$	252,703
Benefit Street Partners CLO XXIII Ltd.
Series A-1, 5.438%, due 04/25/34 (3 Month U.S. LIBOR + 1.080%) (f)(g) Callable: 04/25/23		250,000		242,705
CIFC Funding 2021-I Ltd.
Series LTD, 5.468%, due 04/25/33 (3 Month U.S. LIBOR + 1.110%) (f)(g) Callable: 01/25/23		250,000		245,940
CIFC Funding 2022-I Ltd.
Series 2022-1, 5.184%, due 04/17/35 (1 Month SOFR Rate + 1.320%) (f)(g) Callable: 04/17/24		250,000		242,694
Greystone CRE Notes 2021-FL3 Ltd.
Series 2021-FL3, 6.318%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (f)(g)(h) Callable: 08/15/23		275,000		253,063
Marble Point CLO XIV Ltd.
Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (f)(g) Callable: 01/20/23		450,000		439,776
MF1 2021-FL6 Ltd.
Series 2021-FL6, 6.176%, due 07/18/36 (1 Month U.S. LIBOR + 1.850%) (f)(g)(h) Callable: 07/16/23		175,000		160,919
MF1 2021-FL7 Ltd.
Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (f)(g)(h) Callable: 10/16/23		200,000		187,244

	Par Value		Value
Octagon Investment Partners 32 Ltd.
Series FLT, 5.279%, due 07/16/29 (3 Month U.S. LIBOR + 1.200%) (f)(g) Callable: 01/15/23	$	250,000	$	240,087
OHA Credit Funding 4 Ltd.
Series A-R, 5.475%, due 10/22/36 (3 Month U.S. LIBOR + 1.150%) (f)(g) Callable: 10/22/23		500,000		488,294
Palmer Square CLO 2019-1 Ltd.
Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (f)(g) Callable: 11/14/23		250,000		243,951
TCI-Symphony CLO 2016-1 Ltd.
Series FLT, 4.961%, due 10/13/32 (3 Month U.S. LIBOR + 1.020%) (f)(g) Callable: 01/13/23		500,000		489,986
Total Collateralized Loan Obligations (Cost $4,975,184)				4,788,155

CORPORATE BONDS — 4.0%
Basic Materials — 0.1%
Ecolab, Inc.
4.800%, due 03/24/30 Callable: 12/24/29		61,000		60,589
Steel Dynamics, Inc.
1.650%, due 10/15/27 Callable: 08/15/27		74,000		62,014
				122,603
Communications — 0.3%
Amazon.com, Inc.
1.500%, due 06/03/30 Callable: 03/03/30		100,000		80,244
AT&T, Inc.
2.250%, due 02/01/32 Callable: 11/01/31		148,000		116,157
Fox Corp.
3.050%, due 04/07/25 Callable: 03/07/25		80,000		76,351
Meta Platforms, Inc.
3.500%, due 08/15/27		19,000		17,701
3.850%, due 08/15/32		30,000		26,495

See Notes to Financial Statements.
54

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 4.0% (Continued)
Communications — 0.3% (Continued)
The Walt Disney Co.
2.200%, due 01/13/28	$	68,000	$	60,690
T-Mobile USA, Inc.
2.250%, due 02/15/26 Callable: 02/15/23		16,000		14,577
3.750%, due 04/15/27 Callable: 02/15/27		58,000		54,701
Verizon Communications, Inc.
4.329%, due 09/21/28		74,000		70,983
2.355%, due 03/15/32 Callable: 12/15/31		100,000		79,221
				597,120

Consumer, Cyclical — 0.2%
American Honda Finance Corp.
1.200%, due 07/08/25		70,000		63,975
O’Reilly Automotive, Inc.
3.600%, due 09/01/27 Callable: 06/01/27		100,000		94,069
Ross Stores, Inc.
4.600%, due 04/15/25 Callable: 03/15/25		114,000		113,260
The Home Depot, Inc.
1.500%, due 09/15/28 Callable: 07/15/28		103,000		87,532
United Airlines 2014-2 Class A Pass Through Trust
3.750%, due 03/03/28		—		—
Walmart, Inc.
1.050%, due 09/17/26 Callable: 08/17/26		80,000		70,673
				429,509
Consumer, Non-cyclical — 0.6%
AbbVie, Inc.
3.800%, due 03/15/25 Callable: 12/15/24		121,000		118,006
Altria Group, Inc.
3.400%, due 05/06/30 Callable: 02/06/30		88,000		75,165
Amgen, Inc.
3.200%, due 11/02/27 Callable: 08/02/27		115,000		106,687

	Par Value		Value
BAT International Finance PLC
1.668%, due 03/25/26 Callable: 02/25/26	$	142,000	$	125,626
CVS Health Corp.
3.875%, due 07/20/25 Callable: 04/20/25		150,000		146,351
1.750%, due 08/21/30 Callable: 05/21/30		148,000		116,478
Global Payments, Inc.
2.650%, due 02/15/25 Callable: 01/15/25		78,000		73,154
HCA, Inc.
4.125%, due 06/15/29 Callable: 03/15/29		98,000		90,160
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 Callable: 03/25/25		16,000		15,876
PepsiCo, Inc.
2.625%, due 07/29/29 Callable: 04/29/29		79,000		69,806
Royalty Pharma PLC
0.750%, due 09/02/23		59,000		57,056
1.200%, due 09/02/25 Callable: 08/02/25		61,000		54,575
1.750%, due 09/02/27 Callable: 07/02/27		60,000		50,953
2.200%, due 09/02/30 Callable: 06/02/30		84,000		65,652
Triton Container International Ltd.
2.050%, due 04/15/26 (f) Callable: 03/15/26		119,000		103,567
				1,269,112
Energy — 0.2%
Enterprise Products Operating LLC
2.800%, due 01/31/30 Callable: 10/31/29		74,000		63,060
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 Callable: 01/30/23		67,000		66,820
MPLX LP
4.875%, due 12/01/24 Callable: 09/01/24		70,000		69,444
2.650%, due 08/15/30 Callable: 05/15/30		33,000		26,822

See Notes to Financial Statements.
55

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 4.0% (Continued)
Financial — 1.7% (Continued)
Phillips 66
0.900%, due 02/15/24 Callable: 01/30/23	$	75,000	$	71,595
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27 Callable: 09/15/26		51,000		50,044
				347,785
Financial — 1.7%
American Express Co.
2.250%, due 03/04/25 Callable: 02/01/25		68,000		64,202
American International Group, Inc.
3.900%, due 04/01/26 Callable: 01/01/26		28,000		27,100
Assurant, Inc.
4.200%, due 09/27/23 Callable: 08/27/23		51,000		50,426
Aviation Capital Group LLC
1.950%, due 09/20/26 (f) Callable: 08/20/26		101,000		85,410
Avolon Holdings Funding Ltd.
2.125%, due 02/21/26 (f) Callable: 01/21/26		200,000		172,250
Bank of America Corp.
4.000%, due 01/22/25		71,000		69,511
0.976%, due 04/22/25 (SOFR + 0.690%) (g) Callable: 04/22/24		100,000		93,342
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (g) Callable: 07/22/26		318,000		279,404
3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (g) Callable: 07/21/27		64,000		58,917
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (g) Callable: 04/29/30		168,000		136,934
Blackstone Holdings Finance Co. LLC
1.625%, due 08/05/28 (f) Callable: 06/05/28		143,000		116,409

	Par Value		Value
BNP Paribas SA
2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (f)(g) Callable: 11/19/24	$	200,000	$	189,333
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (g) Callable: 05/01/24		120,000		112,242
Equinix, Inc.
1.250%, due 07/15/25 Callable: 06/15/25		126,000		113,938
2.900%, due 11/18/26 Callable: 09/18/26		56,000		51,076
Intercontinental Exchange, Inc.
3.750%, due 12/01/25		90,000		87,630
JPMorgan Chase & Co.
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (g) Callable: 09/22/26		236,000		203,882
2.947%, due 02/24/28 (SOFR Rate + 1.170%) (g) Callable: 02/24/27		50,000		45,269
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (g) Callable: 02/04/31		69,000		52,971
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (g) Callable: 04/22/31		39,000		31,278
Kite Realty Group LP
4.000%, due 10/01/26 Callable: 07/01/26		74,000		67,981
Main Street Capital Corp.
3.000%, due 07/14/26 Callable: 06/14/26		110,000		95,179
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23		67,000		66,421
Morgan Stanley
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (g) Callable: 10/21/24		108,000		99,379
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (g) Callable: 04/28/25		223,000		207,127

See Notes to Financial Statements.
56

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 4.0% (Continued)
Financial — 1.7% (Continued)
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (g) Callable: 05/04/26	$	120,000	$	105,047
1.512%, due 07/20/27 (SOFR Rate + 0.858%) (g) Callable: 07/20/26		120,000		104,247
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (g) Callable: 07/21/31		35,000		26,772
6.342%, due 10/18/33 (SOFR Rate + 2.560%) (g) Callable: 10/18/32		90,000		93,990
Realty Income Corp.
3.250%, due 01/15/31 Callable: 10/15/30		110,000		95,562
Royal Bank of Canada
1.200%, due 04/27/26		80,000		71,157
Sumitomo Mitsui Trust Bank Ltd.
2.800%, due 03/10/27 (f)		63,000		57,244
The Goldman Sachs Group, Inc.
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (g) Callable: 02/12/25		80,000		72,370
US Bancorp
4.548%, due 07/22/28 (SOFR Rate + 1.660%) (g) Callable: 07/22/27		40,000		39,036
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (g) Callable: 10/30/24		173,000		163,750
2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (g) Callable: 02/11/25		38,000		35,463
				3,442,249
Industrial — 0.2%
Amphenol Corp.
2.800%, due 02/15/30 Callable: 11/15/29		93,000		79,645
Carrier Global Corp.
2.722%, due 02/15/30 Callable: 11/15/29		140,000		117,972

	Par Value		Value
Raytheon Technologies Corp.
3.200%, due 03/15/24 Callable: 01/15/24	$	87,000	$	85,325
The Boeing Co.
4.875%, due 05/01/25 Callable: 04/01/25		76,000		75,499
				358,441
Technology — 0.3%
Apple, Inc.
1.200%, due 02/08/28 Callable: 12/08/27		80,000		67,906
Broadcom, Inc.
2.450%, due 02/15/31 (f) Callable: 11/15/30		58,000		45,820
DXC Technology Co.
1.800%, due 09/15/26 Callable: 08/15/26		60,000		52,380
Fiserv, Inc.
3.850%, due 06/01/25 Callable: 03/01/25		54,000		52,392
Intel Corp.
3.700%, due 07/29/25 Callable: 04/29/25		33,000		32,203
Microsoft Corp.
2.400%, due 08/08/26 Callable: 05/08/26		150,000		139,854
Oracle Corp.
2.950%, due 04/01/30 Callable: 01/01/30		200,000		170,712
VMware, Inc.
1.000%, due 08/15/24 Callable: 01/30/23		85,000		79,106
				640,373
Utilities — 0.4%
Ameren Illinois Co.
3.800%, due 05/15/28 Callable: 02/15/28		70,000		66,465
Duke Energy Corp.
3.150%, due 08/15/27 Callable: 05/15/27		150,000		138,150
4.300%, due 03/15/28 Callable: 02/15/28		65,000		62,673
Entergy Corp.
0.900%, due 09/15/25 Callable: 08/15/25		100,000		88,873

See Notes to Financial Statements.
57

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 4.0% (Continued)
Utilities — 0.4% (Continued)
NextEra Energy Capital Holdings, Inc.
4.625%, due 07/15/27 Callable: 06/15/27	$	100,000	$	98,493
Sierra Pacific Power Co.
2.600%, due 05/01/26 Callable: 02/01/26		121,000		112,374
Southwestern Electric Power Co.
1.650%, due 03/15/26 Callable: 02/15/26		80,000		71,425
The AES Corp.
1.375%, due 01/15/26 Callable: 12/15/25		75,000		65,934
Trans-Allegheny Interstate Line Co.
3.850%, due 06/01/25 (f) Callable: 03/01/25		102,000		98,421
				802,808
Total Corporate Bonds (Cost $9,061,808)				8,010,000

		Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.0%
Voya Emerging Markets Hard Currency Debt Fund - Class P		107,914		794,246
Voya High Yield Bond Fund - Class P		134,820		885,766
Voya Investment Grade Credit Fund - Class P		72,170		645,924
Voya Securitized Credit Fund - Class P		644,840		5,661,694
Total Affiliated Registered Investment Companies (Cost $8,882,573)				7,987,630

	Shares		Values
RIGHT — 0.0% (d)
ABIOMED, Inc. (b)(h)(i)		1,153	$	—
Total Right (Cost $0)				—

Total Investments at Value — 94.9% (Cost $163,323,163)				188,951,515
Other Assets in Excess of Liabilities — 5.1%				10,080,409
Net Assets — 100.0%			$	199,031,924

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, 2022. The total market value of securities on loan at December 31, 2022 was $25,119 (Note 8).

(d)	Represents less than 0.1%.

(e)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022

(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, 2022, the value of these investments was $11,072,522, or 5.6% of total net assets.

(g)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

(h)	Illiquid security. The total value of such securities is $853,929 as of December 31, 2022, representing 0.4% of net assets.

See Notes to Financial Statements.
58

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

(i)	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, 2022, representing 0.0% of net assets.

The Accompanying Footnotes are an Integral Part of this Schedule of Investments.

See Notes to Financial Statements.
59

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Total Return Swaps

December 31, 2022

Counterparty

Reference
Entity

Pay/
Receive
Total
Return on
Reference
Entity

Financing
Rate

Maturity
Date

Payment
Frequency

Notional
Amount

Value/
Unrealized
Depreciation

Goldman Sachs Bank, USA

Russell 1000 Growth Total Return Index

Receive

(U.S. Federal Funds Rate + 0.300%)

12/04/2023

At Maturity

17,625

38,621,381

(1,657,531

)

Total Return Swap Contracts

(1,657,531

)

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Centrally Cleared Credit
Default Swaps

December 31, 2022

Counterparty	Reference Entity	Protection	Pay Fixed Rate	Termination Date	Payment Frequency	Notional Amount		Value		Premium Paid		Unrealized Depreciation
Morgan Stanley Capital	CDX North American High Yield Index	Buy	5.000%	12/20/2027	Quarterly		670,000	$	2,785	$	7,801	$	(5,016	)

Total Credit Default Swap Contracts								$	2,785	$	7,801	$	(5,016	)

See Notes to Financial Statements.
60

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Schedule of Futures Contracts

December 31, 2022

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	3	03/31/2023	$	572,358	$	(779	)
5-Year U.S. Treasury Note Future	20	03/31/2023		1,893,299		2,512
10-Year U.S. Treasury Note Future	10	03/22/2023		996,074		5,995
U.S. Treasury Long Bond Future	8	03/22/2023		855,346		8,984
Ultra 10-Year U.S. Treasury Bond Future	12	03/22/2023		1,228,757		9,913
Ultra Long-Term U.S. Treasury Bond Future	8	03/22/2023		677,042		11,483
Total Futures Contracts Sold Short			$	6,222,876	$	38,108

See Notes to Financial Statements.
61

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a)
Communication Services — 4.1%
Activision Blizzard, Inc.		4,014	$	307,272
Alphabet, Inc. - Class A ^(b)		18,863		1,664,283
Alphabet, Inc. - Class C ^(b)		2,770		245,782
AT&T, Inc.		1,700		31,297
Comcast Corp. - Class A		27,988		978,740
Electronic Arts, Inc.		2,094		255,845
Fox Corp. - Class B		2,010		57,185
Liberty Media Corp-Liberty SiriusXM - Class C ^(b)		1,510		59,086
Meta Platforms, Inc. - Class A ^(b)		3,700		445,258
Netflix, Inc. ^(b)		140		41,283
News Corp. - Class A		25,513		464,337
News Corp. - Class B		8,530		157,293
Omnicom Group, Inc.		2,957		241,202
Paramount Global - Class B		15,700		265,016
Pinterest, Inc. - Class A ^(b)		4,520		109,746
Playtika Holding Corp. ^(b)		8,710		74,122
Take-Two Interactive Software, Inc. ^(b)		1,284		133,703
The Walt Disney Co. ^(b)		2,040		177,235
Verizon Communications, Inc.		8,153		321,228
Vodafone Group PLC - ADR		40,085		405,660
Warner Bros Discovery, Inc. ^(b)		65,304		619,082
				7,054,655
Consumer Discretionary — 4.0%
Adient PLC ^(b)		5,065		175,705
Amazon.com, Inc. ^(b)		4,015		337,260
Aptiv PLC ^(b)		3,600		335,268
Bath & Body Works, Inc.		2,740		115,464
Best Buy Co., Inc.		1,600		128,336
Booking Holdings, Inc. ^(b)		188		378,873
Caesars Entertainment, Inc. ^(b)		1,210		50,336
DoorDash, Inc. - Class A ^(b)		1,810		88,364
eBay, Inc.		1,290		53,496
General Motors Co.		33,184		1,116,310
Grand Canyon Education, Inc. ^(b)		112		11,834
H&R Block, Inc.		5,670		207,012

	Shares		Value
Harley-Davidson, Inc.		9,647	$	401,315
Lennar Corp. - Class B		300		22,434
Lowe’s Cos., Inc.		770		153,415
LVMH Moet Hennessy Louis Vuitton SE		523		380,637
Magna International, Inc.		14,392		808,543
McDonald’s Corp.		559		147,313
NIKE, Inc. - Class B		4,223		494,133
Rivian Automotive, Inc. - Class A ^(b)		2,670		49,208
Starbucks Corp.		1,360		134,912
Tapestry, Inc.		2,709		103,159
The Goodyear Tire & Rubber Co. ^(b)		11,639		118,136
The Home Depot, Inc.		1,670		527,486
Toll Brothers, Inc.		2,935		146,515
Travel + Leisure Co.		570		20,748
Williams-Sonoma, Inc.		1,720		197,662
Wyndham Hotels & Resorts, Inc.		1,120		79,867
				6,783,741
Consumer Staples — 5.4%
Albertsons Cos., Inc. - Class A		2,020		41,895
Altria Group, Inc.		6,750		308,542
Archer-Daniels-Midland Co.		400		37,140
BJ’s Wholesale Club Holdings, Inc. ^(b)		330		21,833
Brown-Forman Corp - Class A		1,570		103,243
Brown-Forman Corp - Class B		4,030		264,690
Campbell Soup Co.		520		29,510
Colgate-Palmolive Co.		20,952		1,650,808
Constellation Brands, Inc. - Class A		440		101,970
Costco Wholesale Corp.		1,982		904,783
Coty, Inc. - Class A ^(b)		14,820		126,859
Darling Ingredients, Inc. ^(b)		2,750		172,123
Diageo PLC		7,768		342,778
General Mills, Inc.		4,380		367,263
Kellogg Co.		750		53,430
Mondelez International, Inc. - Class A		4,475		298,259

See Notes to Financial Statements.
62

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a) (Continued)
Consumer Staples — 5.4% (Continued)
Olaplex Holdings, Inc. ^(b)		2,040	$	10,628
PepsiCo, Inc.		365		65,941
Pernod Ricard SA		1,582		311,171
Philip Morris International, Inc.		7,183		726,991
The Coca-Cola Co.		4,413		280,711
The Estee Lauder Cos., Inc. - Class A		1,673		415,088
The Hershey Co.		350		81,050
The Kroger Co.		4,620		205,960
The Procter & Gamble Co.		4,499		681,868
Tyson Foods, Inc. - Class A		3,056		190,236
Unilever PLC - ADR		16,215		816,425
Walmart, Inc.		3,895		552,272
				9,163,467
Energy — 7.2%
Antero Midstream Corp.		14,560		157,103
Antero Resources Corp. ^(b)		710		22,003
APA Corp.		23,164		1,081,296
Baker Hughes Co.		7,595		224,280
Cenovus Energy, Inc.		14,505		281,542
Chevron Corp.		6,494		1,165,608
ConocoPhillips		6,625		781,750
Diamondback Energy, Inc.		250		34,195
DT Midstream, Inc.		7,637		422,021
Equitrans Midstream Corp.		7,020		47,034
Exxon Mobil Corp.		14,527		1,602,328
Halliburton Co.		13,640		536,734
Hess Corp.		2,525		358,096
HF Sinclair Corp.		638		33,106
Kinder Morgan, Inc.		13,860		250,589
Marathon Oil Corp.		25,602		693,046
Marathon Petroleum Corp.		3,360		391,070
Murphy Oil Corp.		10,230		439,992
NOV, Inc.		34,895		728,957
ONEOK, Inc.		1,990		130,743
Ovintiv, Inc.		13,340		676,471
PDC Energy, Inc.		1,150		73,002
Phillips 66		2,140		222,731
Schlumberger Ltd.		4,550		243,243
Shell PLC - ADR		14,012		797,983
Targa Resources Corp.		2,738		201,243

	Shares		Value
TotalEnergies SE		9,328	$	585,627
				12,181,793
Financials — 17.2%
American Express Co.		3,170		468,367
American International Group, Inc.		26,969		1,705,520
Aon PLC - Class A		3,100		930,434
Arch Capital Group Ltd. ^(b)		9,402		590,258
Arthur J Gallagher & Co.		3,707		698,918
Assurant, Inc. ^(c)		505		63,155
Axis Capital Holdings Ltd.		2,500		135,425
Bank of America Corp.		21,414		709,232
Bank OZK		930		37,256
Berkshire Hathaway, Inc. - Class B ^(b)		5,377		1,660,955
Capital One Financial Corp.		2,300		213,808
Chubb Ltd.		3,312		730,627
Citigroup, Inc.		46,666		2,110,703
Citizens Financial Group, Inc.		18,115		713,187
CME Group, Inc.		3,550		596,968
CNA Financial Corp.		400		16,912
Corebridge Financial, Inc.		11,200		224,672
Cullen/Frost Bankers, Inc.		3,730		498,701
East West Bancorp, Inc.		1,670		110,053
Equitable Holdings, Inc.		7,811		224,176
Everest Re Group Ltd.		902		298,805
F&G Annuities & Life, Inc. ^(b)		269		5,383
Fidelity National Financial, Inc.		3,970		149,351
First Citizens BancShares, Inc. - Class A		424		321,545
First Hawaiian, Inc.		2,560		66,662
FNB Corp.		2,570		33,538
Globe Life, Inc.		2,060		248,333
Interactive Brokers Group, Inc. - Class A		3,516		254,383
JPMorgan Chase & Co.		6,537		876,612
Loews Corp.		1,940		113,160
Markel Corp. ^(b)		251		330,690
Marsh & Mclennan Cos., Inc.		3,948		653,315
MGIC Investment Corp.		24,630		320,190

See Notes to Financial Statements.
63

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a) (Continued)
Financials — 17.2% (Continued)
Moody’s Corp.		3,131	$	872,359
Nasdaq, Inc.		4,666		286,259
New York Community Bancorp, Inc.		2,690		23,134
Northern Trust Corp.		3,123		276,354
PacWest Bancorp		2,670		61,276
Pinnacle Financial Partners, Inc.		730		53,582
Popular, Inc.		1,955		129,656
Prosperity Bancshares, Inc.		560		40,701
Reinsurance Group of America, Inc.		540		76,729
S&P Global, Inc.		1,954		654,473
SLM Corp.		3,778		62,715
State Street Corp.		11,546		895,623
Stifel Financial Corp.		3,080		179,780
Synchrony Financial		4,530		148,856
Synovus Financial Corp.		1,600		60,080
The Allstate Corp.		240		32,544
The Bank of New York Mellon Corp.		20,697		942,127
The Charles Schwab Corp.		16,831		1,401,349
The Goldman Sachs Group, Inc.		2,885		990,651
The Hartford Financial Services Group, Inc.		10,547		799,779
The Progressive Corp.		2,090		271,094
The Travelers Cos., Inc.		1,410		264,361
Truist Financial Corp.		7,600		327,028
Umpqua Holdings Corp.		3,380		60,333
Unum Group		5,520		226,486
US Bancorp		15,603		680,447
Voya Financial, Inc.		1,020		62,720
W.R. Berkley Corp.		2,462		178,667
Wells Fargo & Co.		52,901		2,184,282
Western Alliance Bancorp		360		21,442
Willis Towers Watson PLC		1,213		296,675
Wintrust Financial Corp.		2,390		202,003
				28,874,859
Health Care — 9.8%
Abbott Laboratories		990		108,692
Acadia Healthcare Co., Inc. ^(b)		1,040		85,613

	Shares		Value
Agilent Technologies, Inc.		8,018	$	1,199,894
Amgen, Inc.		990		260,014
Becton Dickinson and Co.		360		91,548
Biogen, Inc. ^(b)		730		202,152
Bio-Techne Corp.		1,872		155,151
Boston Scientific Corp. ^(b)		700		32,389
Bristol-Myers Squibb Co.		7,721		555,526
Bruker Corp.		11,912		814,185
Centene Corp. ^(b)		7,952		652,143
Chemed Corp.		300		153,129
Cigna Corp.		1,480		490,383
CVS Health Corp.		10,949		1,020,337
Danaher Corp.		2,544		675,228
Doximity, Inc. - Class A ^(b)		3,780		126,857
Elevance Health, Inc.		2,380		1,220,869
Encompass Health Corp.		2,200		131,582
Enhabit, Inc. ^(b)		1,100		14,476
Envista Holdings Corp. ^(b)		10,483		352,963
Exelixis, Inc. ^(b)		5,970		95,759
Gilead Sciences, Inc.		3,740		321,079
GSK PLC - ADR		6,431		225,985
HCA Healthcare, Inc.		2,594		622,456
Hologic, Inc. ^(b)		4,183		312,930
Humana, Inc.		625		320,119
ICON PLC ^(b)		1,670		324,397
IQVIA Holdings, Inc. ^(b)		623		127,646
Johnson & Johnson		8,284		1,463,369
Laboratory Corp. of America Holdings		279		65,699
Maravai LifeSciences Holdings, Inc. - Class A ^(b)		8,985		128,575
Masimo Corp. ^(b)		740		109,483
Medtronic PLC		9,116		708,495
Merck & Co., Inc.		2,524		280,038
Moderna, Inc. ^(b)		520		93,402
Molina Healthcare, Inc. ^(b)		440		145,297
Oak Street Health, Inc. ^(b)		2,470		53,130
Perrigo Co. PLC		1,340		45,681
Pfizer, Inc.		16,283		834,341
Premier, Inc. - Class A		4,950		173,151
Quest Diagnostics, Inc.		525		82,131
QuidelOrtho Corp. ^(b)		460		39,408

See Notes to Financial Statements.
64

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a) (Continued)
Health Care — 9.8% (Continued)
Royalty Pharma PLC - Class A		3,205	$	126,662
Sanofi - ADR		5,185		251,110
Thermo Fisher Scientific, Inc.		474		261,027
United Therapeutics Corp. ^(b)		730		203,006
UnitedHealth Group, Inc.		900		477,162
Vertex Pharmaceuticals, Inc. ^(b)		210		60,644
Waters Corp. ^(b)		50		17,129
Zimmer Biomet Holdings, Inc.		2,384		303,960
				16,616,402
Industrials — 12.0%
3M Co.		1,052		126,156
A.O. Smith Corp.		1,030		58,957
AECOM		340		28,876
Allegion PLC		770		81,050
Allison Transmission Holdings, Inc.		150		6,240
Carlisle Cos., Inc.		100		23,565
Cintas Corp.		410		185,164
CNH Industrial NV		28,530		458,192
Core & Main, Inc. - Class A ^(b)		2,180		42,096
Crane Holdings Co.		400		40,180
CSX Corp.		800		24,784
Cummins, Inc.		3,221		780,416
Equifax, Inc.		2,816		547,318
Fastenal Co.		4,291		203,050
FedEx Corp.		6,705		1,161,306
Ferguson PLC		3,174		403,003
Fluor Corp. ^(b)		5,616		194,651
Fortive Corp.		855		54,934
General Dynamics Corp.		937		232,479
General Electric Co.		32,876		2,754,680
Graco, Inc.		5,277		354,931
Honeywell International, Inc.		4,560		977,208
IDEX Corp.		3,243		740,474
Illinois Tool Works, Inc.		1,070		235,721
Ingersoll Rand, Inc.		7,352		384,142

	Shares		Value
Johnson Controls International PLC		9,631	$	616,384
MSA Safety, Inc.		2,009		289,678
Nordson Corp.		1,815		431,462
Norfolk Southern Corp.		339		83,536
nVent Electric PLC		4,020		154,649
Otis Worldwide Corp.		15,890		1,244,346
Owens Corning		1,410		120,273
PACCAR, Inc.		6,284		621,928
Pentair PLC		3,767		169,440
Raytheon Technologies Corp.		6,850		691,302
RBC Bearings, Inc. ^(b)		1,259		263,572
Regal Rexnord Corp.		1,433		171,931
Republic Services, Inc.		145		18,704
Rockwell Automation, Inc.		2,671		687,970
Ryder System, Inc.		2,690		224,803
Schneider National, Inc. - Class B		5,830		136,422
Simpson Manufacturing Co., Inc.		2,121		188,048
Tetra Tech, Inc.		1,255		182,213
Textron, Inc.		2,590		183,372
The Boeing Co. ^(b)		3,200		609,568
Trane Technologies PLC		2,860		480,737
TransUnion		4,024		228,362
United Parcel Service, Inc. - Class B		710		123,426
United Rentals, Inc. ^(b)		640		227,469
Verisk Analytics, Inc.		2,293		404,531
Waste Management, Inc.		1,450		227,476
Watsco, Inc.		1,951		486,579
Watts Water Technologies, Inc. - Class A		5,305		775,750
Westinghouse Air Brake Technologies Corp.		2,238		223,375
				20,366,879
Information Technology — 14.2%
Accenture PLC - Class A		3,466		924,867
Adobe, Inc. ^(b)		1,404		472,488
Altair Engineering, Inc. - Class A ^(b)		3,806		173,059
Amdocs Ltd.		1,300		118,170
Analog Devices, Inc.		6,533		1,071,608

See Notes to Financial Statements.
65

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a) (Continued)
Information Technology — 14.2% (Continued)
ANSYS, Inc. ^(b)		2,586	$	624,752
Applied Materials, Inc.		2,938		286,102
Autodesk, Inc. ^(b)		2,190		409,245
Automatic Data Processing, Inc.		970		231,694
Avnet, Inc.		4,180		173,804
Bill.com Holdings, Inc. ^(b)		610		66,466
Block, Inc. ^(b)		2,450		153,958
Cadence Design Systems, Inc. ^(b)		6,282		1,009,140
Ceridian HCM Holding, Inc. ^(b)		440		28,226
Cisco Systems, Inc.		16,800		800,352
Cognizant Technology Solutions Corp. - Class A		12,126		693,486
Concentrix Corp.		815		108,525
Corning, Inc.		14,151		451,983
Coupa Software, Inc. ^(b)		650		51,460
DoubleVerify Holdings, Inc. ^(b)		5,930		130,223
F5, Inc. ^(b)		7,418		1,064,557
Fidelity National Information Services, Inc.		5,000		339,250
First Solar, Inc. ^(b)		780		116,836
Fiserv, Inc. ^(b)		2,300		232,461
FleetCor Technologies, Inc. ^(b)		176		32,328
Genpact Ltd.		688		31,868
Jabil, Inc.		6,220		424,204
Juniper Networks, Inc.		870		27,805
KLA Corp.		985		371,375
Lam Research Corp.		782		328,675
LiveRamp Holdings, Inc. ^(b)		2,457		57,592
Manhattan Associates, Inc. ^(b)		2,277		276,428
Marvell Technology, Inc.		860		31,854
Mastercard, Inc. - Class A		2,779		966,342
Microchip Technology, Inc.		3,760		264,140
Micron Technology, Inc.		19,866		992,903
Microsoft Corp.		13,125		3,147,637
Motorola Solutions, Inc.		1,014		261,318
Novanta, Inc. ^(b)		1,366		185,598
Oracle Corp.		18,567		1,517,667

	Shares		Value
Paychex, Inc.		136	$	15,716
PayPal Holdings, Inc. ^(b)		2,850		202,977
Power Integrations, Inc.		1,268		90,941
PTC, Inc. ^(b)		1,639		196,746
QUALCOMM, Inc.		440		48,374
Salesforce.com, Inc. ^(b)		5,342		708,296
Silicon Laboratories, Inc. ^(b)		2,014		273,239
Snowflake, Inc. - Class A ^(b)		240		34,450
StoneCo Ltd. - Class A ^(b)		4,710		44,462
Synopsys, Inc. ^(b)		2,209		705,312
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		3,686		274,570
TE Connectivity Ltd.		5,701		654,475
Telefonaktiebolaget LM Ericsson - ADR		80,052		467,504
Texas Instruments, Inc.		2,316		382,649
Unity Software, Inc. ^(b)(c)		1,790		51,176
VeriSign, Inc. ^(b)		29		5,958
Workday, Inc. - Class A ^(b)		9,390		1,571,229
				24,378,520
Materials — 3.6%
Ashland, Inc.		3,090		332,268
Corteva Inc		4,509		265,039
Eagle Materials, Inc.		2,570		341,424
Franco-Nevada Corp.		4,767		649,812
International Paper Co.		4,935		170,899
Linde PLC		28		9,133
Martin Marietta Materials, Inc.		1,763		595,841
NewMarket Corp.		444		138,133
Olin Corp.		10,900		577,046
Royal Gold, Inc.		4,165		469,479
RPM International, Inc.		2,509		244,502
Sealed Air Corp.		3,096		154,428
Silgan Holdings, Inc.		990		51,322
Sonoco Products Co.		1,540		93,493
Southern Copper Corp.		1,050		63,409
SSR Mining, Inc.		3,280		51,398
The Sherwin-Williams Co.		1,789		424,583
United States Steel Corp.		3,850		96,443
Vulcan Materials Co.		5,518		966,257
Westrock Co.		780		27,425

See Notes to Financial Statements.
66

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 80.5% ^(a) (Continued)
Materials — 3.6% (Continued)
Wheaton Precious Metals Corp.		8,095	$	316,267
				6,038,601
Real Estate — 1.3%
Apartment Income REIT Corp.		5,050		173,266
Camden Property Trust		1,200		134,256
CBRE Group, Inc. - Class A ^(b)		3,576		275,209
EPR Properties		6,720		253,478
Equity Residential		1,140		67,260
Healthcare Realty Trust, Inc.		18,949		365,147
Lamar Advertising Co. - Class A		180		16,992
Mid-America Apartment Communities, Inc.		1,030		161,700
National Retail Properties, Inc.		1,660		75,962
Rayonier. Inc.		7,174		236,455
SBA Communications Corp.		1,020		285,916
Ventas, Inc.		5,180		233,359
				2,279,000
Utilities — 1.7%
American Electric Power Co., Inc.		980		93,051
American Water Works Co., Inc.		680		103,646
Brookfield Renewable Corp. - Class A		7,460		205,449
Dominion Energy, Inc.		1,720		105,470
Duke Energy Corp.		2,280		234,817
Evergy, Inc.		840		52,861
Exelon Corp.		1,156		49,974
FirstEnergy Corp.		2,230		93,526
Hawaiian Electric Industries, Inc.		740		30,969
National Fuel Gas Co.		1,150		72,795
NiSource, Inc.		3,220		88,292
PPL Corp.		40,423		1,181,160
Sempra Energy		270		41,726
The Southern Co.		2,061		147,176
UGI Corp.		9,010		334,001
Vistra Corp.		2,580		59,856

	Shares		Value
Xcel Energy, Inc.		490	$	34,354
				2,929,123
Total Common Stocks (Cost $127,667,759)				136,667,040

	Par Value
U.S. TREASURY OBLIGATIONS — 0.6%
U.S. Treasury Notes — 0.6%
0.125%, due 05/31/23	$	13,800	13,550
0.250%, due 09/30/23		16,000	15,475
1.625%, due 10/31/23		44,100	42,997
0.250%, due 06/15/24		147,000	137,973
0.750%, due 11/15/24		29,000	27,070
4.250%, due 12/31/24		68,000	67,766
3.000%, due 07/15/25		44,000	42,611
4.000%, due 12/15/25		68,000	67,575
0.875%, due 09/30/26		177,000	157,143
1.250%, due 11/30/26		265,000	237,672
1.500%, due 01/31/27		29,100	26,263
2.750%, due 04/30/27		1,000	947
3.250%, due 06/30/27		1,500	1,450
3.875%, due 11/30/27		12,800	12,728
3.875%, due 12/31/27		47,200	46,935
1.250%, due 09/30/28		2,000	1,718
1.125%, due 02/15/31 (c)		8,000	6,516
2.750%, due 08/15/32		15,000	13,643
4.125%, due 11/15/32		13,000	13,260
Total U.S. Treasury Obligations (Cost $996,490)			933,292

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, 1.691%, due 03/25/30 (d) Callable: 12/25/29		289,817	27,386
Series K-1501, 0.379%, due 04/25/30 (d) Callable: 02/25/30		1,616,107	33,451

See Notes to Financial Statements.
67

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1% (Continued)
Federal Home Loan Mortgage Corp. — 0.1% (Continued)
Series K-110, 1.697%, due 04/25/30 (d) Callable: 02/25/30	$	298,880	$	27,611
Series K-118, 0.959%, due 09/25/30 (d) Callable: 06/25/30		597,342		33,327
Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $103,041)				121,775

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7%
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (e)(f)		70,000		66,704
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (d)(e) Callable: 04/25/45		267,935		207,210
Deephaven Residential Mortgage Trust 2022-2
Series 2022-2, 4.300%, due 03/25/67 (d)(e) Callable: 04/25/25		364,313		346,480
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (e)(f)		110,000		103,130
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (e)		120,000		108,900
JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (e)		90,000		86,867
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (d)(e) Callable: 04/25/29		34,984		30,247

	Par Value		Value
JP Morgan Mortgage Trust 2018-5
Series 2018-5, 3.500%, due 10/25/48 (d)(e) Callable: 01/25/28	$	63,152	$	54,724
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (d)(e) Callable: 01/25/23		10,663		9,777
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (d)(e) Callable: 08/25/32		61,933		54,257
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (d)(e) Callable: 03/25/28		45,271		38,794
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (d)(e) Callable: 01/25/45		170,579		132,239
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (d)(e) Callable: 05/25/23		37,463		33,312
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.113%, due 07/17/45 (d) Callable: 06/15/23		105,000		100,536
KREST Commercial Mortgage Securities Trust 2021-CHIP
Series C, 3.024%, due 11/07/44 (d)(e)		225,000		157,893
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 3.888%, due 11/18/49 (d) Callable: 11/15/26		100,000		77,803
OBX 2021-J3 Trust
Series 2021-J3, 2.500%, due 10/25/51 (d)(e) Callable: 05/25/45		400,000		264,654
Provident Funding Mortgage Trust 2021-J1
Series FLT, 2.000%, due 10/25/51 (d)(e) Callable: 08/25/47		100,000		58,341

See Notes to Financial Statements.
68

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 1.7% (Continued)
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (d)(e) Callable: 08/25/37	$	34,587	$	29,258
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (e)(f) Callable: 03/25/23		250,000		241,951
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (d) Callable: 02/25/25		46,912		39,376
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (d)(e) Callable: 01/25/24		2,353		2,286
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (d)(e) Callable: 01/25/40		100,000		64,640
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (d)(e) Callable: 07/25/44		250,000		165,393
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/17/41 (e)		140,000		112,277
Verus Securitization Trust 2021-3
Series 2021-3, 1.046%, due 06/25/66 (d)(e) Callable: 06/25/24		172,821		142,537
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (d)(e) Callable: 08/25/29		62,503		53,390
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (d) Callable: 08/15/24		120,000		111,931
Total Non-Agency Mortgage-Backed Obligations (Cost $3,567,693)				2,894,907

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
BBCMS Trust 2021-C10
Series 2021-C10, 1.298%, due 07/17/54 (d) Callable: 05/15/31	$	991,767	$	74,865
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.709%, due 08/15/53 (d) Callable: 06/15/30		458,027		31,636
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $139,183)				106,501

ASSET-BACKED SECURITIES — 1.4%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 03/22/29		51,907		46,051
American Airlines 2016-1 Class AA Pass Through Trust
Series 2016-1, 3.575%, due 07/15/29		4,286		3,815
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29		25,183		21,813
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 Callable: 03/18/25		100,000		90,986
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (e) Callable: 11/20/23		88,333		76,194
CLI Funding VIII LLC
Series LLC, 2.720%, due 01/18/47 (e) Callable: 12/19/23		91,813		77,963
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (e) Callable: Currently		59,694		57,240
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24		77,207		76,369

See Notes to Financial Statements.
69

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 1.4% (Continued)
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35	$	125,028	$	101,519
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (e) Callable: 10/25/28		108,306		97,233
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (e) Callable: 01/15/25		100,000		95,103
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (e) Callable: 07/20/32		57,692		46,929
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/15/69 (e) Callable: 04/15/27		65,445		56,342
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (e) Callable: 01/15/28		46,189		39,913
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (e) Callable: 02/10/25		100,000		92,988
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (e) Callable: Currently		100,000		94,194
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (e) Callable: 03/15/25		100,000		91,155
Santander Drive Auto Receivables Trust 2019-3
Series D, 2.680%, due 10/15/25 Callable: 09/15/23		61,119		60,543
Santander Drive Auto Receivables Trust 2020-3
Series C, 1.120%, due 01/15/26 Callable: 04/15/24		66,404		65,818

	Par Value		Value
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26	$	100,000	$	97,148
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (e) Callable: Currently		128,839		114,218
SoFi Consumer Loan Program 2021-1 Trust
Series B, 1.300%, due 09/25/30 (e) Callable: 08/25/24		250,000		235,506
Sofi Professional Loan Program 2017-C LLC
Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (e)(f) Callable: 01/25/25		23,163		23,060
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (e) Callable: 07/25/25		37,216		36,029
Sunnova Helios IV Issuer LLC
Series A, 2.980%, due 06/20/47 (e) Callable: 06/20/27		113,199		94,198
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (e)		137,828		106,095
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (e) Callable: 07/15/24		100,000		94,146
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (e) Callable: 05/15/24		81,221		80,710
Westlake Automobile Receivables Trust 2022-2
Series B, 4.310%, due 09/15/27 (e) Callable: 03/15/26		200,000		193,468
Total Asset-Backed Securities (Cost $2,603,825)				2,366,746

See Notes to Financial Statements.
70

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 2.2%
Aimco CLO 11 Ltd.
Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (e)(f) Callable: 10/17/23	$	500,000	$	486,704
Apidos CLO XXIII
Series XXIII, 5.299%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (e)(f) Callable: 01/15/23		250,000		244,434
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (e)(f) Callable: 12/15/23		250,000		233,845
Arbor Realty Commercial Real Estate Notes 2021-FL3 Ltd.
Series C, 6.168%, due 08/15/34 (1 Month U.S. LIBOR + 1.850%) (e)(f)(g) Callable: 03/15/24		225,000		206,757
Benefit Street Partners CLO XIX Ltd.
Series A, 5.429%, due 01/15/33 (3 Month U.S. LIBOR + 1.350%) (e)(f) Callable: 01/15/23		250,000		243,786
CARLYLE US CLO 2021-1 Ltd.
Series LTD, 5.219%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (e)(f) Callable: 04/15/23		250,000		242,545
Greystone CRE Notes 2021-FL3 Ltd.
Series 2021-FL3, 6.318%, due 07/15/39 (1 Month U.S. LIBOR + 2.000%) (e)(f)(g) Callable: 08/15/23		225,000		207,052
Madison Park Funding XXI Ltd.
Series FLT, 5.479%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (e)(f) Callable: 01/15/23		250,000		239,265

	Par Value		Value
Marble Point CLO XIV Ltd.
Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (e)(f) Callable: 01/20/23	$	280,000	$	273,638
MF1 2021-FL6 Ltd.
Series 2021-FL6, 6.176%, due 07/18/36 (1 Month U.S. LIBOR + 1.850%) (e)(f)(g) Callable: 07/16/23		225,000		206,896
MF1 2021-FL7 Ltd.
Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (e)(f)(g) Callable: 10/16/23		200,000		187,244
Octagon Investment Partners 48 Ltd.
Series A-R, 5.393%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 10/20/23		250,000		243,197
OHA Credit Funding 3 Ltd.
Series A-R, 5.383%, due 07/02/35 (3 Month U.S. LIBOR + 1.140%) (e)(f) Callable: 07/20/23		250,000		243,899
OHA Loan Funding 2015-1 Ltd.
Series LTD, 5.377%, due 01/19/37 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 01/19/24		270,000		262,915
Palmer Square CLO 2019-1 Ltd.
Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (e)(f) Callable: 11/14/23		250,000		243,951
Total Collateralized Loan Obligations (Cost $3,922,951)				3,766,128

See Notes to Financial Statements.
71

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.0%
Basic Materials — 0.1%
Ecolab, Inc.
4.800%, due 03/24/30 Callable: 12/24/29	$	33,000	$	32,778
Steel Dynamics, Inc.
1.650%, due 10/15/27 Callable: 08/15/27		46,000		38,549
				71,327
Communications — 0.2%
Amazon.com, Inc.
1.500%, due 06/03/30 Callable: 03/03/30		70,000		56,171
AT&T, Inc.
2.250%, due 02/01/32 Callable: 11/01/31		92,000		72,206
Fox Corp.
3.050%, due 04/07/25 Callable: 03/07/25		88,000		83,986
Meta Platforms, Inc.
3.500%, due 08/15/27		14,000		13,043
3.850%, due 08/15/32		23,000		20,313
The Walt Disney Co.
2.200%, due 01/13/28		28,000		24,990
T-Mobile USA, Inc.
2.250%, due 02/15/26 Callable: 02/15/23		8,000		7,289
3.750%, due 04/15/27 Callable: 02/15/27		28,000		26,407
Verizon Communications, Inc.
4.329%, due 09/21/28		36,000		34,532
2.355%, due 03/15/32 Callable: 12/15/31		73,000		57,831
				396,768
Consumer, Cyclical — 0.1%
American Honda Finance Corp.
1.200%, due 07/08/25		38,000		34,729
O’Reilly Automotive, Inc.
3.600%, due 09/01/27 Callable: 06/01/27		87,000		81,840
Ross Stores, Inc.
4.600%, due 04/15/25 Callable: 03/15/25		62,000		61,598
				178,167

	Par Value		Value
Consumer, Non-cyclical — 0.4%
AbbVie, Inc.
3.800%, due 03/15/25 Callable: 12/15/24	$	57,000	$	55,589
Altria Group, Inc.
3.400%, due 05/06/30 Callable: 02/06/30		26,000		22,208
Amgen, Inc.
3.200%, due 11/02/27 Callable: 08/02/27		53,000		49,169
BAT International Finance PLC
1.668%, due 03/25/26 Callable: 02/25/26		58,000		51,312
CVS Health Corp.
3.875%, due 07/20/25 Callable: 04/20/25		93,000		90,737
1.750%, due 08/21/30 Callable: 05/21/30		72,000		56,665
Global Payments, Inc.
2.650%, due 02/15/25 Callable: 01/15/25		43,000		40,328
HCA, Inc.
4.125%, due 06/15/29 Callable: 03/15/29		44,000		40,480
Johnson & Johnson
0.950%, due 09/01/27 Callable: 07/01/27		80,000		68,811
1.300%, due 09/01/30 Callable: 06/01/30		80,000		64,530
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 Callable: 03/25/25		9,000		8,930
PepsiCo, Inc.
2.625%, due 07/29/29 Callable: 04/29/29		34,000		30,043
Royalty Pharma PLC
1.200%, due 09/02/25 Callable: 08/02/25		29,000		25,946
1.750%, due 09/02/27 Callable: 07/02/27		29,000		24,627
2.200%, due 09/02/30 Callable: 06/02/30		51,000		39,860
Triton Container International Ltd.
2.050%, due 04/15/26 (e)Callable: 03/15/26		86,000		74,847
				744,082

See Notes to Financial Statements.
72

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.0% (Continued)
Energy — 0.2%
Enterprise Products Operating LLC
2.800%, due 01/31/30 Callable: 10/31/29	$	46,000	$	39,200
Exxon Mobil Corp.
2.275%, due 08/16/26 Callable: 06/16/26		42,000		38,979
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 Callable: 01/30/23		37,000		36,900
MPLX LP
4.875%, due 12/01/24 Callable: 09/01/24		38,000		37,698
2.650%, due 08/15/30 Callable: 05/15/30		21,000		17,069
Phillips 66
0.900%, due 02/15/24 Callable: 01/30/23		37,000		35,320
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27 Callable: 09/15/26		36,000		35,325
				240,491
Financial — 1.3%
American Express Co.
2.250%, due 03/04/25 Callable: 02/01/25		46,000		43,431
American International Group, Inc.
3.900%, due 04/01/26 Callable: 01/01/26		17,000		16,453
Assurant, Inc.
4.200%, due 09/27/23 Callable: 08/27/23		27,000		26,696
Aviation Capital Group LLC
1.950%, due 09/20/26 (e) Callable: 08/20/26		73,000		61,732
Avolon Holdings Funding Ltd.
2.125%, due 02/21/26 (e) Callable: 01/21/26		144,000		124,020
Bank of America Corp.
4.000%, due 01/22/25		39,000		38,182
0.976%, due 04/22/25 (SOFR Rate + 0.690%) (f) Callable: 04/22/24		80,000		74,673

	Par Value		Value
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (f) Callable: 07/22/26	$	200,000	$	175,726
3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (f) Callable: 07/21/27		48,000		44,188
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (f) Callable: 04/29/30		72,000		58,686
Blackstone Holdings Finance Co. LLC
1.625%, due 08/05/28 (e) Callable: 06/05/28		104,000		84,661
BNP Paribas SA
2.819%, due 11/19/25 (3 Month U.S. LIBOR + 1.111%) (e)(f) Callable: 11/19/24		200,000		189,333
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (f) Callable: 05/01/24		70,000		65,474
Equinix, Inc.
1.250%, due 07/15/25 Callable: 06/15/25		69,000		62,395
2.900%, due 11/18/26 Callable: 09/18/26		54,000		49,251
Intercontinental Exchange, Inc.
3.750%, due 12/01/25 Callable: 09/01/25		65,000		63,289
JPMorgan Chase & Co.
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (f) Callable: 09/22/26		136,000		117,491
2.947%, due 02/24/28 (SOFR Rate + 1.170%) (f) Callable: 02/24/27		33,000		29,878
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (f) Callable: 02/04/31		38,000		29,172
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (f) Callable: 04/22/31		31,000		24,862
Kite Realty Group LP
4.000%, due 10/01/26 Callable: 07/01/26		41,000		37,665

See Notes to Financial Statements.
73

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.0% (Continued)
Financial — 1.3% (Continued)
Main Street Capital Corp.
3.000%, due 07/14/26 Callable: 06/14/26	$	76,000	$	65,760
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23		37,000		36,680
Morgan Stanley
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (f) Callable: 10/21/24		62,000		57,051
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (f) Callable: 04/28/25		93,000		86,380
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (f) Callable: 05/04/26		96,000		84,038
1.512%, due 07/20/27 (SOFR Rate + 0.858%) (f) Callable: 07/20/26		64,000		55,598
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (f) Callable: 07/21/31		20,000		15,299
6.342%, due 10/18/33 (SOFR Rate + 2.560%) (f) Callable: 10/18/32		60,000		62,660
Realty Income Corp.
3.250%, due 01/15/31 Callable: 10/15/30		92,000		79,925
Royal Bank of Canada
1.200%, due 04/27/26		50,000		44,473
Sumitomo Mitsui Trust Bank Ltd.
2.800%, due 03/10/27 (e)		52,000		47,249
The Bank of Nova Scotia
2.700%, due 08/03/26		67,000		62,010
The Goldman Sachs Group, Inc.
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (f) Callable: 02/12/25		50,000		45,231
US Bancorp
4.548%, due 07/22/28 (SOFR Rate + 1.660%) (f) Callable: 07/22/27		31,000		30,253

	Par Value		Value
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (f) Callable: 10/30/24	$	80,000	$	75,723
2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (f) Callable: 02/11/25		18,000		16,798
				2,282,386
Industrial — 0.2%
3M Co.
2.000%, due 02/14/25 Callable: 01/14/25		48,000		45,408
Amphenol Corp.
2.800%, due 02/15/30 Callable: 11/15/29		51,000		43,676
Carrier Global Corp.
2.722%, due 02/15/30 Callable: 11/15/29		103,000		86,794
Caterpillar Financial Services Corp.
3.250%, due 12/01/24		50,000		48,545
Raytheon Technologies Corp.
3.200%, due 03/15/24 Callable: 01/15/24		48,000		47,076
The Boeing Co.
4.875%, due 05/01/25 Callable: 04/01/25		27,000		26,822
				298,321
Technology — 0.2%
Apple, Inc.
1.200%, due 02/08/28 Callable: 12/08/27		60,000		50,929
Broadcom, Inc.
2.450%, due 02/15/31 (e) Callable: 11/15/30		32,000		25,280
DXC Technology Co.
1.800%, due 09/15/26 Callable: 08/15/26		58,000		50,634
Fiserv, Inc.
3.850%, due 06/01/25 Callable: 03/01/25		52,000		50,452
Intel Corp.
3.700%, due 07/29/25 Callable: 04/29/25		32,000		31,227

See Notes to Financial Statements.
74

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.0% (Continued)
Technology — 0.2% (Continued)
Microsoft Corp.
2.400%, due 08/08/26 Callable: 05/08/26	$	90,000	$	83,913
Oracle Corp.
2.950%, due 04/01/30 Callable: 01/01/30		80,000		68,285
Vmware, Inc.
1.000%, due 08/15/24 Callable: 01/30/23		51,000		47,463
				408,183
Utilities — 0.3%
Ameren Illinois Co.
3.800%, due 05/15/28 Callable: 02/15/28		50,000		47,475
Duke Energy Corp.
3.150%, due 08/15/27 Callable: 05/15/27		94,000		86,574
4.300%, due 03/15/28 Callable: 02/15/28		50,000		48,210
Entergy Corp.
0.900%, due 09/15/25 Callable: 08/15/25		20,000		17,775
NextEra Energy Capital Holdings, Inc.
4.625%, due 07/15/27 Callable: 06/15/27		94,000		92,583
Sierra Pacific Power Co.
2.600%, due 05/01/26 Callable: 02/01/26		67,000		62,224
Southwestern Electric Power Co.
1.650%, due 03/15/26 Callable: 02/15/26		60,000		53,569
The AES Corp.
1.375%, due 01/15/26 Callable: 12/15/25		47,000		41,319
Trans-Allegheny Interstate Line Co.
3.850%, due 06/01/25 (e) Callable: 03/01/25		78,000		75,263
				524,992
Total Corporate Bonds (Cost $5,811,319)				5,144,717

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2%
Voya Emerging Markets Hard Currency Debt Fund - Class P		78,424	$	577,203
Voya High Yield Bond Fund - Class P		113,558		746,079
Voya Investment Grade Credit Fund - Class P		219,570		1,965,147
Voya Securitized Credit Fund - Class P		446,793		3,922,845
Total Affiliated Registered Investment Companies (Cost $8,309,520)				7,211,274

Total Investments at Value — 93.8% (Cost $153,121,781)				159,212,380
Other Assets in Excess of Liabilities — 6.2%				10,526,229
Net Assets — 100.0%			$	169,738,609

Percentages are stated as a percent of net assets.

ADR - American Depository Receipt

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

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, 2022. The total fair value of securities on loan at December 31, 2022 was $119,620 (Note 8).

(d)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

(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, 2022, the value of these investments was $8,816,458 or 5.2% of total net assets.

See Notes to Financial Statements.
75

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

(f)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

(g)	Illiquid security. The total value of such securities is $807,949 as of December 31, 2022, representing 0.5% of net assets.

See Notes to Financial Statements.
76

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Total Return Swaps

December 31, 2022

Counterparty

Reference
Entity

Pay/
Receive
Total
Return on
Reference
Entity

Financing
Rate

Maturity
Date

Payment
Frequency

Notional
Amount

Value/
Unrealized
Appreciation

Goldman Sachs Bank, USA

Russell 1000 Value Total Return Index

Receive

(U.S. Federal Funds Rate + 0.300%)

12/04/2023

At Maturity

14,891

31,897,981

397,322

Total Return Swap Contracts

397,322

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Centrally Cleared Credit
Default Swaps

December 31, 2022

Counterparty	Reference Entity	Protection	Pay Fixed Rate	Termination Date	Payment Frequency	Notional Amount		Value		Premium Paid		Unrealized Depreciation
Morgan Stanley Capital	CDX North American High Yield Index	Buy	5.000%	12/20/2027	Quarterly		520,000	$	2,162	$	6,081	$	(3,919	)

Total Credit Default Swap Contracts								$	2,162	$	6,081	$	(3,919	)

See Notes to Financial Statements.
77

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Schedule of Futures Contracts

December 31, 2022

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	2	03/31/2023	$	381,572	$	(520	)
5-Year U.S. Treasury Note Future	16	03/31/2023		1,514,646		2,010
10-Year U.S. Treasury Note Future	7	03/22/2023		697,253		4,197
U.S. Treasury Long Bond Future	8	03/22/2023		855,346		8,983
Ultra 10-Year U.S. Treasury Bond Future	11	03/22/2023		1,126,354		9,087
Ultra Long-Term U.S. Treasury Bond Future	7	03/22/2023		592,414		10,048
Total Futures Contracts Sold Short			$	5,167,585	$	33,805

See Notes to Financial Statements.
78

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a)
Communication Services — 0.8%
Bandwidth, Inc. - Class A (b)		296	$	6,793
Iridium Communications, Inc. (b)		1,393		71,600
Magnite, Inc. (b)		168		1,779
Shutterstock, Inc.		551		29,049
Thryv Holdings, Inc. (b)		510		9,690
Vimeo, Inc. (b)		1,799		6,171
Yelp, Inc. (b)		527		14,408
ZipRecruiter, Inc. - Class A (b)		1,909		31,346
				170,836
Consumer Discretionary — 9.9%
America’s Car-Mart, Inc. (b)		1,410		101,887
Asbury Automotive Group, Inc. (b)		37		6,632
Bloomin’ Brands, Inc.		1,549		31,166
Boot Barn Holdings, Inc. (b)		2,673		167,116
Caleres, Inc.		258		5,748
Cavco Industries, Inc. (b)		188		42,535
Chegg, Inc. (b)		1,235		31,208
Chico’s FAS, Inc. (b)		2,166		10,657
Crocs, Inc. (b)		192		20,819
Dave & Buster’s Entertainment, Inc. (b)		1,148		40,685
Destination XL Group, Inc. (b)		1,492		10,071
Everi Holdings, Inc. (b)		1,258		18,052
First Watch Restaurant Group, Inc. (b)		302		4,086
Fox Factory Holding Corp. (b)^(c)		211		19,250
Green Brick Partners, Inc. (b)		6,163		149,330
Hilton Grand Vacations, Inc. (b)		599		23,085
International Game Technology PLC		101		2,291
KB Home		93		2,962
Legacy Housing Corp. (b)		378		7,167
Lindblad Expeditions Holdings, Inc. (b)		119		916

	Shares		Value
M/I Homes, Inc. (b)		29	$	1,339
MasterCraft Boat Holdings, Inc. (b)		93		2,406
Monarch Casino & Resort, Inc. (b)		146		11,226
Murphy USA, Inc.		67		18,729
OneWater Marine, Inc. - Class A (b)		54		1,544
Oxford Industries, Inc.		602		56,094
Perdoceo Education Corp. (b)		404		5,616
Portillo’s, Inc. - Class A (b)		7,432		121,290
Red Rock Resorts, Inc. - Class A		341		13,643
SeaWorld Entertainment, Inc. (b)		134		7,170
Skyline Champion Corp. (b)		2,197		113,167
Steven Madden Ltd.		5,522		176,483
Stitch Fix, Inc. - Class A (b)		468		1,456
Stoneridge, Inc. (b)		4,932		106,334
Target Hospitality Corp. (b)		872		13,202
Texas Roadhouse, Inc.		4,643		422,281
The Buckle, Inc.		150		6,803
The Cheesecake Factory, Inc. (c)		997		31,615
The Lovesac Co. (b)		4,924		108,377
The ONE Group Hospitality, Inc. (b)		1,016		6,401
TopBuild Corp. (b)		739		115,646
Visteon Corp. (b)		43		5,626
Vivint Smart Home, Inc. (b)		997		11,864
Wingstop, Inc.		289		39,772
WW International, Inc. (b)		662		2,555
Xponential Fitness, Inc. - Class A (b)		530		12,153
YETI Holdings, Inc. (b)		2,654		109,637
				2,218,092
Consumer Staples — 5.7%
BellRing Brands, Inc. (b)		131		3,359
Cal-Maine Foods, Inc.		221		12,034
Celsius Holdings, Inc. (b)		30		3,121
Coca-Cola Consolidated, Inc.		9		4,611
elf Beauty, Inc. (b)		8,670		479,451

See Notes to Financial Statements.
79

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Consumer Staples — 5.7% (Continued)
Grocery Outlet Holding Corp. (b)		11,567	$	337,641
Inter Parfums, Inc.		289		27,894
Lancaster Colony Corp.		125		24,663
LifeMD, Inc. (b)		6,615		12,833
Medifast, Inc.		187		21,570
Performance Food Group Co. (b)		418		24,407
Sovos Brands, Inc. (b)		7,512		107,948
Sprouts Farmers Market, Inc. (b)		690		22,335
The Beauty Health Co. (b)		13,741		125,043
The Chefs’ Warehouse, Inc. (b)		1,467		48,822
The Simply Good Foods Co. (b)		406		15,440
United Natural Foods, Inc. (b)		327		12,658
				1,283,830
Energy — 6.7%
Arch Resources, Inc. (c)		15		2,142
Berry Corp.		1,453		11,624
ChampionX Corp.		1,064		30,845
Chord Energy Corp.		473		64,711
Civitas Resources, Inc.		110		6,372
CNX Resources Corp. (b)		154		2,593
Comstock Resources, Inc.		814		11,160
CONSOL Energy, Inc.		761		49,465
Denbury, Inc. (b)		289		25,149
Dorian LPG Ltd.		52		985
Earthstone Energy, Inc. - Class A (b)^(c)		24,625		350,414
Excelerate Energy, Inc. - Class A		9,410		235,720
Golar LNG Ltd. (b)		648		14,768
Kosmos Energy Ltd. (b)		2,295		14,596
Liberty Energy, Inc.		461		7,381
Magnolia Oil & Gas Corp. - Class A		2,195		51,473
Matador Resources Co.		1,032		59,072
Murphy Oil Corp.		1,404		60,386
Oceaneering International, Inc. (b)		418		7,311

	Shares		Value
Ovintiv, Inc.		217	$	11,004
Patterson-UTI Energy, Inc.		544		9,161
Permian Resources Corp.		27,482		258,331
Sitio Royalties Corp. - Class A		3,617		104,337
SM Energy Co.		288		10,031
Solaris Oilfield Infrastructure, Inc. - Class A		2,594		25,758
Talos Energy, Inc. (b)		789		14,896
Tellurian, Inc. (b)		2,379		3,997
Uranium Energy Corp. (b)^(c)		4,421		17,153
US Silica Holdings, Inc. (b)		1,249		15,613
Weatherford International PLC (b)		481		24,493
				1,500,941
Financials — 6.2%
Atlanticus Holdings Corp. (b)		58		1,520
Banc of California, Inc.		6,959		110,857
BancFirst Corp.		280		24,690
Cadence Bank		9,785		241,298
Coastal Financial Corp. (b)		51		2,424
CrossFirst Bankshares, Inc. (b)		892		11,070
Eastern Bankshares, Inc.		1,124		19,389
Esquire Financial Holdings, Inc.		771		33,353
First BanCorp		904		11,499
First Financial Bankshares, Inc.		1,098		37,771
GAMCO Investors, Inc. - Class A		608		9,266
Hanmi Financial Corp.		172		4,257
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		155		4,492
Home BancShares, Inc.		11,167		254,496
HomeTrust Bancshares, Inc.		254		6,139
Houlihan Lokey, Inc.		601		52,383
James River Group Holdings Ltd.		5,371		112,308
Kinsale Capital Group, Inc.		33		8,630

See Notes to Financial Statements.
80

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Financials — 6.2% (Continued)
Lakeland Financial Corp.		28	$	2,043
Metrocity Bankshares, Inc.		600		12,978
Metropolitan Bank Holding Corp. (b)		69		4,048
National Bank Holdings Corp. - Class A		217		9,129
NMI Holdings, Inc. - Class A (b)		480		10,032
Open Lending Corp. - Class A (b)		1,847		12,467
Origin Bancorp, Inc.		177		6,496
Regional Management Corp.		401		11,260
RLI Corp.		50		6,564
ServisFirst Bancshares, Inc.		192		13,231
Silvergate Capital Corp. - Class A (b)^(c)		505		8,787
StepStone Group, Inc. - Class A		2,448		61,641
Texas Capital Bancshares, Inc. (b)		1,966		118,569
The Bank of NT Butterfield & Son Ltd.		320		9,539
Triumph Financial, Inc. (b)		2,008		98,131
Universal Insurance Holdings, Inc.		462		4,893
Veritex Holdings, Inc.		506		14,208
Westamerica BanCorp		850		50,159
				1,400,017
Health Care — 29.6%
Adaptive Biotechnologies Corp. (b)		625		4,775
Agenus, Inc. (b)		4,999		11,998
Akoya Biosciences, Inc. (b)		6,636		63,507
Alector, Inc. (b)		1,239		11,436
Alignment Healthcare, Inc. (b)		2,457		28,894
Alkermes PLC (b)		2,710		70,812
ALX Oncology Holdings, Inc. (b)		442		4,981
Amedisys, Inc. (b)		1,595		133,246
American Well Corp. - Class A (b)		21,331		60,367
AMN Healthcare Services, Inc. (b)		683		70,226

	Shares		Value
Amneal Pharmaceuticals, Inc. (b)		2,432	$	4,840
Amphastar Pharmaceuticals, Inc. (b)		440		12,329
Anavex Life Sciences Corp. (b)		216		2,000
Apellis Pharmaceuticals, Inc. (b)		127		6,567
Apollo Medical Holdings, Inc. (b)		798		23,613
Arcus Biosciences, Inc. (b)		2,533		52,382
Arrowhead Pharmaceuticals, Inc. (b)		462		18,739
Arvinas, Inc. (b)		393		13,444
Atea Pharmaceuticals, Inc. (b)		271		1,303
AtriCure, Inc. (b)		70		3,107
Avid Bioservices, Inc. (b)		13,986		192,587
Beam Therapeutics, Inc. (b)		2,241		87,646
BioCryst Pharmaceuticals, Inc. (b)		139		1,596
Biohaven Ltd. (b)		43		597
BioLife Solutions, Inc. (b)		9,233		168,041
Bluebird Bio, Inc. (b)		11,774		81,476
Blueprint Medicines Corp. (b)		203		8,893
Bridgebio Pharma, Inc. (b)		742		5,654
CareDx, Inc. (b)		313		3,571
Caribou Biosciences, Inc. (b)		5,706		35,834
Castle Biosciences, Inc. (b)		5,623		132,365
Catalyst Pharmaceuticals, Inc. (b)		1,636		30,430
Certara, Inc. (b)		4,541		72,974
Cerus Corp. (b)		3,583		13,078
Chemed Corp.		68		34,709
Collegium Pharmaceutical, Inc. (b)		1,242		28,814
CONMED Corp.		2,715		240,658
Corcept Therapeutics, Inc. (b)		1,135		23,052
CryoPort, Inc. (b)		5,529		95,928
CytoSorbents Corp. (b)		4,987		7,730
Denali Therapeutics, Inc. (b)		712		19,801

See Notes to Financial Statements.
81

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Health Care — 29.6% (Continued)
Dynavax Technologies Corp. (b)		1,248	$	13,279
Eagle Pharmaceuticals, Inc. (b)		130		3,800
Evolent Health, Inc. - Class A (b)		411		11,541
Fate Therapeutics, Inc. (b)		757		7,638
Globus Medical, Inc. - Class A (b)		217		16,117
Haemonetics Corp. (b)		208		16,359
Halozyme Therapeutics, Inc. (b)		2,045		116,360
Harmony Biosciences Holdings, Inc. (b)		83		4,573
Harvard Bioscience, Inc. (b)		55,586		153,973
Health Catalyst, Inc. (b)		9,115		96,892
Heron Therapeutics, Inc. (b)		2,098		5,245
iCAD, Inc. (b)		8,331		15,246
ImmunoGen, Inc. (b)		14,013		69,504
Inari Medical, Inc. (b)		225		14,301
Inhibrx, Inc. (b)		199		4,903
Innoviva, Inc. (b)		2,869		38,014
Inspire Medical Systems, Inc. (b)		337		84,884
Intellia Therapeutics, Inc. (b)		1,549		54,045
Intercept Pharmaceuticals, Inc. (b)		92		1,138
Intra-Cellular Therapies, Inc. (b)		369		19,527
Invitae Corp. (b)		1,225		2,278
iRadimed Corp.		120		3,395
iRhythm Technologies, Inc. (b)		88		8,243
Ironwood Pharmaceuticals, Inc. - Class A (b)		4,693		58,146
Karuna Therapeutics, Inc. (b)		176		34,584
Karyopharm Therapeutics, Inc. (b)		1,071		3,641
Kezar Life Sciences, Inc. (b)		7,133		50,216
Kiniksa Pharmaceuticals Ltd. - Class A (b)		6,481		97,085

	Shares		Value
Lantheus Holdings, Inc. (b)		799	$	40,717
LeMaitre Vascular, Inc.		6,548		301,339
LHC Group, Inc. (b)		1,261		203,891
MaxCyte, Inc. (b)		7,124		38,897
Medpace Holdings, Inc. (b)		1,794		381,064
Merit Medical Systems, Inc. (b)		159		11,229
Mesa Laboratories, Inc.		1,563		259,786
ModivCare, Inc. (b)		140		12,562
Morphic Holding, Inc. (b)		100		2,675
Neogen Corp. (b)		6,396		97,411
Nurix Therapeutics, Inc. (b)		394		4,326
NuVasive, Inc. (b)		28		1,155
Olink Holding AB - ADR (b)^(c)		6,633		168,346
Omnicell, Inc. (b)		183		9,227
Option Care Health, Inc. (b)		53		1,595
Organogenesis Holdings, Inc. (b)		1,356		3,648
OrthoPediatrics Corp. (b)		4,555		180,970
Pacific Biosciences of California, Inc. (b)		147		1,202
Pacira BioSciences, Inc. (b)		202		7,799
PetIQ, Inc. (b)		167		1,540
Phreesia, Inc. (b)		476		15,403
Pliant Therapeutics, Inc. (b)		4,033		77,958
Privia Health Group, Inc. (b)		948		21,529
Progyny, Inc. (b)		1,676		52,207
Prothena Corp. PLC (b)		1,762		106,160
Quanterix Corp. (b)		5,503		76,217
QuidelOrtho Corp. (b)		131		11,223
R1 RCM, Inc. (b)		2,419		26,488
RAPT Therapeutics, Inc. (b)		385		7,623
REGENXBIO, Inc. (b)		1,188		26,944
Relay Therapeutics, Inc. (b)		241		3,601
Relmada Therapeutics, Inc. (b)		385		1,344
Repligen Corp. (b)		1,670		282,748
Revance Therapeutics, Inc. (b)		2,482		45,818
Rigel Pharmaceuticals, Inc. (b)		1,532		2,298

See Notes to Financial Statements.
82

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Health Care — 29.6% (Continued)
Rocket Pharmaceuticals, Inc. (b)		234	$	4,579
Sangamo Therapeutics, Inc. (b)		644		2,022
Schrodinger, Inc. (b)		266		4,972
Seer, Inc. (b)		1,109		6,432
Select Medical Holdings Corp.		423		10,503
Shockwave Medical, Inc. (b)		466		95,814
SI-BONE, Inc. (b)		9,838		133,797
SIGA Technologies, Inc.		763		5,616
Silk Road Medical, Inc. (b)		1,542		81,495
Simulations Plus, Inc.		6,105		223,260
STAAR Surgical Co. (b)		967		46,938
Stoke Therapeutics, Inc. (b)		7,100		65,533
Surgery Partners, Inc. (b)		379		10,559
Tactile Systems Technology, Inc. (b)		840		9,643
TG Therapeutics, Inc. (b)		1,931		22,844
The Ensign Group, Inc.		1,066		100,854
The Pennant Group, Inc. (b)		117		1,285
Twist Bioscience Corp. (b)		423		10,072
Utah Medical Products, Inc.		67		6,736
Veracyte, Inc. (b)		2,936		69,671
Vericel Corp. (b)		3,171		83,524
ViewRay, Inc. (b)		1,214		5,439
Xencor, Inc. (b)		2,559		66,636
Xenon Pharmaceuticals, Inc. (b)		2,857		112,652
Zentalis Pharmaceuticals, Inc. (b)		141		2,840
Zymeworks, Inc. (b)^(c)		10,913		85,776
				6,645,359
Industrials — 12.7%
AAON, Inc.		327		24,630
ACV Auctions, Inc. - Class A (b)		371		3,046
Aerojet Rocketdyne Holdings, Inc. (b)		1,032		57,720
Alta Equipment Group, Inc.		15,519		204,696
Ameresco, Inc. - Class A (b)		220		12,571
Apogee Enterprises, Inc.		235		10,448

	Shares		Value
Applied Industrial Technologies, Inc.		60	$	7,562
Aris Water Solution, Inc. - Class A		6,848		98,680
Array Technologies, Inc. (b)		1,116		21,572
ASGN, Inc. (b)		18		1,467
Atkore, Inc. (b)		669		75,878
Barrett Business Services, Inc.		291		27,144
Bloom Energy Corp. - Class A (b)		1,674		32,007
Boise Cascade Co.		268		18,404
Casella Waste Systems, Inc. - Class A (b)		1,260		99,931
Chart Industries, Inc. (b)		72		8,297
Columbus McKinnon Corp.		6,000		194,820
Comfort Systems USA, Inc.		368		42,350
Desktop Metal, Inc. - Class A (b)		686		933
EMCOR Group, Inc.		739		109,453
Energy Recovery, Inc. (b)		1,346		27,580
Exponent, Inc.		171		16,944
First Advantage Corp. (b)		240		3,120
Forward Air Corp.		248		26,013
Franklin Covey Co. (b)		1,491		69,734
FuelCell Energy, Inc. (b)^(c)		1,818		5,054
Heidrick & Struggles International, Inc.		71		1,986
Herc Holdings, Inc.		30		3,947
Heritage-Crystal Clean, Inc. (b)		353		11,466
Hudson Technologies, Inc. (b)		2,775		28,083
Insperity, Inc.		197		22,379
Janus International Group, Inc. (b)		1,054		10,034
Korn Ferry		820		41,508
Luxfer Holdings PLC		5,490		75,323
Marten Transport Ltd.		1,163		23,004
Masonite International Corp. (b)		102		8,222
MasTec, Inc. (b)		39		3,328
Mercury Systems, Inc. (b)		5,350		239,359
Mueller Industries, Inc.		1,216		71,744

See Notes to Financial Statements.
83

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Industrials — 12.7% (Continued)
PAM Transportation Services, Inc. (b)		153	$	3,963
PGT Innovations, Inc. (b)		164		2,945
Rush Enterprises, Inc. - Class A		2,305		120,505
Saia, Inc. (b)		1,169		245,116
Shoals Technologies Group, Inc. - Class A (b)		1,492		36,808
Simpson Manufacturing Co., Inc.		876		77,666
SiteOne Landscape Supply, Inc. (b)		1,175		137,851
SP Plus Corp. (b)		1,092		37,914
Stem, Inc. (b)		967		8,645
Sterling Infrastructure, Inc. (b)		312		10,233
Terex Corp.		117		4,998
Tetra Tech, Inc.		118		17,132
The AZEK Co., Inc. (b)		7,200		146,304
The Brink’s Co.		45		2,417
TPI Composites, Inc. (b)		690		6,996
TriNet Group, Inc. (b)		638		43,256
Trinity Industries, Inc.		854		25,253
UFP Industries, Inc.		1,206		95,576
Upwork, Inc. (b)		1,010		10,544
V2X, Inc. (b)		82		3,386
Veritiv Corp.		533		64,871
Watts Water Technologies, Inc. - Class A		49		7,165
Werner Enterprises, Inc.		155		6,240
				2,856,221
Information Technology — 22.4%
8x8, Inc. (b)		2,898		12,519
908 Devices, Inc. (b)		8,810		67,132
A10 Networks, Inc.		4,116		68,449
ADTRAN Holdings, Inc.		868		16,310
Amkor Technology, Inc.		1,900		45,562
Amplitude, Inc. - Class A (b)		701		8,468
Appfolio, Inc. - Class A (b)		1,353		142,579
Asana, Inc. - Class A (b)		520		7,161
AvidXchange Holdings, Inc. (b)		510		5,070

	Shares		Value
Axcelis Technologies, Inc. (b)		1,048	$	83,169
AXT, Inc. (b)		8,871		38,855
Badger Meter, Inc.		390		42,522
Belden, Inc.		479		34,440
BigCommerce Holdings, Inc. (b)		838		7,324
Blackline, Inc. (b)		211		14,194
Box, Inc. - Class A (b)		511		15,907
Calix, Inc. (b)		543		37,158
Cass Information Systems, Inc.		499		22,864
CEVA, Inc. (b)		7,290		186,478
Coherent Corp. (b)		378		13,268
Computer Task Group, Inc. (b)		4,664		35,260
Consensus Cloud Solutions, Inc. (b)		111		5,967
CTS Corp.		289		11,392
Diebold Nixdorf, Inc. (b)		3,036		4,311
Digital Turbine, Inc. (b)		925		14,097
Diodes, Inc. (b)		49		3,731
Domo, Inc. - Class B (b)		277		3,945
DoubleVerify Holdings, Inc. (b)		5,869		128,883
Edgio, Inc. (b)		54,960		62,105
Endava PLC - ADR (b)		2,700		206,550
EngageSmart, Inc. (b)		230		4,048
Enphase Energy, Inc. (b)		17		4,504
Everbridge, Inc. (b)		250		7,395
Evo Payments, Inc. - Class A (b)		12,020		406,757
ExlService Holdings, Inc. (b)		470		79,632
Fabrinet (b)		329		42,184
Flywire Corp. (b)		288		7,047
Grid Dynamics Holdings, Inc. (b)		6,903		77,452
Harmonic, Inc. (b)		5,734		75,115
I3 Verticals, Inc. - Class A (b)		4,808		117,027
indie Semiconductor, Inc. - Class A (b)		8,036		46,850
Insight Enterprises, Inc. (b)		48		4,813

See Notes to Financial Statements.
84

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% ^(a) (Continued)
Information Technology — 22.4% (Continued)
InterDigital, Inc.		514	$	25,433
International Money Express, Inc. (b)		916		22,323
KnowBe4, Inc. - Class A (b)		1,286		31,867
Lattice Semiconductor Corp. (b)		491		31,856
LivePerson, Inc. (b)		707		7,169
MACOM Technology Solutions Holdings, Inc. (b)		1,033		65,058
Marqeta, Inc. - Class A (b)		5,901		36,055
Maximus, Inc.		297		21,779
MaxLinear, Inc. (b)		698		23,697
Model N, Inc. (b)		535		21,700
nLight, Inc. (b)		6,321		64,095
Novanta, Inc. (b)		30		4,076
Onto Innovation, Inc. (b)		280		19,065
PagerDuty, Inc. (b)		1,085		28,818
Pegasystems, Inc.		2,805		96,043
Photronics, Inc. (b)		648		10,906
Plexus Corp. (b)		257		26,453
PowerSchool Holdings, Inc. - Class A (b)		848		19,572
PROS Holdings, Inc. (b)		6,850		166,181
Q2 Holdings, Inc. (b)		227		6,100
Qualys, Inc. (b)		2,941		330,068
Radware Ltd. (b)		7,331		144,787
Rambus, Inc. (b)		1,307		46,817
Remitly Global, Inc. (b)		1,079		12,355
Repay Holdings Corp. (b)		19,325		155,566
Sabre Corp. (b)		1,534		9,480
Sapiens International Corp. NV		1,282		23,691
Silicon Laboratories, Inc. (b)		1,397		189,531
Sprout Social, Inc. - Class A (b)		1,024		57,815
SPS Commerce, Inc. (b)		180		23,117
StoneCo Ltd. - Class A (b)		4,379		41,338
Sumo Logic, Inc. (b)		304		2,462
Super Micro Computer, Inc. (b)		351		28,817
Synaptics, Inc. (b)		141		13,418
Tenable Holdings, Inc. (b)		540		20,601

	Shares		Value
The Hackett Group, Inc.		928	$	18,903
Varonis Systems, Inc. (b)		218		5,219
Veeco Instruments, Inc. (b)		8,947		166,235
Verra Mobility Corp. (b)		315		4,357
WNS Holdings Ltd. - ADR (b)		6,128		490,179
Workiva, Inc. (b)		3,733		313,460
				5,044,956
Materials — 2.6%
American Vanguard Corp.		33		716
Aspen Aerogels, Inc. (b)		480		5,659
ATI, Inc. (b)		347		10,361
Balchem Corp.		172		21,003
Cabot Corp.		329		21,990
Chase Corp.		210		18,115
Ferroglobe Representation & Warranty Insurance Trust (b)^(d)(e)		840		—
Greif, Inc. - Class A		490		32,860
Greif, Inc. - Class B		36		2,816
Ingevity Corp. (b)		661		46,561
Innospec, Inc.		310		31,887
Livent Corp. (b)		791		15,717
Materion Corp.		2,255		197,335
Quaker Chemical Corp.		1,066		177,915
Tredegar Corp.		430		4,395
				587,330
Real Estate — 0.4%
Essential Properties Realty Trust, Inc.		748		17,555
Gladstone Commercial Corp.		320		5,920
Marcus & Millichap, Inc.		113		3,893
Outfront Media, Inc.		2,029		33,641
Redfin Corp. (b)		203		861
The RMR Group, Inc. - Class A		624		17,628
Universal Health Realty Income Trust		80		3,818
				83,316
Utilities — 0.8%
American States Water Co.		96		8,885
Brookfield Infrastructure Corp. - Class A		2,068		80,445

See Notes to Financial Statements.
85

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 97.8% (a) (Continued)
Utilities — 0.8% (Continued)
Clearway Energy, Inc. - Class A		1,215	$	36,353
Global Water Resources, Inc.		343		4,555
Otter Tail Corp.		527		30,940
Sunnova Energy International, Inc. (b)		1,312		23,629
Via Renewables, Inc.		588		3,005
				187,812
Total Common Stocks (Cost $21,431,317)				21,978,710

Total Investments at Value — 97.8% (Cost $21,431,317)				21,978,710
Other Assets in Excess of Liabilities — 2.2%				504,254
Net Assets — 100.0%			$	22,482,964

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, 2022. The total fair value of securities on loan at December 31, 2022 was $346,842 (Note 8).

(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, 2022, representing 0.0% of net assets.

(e)	Illiquid security. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

See Notes to Financial Statements.
86

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a)
Communication Services — 0.9%
Bandwidth, Inc. - Class A (b)		760	$	17,442
Clear Channel Outdoor Holdings, Inc. (b)		4,800		5,040
Emerald Holding, Inc. (b)		2,900		10,266
Iridium Communications, Inc. (b)		900		46,260
Liberty Latin America Ltd. - Class A (b)		1,545		11,634
Liberty Latin America Ltd. - Class C (b)		2,785		21,166
Live Nation Entertainment, Inc. (b)		424		29,570
Magnite, Inc. (b)		1,679		17,780
Outbrain, Inc. (b)		1,350		4,887
Stagwell, Inc. (b)		4,000		24,840
TEGNA, Inc.		715		15,151
Thryv Holdings, Inc. (b)		350		6,650
				210,686
Consumer Discretionary — 10.3%
2U, Inc. (b)		2,315		14,515
Academy Sports & Outdoors, Inc.		2,110		110,859
Adient PLC (b)		1,000		34,690
Asbury Automotive Group, Inc. (b)		139		24,916
Bally’s Corp. (b)		410		7,946
Big 5 Sporting Goods Corp. (c)		60		530
Bloomin’ Brands, Inc.		1,600		32,192
Bluegreen Vacations Holding Corp.		1,070		26,707
Boot Barn Holdings, Inc. (b)		420		26,258
Brinker International, Inc. (b)		720		22,975
Carter’s, Inc.		100		7,461
Century Casinos, Inc. (b)		670		4,710
Century Communities, Inc.		1,246		62,312
Dave & Buster’s Entertainment, Inc. (b)		150		5,316
Destination XL Group, Inc. (b)		2,320		15,660
Dine Brands Global, Inc.		310		20,026

	Shares		Value
El Pollo Loco Holdings, Inc.		990	$	9,860
Funko, Inc. - Class A (b)		1,300		14,183
Genesco, Inc. (b)		330		15,187
G-III Apparel Group Ltd. (b)		1,900		26,049
Graham Holdings Co. - Class B		10		6,042
Green Brick Partners, Inc. (b)		5,076		122,991
Group 1 Automotive, Inc.		267		48,159
Hanesbrands, Inc.		8,855		56,318
Haverty Furniture Cos., Inc.		1,065		31,843
Hibbett, Inc.		330		22,513
Hooker Furnishings Corp.		1,100		20,570
International Game Technology PLC		450		10,206
Jack in the Box, Inc.		120		8,188
JAKKS Pacific, Inc. (b)		897		15,689
Johnson Outdoors, Inc. - Class A		1,125		74,385
KB Home		2,590		82,491
Kontoor Brands, Inc.		210		8,398
Lakeland Industries, Inc. (b)		700		9,310
Latham Group, Inc. (b)		4,300		13,846
Laureate Education, Inc.		3,685		35,450
La-Z-Boy, Inc.		900		20,538
Legacy Housing Corp. (b)		2,480		47,021
Lindblad Expeditions Holdings, Inc. (b)		1,530		11,781
LL Flooring Holdings, Inc. (b)		3,300		18,546
M/I Homes, Inc. (b)		1,040		48,027
Macy’s, Inc.		600		12,390
MarineMax, Inc. (b)		810		25,288
Meritage Homes Corp. (b)		554		51,079
Modine Manufacturing Co. (b)		240		4,766
Movado Group, Inc.		930		29,992
OneWater Marine, Inc. - Class A (b)		920		26,312
Oxford Industries, Inc.		530		49,385
Perdoceo Education Corp. (b)		1,660		23,074

See Notes to Financial Statements.
87

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Consumer Discretionary — 10.3% (Continued)
Qurate Retail, Inc. - Class A (b)		1,410	$	2,298
Red Rock Resorts, Inc. - Class A		9,579		383,256
Rent-A-Center, Inc.		1,550		34,953
Rocky Brands, Inc.		3,002		70,907
Ruth’s Hospitality Group, Inc.		1,100		17,028
SeaWorld Entertainment, Inc. (b)		490		26,220
Shoe Carnival, Inc.		138		3,300
Signet Jewelers Ltd.		423		28,764
Sleep Number Corp. (b)		160		4,157
Sonic Automotive, Inc. - Class A		700		34,489
Steven Madden Ltd.		700		22,372
Taylor Morrison Home Corp. (b)		600		18,210
The Aaron’s Co., Inc.		6,280		75,046
The Cato Corp. - Class A		1,600		14,928
The Cheesecake Factory, Inc. (c)		358		11,352
The Goodyear Tire & Rubber Co. (b)		1,500		15,225
The RealReal, Inc. (b)		1,610		2,013
Thor Industries, Inc.		340		25,667
Travel + Leisure Co.		620		22,568
TravelCenters of America, Inc. (b)		500		22,390
Tri Pointe Homes, Inc. (b)		945		17,568
Urban Outfitters, Inc. (b)		320		7,632
Vail Resorts, Inc.		445		106,066
Vera Bradley, Inc. (b)		3,320		15,040
Vista Outdoor, Inc. (b)		1,517		36,969
Vivint Smart Home, Inc. (b)		910		10,829
Winnebago Industries, Inc.		140		7,378
Wolverine World Wide, Inc.		4,984		54,475
WW International, Inc. (b)		1,107		4,273
Zumiez, Inc. (b)		400		8,696
				2,521,019
Consumer Staples — 4.1%
B&G Foods, Inc. (c)		1,740		19,401
Cal-Maine Foods, Inc.		3,980		216,711

	Shares		Value
Central Garden & Pet Co. (b)		400	$	14,980
Herbalife Nutrition Ltd. (b)		1,600		23,808
Ingles Markets, Inc. - Class A		120		11,575
Inter Parfums, Inc.		60		5,791
Lancaster Colony Corp.		939		185,265
Medifast, Inc.		180		20,763
Natural Grocers by Vitamin Cottage, Inc.		1,940		17,732
Nu Skin Enterprises, Inc. - Class A		485		20,448
Oil-Dri Corp of America		896		30,052
Post Holdings, Inc. (b)		1,173		105,875
Seaboard Corp.		33		124,582
The Andersons, Inc.		600		20,994
The Chefs’ Warehouse, Inc. (b)		2,320		77,209
The Simply Good Foods Co. (b)		740		28,142
United Natural Foods, Inc. (b)		725		28,065
USANA Health Sciences, Inc. (b)		410		21,812
Vector Group Ltd.		526		6,238
Village Super Market, Inc. - Class A		610		14,207
				993,650
Energy — 7.4%
Alto Ingredients, Inc. (b)		1,800		5,184
Berry Corp.		5,630		45,040
Bristow Group, Inc. (b)		430		11,666
California Resources Corp.		2,460		107,035
Centrus Energy Corp. - Class A (b)		1,547		50,247
ChampionX Corp.		760		22,032
Chord Energy Corp.		664		90,842
Civitas Resources, Inc.		4,124		238,903
Clean Energy Fuels Corp. (b)		4,790		24,908
CNX Resources Corp. (b)		1,785		30,059
CONSOL Energy, Inc.		590		38,350
Crescent Energy Co. - Class A		2,600		31,174

See Notes to Financial Statements.
88

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Energy — 7.4% (Continued)
Denbury, Inc. (b)		200	$	17,404
DHT Holdings, Inc.		6,340		56,299
Dorian LPG Ltd.		200		3,790
Dril-Quip, Inc. (b)		1,300		35,321
Equitrans Midstream Corp.		6,410		42,947
Expro Group Holdings NV (b)		1,670		30,277
Golar LNG Ltd. (b)		2,450		55,836
Helix Energy Solutions Group, Inc. (b)		3,630		26,789
Helmerich & Payne, Inc.		530		26,272
International Seaways, Inc.		220		8,144
Kinetik Holdings, Inc. (c)		700		23,156
Kosmos Energy Ltd. (b)		5,800		36,888
Laredo Petroleum, Inc. (b)		410		21,082
Liberty Energy, Inc.		1,300		20,813
Magnolia Oil & Gas Corp. - Class A		905		21,222
Murphy Oil Corp.		1,670		71,827
National Energy Services Reunited Corp. (b)		4,040		28,038
Newpark Resources, Inc. (b)		5,540		22,991
NexTier Oilfield Solutions, Inc. (b)		2,300		21,252
Noble Corp. PLC (b)		300		11,313
Northern Oil and Gas, Inc.		900		27,738
Par Pacific Holdings, Inc. (b)		1,100		25,575
PBF Energy, Inc. - Class A		470		19,166
Permian Resources Corp.		9,170		86,198
Precision Drilling Corp. (b)		350		26,845
ProPetro Holding Corp. (b)		1,800		18,666
Ranger Oil Corp. - Class A		660		26,684
REX American Resources Corp. (b)		1,275		40,622
Scorpio Tankers, Inc.		140		7,528
SFL Corp. Ltd.		5,260		48,497
Solaris Oilfield Infrastructure, Inc. - Class A		1,900		18,867
Talos Energy, Inc. (b)		1,000		18,880
TechnipFMC PLC (b)		1,500		18,285

	Shares		Value
Teekay Tankers Ltd. - Class A (b)		840	$	25,880
Tidewater, Inc. (b)		820		30,217
US Silica Holdings, Inc. (b)		360		4,500
Vertex Energy, Inc. (b)		3,600		22,320
World Fuel Services Corp.		2,220		60,673
				1,804,242
Financials — 31.3%
1st Source Corp.		320		16,989
ACNB Corp.		200		7,962
Amerant Bancorp, Inc.		1,584		42,515
American Equity Investment Life Holding Co.		1,160		52,919
Ameris Bancorp		400		18,856
Apollo Commercial Real Estate Finance, Inc.		5,850		62,946
Artisan Partners Asset Management, Inc. - Class A		800		23,760
Associated Banc-Corp		2,928		67,608
Assured Guaranty Ltd.		565		35,177
Axis Capital Holdings Ltd.		460		24,918
B Riley Financial, Inc.		200		6,840
BancFirst Corp.		555		48,940
Bank of Marin Bancorp		260		8,549
Bank OZK		7,294		292,198
BankUnited, Inc.		1,874		63,660
Banner Corp.		360		22,752
BayCom Corp.		1,090		20,688
BCB Bancorp, Inc.		400		7,196
Berkshire Hills Bancorp, Inc.		1,870		55,913
BGC Partners, Inc. - Class A		1,390		5,240
Blackstone Mortgage Trust, Inc. - Class A		475		10,056
BOK Financial Corp.		1,543		160,148
Bread Financial Holdings, Inc.		2,330		87,748
Bridgewater Bancshares, Inc. (b)		500		8,870
Brighthouse Financial, Inc. (b)		400		20,508
BrightSpire Capital, Inc.		1,300		8,099

See Notes to Financial Statements.
89

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Financials — 31.3% (Continued)
Brookline Bancorp, Inc.		5,220	$	73,863
Cadence Bank		680		16,769
Camden National Corp.		400		16,676
Capitol Federal Financial, Inc.		2,100		18,165
Cathay General Bancorp		5,107		208,315
Central Pacific Financial Corp.		1,300		26,364
Central Valley Community Bancorp		400		8,472
City Holding Co.		499		46,452
Civista Bancshares, Inc.		400		8,804
CNB Financial Corp.		400		9,516
CNO Financial Group, Inc.		1,600		36,560
Columbia Banking System, Inc.		2,520		75,928
Community Bank System, Inc.		610		38,399
Community Trust Bancorp, Inc.		425		19,520
ConnectOne Bancorp, Inc.		1,400		33,894
CrossFirst Bankshares, Inc. (b)		1,375		17,064
Customers Bancorp, Inc. (b)		1,100		31,174
CVB Financial Corp.		2,765		71,199
Diamond Hill Investment Group, Inc.		90		16,652
Eagle Bancorp, Inc.		840		37,019
Eastern Bankshares, Inc.		2,545		43,901
eHealth, Inc. (b)		710		3,436
Employers Holdings, Inc.		1,605		69,224
Enact Holdings, Inc.		600		14,472
Enova International, Inc. (b)		260		9,976
Enstar Group Ltd. (b)		936		216,253
Enterprise Financial Services Corp.		400		19,584
Esquire Financial Holdings, Inc.		910		39,367
Essent Group Ltd.		3,215		124,999
Evercore, Inc. - Class A		300		32,724
FB Financial Corp.		643		23,238
Federated Hermes, Inc.		855		31,045
Financial Institutions, Inc.		350		8,526

	Shares		Value
First Bancorp		670	$	28,703
First BanCorp		7,315		93,047
First Busey Corp.		1,100		27,192
First Business Financial Services, Inc.		300		10,965
First Community Bankshares, Inc.		2,304		78,106
First Financial Bancorp		1,175		28,470
First Financial Corp.		931		42,900
First Hawaiian, Inc.		1,300		33,852
First Internet Bancorp		600		14,568
First Interstate BancSystem, Inc. - Class A		4,186		161,789
First Merchants Corp.		1,220		50,154
First Mid Bancshares, Inc.		200		6,416
FirstCash Holdings, Inc.		180		15,644
Flushing Financial Corp.		1,340		25,969
FNB Corp.		2,010		26,230
FS Bancorp, Inc.		260		8,694
Fulton Financial Corp.		2,540		42,748
Genworth Financial, Inc. - Class A (b)		13,310		70,410
Granite Point Mortgage Trust, Inc.		900		4,824
Great Ajax Corp.		813		5,894
Great Southern Bancorp, Inc.		720		42,833
Greenhill & Co., Inc.		1,690		17,322
Greenlight Capital Re Ltd. - Class A (b)		1,000		8,150
Hancock Whitney Corp.		2,096		101,425
Hanmi Financial Corp.		1,500		37,125
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,225		35,500
Heartland Financial USA, Inc.		110		5,128
Heritage Commerce Corp.		3,270		42,510
Hilltop Holdings, Inc.		1,100		33,011
Home Bancorp, Inc.		200		8,006
Home BancShares, Inc.		2,320		52,873
HomeStreet, Inc.		1,200		33,096
Hope Bancorp, Inc.		7,115		91,143

See Notes to Financial Statements.
90

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Financials — 31.3% (Continued)
Horace Mann Educators Corp.		840	$	31,391
Horizon Bancorp, Inc.		1,020		15,382
Independent Bank Corp.		1,863		44,563
International Bancshares Corp.		2,810		128,586
Investar Holding Corp.		500		10,765
Jackson Financial, Inc. - Class A		2,820		98,108
Janus Henderson Group PLC		1,400		32,928
Kearny Financial Corp.		1,400		14,210
Kemper Corp.		600		29,520
Lakeland Bancorp, Inc.		1,400		24,654
Live Oak Bancshares, Inc.		8,900		268,780
Luther Burbank Corp.		700		7,777
Macatawa Bank Corp.		2,380		26,251
Mercantile Bank Corp.		1,423		47,642
Merchants Bancorp		400		9,728
Mercury General Corp.		500		17,100
MFA Financial, Inc.		845		8,323
MGIC Investment Corp.		2,000		26,000
Midland States Bancorp, Inc.		700		18,634
MidWestOne Financial Group, Inc.		270		8,572
Mr. Cooper Group, Inc. (b)		5,012		201,132
National Bank Holdings Corp. - Class A		245		10,307
National Bankshares, Inc.		200		8,060
National Western Life Group, Inc. - Class A		179		50,299
Navient Corp.		2,150		35,368
NBT Bancorp, Inc.		1,018		44,202
New York Community Bancorp, Inc.		3,600		30,960
New York Mortgage Trust, Inc.		6,300		16,128
NMI Holdings, Inc. - Class A (b)		2,075		43,368
Northeast Bank		200		8,420
Northeast Community Bancorp, Inc.		700		10,444

	Shares		Value
Northfield Bancorp, Inc.		1,200	$	18,876
Northrim BanCorp, Inc.		200		10,914
OceanFirst Financial Corp.		1,550		32,938
OFG Bancorp		1,218		33,568
Old National Bancorp		5,430		97,631
Oppenheimer Holdings, Inc. - Class A		695		29,419
Orrstown Financial Services, Inc.		1,040		24,086
Pacific Premier Bancorp, Inc.		600		18,936
PacWest Bancorp		1,500		34,425
Parke Bancorp, Inc.		860		17,836
Pathward Financial, Inc.		120		5,166
PCB Bancorp		700		12,383
Peoples Financial Services Corp.		1,340		69,466
Perella Weinberg Partners		1,900		18,620
Popular, Inc.		530		35,150
Preferred Bank		670		49,995
Premier Financial Corp.		2,471		66,643
Primerica, Inc.		70		9,927
Primis Financial Corp.		700		8,295
PROG Holdings, Inc. (b)		3,423		57,814
Prosperity Bancshares, Inc.		209		15,190
Provident Bancorp, Inc.		1,180		8,590
Provident Financial Services, Inc.		3,626		77,451
Radian Group, Inc.		2,630		50,154
RBB Bancorp		390		8,132
Redwood Trust, Inc.		1,945		13,148
Regional Management Corp.		2,449		68,768
Republic Bancorp, Inc. - Class A		250		10,230
S&T Bancorp, Inc.		440		15,039
Safety Insurance Group, Inc.		200		16,852
Sandy Spring Bancorp, Inc.		1,240		43,685
Seacoast Banking Corp. of Florida		260		8,109
Selective Insurance Group, Inc.		405		35,887
Selectquote, Inc. (b)		10,500		7,055
Sierra Bancorp		500		10,620

See Notes to Financial Statements.
91

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Financials — 31.3% (Continued)
Silvercrest Asset Management Group, Inc. - Class A		500	$	9,385
Silvergate Capital Corp. - Class A (b)^(c)		160		2,784
Simmons First National Corp. - Class A		1,630		35,175
SiriusPoint Ltd. (b)		4,900		28,910
SLM Corp.		2,100		34,860
South Plains Financial, Inc.		430		11,838
Southern First Bancshares, Inc. (b)		190		8,693
Southern Missouri Bancorp, Inc.		200		9,166
Southside Bancshares, Inc.		360		12,956
Stellar Bancorp, Inc.		830		24,452
StepStone Group, Inc. - Class A		660		16,619
Stewart Information Services Corp.		600		25,638
Stifel Financial Corp.		392		22,881
Summit Financial Group, Inc.		180		4,480
Territorial Bancorp, Inc.		500		12,005
Texas Capital Bancshares, Inc. (b)		620		37,392
The Bank of NT Butterfield & Son Ltd.		290		8,645
The Community Financial Corp.		100		3,990
The First of Long Island Corp.		520		9,360
Towne Bank		600		18,504
TPG RE Finance Trust, Inc.		1,000		6,790
Triumph Financial, Inc. (b)		2,816		137,618
TrustCo Bank Corp.		1,770		66,534
Two Harbors Investment Corp.		392		6,182
UMB Financial Corp.		200		16,704
United Bankshares, Inc.		750		30,368
United Fire Group, Inc.		283		7,743
Universal Insurance Holdings, Inc.		2,239		23,711
Univest Financial Corp.		2,934		76,665

	Shares		Value
Valley National Bancorp		1,115	$	12,611
Veritex Holdings, Inc.		390		10,951
Victory Capital Holdings, Inc. - Class A		1,035		27,769
Virtu Financial, Inc. - Class A		1,700		34,697
Virtus Investment Partners, Inc.		130		24,887
Washington Federal, Inc.		4,425		148,459
Washington Trust Bancorp, Inc.		350		16,513
Waterstone Financial, Inc.		1,000		17,240
Webster Financial Corp.		4,844		229,315
Westamerica BanCorp		1,450		85,565
White Mountains Insurance Group Ltd.		20		28,287
William Penn Bancorp		400		4,848
Wintrust Financial Corp.		325		27,469
				7,660,561
Health Care — 6.2%
1Life Healthcare, Inc. (b)		452		7,553
4D Molecular Therapeutics, Inc. (b)		150		3,332
Accolade, Inc. (b)		1,030		8,024
Adaptive Biotechnologies Corp. (b)		3,400		25,976
Agios Pharmaceuticals, Inc. (b)		1,140		32,011
Allogene Therapeutics, Inc. (b)		1,300		8,177
Allscripts Healthcare Solutions, Inc. (b)		1,375		24,255
ALX Oncology Holdings, Inc. (b)		2,390		26,935
American Well Corp. - Class A (b)		6,700		18,961
Atea Pharmaceuticals, Inc. (b)		3,387		16,292
Avanos Medical, Inc. (b)		390		10,553
BioLife Solutions, Inc. (b)		220		4,004
Bioventus, Inc. - Class A (b)		480		1,253
Bluebird Bio, Inc. (b)		230		1,591
Bridgebio Pharma, Inc. (b)		1,390		10,592
Brookdale Senior Living, Inc. (b)		8,110		22,140

See Notes to Financial Statements.
92

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Health Care — 6.2% (Continued)
Catalyst Pharmaceuticals, Inc. (b)		990	$	18,414
Deciphera Pharmaceuticals, Inc. (b)		390		6,392
Editas Medicine, Inc. (b)		648		5,748
Emergent BioSolutions, Inc. (b)		2,960		34,958
Enovis Corp. (b)		4,181		223,767
Fulcrum Therapeutics, Inc. (b)		1,070		7,790
Health Catalyst, Inc. (b)		1,120		11,906
Innoviva, Inc. (b)		1,940		25,705
Integer Holdings Corp. (b)		394		26,973
Intellia Therapeutics, Inc. (b)		170		5,931
Invitae Corp. (b)		10,120		18,823
Ironwood Pharmaceuticals, Inc. - Class A (b)		2,800		34,692
Kodiak Sciences, Inc. (b)		2,680		19,189
Kronos Bio, Inc. (b)		1,320		2,138
Merit Medical Systems, Inc. (b)		150		10,593
Mersana Therapeutics, Inc. (b)		240		1,406
ModivCare, Inc. (b)		40		3,589
National HealthCare Corp.		933		55,514
Neogen Corp. (b)		2,020		30,765
NeoGenomics, Inc. (b)		1,700		15,708
Nurix Therapeutics, Inc. (b)		920		10,102
OraSure Technologies, Inc. (b)		1,180		5,688
Organogenesis Holdings, Inc. (b)		1,200		3,228
Pacific Biosciences of California, Inc. (b)		1,650		13,497
Pediatrix Medical Group, Inc. (b)		295		4,384
PetIQ, Inc. (b)		704		6,491
Phibro Animal Health Corp. - Class A		1,300		17,433
Phreesia, Inc. (b)		1,020		33,007
PMV Pharmaceuticals, Inc. (b)		320		2,784

	Shares		Value
Praxis Precision Medicines, Inc. (b)		1,990	$	4,736
Premier, Inc. - Class A		1,000		34,980
Prestige Consumer Healthcare, Inc. (b)		560		35,056
Protagonist Therapeutics, Inc. (b)		530		5,782
RAPT Therapeutics, Inc. (b)		600		11,880
REGENXBIO, Inc. (b)		2,390		54,205
Relay Therapeutics, Inc. (b)		1,230		18,376
Relmada Therapeutics, Inc. (b)		790		2,757
Rocket Pharmaceuticals, Inc. (b)		200		3,914
Sage Therapeutics, Inc. (b)		250		9,535
Sangamo Therapeutics, Inc. (b)		1,490		4,679
Seer, Inc. (b)		1,940		11,252
Select Medical Holdings Corp.		1,190		29,548
Stoke Therapeutics, Inc. (b)		340		3,138
Surgery Partners, Inc. (b)		600		16,716
Sutro Biopharma, Inc. (b)		910		7,353
Tactile Systems Technology, Inc. (b)		2,690		30,881
Taro Pharmaceutical Industries Ltd. (b)		960		27,878
Twist Bioscience Corp. (b)		521		12,405
UFP Technologies, Inc. (b)		1,499		176,717
Utah Medical Products, Inc.		190		19,101
Vanda Pharmaceuticals, Inc. (b)		3,600		26,604
Veracyte, Inc. (b)		1,380		32,747
Vir Biotechnology, Inc. (b)		1,870		47,330
Xencor, Inc. (b)		200		5,208
				1,511,042
Industrials — 15.8%
ABM Industries, Inc.		1,095		48,640
ACCO Brands Corp.		4,600		25,714
ACV Auctions, Inc. - Class A (b)		1,240		10,180
Aerojet Rocketdyne Holdings, Inc. (b)		478		26,734
AerSale Corp. (b)		900		14,598

See Notes to Financial Statements.
93

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Industrials — 15.8% (Continued)
Allegiant Travel Co. (b)		1,707	$	116,059
Allied Motion Technologies, Inc.		3,747		130,433
Allison Transmission Holdings, Inc.		810		33,696
Argan, Inc.		590		21,759
Atlas Air Worldwide Holdings, Inc. (b)		210		21,168
AZZ, Inc.		1,660		66,732
Barnes Group, Inc.		600		24,510
Barrett Business Services, Inc.		270		25,186
BGSF, Inc.		310		4,749
Blue Bird Corp. (b)		1,000		10,710
BlueLinx Holdings, Inc. (b)		370		26,311
Boise Cascade Co.		680		46,696
Brady Corp. - Class A		320		15,072
Columbus McKinnon Corp.		700		22,729
Concrete Pumping Holdings, Inc. (b)		21,109		123,488
Douglas Dynamics, Inc.		2,277		82,336
Ducommun, Inc. (b)		275		13,739
EMCOR Group, Inc.		282		41,767
Encore Wire Corp.		605		83,224
Energy Recovery, Inc. (b)		4,238		86,837
Enerpac Tool Group Corp.		900		22,905
EnerSys		325		23,998
Ennis, Inc.		2,760		61,162
Esab Corp.		3,611		169,428
First Advantage Corp. (b)		7,942		103,246
Flowserve Corp.		1,230		37,736
Fluor Corp. (b)		1,100		38,126
Forward Air Corp.		240		25,174
FTAI Aviation Ltd.		2,636		45,128
Gates Industrial Corp. PLC (b)		9,328		106,432
Global Industrial Co.		289		6,800
GrafTech International Ltd.		4,600		21,896
Graham Corp.		2,333		22,443
Granite Construction, Inc.		710		24,900
Great Lakes Dredge & Dock Corp. (b)		2,410		14,339

	Shares		Value
Healthcare Services Group, Inc.		1,680	$	20,160
Heartland Express, Inc.		7,170		109,988
Heidrick & Struggles International, Inc.		1,580		44,193
Heritage-Crystal Clean, Inc. (b)		1,380		44,822
Hillenbrand, Inc.		640		27,309
Insteel Industries, Inc.		400		11,008
Interface, Inc.		2,100		20,727
JELD-WEN Holding, Inc. (b)		3,200		30,880
Kelly Services, Inc. - Class A		1,300		21,970
Kforce, Inc.		400		21,932
Kimball International, Inc. - Class B		3,100		20,150
Kirby Corp. (b)		1,060		68,211
Korn Ferry		1,000		50,620
ManpowerGroup, Inc.		250		20,802
MasTec, Inc. (b)		14		1,195
Matrix Service Co. (b)		880		5,474
Matson, Inc.		1,105		69,074
Maxar Technologies, Inc.		500		25,870
Miller Industries, Inc.		600		15,996
MillerKnoll, Inc.		1,800		37,818
Moog, Inc. - Class A		325		28,522
Mueller Industries, Inc.		2,225		131,275
Mueller Water Products, Inc. - Class A		2,300		24,748
National Presto Industries, Inc.		375		25,673
PAM Transportation Services, Inc. (b)		700		18,130
PGT Innovations, Inc. (b)		410		7,364
Powell Industries, Inc.		40		1,407
Preformed Line Products Co.		100		8,329
Primoris Services Corp.		400		8,776
Proto Labs, Inc. (b)		1,300		33,189
Quanex Building Products Corp.		2,580		61,094
Radiant Logistics, Inc. (b)		4,140		21,073
Resideo Technologies, Inc. (b)		1,361		22,388
Resources Connection, Inc.		1,710		31,430

See Notes to Financial Statements.
94

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Industrials — 15.8% (Continued)
Rush Enterprises, Inc. - Class A		1,815	$	94,888
Safe Bulkers, Inc.		14,120		41,089
SP Plus Corp. (b)		320		11,110
Spirit Airlines, Inc. (b)		250		4,870
Sterling Infrastructure, Inc. (b)		270		8,856
Terex Corp.		110		4,699
The Brink’s Co.		500		26,855
The Greenbrier Cos., Inc.		960		32,189
The Timken Co.		500		35,335
Thermon Group Holdings, Inc. (b)		1,160		23,293
Trinity Industries, Inc.		610		18,038
Triton International Ltd.		684		47,046
TrueBlue, Inc. (b)		1,800		35,244
Tutor Perini Corp. (b)		3,600		27,180
UFP Industries, Inc.		770		61,022
V2X, Inc. (b)		920		37,987
Veritiv Corp.		312		37,973
Wabash National Corp.		1,150		25,990
WESCO International, Inc. (b)		2,607		326,396
Wheels Up Experience, Inc. (b)		13,860		14,276
				3,852,713
Information Technology — 9.0%
A10 Networks, Inc.		1,500		24,945
ACI Worldwide, Inc. (b)		1,600		36,800
ACM Research, Inc. - Class A (b)		4,200		32,382
Amkor Technology, Inc.		645		15,467
Avnet, Inc.		830		34,511
Axcelis Technologies, Inc. (b)		235		18,650
Belden, Inc.		1,000		71,900
Benchmark Electronics, Inc.		400		10,676
Calix, Inc. (b)		405		27,714
Cass Information Systems, Inc.		1,340		61,399
Cirrus Logic, Inc. (b)		330		24,578
Coherent Corp. (b)		1,000		35,100
CoreCard Corp. (b)		400		11,588

	Shares		Value
Diebold Nixdorf, Inc. (b)		4,210	$	5,978
Diodes, Inc. (b)		260		19,796
Ebix, Inc.		1,050		20,958
eGain Corp. (b)		3,450		31,153
ePlus, Inc. (b)		405		17,933
Euronet Worldwide, Inc. (b)		350		33,033
Fastly, Inc.- Class A (b)		1,520		12,449
Insight Enterprises, Inc. (b)		295		29,580
InterDigital, Inc.		700		34,636
International Money Express, Inc. (b)		1,500		36,555
IPG Photonics Corp. (b)		370		35,028
Itron, Inc. (b)		640		32,416
Kimball Electronics, Inc. (b)		900		20,331
LiveRamp Holdings, Inc. (b)		720		16,877
MACOM Technology Solutions Holdings, Inc. (b)		470		29,601
Maximus, Inc.		300		21,999
MaxLinear, Inc. (b)		600		20,370
NCR Corp. (b)		1,200		28,092
OSI Systems, Inc. (b)		325		25,844
Paysafe Ltd. (b)		1,251		17,376
PC Connection, Inc.		705		33,064
Photronics, Inc. (b)		1,860		31,304
Plexus Corp. (b)		540		55,582
Rambus, Inc. (b)		1,455		52,118
Rimini Street, Inc. (b)		36,927		140,692
Sabre Corp. (b)		3,675		22,712
Sanmina Corp. (b)		3,437		196,906
ScanSource, Inc. (b)		960		28,051
Semtech Corp. (b)		1,200		34,428
StoneCo Ltd. - Class A (b)		6,680		63,059
Sumo Logic, Inc. (b)		1,140		9,234
Super Micro Computer, Inc. (b)		465		38,177
Telos Corp. (b)		4,700		23,923
The Hackett Group, Inc.		1,360		27,703
TTEC Holdings, Inc.		500		22,065
TTM Technologies, Inc. (b)		4,710		71,027
Verra Mobility Corp. (b)		1,500		20,745
Vishay Intertechnology, Inc.		3,980		85,849
Vishay Precision Group, Inc. (b)		1,806		69,802

See Notes to Financial Statements.
95

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Information Technology — 9.0% (Continued)
Vontier Corp.		1,900	$	36,727
WNS Holdings Ltd. - ADR (b)		3,072		245,729
Xperi, Inc. (b)		170		1,464
				2,206,076
Materials — 4.8%
AdvanSix, Inc.		650		24,713
Arconic Corp. (b)		1,000		21,160
Ashland, Inc.		1,873		201,404
Cabot Corp.		255		17,044
Chase Corp.		2,230		192,360
Clearwater Paper Corp. (b)		250		9,452
Constellium SE (b)		1,895		22,418
Ecovyst, Inc. (b)		3,685		32,649
Greif, Inc. - Class A		720		48,283
Hawkins, Inc.		300		11,580
Ingevity Corp. (b)		140		9,862
Innospec, Inc.		665		68,402
Kaiser Aluminum Corp.		300		22,788
Louisiana-Pacific Corp.		550		32,560
Mercer International, Inc.		2,100		24,444
Minerals Technologies, Inc.		340		20,645
Myers Industries, Inc.		900		20,007
NewMarket Corp.		30		9,333
Olympic Steel, Inc.		300		10,074
Rayonier Advanced Materials, Inc. (b)		2,789		26,774
Ryerson Holding Corp.		700		21,182
SunCoke Energy, Inc.		660		5,696
Taseko Mines Ltd. (b)		123,098		180,954
Tredegar Corp.		1,700		17,374
TriMas Corp.		1,727		47,907
Trinseo PLC		1,500		34,065
United States Lime & Minerals, Inc.		266		37,442
Worthington Industries, Inc.		200		9,942
				1,180,514
Real Estate — 5.9%
Acadia Realty Trust		680		9,758
Agree Realty Corp.		430		30,500
Alexander’s, Inc.		140		30,808
Apple Hospitality REIT, Inc.		2,800		44,184

	Shares		Value
Armada Hoffler Properties, Inc.		680	$	7,820
Braemar Hotels & Resorts, Inc.		5,100		20,961
Corporate Office Properties Trust		480		12,451
CubeSmart		2,178		87,664
Cushman & Wakefield PLC (b)		3,000		37,380
DiamondRock Hospitality Co.		2,743		22,465
DigitalBridge Group, Inc.		2,040		22,318
Douglas Elliman, Inc.		1,500		6,105
Douglas Emmett, Inc.		2,725		42,728
Empire State Realty Trust, Inc. - Class A		11,770		79,330
Essential Properties Realty Trust, Inc.		2,532		59,426
Four Corners Property Trust, Inc.		250		6,482
Getty Realty Corp.		1,200		40,620
Healthcare Realty Trust, Inc.		510		9,828
iStar, Inc.		3,721		28,391
Jones Lang LaSalle, Inc. (b)		183		29,165
Kennedy-Wilson Holdings, Inc.		3,760		59,145
LXP Industrial Trust		1,955		19,589
Marcus & Millichap, Inc.		1,490		51,330
National Health Investors, Inc.		436		22,768
Outfront Media, Inc.		2,430		40,289
Paramount Group, Inc.		2,950		17,523
Park Hotels & Resorts, Inc.		3,000		35,370
Pebblebrook Hotel Trust		2,885		38,630
Piedmont Office Realty Trust, Inc. - Class A		2,540		23,292
Rayonier, Inc.		3,194		105,274
RE/MAX Holdings, Inc. - Class A		1,800		33,552
Retail Opportunity Investments Corp.		390		5,862
RPT Realty		865		8,685
Ryman Hospitality Properties, Inc.		1,578		129,049
Sabra Health Care REIT, Inc.		80		994

See Notes to Financial Statements.
96

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.0% ^(a) (Continued)
Real Estate — 5.9% (Continued)
Safehold, Inc.		644	$	18,431
Seritage Growth Properties - Class A (b)		2,850		33,716
SITE Centers Corp.		3,160		43,166
STAG Industrial, Inc.		770		24,879
The Macerich Co.		2,322		26,146
The RMR Group, Inc. - Class A		1,935		54,664
Uniti Group, Inc.		1,630		9,014
Urban Edge Properties		1,390		19,585
				1,449,337
Utilities — 3.3%
ALLETE, Inc.		530		34,190
Avista Corp.		830		36,802
Black Hills Corp.		1,130		79,484
Brookfield Infrastructure Corp. - Class A		925		35,982
Clearway Energy, Inc. - Class A		980		29,322
Hawaiian Electric Industries, Inc.		880		36,828
New Jersey Resources Corp.		430		21,337
Northwest Natural Holding Co.		830		39,500
NorthWestern Corp.		600		35,604
ONE Gas, Inc.		450		34,074
Otter Tail Corp.		1,610		94,523
PNM Resources, Inc.		765		37,324
Portland General Electric Co.		1,280		62,720
South Jersey Industries, Inc.		1,500		53,295
Southwest Gas Holdings, Inc.		530		32,797
Spire, Inc.		500		34,430

	Shares		Value
Sunnova Energy International, Inc. (b)		2,939	$	52,931
UGI Corp.		1,767		65,503
				816,646
Total Common Stocks (Cost $22,024,761)				24,206,486

Total Investments at Value — 99.0% (Cost $22,024,761)				24,206,486
Other Assets in Excess of Liabilities — 1.0%				255,342
Net Assets — 100.0%			$	24,461,828

Percentages are stated as a percent of net assets.

ADR — American Depository Recepit

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, 2022. The total fair value of securities on loan at December 31, 2022 was $56,620 (Note 8).

See Notes to Financial Statements.
97

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a)
Communication Services — 6.8%
Activision Blizzard, Inc.		4,011	$	307,042
Alphabet, Inc. - Class A (b)		31,721		2,798,744
Alphabet, Inc. - Class C (b)		28,366		2,516,915
Altice USA, Inc. - Class A (b)		1,102		5,069
AMC Entertainment Holdings, Inc. - Class A (b)^(c)		2,885		11,742
AMC Networks, Inc. - Class A (b)		231		3,620
Anterix, Inc. (b)		141		4,536
AT&T, Inc.		38,220		703,630
Boston Omaha Corp. - Class A (b)		206		5,459
Bumble, Inc. - Class A (b)		510		10,736
Cable One, Inc.		29		20,644
Cardlytics, Inc. (b)		230		1,329
Cargurus, Inc. (b)		474		6,641
Cars.com, Inc. (b)		445		6,128
Charter Communications, Inc. - Class A (b)		595		201,764
Cinemark Holdings, Inc. (b)		775		6,711
Cogent Communications Holdings, Inc.		234		13,357
Comcast Corp. - Class A		22,642		791,791
Consolidated Communications Holdings, Inc. (b)		501		1,793
DISH Network Corp. - Class A (b)		1,469		20,625
EchoStar Corp. - Class A (b)		102		1,701
Electronic Arts, Inc.		1,402		171,296
Endeavor Group Holdings, Inc. - Class A (b)		966		21,774
Eventbrite, Inc. - Class A (b)		770		4,512
Fox Corp. - Class A		1,611		48,926
Fox Corp. - Class B		708		20,143
Frontier Communications Parent, Inc. (b)		1,155		29,429
Getty Images Holdings, Inc. (b)		762		4,229
Gogo, Inc. (b)		386		5,697
Gray Television, Inc.		252		2,820

	Shares		Value
IAC, Inc. (b)		432	$	19,181
iHeartMedia, Inc. - Class A (b)		926		5,676
Iridium Communications, Inc. (b)		606		31,148
John Wiley & Sons, Inc. - Class A		200		8,012
Liberty Broadband Corp. - Class A (b)		97		7,357
Liberty Broadband Corp. - Class C (b)		658		50,186
Liberty Media Corp-Liberty Braves - Class C (b)		201		6,478
Liberty Media Corp-Liberty Formula One - Class A (b)		120		6,412
Liberty Media Corp-Liberty Formula One - Class C (b)		1,063		63,546
Liberty Media Corp-Liberty SiriusXM - Class A (b)		638		25,080
Liberty Media Corp-Liberty SiriusXM - Class C (b)		1,074		42,026
Lions Gate Entertainment Corp. - Class B (b)		356		1,933
Live Nation Entertainment, Inc. (b)		817		56,977
Lumen Technologies, Inc.		5,440		28,397
Madison Square Garden Entertainment Corp. (b)		192		8,634
Madison Square Garden Sports Corp.		93		17,050
Magnite, Inc. (b)		700		7,413
Match Group, Inc. (b)		1,474		61,156
Meta Platforms, Inc. - Class A (b)		11,940		1,436,860
Netflix, Inc. (b)		2,278		671,737
News Corp. - Class A		1,983		36,091
News Corp. - Class B		576		10,621
Nexstar Media Group, Inc.		218		38,156
Omnicom Group, Inc.		1,107		90,298
Paramount Global - Class B (c)		3,100		52,328
Pinterest, Inc. - Class A (b)		3,095		75,147
PubMatic, Inc. - Class A (b)		268		3,433
QuinStreet, Inc. (b)		458		6,572
ROBLOX Corp. - Class A (b)		2,069		58,884

See Notes to Financial Statements.
98

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Communication Services — 6.8% (Continued)
Roku, Inc. (b)		648	$	26,374
Scholastic Corp.		152		5,998
Shenandoah Telecommunications Co.		300		4,764
Shutterstock, Inc.		122		6,432
Sinclair Broadcast Group, Inc. - Class A		166		2,575
Sirius XM Holdings, Inc. (c)		3,551		20,738
Snap, Inc. - Class A (b)		5,641		50,487
Stagwell, Inc. (b)		683		4,242
Take-Two Interactive Software, Inc. (b)		809		84,241
TechTarget, Inc. (b)		144		6,345
TEGNA, Inc.		1,282		27,166
Telephone and Data Systems, Inc.		700		7,343
The EW Scripps Co. - Class A (b)		175		2,308
The Interpublic Group of Cos., Inc.		2,119		70,584
The Marcus Corp.		100		1,439
The New York Times Co. - Class A		870		28,240
The Trade Desk, Inc. - Class A (b)		2,358		105,709
The Walt Disney Co. (b)		9,567		831,181
T-Mobile US, Inc. (b)		2,959		414,260
TripAdvisor, Inc. (b)		421		7,570
Verizon Communications, Inc.		21,975		865,815
Vimeo, Inc. (b)		730		2,504
Warner Bros Discovery, Inc. (b)		11,849		112,328
Warner Music Group Corp. - Class A		618		21,642
WideOpenWest, Inc. (b)		194		1,767
World Wrestling Entertainment, Inc. - Class A		212		14,526
Yelp, Inc. (b)		351		9,596
Ziff Davis, Inc. (b)		258		20,408
ZipRecruiter, Inc. - Class A (b)		326		5,353

	Shares		Value
ZoomInfo Technologies, Inc. (b)		1,580	$	47,574
				13,485,101
Consumer Discretionary — 9.8%
1-800-Flowers.com, Inc. - Class A (b)		300		2,868
2U, Inc. (b)		325		2,038
Abercrombie & Fitch Co. - Class A (b)		425		9,737
Academy Sports & Outdoors, Inc.		423		22,224
Accel Entertainment, Inc. (b)		584		4,497
Acushnet Holdings Corp.		172		7,303
ADT, Inc.		1,058		9,596
Adtalem Global Education, Inc. (b)		282		10,011
Advance Auto Parts, Inc.		314		46,167
Airbnb, Inc. - Class A (b)		2,034		173,907
Amazon.com, Inc. (b)		46,889		3,938,676
American Axle & Manufacturing Holdings, Inc. (b)		626		4,895
American Eagle Outfitters, Inc.		1,131		15,789
American Outdoor Brands, Inc. (b)		118		1,182
Aramark		1,407		58,165
Arko Corp.		521		4,512
Asbury Automotive Group, Inc. (b)		128		22,944
Autoliv, Inc.		473		36,222
AutoNation, Inc. (b)		195		20,923
AutoZone, Inc. (b)		104		256,483
Bally’s Corp. (b)		172		3,333
Bath & Body Works, Inc.		1,243		52,380
Beazer Homes USA, Inc. (b)		200		2,552
Bed Bath & Beyond, Inc. (b)^(c)		275		690
Best Buy Co., Inc.		1,075		86,226
Big Lots, Inc.		200		2,940
BJ’s Restaurants, Inc. (b)		188		4,959
Bloomin’ Brands, Inc.		572		11,509
Booking Holdings, Inc. (b)		216		435,300

See Notes to Financial Statements.
99

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Consumer Discretionary — 9.8% (Continued)
Boot Barn Holdings, Inc. (b)		213	$	13,317
BorgWarner, Inc.		1,310		52,727
Bowlero Corp. (b)^(c)		519		6,996
Boyd Gaming Corp.		387		21,103
Bright Horizons Family Solutions, Inc. (b)		300		18,930
Brinker International, Inc. (b)		175		5,584
Brunswick Corp.		364		26,237
Burlington Stores, Inc. (b)		365		74,007
Caesars Entertainment, Inc. (b)		956		39,770
Caleres, Inc.		186		4,144
Camping World Holdings, Inc. - Class A		203		4,531
CarMax, Inc. (b)		881		53,644
Carnival Corp. (b)		5,125		41,308
Carter’s, Inc.		172		12,833
Carvana Co. (b)^(c)		527		2,498
Cavco Industries, Inc. (b)^(c)		45		10,181
Century Communities, Inc.		100		5,001
Chegg, Inc. (b)		740		18,700
Chewy, Inc. - Class A (b)^(c)		496		18,392
Chico’s FAS, Inc. (b)		1,001		4,925
Chipotle Mexican Grill, Inc. (b)		148		205,349
Choice Hotels International, Inc.		200		22,528
Churchill Downs, Inc.		166		35,097
Columbia Sportswear Co.		141		12,349
Coursera, Inc. (b)		645		7,630
Cracker Barrel Old Country Store, Inc.		145		13,737
Crocs, Inc. (b)		317		34,372
Dana, Inc.		900		13,617
Darden Restaurants, Inc.		669		92,543
Dave & Buster’s Entertainment, Inc. (b)		300		10,632
Deckers Outdoor Corp. (b)		145		57,878
Denny’s Corp. (b)		494		4,550
Designer Brands, Inc. - Class A		303		2,963

	Shares		Value
Dick’s Sporting Goods, Inc.		143	$	17,201
Dillard’s, Inc. - Class A		49		15,837
Dine Brands Global, Inc.		78		5,039
Dollar General Corp.		1,210		297,963
Dollar Tree, Inc. (b)		1,193		168,738
Domino’s Pizza, Inc.		185		64,084
DoorDash, Inc. - Class A (b)		1,363		66,542
Dorman Products, Inc. (b)		106		8,572
DR Horton, Inc.		1,765		157,332
DraftKings, Inc. - Class A (b)^(c)		2,271		25,867
Duolingo, Inc. (b)		138		9,816
Dutch Bros, Inc. - Class A (b)^(c)		123		3,467
eBay, Inc.		2,903		120,387
Ethan Allen Interiors, Inc.		223		5,892
Etsy, Inc. (b)		684		81,930
Everi Holdings, Inc. (b)		548		7,864
EVgo, Inc. (b)^(c)		595		2,660
Expedia Group, Inc. (b)		832		72,883
Fisker, Inc. (b)^(c)		874		6,354
Five Below, Inc. (b)		307		54,299
Floor & Decor Holdings, Inc. - Class A (b)^(c)		563		39,202
Foot Locker, Inc.		475		17,950
Ford Motor Co.		20,584		239,392
Fox Factory Holding Corp. (b)^(c)		225		20,527
Franchise Group, Inc.		108		2,573
Frontdoor, Inc. (b)		487		10,130
Funko, Inc. - Class A (b)		237		2,586
GameStop Corp. - Class A (b)^(c)		1,424		26,287
General Motors Co.		7,868		264,680
Genesco, Inc. (b)		118		5,430
Gentex Corp.		1,246		33,978
Gentherm, Inc. (b)		219		14,299
Genuine Parts Co.		743		128,918
G-III Apparel Group Ltd. (b)		307		4,209
Golden Entertainment, Inc. (b)		100		3,740
GoPro, Inc. - Class A (b)		964		4,801

See Notes to Financial Statements.
100

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Consumer Discretionary — 9.8% (Continued)
Graham Holdings Co. - Class B		20	$	12,084
Grand Canyon Education, Inc. (b)		139		14,687
Green Brick Partners, Inc. (b)		259		6,276
Group 1 Automotive, Inc.		93		16,774
Guess?, Inc. (c)		317		6,559
H&R Block, Inc.		908		33,151
Hanesbrands, Inc.		2,414		15,353
Harley-Davidson, Inc.		776		32,282
Hasbro, Inc.		672		40,999
Helen of Troy Ltd. (b)		127		14,086
Hibbett, Inc.		91		6,208
Hilton Grand Vacations, Inc. (b)		448		17,266
Hilton Worldwide Holdings, Inc.		1,423		179,810
Hyatt Hotels Corp. - Class A (b)		263		23,788
Installed Building Products, Inc.		125		10,700
iRobot Corp. (b)		167		8,038
Jack in the Box, Inc.		141		9,620
KB Home		375		11,944
Kohl’s Corp.		555		14,014
Kontoor Brands, Inc.		339		13,557
Krispy Kreme, Inc.		424		4,376
Las Vegas Sands Corp. (b)		1,993		95,804
Laureate Education, Inc.		445		4,281
La-Z-Boy, Inc.		228		5,203
LCI Industries		154		14,237
Lear Corp.		311		38,570
Leggett & Platt, Inc.		706		22,754
Lennar Corp. - Class A		1,367		123,714
Lennar Corp. - Class B		78		5,833
Leslie’s, Inc. (b)		854		10,427
Levi Strauss & Co. - Class A		499		7,745
LGI Homes, Inc. (b)		109		10,093
Light & Wonder, Inc. (b)		513		30,062
Lithia Motors, Inc.		140		28,664
LKQ Corp.		1,457		77,818

	Shares		Value
LL Flooring Holdings, Inc. (b)		241	$	1,354
Lowe’s Cos., Inc.		3,329		663,270
Lucid Group, Inc. (b)^(c)		2,871		19,609
Luminar Technologies, Inc. (b)^(c)		1,133		5,608
M/I Homes, Inc. (b)		144		6,650
Macy’s, Inc.		1,588		32,792
Malibu Boats, Inc. - Class A (b)		86		4,584
MarineMax, Inc. (b)		165		5,151
Marriott International, Inc. - Class A		1,497		222,888
Marriott Vacations Worldwide Corp.		206		27,726
Mattel, Inc. (b)		1,876		33,468
McDonald’s Corp.		3,869		1,019,598
MDC Holdings, Inc.		245		7,742
Meritage Homes Corp. (b)		200		18,440
MGM Resorts International		774		25,952
Mister Car Wash, Inc. (b)		341		3,147
Modine Manufacturing Co. (b)		354		7,030
Mohawk Industries, Inc. (b)		322		32,915
Monarch Casino & Resort, Inc. (b)		82		6,305
Monro, Inc. (c)		167		7,548
Movado Group, Inc.		157		5,063
Murphy USA, Inc.		108		30,190
National Vision Holdings, Inc. (b)		396		15,349
Newell Brands, Inc.		2,053		26,853
NIKE, Inc. - Class B		6,710		785,137
Nordstrom, Inc.		670		10,814
Norwegian Cruise Line Holdings Ltd. (b)		2,074		25,386
NVR, Inc. (b)		17		78,414
Ollie’s Bargain Outlet Holdings, Inc. (b)		289		13,537
O’Reilly Automotive, Inc. (b)		336		283,594
Overstock.com, Inc. (b)		240		4,646
Oxford Industries, Inc.		105		9,784

See Notes to Financial Statements.
101

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Consumer Discretionary — 9.8% (Continued)
Papa John’s International, Inc.		173	$	14,240
Patrick Industries, Inc.		123		7,454
Peloton Interactive, Inc. - Class A (b)		1,538		12,212
Penn Entertainment, Inc. (b)		842		25,007
Penske Automotive Group, Inc.		135		15,516
Perdoceo Education Corp. (b)		500		6,950
Petco Health & Wellness Co., Inc. (b)		671		6,361
Planet Fitness, Inc. - Class A (b)		440		34,672
Polaris, Inc.		291		29,391
Pool Corp.		206		62,280
Portillo’s, Inc. - Class A (b)		238		3,884
Poshmark, Inc. - Class A (b)		283		5,060
PulteGroup, Inc.		1,171		53,316
PVH Corp.		315		22,236
QuantumScape Corp. (b)^(c)		1,153		6,538
Ralph Lauren Corp.		225		23,776
RCI Hospitality Holdings, Inc.		72		6,710
Red Rock Resorts, Inc. - Class A		263		10,523
Rent-A-Center, Inc.		194		4,375
Revolve Group, Inc. (b)		216		4,808
RH (b)		111		29,658
Rivian Automotive, Inc. - Class A (b)		2,728		50,277
Ross Stores, Inc.		1,806		209,622
Royal Caribbean Cruises Ltd. (b)		1,169		57,784
Ruth’s Hospitality Group, Inc.		281		4,350
Sally Beauty Holdings, Inc. (b)		700		8,764
SeaWorld Entertainment, Inc. (b)		355		18,996
Service Corp. International		820		56,695
Shake Shack, Inc. - Class A (b)		200		8,306

	Shares		Value
Shoe Carnival, Inc.		120	$	2,869
Signet Jewelers Ltd.		218		14,824
Six Flags Entertainment Corp. (b)		327		7,603
Skechers USA, Inc. - Class A (b)		709		29,743
Skyline Champion Corp. (b)		304		15,659
Sleep Number Corp. (b)		90		2,338
Sonic Automotive, Inc. - Class A		114		5,617
Sonos, Inc. (b)		508		8,585
Standard Motor Products, Inc.		147		5,116
Starbucks Corp.		5,969		592,125
Steven Madden Ltd.		450		14,382
Strategic Education, Inc.		167		13,079
Stride, Inc. (b)		186		5,818
Sturm Ruger & Co., Inc.		93		4,708
Sweetgreen, Inc. - Class A (b)		430		3,685
Tapestry, Inc.		1,214		46,229
Target Corp.		2,469		367,980
Taylor Morrison Home Corp. (b)		658		19,970
Tempur Sealy International, Inc.		859		29,489
Tesla, Inc. (b)		13,729		1,691,138
Texas Roadhouse, Inc.		332		30,195
The Aaron’s Co., Inc.		200		2,390
The Buckle, Inc.		161		7,301
The Cheesecake Factory, Inc. (c)		300		9,513
The Gap, Inc.		840		9,475
The Goodyear Tire & Rubber Co. (b)		1,690		17,154
The Home Depot, Inc.		5,313		1,678,164
The ODP Corp. (b)		293		13,343
The TJX Cos., Inc.		6,227		495,669
The Wendy’s Co.		1,105		25,006
Thor Industries, Inc.		294		22,194
Toll Brothers, Inc.		609		30,401
TopBuild Corp. (b)		181		28,325
Topgolf Callaway Brands Corp. (b)		650		12,837

See Notes to Financial Statements.
102

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Consumer Discretionary — 9.8% (Continued)
Tractor Supply Co.		596	$	134,082
Travel + Leisure Co.		382		13,905
Tri Pointe Homes, Inc. (b)		522		9,704
Udemy, Inc. (b)		372		3,925
Ulta Beauty, Inc. (b)		275		128,994
Under Armour, Inc. - Class A (b)		1,256		12,761
Under Armour, Inc. - Class C (b)		1,558		13,897
Urban Outfitters, Inc. (b)		277		6,607
Vail Resorts, Inc.		222		52,914
VF Corp.		1,979		54,640
Victoria’s Secret & Co. (b)		494		17,675
Vista Outdoor, Inc. (b)		206		5,020
Visteon Corp. (b)		149		19,494
Warby Parker, Inc. - Class A (b)		541		7,298
Wayfair, Inc. - Class A (b)		410		13,485
Whirlpool Corp.		272		38,477
Williams-Sonoma, Inc.		354		40,682
Wingstop, Inc.		176		24,221
Winmark Corp.		22		5,188
Winnebago Industries, Inc.		175		9,223
Wolverine World Wide, Inc.		533		5,826
WW International, Inc. (b)		440		1,698
Wyndham Hotels & Resorts, Inc.		437		31,162
Wynn Resorts Ltd. (b)		561		46,266
Xometry, Inc. - Class A (b)		141		4,544
YETI Holdings, Inc. (b)		494		20,407
Yum! Brands, Inc.		1,526		195,450
				19,595,081
Consumer Staples — 6.7%
Albertsons Cos., Inc. - Class A		827		17,152
Altria Group, Inc.		9,659		441,513
Archer-Daniels-Midland Co.		2,976		276,322
B&G Foods, Inc. (c)		250		2,787
BellRing Brands, Inc. (b)		701		17,974
Beyond Meat, Inc. (b)^(c)		390		4,801
BJ’s Wholesale Club Holdings, Inc. (b)		717		47,437

	Shares		Value
Brown-Forman Corp. - Class B		1,629	$	106,993
Bunge Ltd.		807		80,514
Calavo Growers, Inc.		158		4,645
Cal-Maine Foods, Inc.		201		10,944
Campbell Soup Co.		1,064		60,382
Casey’s General Stores, Inc.		202		45,319
Celsius Holdings, Inc. (b)		211		21,952
Central Garden & Pet Co. - Class A (b)		165		5,907
Church & Dwight Co., Inc.		1,333		107,453
Coca-Cola Consolidated, Inc.		27		13,834
Colgate-Palmolive Co.		4,518		355,973
Conagra Brands, Inc.		2,552		98,762
Constellation Brands, Inc. - Class A		820		190,035
Costco Wholesale Corp.		2,323		1,060,449
Coty, Inc. - Class A (b)		2,048		17,531
Darling Ingredients, Inc. (b)		852		53,327
Edgewell Personal Care Co.		275		10,598
elf Beauty, Inc. (b)		300		16,590
Energizer Holdings, Inc.		355		11,910
Flowers Foods, Inc.		1,066		30,637
Fresh Del Monte Produce, Inc.		100		2,619
Freshpet, Inc. (b)		270		14,248
General Mills, Inc.		3,203		268,572
Grocery Outlet Holding Corp. (b)		407		11,880
Herbalife Nutrition Ltd. (b)		678		10,089
Hormel Foods Corp.		1,553		70,739
Hostess Brands, Inc. (b)		627		14,070
Ingles Markets, Inc. - Class A		56		5,402
Ingredion, Inc.		367		35,940
Inter Parfums, Inc.		70		6,756
J & J Snack Foods Corp.		84		12,576
John B Sanfilippo & Son, Inc.		65		5,286
Kellogg Co.		1,806		128,659
Keurig Dr Pepper, Inc.		4,557		162,503
Kimberly-Clark Corp.		1,811		245,843
Lamb Weston Holdings, Inc.		739		66,037

See Notes to Financial Statements.
103

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Consumer Staples — 6.7% (Continued)
Lancaster Colony Corp.		112	$	22,098
McCormick & Co., Inc.		1,343		111,321
Medifast, Inc.		73		8,421
MGP Ingredients, Inc.		71		7,553
Mission Produce, Inc. (b)		336		3,904
Molson Coors Beverage Co. - Class B		1,032		53,169
Mondelez International, Inc. - Class A		7,351		489,944
Monster Beverage Corp. (b)		2,039		207,020
National Beverage Corp. (b)		92		4,281
Nu Skin Enterprises, Inc. - Class A		325		13,702
Olaplex Holdings, Inc. (b)		673		3,506
PepsiCo, Inc.		7,289		1,316,831
Performance Food Group Co. (b)		821		47,938
Philip Morris International, Inc.		8,113		821,117
Pilgrim’s Pride Corp. (b)		231		5,482
Post Holdings, Inc. (b)		273		24,641
PriceSmart, Inc.		115		6,990
Reynolds Consumer Products, Inc.		328		9,833
Seaboard Corp.		2		7,550
Sovos Brands, Inc. (b)		349		5,015
SpartanNash Co.		169		5,111
Spectrum Brands Holdings, Inc. (c)		156		9,504
Sprouts Farmers Market, Inc. (b)		544		17,609
Sysco Corp.		2,729		208,632
The Andersons, Inc.		227		7,943
The Beauty Health Co. (b)		542		4,932
The Boston Beer Co., Inc. - Class A (b)		50		16,476
The Chefs’ Warehouse, Inc. (b)		258		8,586
The Clorox Co.		644		90,372
The Coca-Cola Co.		21,671		1,378,492
The Duckhorn Portfolio, Inc. (b)		229		3,795

	Shares		Value
The Estee Lauder Cos., Inc. - Class A		1,241	$	307,904
The Hain Celestial Group, Inc. (b)		600		9,708
The Hershey Co.		790		182,940
The J M Smucker Co.		554		87,787
The Kraft Heinz Co.		5,915		240,800
The Kroger Co.		3,799		169,359
The Procter & Gamble Co.		12,642		1,916,022
The Simply Good Foods Co. (b)		411		15,630
Tootsie Roll Industries, Inc.		27		1,149
TreeHouse Foods, Inc. (b)		298		14,715
Tyson Foods, Inc. - Class A		1,507		93,811
United Natural Foods, Inc. (b)		297		11,497
Universal Corp.		181		9,559
US Foods Holding Corp. (b)		1,093		37,184
USANA Health Sciences, Inc. (b)		87		4,628
Vector Group Ltd.		938		11,125
Veru, Inc. (b)		473		2,497
Walgreens Boots Alliance, Inc.		3,847		143,724
Walmart, Inc.		7,433		1,053,925
WD-40 Co.		72		11,607
Weis Markets, Inc.		68		5,596
				13,425,895
Energy — 5.7%
Antero Midstream Corp.		1,934		20,868
Antero Resources Corp. (b)		1,464		45,369
APA Corp.		1,822		85,051
Arch Resources, Inc. (c)		95		13,565
Archrock, Inc.		495		4,445
Baker Hughes Co.		5,372		158,635
Bristow Group, Inc. (b)		100		2,713
Cactus, Inc. - Class A		322		16,184
California Resources Corp.		446		19,405
Callon Petroleum Co. (b)		265		9,829
Centrus Energy Corp. - Class A (b)		116		3,768
ChampionX Corp.		1,078		31,251
Cheniere Energy, Inc.		1,355		203,196
Chesapeake Energy Corp.		531		50,110

See Notes to Financial Statements.
104

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Energy — 5.7% (Continued)
Chevron Corp.		10,356	$	1,858,798
Chord Energy Corp.		209		28,593
Civitas Resources, Inc.		388		22,477
Clean Energy Fuels Corp. (b)		1,650		8,580
CNX Resources Corp. (b)		1,133		19,080
Comstock Resources, Inc.		425		5,827
ConocoPhillips		6,828		805,704
CONSOL Energy, Inc.		206		13,390
Coterra Energy, Inc.		4,182		102,752
Crescent Energy Co. - Class A		315		3,777
CVR Energy, Inc.		539		16,892
Delek US Holdings, Inc.		301		8,127
Denbury, Inc. (b)		290		25,236
Devon Energy Corp.		3,477		213,870
Diamondback Energy, Inc.		950		129,941
Dorian LPG Ltd.		348		6,595
Dril-Quip, Inc. (b)		145		3,940
DT Midstream, Inc.		511		28,238
EOG Resources, Inc.		3,143		407,081
EQT Corp.		1,900		64,277
Equitrans Midstream Corp.		2,321		15,551
Excelerate Energy, Inc. - Class A		203		5,085
Exxon Mobil Corp.		22,048		2,431,894
Geospace Technologies Corp. (b)		2,038		8,600
Green Plains, Inc. (b)		300		9,150
Gulfport Energy Corp. (b)		154		11,341
Halliburton Co.		4,883		192,146
Helix Energy Solutions Group, Inc. (b)		1,133		8,362
Helmerich & Payne, Inc.		550		27,264
Hess Corp.		1,495		212,021
HF Sinclair Corp.		1,003		52,046
International Seaways, Inc.		208		7,700
Kimbell Royalty Partners LP		272		4,542
Kinder Morgan, Inc.		10,301		186,242
KLX Energy Services Holdings, Inc. (b)^(c)		23,392		404,916
Kosmos Energy Ltd. (b)		2,396		15,239
Laredo Petroleum, Inc. (b)		85		4,371

	Shares		Value
Liberty Energy, Inc.		843	$	13,496
Magnolia Oil & Gas Corp. - Class A		901		21,128
Mammoth Energy Services, Inc. (b)		13,261		114,708
Marathon Oil Corp.		3,768		102,000
Marathon Petroleum Corp.		2,555		297,376
Matador Resources Co.		583		33,371
Murphy Oil Corp.		792		34,064
Nabors Industries Ltd. (b)		48		7,434
National Energy Services Reunited Corp. (b)		761		5,281
Natural Gas Services Group, Inc. (b)		3,817		43,743
New Fortress Energy, Inc.		584		24,773
NextDecade Corp. (b)		760		3,754
NexTier Oilfield Solutions, Inc. (b)		744		6,875
Northern Oil and Gas, Inc.		360		11,095
NOV, Inc.		2,086		43,577
Occidental Petroleum Corp.		4,979		313,627
Oceaneering International, Inc. (b)		527		9,217
ONEOK, Inc.		2,346		154,132
Ovintiv, Inc.		1,345		68,205
Patterson-UTI Energy, Inc.		1,198		20,174
PBF Energy, Inc. - Class A		582		23,734
PDC Energy, Inc.		483		30,661
Peabody Energy Corp. (b)		800		21,136
Permian Resources Corp.		1,104		10,378
Phillips 66		2,580		268,526
Pioneer Natural Resources Co.		1,285		293,481
ProPetro Holding Corp. (b)		504		5,226
Range Resources Corp.		1,350		33,777
RPC, Inc.		625		5,556
Schlumberger Ltd.		7,586		405,548
Select Energy Services, Inc. - Class A		615		5,683
SFL Corp. Ltd.		575		5,302
Sitio Royalties Corp. - Class A (c)		320		9,218
SM Energy Co.		645		22,465

See Notes to Financial Statements.
105

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Energy — 5.7% (Continued)
Southwestern Energy Co. (b)		5,040	$	29,484
Talos Energy, Inc. (b)		301		5,683
Targa Resources Corp.		1,270		93,345
TETRA Technologies, Inc. (b)		1,196		4,138
Texas Pacific Land Corp.		41		96,113
The Williams Cos., Inc.		6,704		220,562
Tidewater, Inc. (b)		230		8,475
Uranium Energy Corp. (b)^(c)		1,760		6,829
Valero Energy Corp.		2,084		264,376
Voc Energy Trust		11,347		117,668
W&T Offshore, Inc. (b)		679		3,789
World Fuel Services Corp.		460		12,572
				11,365,789
Financials — 12.2%
1st Source Corp.		103		5,468
Affiliated Managers Group, Inc.		203		32,161
Aflac, Inc.		3,084		221,863
AGNC Investment Corp.		3,245		33,586
Ally Financial, Inc.		1,644		40,196
Amerant Bancorp, Inc.		194		5,207
American Equity Investment Life Holding Co.		461		21,031
American Express Co.		4,021		594,103
American Financial Group, Inc.		410		56,285
American International Group, Inc.		4,108		259,790
Ameriprise Financial, Inc.		590		183,708
Ameris Bancorp		300		14,142
AMERISAFE, Inc.		107		5,561
Annaly Capital Management, Inc.		2,311		48,716
Apollo Commercial Real Estate Finance, Inc.		560		6,026
Apollo Global Management, Inc.		2,635		168,087
Arbor Realty Trust, Inc.		697		9,193
Arch Capital Group Ltd. (b)		1,973		123,865

	Shares		Value
Ares Capital Corp. (c)		4,795	$	88,564
Ares Commercial Real Estate Corp.		458		4,713
Argo Group International Holdings Ltd.		71		1,835
ARMOUR Residential REIT, Inc.		1,046		5,889
Arthur J Gallagher & Co.		1,117		210,599
Artisan Partners Asset Management, Inc. - Class A		300		8,910
Associated Banc-Corp		670		15,470
Assurant, Inc. (c)		245		30,640
Assured Guaranty Ltd.		338		21,044
Atlantic Union Bankshares Corp.		447		15,708
Axis Capital Holdings Ltd.		380		20,585
Axos Financial, Inc. (b)		372		14,218
Bain Capital Specialty Finance, Inc.		402		4,784
Banc of California, Inc.		574		9,144
BancFirst Corp.		115		10,141
Bank of America Corp.		42,515		1,408,097
Bank of Hawaii Corp.		217		16,831
Bank OZK		648		25,959
BankUnited, Inc.		414		14,064
Banner Corp.		180		11,376
Barings BDC, Inc.		350		2,852
Berkshire Hathaway, Inc. - Class A (b)		2		937,422
Berkshire Hathaway, Inc. - Class B (b)		6,913		2,135,426
Berkshire Hills Bancorp, Inc.		300		8,970
BGC Partners, Inc. - Class A		1,563		5,892
BlackRock, Inc.		812		575,408
BlackRock TCP Capital Corp.		434		5,616
Blackstone Mortgage Trust, Inc. - Class A		1,150		24,345
Blucora, Inc. (b)		246		6,280
Blue Owl Capital, Inc.		2,143		22,716
BOK Financial Corp.		170		17,644

See Notes to Financial Statements.
106

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Financials — 12.2% (Continued)
Bread Financial Holdings, Inc.		330	$	12,428
Brighthouse Financial, Inc. (b)		378		19,380
BrightSpire Capital, Inc.		739		4,604
Broadmark Realty Capital, Inc.		3,010		10,716
Brookline Bancorp, Inc.		500		7,075
Brown & Brown, Inc.		1,257		71,611
BRP Group, Inc. - Class A (b)		317		7,969
Business First Bancshares, Inc.		222		4,915
Cadence Bank		1,077		26,559
Cambridge Bancorp		61		5,067
Camden National Corp.		115		4,794
Cannae Holdings, Inc. (b)		400		8,260
Capital One Financial Corp.		2,038		189,452
Capitol Federal Financial, Inc.		420		3,633
Carlyle Secured Lending, Inc.		4,733		67,729
Cathay General Bancorp		343		13,991
Cboe Global Markets, Inc.		586		73,525
Central Pacific Financial Corp.		231		4,685
Chimera Investment Corp. (c)		1,455		8,002
Cincinnati Financial Corp.		834		85,393
CION Investment Corp.		564		5,499
Citigroup, Inc.		10,133		458,316
Citizens Financial Group, Inc.		2,651		104,370
City Holding Co.		74		6,889
Claros Mortgage Trust, Inc.		597		8,782
CME Group, Inc.		1,928		324,212
CNA Financial Corp.		138		5,835
CNO Financial Group, Inc.		601		13,733
Cohen & Steers, Inc.		214		13,816
Coinbase Global, Inc. - Class A (b)^(c)		816		28,878
Columbia Banking System, Inc.		440		13,257

	Shares		Value
Columbia Financial, Inc. (b)		232	$	5,016
Comerica, Inc.		673		44,990
Commerce Bancshares, Inc.		655		44,599
Community Bank System, Inc.		299		18,822
Community Trust Bancorp, Inc.		110		5,052
ConnectOne Bancorp, Inc.		180		4,358
Cowen, Inc. - Class A		136		5,252
Credit Acceptance Corp. (b)		72		34,157
CrossFirst Bankshares, Inc. (b)		390		4,840
Cullen/Frost Bankers, Inc.		304		40,645
Customers Bancorp, Inc. (b)		203		5,753
CVB Financial Corp.		789		20,317
Diamond Hill Investment Group, Inc.		31		5,736
Dime Community Bancshares, Inc.		140		4,456
Discover Financial Services		1,476		144,397
Donnelley Financial Solutions, Inc. (b)		159		6,145
Dynex Capital, Inc.		405		5,152
Eagle Bancorp, Inc.		194		8,550
East West Bancorp, Inc.		748		49,293
Eastern Bankshares, Inc.		969		16,715
eHealth, Inc. (b)		175		847
Employers Holdings, Inc.		75		3,235
Enact Holdings, Inc.		212		5,113
Encore Capital Group, Inc. (b)		184		8,821
Enova International, Inc. (b)		136		5,218
Enstar Group Ltd. (b)		73		16,866
Enterprise Financial Services Corp.		202		9,890
Equitable Holdings, Inc.		1,953		56,051
Erie Indemnity Co. - Class A		136		33,826
Evercore, Inc. - Class A		240		26,179
Everest Re Group Ltd.		132		43,728
F&G Annuities & Life, Inc. (b)		94		1,881
FactSet Research Systems, Inc.		208		83,452
FB Financial Corp.		189		6,830

See Notes to Financial Statements.
107

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Financials — 12.2% (Continued)
Federal Agricultural Mortgage Corp. - Class C		49	$	5,523
Federated Hermes, Inc.		481		17,465
Fidelity National Financial, Inc.		1,393		52,405
Fifth Third Bancorp		3,667		120,314
First American Financial Corp.		527		27,583
First Bancorp		156		6,683
First BanCorp		978		12,440
First Busey Corp.		325		8,034
First Citizens BancShares, Inc. - Class A		50		37,918
First Commonwealth Financial Corp.		429		5,993
First Community Bankshares, Inc.		150		5,085
First Financial Bancorp		510		12,357
First Financial Bankshares, Inc.		730		25,112
First Financial Corp.		100		4,608
First Hawaiian, Inc.		742		19,322
First Horizon Corp.		2,842		69,629
First Interstate BancSystem, Inc. - Class A		446		17,238
First Merchants Corp.		303		12,456
First Republic Bank		1,033		125,912
FirstCash Holdings, Inc.		221		19,207
Flushing Financial Corp.		249		4,826
FNB Corp.		1,919		25,043
Focus Financial Partners, Inc. - Class A (b)		309		11,516
Franklin Resources, Inc.		1,895		49,990
FS KKR Capital Corp.		1,771		30,993
Fulton Financial Corp.		889		14,962
Genworth Financial, Inc. - Class A (b)		3,047		16,119
Glacier Bancorp, Inc.		550		27,181
Globe Life, Inc.		512		61,722
Golub Capital BDC, Inc.		703		9,251
Goosehead Insurance, Inc. - Class A (b)		134		4,602
Great Ajax Corp.		81		587

	Shares		Value
Great Southern Bancorp, Inc.		85	$	5,057
Green Dot Corp. - Class A (b)		250		3,955
Hagerty, Inc. - Class A (b)		883		7,426
Hamilton Lane, Inc. - Class A		163		10,412
Hancock Whitney Corp.		500		24,195
Hanmi Financial Corp.		200		4,950
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		191		5,535
HarborOne Bancorp, Inc.		359		4,990
Heartland Financial USA, Inc.		190		8,858
Hercules Capital, Inc. (c)		775		10,245
Heritage Commerce Corp.		466		6,058
Heritage Financial Corp.		184		5,638
Hilltop Holdings, Inc.		336		10,083
Hippo Holdings, Inc. (b)		302		4,107
Home BancShares, Inc.		950		21,650
HomeStreet, Inc.		165		4,551
Hope Bancorp, Inc.		702		8,993
Horace Mann Educators Corp.		249		9,305
Horizon Bancorp, Inc.		262		3,951
Houlihan Lokey, Inc.		266		23,185
Huntington Bancshares, Inc.		7,646		107,809
Independent Bank Corp.		244		20,601
Independent Bank Group, Inc.		190		11,415
Interactive Brokers Group, Inc. - Class A		500		36,175
Intercontinental Exchange, Inc.		2,845		291,869
International Bancshares Corp.		280		12,813
Invesco Ltd.		2,285		41,107
Jackson Financial, Inc. - Class A		487		16,943
Jefferies Financial Group, Inc.		1,009		34,589
JPMorgan Chase & Co.		15,417		2,067,420
Kearny Financial Corp.		459		4,659

See Notes to Financial Statements.
108

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Financials — 12.2% (Continued)
Kemper Corp.		300	$	14,760
KeyCorp		5,002		87,135
Kinsale Capital Group, Inc.		118		30,859
KKR Real Estate Finance Trust, Inc.		349		4,872
Ladder Capital Corp.		605		6,074
Lakeland Financial Corp.		98		7,151
Lazard Ltd. - Class A		581		20,143
Lemonade, Inc. (b)		347		4,747
LendingTree, Inc. (b)		30		640
Lincoln National Corp.		961		29,522
Live Oak Bancshares, Inc.		223		6,735
Loews Corp.		1,050		61,246
LPL Financial Holdings, Inc.		424		91,656
M&T Bank Corp.		930		134,906
Main Street Capital Corp.		475		17,551
Markel Corp. (b)		75		98,812
MarketAxess Holdings, Inc.		191		53,268
Marsh & Mclennan Cos., Inc.		2,676		442,824
Mercury General Corp.		223		7,627
MetLife, Inc.		3,593		260,025
Metropolitan Bank Holding Corp. (b)		75		4,400
MFA Financial, Inc.		675		6,649
MGIC Investment Corp.		1,611		20,943
MidCap Financial Investment Corp.		114		1,300
Midland States Bancorp, Inc.		203		5,404
Moelis & Co. - Class A		387		14,849
Moody’s Corp.		988		275,277
Morgan Stanley		7,367		626,342
Morningstar, Inc.		134		29,023
MSCI, Inc.		439		204,210
Nasdaq, Inc.		1,922		117,915
National Bank Holdings Corp. - Class A		156		6,563
Navient Corp.		992		16,318
NBT Bancorp, Inc.		200		8,684
Nelnet, Inc. - Class A		124		11,253
New Mountain Finance Corp.		650		8,041

	Shares		Value
New York Community Bancorp, Inc.		2,503	$	21,526
NMI Holdings, Inc. - Class A (b)		394		8,235
Northern Trust Corp.		1,106		97,870
Northfield Bancorp, Inc.		338		5,317
Northwest Bancshares, Inc.		517		7,228
Oaktree Specialty Lending Corp.		1,736		11,926
OceanFirst Financial Corp.		100		2,125
OFG Bancorp		211		5,815
Old National Bancorp		1,683		30,260
Old Republic International Corp.		1,437		34,704
Old Second Bancorp, Inc.		369		5,919
OneMain Holdings, Inc.		760		25,316
Open Lending Corp. - Class A (b)		622		4,198
Origin Bancorp, Inc.		124		4,551
Owl Rock Capital Corp.		1,926		22,245
Pacific Premier Bancorp, Inc.		489		15,433
PacWest Bancorp		652		14,963
Palomar Holdings, Inc. (b)		130		5,871
Park National Corp.		87		12,245
Pathward Financial, Inc.		223		9,600
Peapack Gladstone Financial Corp.		140		5,211
PennyMac Financial Services, Inc.		205		11,615
PennyMac Mortgage Investment Trust		450		5,575
Peoples Bancorp, Inc.		167		4,718
Pinnacle Financial Partners, Inc.		420		30,828
Piper Sandler Cos.		128		16,664
Popular, Inc.		412		27,324
PRA Group, Inc. (b)		300		10,134
Preferred Bank		74		5,522
Premier Financial Corp.		117		3,155
Primerica, Inc.		199		28,222
Principal Financial Group, Inc.		1,323		111,026
ProAssurance Corp.		230		4,018

See Notes to Financial Statements.
109

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Financials — 12.2% (Continued)
PROG Holdings, Inc. (b)		400	$	6,756
Prospect Capital Corp. (c)		1,834		12,820
Prosperity Bancshares, Inc.		470		34,160
Provident Financial Services, Inc.		354		7,561
Prudential Financial, Inc.		1,995		198,423
Radian Group, Inc.		892		17,010
Raymond James Financial, Inc.		1,042		111,338
Ready Capital Corp.		1,568		17,467
Redwood Trust, Inc.		1,947		13,162
Regions Financial Corp.		5,055		108,986
Reinsurance Group of America, Inc.		359		51,010
RenaissanceRe Holdings Ltd.		230		42,373
Renasant Corp.		251		9,435
Rithm Capital Corp.		2,630		21,487
RLI Corp.		195		25,598
Robinhood Markets, Inc. - Class A (b)^(c)		2,260		18,396
Rocket Cos., Inc. - Class A (c)		1,189		8,323
Ryan Specialty Group Holdings, Inc. - Class A (b)		502		20,838
S&P Global, Inc.		1,922		643,755
S&T Bancorp, Inc.		187		6,392
Safety Insurance Group, Inc.		45		3,792
Sandy Spring Bancorp, Inc.		166		5,848
Seacoast Banking Corp. of Florida		323		10,074
SEI Investments Co.		605		35,271
Selective Insurance Group, Inc.		300		26,583
ServisFirst Bancshares, Inc.		248		17,090
Signature Bank		337		38,829
Silvergate Capital Corp. - Class A (b)^(c)		165		2,871
Simmons First National Corp. - Class A		687		14,825
Sixth Street Specialty Lending, Inc.		6,184		110,075

	Shares		Value
SLM Corp.		1,321	$	21,929
SLR Investment Corp.		500		6,955
Southside Bancshares, Inc.		171		6,154
SouthState Corp.		375		28,635
Starwood Property Trust, Inc.		1,825		33,452
State Street Corp.		1,972		152,968
StepStone Group, Inc. - Class A		257		6,471
Stewart Information Services Corp.		107		4,572
Stifel Financial Corp.		510		29,769
Stock Yards Bancorp, Inc.		175		11,372
StoneX Group, Inc. (b)		94		8,958
SVB Financial Group (b)		357		82,160
Synchrony Financial		2,558		84,056
Synovus Financial Corp.		727		27,299
T Rowe Price Group, Inc.		1,272		138,724
Texas Capital Bancshares, Inc. (b)		274		16,525
TFS Financial Corp.		156		2,248
The Allstate Corp.		1,435		194,586
The Bancorp, Inc. (b)		267		7,577
The Bank of New York Mellon Corp.		4,290		195,281
The Carlyle Group, Inc.		1,586		47,326
The Charles Schwab Corp.		9,067		754,918
The Goldman Sachs Group, Inc.		1,890		648,988
The Hanover Insurance Group, Inc.		187		25,269
The Hartford Financial Services Group, Inc.		1,649		125,044
The PNC Financial Services Group, Inc.		2,200		347,468
The Progressive Corp.		3,137		406,900
The Travelers Cos., Inc.		1,273		238,675
Tompkins Financial Corp.		39		3,026
Towne Bank		374		11,534
TPG, Inc.		327		9,100
Tradeweb Markets, Inc. - Class A		571		37,075
TriCo Bancshares		215		10,963
Triumph Financial, Inc. (b)		132		6,451

See Notes to Financial Statements.
110

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Financials — 12.2% (Continued)
Truist Financial Corp.		7,114	$	306,115
Trupanion, Inc. (b)		270		12,833
TrustCo. Bank Corp. NY		153		5,751
Trustmark Corp.		270		9,426
Two Harbors Investment Corp.		891		14,051
UMB Financial Corp.		243		20,295
Umpqua Holdings Corp.		900		16,065
United Bankshares, Inc.		707		28,626
United Community Banks, Inc.		615		20,787
United Fire Group, Inc.		166		4,542
Univest Financial Corp.		201		5,252
Unum Group		1,087		44,600
Upstart Holdings, Inc. (b)^(c)		474		6,266
US Bancorp		8,013		349,447
Valley National Bancorp		2,390		27,031
Veritex Holdings, Inc.		320		8,986
Victory Capital Holdings, Inc. - Class A		191		5,125
Virtu Financial, Inc. - Class A		531		10,838
Virtus Investment Partners, Inc.		48		9,189
Voya Financial, Inc.		551		33,881
W R Berkley Corp.		1,150		83,455
Walker & Dunlop, Inc.		196		15,382
Washington Federal, Inc.		275		9,226
Washington Trust Bancorp, Inc.		100		4,718
Webster Financial Corp.		897		42,464
Wells Fargo & Co.		19,887		821,134
WesBanco, Inc.		350		12,943
Westamerica BanCorp		176		10,386
Western Alliance Bancorp		573		34,128
Western New England Bancorp, Inc.		200		1,892
White Mountains Insurance Group Ltd.		15		21,215
Wintrust Financial Corp.		319		26,962
WisdomTree, Inc.		1,009		5,499
World Acceptance Corp. (b)		49		3,231
WSFS Financial Corp.		373		16,912

	Shares		Value
Zions Bancorp NA		746	$	36,673
				24,395,692
Health Care — 15.1%
10X Genomics, Inc. - Class A (b)		459		16,726
1Life Healthcare, Inc. (b)		858		14,337
2seventy bio, Inc. (b)		149		1,396
Abbott Laboratories		9,105		999,638
AbbVie, Inc.		9,364		1,513,316
Acadia Healthcare Co., Inc. (b)		477		39,267
ACADIA Pharmaceuticals, Inc. (b)		735		11,701
Accolade, Inc. (b)		570		4,440
Aclaris Therapeutics, Inc. (b)		316		4,977
AdaptHealth Corp. (b)		397		7,630
Adaptive Biotechnologies Corp. (b)		988		7,548
Addus HomeCare Corp. (b)		70		6,964
Agilent Technologies, Inc.		1,588		237,644
agilon health, Inc. (b)		1,208		19,497
Agios Pharmaceuticals, Inc. (b)		300		8,424
Akero Therapeutics, Inc. (b)^(c)		130		7,124
Alector, Inc. (b)		560		5,169
Align Technology, Inc. (b)		400		84,360
Alignment Healthcare, Inc. (b)		664		7,809
Alkermes PLC (b)		883		23,073
Allakos, Inc. (b)		160		1,347
Allogene Therapeutics, Inc. (b)		500		3,145
Allscripts Healthcare Solutions, Inc. (b)		432		7,621
Alnylam Pharmaceuticals, Inc. (b)		637		151,383
Alphatec Holdings, Inc. (b)		518		6,397
Altimmune, Inc. (b)		415		6,827
ALX Oncology Holdings, Inc. (b)		109		1,228
Amedisys, Inc. (b)		151		12,615

See Notes to Financial Statements.
111

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Health Care — 15.1% (Continued)
American Well Corp. - Class A (b)		1,222	$	3,458
AmerisourceBergen Corp.		823		136,379
Amgen, Inc.		2,796		734,341
Amicus Therapeutics, Inc. (b)		1,684		20,562
AMN Healthcare Services, Inc. (b)		250		25,705
Amphastar Pharmaceuticals, Inc. (b)		119		3,334
Amylyx Pharmaceuticals, Inc. (b)		167		6,171
AnaptysBio, Inc. (b)		182		5,640
AngioDynamics, Inc. (b)		231		3,181
Anika Therapeutics, Inc. (b)		100		2,960
Apellis Pharmaceuticals, Inc. (b)		558		28,854
Apollo Medical Holdings, Inc. (b)		202		5,977
Arcus Biosciences, Inc. (b)		9		186
Arcutis Biotherapeutics, Inc. (b)		249		3,685
Arrowhead Pharmaceuticals, Inc. (b)		563		22,835
Artivion, Inc. (b)		387		4,690
Arvinas, Inc. (b)		300		10,263
Atara Biotherapeutics, Inc. (b)		400		1,312
AtriCure, Inc. (b)		208		9,231
Atrion Corp.		9		5,035
Avanos Medical, Inc. (b)		297		8,037
Avantor, Inc. (b)		3,459		72,950
Avid Bioservices, Inc. (b)		330		4,544
Avidity Biosciences, Inc. (b)		312		6,923
Axogen, Inc. (b)		418		4,172
Axonics, Inc. (b)		259		16,195
Axsome Therapeutics, Inc. (b)		220		16,969
Azenta, Inc.		446		25,966
Baxter International, Inc.		2,718		138,536
Beam Therapeutics, Inc. (b)		280		10,951
Becton Dickinson and Co.		1,527		388,316

	Shares		Value
BioCryst Pharmaceuticals, Inc. (b)		1,160	$	13,317
Biogen, Inc. (b)		778		215,444
BioLife Solutions, Inc. (b)		211		3,840
BioMarin Pharmaceutical, Inc. (b)		975		100,903
Bio-Rad Laboratories, Inc. - Class A (b)		115		48,356
Bio-Techne Corp.		832		68,956
Bluebird Bio, Inc. (b)		448		3,100
Blueprint Medicines Corp. (b)		320		14,019
Boston Scientific Corp. (b)		7,602		351,745
Bridgebio Pharma, Inc. (b)		590		4,496
Bristol-Myers Squibb Co.		11,296		812,747
Bruker Corp.		495		33,833
Cardinal Health, Inc.		1,447		111,231
Cardiovascular Systems, Inc. (b)		356		4,849
CareDx, Inc. (b)		240		2,738
CAREMAX, Inc. (b)		701		2,559
Caribou Biosciences, Inc. (b)		465		2,920
Cassava Sciences, Inc. (b)^(c)		248		7,326
Castle Biosciences, Inc. (b)		171		4,025
Catalent, Inc. (b)		900		40,509
Catalyst Pharmaceuticals, Inc. (b)		507		9,430
Celldex Therapeutics, Inc. (b)		262		11,677
Centene Corp. (b)		3,010		246,850
Cerevel Therapeutics Holdings, Inc. (b)		359		11,323
Certara, Inc. (b)		411		6,605
Cerus Corp. (b)		377		1,376
Charles River Laboratories International, Inc. (b)		277		60,358
Chemed Corp.		75		38,282
Chinook Therapeutics, Inc. (b)		249		6,524
Cigna Corp.		1,604		531,469
CinCor Pharma, Inc. (b)		146		1,794
Codexis, Inc. (b)		115		536

See Notes to Financial Statements.
112

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Health Care — 15.1% (Continued)
Cogent Biosciences, Inc. (b)		343	$	3,965
Coherus Biosciences, Inc. (b)		508		4,023
Collegium Pharmaceutical, Inc. (b)		293		6,798
Computer Programs and Systems, Inc. (b)		100		2,722
CONMED Corp.		169		14,980
Corcept Therapeutics, Inc. (b)		430		8,733
CorVel Corp. (b)		34		4,941
Crinetics Pharmaceuticals, Inc. (b)		270		4,941
Cross Country Healthcare, Inc. (b)		193		5,128
CryoPort, Inc. (b)		420		7,287
CTI BioPharma Corp. (b)		843		5,066
Cutera, Inc. (b)		103		4,555
CVS Health Corp.		7,041		656,151
Cytek Biosciences, Inc. (b)		397		4,053
Cytokinetics, Inc. (b)		470		21,535
Danaher Corp.		3,453		916,495
DaVita, Inc. (b)		485		36,215
Day One Biopharmaceuticals, Inc. (b)		242		5,208
Deciphera Pharmaceuticals, Inc. (b)		330		5,409
Definitive Healthcare Corp. (b)		302		3,319
Denali Therapeutics, Inc. (b)		627		17,437
DENTSPLY SIRONA, Inc.		1,122		35,725
Design Therapeutics, Inc. (b)		297		3,047
Dexcom, Inc. (b)		2,085		236,105
DICE Therapeutics, Inc. (b)		240		7,488
DocGo, Inc. (b)		469		3,316
Doximity, Inc. - Class A (b)		498		16,713
Dynavax Technologies Corp. (b)		1,003		10,672
Editas Medicine, Inc. (b)		320		2,838
Edwards Lifesciences Corp. (b)		3,292		245,616

	Shares		Value
Elanco Animal Health, Inc. (b)		2,580	$	31,528
Elevance Health, Inc.		1,287		660,192
Eli Lilly & Co.		4,172		1,526,285
Embecta Corp.		345		8,725
Emergent BioSolutions, Inc. (b)		293		3,460
Enanta Pharmaceuticals, Inc. (b)		103		4,792
Encompass Health Corp.		573		34,271
Enhabit, Inc. (b)		236		3,106
Enovis Corp. (b)		195		10,436
Envista Holdings Corp. (b)		798		26,869
Erasca, Inc. (b)		581		2,504
Establishment Labs Holdings, Inc. (b)		112		7,353
Evolent Health, Inc. - Class A (b)		415		11,653
Exact Sciences Corp. (b)		1,003		49,659
Exelixis, Inc. (b)		1,809		29,016
Fate Therapeutics, Inc. (b)		590		5,953
FibroGen, Inc. (b)		463		7,417
Figs, Inc. - Class A (b)		673		4,529
Fulgent Genetics, Inc. (b)		199		5,926
G1 Therapeutics, Inc. (b)		376		2,042
Gilead Sciences, Inc.		6,722		577,084
Glaukos Corp. (b)		280		12,230
Globus Medical, Inc. - Class A (b)		528		39,215
Gossamer Bio, Inc. (b)		405		879
Guardant Health, Inc. (b)		570		15,504
Haemonetics Corp. (b)		250		19,663
Halozyme Therapeutics, Inc. (b)		732		41,651
Harmony Biosciences Holdings, Inc. (b)		168		9,257
HCA Healthcare, Inc.		1,155		277,154
Health Catalyst, Inc. (b)		60		638
HealthEquity, Inc. (b)		430		26,505
HealthStream, Inc. (b)		231		5,738
Henry Schein, Inc. (b)		689		55,030
Heska Corp. (b)		100		6,216
Hologic, Inc. (b)		1,326		99,198

See Notes to Financial Statements.
113

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Health Care — 15.1% (Continued)
Horizon Therapeutics PLC (b)		1,236	$	140,657
Humana, Inc.		670		343,167
ICU Medical, Inc. (b)		100		15,748
IDEXX Laboratories, Inc. (b)		445		181,542
Illumina, Inc. (b)		844		170,657
ImmunoGen, Inc. (b)		859		4,261
Inari Medical, Inc. (b)		276		17,543
Incyte Corp. (b)		1,194		95,902
Inhibrx, Inc. (b)		155		3,819
Innoviva, Inc. (b)		646		8,560
Inogen, Inc. (b)		213		4,198
Insmed, Inc. (b)		760		15,185
Inspire Medical Systems, Inc. (b)		164		41,308
Insulet Corp. (b)		368		108,336
Integer Holdings Corp. (b)		148		10,132
Integra LifeSciences Holdings Corp. (b)		378		21,194
Intellia Therapeutics, Inc. (b)		460		16,049
Intercept Pharmaceuticals, Inc. (b)		137		1,695
Intra-Cellular Therapies, Inc. (b)		453		23,973
Intuitive Surgical, Inc. (b)		1,896		503,104
Ionis Pharmaceuticals, Inc. (b)		700		26,439
Iovance Biotherapeutics, Inc. (b)		770		4,920
IQVIA Holdings, Inc. (b)		916		187,679
iRhythm Technologies, Inc. (b)		166		15,549
Ironwood Pharmaceuticals, Inc. - Class A (b)		1,000		12,390
iTeos Therapeutics, Inc. (b)		258		5,039
IVERIC bio, Inc. (b)		655		14,024
Johnson & Johnson		13,909		2,457,025
Karuna Therapeutics, Inc. (b)		136		26,724
Keros Therapeutics, Inc. (b)		124		5,955
Kezar Life Sciences, Inc. (b)		601		4,231

	Shares		Value
Kodiak Sciences, Inc. (b)		300	$	2,148
Krystal Biotech, Inc. (b)		108		8,556
Kura Oncology, Inc. (b)		403		5,001
Kymera Therapeutics, Inc. (b)		142		3,544
Laboratory Corp. of America Holdings		511		120,330
Lantheus Holdings, Inc. (b)		358		18,244
LeMaitre Vascular, Inc.		104		4,786
LHC Group, Inc. (b)		170		27,487
LifeStance Health Group, Inc. (b)		653		3,226
Ligand Pharmaceuticals, Inc. (b)		111		7,415
Lyell Immunopharma, Inc. (b)		626		2,172
Madrigal Pharmaceuticals, Inc. (b)		60		17,415
Maravai LifeSciences Holdings, Inc. - Class A (b)		659		9,430
Masimo Corp. (b)		259		38,319
McKesson Corp.		771		289,218
Medpace Holdings, Inc. (b)		122		25,914
Merck & Co., Inc.		13,402		1,486,952
Meridian Bioscience, Inc. (b)		55		1,827
Merit Medical Systems, Inc. (b)		298		21,045
Mersana Therapeutics, Inc. (b)		640		3,750
Mesa Laboratories, Inc.		34		5,651
Mettler-Toledo International, Inc. (b)		121		174,899
Mirati Therapeutics, Inc. (b)		277		12,551
Mirum Pharmaceuticals, Inc. (b)		360		7,020
Moderna, Inc. (b)		1,777		319,185
ModivCare, Inc. (b)		60		5,384
Molina Healthcare, Inc. (b)		308		101,708
Morphic Holding, Inc. (b)		173		4,628
Myriad Genetics, Inc. (b)		450		6,530
NanoString Technologies, Inc. (b)		300		2,391
Natera, Inc. (b)		550		22,094

See Notes to Financial Statements.
114

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Health Care — 15.1% (Continued)
National HealthCare Corp.		67	$	3,987
National Research Corp.		128		4,774
Neogen Corp. (b)		1,159		17,652
NeoGenomics, Inc. (b)		690		6,376
Neurocrine Biosciences, Inc. (b)		510		60,914
Nevro Corp. (b)		162		6,415
NextGen Healthcare, Inc. (b)		305		5,728
Nkarta, Inc. (b)		352		2,108
Novavax, Inc. (b)^(c)		757		7,782
Nurix Therapeutics, Inc. (b)		394		4,326
Nuvalent, Inc. - Class A (b)		258		7,683
NuVasive, Inc. (b)		290		11,960
Oak Street Health, Inc. (b)		617		13,272
Omniab, Inc. (b)^(d)(e)		42		—
Omniab, Inc. (b)^(d)(e)		42		—
OmniAb, Inc. (b)		543		1,955
Omnicell, Inc. (b)		252		12,706
Option Care Health, Inc. (b)		766		23,049
Organon & Co.		1,281		35,778
OrthoPediatrics Corp. (b)		105		4,172
Outset Medical, Inc. (b)		205		5,293
Owens & Minor, Inc.		312		6,093
Pacific Biosciences of California, Inc. (b)		1,120		9,162
Pacira BioSciences, Inc. (b)		279		10,772
Patterson Cos., Inc.		463		12,978
PDS Biotechnology Corp. (b)		151		1,993
Pediatrix Medical Group, Inc. (b)		600		8,916
Penumbra, Inc. (b)		196		43,602
PerkinElmer, Inc.		667		93,527
Pfizer, Inc.		28,839		1,477,710
Phreesia, Inc. (b)		360		11,650
Pliant Therapeutics, Inc. (b)		222		4,291
Point Biopharma Global, Inc. (b)		651		4,746
Premier, Inc. - Class A		627		21,932
Prestige Consumer Healthcare, Inc. (b)		271		16,965

	Shares		Value
Privia Health Group, Inc. (b)		437	$	9,924
PROCEPT BioRobotics Corp. (b)		289		12,005
Progyny, Inc. (b)		390		12,149
Prometheus Biosciences, Inc. (b)		136		14,960
PTC Therapeutics, Inc. (b)		372		14,199
Pulmonx Corp. (b)		288		2,428
Quest Diagnostics, Inc.		614		96,054
QuidelOrtho Corp. (b)		264		22,617
R1 RCM, Inc. (b)		1,727		18,911
RadNet, Inc. (b)		264		4,971
RAPT Therapeutics, Inc. (b)		205		4,059
Reata Pharmaceuticals, Inc. - Class A (b)		130		4,939
Recursion Pharmaceuticals, Inc. - Class A (b)		452		3,485
Regeneron Pharmaceuticals, Inc. (b)		552		398,262
REGENXBIO, Inc. (b)		218		4,944
Relay Therapeutics, Inc. (b)		410		6,125
Relmada Therapeutics, Inc. (b)		145		506
Repligen Corp. (b)		300		50,793
Replimune Group, Inc. (b)		282		7,670
ResMed, Inc.		777		161,717
Revance Therapeutics, Inc. (b)		365		6,738
REVOLUTION Medicines, Inc. (b)		530		12,625
Rhythm Pharmaceuticals, Inc. (b)		231		6,727
Rocket Pharmaceuticals, Inc. (b)		400		7,828
Royalty Pharma PLC - Class A		1,915		75,681
Sage Therapeutics, Inc. (b)		300		11,442
Sana Biotechnology, Inc. (b)		136		537
Sangamo Therapeutics, Inc. (b)		730		2,292
Sarepta Therapeutics, Inc. (b)		463		59,996
Schrodinger, Inc. (b)		309		5,775

See Notes to Financial Statements.
115

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Health Care — 15.1% (Continued)
Seagen, Inc. (b)		1,020	$	131,080
Select Medical Holdings Corp.		641		15,916
Seres Therapeutics, Inc. (b)		762		4,267
Shockwave Medical, Inc. (b)		189		38,860
SI-BONE, Inc. (b)		281		3,822
Signify Health, Inc. - Class A (b)		379		10,862
Silk Road Medical, Inc. (b)		175		9,249
Simulations Plus, Inc.		97		3,547
Sotera Health Co. (b)		870		7,247
SpringWorks Therapeutics, Inc. (b)		280		7,283
STAAR Surgical Co. (b)		280		13,591
Stryker Corp.		1,887		461,353
Supernus Pharmaceuticals, Inc. (b)		275		9,809
Surgery Partners, Inc. (b)		254		7,076
Syneos Health, Inc. (b)		300		11,004
Tandem Diabetes Care, Inc. (b)		348		15,643
Teladoc Health, Inc. (b)		839		19,842
Teleflex, Inc.		252		62,907
Tenet Healthcare Corp. (b)		631		30,787
TG Therapeutics, Inc. (b)		795		9,405
The Cooper Cos., Inc.		264		87,297
The Ensign Group, Inc.		300		28,383
The Pennant Group, Inc. (b)		150		1,647
Thermo Fisher Scientific, Inc.		2,073		1,141,580
Tilray Brands, Inc. (b)^(c)		4,583		12,328
TransMedics Group, Inc. (b)		156		9,628
Travere Therapeutics, Inc. (b)		326		6,856
Treace Medical Concepts, Inc. (b)		218		5,012
Twist Bioscience Corp. (b)		260		6,191
UFP Technologies, Inc. (b)		56		6,602
Ultragenyx Pharmaceutical, Inc. (b)		421		19,505
United Therapeutics Corp. (b)		246		68,410

	Shares		Value
UnitedHealth Group, Inc.		4,906	$	2,601,063
Universal Health Services, Inc. - Class B		335		47,198
US Physical Therapy, Inc.		93		7,536
Vanda Pharmaceuticals, Inc. (b)		481		3,555
Varex Imaging Corp. (b)		282		5,725
Vaxcyte, Inc. (b)		269		12,899
Veeva Systems, Inc. - Class A (b)		746		120,389
Ventyx Biosciences, Inc. (b)		137		4,492
Veracyte, Inc. (b)		440		10,441
Vericel Corp. (b)		230		6,058
Vertex Pharmaceuticals, Inc. (b)		1,375		397,073
Verve Therapeutics, Inc. (b)		193		3,735
Viatris, Inc.		6,423		71,488
Vir Biotechnology, Inc. (b)		580		14,680
Viridian Therapeutics, Inc. (b)		242		7,069
Waters Corp. (b)		321		109,968
West Pharmaceutical Services, Inc.		393		92,493
Y-mAbs Therapeutics, Inc. (b)		24		117
Zentalis Pharmaceuticals, Inc. (b)		312		6,284
Zimmer Biomet Holdings, Inc.		1,135		144,713
Zimvie, Inc. (b)		127		1,186
Zoetis, Inc.		2,531		370,918
				30,186,777
Industrials — 9.7%
3D Systems Corp. (b)		848		6,275
3M Co.		2,912		349,207
A O Smith Corp.		716		40,984
AAON, Inc.		253		19,056
AAR Corp. (b)		187		8,396
ABM Industries, Inc.		382		16,968
ACCO Brands Corp.		825		4,612
Acuity Brands, Inc.		177		29,313
ACV Auctions, Inc. - Class A (b)		743		6,100

See Notes to Financial Statements.
116

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Industrials — 9.7% (Continued)
Advanced Drainage Systems, Inc.		399	$	32,706
AECOM		749		63,613
Aerojet Rocketdyne Holdings, Inc. (b)		400		22,372
AeroVironment, Inc. (b)		126		10,793
AGCO Corp.		346		47,987
Air Lease Corp.		600		23,052
Air Transport Services Group, Inc. (b)		401		10,418
Alamo Group, Inc.		63		8,921
Alaska Air Group, Inc. (b)		714		30,659
Albany International Corp. - Class A		165		16,267
Alight, Inc. - Class A (b)		2,119		17,715
Allegiant Travel Co. (b)		73		4,963
Allison Transmission Holdings, Inc.		511		21,258
Altra Industrial Motion Corp.		300		17,925
Ameresco, Inc. - Class A (b)		163		9,314
American Airlines Group, Inc. (b)		3,451		43,897
American Woodmark Corp. (b)		130		6,352
AMETEK, Inc.		1,219		170,319
Apogee Enterprises, Inc.		118		5,246
Applied Industrial Technologies, Inc.		217		27,349
ArcBest Corp.		150		10,506
Arcosa, Inc.		273		14,835
Armstrong World Industries, Inc.		259		17,765
Array Technologies, Inc. (b)		750		14,498
ASGN, Inc. (b)		250		20,370
Astec Industries, Inc.		200		8,132
Atkore, Inc. (b)		312		35,387
Atlas Air Worldwide Holdings, Inc. (b)		160		16,128
Avis Budget Group, Inc. (b)		253		41,474
Axon Enterprise, Inc. (b)		418		69,359
AZZ, Inc.		130		5,226

	Shares		Value
Babcock & Wilcox Enterprises, Inc. (b)		730	$	4,212
Barnes Group, Inc.		273		11,152
Barrett Business Services, Inc.		62		5,783
Beacon Roofing Supply, Inc. (b)		310		16,365
Blink Charging Co. (b)^(c)		637		6,988
Bloom Energy Corp. - Class A (b)		908		17,361
Boise Cascade Co.		214		14,695
Booz Allen Hamilton Holding Corp.		696		72,746
Brady Corp. - Class A		261		12,293
Builders FirstSource, Inc. (b)		813		52,747
BWX Technologies, Inc.		491		28,517
CACI International, Inc. - Class A (b)		124		37,273
Carlisle Cos., Inc.		275		64,804
Carrier Global Corp.		4,514		186,203
Casella Waste Systems, Inc. - Class A (b)		276		21,890
Caterpillar, Inc.		2,831		678,194
CBIZ, Inc. (b)		220		10,307
CH Robinson Worldwide, Inc.		641		58,690
ChargePoint Holdings, Inc. (b)^(c)		1,053		10,035
Chart Industries, Inc. (b)		198		22,816
Cintas Corp.		470		212,261
Clean Harbors, Inc. (b)		252		28,758
Columbus McKinnon Corp.		101		3,280
Comfort Systems USA, Inc.		188		21,635
Construction Partners, Inc. - Class A (b)		212		5,658
Copart, Inc. (b)		2,650		161,359
Core & Main, Inc. - Class A (b)		325		6,276
CoreCivic, Inc. (b)		799		9,236
CoStar Group, Inc. (b)		2,150		166,152
Covenant Logistics Group, Inc. - Class A		100		3,457
CRA International, Inc.		54		6,611

See Notes to Financial Statements.
117

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Industrials — 9.7% (Continued)
Crane Holdings Co.		260	$	26,117
CSW Industrials, Inc.		73		8,463
CSX Corp.		11,484		355,774
Cummins, Inc.		741		179,537
Curtiss-Wright Corp.		191		31,895
Deere & Co.		1,505		645,284
Delta Air Lines, Inc. (b)		3,462		113,761
Deluxe Corp.		200		3,396
Donaldson Co., Inc.		656		38,619
Douglas Dynamics, Inc.		169		6,111
Dover Corp.		753		101,964
Driven Brands Holdings, Inc. (b)		420		11,470
Ducommun, Inc. (b)		117		5,845
Dun & Bradstreet Holdings, Inc.		1,103		13,523
DXP Enterprises, Inc. (b)		100		2,755
Dycom Industries, Inc. (b)		152		14,227
Eagle Bulk Shipping, Inc. (c)		106		5,294
Eaton Corp. PLC		2,136		335,245
EMCOR Group, Inc.		271		40,138
Emerson Electric Co.		3,140		301,628
Encore Wire Corp.		104		14,306
Energy Recovery, Inc. (b)		281		5,758
Enerpac Tool Group Corp.		290		7,381
EnerSys		202		14,916
Ennis, Inc.		50		1,108
Enovix Corp. (b)		827		10,288
EnPro Industries, Inc.		118		12,825
Equifax, Inc.		486		94,459
Esab Corp.		332		15,577
ESCO Technologies, Inc.		136		11,905
Evoqua Water Technologies Corp. (b)		588		23,285
Expeditors International of Washington, Inc.		869		90,307
Exponent, Inc.		271		26,853
Fastenal Co.		3,082		145,840
Federal Signal Corp.		319		14,824
FedEx Corp.		1,282		222,042
First Advantage Corp. (b)		366		4,758
Flowserve Corp.		701		21,507

	Shares		Value
Fluence Energy, Inc. (b)		309	$	5,299
Fluor Corp. (b)		805		27,901
Fortive Corp.		1,992		127,986
Fortune Brands Innovations, Inc.		726		41,462
Forward Air Corp.		152		15,943
Franklin Covey Co. (b)		104		4,864
Franklin Electric Co., Inc.		206		16,429
FTI Consulting, Inc. (b)		180		28,584
Gates Industrial Corp. PLC (b)		835		9,527
GATX Corp.		168		17,865
Generac Holdings, Inc. (b)		330		33,218
General Dynamics Corp.		1,456		361,248
General Electric Co.		5,823		487,909
Gibraltar Industries, Inc. (b)		138		6,331
Global Industrial Co.		10		235
GMS, Inc. (b)		240		11,952
Graco, Inc.		871		58,583
GrafTech International Ltd.		521		2,480
Granite Construction, Inc.		361		12,660
Great Lakes Dredge & Dock Corp. (b)		638		3,796
Griffon Corp.		260		9,305
GXO Logistics, Inc. (b)		623		26,596
H&E Equipment Services, Inc.		166		7,536
Hawaiian Holdings, Inc. (b)		325		3,335
Hayward Holdings, Inc. (b)		699		6,571
Healthcare Services Group, Inc.		375		4,500
Heartland Express, Inc.		340		5,216
HEICO Corp.		196		30,113
HEICO Corp. - Class A		396		47,461
Heidrick & Struggles International, Inc.		178		4,979
Helios Technologies, Inc.		150		8,166
Herc Holdings, Inc.		143		18,815
Heritage-Crystal Clean, Inc. (b)		162		5,262
Hexcel Corp.		320		18,832
Hillenbrand, Inc.		325		13,868
Hillman Solutions Corp. (b)		2,393		17,254
HNI Corp. (c)		274		7,790

See Notes to Financial Statements.
118

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Industrials — 9.7% (Continued)
Honeywell International, Inc.		3,564	$	763,765
Howmet Aerospace, Inc.		2,169		85,480
Hub Group, Inc. - Class A (b)		143		11,367
Hubbell, Inc.		285		66,884
Huntington Ingalls Industries, Inc.		202		46,597
Huron Consulting Group, Inc. (b)		109		7,913
IAA, Inc. (b)		729		29,160
ICF International, Inc.		97		9,608
IDEX Corp.		405		92,474
IES Holdings, Inc. (b)		60		2,134
Illinois Tool Works, Inc.		1,661		365,918
Ingersoll Rand, Inc.		2,193		114,584
Insperity, Inc.		190		21,584
Insteel Industries, Inc.		178		4,899
Interface, Inc.		483		4,767
ITT, Inc.		439		35,603
Jacobs Solutions, Inc.		726		87,171
Janus International Group, Inc. (b)		533		5,074
JB Hunt Transport Services, Inc.		440		76,718
JELD-WEN Holding, Inc. (b)		547		5,279
JetBlue Airways Corp. (b)		1,750		11,340
Joby Aviation, Inc. (b)		2,151		7,206
John Bean Technologies Corp.		151		13,791
Johnson Controls International PLC		3,739		239,296
Kadant, Inc.		69		12,257
Kaman Corp.		168		3,746
KAR Auction Services, Inc. (b)		715		9,331
KBR, Inc.		738		38,966
Kelly Services, Inc. - Class A		348		5,881
Kennametal, Inc.		475		11,429
Kforce, Inc.		69		3,783
Kirby Corp. (b)		300		19,305
Knight-Swift Transportation Holdings, Inc.		844		44,234

	Shares		Value
Korn Ferry		323	$	16,350
Kratos Defense & Security Solutions, Inc. (b)		758		7,823
L3Harris Technologies, Inc.		1,026		213,623
Landstar System, Inc.		193		31,440
Legalzoom.com, Inc. (b)		783		6,060
Leidos Holdings, Inc.		672		70,688
Lennox International, Inc.		167		39,951
Lincoln Electric Holdings, Inc.		294		42,480
Lindsay Corp.		58		9,445
Lockheed Martin Corp.		1,422		691,789
Lyft, Inc. - Class A (b)		1,606		17,698
ManpowerGroup, Inc.		256		21,302
Marten Transport Ltd.		308		6,092
Masco Corp.		1,285		59,971
MasTec, Inc. (b)		333		28,415
Masterbrand, Inc. (b)		726		5,481
Matson, Inc.		175		10,939
Matthews International Corp. - Class A		100		3,044
Maxar Technologies, Inc.		464		24,007
McGrath RentCorp		114		11,256
MDU Resources Group, Inc.		1,115		33,829
Mercury Systems, Inc. (b)		345		15,435
MillerKnoll, Inc.		460		9,665
Moog, Inc. - Class A		165		14,480
MRC Global, Inc. (b)		586		6,786
MSA Safety, Inc.		195		28,117
MSC Industrial Direct Co., Inc. - Class A		245		20,017
Mueller Industries, Inc.		300		17,700
Mueller Water Products, Inc. - Class A		622		6,693
MYR Group, Inc. (b)		77		7,089
Nordson Corp.		282		67,037
Norfolk Southern Corp.		1,260		310,489
Northrop Grumman Corp.		830		452,856
NOW, Inc. (b)		649		8,242
nVent Electric PLC		873		33,584
Old Dominion Freight Line, Inc.		516		146,431
Oshkosh Corp.		350		30,867
Otis Worldwide Corp.		2,278		178,390

See Notes to Financial Statements.
119

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Industrials — 9.7% (Continued)
Owens Corning		530	$	45,209
PACCAR, Inc.		1,768		174,979
Parker-Hannifin Corp.		682		198,462
Parsons Corp. (b)		550		25,438
PGT Innovations, Inc. (b)		305		5,478
Planet Labs PBC (b)		1,436		6,247
Plug Power, Inc. (b)		2,593		32,075
Primoris Services Corp.		238		5,222
Proto Labs, Inc. (b)		130		3,319
Quanex Building Products Corp.		247		5,849
Quanta Services, Inc.		762		108,585
Raytheon Technologies Corp.		7,329		739,643
RBC Bearings, Inc. (b)		145		30,356
Regal Rexnord Corp.		344		41,273
Republic Services, Inc.		897		115,704
Resideo Technologies, Inc. (b)		758		12,469
Resources Connection, Inc.		200		3,676
Robert Half International, Inc.		582		42,969
Rocket Lab USA, Inc. (b)		2,043		7,702
Rockwell Automation, Inc.		620		159,693
Rollins, Inc.		1,268		46,333
Rush Enterprises, Inc. - Class A		228		11,920
RXO, Inc. (b)		636		10,939
Ryder System, Inc.		243		20,308
Saia, Inc. (b)		135		28,307
Schneider National, Inc. - Class B		218		5,101
Science Applications International Corp.		286		31,726
SES AI Corp. (b)		766		2,413
Shoals Technologies Group, Inc. - Class A (b)		700		17,269
Simpson Manufacturing Co., Inc.		238		21,101
SiteOne Landscape Supply, Inc. (b)		230		26,984
SkyWest, Inc. (b)		375		6,191
Snap-on, Inc. (c)		280		63,977

	Shares		Value
Southwest Airlines Co. (b)		3,221	$	108,451
SP Plus Corp. (b)		148		5,139
Spirit AeroSystems Holdings, Inc. - Class A		700		20,720
Spirit Airlines, Inc. (b)		540		10,519
SPX Technologies, Inc. (b)		115		7,550
Standex International Corp.		50		5,121
Stanley Black & Decker, Inc.		777		58,368
Steelcase, Inc. - Class A		689		4,871
Stem, Inc. (b)		703		6,285
Stericycle, Inc. (b)		494		24,646
Sterling Check Corp. (b)		444		6,869
Sterling Infrastructure, Inc. (b)		214		7,019
Sun Country Airlines Holdings, Inc. (b)		326		5,170
SunPower Corp. (b)		450		8,114
Sunrun, Inc. (b)		1,120		26,902
Tennant Co.		99		6,095
Terex Corp.		353		15,080
Tetra Tech, Inc.		283		41,089
Textainer Group Holdings Ltd.		155		4,807
Textron, Inc.		1,123		79,508
The AZEK Co., Inc. (b)		791		16,073
The Boeing Co. (b)		3,141		598,329
The Brink’s Co.		291		15,630
The GEO Group, Inc. (b)		632		6,920
The Gorman-Rupp Co.		182		4,663
The Greenbrier Cos., Inc.		200		6,706
The Manitowoc Co., Inc. (b)		268		2,455
The Middleby Corp. (b)		290		38,831
The Shyft Group, Inc.		75		1,865
The Timken Co.		375		26,501
The Toro Co.		561		63,505
Thermon Group Holdings, Inc. (b)		308		6,185
Titan International, Inc. (b)		375		5,745
Titan Machinery, Inc. (b)		167		6,635
TransDigm Group, Inc.		282		177,561
TransUnion		1,101		62,482
Trex Co., Inc. (b)		600		25,398
TriNet Group, Inc. (b)		310		21,018

See Notes to Financial Statements.
120

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Industrials — 9.7% (Continued)
Trinity Industries, Inc.		359	$	10,616
Triumph Group, Inc. (b)		196		2,062
TrueBlue, Inc. (b)		55		1,077
Tutor Perini Corp. (b)		200		1,510
Uber Technologies, Inc. (b)		10,088		249,476
UFP Industries, Inc.		321		25,439
U-Haul Holding Co.		441		24,246
U-Haul Holding Co.		49		2,949
UniFirst Corp.		86		16,597
Union Pacific Corp.		3,106		643,159
United Airlines Holdings, Inc. (b)		1,705		64,279
United Parcel Service, Inc. - Class B		3,925		682,322
United Rentals, Inc. (b)		403		143,234
Univar Solutions, Inc. (b)		886		28,175
Upwork, Inc. (b)		512		5,345
Valmont Industries, Inc.		118		39,019
Verisk Analytics, Inc.		833		146,958
Veritiv Corp.		97		11,806
Vertiv Holdings Co.		1,638		22,375
Viad Corp. (b)		100		2,439
Vicor Corp. (b)		165		8,869
Virgin Galactic Holdings, Inc. (b)^(c)		1,055		3,671
Wabash National Corp.		348		7,865
Waste Management, Inc.		2,128		333,841
Watsco, Inc.		182		45,391
Watts Water Technologies, Inc. - Class A		158		23,104
Werner Enterprises, Inc.		250		10,065
WESCO International, Inc. (b)		221		27,669
Westinghouse Air Brake Technologies Corp.		940		93,821
WillScot Mobile Mini Holdings Corp. - Class A (b)		1,123		50,726
Woodward, Inc.		305		29,466
WW Grainger, Inc.		243		135,169
XPO, Inc. (b)		636		21,172
Xylem, Inc.		990		109,464

	Shares		Value
Zurn Elkay Water Solutions Corp.		730	$	15,440
				19,369,990
Information Technology — 24.2%
8x8, Inc. (b)		230		994
A10 Networks, Inc.		327		5,438
ACI Worldwide, Inc. (b)		560		12,880
ACM Research, Inc. - Class A (b)		378		2,914
Adeia, Inc.		799		7,575
Adobe, Inc. (b)		2,450		824,498
ADTRAN Holdings, Inc.		374		7,027
Advanced Energy Industries, Inc.		213		18,271
Advanced Micro Devices, Inc. (b)		8,572		555,208
Affirm Holdings, Inc. (b)^(c)		1,056		10,212
Agilysys, Inc. (b)		128		10,130
Akamai Technologies, Inc. (b)		856		72,161
Alarm.com Holdings, Inc. (b)		253		12,518
Alkami Technology, Inc. (b)		304		4,435
Allegro MicroSystems, Inc. (b)		447		13,419
Alpha & Omega Semiconductor Ltd. (b)		148		4,228
Altair Engineering, Inc. - Class A (b)		274		12,459
Alteryx, Inc. - Class A (b)		313		15,860
Ambarella, Inc. (b)		277		22,778
American Software, Inc. - Class A		309		4,536
Amkor Technology, Inc.		185		4,436
Amphenol Corp. - Class A		3,158		240,450
Amplitude, Inc. - Class A (b)		314		3,793
Analog Devices, Inc.		2,759		452,559
ANSYS, Inc. (b)		458		110,648
Appfolio, Inc. - Class A (b)		110		11,592
Appian Corp. (b)		213		6,935
Apple, Inc.		85,020		11,046,649
Applied Materials, Inc.		4,614		449,311

See Notes to Financial Statements.
121

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Information Technology — 24.2% (Continued)
AppLovin Corp. - Class A (b)		548	$	5,770
Arista Networks, Inc. (b)		1,286		156,056
Arrow Electronics, Inc. (b)		360		37,645
Asana, Inc. - Class A (b)		399		5,494
Aspen Technology, Inc. (b)		136		27,934
Autodesk, Inc. (b)		1,164		217,517
Automatic Data Processing, Inc.		2,206		526,925
Avid Technology, Inc. (b)		194		5,158
AvidXchange Holdings, Inc. (b)		680		6,759
Avnet, Inc.		458		19,044
Axcelis Technologies, Inc. (b)		183		14,523
Badger Meter, Inc.		168		18,317
Belden, Inc.		229		16,465
Benchmark Electronics, Inc.		136		3,630
Bentley Systems, Inc. - Class B		1,054		38,956
BigCommerce Holdings, Inc. (b)		323		2,823
Bill.com Holdings, Inc. (b)		562		61,236
Black Knight, Inc. (b)		812		50,141
Blackbaud, Inc. (b)		200		11,772
Blackline, Inc. (b)		240		16,145
Block, Inc. (b)		2,812		176,706
Box, Inc. - Class A (b)		708		22,040
Braze, Inc. - Class A (b)		205		5,592
Broadcom, Inc.		2,090		1,168,582
Broadridge Financial Solutions, Inc.		610		81,819
C3.ai, Inc. - Class A (b)		434		4,856
Cadence Design Systems, Inc. (b)		1,466		235,498
Calix, Inc. (b)		308		21,076
CCC Intelligent Solutions Holdings, Inc. (b)		595		5,177
CDW Corp.		721		128,756
Cerence, Inc. (b)		271		5,022
Ceridian HCM Holding, Inc. (b)		780		50,037
CEVA, Inc. (b)		176		4,502

	Shares		Value
Ciena Corp. (b)		821	$	41,855
Cirrus Logic, Inc. (b)		292		21,748
Cisco Systems, Inc.		21,077		1,004,108
Clear Secure, Inc. - Class A		319		8,750
Clearfield, Inc. (b)		62		5,837
Clearwater Analytics Holdings, Inc. - Class A (b)		295		5,531
Cloudflare, Inc. - Class A (b)		1,488		67,273
Cognex Corp.		895		42,163
Cognizant Technology Solutions Corp. - Class A		2,758		157,730
Coherent Corp. (b)		636		22,324
Cohu, Inc. (b)		226		7,243
CommScope Holding Co., Inc. (b)		1,150		8,452
CommVault Systems, Inc. (b)		265		16,653
Comtech Telecommunications Corp.		100		1,214
Concentrix Corp.		232		30,893
Conduent, Inc. (b)		1,513		6,128
Confluent, Inc. - Class A (b)		748		16,636
Consensus Cloud Solutions, Inc. (b)		108		5,806
Corning, Inc.		4,080		130,315
Corsair Gaming, Inc. (b)		381		5,170
Coupa Software, Inc. (b)		442		34,993
Crowdstrike Holdings, Inc. - Class A (b)		1,129		118,872
CSG Systems International, Inc.		167		9,552
CTS Corp.		213		8,396
Datadog, Inc. - Class A (b)		1,373		100,915
Dell Technologies, Inc. - Class C		1,300		52,286
Digi International, Inc. (b)		182		6,652
Digital Turbine, Inc. (b)		456		6,949
DigitalOcean Holdings, Inc. (b)		301		7,667
Diodes, Inc. (b)		233		17,741
DocuSign, Inc. (b)		1,055		58,468

See Notes to Financial Statements.
122

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Information Technology — 24.2% (Continued)
Dolby Laboratories, Inc. - Class A		300	$	21,162
Domo, Inc. - Class B (b)		254		3,617
DoubleVerify Holdings, Inc. (b)		352		7,730
Dropbox, Inc. - Class A (b)		1,403		31,399
Duck Creek Technologies, Inc. (b)		500		6,025
DXC Technology Co. (b)		1,118		29,627
Dynatrace, Inc. (b)		1,049		40,177
E2open Parent Holdings, Inc. (b)		1,231		7,226
Ebix, Inc.		31		619
eGain Corp. (b)		150		1,354
Embark Technology, Inc. (b)		135		444
Enphase Energy, Inc. (b)		705		186,797
Entegris, Inc.		791		51,882
Envestnet, Inc. (b)		268		16,536
EPAM Systems, Inc. (b)		294		96,356
ePlus, Inc. (b)		191		8,458
Euronet Worldwide, Inc. (b)		251		23,689
Everbridge, Inc. (b)		190		5,620
Evo Payments, Inc. - Class A (b)		252		8,528
ExlService Holdings, Inc. (b)		173		29,311
Expensify, Inc. - Class A (b)		319		2,817
Extreme Networks, Inc. (b)		685		12,542
F5, Inc. (b)		311		44,632
Fair Isaac Corp. (b)		138		82,604
FARO Technologies, Inc. (b)		170		5,000
Fastly, Inc. - Class A (b)		589		4,824
Fidelity National Information Services, Inc.		3,228		219,020
First Solar, Inc. (b)		522		78,190
Fiserv, Inc. (b)		3,225		325,951
Five9, Inc. (b)		400		27,144
FleetCor Technologies, Inc. (b)		397		72,921
Flywire Corp. (b)		422		10,326
FormFactor, Inc. (b)		480		10,670
Fortinet, Inc. (b)		3,555		173,804

	Shares		Value
Freshworks, Inc. - Class A (b)^(c)		733	$	10,782
Gartner, Inc. (b)		402		135,128
Gen Digital, Inc.		3,534		75,734
Genpact Ltd.		939		43,494
Gitlab, Inc. - Class A (b)		395		17,949
Global Payments, Inc.		1,495		148,483
GLOBALFOUNDRIES, Inc. (b)^(c)		403		21,718
GoDaddy, Inc. - Class A (b)		839		62,774
Grid Dynamics Holdings, Inc. (b)		258		2,895
Guidewire Software, Inc. (b)		490		30,654
Harmonic, Inc. (b)		547		7,166
HashiCorp, Inc. - Class A (b)		376		10,280
Hewlett Packard Enterprise Co.		6,852		109,358
HP, Inc.		5,395		144,964
HubSpot, Inc. (b)		260		75,174
I3 Verticals, Inc. - Class A (b)		226		5,501
Ichor Holdings Ltd. (b)		183		4,908
Impinj, Inc. (b)		186		20,308
Infinera Corp. (b)		1,521		10,252
Informatica, Inc. - Class A (b)		585		9,530
Insight Enterprises, Inc. (b)		200		20,054
Intapp, Inc. (b)		252		6,285
Intel Corp.		22,022		582,041
InterDigital, Inc.		188		9,302
International Business Machines Corp.		4,844		682,471
International Money Express, Inc. (b)		206		5,020
Intuit, Inc.		1,425		554,638
IonQ, Inc. (b)^(c)		590		2,036
IPG Photonics Corp. (b)		174		16,473
Itron, Inc. (b)		200		10,130
Jabil, Inc.		708		48,286
Jack Henry & Associates, Inc.		392		68,820
Jamf Holding Corp. (b)		327		6,965

See Notes to Financial Statements.
123

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Information Technology — 24.2% (Continued)
JFrog Ltd. (b)		277	$	5,908
Juniper Networks, Inc.		1,776		56,761
Keysight Technologies, Inc. (b)		949		162,345
KLA Corp.		755		284,658
KnowBe4, Inc. - Class A (b)		376		9,317
Knowles Corp. (b)		458		7,520
Kulicke & Soffa Industries, Inc.		303		13,411
Kyndryl Holdings, Inc. (b)		1,003		11,153
Lam Research Corp.		727		305,558
Lattice Semiconductor Corp. (b)		729		47,298
Littelfuse, Inc.		141		31,048
LivePerson, Inc. (b)		636		6,449
LiveRamp Holdings, Inc. (b)		450		10,548
Lumentum Holdings, Inc. (b)		357		18,625
MACOM Technology Solutions Holdings, Inc. (b)		259		16,312
Manhattan Associates, Inc. (b)		333		40,426
Marathon Digital Holdings, Inc. (b)^(c)		576		1,970
Marqeta, Inc. - Class A (b)		2,104		12,855
Marvell Technology, Inc.		4,527		167,680
Mastercard, Inc. - Class A		4,514		1,569,653
Maximus, Inc.		347		25,446
MaxLinear, Inc. (b)		475		16,126
Methode Electronics, Inc.		233		10,338
Microchip Technology, Inc.		2,904		204,006
Micron Technology, Inc.		6,069		303,329
Microsoft Corp.		38,666		9,272,880
MicroStrategy, Inc. - Class A (b)^(c)		60		8,494
Mirion Technologies, Inc. (b)		829		5,480
Mitek Systems, Inc. (b)		420		4,070
MKS Instruments, Inc.		300		25,419
Model N, Inc. (b)		189		7,666
Momentive Global, Inc. (b)		363		2,541
MongoDB, Inc. (b)		429		84,444

	Shares		Value
Monolithic Power Systems, Inc.		236	$	83,452
Motorola Solutions, Inc.		895		230,650
N-able, Inc. (b)		505		5,191
Napco Security Technologies, Inc. (b)		177		4,864
National Instruments Corp.		703		25,941
nCino, Inc. (b)		330		8,725
NCR Corp. (b)		640		14,982
NetApp, Inc.		1,166		70,030
NETGEAR, Inc. (b)		50		906
NetScout Systems, Inc. (b)		295		9,590
New Relic, Inc. (b)		325		18,346
Novanta, Inc. (b)		179		24,321
Nutanix, Inc. - Class A (b)		1,191		31,026
NVIDIA Corp.		12,646		1,848,086
Okta, Inc. (b)		790		53,981
Olo, Inc. - Class A (b)		606		3,788
ON Semiconductor Corp. (b)		2,300		143,451
Onto Innovation, Inc. (b)		275		18,725
Oracle Corp.		7,888		644,765
OSI Systems, Inc. (b)		100		7,952
PagerDuty, Inc. (b)		430		11,421
Palantir Technologies, Inc. - Class A (b)		9,164		58,833
Palo Alto Networks, Inc. (b)		1,565		218,380
PAR Technology Corp. (b)		100		2,607
Paya Holdings, Inc. (b)		805		6,335
Paychex, Inc.		1,717		198,417
Paycom Software, Inc. (b)		274		85,025
Paycor HCM, Inc. (b)		222		5,432
Paylocity Holding Corp. (b)		213		41,377
PayPal Holdings, Inc. (b)		6,141		437,362
PDF Solutions, Inc. (b)		190		5,419
Pegasystems, Inc.		300		10,272
Perficient, Inc. (b)		167		11,662
Photronics, Inc. (b)		241		4,056
Plexus Corp. (b)		130		13,381
Power Integrations, Inc.		280		20,082
PowerSchool Holdings, Inc. - Class A (b)		356		8,217
Procore Technologies, Inc. (b)		602		28,402

See Notes to Financial Statements.
124

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Information Technology — 24.2% (Continued)
Progress Software Corp.		200	$	10,090
PROS Holdings, Inc. (b)		300		7,278
PTC, Inc. (b)		569		68,303
Pure Storage, Inc. - Class A (b)		1,477		39,525
Q2 Holdings, Inc. (b)		240		6,449
Qorvo, Inc. (b)		548		49,671
QUALCOMM, Inc.		6,023		662,169
Qualtrics International, Inc. - Class A (b)		532		5,522
Qualys, Inc. (b)		167		18,742
Rambus, Inc. (b)		500		17,910
Rapid7, Inc. (b)		364		12,369
Remitly Global, Inc. (b)		460		5,267
RingCentral, Inc. - Class A (b)		260		9,204
Riot Blockchain, Inc. (b)^(c)		1,173		3,977
Rogers Corp. (b)		57		6,802
Roper Technologies, Inc.		563		243,267
Sabre Corp. (b)		1,400		8,652
Salesforce, Inc. (b)		5,084		674,088
Samsara, Inc. - Class A (b)		404		5,022
Sanmina Corp. (b)		333		19,078
ScanSource, Inc. (b)		179		5,230
Semtech Corp. (b)		300		8,607
SentinelOne, Inc. - Class A (b)		993		14,488
ServiceNow, Inc. (b)		1,035		401,859
Shift4 Payments, Inc. - Class A (b)		269		15,045
Silicon Laboratories, Inc. (b)		197		26,727
SiTime Corp. (b)		107		10,873
Skyworks Solutions, Inc.		852		77,643
SMART Global Holdings, Inc. (b)		139		2,068
Smartsheet, Inc. - Class A (b)		665		26,174
Snowflake, Inc. - Class A (b)		1,476		211,865
Sofi Technologies, Inc. (b)		3,809		17,560
Splunk, Inc. (b)		794		68,355
Sprinklr, Inc. - Class A (b)		487		3,979

	Shares		Value
Sprout Social, Inc. - Class A (b)		244	$	13,776
SPS Commerce, Inc. (b)		200		25,686
Squarespace, Inc. - Class A (b)		258		5,720
SS&C Technologies Holdings, Inc.		1,190		61,951
Sumo Logic, Inc. (b)		509		4,123
Synaptics, Inc. (b)		208		19,793
Synopsys, Inc. (b)		812		259,263
TaskUS, Inc. - Class A (b)		263		4,445
TD SYNNEX Corp.		226		21,404
Teledyne Technologies, Inc. (b)		249		99,578
Tenable Holdings, Inc. (b)		625		23,844
Teradata Corp. (b)		534		17,974
Teradyne, Inc.		841		73,461
Texas Instruments, Inc.		4,783		790,247
The Hackett Group, Inc.		262		5,337
The Western Union Co.		2,093		28,821
Thoughtworks Holding, Inc. (b)		729		7,429
Toast, Inc. - Class A (b)		1,407		25,368
Trimble, Inc. (b)		1,308		66,132
TTEC Holdings, Inc.		54		2,383
TTM Technologies, Inc. (b)		488		7,359
Twilio, Inc. - Class A (b)		920		45,043
Tyler Technologies, Inc. (b)		228		73,509
Ubiquiti, Inc. (c)		29		7,932
UiPath, Inc. - Class A (b)		1,679		21,340
Ultra Clean Holdings, Inc. (b)		240		7,956
Unisys Corp. (b)		427		2,182
Unity Software, Inc. (b)^(c)		1,085		31,020
Universal Display Corp.		221		23,877
Varonis Systems, Inc. (b)		450		10,773
Veeco Instruments, Inc. (b)		148		2,750
Verint Systems, Inc. (b)		375		13,605
VeriSign, Inc. (b)		570		117,101
Verra Mobility Corp. (b)		693		9,584
Vertex, Inc. - Class A (b)		325		4,716
Viasat, Inc. (b)		350		11,078
Viavi Solutions, Inc. (b)		1,328		13,957
Visa, Inc. - Class A		8,650		1,797,124

See Notes to Financial Statements.
125

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Information Technology — 24.2% (Continued)
Vishay Intertechnology, Inc.		806	$	17,385
VMware, Inc. - Class A (b)		1,202		147,558
Vontier Corp.		800		15,464
Western Digital Corp. (b)		1,673		52,783
WEX, Inc. (b)		248		40,585
Wolfspeed, Inc. (b)		659		45,497
Workday, Inc. - Class A (b)		1,067		178,541
Workiva, Inc. (b)		272		22,840
Xerox Holdings Corp.		828		12,089
Xperi, Inc. (b)		319		2,747
Yext, Inc. (b)		1,024		6,687
Zebra Technologies Corp. - Class A (b)		278		71,282
ZeroFox Holdings, Inc. (b)^(c)		911		4,537
Zeta Global Holdings Corp. - Class A (b)		671		5,482
Zoom Video Communications, Inc. - Class A (b)		1,117		75,666
Zscaler, Inc. (b)		495		55,391
Zuora, Inc. - Class A (b)		657		4,179
				48,176,180
Materials — 2.5%
5E Advanced Materials, Inc. (b)		377		2,971
AdvanSix, Inc.		144		5,475
Air Products and Chemicals, Inc.		1,166		359,431
Albemarle Corp.		628		136,188
Alcoa Corp.		929		42,242
Alpha Metallurgical Resources, Inc.		79		11,565
American Vanguard Corp.		244		5,297
AptarGroup, Inc.		347		38,163
Arconic Corp. (b)		645		13,648
Ashland, Inc.		314		33,764
ATI, Inc. (b)		690		20,603
Avery Dennison Corp.		440		79,640
Avient Corp.		483		16,306
Axalta Coating Systems Ltd. (b)		675		17,192
Balchem Corp.		171		20,881

	Shares		Value
Ball Corp.		1,669	$	85,353
Berry Global Group, Inc.		755		45,625
Cabot Corp.		318		21,255
Carpenter Technology Corp.		200		7,388
Celanese Corp.		561		57,357
CF Industries Holdings, Inc.		1,058		90,142
Chase Corp.		58		5,003
Clearwater Paper Corp. (b)		130		4,915
Cleveland-Cliffs, Inc. (b)		2,588		41,693
Commercial Metals Co.		640		30,912
Compass Minerals International, Inc.		222		9,102
Corteva, Inc.		3,854		226,538
Crown Holdings, Inc.		631		51,874
Dow, Inc.		3,852		194,102
DuPont de Nemours, Inc.		2,365		162,310
Eagle Materials, Inc.		200		26,570
Eastman Chemical Co.		652		53,099
Ecolab, Inc.		1,360		197,962
Ecovyst, Inc. (b)		550		4,873
Element Solutions, Inc.		1,211		22,028
Ferroglobe Representation & Warranty Insurance Trust (b)^(d)(e)		500		—
FMC Corp.		669		83,491
Freeport-McMoRan, Inc.		7,589		288,382
Graphic Packaging Holding Co.		1,752		38,982
Greif, Inc. - Class A		160		10,730
Hawkins, Inc.		135		5,211
HB Fuller Co.		268		19,194
Hecla Mining Co.		3,124		17,369
Huntsman Corp.		1,117		30,695
Ingevity Corp. (b)		207		14,581
Innospec, Inc.		129		13,269
International Flavors & Fragrances, Inc.		1,378		144,469
International Paper Co.		1,947		67,425
Kaiser Aluminum Corp.		118		8,963
Livent Corp. (b)		986		19,592
Louisiana-Pacific Corp.		422		24,982
LSB Industries, Inc. (b)		333		4,429
Martin Marietta Materials, Inc.		335		113,220

See Notes to Financial Statements.
126

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Materials — 2.5% (Continued)
Materion Corp.		93	$	8,138
Mativ Holdings, Inc.		371		7,754
Minerals Technologies, Inc.		180		10,930
MP Materials Corp. (b)		646		15,685
Myers Industries, Inc.		200		4,446
NewMarket Corp.		42		13,067
Newmont Corp.		4,257		200,930
Nucor Corp.		1,390		183,216
O-I Glass, Inc. (b)		938		15,543
Olin Corp.		732		38,752
Origin Materials, Inc. (b)		935		4,310
Packaging Corp. of America		487		62,292
Piedmont Lithium, Inc. (b)		92		4,050
PPG Industries, Inc.		1,260		158,432
PureCycle Technologies, Inc. (b)		570		3,853
Quaker Chemical Corp.		74		12,351
Reliance Steel & Aluminum Co.		315		63,769
Royal Gold, Inc.		341		38,437
RPM International, Inc.		741		72,210
Ryerson Holding Corp.		173		5,235
Schnitzer Steel Industries, Inc. - Class A		162		4,965
Sealed Air Corp.		820		40,902
Sensient Technologies Corp.		230		16,772
Silgan Holdings, Inc.		400		20,736
Sonoco Products Co.		552		33,512
Southern Copper Corp.		435		26,270
Steel Dynamics, Inc.		909		88,809
Stepan Co.		97		10,327
Summit Materials, Inc. - Class A (b)		581		16,486
SunCoke Energy, Inc.		791		6,826
Sylvamo Corp.		156		7,580
The Chemours Co.		824		25,231
The Mosaic Co.		1,821		79,887
The Scotts Miracle-Gro Co.		175		8,503
The Sherwin-Williams Co.		1,248		296,188
TimkenSteel Corp. (b)		104		1,890
TriMas Corp.		223		6,186
Trinseo PLC		260		5,905
United States Steel Corp.		1,234		30,912

	Shares		Value
Valvoline, Inc.		1,034	$	33,760
Vulcan Materials Co.		706		123,628
Warrior Met Coal, Inc.		276		9,561
Westlake Corp.		157		16,099
Westrock Co.		1,284		45,145
Worthington Industries, Inc.		112		5,567
				4,931,498
Real Estate — 3.3%
Acadia Realty Trust		676		9,701
Agree Realty Corp.		376		26,670
Alexander & Baldwin, Inc.		497		9,309
Alexandria Real Estate Equities, Inc.		863		125,713
American Assets Trust, Inc.		228		6,042
American Homes 4 Rent - Class A		1,623		48,917
American Tower Corp.		2,472		523,718
Americold Realty Trust, Inc.		988		27,970
Anywhere Real Estate, Inc. (b)		595		3,802
Apartment Income REIT Corp.		833		28,580
Apartment Investment and Management Co. - Class A		826		5,881
Apple Hospitality REIT, Inc.		1,244		19,630
Armada Hoffler Properties, Inc.		467		5,370
AvalonBay Communities, Inc.		750		121,140
Boston Properties, Inc.		852		57,578
Brandywine Realty Trust		646		3,973
Brixmor Property Group, Inc.		1,591		36,068
Broadstone Net Lease, Inc.		915		14,832
Camden Property Trust		560		62,653
CareTrust REIT, Inc.		403		7,488
CBL & Associates Properties, Inc.		204		4,708
CBRE Group, Inc. - Class A (b)		1,705		131,217
Centerspace		64		3,755
Chatham Lodging Trust		425		5,215
Community Healthcare Trust, Inc.		154		5,513

See Notes to Financial Statements.
127

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Real Estate — 3.3% (Continued)
Corporate Office Properties Trust		686	$	17,795
Cousins Properties, Inc.		839		21,218
Crown Castle, Inc.		2,299		311,836
CubeSmart		1,192		47,978
DiamondRock Hospitality Co.		1,103		9,034
Digital Realty Trust, Inc.		1,541		154,516
DigitalBridge Group, Inc.		763		8,347
Douglas Elliman, Inc.		469		1,909
Douglas Emmett, Inc.		854		13,391
Easterly Government Properties, Inc.		627		8,947
EastGroup Properties, Inc.		227		33,610
Elme Communities		425		7,565
Empire State Realty Trust, Inc. - Class A		745		5,021
EPR Properties		422		15,918
Equinix, Inc.		488		319,655
Equity Commonwealth		482		12,035
Equity LifeStyle Properties, Inc.		1,053		68,024
Equity Residential		1,973		116,407
Essential Properties Realty Trust, Inc.		830		19,480
Essex Property Trust, Inc.		346		73,324
eXp World Holdings, Inc. (c)		540		5,983
Extra Space Storage, Inc.		704		103,615
Farmland Partners, Inc.		384		4,785
Federal Realty Investment Trust		414		41,831
First Industrial Realty Trust, Inc.		727		35,085
Four Corners Property Trust, Inc.		497		12,887
Gaming and Leisure Properties, Inc.		1,308		68,134
Getty Realty Corp.		219		7,413
Gladstone Commercial Corp.		312		5,772
Gladstone Land Corp.		269		4,936
Global Medical REIT, Inc.		581		5,508

	Shares		Value
Global Net Lease, Inc.		703	$	8,837
Healthcare Realty Trust, Inc.		2,086		40,197
Healthpeak Properties, Inc.		2,894		72,553
Highwoods Properties, Inc.		510		14,270
Host Hotels & Resorts, Inc.		3,796		60,926
Hudson Pacific Properties, Inc.		815		7,930
Independence Realty Trust, Inc.		1,266		21,345
Industrial Logistics Properties Trust		175		572
Innovative Industrial Properties, Inc.		150		15,203
Invitation Homes, Inc.		2,853		84,563
Iron Mountain, Inc.		1,543		76,919
iStar, Inc.		512		3,907
JBG SMITH Properties		497		9,433
Jones Lang LaSalle, Inc. (b)		269		42,870
Kennedy-Wilson Holdings, Inc.		609		9,580
Kilroy Realty Corp.		620		23,975
Kimco Realty Corp.		3,143		66,569
Kite Realty Group Trust		1,127		23,723
Lamar Advertising Co. - Class A		463		43,707
Life Storage, Inc.		448		44,128
LTC Properties, Inc.		251		8,918
LXP Industrial Trust		1,665		16,683
Marcus & Millichap, Inc.		126		4,341
Medical Properties Trust, Inc.		3,394		37,809
Mid-America Apartment Communities, Inc.		613		96,235
National Health Investors, Inc.		228		11,906
National Retail Properties, Inc.		936		42,831
National Storage Affiliates Trust		458		16,543
NETSTREIT Corp.		318		5,829
Newmark Group, Inc. - Class A		765		6,097
NexPoint Residential Trust, Inc.		152		6,615

See Notes to Financial Statements.
128

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Real Estate — 3.3% (Continued)
Office Properties Income Trust		228	$	3,044
Omega Healthcare Investors, Inc.		1,238		34,602
Orion Office REIT, Inc.		291		2,485
Outfront Media, Inc.		722		11,971
Paramount Group, Inc.		1,239		7,360
Park Hotels & Resorts, Inc.		982		11,578
Pebblebrook Hotel Trust		664		8,891
Phillips Edison & Co., Inc.		626		19,932
Physicians Realty Trust		1,241		17,957
Piedmont Office Realty Trust, Inc. - Class A		597		5,474
Plymouth Industrial REIT, Inc.		286		5,485
PotlatchDeltic Corp.		420		18,476
Prologis, Inc.		4,902		552,602
Public Storage		829		232,277
Rayonier, Inc.		777		25,610
Realty Income Corp.		3,323		210,778
Redfin Corp. (b)		630		2,671
Regency Centers Corp.		946		59,125
Retail Opportunity Investments Corp.		725		10,897
Rexford Industrial Realty, Inc.		917		50,105
RLJ Lodging Trust		855		9,054
RPT Realty		620		6,225
Ryman Hospitality Properties, Inc.		287		23,471
Sabra Health Care REIT, Inc.		1,058		13,151
Safehold, Inc.		219		6,268
Saul Centers, Inc.		131		5,329
SBA Communications Corp.		573		160,618
Service Properties Trust		463		3,375
Simon Property Group, Inc.		1,723		202,418
SITE Centers Corp.		809		11,051
SL Green Realty Corp.		357		12,038
Spirit MTA REIT (b)^(d)(e)		300		—
Spirit Realty Capital, Inc.		735		29,349
STAG Industrial, Inc.		961		31,050
STORE Capital Corp.		1,501		48,122

	Shares		Value
Summit Hotel Properties, Inc.		268	$	1,935
Sun Communities, Inc.		648		92,664
Sunstone Hotel Investors, Inc.		940		9,080
Tanger Factory Outlet Centers, Inc.		420		7,535
Tejon Ranch Co. (b)		50		942
Terreno Realty Corp.		399		22,691
The Howard Hughes Corp. (b)		236		18,035
The Macerich Co.		1,517		17,081
The St Joe Co.		268		10,358
UDR, Inc.		1,725		66,809
UMH Properties, Inc.		256		4,122
Uniti Group, Inc.		1,228		6,791
Universal Health Realty Income Trust		117		5,584
Urban Edge Properties		447		6,298
Urstadt Biddle Properties, Inc. - Class A		298		5,647
Ventas, Inc.		2,122		95,596
Veris Residential, Inc. (b)		278		4,429
VICI Properties, Inc.		3,733		120,949
Vornado Realty Trust		895		18,625
Welltower, Inc.		2,485		162,892
Weyerhaeuser Co.		3,903		120,993
WP Carey, Inc.		1,024		80,026
Xenia Hotels & Resorts, Inc.		560		7,381
Zillow Group, Inc. - Class A (b)		352		10,986
Zillow Group, Inc. - Class C (b)		835		26,895
				6,559,599
Utilities — 3.1%
ALLETE, Inc.		284		18,321
Alliant Energy Corp.		1,377		76,024
Altus Power, Inc. (b)^(c)		429		2,797
Ameren Corp.		1,376		122,354
American Electric Power Co., Inc.		2,888		274,216
American States Water Co.		220		20,361
American Water Works Co., Inc.		1,008		153,639

See Notes to Financial Statements.
129

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 99.1% ^(a) (Continued)
Utilities — 3.1% (Continued)
Atmos Energy Corp.		755	$	84,613
Avangrid, Inc.		428		18,395
Avista Corp.		333		14,765
Black Hills Corp.		353		24,830
California Water Service Group		289		17,525
CenterPoint Energy, Inc.		3,376		101,246
Chesapeake Utilities Corp.		102		12,054
Clearway Energy, Inc. - Class C		471		15,011
CMS Energy Corp.		1,542		97,655
Consolidated Edison, Inc.		1,892		180,327
Constellation Energy Corp.		1,735		149,574
Dominion Energy, Inc.		4,455		273,181
DTE Energy Co.		1,009		118,588
Duke Energy Corp.		4,134		425,761
Edison International		2,046		130,167
Entergy Corp.		1,091		122,738
Essential Utilities, Inc.		1,206		57,562
Evergy, Inc.		1,289		81,117
Eversource Energy		1,841		154,349
Exelon Corp.		5,319		229,940
FirstEnergy Corp.		3,026		126,910
Hawaiian Electric Industries, Inc.		557		23,310
IDACORP, Inc.		268		28,904
MGE Energy, Inc.		224		15,770
Middlesex Water Co. (c)		136		10,699
Montauk Renewables, Inc. (b)		328		3,618
National Fuel Gas Co.		454		28,738
New Jersey Resources Corp.		563		27,936
NextEra Energy, Inc.		9,853		823,711
NiSource, Inc.		2,199		60,297
Northwest Natural Holding Co.		223		10,613
NorthWestern Corp.		330		19,582
NRG Energy, Inc.		1,246		39,648
OGE Energy Corp.		1,042		41,211
ONE Gas, Inc.		287		21,732
Ormat Technologies, Inc.		300		25,944
Otter Tail Corp.		196		11,507
PG&E Corp. (b)		8,315		135,202

	Shares		Value
Pinnacle West Capital Corp.		577	$	43,875
PNM Resources, Inc.		480		23,419
Portland General Electric Co.		500		24,500
PPL Corp		4,078		119,159
Public Service Enterprise Group, Inc.		2,714		166,287
Sempra Energy		1,686		260,554
SJW Group		180		14,614
South Jersey Industries, Inc.		430		15,278
Southwest Gas Holdings, Inc.		325		20,111
Spire, Inc.		291		20,038
Sunnova Energy International, Inc. (b)		690		12,427
The AES Corp.		3,582		103,018
The Southern Co.		5,849		417,677
The York Water Co.		128		5,757
UGI Corp.		1,205		44,669
Unitil Corp.		106		5,444
Vistra Corp.		2,187		50,738
WEC Energy Group, Inc.		1,685		157,986
Xcel Energy, Inc.		2,934		205,703
				6,143,696
Total Common Stocks (Cost $62,584,122)				197,635,298

WARRANT — 0.0% (f)
Triumph Group, Inc. (b)		59		39
Total Warrant (Cost $308)				39

RIGHT — 0.0% (f)
ABIOMED, Inc. (b)(d)(e)		239		—
Total Right (Cost $0)				—

Total Investments at Value — 99.1% (Cost $62,584,430)				197,635,337
Other Assets in Excess of Liabilities — 0.9%				1,860,805
Net Assets — 100.0%			$	199,496,142

Percentages are stated as a percent of net assets.

REIT — Real Estate Investment Trust

See Notes to Financial Statements.
130

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Schedule of Investments - (Continued)

December 31, 2022

(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, 2022. The total fair value of securities on loan at December 31, 2022 was $1,014,354 (Note 8).

(d)	Illiquid security. The total fair value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

(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, 2022, representing 0.0% of net assets.

(f)	Represents less than 0.1%.

See Notes to Financial Statements.
131

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3%
Australia — 2.1%
29Metals Ltd.		44,409	$	57,650
Accent Group Ltd.		54,169		61,889
Allkem Ltd. ^(a)		2,470		18,764
ALS Ltd.		11,187		93,036
ANZ Group Holdings Ltd.		1,701		27,401
APM Human Services International Ltd.		19,708		31,941
Aurizon Holdings Ltd.		71,097		179,326
Australian Clinical Labs Ltd.		9,519		19,302
BlueScope Steel Ltd.		9,931		113,198
Charter Hall Group		22,869		186,256
Cochlear Ltd.		129		17,911
Coles Group Ltd.		8,726		98,820
CSL Ltd.		7,220		1,407,836
Eclipx Group Ltd. ^(a)		26,379		35,794
Emeco Holdings Ltd.		60,858		31,890
EVT Ltd.		3,940		34,109
Grange Resources Ltd.		157,434		90,157
Ingenia Communities Group		7,250		22,033
JB Hi-Fi Ltd.		5,806		165,635
Lovisa Holdings Ltd.		3,553		55,808
Metcash Ltd.		22,002		59,588
National Australia Bank Ltd.		363		7,356
Northern Star Resources Ltd.		29,166		213,572
NRW Holdings Ltd.		23,085		44,068
Nufarm Ltd.		8,697		36,078
Orora Ltd.		42,134		82,843
Perenti Ltd. ^(a)		187,089		166,765
Perseus Mining Ltd.		55,760		78,257
Pilbara Minerals Ltd. ^(a)		34,639		88,267
Premier Investments Ltd.		3,348		56,537
QBE Insurance Group Ltd.		22,038		201,311
Ridley Corp. Ltd.		136,090		183,036
Sandfire Resources Ltd.		10,772		39,501
Seven Group Holdings Ltd.		3,586		51,149
Seven West Media Ltd. ^(a)		71,252		18,993
Sonic Healthcare Ltd.		743		15,149
Telstra Corp. Ltd. ^(a)		14,358		38,990
Treasury Wine Estates Ltd.		4,609		42,589
Vicinity Ltd.		17,757		24,161
Viva Energy Group Ltd. ^(b)		13,132		24,388

	Shares		Value
Washington H Soul Pattinson & Co. Ltd.		803	$	15,109
West African Resources Ltd. ^(a)		109,565		87,467
Westpac Banking Corp.		1,581		24,866
WiseTech Global Ltd.		5,151		177,626
Woodside Energy Group Ltd.		1,634		39,535
Woolworths Group Ltd.		2,858		65,266
Yancoal Australia Ltd.		8,234		33,643
				4,664,866
Austria — 0.1%
ANDRITZ AG		1,118		63,907
AT&S Austria Technologie & Systemtechnik AG		1,631		56,040
Strabag SE		978		40,959
Telekom Austria AG		12,026		74,335
Wienerberger AG		1,198		28,999
				264,240
Belgium — 0.1%
Aedifica SA		337		27,427
Bekaert SA		2,642		102,471
Intervest Offices & Warehouses NV		950		19,548
Telenet Group Holding NV		3,023		49,259
Tessenderlo Group SA ^(a)		711		25,417
				224,122
Brazil — 1.0%
Ambev SA		500,000		1,378,853
Atacadao SA		19,700		55,185
Banco do Brasil SA		4,700		30,925
Banco Modal SA		38,500		16,042
Cia de Saneamento de Minas Gerais-COPASA		15,800		46,834
Cia de Saneamento do Parana		33,300		113,907
Cury Construtora e Incorporadora SA		32,800		77,904
Jalles Machado SA		42,300		61,130
JBS SA		8,700		36,186
Mills Estruturas e Servicos de Engenharia SA		41,600		89,586
Petro Rio SA ^(a)		27,600		194,516
Petroleo Brasileiro SA		7,500		39,917

See Notes to Financial Statements.
132

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Brazil — 1.0% (Continued)
Petroreconcavo SA		9,400	$	58,486
Portobello SA		29,600		46,028
Rumo SA		4,200		14,900
TIM SA		8,200		19,274
				2,279,673
Britain — 8.3%
4imprint Group PLC		749		38,470
abrdn Property Income Trust Ltd.		26,106		19,733
Adaptimmune Therapeutics PLC- ADR ^(a)		10,080		14,717
Airtel Africa PLC ^(b)		60,733		82,061
Ashtead Group PLC		294		16,795
Assura PLC		212,986		140,394
AstraZeneca PLC		13,533		1,836,645
Aviva PLC - Class B ^(a)		97,066		517,378
Barclays PLC		282,905		543,912
Big Yellow Group PLC		8,029		111,456
Bloomsbury Publishing PLC		3,510		19,049
BP PLC		46,745		271,834
Bytes Technology Group PLC		18,246		85,270
Centrica PLC		66,200		77,092
Compass Group PLC		3,975		91,851
Cranswick PLC		816		30,366
Diageo PLC		6,617		292,204
Drax Group PLC		6,250		53,176
EMIS Group PLC		3,542		80,166
EnQuest PLC ^(a)		83,659		21,721
Ferguson PLC		7,130		900,831
Forterra PLC ^(b)		14,931		33,698
Frasers Group PLC ^(a)		4,901		42,108
Future PLC		2,174		33,337
Global Ship Lease, Inc. - Class A ^(c)		2,226		37,063
Greggs PLC		1,450		40,926
GSK PLC		24,834		431,861
Haleon PLC ^(a)		12,424		49,695
Harbour Energy PLC		13,304		49,107
Howden Joinery Group PLC		21,407		145,488
HSBC Holdings PLC		240,946		1,502,660

	Shares		Value
IMI PLC		10,108	$	157,339
Imperial Brands PLC		2,146		53,617
Indivior PLC ^(a)		2,049		45,833
InterContinental Hotels Group PLC		2,511		144,531
J Sainsbury PLC		367,224		963,970
John Wood Group PLC ^(a)		500,581		813,850
Legal & General Group PLC		112,789		340,641
Linde PLC		2,860		935,134
Lloyds Banking Group PLC		313,303		172,046
LXI REIT PLC		12,239		16,647
Man Group PLC		60,860		157,263
Morgan Advanced Materials PLC		17,993		68,455
NatWest Group PLC		198,435		633,434
Next Fifteen Communications Group PLC		11,430		136,811
OSB Group PLC		20,193		116,847
Pagegroup PLC		7,223		40,317
Pets at Home Group PLC		9,110		31,229
Reckitt Benckiser Group PLC		7,175		499,160
Renewi PLC ^(a)		5,727		41,443
Rightmove PLC		7,524		46,582
RS Group PLC		5,559		60,262
Safestore Holdings PLC		16,516		188,864
Serco Group PLC		70,493		131,829
Shell PLC		14,300		406,375
Shell PLC		53,622		1,525,595
Spirent Communications PLC		17,144		53,917
Standard Chartered PLC		89,654		672,922
Stolt-Nielsen Ltd.		1,022		28,119
TechnipFMC PLC ^(a)		25,287		308,248
Tesco PLC		321,620		872,001
Travis Perkins ^(a)		70,583		754,773
Tullow Oil PLC ^(a)		98,695		44,054
Unilever PLC		891		44,950
Virgin Money UK PLC		22,016		48,483
Watches of Switzerland Group PLC ^(a)(b)		1,971		19,580
Wise PLC - Class A ^(a)		17,989		121,681
				18,307,866

See Notes to Financial Statements.
133

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Canada — 4.5%
Algoma Steel Group, Inc.		4,339	$	27,399
Alimentation Couche-Tard, Inc.		1,800		79,099
ARC Resources Ltd.		8,900		119,959
Aritzia, Inc. ^(a)		2,081		72,773
Artis Real Estate Investment Trust		3,042		20,243
Atco Ltd. - Class I		1,578		49,391
AutoCanada, Inc. ^(a)		1,002		17,250
Bank of Montreal		2,800		253,654
Barrick Gold Corp.		5,900		101,137
Birchcliff Energy Ltd.		7,509		52,297
Boardwalk Real Estate Investment Trust		4,115		150,225
Bombardier, Inc. - Class B ^(a)		1,665		64,276
Boston Pizza Royalties Income Fund		1,763		19,635
BRP, Inc.		1,847		140,817
Canadian National Railway Co.		600		71,273
Canadian Natural Resources Ltd.		2,900		161,042
Canadian Pacific Railway Ltd.		29,570		2,205,626
Canadian Utilities Ltd. - Class A		2,000		54,136
Canfor Corp. ^(a)		5,295		83,336
Cathedral Energy Services Ltd. ^(a)		29,633		27,576
Cenovus Energy, Inc.		3,400		65,966
CGI, Inc. ^(a)		200		17,239
Chemtrade Logistics Income Fund		18,403		121,916
Crescent Point Energy Corp.		15,998		114,136
Definity Financial Corp.		850		24,157
Dollarama, Inc.		600		35,092
Element Fleet Management Corp.		10,559		143,880
Empire Co. Ltd. - Class A		1,300		34,238
Enbridge, Inc.		1,900		74,260
Enerplus Corp.		2,747		48,488

	Shares		Value
Fairfax Financial Holdings Ltd.		800	$	473,897
Frontera Energy Corp. ^(a)		4,565		41,368
George Weston Ltd.		1,950		241,935
Gildan Activewear, Inc.		3,822		104,667
goeasy Ltd.		201		15,802
H&R Real Estate Investment Trust		9,907		88,607
iA Financial Corp., Inc.		4,140		242,377
Imperial Oil Ltd.		4,900		238,667
Interfor Corp. ^(a)		3,454		53,570
Kinross Gold Corp.		23,300		94,990
Lululemon Athletica, Inc. ^(a)		2,890		925,898
Major Drilling Group International, Inc. ^(a)		7,849		60,983
Methanex Corp.		486		18,399
MTY Food Group, Inc.		1,757		74,056
Northland Power, Inc.		6,100		167,277
Onex Corp.		1,000		48,220
Parex Resources, Inc.		11,141		165,798
Parkland Corp. ^(a)		1,300		28,525
Pet Valu Holdings Ltd.		1,466		42,367
Resolute Forest Products, Inc. ^(a)		1,483		31,993
Royal Bank of Canada		2,200		206,839
Shopify, Inc. - Class A ^(a)		600		20,832
Stelco Holdings, Inc.		2,302		75,300
Sun Life Financial, Inc.		1,700		78,911
Suncor Energy, Inc.		2,000		63,442
TFI International, Inc.		400		40,062
The Bank of Nova Scotia		1,781		87,261
The Descartes Systems Group, Inc. ^(a)		1,492		104,010
The Toronto-Dominion Bank		2,400		155,397
Thomson Reuters Corp.		9,680		1,104,264
Toromont Industries Ltd.		200		14,433
Tourmaline Oil Corp.		1,300		65,595
Tricon Residential, Inc.		12,006		92,572
True North Commercial Real Estate Investment Trust		12,451		53,243
Wajax Corp.		1,421		20,706
Whitecap Resources, Inc.		6,227		49,393

See Notes to Financial Statements.
134

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Canada — 4.5% (Continued)
WSP Global, Inc.		600	$	69,612
				9,911,784

Chile — 0.1%
Cencosud SA		22,723		37,369
Cia Cervecerias Unidas SA		1,421		9,490
Enel Americas SA		261,479		34,987
Enel Chile SA		1,099,059		50,518
				132,364
China — 4.3%
360 DigiTech, Inc. - ADR		3,372		68,654
Alibaba Group Holding Ltd. ^(a)		144,748		1,598,186
Anhui Conch Cement Co. Ltd. - Class H		19,300		66,924
ANTA Sports Products Ltd.		12,700		166,505
AustAsia Group Ltd. ^(a)		18,440		15,049
Avichina Industry & Technology Co. Ltd. - Class H		98,000		44,054
BAIC Motor Corp. Ltd. - Class H ^(b)		146,000		38,727
Baidu, Inc. - Class A ^(a)		2,400		34,496
Baidu, Inc. - ADR ^(a)		4,295		491,262
Bairong, Inc. ^(a)(b)		55,500		75,493
Bank of Jiangsu Co. Ltd. - Class A		29,300		30,733
Bethel Automotive Safety Systems Co. Ltd. - Class A		1,000		11,472
Bloomage Biotechnology Corp. Ltd. - Class A		652		12,641
BYD Co. Ltd. - Class A		1,400		51,784
BYD Co. Ltd. - Class H		14,500		356,574
BYD Electronic International Co. Ltd.		1,500		4,825
China BlueChemical Ltd. - Class H		150,000		35,354
China Construction Bank Corp. - Class H		267,000		167,292
China Galaxy Securities Co. Ltd. - Class A		6,900		9,224
China Galaxy Securities Co. Ltd. - Class H		138,800		67,763

	Shares		Value
China Medical System Holdings Ltd.		2,000	$	3,147
China National Building Material Co. Ltd. - Class H		40,000		32,858
China Northern Rare Earth Group High-Tech Co. Ltd. - Class A		4,600		16,582
China Pacific Insurance Group Co. Ltd. - Class H		12,200		26,941
China Petroleum & Chemical Corp. - Class A		74,300		46,628
China Petroleum & Chemical Corp. - Class H		410,000		198,151
China Shineway Pharmaceutical Group Ltd.		26,000		25,286
China XLX Fertiliser Ltd.		33,000		17,028
China Yongda Automobiles Services Holdings Ltd.		30,500		22,479
Chongqing Brewery Co. Ltd. - Class A		1,100		20,166
COSCO SHIPPING Holdings Co. Ltd. - Class A		30,200		44,664
COSCO SHIPPING Holdings Co. Ltd. - Class H		43,500		44,370
Country Garden Services Holdings Co. Ltd.		12,500		30,955
Daqo New Energy Corp. - ADR ^(a)		1,114		43,012
Dong-E-E-Jiao Co. Ltd. - Class A		1,500		8,784
Ecovacs Robotics Co. Ltd. - Class A		900		9,452
Excellence Commercial Property & Facilities Management Group Ltd.		64,000		30,556
First Tractor Co. Ltd. - Class H		74,000		34,933
Fufeng Group Ltd.		126,000		76,417
G-bits Network Technology Xiamen Co. Ltd. - Class A		200		8,981
GF Securities Co. Ltd. - Class H		327,200		467,404

See Notes to Financial Statements.
135

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
China — 4.3% (Continued)
Great Wall Motor Co. Ltd. - Class A		5,300	$	22,595
Greentown China Holdings Ltd.		34,500		49,867
Hangzhou Tigermed Consulting Co. Ltd. - Class A		600		9,050
Hangzhou Tigermed Consulting Co. Ltd. - Class A		300		4,525
Industrial & Commercial Bank of China Ltd. - Class H		395,100		203,509
InnoCare Pharma Ltd. ^(a)(b)		16,000		27,966
iQIYI, Inc. - ADR ^(a)		3,023		16,022
JD.com, Inc. - Class A		3,491		98,133
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Class A		3,500		80,572
Jiangsu Yangnong Chemical Co. Ltd. - Class A		700		10,456
JiuGui Liquor Co. Ltd. - Class A		524		10,403
Kanzhun Ltd. - ADR ^(a)		38		774
KE Holdings, Inc. - ADR ^(a)		3,965		55,351
Kweichow Moutai Co. Ltd. - Class A		600		148,473
Li Auto, Inc. - Class A ^(a)		14,334		146,169
Li Ning Co. Ltd.		128,000		1,098,400
LONGi Green Energy Technology Co. Ltd. - Class A		11,988		72,910
Luzhou Laojiao Co. Ltd. - Class A		300		9,641
Midea Real Estate Holding Ltd. ^(b)		30,400		46,447
Morimatsu International Holdings Co. Ltd. ^(a)		32,000		35,553
NetDragon Websoft Holdings Ltd.		19,000		40,592
NetEase, Inc.		1,900		27,695
Newborn Town, Inc. ^(a)		92,000		21,961

	Shares		Value
NIO, Inc. - ADR ^(a)		1,832	$	17,862
PetroChina Co. Ltd. - Class A		50,500		36,113
PetroChina Co. Ltd. - Class H		680,000		311,286
PICC Property & Casualty Co. Ltd. - Class H		268,000		253,669
Pinduoduo, Inc. - ADR ^(a)		904		73,721
SAIC Motor Corp. Ltd. - Class A		18,168		37,691
Seazen Holdings Co. Ltd. - Class A ^(a)		5,300		15,547
Shaanxi Coal Industry Co. Ltd. - Class A		3,000		8,021
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. - Class A		878		36,005
Shenzhen Kstar Science And Technology Co. Ltd. - Class A		1,400		11,604
Simcere Pharmaceutical Group Ltd. ^(b)		28,000		41,694
Sinopec Engineering Group Co. Ltd. - Class H		212,000		93,173
Suzhou Maxwell Technologies Co. Ltd. - Class A		400		23,704
TBEA Co. Ltd. - Class A		500		1,445
Tencent Holdings Ltd.		4,080		173,409
The People’s Insurance Co. Group of China Ltd. - Class H		17,000		5,642
Tianqi Lithium Corp. - Class A ^(a)		700		7,938
Tongwei Co. Ltd. - Class A		10,500		58,299
Trip.com Group Ltd. - ADR ^(a)		39,491		1,358,490
Vipshop Holdings Ltd. - ADR ^(a)		4,910		66,972
West China Cement Ltd.		320,000		37,722
Wuliangye Yibin Co. Ltd. - Class A		700		18,125
Wuxi Autowell Technology Co. Ltd. - Class A		200		5,782
Xinte Energy Co. Ltd. - Class H		12,000		22,206

See Notes to Financial Statements.
136

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
China — 4.3% (Continued)
Xpeng, Inc. - Class A ^(a)		9,946	$	49,437
Yihai International Holding Ltd.		4,000		13,973
Zhejiang HangKe Technology, Inc. Co. - Class A		943		5,940
Zhejiang Huayou Cobalt Co. Ltd. - Class A		650		5,204
				9,583,544
Colombia — 0.0% ^(d)
Bancolombia SA		1,199		10,511

Czech Republic — 0.0% ^(d)
CEZ AS		800		27,242
Komercni Banka AS		177		5,118
				32,360
Denmark — 2.5%
ALK-Abello A/S ^(a)		2,312		32,071
AP Moller - Maersk A/S - Class A		35		77,651
Bavarian Nordic A/S ^(a)		837		25,643
Carlsberg AS - Class B		27		3,574
Chemometec A/S ^(a)		294		29,328
D/S Norden A/S		3,656		219,339
Danske Bank A/S		30,484		600,552
Dfds A/S		582		21,537
DSV A/S		4,140		656,629
Genmab A/S ^(a)		1,113		471,442
H Lundbeck A/S		15,654		58,650
ISS A/S ^(a)		2,351		49,705
Jyske Bank A/S ^(a)		502		32,636
NKT A/S ^(a)		452		25,546
Novo Nordisk A/S - Class B		22,349		3,026,054
Per Aarsleff Holding A/S		651		24,560
Solar A/S - Class B		1,456		129,864
				5,484,781
Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		28,664		44,841
Sidi Kerir Petrochemicals Co. ^(a)		142,681		75,620
Telecom Egypt Co.		36,481		36,989
				157,450

	Shares		Value
Finland — 1.2%
Kesko Oyj - Class B		10,638	$	235,402
Nokia Oyj		334,575		1,554,563
Nordea Bank Abp		50,739		542,630
Sampo Oyj - Class A		4,557		238,277
Uponor Oyj		3,748		66,747
Valmet Oyj		2,496		67,467
				2,705,086
France — 7.2%
Accor SA ^(a)		27,705		688,342
Airbus SE		2,710		322,224
Amundi SA ^(b)		24,471		1,390,453
AXA SA		797		22,213
Biosynex		3,555		52,472
Bouygues SA		9,135		274,049
Bureau Veritas SA		3,911		102,931
Capgemini SE		758		127,127
Cie de Saint-Gobain		891		43,742
Cie Generale des Etablissements Michelin SCA		58,093		1,615,381
Coface SA ^(a)		4,969		64,764
Dassault Systemes SE		8,885		320,455
Elis SA		4,320		63,818
Engie SA		14,218		203,659
Equasens		277		22,135
Hermes International		173		266,962
Jacquet Metals SACA		1,525		27,283
Kering SA		931		476,468
La Francaise des Jeux SAEM ^(b)		3,739		150,214
L’Oreal SA		123		44,125
LVMH Moet Hennessy Louis Vuitton SE		2,185		1,587,277
Mersen SA		747		30,284
Pernod Ricard SA		6,543		1,286,085
Publicis Groupe SA		9,826		623,957
Rexel SA		97,134		1,924,898
Rothschild & Co.		745		29,801
Rubis SCA		793		20,880
Sanofi		16,601		1,606,318
Schneider Electric SE		10,130		1,424,673
SCOR SE		5,017		115,198
Societe BIC SA		2,935		200,747

See Notes to Financial Statements.
137

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
France — 7.2% (Continued)
Societe Generale SA		637	$	15,982
Technip Energies NV		4,118		64,833
Television Francaise 1		5,013		38,377
Thales SA		255		32,598
TotalEnergies SE		10,273		641,189
Verallia SA ^(b)		2,625		88,935
Virbac SA		209		51,236
				16,062,085
Georgia — 0.0% ^(d)
TBC Bank Group PLC		1,968		53,956

Germany — 3.0%
Allianz SE		422		90,741
Atoss Software AG		301		44,704
Aurubis AG		1,097		89,665
BASF SE		32,807		1,628,672
Bayer AG		3,571		184,379
Cliq Digital AG		1,726		46,706
Covestro AG ^(b)		35,838		1,402,092
Daimler Truck Holding AG ^(a)		34,387		1,065,418
Fresenius Medical Care AG & Co. KGaA		25,717		841,153
Gerresheimer AG		402		27,030
Hornbach Holding AG & Co. KGaA		282		23,289
HUGO BOSS AG		1,697		98,374
Immatics NV ^(a)		4,182		36,425
K+S AG		917		18,037
Krones AG		1,692		190,149
Mensch und Maschine Software SE		423		20,633
Mercedes-Benz Group AG		3,236		212,357
Merck KGaA		75		14,525
MLP SE		5,098		28,052
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		211		68,609
Nemetschek SE		628		32,076
ProSiebenSat.1 Media SE		4,353		38,908
Rational AG		45		26,670
Siemens AG		977		135,600

	Shares		Value
Sirius Real Estate Ltd.		42,096	$	37,509
Suedzucker AG		1,830		32,006
Synlab AG		4,832		58,632
Wacker Neuson SE		2,774		48,524
				6,540,935
Gibraltar — 0.0% ^(d)
888 Holdings PLC ^(a)		20,636		21,733

Greece — 0.1%
Danaos Corp. ^(c)		840		44,234
FF Group ^(a)(e)		2,880		—
Hellenic Telecommunications Organization SA		3,397		53,054
				97,288
Hong Kong — 2.5%
AIA Group Ltd.		103,265		1,137,671
Beijing Enterprises Holdings Ltd.		81,500		261,064
BOC Hong Kong Holdings Ltd.		4,000		13,597
Bosideng International Holdings Ltd.		36,000		17,116
Brilliance China Automotive Holdings Ltd. ^(a)		658,000		368,513
China Overseas Land & Investment Ltd.		286,500		756,253
China Taiping Insurance Holdings Co. Ltd.		40,200		50,069
China Traditional Chinese Medicine Holdings Co. Ltd.		112,000		50,943
First Pacific Co. Ltd.		368,000		109,864
Futu Holdings Ltd. - ADR ^(a)		1,992		80,975
Galaxy Entertainment Group Ltd.		260,000		1,721,590
Geely Automobile Holdings Ltd.		33,000		47,732
Gemdale Properties & Investment Corp. Ltd.		1,070,000		87,067
Hang Lung Properties Ltd.		10,000		19,416
Hang Seng Bank Ltd.		1,000		16,558
Hong Kong Exchanges & Clearing Ltd.		1,700		73,466

See Notes to Financial Statements.
138

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Hong Kong — 2.5% (Continued)
Jardine Matheson Holdings Ltd.		3,400	$	172,882
Kerry Logistics Network Ltd.		46,500		83,717
Swire Pacific Ltd. - Class A		19,500		171,024
Tam Jai International Co. Ltd.		125,000		42,125
The United Laboratories International Holdings Ltd.		170,000		106,125
Theme International Holdings Ltd. ^(a)		180,000		18,219
United Energy Group Ltd.		378,000		37,275
				5,443,261
India — 2.3%
ACC Ltd.		1,083		31,878
Asian Paints Ltd.		5,870		219,144
Axis Bank Ltd.		17,466		196,315
Bharti Airtel Ltd.		4,408		42,849
Britannia Industries Ltd.		4,221		219,460
Cera Sanitaryware Ltd.		290		18,205
Cipla Ltd.		1,619		21,059
Coal India Ltd.		31,290		84,866
Computer Age Management Services Ltd.		1,080		28,927
Coromandel International Ltd.		2,254		24,130
Cosmo First Ltd.		2,859		26,348
Dr. Reddy’s Laboratories Ltd.		3,800		194,274
Dwarikesh Sugar Industries Ltd.		16,727		21,215
EID Parry India Ltd.		3,709		25,473
Equitas Holdings Ltd. ^(a)		55,378		83,628
Finolex Cables Ltd.		5,930		39,128
GHCL Ltd.		8,310		51,164
Godawari Power and Ispat Ltd.		19,269		86,713
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		9,256		62,234
Gujarat State Fertilizers & Chemicals Ltd.		19,973		33,661
Hero MotoCorp Ltd.		4,288		141,981

	Shares		Value
ICICI Bank Ltd. - ADR		55,819	$	1,221,878
Indian Energy Exchange Ltd. ^(b)		9,111		15,366
Indraprastha Gas Ltd.		12,214		61,012
Infosys Ltd.		835		15,127
IRCON International Ltd. ^(b)		148,512		107,283
ITC Ltd.		26,189		104,974
J Kumar Infraprojects Ltd.		10,380		34,074
Kotak Mahindra Bank Ltd.		9,633		211,947
KPIT Technologies Ltd.		8,554		72,513
Mahindra & Mahindra Ltd.		10,566		159,019
NTPC Ltd.		31,036		62,293
Oil India Ltd.		7,170		18,006
Persistent Systems Ltd.		595		27,849
PI Industries Ltd.		378		15,594
Polyplex Corp. Ltd.		2,886		55,416
PTC India Ltd.		47,442		46,522
Rail Vikas Nigam Ltd.		134,682		110,916
Redington India Ltd.		24,101		52,682
Route Mobile Ltd.		5,192		76,028
Sansera Engineering Ltd. ^(b)		5,937		53,448
Sapphire Foods India Ltd. ^(a)		1,275		20,560
Shyam Metalics & Energy Ltd.		10,274		38,860
Siemens Ltd.		2,628		89,818
Sonata Software Ltd.		5,414		36,797
State Bank of India		9,529		70,411
Suven Pharmaceuticals Ltd.		3,857		23,073
Tamilnadu Petroproducts Ltd		28,862		31,693
Tata Consultancy Services Ltd.		431		16,971
Tata Motors Ltd. ^(a)		6,850		31,956
The Great Eastern Shipping Co. Ltd.		12,142		98,352
The Karnataka Bank Ltd.		31,968		58,603
The Karur Vysya Bank Ltd.		137,895		188,464
Torrent Pharmaceuticals Ltd.		550		10,283
United Spirits Ltd. ^(a)		11,389		120,834

See Notes to Financial Statements.
139

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
India — 2.3% (Continued)
WNS Holdings Ltd. - ADR ^(a)		1,919	$	153,501
Zomato Ltd. ^(a)		40,908		29,179
				5,193,954
Indonesia — 0.2%
Astra International Tbk PT		22,000		8,015
Bank Central Asia Tbk PT		2,200		1,206
Bank Jago Tbk PT ^(a)		17,300		4,118
Bank Mandiri Persero Tbk PT		139,200		88,462
Bank Negara Indonesia Persero Tbk PT		136,600		80,641
Bank Tabungan Negara Persero Tbk PT		336,700		29,201
Ciputra Development Tbk PT		731,500		44,171
Delta Dunia Makmur Tbk PT		843,200		16,436
Dharma Satya Nusantara Tbk PT		1,287,000		49,541
Indofood Sukses Makmur Tbk PT		53,100		22,940
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		1,008,700		48,864
Kalbe Farma Tbk PT		483,400		64,903
Triputra Agro Persada PT		954,200		38,893
				497,391
Ireland — 2.4%
Accenture PLC - Class A		5,650		1,507,646
AIB Group PLC		27,271		105,120
Bank of Ireland Group PLC		74,026		701,890
Experian PLC		49,791		1,695,072
Glenveagh Properties PLC ^(a)(b)		106,555		96,625
ICON PLC ^(a)		6,580		1,278,165
Keywords Studios PLC		1,109		36,543
				5,421,061
Isle Of Man — 0.0% ^(d)
Playtech PLC ^(a)		10,097		62,010

Israel — 0.2%
Africa Israel Residences Ltd.		1,361		60,200
Ashtrom Group Ltd.		2,043		38,157

	Shares		Value
Aura Investments Ltd.		31,454	$	49,394
Danel Adir Yeoshua Ltd.		454		35,511
Inmode Ltd. ^(a)		1,574		56,192
Perion Network Ltd. ^(a)		1,191		30,132
Plus500 Ltd.		4,497		97,958
				367,544
Italy — 2.0%
Anima Holding SpA ^(b)		11,228		45,102
Assicurazioni Generali SpA		21,821		387,526
Azimut Holding SpA		1,400		31,396
Banco BPM SpA		38,722		138,298
Buzzi Unicem SpA		2,643		51,087
Carel Industries SpA ^(b)		1,558		39,162
El.En. SpA		5,588		85,568
Enel SpA		147,172		791,531
Eni SpA		41,455		592,151
Ferrari NV		7,712		1,650,023
Intesa Sanpaolo SpA		58,529		130,577
Iren SpA		11,747		18,518
Leonardo SpA		20,061		172,924
Moncler SpA		2,486		132,331
Reply SpA		413		47,498
Sanlorenzo SpA		1,093		43,214
Sesa SpA		150		18,698
Stevanato Group SpA		2,492		44,781
Technoprobe SpA ^(a)		13,342		95,594
				4,515,979
Japan — 10.6%
Advantest Corp.		4,300		277,608
Aisan Industry Co. Ltd.		4,200		21,897
ANA Holdings Inc ^(a)		4,900		104,389
AOKI Holdings, Inc.		5,100		26,572
Arclands Corp.		11,100		132,583
Asteria Corp.		3,400		18,877
Bell System24 Holdings, Inc.		6,400		66,447
Benesse Holdings, Inc.		1,400		21,393
BML, Inc.		1,000		25,305
Central Japan Railway Co.		100		12,302
CMIC Holdings Co. Ltd.		5,900		79,686
Cosmo Energy Holdings Co. Ltd.		2,600		68,763
Daihatsu Diesel Manufacturing Co. Ltd.		25,800		99,717
Daihen Corp.		900		26,224

See Notes to Financial Statements.
140

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Japan — 10.6% (Continued)
Dai-ichi Life Holdings, Inc.		1,100	$	24,979
Daiichi Sankyo Co. Ltd.		3,500		112,166
Daiken Corp.		9,100		144,255
Daishinku Corp.		8,100		42,178
Daiwa Securities Group, Inc.		19,900		88,219
Dear Life Co. Ltd.		9,900		46,307
Disco Corp.		200		57,494
East Japan Railway Co.		1,700		96,997
Eiken Chemical Co. Ltd.		1,500		19,527
Eisai Co. Ltd.		1,700		111,348
Electric Power Development Co. Ltd.		6,300		100,220
Fast Retailing Co. Ltd.		400		242,402
FIDEA Holdings Co. Ltd.		2,600		28,489
Fuji Electric Co. Ltd.		1,800		68,545
Fukuoka Financial Group, Inc.		30,100		686,424
GMO Payment Gateway, Inc.		1,100		91,464
Goldcrest Co. Ltd.		8,100		103,717
H.U. Group Holdings, Inc.		5,000		109,024
Hakuhodo DY Holdings, Inc.		2,700		27,347
Hamamatsu Photonics KK		4,300		206,847
Hirose Electric Co. Ltd.		100		12,509
Hokko Chemical Industry Co. Ltd.		2,900		17,772
Honda Motor Co. Ltd.		20,700		473,288
Honeys Holdings Co. Ltd.		4,500		47,754
Horiba Ltd.		700		30,547
Hulic Reit, Inc.		30		37,350
Idemitsu Kosan Co. Ltd.		1,600		37,442
IDOM, Inc.		8,000		40,125
Inui Global Logistics Co. Ltd.		8,700		131,430
I-PEX, Inc.		2,200		19,846
ISB Corp.		4,700		40,024
Ishihara Sangyo Kaisha Ltd.		7,700		62,335
Isuzu Motors Ltd.		89,000		1,039,513
Itfor, Inc.		5,400		34,221
Itoham Yonekyu Holdings, Inc.		16,100		85,606

	Shares		Value
J Trust Co. Ltd		11,100	$	43,332
Jaccs Co. Ltd.		2,300		71,753
Japan Communications, Inc. ^(a)		14,400		23,860
Japan Post Bank Co. Ltd.		9,900		85,063
Japan Post Holdings Co. Ltd.		33,400		281,581
Japan System Techniques Co. Ltd.		2,800		36,364
Japan Tobacco, Inc.		5,000		101,100
JINUSHI Co. Ltd.		1,700		23,912
J-Lease Co. Ltd.		900		19,512
JP-Holdings, Inc.		20,900		47,189
JSB Co. Ltd.		900		27,891
Juroku Financial Group, Inc.		3,200		69,914
JVCKenwood Corp.		24,600		68,452
Kajima Corp.		2,200		25,592
Kakaku.com, Inc.		900		14,476
Kaneka Corp.		5,200		128,872
Kanto Denka Kogyo Co. Ltd.		3,100		21,571
Kawasaki Kisen Kaisha Ltd.		1,200		25,473
KDDI Corp.		500		15,112
Keyence Corp.		3,080		1,205,834
Kirin Holdings Co. Ltd.		1,700		26,045
Kobe Steel Ltd.		24,100		117,666
Komatsu Ltd.		75,200		1,631,477
Komeri Co. Ltd.		1,800		37,296
Komori Corp.		20,700		126,605
Konoike Transport Co. Ltd.		5,900		71,616
KPP Group Holdings Co. Ltd.		5,400		32,225
Kurabo Industries Ltd.		2,200		36,299
Kuraray Co. Ltd.		2,700		21,581
KYB Corp.		1,200		30,842
Lasertec Corp.		5,600		930,173
Lawson, Inc.		1,700		65,147
Leopalace21 Corp. ^(a)		8,200		17,993
Look Holdings, Inc.		2,300		42,164
Macnica Holdings, Inc.		2,800		66,301
Mandom Corp.		4,300		47,948
Maruha Nichiro Corp.		1,600		30,595
Maruzen Showa Unyu Co. Ltd.		3,100		71,669

See Notes to Financial Statements.
141

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Japan — 10.6% (Continued)
Matsuda Sangyo Co. Ltd.		10,000	$	173,363
MatsukiyoCocokara & Co.		1,600		80,445
Maxell Ltd.		3,000		30,804
Mazda Motor Corp.		35,000		264,566
Mirai Corp.		198		67,958
Mitsubishi UFJ Financial Group, Inc.		7,200		48,571
Mitsui & Co. Ltd.		18,700		543,745
Mitsui-Soko Holdings Co. Ltd.		4,500		122,336
Mizuho Financial Group, Inc.		22,400		316,596
Mizuho Medy Co. Ltd.		1,400		39,995
Mochida Pharmaceutical Co. Ltd.		900		23,788
MRT, Inc.		1,500		18,458
MS&AD Insurance Group Holdings, Inc.		2,500		80,015
Nachi-Fujikoshi Corp.		3,600		98,420
Nexon Co. Ltd.		4,400		98,149
Nihon Dempa Kogyo Co. Ltd.		1,900		22,472
Nihon M&A Center Holdings, Inc.		5,200		64,500
Nintendo Co. Ltd.		8,500		355,943
Nippon Electric Glass Co. Ltd.		4,200		74,990
NIPPON EXPRESS HOLDINGS, Inc.		900		51,325
NIPPON REIT Investment Corp.		11		29,006
Nippon Sheet Glass Co. Ltd. ^(a)		24,400		105,179
Nippon Steel Corp.		9,600		167,145
Nippon Telegraph & Telephone Corp.		3,300		94,196
Nippon Thompson Co. Ltd.		29,400		115,542
Nipro Corp.		16,000		125,117
Nishi-Nippon Financial Holdings, Inc.		13,600		99,507
Nisshinbo Holdings, Inc.		21,700		159,616
Nissui Corp.		23,900		99,951
Nitto Denko Corp.		2,100		120,801

	Shares		Value
NOK Corp.		4,500	$	39,782
Okamoto Machine Tool Works Ltd.		1,300		42,699
Ono Pharmaceutical Co. Ltd.		10,000		233,927
Oriental Shiraishi Corp.		28,600		61,631
Osaka Soda Co. Ltd.		1,900		55,430
Pressance Corp.		5,500		64,474
Qol Holdings Co. Ltd.		10,800		95,588
Recruit Holdings Co. Ltd.		6,800		216,266
Resona Holdings, Inc.		195,000		1,071,238
Ricoh Co. Ltd.		14,700		112,753
Rock Field Co. Ltd.		2,300		26,284
Sakai Chemical Industry Co. Ltd.		1,500		20,183
Sanei Architecture Planning Co. Ltd.		2,700		30,515
SCREEN Holdings Co. Ltd.		900		57,973
Seikagaku Corp.		10,600		71,968
Seino Holdings Co. Ltd.		7,200		63,769
Sekisui Chemical Co. Ltd.		200		2,783
Senshu Electric Co. Ltd.		1,200		30,139
Shibaura Machine Co. Ltd.		3,600		70,893
Shidax Corp.		14,700		61,041
Shimadzu Corp.		2,500		71,306
Shimano, Inc.		1,100		175,261
Shin-Etsu Chemical Co. Ltd.		900		109,652
Shionogi & Co. Ltd.		2,300		114,421
Showa Denko KK		1,300		19,756
SK-Electronics Co. Ltd.		3,600		31,012
SKY Perfect JSAT Holdings, Inc.		20,700		75,840
SoftBank Corp.		7,600		85,931
SoftBank Group Corp.		100		4,235
SOSiLA Logistics REIT, Inc.		32		33,350
Square Enix Holdings Co. Ltd.		2,400		111,430
Stella Chemifa Corp.		2,400		44,815
Subaru Corp.		48,300		741,139
SUMCO Corp.		9,300		124,439
Sumitomo Corp.		12,300		203,960
Sumitomo Electric Industries Ltd.		100		1,134
Sumitomo Forestry Co. Ltd.		5,100		90,628

See Notes to Financial Statements.
142

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Japan — 10.6% (Continued)
Sumitomo Mitsui Financial Group, Inc.		14,200	$	572,179
Sun Frontier Fudousan Co. Ltd.		10,200		85,007
T&D Holdings, Inc.		24,600		354,059
Taisei Corp.		2,800		90,202
Takaoka Toko Co. Ltd.		3,300		44,524
Takara Leben Real Estate Investment Corp.		158		119,244
Takeda Pharmaceutical Co. Ltd.		35,200		1,099,441
The 77 Bank Ltd.		3,800		63,899
The Ogaki Kyoritsu Bank Ltd.		1,400		19,941
The Oita Bank Ltd.		2,200		34,191
Toho Gas Co. Ltd.		2,500		47,931
Tokyo Gas Co. Ltd.		6,600		129,748
Tokyo Seimitsu Co. Ltd.		1,100		35,739
Tokyotokeiba Co. Ltd.		1,600		46,130
Tokyu Fudosan Holdings Corp.		6,900		32,750
Tokyu REIT, Inc.		90		141,824
Tomen Devices Corp.		600		25,098
Topre Corp.		2,300		19,640
Toray Industries, Inc.		92,700		514,596
Tosho Co. Ltd.		2,500		21,131
Tosoh Corp.		2,800		33,223
Toyo Tire Corp.		5,200		58,696
Toyobo Co. Ltd.		6,500		49,014
Toyota Motor Corp.		1,900		25,968
Toyota Tsusho Corp.		1,300		47,654
Transcosmos, Inc.		1,000		24,792
TV Asahi Holdings Corp.		2,000		20,267
Unitika Ltd. ^(a)		19,000		35,607
Wealth Management, Inc.		3,800		37,971
Xebio Holdings Co. Ltd.		18,300		127,694
Yakult Honsha Co. Ltd.		800		52,170
Yamazaki Baking Co. Ltd.		2,800		33,579
				23,444,022
Jersey — 0.0% ^(d)
Centamin PLC		33,893		46,295

	Shares		Value
Luxembourg — 0.6%
ArcelorMittal SA		45,946	$	1,201,296
Reinet Investments SCA		3,446		66,657
				1,267,953
Malaysia — 0.2%
Bumi Armada Bhd ^(a)		746,700		81,036
Heineken Malaysia Bhd		23,600		135,028
Hong Leong Financial Group Bhd		1,100		4,644
Lynas Rare Earths Ltd. ^(a)		8,487		45,014
Public Bank Bhd		128,300		125,676
RHB Bank Bhd		4,800		6,304
Telekom Malaysia Bhd		21,600		26,493
TIME dotCom Bhd		39,500		43,902
				468,097
Mauritius — 0.1%
Capital Ltd.		80,609		94,660

Mexico — 0.4%
Alfa SAB de CV - Class A		164,200		104,740
Arca Continental SAB de CV		17,400		141,118
Bolsa Mexicana de Valores SAB de CV		38,600		74,738
Coca-Cola Femsa SAB de CV		3,685		24,941
FIBRA Macquarie Mexico ^(b)		27,000		39,766
Fomento Economico Mexicano SAB de CV		13,200		103,201
GCC SAB de CV		5,800		38,631
Genomma Lab Internacional SAB de CV - Class B		38,600		33,417
Grupo Aeroportuario del Sureste SAB de CV - Class B		6,345		147,830
Nemak SAB de CV ^(a)(b)		173,900		50,064
Orbia Advance Corp. SAB de CV		10,200		18,085
Promotora y Operadora de Infraestructura SAB de CV		9,060		73,716
				850,247

See Notes to Financial Statements.
143

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Netherlands — 3.7%
Adyen NV ^(a)(b)		860	$	1,190,078
ASM International NV		3,310		837,960
ASML Holding NV		1,549		838,476
ASML Holding NV - ADR		2,130		1,163,832
ASR Nederland NV		4,412		209,188
Heijmans NV - CVA		3,681		39,920
Heineken NV		1,393		130,874
ING Groep NV		122,181		1,490,653
Koninklijke Ahold Delhaize NV		9,966		286,361
Koninklijke Vopak NV		947		28,176
Ordina NV		19,641		81,222
Randstad NV		28,673		1,750,963
Signify NV ^(b)		1,954		65,786
Stellantis NV		625		8,853
Van Lanschot Kempen NV - CVA		4,356		102,237
				8,224,579
New Zealand — 0.1%
Air New Zealand Ltd. ^(a)		341,451		160,420
Mainfreight Ltd.		603		25,693
Spark New Zealand Ltd.		8,095		27,747
Summerset Group Holdings Ltd.		8,948		50,269
Xero Ltd. ^(a)		35		1,671
				265,800
Norway — 0.4%
Belships ASA		28,510		41,478
BW Offshore Ltd.		7,035		17,947
DNB Bank ASA		16,992		336,410
DNO ASA		134,556		162,949
Equinor ASA		3,116		111,766
Europris ASA ^(b)		8,843		62,066
Rana Gruber ASA		13,112		68,125
Yara International ASA		22		967
				801,708
Philippines — 0.1%
BDO Unibank, Inc.		67,392		127,222
DMCI Holdings, Inc.		210,800		45,529
Metro Pacific Investments Corp.		936,000		57,343
Metropolitan Bank & Trust Co.		43,050		41,716

	Shares		Value
Universal Robina Corp.		12,110	$	29,621
				301,431
Poland — 0.1%
Enea SA ^(a)		24,716		33,834
PGE Polska Grupa Energetyczna SA ^(a)		58,567		91,778
Santander Bank Polska SA		822		48,484
Tauron Polska Energia SA ^(a)		115,292		55,662
				229,758
Portugal — 0.2%
Banco Comercial Portugues SA - Class R		267,417		42,078
EDP - Energias de Portugal SA		1,238		6,167
Galp Energia SGPS SA		118		1,597
Jeronimo Martins SGPS SA		5,184		112,093
Sonae SGPS SA		153,698		153,693
				315,628
Qatar — 0.0% ^(d)
Qatar Fuel QSC		5,914		29,206

Russia — 0.0% ^(d)
Novolipetsk Steel PJSC ^(e)(f)		46,050		—
PhosAgro PJSC - GDR ^(a)(e)(f)		5,089		—
Sberbank of Russia PJSC ^(a)(e)(f)		29,200		—
Severstal PAO ^(e)(f)		608		—
Surgutneftegas PJSC ^(e)(f)		168,940		—
Tatneft PJSC ^(e)(f)		19,624		—
				—
Saudi Arabia — 0.1%
Arab National Bank		7,973		68,073
Bank Al-Jazira		11		56
Bupa Arabia for Cooperative Insurance Co.		33		1,242
Etihad Etisalat Co.		3,280		30,373
Saudi Electricity Co.		5,253		32,272
Saudi Telecom Co.		8,354		81,505
The Co. for Cooperative Insurance ^(a)		1,017		21,740
The Saudi British Bank		1,869		19,413
				254,674

See Notes to Financial Statements.
144

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Singapore — 0.8%
BW Energy Ltd. ^(a)		13,646	$	35,038
CapitaLand Ascott Trust		159,100		124,811
Capitaland India Trust		69,000		58,253
Cromwell EU REIT ^(a)		17,400		27,916
DBS Group Holdings Ltd.		30,450		770,885
First Resources Ltd.		32,800		36,280
Genting Singapore Ltd.		105,100		75,003
Geo Energy Resources Ltd.		83,900		20,390
Golden Agri-Resources Ltd.		159,200		29,684
Grab Holdings Ltd. - Class A ^(a)		3,234		10,414
Japfa Ltd.		92,200		23,704
Jiutian Chemical Group Ltd.		778,500		46,956
Oversea-Chinese Banking Corp. Ltd.		20,800		188,736
Raffles Medical Group Ltd.		158,900		166,168
Sasseur Real Estate Investment Trust		176,100		98,932
United Overseas Bank Ltd.		2,000		45,867
				1,759,037
South Africa — 0.5%
African Rainbow Minerals Ltd.		1,603		27,169
Anglo American Platinum Ltd.		427		35,822
AngloGold Ashanti Ltd.		1,801		35,004
Astral Foods Ltd.		1,880		18,011
Fortress REIT Ltd. - Class B ^(a)		176,764		49,616
Gold Fields Ltd.		26,266		271,846
Investec PLC		28,403		175,632
Mediclinic International PLC		5,571		33,319
Mr Price Group Ltd.		2,731		25,563
MTN Group Ltd.		3,355		25,131
MultiChoice Group		11,259		77,588
Old Mutual Ltd.		109,330		67,207
Resilient REIT Ltd.		13,010		41,170
Sappi Ltd. ^(a)		9,664		27,967
Shoprite Holdings Ltd.		11,243		149,574
Sibanye Stillwater Ltd.		2,760		7,328
The Bidvest Group Ltd.		701		8,835

	Shares		Value
Vodacom Group Ltd.		6,085	$	43,652
				1,120,434
South Korea — 2.1%
ABLBio, Inc. ^(a)		1,179		21,660
Aekyung Industrial Co. Ltd.		2,400		39,884
AfreecaTV Co. Ltd.		514		29,221
Asia Paper Manufacturing Co. Ltd.		728		22,594
BNK Financial Group, Inc.		8,962		46,285
CJ Corp.		106		7,081
Daewon Pharmaceutical Co. Ltd.		1,866		27,786
Daewoo Engineering & Construction Co. Ltd. ^(a)		10,484		34,964
DB HiTek Co. Ltd.		982		29,189
DB Insurance Co. Ltd.		631		32,726
DGB Financial Group, Inc.		4,019		22,296
Global Standard Technology Co. Ltd.		2,171		34,031
GOLFZON Co. Ltd.		391		35,140
GS Holdings Corp. ^(a)		669		23,275
Hana Financial Group, Inc.		14,055		470,291
Hanmi Pharm Co. Ltd.		339		79,494
Hanwha Aerospace Co. Ltd.		707		40,929
Hanwha Corp.		3,341		68,167
Hanwha Life Insurance Co. Ltd. ^(a)		12,884		28,376
HD Hyundai Co. Ltd.		480		21,772
Humasis Co. Ltd.		2,099		23,552
Humedix Co. Ltd.		2,031		44,712
Hwa Shin Co. Ltd.		3,070		17,704
Hyundai Glovis Co. Ltd.		743		96,613
Hyundai Rotem Co. Ltd. ^(a)		2,340		52,143
HyVision System, Inc.		2,733		39,779
JB Financial Group Co. Ltd.		18,050		113,004
JVM Co. Ltd.		2,865		46,638
Kia Corp.		6,068		286,198
Korean Air Lines Co. Ltd. ^(a)		6,601		120,768
Kumho Petrochemical Co. Ltd.		255		25,571
LabGenomics Co. Ltd.		4,620		22,906
LF Corp.		2,996		37,829
LG Corp.		212		13,166
LG Energy Solution Ltd. ^(a)		233		80,732

See Notes to Financial Statements.
145

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
South Korea — 2.1% (Continued)
LX Semicon Co. Ltd.		843	$	48,330
MegaStudyEdu Co. Ltd. ^(a)		775		49,088
Meritz Financial Group, Inc.		1,114		37,986
Mgame Corp ^(a)		4,089		24,008
Orion Corp.		1,214		123,307
Pan Ocean Co. Ltd.		10,408		47,538
POSCO Holdings, Inc.		1,064		234,197
Samchully Co. Ltd.		481		148,803
Samsung Card Co. Ltd.		875		20,498
Samsung Electronics Co. Ltd.		21,900		965,748
Sangsin Energy Display Precision Co. Ltd.		2,302		27,396
SD Biosensor, Inc.		910		21,848
Shinhan Financial Group Co. Ltd.		25,700		716,137
Shinsegae, Inc. ^(a)		256		44,786
SIMMTECH Co. Ltd. ^(a)		704		14,907
SL Corp.		2,042		37,413
Woori Financial Group, Inc.		1,814		16,664
Youngone Corp.		807		29,778
				4,744,908
Spain — 0.9%
Amadeus IT Group SA ^(a)		1,779		91,743
Banco Bilbao Vizcaya Argentaria SA		3,296		19,904
Banco de Sabadell SA		56,244		52,951
CaixaBank SA		178,942		702,396
Endesa SA		855		16,133
Energia Innovacion y Desarrollo Fotovoltaico SA ^(a)		3,528		105,661
Faes Farma SA		16,883		63,394
Gestamp Automocion SA ^(b)		13,853		53,696
Grupo Catalana Occidente SA		1,132		35,767
Iberdrola SA		41,664		487,363
Industria de Diseno Textil SA		10,738		285,932
Laboratorios Farmaceuticos Rovi SA		1,791		69,062
Red Electrica Corp. SA		238		4,134

	Shares		Value
Repsol SA		3,456	$	55,093
				2,043,229
Sweden — 2.1%
AcadeMedia AB ^(b)		6,941		29,653
Assa Abloy AB - Class B		4,225		90,905
Atlas Copco AB - Class A		69,115		818,277
Atlas Copco AB - Class B		38,605		412,470
Betsson AB - Class B		14,450		117,529
Bilia AB - Class A		1,510		16,589
BioGaia AB - Class B		8,387		67,231
Bravida Holding AB ^(b)		3,208		34,367
Evolution AB ^(b)		12,890		1,258,887
G5 Entertainment AB		1,113		22,472
Hemnet Group AB		5,808		69,913
HMS Networks AB		983		32,100
Intrum AB		2,794		33,788
Inwido AB		2,281		24,258
Modern Times Group MTG AB - Class B		2,573		22,030
New Wave Group AB - Class B		7,712		153,171
Nordic Waterproofing Holding AB		1,403		19,573
Securitas AB - Class B		2,161		17,989
Skandinaviska Enskilda Banken AB - Class A		30,208		347,641
SkiStar AB		6,775		72,228
SSAB AB - Class B		35,687		186,132
Swedbank AB - Class A		12,229		207,755
Swedish Orphan Biovitrum AB ^(a)		3,902		80,619
Trelleborg AB - Class B		17,283		399,877
Volvo AB - Class A		5,919		112,678
Wihlborgs Fastigheter AB		5,595		42,312
				4,690,444
Switzerland — 4.7%
Alcon, Inc.		20,500		1,408,032
Belimo Holding AG ^(a)		67		32,011
Burkhalter Holding AG		591		48,988
Coca-Cola HBC AG		5,650		134,861
Comet Holding AG		575		122,385
Credit Suisse Group AG		77,506		232,864
dormakaba Holding AG		77		28,295
Ferrexpo PLC		7,905		15,028

See Notes to Financial Statements.
146

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Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Switzerland — 4.7% (Continued)
Galenica AG ^(b)		468	$	38,220
Implenia AG ^(a)		969		39,792
Julius Baer Group Ltd.		5,050		293,536
Leonteq AG		663		31,475
Lonza Group AG		1,371		674,776
Mobilezone Holding AG		2,132		35,281
Nestle SA		17,506		2,021,689
Novartis AG		4,724		427,906
Roche Holding AG		4,628		1,454,404
Sensirion Holding AG ^(a)(b)		201		21,382
SFS Group AG		332		31,509
Sika AG		5,962		1,438,567
STMicroelectronics NV		12,586		447,431
Swiss Re AG		1,206		113,135
Swissquote Group Holding SA		221		32,121
UBS Group AG		67,223		1,253,009
Zurich Insurance Group AG		99		47,310
				10,424,007
Taiwan — 2.7%
Accton Technology Corp.		4,000		30,485
Advanced International Multitech Co. Ltd.		19,000		58,632
Anpec Electronics Corp.		9,000		33,637
Asia Vital Components Co. Ltd.		9,000		32,767
Chicony Power Technology Co. Ltd.		14,000		33,238
Compeq Manufacturing Co. Ltd.		46,000		66,546
Continental Holdings Corp.		59,000		53,728
CTBC Financial Holding Co. Ltd.		176,000		126,495
Delta Electronics, Inc.		2,000		18,632
Depo Auto Parts Ind Co. Ltd.		43,000		100,248
E Ink Holdings, Inc.		20,000		104,661
Evergreen International Storage & Transport Corp.		35,000		31,633
Far EasTone Telecommunications Co. Ltd.		22,000		47,159

	Shares		Value
Faraday Technology Corp.		4,000	$	18,520
Farglory Land Development Co. Ltd.		46,000		84,996
Formosa Sumco Technology Corp.		5,000		22,096
Fusheng Precision Co. Ltd.		9,000		61,613
General Interface Solution Holding Ltd.		18,000		51,504
Genius Electronic Optical Co. Ltd.		3,000		32,705
Global Unichip Corp.		6,000		124,966
Globalwafers Co. Ltd.		3,000		41,675
Gold Circuit Electronics Ltd.		8,100		22,857
Grape King Bio Ltd.		5,000		27,321
Hiwin Technologies Corp.		9,000		53,397
Hon Hai Precision Industry Co. Ltd.		432,961		1,406,638
International Games System Co. Ltd.		4,000		56,377
King Yuan Electronics Co. Ltd.		37,000		43,554
Kinsus Interconnect Technology Corp.		10,000		33,954
Lotes Co. Ltd.		4,000		107,415
Macronix International Co. Ltd.		47,000		51,572
MediaTek, Inc.		1,600		32,499
Nan Ya Printed Circuit Board Corp.		6,000		44,246
Realtek Semiconductor Corp.		10,400		95,002
Ruentex Development Co. Ltd.		27,000		37,967
Sanyang Motor Co. Ltd.		33,000		36,326
Scientech Corp.		21,000		49,158
Shih Wei Navigation Co. Ltd.		26,000		21,215
Shiny Chemical Industrial Co. Ltd.		23,888		88,929
Silicon Motion Technology Corp. - ADR		458		29,765
Sitronix Technology Corp.		10,000		57,687
Standard Chemical & Pharmaceutical Co. Ltd.		75,000		149,977
TaiDoc Technology Corp.		8,000		48,136

See Notes to Financial Statements.
147

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Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
COMMON STOCKS — 79.3% (Continued)
Taiwan — 2.7% (Continued)
Taigen Biopharmaceuticals Holdings Ltd. ^(a)		67,000	$	34,929
Taiwan Semiconductor Manufacturing Co. Ltd.		122,600		1,786,852
Taiwan Surface Mounting Technology Corp.		11,000		31,827
Tong Hsing Electronic Industries Ltd.		6,300		39,109
Unimicron Technology Corp.		21,000		81,870
Via Technologies, Inc.		16,000		34,954
Voltronic Power Technology Corp		1,000		50,179
WinWay Technology Co. Ltd.		3,000		40,767
Wiwynn Corp		3,000		77,734
Zhen Ding Technology Holding Ltd.		33,000		112,654
				5,960,803
Thailand — 0.5%
Amata Corp. PCL		67,400		41,410
AP Thailand PCL - NVDR		726,900		243,490
Banpu PCL - NVDR		49,800		19,717
Chularat Hospital PCL - NVDR		718,800		76,295
Ichitan Group PCL		297,100		96,900
Indorama Ventures PCL - NVDR		4,600		5,396
Krung Thai Bank PCL - NVDR		62,700		31,977
Mega Lifesciences PCL - NVDR		22,800		30,757
Minor International PCL - NVDR ^(a)		34,000		31,667
Polyplex Thailand PCL - NVDR		31,000		22,602
PTT Exploration & Production PCL - NVDR		30,100		153,530
SCB X PCL		135,300		417,990
				1,171,731
Turkey — 0.4%
Akbank TAS		408,929		427,253
Aksa Enerji Uretim AS		18,579		46,538

	Shares		Value
Haci Omer Sabanci Holding AS		72,289	$	174,299
Logo Yazilim Sanayi Ve Ticaret AS		5,122		19,094
Migros Ticaret AS ^(a)		8,978		70,314
Sinpas Gayrimenkul Yatirim Ortakligi AS ^(a)		153,312		28,700
Sok Marketler Ticaret AS ^(a)		27,886		41,693
Turk Telekomunikasyon AS		44,027		57,760
				865,651
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank PJSC		171,141		419,071
Abu Dhabi Islamic Bank PJSC		40,079		99,308
Dubai Islamic Bank PJSC		115,056		178,597
Emaar Development PJSC ^(a)		41,164		49,441
				746,417
United States — 3.5%
Aon PLC - Class A		5,790		1,737,811
Atlassian Corp. - Class A ^(a)		6,850		881,458
EPAM Systems, Inc. ^(a)		3,820		1,251,967
GXO Logistics, Inc. ^(a)		159		6,788
Mettler-Toledo International, Inc. ^(a)		740		1,069,633
ResMed, Inc.		4,010		834,601
STERIS PLC		6,210		1,146,925
Waste Connections, Inc.		6,470		857,663
				7,786,846
Total Common Stocks (Cost $164,103,041)				175,943,409

PREFERRED STOCKS — 0.9%
Brazil — 0.4%
Cia de Saneamento do Parana		163,900		113,928
Cia Energetica de Minas Gerais		106,801		225,345
Cia Ferro Ligas da Bahia - FERBASA		3,200		32,705
Itau Unibanco Holding SA		74,721		354,234
Itausa SA		2,860		4,615
Metalurgica Gerdau SA		20,100		49,415
Petroleo Brasileiro SA		24,200		112,251

See Notes to Financial Statements.
148

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Value
PREFERRED STOCKS — 0.9% (Continued)
Brazil — 0.4% (Continued)
Unipar Carbocloro SA - Class B		2,550	$	42,917
				935,410
Colombia — 0.0% ^(d)
Bancolombia SA		5,140		35,571

Germany — 0.5%
Bayerische Motoren Werke AG		1,812		154,322
Einhell Germany AG		110		16,579
Schaeffler AG		13,106		89,255
Volkswagen AG		6,965		868,106
				1,128,262
Russia — 0.0% ^(d)
Surgutneftegas PJSC ^(e)(f)		270,800		—

South Korea — 0.0% ^(d)
Hyundai Motor Co.		7		411
Total Preferred Stocks (Cost $3,218,937)				2,099,654

	Par Value
U.S. TREASURY OBLIGATIONS — 0.9%
U.S. Treasury Bonds — 0.0% ^(d)
3.000%, due 08/15/52	$	24,000		19,868

U.S. Treasury Notes — 0.9%
0.250%, due 09/30/23		33,000		31,917
0.250%, due 06/15/24		250,000		234,649
0.750%, due 11/15/24		60,000		56,006
4.250%, due 12/31/24		165,000		164,433
0.250%, due 10/31/25		59,000		52,750
4.000%, due 12/15/25		99,000		98,381
0.875%, due 09/30/26		236,000		209,524
1.250%, due 11/30/26		361,000		323,772
1.500%, due 01/31/27		18,900		17,057
2.750%, due 04/30/27		1,000		947
3.250%, due 06/30/27		2,600		2,513
3.875%, due 11/30/27		54,400		54,094
3.875%, due 12/31/27		204,400		203,250
1.125%, due 02/15/31 ^(c)		27,000		21,992

	Par Value		Value
1.625%, due 05/15/31	$	288,000	$	242,235
2.750%, due 08/15/32		18,500		16,826
4.125%, due 11/15/32		184,300		187,986
				1,918,332
Total U.S. Treasury Obligations (Cost $2,083,314)				1,938,200
AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-108, 1.691%, due 03/25/30 (g) Callable: 12/25/29		499,685		47,217
Series K-1501, 0.379%, due 04/25/30 (g) Callable: 02/25/30		2,693,511		55,752
Series K-110, 1.697%, due 04/25/30 (g) Callable: 02/25/30		498,133		46,019
Series K-118, 0.959%, due 09/25/30 (g) Callable:06/25/30		995,571		55,544
Total Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $172,881)				204,532

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0%
Alen 2021-ACEN Mortgage Trust
Series 2021-ACEN, 6.568%, due 04/17/34 (1 Month U.S. LIBOR + 2.250%) (b)(h)		200,000		168,998
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, 5.040%, due 03/15/37 (1 Month U.S. LIBOR + 0.722%) (b)(h)		200,000		186,450
BBCMS 2021-AGW Mortgage Trust
Series 2021-AGW, 5.568%, due 06/16/36 (1 Month U.S. LIBOR + 1.250%) (b)(h) Callable: 06/15/23		100,000		93,443

See Notes to Financial Statements.
149

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Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)
BX Commercial Mortgage Trust 2020-VKNG
Series 2020-VKNG, 5.850%, due 10/15/37 (1 Month SOFR Rate + 1.514%) (b)(h)	$	70,000	$	66,704
CIM Trust 2021-J3
Series 2021-J3, 2.500%, due 06/25/51 (b)(g) Callable: 04/25/45		535,870		414,420
Deephaven Residential Mortgage Trust 2022-2
Series 2022-2, 4.300%, due 03/25/67 (b)(g) Callable: 04/25/25		364,313		346,480
GS Mortgage Securities Trust 2018-HART
Series 2018-HART, 5.410%, due 10/15/31 (1 Month U.S. LIBOR + 1.090%) (b)(h)		190,000		178,133
GSCG Trust 2019-600C
Series 2019-600C, 2.936%, due 09/12/34 (b)		200,000		181,499
JP Morgan Chase Commercial Mortgage Securities Trust 2019-ICON
Series A, 3.884%, due 01/06/34 (b)		150,000		144,778
JP Morgan Mortgage Trust 2017-2
Series 2017-2, 3.500%, due 05/25/47 (b)(g) Callable: 04/25/29		57,374		49,605
JP Morgan Mortgage Trust 2018-5
Series 2018-5, 3.500%, due 10/25/48 (b)(g) Callable: 01/25/28		112,123		97,158
JP Morgan Mortgage Trust 2019-1
Series 2019-1, 4.000%, due 05/25/49 (b)(g) Callable: 01/25/23		12,223		11,208
JP Morgan Mortgage Trust 2019-INV3
Series 2019-INV3, 3.500%, due 05/25/50 (b)(g) Callable: 08/25/32		123,867		108,513

	Par Value		Value
JP Morgan Mortgage Trust 2020-2
Series 2020-2, 3.500%, due 07/25/50 (b)(g) Callable: 03/25/28	$	75,452	$	64,657
JP Morgan Mortgage Trust 2021-7
Series TR, 2.500%, due 11/25/51 (b)(g) Callable: 01/25/45		255,869		198,358
JP Morgan Trust 2015-3
Series 2015-3, 3.500%, due 05/25/45 (b)(g) Callable: 05/25/23		59,941		53,300
JPMBB Commercial Mortgage Securities Trust 2013-C12
Series B, 4.113%, due 07/17/45 (g) Callable: 06/15/23		182,000		174,263
Morgan Stanley Capital I Trust 2016-BNK2
Series C, 3.888%, due 11/18/49 (g) Callable: 11/15/26		200,000		155,607
PFP 2021-8 Ltd.
Series 2021-8, 6.126%, due 08/09/37 (1 Month U.S. LIBOR + 1.800%) (b)(f)(h)		100,000		93,029
Provident Funding Mortgage Trust 2021-J1
Series FLT, 2.000%, due 10/25/51 (b)(g) Callable: 08/25/47		200,000		116,683
PSMC 2020-3 Trust
Series 2020-3, 3.000%, due 11/25/50 (b)(g) Callable: 08/25/37		69,175		58,517
Ready Capital Mortgage Financing 2021-FL5 LLC
Series 2021-FL5, 6.139%, due 04/25/38 (1 Month U.S. LIBOR + 1.750%) (b)(h) Callable: 03/25/23		400,000		387,121
Sequoia Mortgage Trust 2013-3
Series 2013-3, 2.500%, due 03/25/43 (g) Callable: 02/25/25		82,095		68,907
Sequoia Mortgage Trust 2019-CH2
Series 2019-CH2, 4.500%, due 08/25/49 (b)(g) Callable: 01/25/24		2,353		2,286

See Notes to Financial Statements.
150

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.0% (Continued)
Sequoia Mortgage Trust 2019-CH3
Series 2019-CH3, 4.000%, due 10/25/49 (b)(g) Callable: 05/25/26	$	6,769	$	6,276
Sequoia Mortgage Trust 2020-4
Series 2020-4, 2.500%, due 11/25/50 (b)(g) Callable: 01/25/40		200,000		129,280
Sequoia Mortgage Trust 2021-1
Series A-7, 2.500%, due 03/25/51 (b)(g) Callable: 07/25/44		400,000		264,629
SLG Office Trust 2021-OVA
Series 2021-OVA, 2.585%, due 07/17/41 (b)		220,000		176,436
Wells Fargo Commercial Mortgage Trust 2021-FCMT
Series A, 5.518%, due 05/15/31 (1 Month U.S. LIBOR + 1.200%) (b)(h)		100,000		96,883
Wells Fargo Mortgage Backed Securities 2020-RR1 Trust
Series A-1, 3.000%, due 05/25/50 (b)(g) Callable: 08/25/29		104,171		88,984
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 4.213%, due 08/16/47 (g) Callable: 08/15/24		207,000		193,081
Total Non-Agency Mortgage-Backed Obligations (Cost $5,226,666)				4,375,686

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 0.1%
BANK 2020-BNK30
Series 2020-BNK30, 1.320%, due 12/17/53 (g)		977,654		67,862
Benchmark 2020-B19 Mortgage Trust
Series 2020-B19, 1.770%, due 09/17/53 (g) Callable: 10/15/30		993,658		76,007

	Par Value		Value
DBJPM 20-C9 Mortgage Trust
Series 2020-C9, 1.710%, due 08/15/53 (g) Callable: 06/15/30	$	786,612	$	54,332
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $279,784)				198,201

ASSET-BACKED SECURITIES — 1.3%
American Airlines 2015-2 Class AA Pass Through Trust
Series 2015-2, 3.600%, due 03/22/29		81,667		72,453
American Airlines 2016-1 Class AA Pass Through Trust
Series 2016-1, 3.575%, due 07/15/29		9,287		8,265
American Airlines 2016-2 Class AA Pass Through Trust
Series 2016-2, 3.200%, due 12/15/29		55,402		47,989
AmeriCredit Automobile Receivables Trust 2021-2
Series TR, 1.010%, due 01/19/27 Callable: 03/18/25		100,000		90,986
Beacon Container Finance II LLC
Series NT, 2.250%, due 10/22/46 (b) Callable: 11/20/23		88,333		76,194
CLI Funding VIII LLC
Series LLC, 2.720%, due 01/18/47 (b) Callable: 12/19/23		68,860		58,472
Commonbond Student Loan Trust 2018-C-GS
Series A-1, 3.870%, due 02/25/46 (b) Callable: Currently		93,804		89,948
Exeter Automobile Receivables Trust 2020-3
Series 2020-3, 1.320%, due 07/15/25 Callable: 10/15/24		102,943		101,826
FedEx Corp 2020-1 Class AA Pass Through Trust
Series 2020-1AA, 1.875%, due 08/20/35		239,339		194,337

See Notes to Financial Statements.
151

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 1.3% (Continued)
Laurel Road Prime Student Loan Trust 2020-A
Series 1.40000, 1.400%, due 11/25/50 (b) Callable: 10/25/28	$	162,459	$	145,850
Loanpal Solar Loan 2020-2 Ltd.
Series A, 2.750%, due 07/20/47 (b) Callable: 04/20/35		204,395		170,156
Marlette Funding Trust 2021-1
Series C, 1.410%, due 06/16/31 (b) Callable: 01/15/25		200,000		190,205
Mosaic Solar Loan Trust 2020-2
Series 2020-2, 1.440%, due 08/20/46 (b) Callable: 07/20/32		86,538		70,394
Navient Private Education Refi Loan Trust 2021-A
Series A, 0.840%, due 05/15/69 (b) Callable: 01/15/28		69,283		59,870
Navient Private Education Refi Loan Trust 2020-G
Series A, 1.170%, due 09/15/69 (b) Callable: 04/15/27		114,529		98,598
Oscar US Funding XII LLC
Series A-4, 1.000%, due 04/10/28 (b) Callable: 02/10/25		200,000		185,976
PFS Financing Corp.
Series 2021-A, 0.710%, due 04/15/26 (b) Callable: Currently		100,000		94,194
Santander Consumer Auto Receivables Trust 2021-A
Series 2021-A, 1.030%, due 11/16/26 (b) Callable: 03/15/25		150,000		136,732
Santander Drive Auto Receivables Trust 2020-3
Series C, 1.120%, due 01/15/26 Callable: 04/15/24		88,538		87,757
Santander Drive Auto Receivables Trust 2021-2
Series C, 0.900%, due 06/15/26 Callable: 08/15/24		100,000		97,148

	Par Value		Value
SMB Private Education Loan Trust 2020-PTB
Series 1.60000, 1.600%, due 09/15/54 (b) Callable: Currently	$	225,468	$	199,882
Sofi Professional Loan Program 2017-C LLC
Series A-1, 4.989%, due 07/25/40 (1 Month U.S. LIBOR + 0.600%) (b)(h) Callable: 01/25/25		30,883		30,747
Sofi Professional Loan Program 2018-B Trust
Series 3.34000, 3.340%, due 08/25/47 (b) Callable: 07/25/25		62,027		60,048
Sunnova Helios IV Issuer LLC
Series A, 2.980%, due 06/20/47 (b) Callable: 06/20/27		226,398		188,395
Vivint Solar Financing VII LLC
Series LLC, 2.210%, due 07/31/51 (b)		183,770		141,460
Volvo Financial Equipment LLC Series 2020-1
Series A-4, 0.600%, due 03/15/28 (b) Callable: 07/15/24		150,000		141,219
Westlake Automobile Receivables Trust 2020-3
Series B, 0.780%, due 11/17/25 (b) Callable: 05/15/24		108,295		107,614
Total Asset-Backed Securities (Cost $3,311,690)				2,946,715

COLLATERALIZED LOAN OBLIGATIONS — 1.6%
Aimco CLO 11 Ltd.
Series 2020-11R, 5.209%, due 10/17/34 (3 Month U.S. LIBOR + 1.130%) (b)(h) Callable: 10/17/23		250,000		243,352
Apidos CLO XXIII
Series XXIII, 5.299%, due 04/15/33 (3 Month U.S. LIBOR + 1.220%) (b)(h) Callable: 01/15/23		400,000		391,094

See Notes to Financial Statements.
152

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 1.6% (Continued)
Arbor Realty Commercial Real Estate Notes 2021-FL2 Ltd.
Series B, 5.918%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (b)(h) Callable: 12/15/23	$	450,000	$	420,922
Betony CLO 2 Ltd.
Series 2018, 5.495%, due 04/30/31 (3 Month U.S. LIBOR + 1.080%) (b)(h) Callable: 01/30/23		250,000		246,114
CARLYLE US CLO 2021-1 Ltd.
Series LTD, 5.219%, due 04/15/34 (3 Month U.S. LIBOR + 1.140%) (b)(h) Callable: 04/15/23		250,000		242,545
Marble Point CLO XIV Ltd.
Series FLT, 5.523%, due 01/20/32 (3 Month U.S. LIBOR + 1.280%) (b)(h) Callable: 01/20/23		490,000		478,867
Madison Park Funding XXI Ltd.
Series FLT, 5.479%, due 10/15/32 (3 Month U.S. LIBOR + 1.400%) (b)(h) Callable: 01/15/23		250,000		239,265
MF1 2021-FL7 Ltd.
Series 2021-FL7, 6.389%, due 10/16/36 (1 Month U.S. LIBOR + 2.050%) (b)(f)(h) Callable: 10/16/23		200,000		187,244
Octagon Investment Partners 48 Ltd.
Series A-R, 5.393%, due 10/20/34 (3 Month U.S. LIBOR + 1.150%) (b)(h) Callable: 10/20/23		400,000		389,115
Palmer Square CLO 2019-1 Ltd.
Series 2019-1R, 5.800%, due 11/14/34 (3 Month U.S. LIBOR + 1.150%) (b)(h) Callable: 11/14/23		250,000		243,951

	Par Value		Value
TCI-Symphony CLO 2016-1 Ltd.
Series FLT, 4.961%, due 10/13/32 (3 Month U.S. LIBOR + 1.020%) (b)(h) Callable: 01/13/23	$	500,000	$	489,986
Total Collateralized Loan Obligations (Cost $3,684,090)				3,572,455

CORPORATE BONDS — 3.5%
Britain — 0.1%
BAT International Finance PLC
1.668%, due 03/25/26 Callable: 02/25/26		151,000		133,588
Royalty Pharma PLC
0.750%, due 09/02/23		60,000		58,024
1.750%, due 09/02/27 Callable: 07/02/27		61,000		51,802
2.200%, due 09/02/30 Callable: 06/02/30		96,000		75,030
				318,444
Canada — 0.1%
Royal Bank of Canada
1.200%, due 04/27/26		91,000		80,942
The Bank of Nova Scotia
2.700%, due 08/03/26		111,000		102,733
				183,675
Japan — 0.1%
Mitsubishi UFJ Financial Group, Inc.
3.761%, due 07/26/23		70,000		69,395
Sumitomo Mitsui Trust Bank Ltd.
2.800%, due 03/10/27 (b)		71,000		64,513
				133,908
United States — 3.2%
3M Co.
2.000%, due 02/14/25 Callable: 01/14/25		93,000		87,978
AbbVie, Inc.
3.800%, due 03/15/25 Callable: 12/15/24		128,000		124,833
Altria Group, Inc.
3.400%, due 05/06/30 Callable: 02/06/30		93,000		79,436

See Notes to Financial Statements.
153

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.5% (Continued)
United States — 3.2% (Continued)
Amazon.com, Inc.
1.500%, due 06/03/30 Callable: 03/03/30	$	108,000	$	86,664
Ameren Illinois Co.
3.800%, due 05/15/28		80,000		75,960
American Express Co.
2.250%, due 03/04/25 Callable: 02/01/25		69,000		65,146
American Honda Finance Corp.
1.200%, due 07/08/25		74,000		67,631
American International Group, Inc.
3.900%, due 04/01/26 Callable: 01/01/26		30,000		29,035
Amgen, Inc.
3.200%, due 11/02/27 Callable: 08/02/27		84,000		77,928
Amphenol Corp.
2.800%, due 02/15/30 Callable: 11/15/29		98,000		83,927
Apple, Inc.
1.200%, due 02/08/28 Callable: 12/08/27		91,000		77,243
Assurant, Inc.
4.200%, due 09/27/23 Callable: 08/27/23		52,000		51,415
AT&T, Inc.
2.250%, due 02/01/32 Callable: 11/01/31		146,000		114,587
Bank of America Corp.
4.000%, due 01/22/25		75,000		73,426
0.976%, due 04/22/25 (SOFR Rate + 0.690%) (h) Callable: 04/22/24		196,000		182,950
1.734%, due 07/22/27 (SOFR Rate + 0.960%) (h) Callable: 07/22/26		140,000		123,008
3.593%, due 07/21/28 (3 Month U.S. LIBOR + 1.370%) (h) Callable: 07/21/27		67,000		61,679
2.592%, due 04/29/31 (SOFR Rate + 2.150%) (h) Callable: 04/29/30		177,000		144,270

	Par Value		Value
Broadcom, Inc.
2.450%, due 02/15/31 (b) Callable: 11/15/30	$	62,000	$	48,980
Carrier Global Corp.
2.722%, due 02/15/30 Callable: 11/15/29		145,000		122,185
Caterpillar Financial Services Corp.
3.250%, due 12/01/24		95,000		92,235
Citigroup, Inc.
0.981%, due 05/01/25 (SOFR Rate + 0.669%) (h) Callable: 05/01/24		137,000		128,143
CVS Health Corp.
3.875%, due 07/20/25 Callable: 04/20/25		247,000		240,991
1.750%, due 08/21/30 Callable: 05/21/30		146,000		114,904
Duke Energy Corp.
3.150%, due 08/15/27 Callable: 05/15/27		143,000		131,703
4.300%, due 03/15/28 Callable: 02/15/28		69,000		66,530
Ecolab, Inc.
4.800%, due 03/24/30 Callable: 12/24/29		64,000		63,569
Entergy Corp.
0.900%, due 09/15/25 Callable: 08/15/25		101,000		89,762
Enterprise Products Operating LLC
2.800%, due 01/31/30 Callable: 10/31/29		73,000		62,208
Equinix, Inc.
1.250%, due 07/15/25 Callable: 06/15/25		133,000		120,268
Exxon Mobil Corp.
2.275%, due 08/16/26 Callable: 06/16/26		100,000		92,807
Fox Corp.
3.050%, due 04/07/25 Callable: 03/07/25		153,000		146,021
Global Payments, Inc.
2.650%, due 02/15/25 Callable: 01/15/25		82,000		76,906

See Notes to Financial Statements.
154

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.5% (Continued)
United States — 3.2% (Continued)
HCA, Inc.
4.125%, due 06/15/29 Callable: 03/15/29	$	103,000	$	94,760
Johnson & Johnson
0.950%, due 09/01/27 Callable: 07/01/27		91,000		78,273
1.300%, due 09/01/30 Callable: 06/01/30		91,000		73,402
JPMorgan Chase & Co.
1.470%, due 09/22/27 (SOFR Rate + 0.765%) (h) Callable: 09/22/26		112,000		96,758
2.947%, due 02/24/28 (SOFR Rate + 1.170%) (h) Callable: 02/24/27		81,000		73,336
1.953%, due 02/04/32 (SOFR Rate + 1.065%) (h) Callable: 02/04/31		73,000		56,042
2.580%, due 04/22/32 (SOFR Rate + 1.250%) (h) Callable: 04/22/31		73,000		58,545
Keurig Dr Pepper, Inc.
4.417%, due 05/25/25 Callable: 03/25/25		17,000		16,868
Kinder Morgan Energy Partners LP
3.450%, due 02/15/23 Callable: 01/30/23		70,000		69,811
Kite Realty Group LP
4.000%, due 10/01/26 Callable: 07/01/26		78,000		71,656
Meta Platforms, Inc.
3.500%, due 08/15/27		20,000		18,633
3.850%, due 08/15/32		31,000		27,378
Microsoft Corp.
2.400%, due 08/08/26 Callable: 05/08/26		92,000		85,777
Morgan Stanley
1.164%, due 10/21/25 (SOFR Rate + 0.560%) (h) Callable: 10/21/24		101,000		92,938
2.188%, due 04/28/26 (SOFR Rate + 1.990%) (h) Callable: 04/28/25		235,000		218,272

	Par Value		Value
1.593%, due 05/04/27 (SOFR Rate + 0.879%) (h) Callable: 05/04/26	$	183,000	$	160,196
2.239%, due 07/21/32 (SOFR Rate + 1.178%) (h) Callable: 07/21/31		37,000		28,302
6.342%, due 10/18/33 (SOFR Rate + 2.560%) (h) Callable: 10/18/32		136,000		142,030
MPLX LP
4.875%, due 12/01/24 Callable: 09/01/24		74,000		73,413
2.650%, due 08/15/30 Callable: 05/15/30		32,000		26,009
NextEra Energy Capital Holdings, Inc.
4.625%, due 07/15/27 Callable: 06/15/27		103,000		101,448
Oracle Corp.
2.950%, due 04/01/30 Callable: 01/01/30		211,000		180,101
O’Reilly Automotive, Inc.
3.600%, due 09/01/27 Callable: 06/01/27		146,000		137,341
PepsiCo, Inc.
2.625%, due 07/29/29 Callable: 04/29/29		84,000		74,224
Phillips 66
0.900%, due 02/15/24 Callable: 01/30/23		71,000		67,777
Raytheon Technologies Corp.
3.200%, due 03/15/24 Callable: 01/15/24		92,000		90,229
Realty Income Corp.
3.250%, due 01/15/31 Callable: 10/15/30		120,000		104,250
Ross Stores, Inc.
4.600%, due 04/15/25 Callable: 03/15/25		120,000		119,221
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27 Callable: 09/15/26		57,000		55,931
Sierra Pacific Power Co.
2.600%, due 05/01/26 Callable: 02/01/26		128,000		118,876

See Notes to Financial Statements.
155

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 3.5% (Continued)
United States — 3.2% (Continued)
Southwestern Electric Power Co.
1.650%, due 03/15/26 Callable: 02/15/26	$	91,000	$	81,246
Steel Dynamics, Inc.
1.650%, due 10/15/27 Callable: 08/15/27		73,000		61,176
The AES Corp.
1.375%, due 01/15/26 Callable: 12/15/25		71,000		62,417
The Boeing Co.
4.875%, due 05/01/25 Callable: 04/01/25		75,000		74,506
The Goldman Sachs Group, Inc.
0.855%, due 02/12/26 (SOFR Rate + 0.609%) (h) Callable: 02/12/25		91,000		82,321
The Home Depot, Inc.
1.500%, due 09/15/28 Callable: 07/15/28		103,000		87,532
The Walt Disney Co.
2.200%, due 01/13/28		72,000		64,260
T-Mobile USA, Inc.
2.250%, due 02/15/26 Callable: 02/15/23		16,000		14,577
3.750%, due 04/15/27 Callable: 02/15/27		57,000		53,758
Trans-Allegheny Interstate Line Co.
3.850%, due 06/01/25 (b) Callable: 03/01/25		108,000		104,210
United Airlines 2014-2 Class A Pass Through Trust
3.750%, due 03/03/28		—		—
US Bancorp
4.548%, due 07/22/28 (SOFR Rate + 1.660%) (h) Callable: 07/22/27		42,000		40,987
Verizon Communications, Inc.
4.329%, due 09/21/28		73,000		70,024
2.355%, due 03/15/32 Callable: 12/15/31		160,000		126,753
VMware, Inc.
1.000%, due 08/15/24 Callable: 01/30/23		95,000		88,412

	Par Value		Value
Walmart, Inc.
1.050%, due 09/17/26 Callable: 08/17/26	$	105,000	$	92,758
Wells Fargo & Co.
2.406%, due 10/30/25 (SOFR Rate + 1.087%) (h) Callable: 10/30/24		182,000		172,268
2.164%, due 02/11/26 (3 Month U.S. LIBOR + 0.750%) (h) Callable: 02/11/25		40,000		37,330
				7,130,660
Total Corporate Bonds (Cost $8,768,067)				7,766,687

	Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.4%
Voya Emerging Markets Hard Currency Debt Fund - Class P		92,467		680,559
Voya High Yield Bond Fund - Class P		127,259		836,093
Voya Investment Grade Credit Fund - Class P		58,850		526,708
Voya Securitized Credit Fund - Class P		630,636		5,536,981
Total Affiliated Registered Investment Companies (Cost $8,406,257)				7,580,341

RIGHT — 0.0% (d)
Bank Tabungan Negara Persero Tbk PT (a)		109,513		1,006
Total Right (Cost $1,494)				1,006

Total Investments at Value — 93.1% (Cost $199,256,221)				206,626,886
Other Assets in Excess of Liabilities — 6.9%				15,372,835
Net Assets — 100.0%			$	221,999,721

Percentages are stated as a percent of net assets.

See Notes to Financial Statements.
156

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Investments - (Continued)

December 31, 2022

ADR American Depository Receipt

CVA Certificaten Van Aandelen

GDR Global Depository Receipt

LIBOR London Interbank Offered Rate

NVDR Non-Voting Depository Receipt

REIT Real Estate Investment Trust

SOFR Secured Overnight Financing Rate

(a)	Non-income producing security.

(b)	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, 2022, the value of these investments was $16,442,639, or 7.4% of total net assets.

(c)	This security or a partial position of this security is on loan at December 31, 2022. The total fair value of securities on loan at December 31, 2022 was $102,560 (Note 8).

(d)	Represents less than 0.1%.

(e)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2022, representing 0.0% of net assets.

(f)	Illiquid security. The total value of such securities is $280,273 as of December 31, 2022, representing 0.1% of net assets.

(g)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

(h)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

The Accompanying Footnotes are an Integral Part of this Schedule of Investments.

See Notes to Financial Statements.
157

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Total Return Swaps

December 31, 2022

Counterparty

Reference
Entity

Pay/
Receive
Total
Return on
Reference
Entity

Financing
Rate

Maturity
Date

Payment
Frequency

Notional
Amount

Value/
Unrealized
Appreciation

Goldman Sachs Bank, USA

MSCI Emerging Markets Total Return Index

Receive

(U.S. Federal Funds Rate + 0.200%)

12/04/2023

At Maturity

25,623

12,454,239

1,379,252

Morgan Stanley Capital

MSCI EAFE Total Return Index

Receive

(U.S. Federal Funds Rate + 0.070%)

12/04/2023

Monthly

4,336

28,545,427

2,827,035

Total Return Swap Contracts

4,206,287

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Centrally Cleared Credit Default Swaps

December 31, 2022

Counterparty	Reference Entity	Protection	Pay Fixed Rate	Termination Date	Payment Frequency	Notional Amount		Value		Premium Paid		Unrealized Depreciation
Morgan Stanley Capital	CDX North American High Yield Index	Buy	5.000%	12/20/2027	Quarterly		660,000	$	2,744	$	7,685	$	(4,941	)

Total Credit Default Swap Contracts								$	2,744	$	7,685	$	(4,941	)

See Notes to Financial Statements.
158

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Schedule of Futures Contracts

December 31, 2022

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	3	03/31/2023	$	572,358	$	(774	)
5-Year U.S. Treasury Note Future	17	03/31/2023		1,609,303		2,135
10-Year U.S. Treasury Note Future	18	03/22/2023		1,792,929		10,792
U.S. Treasury Long Bond Future	9	03/22/2023		962,261		10,106
Ultra 10-Year U.S. Treasury Bond Future	11	03/22/2023		1,126,354		9,087
Ultra Long-Term U.S. Treasury Bond Future	7	03/22/2023		592,414		10,048
Total Futures Contracts Sold Short			$	6,655,619	$	41,394

See Notes to Financial Statements.
159

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments

December 31, 2022

	Par Value		Value
U.S. TREASURY OBLIGATIONS — 9.3%
U.S. Treasury Bonds — 4.8%
2.250%, due 05/15/41	$	90,000	$	67,654
2.375%, due 02/15/42		920,000		702,219
3.250%, due 05/15/42		1,809,000		1,586,549
3.375%, due 08/15/42		63,000		56,326
4.000%, due 11/15/42		511,000		500,780
3.000%, due 02/15/49		1,230,000		1,013,981
2.000%, due 02/15/50		495,000		327,551
1.250%, due 05/15/50		8,840,000		4,766,694
2.875%, due 05/15/52		70,000		56,219
3.000%, due 08/15/52		2,524,000		2,089,399
				11,167,372
U.S. Treasury Notes — 4.4%
4.250%, due 12/31/24		104,000		103,643
2.875%, due 06/15/25		426,800		412,329
3.000%, due 07/15/25		193,500		187,393
4.000%, due 12/15/25		421,000		418,369
0.750%, due 08/31/26		240,000		212,437
2.000%, due 11/15/26		180,000		166,359
1.250%, due 11/30/26		33,400		29,956
1.500%, due 01/31/27		893,300		806,203
0.375%, due 09/30/27		69,000		58,143
3.875%, due 11/30/27		40,000		39,775
3.875%, due 12/31/27		150,000		149,156

	Par Value		Value
1.500%, due 11/30/28	$	287,700	$	249,760
2.375%, due 03/31/29		485,000		441,274
1.125%, due 02/15/31 ^(a)		47,000		38,283
1.875%, due 02/15/32		515,000		436,462
2.875%, due 05/15/32		5,030,000		4,633,888
2.750%, due 08/15/32		1,267,700		1,153,013
4.125%, due 11/15/32		656,000		669,120
				10,205,563
U.S. Treasury Bill — 0.1%
4.209%, due 02/21/23 ^(b)		400,000		397,738
Total U.S. Treasury Obligations (Cost $22,984,303)				21,770,673

MUNICIPAL BONDS — 0.0% ^(c)
State Board of Administration Finance Corp.
2.154%, due 07/01/30		40,000		32,818
Total Municipal Bonds (Cost $31,206)				32,818

AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9%
Federal Home Loan Mortgage Corp. — 3.7%
Freddie Mac Pool
4.500%, due 08/01/52		304,870		294,153
5.000%, due 08/01/52		123,117		123,083
5.000%, due 10/01/52		180,230		179,561
5.000%, due 11/01/52		191,617		190,202
5.000%, due 11/01/52		247,675		247,608
5.500%, due 11/01/52		164,358		166,264

See Notes to Financial Statements.
160

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)
Federal Home Loan Mortgage Corp. — 3.7% (Continued)
Freddie Mac REMICS
Series 2989, 3.725%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) ^(d)	$	105,699	$	116,992
Series 4249, 1.560%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) ^(d)		531,152		381,785
Series 4355, 4.000%, due 05/15/44		4,483,800		4,277,466
Freddie Mac STACR REMIC Trust 2020-HQA1
Series 2020-HQA1, 6.289%, due 01/25/50 (1 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 10/25/28		81,654		80,393
Freddie Mac STACR REMIC Trust 2021-HQA1
Series M-2, 6.178%, due 08/25/33 (SOFR 30 Day Average + 2.250%) ^(d)(e) Callable: 08/25/33		300,000		277,601
Freddie Mac STACR REMIC Trust 2021-HQA4
Series M-2, 6.278%, due 12/26/41 (SOFR 30 Day Average + 2.350%) ^(d)(e) Callable: 12/25/26		400,000		345,281
Series B-1, 7.678%, due 12/26/41 (SOFR 30 Day Average + 3.750%) ^(d)(e) Callable: 12/25/26		700,000		599,019

	Par Value		Value
Freddie Mac STACR REMIC Trust 2022-DNA2
Series FLT, 6.328%, due 02/25/42 (SOFR 30 Day Average + 2.400%) ^(d)(e) Callable: 02/25/27	$	200,000	$	194,433
Freddie Mac STACR REMIC Trust 2022-DNA3
Series FLT, 5.928%, due 04/25/42 (SOFR 30 Day Average + 2.000%) ^(d)(e) Callable: 04/25/27		158,809		158,457
Freddie Mac STACR REMIC Trust 2022-DNA4
Series FLT, 6.128%, due 05/27/42 (SOFR 30 Day Average + 2.200%) ^(d)(e) Callable: 05/25/27		180,994		180,950
Series FLT, 7.278%, due 05/27/42 (SOFR 30 Day Average + 3.350%) ^(d)(e) Callable: 05/25/27		265,000		267,560
Freddie Mac STACR REMIC Trust 2022-DNA6
Series FLT, 6.078%, due 09/25/42 (SOFR 30 Day Average + 2.150%) ^(d)(e) Callable: 09/25/27		176,900		176,899
Freddie Mac STACR REMIC Trust 2022-DNA7
Series 2022-HQA1, 7.428%, due 03/25/42 (SOFR 30 Day Average + 3.500%) ^(d)(e) Callable: 03/25/27		85,000		84,285

See Notes to Financial Statements.
161

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)
Federal Home Loan Mortgage Corp. — 3.7% (Continued)
Series FLT, 6.428%, due 09/25/42 (SOFR 30 Day Average + 2.500%) ^(d)(e) Callable: 09/25/27	$	140,381	$	141,226
Freddie Mac STACR REMIC Trust 2022-HQA3
Series FLT, 7.478%, due 08/25/42 (SOFR 30 Day Average + 3.550%) ^(d)(e) Callable: 08/25/27		125,000		123,908
				8,607,126
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.6%
FHLMC REMIC SERIES K-1515
Series K-1515, 1.511%, due 02/25/35 ^(f) Callable: 11/25/34		796,296		89,104
Freddie Mac Multiclass Certificates Series 2021-P011
Series X1, 1.848%, due 09/25/45 ^(f)		547,950		69,457
Freddie Mac Multifamily Structured Pass Through Certificates
Series K-L06, 1.364%, due 12/25/29 ^(f) Callable: 09/25/29		956,000		67,465
Series K-109, 1.583%, due 04/25/30 ^(f) Callable: 01/25/30		666,515		57,110
Series K-117, 1.238%, due 08/25/30 ^(f) Callable: 07/25/30		1,288,018		89,708
Series K-G04, 0.851%, due 11/25/30 ^(f) Callable: 08/25/30		1,896,813		95,398

	Par Value		Value
Series K-122, 0.882%, due 11/25/30 ^(f) Callable: 08/25/30	$	1,853,807	$	96,061
Series K-1518, 0.868%, due 10/25/35 ^(f) Callable: 07/25/35		1,482,850		107,649
Series K-1521, 0.980%, due 08/25/36 ^(f) Callable: 06/25/36		817,438		67,078
Freddie Mac REMICS
Series 2980, 2.382%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) ^(d)		224,290		15,269
Series 3311, 2.092%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) ^(d)		1,188,745		108,310
Series 3359, 1.402%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) ^(d)		567,168		38,185
Series 4077, 1.682%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) ^(d)		321,160		26,819
Series 3966, 1.582%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) ^(d)		551,504		45,799
Series 4089, 1.682%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) ^(d)		470,650		40,512
Series 4994, 1.211%, due 02/25/49 (5.600% - 1 Month U.S. LIBOR) ^(d)		5,343,468		349,914
				1,363,838

See Notes to Financial Statements.
162

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)
Federal National Mortgage Association — 2.5%
Connecticut Avenue Securities Trust 2019-R02
Series 2019-R02, 6.689%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) ^(d)(e) Callable: 08/25/25	$	6,696	$	6,698
Connecticut Avenue Securities Trust 2019-R06
Series 2019-R06, 6.489%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) ^(d)(e) Callable: 09/25/26		927		925
Connecticut Avenue Securities Trust 2020-R02
Series 2020-R02, 6.389%, due 01/25/40 (1 Month U.S. LIBOR + 2.000%) ^(d)(e) Callable: 01/25/27		201,313		198,130
Connecticut Avenue Securities Trust 2022-R01
Series FLT, 4.928%, due 12/26/41 (SOFR 30 Day Average + 1.000%) ^(d)(e) Callable: 12/25/26		61,758		60,931
Connecticut Avenue Securities Trust 2022-R03
Series FLT, 6.028%, due 03/25/42 (SOFR 30 Day Average + 2.100%) ^(d)(e) Callable: 03/25/27		24,045		23,895
Connecticut Avenue Securities Trust 2022-R04
Series FLT, 5.928%, due 03/25/42 (SOFR 30 Day Average + 2.000%) ^(d)(e) Callable: 03/25/27		52,076		51,841

	Par Value		Value
Connecticut Avenue Securities Trust 2022-R05
Series FLT, 6.928%, due 04/25/42 (SOFR 30 Day Average + 3.000%) ^(d)(e) Callable: 04/25/27	$	240,000	$	232,215
Connecticut Avenue Securities Trust 2022-R06
6.678%, due 05/25/42 (SOFR 30 Day Average + 2.750%) ^(d)(e) Callable: 05/25/27		86,191		87,251
Connecticut Avenue Securities Trust 2022-R08
Series FLT, 7.528%, due 07/25/42 (SOFR 30 Day Average + 3.600%) ^(d)(e) Callable: 07/25/27		300,000		301,150
Connecticut Avenue Securities Trust 2022-R09
Series FLT, 6.444%, due 09/25/42 (SOFR 30 Day Average + 2.500%) ^(d)(e) Callable: 09/25/27		166,485		166,116
Fannie Mae Connecticut Avenue Securities
Series 1M2, 8.389%, due 05/27/25 (1 Month U.S. LIBOR + 4.000%) ^(d) Callable: 11/25/24		119,560		122,936
Fannie Mae Pool
4.500%, due 09/01/52		473,926		461,117
5.500%, due 10/01/52		132,437		134,345
5.000%, due 11/01/52		179,073		178,409
5.500%, due 11/01/52		534,207		537,561
5.500%, due 12/01/52		334,067		337,940

See Notes to Financial Statements.
163

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)
Federal National Mortgage Association — 2.5% (Continued)
FNCL 2 1/21
2.000%, due 01/15/51	$	99,000	$	80,806
FNMA TBA 30YR TBA 4.50% JAN
4.500%, due 01/15/41		98,000		94,570
FNMA TBA 30YR TBA 5% JAN
5.000%, due 01/15/41		2,714,000		2,676,258
				5,753,094
Federal National Mortgage Association Interest-Only Strips — 1.0%
Fannie Mae Interest Strip
3.500%, due 04/01/44		2,334,690		385,629
Fannie Mae REMICS
Series 2013-60, 3.000%, due 06/25/31		1,826,218		40,058
Series 2014-63, 3.500%, due 06/25/33		766,644		19,191
Series 2007-50, 2.061%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) ^(d)		1,875,914		169,005
Series 2009-52, 5.000%, due 07/25/39		80,241		12,989
Series 2009-78, 2.351%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) ^(d)		2,731,762		310,240
Series 2009-86, 5.500%, due 10/25/39		69,865		12,907

	Par Value		Value
Series 2011-124, 2.111%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) ^(d)	$	378,812	$	45,103
Series 2012-20, 2.061%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) ^(d)		386,839		40,471
Series 2012-76, 1.611%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) ^(d)		183,477		19,027
Series 2014-28, 1.661%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) ^(d)		858,401		76,355
Series 2017-53, 4.000%, due 07/25/47		152,860		24,244
Series 2008-22, 1.771%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) ^(d)		1,469,511		132,363
Series PS, 1.661%, due 07/25/49 (6.050% - 1 Month U.S. LIBOR) ^(d)		4,724,428		502,986
Series QS, 1.561%, due 01/25/50 (5.950% - 1 Month U.S. LIBOR) ^(d)		4,768,252		586,615
				2,377,183
Government National Mortgage Association Interest-Only Strips — 0.1%
Government National Mortgage Association
Series 2010-133, 1.744%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) ^(d) Callable: Currently		2,179,829		112,579

See Notes to Financial Statements.
164

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.9% (Continued)
Government National Mortgage Association Interest-Only Strips — 0.1% (Continued)
Series 2014-102, 1.297%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) ^(d) Callable: Currently	$	1,725,806	$	98,777
Series 2018-083, 5.000%, due 01/20/48 Callable: Currently		836,333		122,811
				334,167
Total Agency Mortgage-Backed Obligations (Cost $20,961,213)				18,435,408

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2%
280 Park Avenue 2017-280P Mortgage Trust
Series 2017-280P, 7.064%, due 09/15/34 (1 Month U.S. LIBOR + 2.827%) ^(d)(e) Callable: 01/15/23		168,000		148,331
ACE Securities Corp Mortgage Loan Trust Series 2007-D1
Series 2007-D1, 6.930%, due 02/25/38 ^(e) Callable: 03/25/30		339,683		281,947
Alternative Loan Trust 2006-HY11
Series A-1, 4.629%, due 06/25/36 (1 Month U.S. LIBOR + 0.240%) ^(d) Callable: 01/25/23		247,609		219,661

	Par Value		Value
Alternative Loan Trust 2006-OA6
Series FLT, 4.809%, due 07/25/46 (1 Month U.S. LIBOR + 0.420%) ^(d) Callable: 01/25/23	$	1,153,922	$	937,500
Alternative Loan Trust 2007-16CB
Series 2007-16CB, 6.250%, due 08/25/37 Callable: 01/25/23		492,642		273,476
Alternative Loan Trust 2007-OA4
Series 2007-OA4, 4.729%, due 05/25/47 (1 Month U.S. LIBOR + 0.340%) ^(d) Callable: 01/25/23		265,517		233,063
Angel Oak Mortgage Trust I LLC 2019-2
Series 2019-2, 6.286%, due 03/25/49 ^(e)(f) Callable: 01/25/23		1,300,000		1,232,839
Arroyo Mortgage Trust 2019-1
Series 2019-1, 3.805%, due 01/25/49 ^(e)(f) Callable: 01/25/23		54,085		50,417
Arroyo Mortgage Trust 2019-2
Series 2019-2, 3.800%, due 04/25/49 ^(e)(f) Callable: 01/25/23		107,159		95,432
Bayview MSR Opportunity Master Fund Trust 2021-INV2
Series A-F, 4.371%, due 12/25/51 (SOFR 30 Day Average + 0.850%) ^(d)(e) Callable: 01/25/46		460,742		416,402

See Notes to Financial Statements.
165

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
BBCMS 2019-BWAY Mortgage Trust
Series 2019-BWAY, 7.168%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) ^(d)(e)	$	100,000	$	76,184
BCRR 2016-FRR3 Trust
Series TRUST, 5.589%, due 05/27/26 (18.348% - 1 Month U.S. LIBOR) ^(d)(e)		797,720		701,932
Bear Stearns ARM Trust 2004-10
Series 2004-10, 3.973%, due 01/25/35 ^(f) Callable: 01/25/23		174,346		158,778
Benchmark 2018-B2 Mortgage Trust
Series 2018-B2, 4.227%, due 02/17/51 ^(f) Callable: 02/15/28		150,000		124,229
Benchmark 2020-IG3 Mortgage Trust
Series 2020-IG3, 3.290%, due 09/17/48 ^(e)(f) Callable: 04/15/30		1,000,000		785,171
BF 2019-NYT Mortgage Trust
Series 2019-NYT, 6.818%, due 12/17/35 (1 Month U.S. LIBOR + 2.500%) ^(d)(e)		325,000		267,728
BOCA Commercial Mortgage Trust 2022-BOCA
Series 2022-BOCA, 6.655%, due 05/15/35 (1 Month SOFR Rate + 2.319%) ^(d)(e)		100,000		96,503

	Par Value		Value
BPR Trust 2021-TY
Series 2021-TY, 6.668%, due 09/15/38 (1 Month U.S. LIBOR + 2.350%) ^(d)(e)	$	167,000	$	149,523
BX Commercial Mortgage Trust 2019-XL
Series 2019-XL, 5.370%, due 10/15/36 (1 Month SOFR Rate + 1.034%) ^(d)(e)		380,093		374,877
BX Commercial Mortgage Trust 2021-CIP
Series 2021-CIP, 5.239%, due 12/15/38 (1 Month U.S. LIBOR + 0.921%) ^(d)(e)		110,000		106,155
BX Commercial Mortgage Trust 2021-SOAR
Series TR, 6.668%, due 06/15/38 (1 Month U.S. LIBOR + 2.350%) ^(d)(e)		992,482		912,706
BX Commercial Mortgage Trust 2021-VOLT
Series 2021-VOLT, 5.018%, due 09/15/36 (1 Month U.S. LIBOR + 0.700%) ^(d)(e)		115,000		110,724
BX Commercial Mortgage Trust 2021-VOLT
Series 2021-VOLT, 6.718%, due 09/15/36 (1 Month U.S. LIBOR + 2.400%) ^(d)(e)		167,000		153,478

See Notes to Financial Statements.
166

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
BX Trust 2018-GW
Series 2018-GW, 7.238%, due 05/15/37 (1 Month U.S. LIBOR + 2.920%) ^(d)(e)	$	83,000	$	77,613
BX Trust 2019-CALM
Series 2019-CALM, 6.318%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) ^(d)(e)		136,500		129,213
BX TRUST 2021-BXMF
Series 2021-BXMF, 7.668%, due 10/15/38 (1 Month U.S. LIBOR + 3.350%) ^(d)(e)		162,000		146,254
BX Trust 2022-CLS
Series 2022-CLS, 5.760%, due 10/14/39 ^(e)		135,000		132,687
BX Trust 2022-GPA
Series 2022-GPA, 6.501%, due 08/15/39 (1 Month SOFR Rate + 2.165%) ^(d)(e)		180,000		178,876
BX Trust 2022-GPA
Series 2022-GPA, 7.000%, due 08/15/39 (1 Month SOFR Rate + 2.664%) ^(d)(e)		110,000		109,039

	Par Value		Value
BX Trust 2022-GPA
Series 2022-GPA, 8.397%, due 08/15/39 (1 Month SOFR Rate + 4.061%) ^(d)(e)	$	75,000	$	74,073
CAMB COML MTG TR 2019-LIFE
Series 2019-LIFE, 5.388%, due 12/15/37 (1 Month U.S. LIBOR + 1.070%) ^(d)(e)		100,000		98,502
CHL Mortgage Pass-Through Trust 2007-HY5
Series 2007-HY5, 4.029%, due 09/25/37 ^(f) Callable: 01/25/23		732,483		614,327
CIM Trust 2018-INV1
Series 2018-INV1, 4.000%, due 08/25/48 ^(e)(f) Callable: 05/25/28		233,495		212,252
CIM Trust 2019-INV2
Series 2019-INV2, 4.000%, due 05/25/49 ^(e)(f) Callable: 07/25/26		17,688		16,194
CIM Trust 2019-J1
Series 2019-J1, 3.943%, due 08/25/49 ^(e)(f) Callable: 06/25/26		177,222		157,933
Citigroup Commercial Mortgage Trust 2013-GC17
Series D, 5.101%, due 11/13/46 ^(e)(f) Callable: 11/10/23		100,000		91,170
Citigroup Commercial Mortgage Trust 2015-GC27
Series C, 4.418%, due 02/12/48 ^(f) Callable: 01/10/25		164,000		150,724

See Notes to Financial Statements.
167

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
Citigroup Commercial Mortgage Trust 2016-P4
Series 2016-P4, 3.942%, due 07/12/49 ^(e)(f) Callable: 07/10/26	$	500,000	$	397,453
Citigroup Commercial Mortgage Trust 2018-C6
Series D, 5.064%, due 11/10/51 ^(e)(f) Callable: 11/10/28		380,000		287,746
Citigroup Cmmercial Mortgage Trust 2019-SMRT
Series E, 4.745%, due 01/11/36 ^(e)(f)		116,000		109,649
Citigroup Mortgage Loan Trust 2015-RP2
Series B-4, 4.250%, due 01/25/53 ^(e) Callable: 02/25/28		536,493		508,613
Citigroup Mortgage Loan Trust 2019-E
Series 2019-E, 6.228%, due 11/25/70 ^(e) Callable: 01/25/23		454,667		442,795
COLT 2022-5 Mortgage Loan Trust
Series 2022-5, 4.550%, due 04/25/67 ^(e)(f) Callable: 04/25/25		92,207		89,545
Credit Suisse Mortgage Capital Certificates 2019-ICE4
Series 2019-ICE4, 5.298%, due 05/15/36 (1 Month U.S. LIBOR + 0.980%) ^(d)(e)		240,000		237,155
CSAIL 2020-C19 Commercial Mortgage Trust
Series 2020-C19, 2.500%, due 03/17/53 ^(e) Callable: 03/15/30		400,000		241,671

	Par Value		Value
CSMC 2020-NET
Series 2020-NET, 3.704%, due 08/17/37 ^(e)(f)	$	118,000	$	102,502
CSMC Series 2019-NQM1
Series 2019-NQM1, 2.656%, due 10/25/59 ^(e) Callable: 01/25/23		17,060		16,015
DBUBS 2011-LC2 Mortgage Trust
Series 2011-LC2, 4.000%, due 07/12/44 (1 Month U.S. LIBOR + 3.650%) ^(d)(e) Callable: 06/10/23		6,896		6,622
Deephaven Residential Mortgage Trust 2022-2
Series 2022-2, 4.300%, due 03/25/67 (SOFR 30 Day Average + 1.700%) ^(e)(f) Callable: 04/25/25		546,470		519,720
First Republic Mortgage Trust 2020-1
Series B-1, 2.884%, due 04/25/50 ^(e)(f)		695,166		540,812
Flagstar Mortgage Trust 2018-6RR
Series 2018-6RR, 4.920%, due 10/25/48 ^(e)(f) Callable: 08/25/28		455,470		409,596
Fontainebleau Miami Beach Trust 2019-FBLU
Series F, 3.963%, due 12/12/36 ^(e)(f)		120,000		108,609
Fontainebleau Miami Beach Trust 2019-FBLU
Series G, 3.963%, due 12/12/36 ^(e)(f)		112,000		100,109

See Notes to Financial Statements.
168

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
FREMF 2018-KF49 Mortgage Trust
Series 2018-KF49, 6.042%, due 06/25/25 (1 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 06/25/25	$	34,804	$	32,976
FREMF 2019-KF71 Mortgage Trust
Series 2019-KF71, 10.142%, due 10/25/29 (1 Month U.S. LIBOR + 6.000%) ^(d)(e) Callable: 10/25/29		162,911		149,518
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.000%, due 05/25/29 ^(e) Callable: 05/25/29		400,000		201,832
GCAT 2020-3 LLC
Series LLC, 2.981%, due 09/25/25 ^(e) Callable: 01/25/23		746,878		711,754
GCAT 2022-NQM4 Trust
Series 2022-NQM4, 5.269%, due 08/25/67 ^(e) Callable: 08/25/25		97,360		97,897
GS Mortgage Securities Corp Trust 2018-RIVR
Series C, 5.568%, due 07/16/35 (1 Month U.S. LIBOR + 1.250%) ^(d)(e)		122,000		99,134
GS Mortgage Securities Corp Trust 2018-RIVR
Series F, 6.418%, due 07/16/35 (1 Month U.S. LIBOR + 2.100%) ^(d)(e)		1,000,000		710,678

	Par Value		Value
GS Mortgage-Backed Securities Corp Trust 2020-PJ6
Series A-4, 2.500%, due 05/25/51 ^(e)(f) Callable: 08/25/38	$	335,920	$	263,596
GS Mortgage-Backed Securities Trust 2022-PJ1
Series 2022-PJ1, 2.500%, due 05/25/52 ^(e)(f) Callable: 12/25/45		280,518		217,467
GSAA Home Equity Trust 2005-6
Series 2005-6, 5.034%, due 06/25/35 (1 Month U.S. LIBOR + 0.645%) ^(d) Callable: 01/25/23		448,186		432,064
GSAA Home Equity Trust 2006-4
Series 2006-4, 3.219%, due 03/25/36 ^(f) Callable: 01/25/23		404,131		254,144
GSAA Home Equity Trust 2007-7
Series 2007-7, 4.929%, due 07/25/37 (1 Month U.S. LIBOR + 0.540%) ^(d) Callable: 01/25/23		142,624		134,610
GSCG Trust 2019-600C
Series 2019-600C, 3.985%, due 09/06/34 ^(e)(f)		183,000		158,288
Home RE 2021-1 Ltd.
Series LTD, 6.689%, due 07/25/33 (1 Month U.S. LIBOR + 2.300%) ^(d)(e) Callable: 02/25/25		500,000		475,250

See Notes to Financial Statements.
169

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
Homeward Opportunities Fund Trust 2020-BPL1
Series A2, 5.438%, due 08/25/25 ^(e) Callable: Currently	$	236,895	$	236,295
Hundred Acre Wood Trust 2021-INV1
Series A27, 2.500%, due 07/25/51 ^(e)(f) Callable: 11/25/44		337,134		260,305
INTOWN 2022-STAY Mortgage Trust
Series 2022-STAY, 7.622%, due 08/17/37 (1 Month SOFR Rate + 3.286%) ^(d)(e) Callable: 08/15/24		140,000		139,101
JP Morgan Chase Commercial Mortgage Securities Trust 2018-AON
Series D, 4.613%, due 07/08/31 ^(e)(f)		382,000		322,803
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT
Series FLT, 5.364%, due 07/08/33 ^(e)(f) Callable: 07/05/23		1,400,000		1,215,437
JP Morgan Chase Commercial Mortgage Securities Trust 2019-MFP
Series E, 6.478%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) ^(d)(e)		125,000		117,010
JP Morgan Chase Commercial Mortgage Securities Trust 2020-NNN
Series 3.97200, 3.972%, due 01/16/37 ^(e) Callable: 01/16/25		100,000		85,347

	Par Value		Value
JP Morgan Mortgage Trust 2018-8
Series 2018-8, 4.038%, due 01/25/49 ^(e)(f) Callable: 01/25/23	$	455,067	$	386,927
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.168%, due 03/25/50 ^(e)(f) Callable: 02/25/27		187,536		146,654
JP Morgan Mortgage Trust 2019-8
Series 2019-8, 3.500%, due 03/25/50 ^(e)(f) Callable: 02/25/27		9,335		8,264
JP Morgan Mortgage Trust 2020-4
Series 2020-4, 3.000%, due 11/25/50 ^(e)(f) Callable: 08/25/31		205,470		172,022
JP Morgan Mortgage Trust 2022-5
Series 2022-5, 2.800%, due 09/25/52 ^(e)(f) Callable: 04/25/48		479,978		387,957
JPMBB Commercial Mortgage Securities Trust 2015-C27
Series D, 3.806%, due 02/18/48 ^(e)(f) Callable: 09/15/26		124,000		103,291
Legacy Mortgage Asset Trust 2020-GS3
Series A2, 4.000%, due 05/25/60 ^(e) Callable: 01/25/23		900,000		871,278

See Notes to Financial Statements.
170

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
Life 2022-BMR Mortgage Trust
Series A-1, 5.631%, due 05/17/38 (1 Month SOFR Rate + 1.295%) ^(d)(e) Callable: 05/15/24	$	270,000	$	263,258
Life 2022-BMR Mortgage Trust
Series B, 6.130%, due 05/17/38 (1 Month SOFR Rate + 1.794%) ^(d)(e) Callable: 05/15/24		250,000		242,197
Life 2022-BMR Mortgage Trust
Series D, 6.878%, due 05/17/38 (1 Month SOFR Rate + 2.542%) ^(d)(e) Callable: 05/15/24		205,000		196,352
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 4.601%, due 03/12/49 ^(e)(f) Callable: 03/10/26		274,000		248,812
Med Trust 2021-MDLN
Series 2021-MDLN, 9.568%, due 11/15/38 (1 Month U.S. LIBOR + 5.250%) ^(d)(e)		161,000		147,125
MFA 2020-NQM3 Trust
1.632%, due 01/26/65 ^(e)(f) Callable: 11/25/23		129,079		112,855

	Par Value		Value
MHC Commercial Mortgage Trust 2021-MHC
Series 2021-MHC, 6.919%, due 04/15/38 (1 Month U.S. LIBOR + 2.601%) ^(d)(e)	$	300,000	$	281,256
Morgan Stanley Bank of America Merrill Lynch Trust 2017-C34
Series 2017-C34, 4.175%, due 11/18/52 ^(f) Callable: 10/15/27		170,000		137,936
Morgan Stanley Capital I Trust 2018-SUN
Series 2018-SUN, 6.868%, due 07/16/35 (1 Month U.S. LIBOR + 2.550%) ^(d)(e) Callable: 07/15/23		60,000		57,304
Morgan Stanley Capital I Trust 2019-NUGS
Series E, 6.562%, due 12/15/36 (1 Month U.S. LIBOR + 2.244%) ^(d)(e)		147,000		108,576
Morgan Stanley Capital I Trust 2019-NUGS
Series F, 7.162%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) ^(d)(e)		125,000		96,068
Morgan Stanley Capital I Trust 2019-PLND
Series E, 6.468%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) ^(d)(e) Callable: 05/15/23		189,000		160,546
MSCG Trust 2018-SELF
Series 2018-SELF, 7.368%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) ^(d)(e)		137,081		127,725

See Notes to Financial Statements.
171

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
NewRez Warehouse Securitization Trust 2021-1
Series 21-1, 9.639%, due 05/25/55 (1 Month U.S. LIBOR + 5.250%) ^(d)(e) Callable: 05/25/24	$	1,000,000	$	958,766
One New York Plaza Trust 2020-1NYP
Series C, 6.518%, due 01/15/26 (1 Month U.S. LIBOR + 2.200%) ^(d)(e)		160,000		149,325
PR Mortgage Loan Trust 2014-1
Series 2014-1, 5.871%, due 10/25/49 ^(e)(f)(g) Callable: 12/25/30		1,162,933		1,039,997
Provident Funding Mortgage Trust 2021-J1
Series FLT, 2.000%, due 10/25/51 ^(e)(f) Callable: 08/25/47		200,000		116,683
RATE Mortgage Trust 2021-HB1
Series FLT, 2.500%, due 12/25/51 ^(e)(f) Callable: 01/25/48		474,553		366,703
RCKT Mortgage Trust 2021-1
Series 2021-1, 2.719%, due 03/25/51 ^(e)(f) Callable: 03/25/42		476,276		326,791
Renaissance Home Equity Loan Trust 2004-4
Series 2004-4, 5.818%, due 02/25/35 Callable: 01/25/23		315,762		259,328

	Par Value		Value
RLGH Trust 2021-TROT
Series 2021-TROT, 6.032%, due 04/15/36 (1 Month U.S. LIBOR + 1.714%) ^(d)(e)	$	175,000	$	166,147
Sequoia Mortgage Trust 2021-3
Series B-3, 2.653%, due 05/25/51 ^(e)(f) Callable: 11/25/44		480,152		300,203
Soho Trust 2021-SOHO
Series 2021-SOHO, 2.697%, due 08/12/38 ^(e)(f)		168,000		122,361
SREIT Trust 2021-IND
Series 2021-IND, 6.853%, due 10/15/38 (1 Month U.S. LIBOR + 2.535%) ^(d)(e)		164,000		145,945
TTAN 2021-MHC
Series 2021-MHC, 7.218%, due 03/15/38 (1 Month U.S. LIBOR + 2.900%) ^(d)(e)		197,366		182,617
UBS Commercial Mortgage Trust 2017-C4
Series 2017-C4, 4.535%, due 10/17/50 ^(f) Callable: 10/15/27		250,000		209,469
Velocity Commercial Capital Loan Trust 2020-2
5.000%, due 05/25/50 ^(e)(f) Callable: Currently		500,000		456,198
Verus Securitization Trust 2022-4
Series A-2, 4.740%, due 04/25/67 ^(e)(f) Callable: 04/25/25		175,702		164,938

See Notes to Financial Statements.
172

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 13.2% (Continued)
Verus Securitization Trust 2022-8
Series 2022-8, 6.127%, due 09/25/67 ^(e) Callable: 10/25/25	$	98,676	$	94,280
Verus Securitization Trust 2022-INV1
Series 2022-INV1, 5.041%, due 08/25/67 ^(e) Callable: 08/25/25		97,011		95,943
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust
Series 2007-HY3, 2.945%, due 03/25/37 ^(f) Callable: 01/25/23		372,833		286,205
Wells Fargo Commercial Mortgage Trust 2021-C59
Series E, 2.500%, due 04/17/54 ^(e) Callable: 04/15/31		400,000		207,800
WFRBS Commercial Mortgage Trust 2014-C21
Series 2014-C21, 3.497%, due 08/16/47 ^(e) Callable: 08/15/24		300,000		258,504
Total Non-Agency Mortgage-Backed Obligations (Cost $34,896,331)				30,694,637

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8%
BANK 2017-BNK8
Series 2017-BNK8, 1.296%, due 11/17/50 ^(e)(f) Callable: 08/15/27		7,050,000		349,838
BANK 2018-BNK11
Series 2018-BNK11, 0.457%, due 03/17/61 ^(f) Callable: 01/15/28		11,330,377		229,030

	Par Value		Value
BANK 2019-BNK21
Series 2019-BNK21, 0.845%, due 10/18/52 ^(f) Callable: 07/15/29	$	4,090,872	$	169,671
BANK 2020-BNK30
Series 2020-BNK30, 1.317%, due 12/17/53 ^(f)		1,270,950		88,221
Barclays Commercial Mortgage Trust 2019-C3
Series 2019-C3, 1.310%, due 05/17/52 ^(f) Callable: 03/15/29		1,417,226		86,079
BBCMS Mortgage Trust 2021-C11
Series 2021-C11, 1.522%, due 09/17/54 ^(e)(f)		1,255,000		128,371
Benchmark 2018-B4 Mortgage Trust
Series 2018-B4, 1.750%, due 07/17/51 ^(e)(f) Callable: 04/15/28		7,000,000		539,447
Benchmark 2019-B10 Mortgage Trust
Series 2019-B10, 0.899%, due 03/17/62 ^(e)(f) Callable: 01/15/29		2,820,000		133,218
Benchmark 2020-B17 Mortgage Trust
Series 2020-B17, 1.416%, due 03/17/53 ^(f) Callable: 01/15/30		2,531,735		150,161
Benchmark 2020-B18 Mortgage Trust
Series 2020-B18, 1.789%, due 07/17/53 ^(f) Callable: 05/15/30		1,553,551		120,170
Benchmark 2021-B25 Mortgage Trust
Series 2021-B25, 1.102%, due 04/17/54 ^(f) Callable: 02/15/31		2,225,603		137,418

See Notes to Financial Statements.
173

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)
CD 2017-CD4 Mortgage Trust
Series 2017-CD4, 1.226%, due 05/12/50 ^(f) Callable: 05/10/27	$	1,391,976	$	55,497
CFCRE Commercial Mortgage Trust 2016-C4
Series 2016-C4, 1.607%, due 05/10/58 ^(f) Callable: 05/10/26		652,484		25,700
Citigroup Commercial Mortgage Trust 2016-C1
Series XA, 1.823%, due 05/10/49 ^(f) Callable: 06/10/26		739,680		35,459
Citigroup Commercial Mortgage Trust 2017-P8
Series X-A, 0.875%, due 09/16/50 ^(f) Callable: 07/15/27		972,097		30,367
Citigroup Commercial Mortgage Trust 2019-C7
Series X-A, 0.867%, due 12/16/72 ^(f) Callable: 10/15/29		6,219,371		270,732
COMM 2013-CCRE12 Mortgage Trust
Series 2013-CCRE12, 1.057%, due 10/15/46 ^(f) Callable: 10/10/23		2,887,307		15,404
COMM 2015-LC21 Mortgage Trust
Series 2015-LC21, 0.655%, due 07/10/48 ^(f) Callable: 07/10/25		1,348,688		17,217
CSAIL 2016-C6 Commercial Mortgage Trust
Series 2016-C6, 1.863%, due 01/15/49 ^(f) Callable: 02/15/26		605,624		28,352

	Par Value		Value
CSAIL 2017-CX10 Commercial Mortgage Trust
Series 2017-CX10, 0.749%, due 11/17/50 ^(f) Callable: 09/15/27	$	4,744,135	$	120,582
CSAIL 2018-CX12 Commercial Mortgage Trust
Series 2018-CX12, 0.566%, due 08/17/51 ^(f) Callable: 06/15/28		4,452,164		107,152
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 04/25/29 ^(e) Callable: 02/25/29		5,093,657		17,879
FREMF 2019-KG01 Mortgage Trust
Series 2019-KG01, 0.100%, due 05/25/29 ^(e) Callable: 02/25/29		570,000		2,517
GS Mortgage Securities Trust 2011-GC3
Series 2011-GC3, 0.000%, due 03/10/44 ^(e)(f) Callable: 01/10/23		511,224		0
GS Mortgage Securities Trust 2019-GC42
Series X-A, 0.805%, due 09/12/52 ^(f) Callable: 06/10/29		2,310,953		89,227
GS Mortgage Securities Trust 2020-GC47
Series X-A, 1.129%, due 05/14/53 ^(f) Callable: 02/12/30		1,463,251		89,342
GS Mortgage Securities Trust 2020-GSA2
Series X-A, 1.726%, due 12/12/53 ^(e)(f) Callable: Currently		1,203,904		110,441

See Notes to Financial Statements.
174

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS INTEREST-ONLY STRIPS — 1.8% (Continued)
JPMBB Commercial Mortgage Securities Trust 2014-C19
Series X-A, 0.620%, due 04/17/47 ^(f) Callable: 01/15/25	$	13,328,643	$	75,321
JPMDB Commercial Mortgage Securities Trust 2016-C2
Series X-A, 1.492%, due 06/17/49 ^(f) Callable: 03/15/26		906,079		32,913
LSTAR Commercial Mortgage Trust 2016-4
Series 2016-4, 1.697%, due 03/12/49 ^(e)(f) Callable: 03/10/26		883,012		24,092
LSTAR Commercial Mortgage Trust 2017-5
Series 2017-5, 0.792%, due 03/11/50 ^(e)(f) Callable: 03/10/27		1,917,020		39,411
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13
Series 2013-C13, 0.931%, due 11/19/46 ^(f) Callable: 11/15/28		4,644,055		19,183
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19
Series 2014-C19, 0.954%, due 12/17/47 ^(f) Callable: 10/15/26		2,088,692		26,588
Morgan Stanley Capital I Trust 2016-UBS12
Series X-A, 0.652%, due 12/17/49 ^(f) Callable: 09/15/26		2,674,435		54,222

	Par Value		Value
PMTT4
Series 2017-PM1, 0.000%, due 10/26/48 ^(e)	$	161,040,455	$	399,718
SG Commercial Mortgage Securities Trust 2016-C5
Series 2016-C5, 1.878%, due 10/13/48 ^(f) Callable: 07/10/26		965,773		42,089
UBS Commercial Mortgage Trust 2018-C9
Series 2018-C9, 0.928%, due 03/17/51 ^(f) Callable: 01/15/28		2,325,845		89,239
Wells Fargo Commercial Mortgage Trust 2018-C45
Series X-A, 0.790%, due 06/16/51 ^(f) Callable: 04/15/28		5,064,508		174,766
Total Non-Agency Mortgage-Backed Obligations Interest-Only Strips (Cost $6,297,469)				4,125,034

ASSET-BACKED SECURITIES — 5.7%
Air Canada 2017-1 Class B Pass Through Trust
Series 2017-1, 3.700%, due 07/15/31 ^(e)		608,466		545,206
AMSR 2021-SFR1 Trust
Series 2021-SFR1, 2.900%, due 06/19/40 ^(e)		1,200,000		890,554
AMSR 2021-SFR3 Trust
Series 2021-SFR3, 4.896%, due 10/09/26 ^(e)		550,000		458,560
Applebee’s Funding LLC
Series 2019-1, 4.194%, due 06/05/49 ^(e) Callable: 03/05/23		148,500		146,249
Series 2019-1, 4.723%, due 06/05/49 ^(e) Callable: 06/05/24		99,000		90,150

See Notes to Financial Statements.
175

Wilshire Mutual Funds, Inc.

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 5.7% (Continued)
AQUA FIN TR 2021-A
Series 2021-A, 1.540%, due 07/17/46 ^(e) Callable: 07/17/27	$	96,150	$	87,516
Bojangles Issuer LLC
Series LLC, 3.832%, due 10/20/50 ^(e) Callable: 10/20/23		99,250		88,652
CARDS II Trust
Series 2021-1, 0.931%, due 04/15/27 ^(e) Callable: Currently		150,000		141,463
Carmax Auto Owner Trust 2019-3
Series 2019-3, 2.850%, due 01/15/26 Callable: 08/15/23		100,000		97,489
Castlelake Aircraft Structured Trust 2019-1
Series 2091-1, 6.899%, due 04/15/39 ^(e) Callable: Currently		988,734		494,479
Commonbond Student Loan Trust 2018-BGS
Series C, 4.120%, due 09/25/45 ^(e) Callable: 07/25/25		8,115		7,266
Countrywide Asset-Backed Certificates
Series 2006-6, 4.729%, due 09/25/36 (1 Month U.S. LIBOR + 0.340%) ^(d) Callable: 01/25/23		45,449		45,494
DB Master Finance LLC
Series 2019-1, 4.021%, due 05/20/49 ^(e) Callable: 05/20/23		87,075		80,498
Domino’s Pizza Master Issuer LLC
Series 3.15100, 3.151%, due 04/25/51 ^(e) Callable: 04/25/28		98,500		79,115

	Par Value		Value
First Franklin Mortgage Loan Trust 2004-FF10
Series M-1, 5.664%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) ^(d) Callable: 01/25/23	$	163,323	$	170,511
FirstKey Homes 2020-SFR2 Trust
Series TR, 1.266%, due 10/19/37 ^(e)		98,888		87,612
GM Financial Automobile Leasing Trust 2022-3
Series C, 5.130%, due 08/20/26 Callable: 12/20/24		250,000		245,426
Home Partners of America 2019-1 Trust
Series 2019-1, 3.157%, due 09/19/39 ^(e) Callable: 09/17/24		80,947		70,835
Marlette Funding Trust 2022-3
Series 2022-3, 5.180%, due 11/15/32 ^(e) Callable: 02/15/27		125,246		124,265
MetroNet Infrastructure Issuer LLC
Series A-2, 6.350%, due 10/20/52 ^(e) Callable: 10/20/26		150,000		149,590
Mill City Solar Loan 2019-2 Ltd.
Series 2019-2, 3.690%, due 07/20/43 ^(e) Callable: 08/20/33		77,708		70,832
Morgan Stanley ABS Capital I Inc Trust 2006-NC1
Series 2006-NC1, 4.959%, due 12/25/35 (1 Month U.S. LIBOR + 0.570%) ^(d) Callable: 01/25/23		306,255		312,199
Mosaic Solar Loan Trust 2018-1
Series 2018-1, 4.010%, due 06/22/43 ^(e) Callable: 08/20/29		179,066		164,307

See Notes to Financial Statements.
176

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 5.7% (Continued)
Mosaic Solar Loan Trust 2018-2-GS
Series 2018-2-GS, 4.200%, due 02/22/44 ^(e) Callable: 06/20/29	$	188,775	$	173,823
Series 2018-2-GS, 4.740%, due 02/22/44 ^(e) Callable: 06/20/29		235,368		222,791
MVW Owner Trust 2018-1
Series 2018-1, 3.450%, due 01/21/36 ^(e) Callable: 06/20/24		23,031		22,082
Navient Private Education Refi Loan Trust 2020-H
Series A, 1.310%, due 01/15/69 ^(e) Callable: 06/15/27		95,531		84,768
Navient Private Education Refi Loan Trust 2021-F
Series A, 1.110%, due 02/18/70 ^(e) Callable: 11/15/29		497,622		419,644
Neighborly Issuer LLC
Series A-2, 3.584%, due 04/30/51 ^(e) Callable: 10/30/26		492,500		393,738
OCCU Auto Receivables Trust 2022-1
Series 2022-1, 5.500%, due 10/15/27 ^(e) Callable: 04/15/27		135,000		135,431
Progress Residential 2020-SFR3 Trust
Series TR, 4.105%, due 10/19/37 ^(e)		2,000,000		1,771,807
Progress Residential 2021-SFR3
Series TR, 4.254%, due 05/19/38 ^(e)		1,100,000		935,626
Progress Residential Trust
Series TR, 4.003%, due 07/19/38 ^(e) Callable: 07/17/26		700,000		589,314
Santander Drive Auto Receivables Trust 2022-3
Series C, 4.490%, due 08/15/29 Callable: 05/15/25		200,000		186,683

	Par Value		Value
SBA Tower Trust
Series 2022-1, 6.599%, due 11/15/52 ^(e) Callable: 01/15/27	$	210,000	$	209,487
Sofi Professional Loan Program 2018-C Trust
Series R-1, 0.000%, due 01/25/48 ^(e)(g) Callable: 01/25/26		10,000		136,771
SoFi Professional Loan Program 2021-A Trust
0.000%, due 08/17/43 ^(e)(g) Callable: 07/15/28		23,000		366,503
SoFi Professional Loan Program 2021-B Trust
Series TR, 0.000%, due 02/15/47 ^(e)(g) Callable: 02/15/29		10,000		463,698
Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3
Series A3, 4.709%, due 10/25/36 (1 Month U.S. LIBOR + 0.320%) ^(d) Callable: 01/25/23		497,103		477,117
Sunnova Sol II Issuer LLC
Series A, 2.730%, due 11/01/55 ^(e) Callable: 10/30/30		474,554		374,560
Sunrun Xanadu Issuer 2019-1 LLC
Series 2019-1, 3.980%, due 06/30/54 ^(e) Callable: 09/30/32		109,125		100,551
Taco Bell Funding LLC
Series 2016-1, 4.970%, due 05/25/46 ^(e) Callable: 05/25/23		409,185		393,083
Series 1.94600, 1.946%, due 08/25/51 ^(e) Callable: 08/25/24		99,000		82,902

See Notes to Financial Statements.
177

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
ASSET-BACKED SECURITIES — 5.7% (Continued)
T-Mobile US Trust 2022-1
Series 2022-1, 4.910%, due 05/22/28 ^(e) Callable: 11/20/25	$	160,000	$	159,407
United Airlines 2020-1 Class A Pass Through Trust
Series 2020-1, 5.875%, due 10/15/27		110,654		108,579
VOLT XCII LLC
Series 2021-NPL1, 4.949%, due 02/27/51 ^(e) Callable: 01/25/23		700,000		528,794
Wendy’s Funding LLC
Series 2019-1, 3.783%, due 06/15/49 ^(e) Callable: 03/15/24		91,000		83,140
Wingstop Funding LLC
Series 2020-1, 2.841%, due 12/05/50 ^(e) Callable: 06/05/24		247,500		209,315
Zaxby’s Funding LLC
Series 2021-1, 3.238%, due 07/30/51 ^(e) Callable: 07/30/25		148,125		119,139
Total Asset-Backed Securities (Cost $16,161,573)				13,397,021

COLLATERALIZED LOAN OBLIGATIONS — 4.8%
ACREC 2021-FL1 Ltd.
Series 2021-FL1, 6.476%, due 10/20/36 (1 Month U.S. LIBOR + 2.150%) ^(d)(e) Callable: 04/16/23		375,000		345,859

	Par Value		Value
ALM 2020 Ltd.
Series 2020-1, 5.929%, due 10/15/29 (3 Month U.S. LIBOR + 1.850%) ^(d)(e) Callable: 01/15/23	$	500,000	$	486,481
Arbor Realty Collateralized Loan Obligation 2020-FL1 Ltd.
Series 2020-FL1, 6.900%, due 02/15/35 (1 Month SOFR Rate + 2.564%) ^(d)(e) Callable: 01/15/23		170,000		160,838
Arbor Realty Commercial Real Estate Notes 2021-FL4 Ltd.
Series 2021-FL4, 7.218%, due 11/17/36 (1 Month U.S. LIBOR + 2.900%) ^(d)(e)(g) Callable: 06/15/24		275,000		254,176
Ares XLIX CLO Ltd.
Series 2018-49, 6.275%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) ^(d)(e) Callable: 01/22/23		1,000,000		934,318
BDS 2020-FL5 Ltd.
Series LTD, 6.489%, due 02/18/37 (1 Month SOFR Rate + 2.164%) ^(d)(e)(g) Callable: 01/16/23		340,000		330,050

See Notes to Financial Statements.
178

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Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)
BlueMountain CLO XXVIII Ltd.
Series C, 6.079%, due 04/17/34 (3 Month U.S. LIBOR + 2.000%) ^(d)(e) Callable: 04/15/23	$	250,000	$	230,943
Canyon Capital CLO 2014-1 Ltd.
Series 2014-1R, 7.165%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) ^(d)(e) Callable: 01/30/23		250,000		218,459
Canyon Capital CLO 2021-2 Ltd.
Series D, 7.429%, due 04/17/34 (3 Month U.S. LIBOR + 3.350%) ^(d)(e) Callable: 04/15/23		500,000		460,044
CIFC Funding 2015-IV Ltd.
Series IVR2, 6.143%, due 04/20/34 (3 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 04/20/23		250,000		232,179
CIFC Funding 2021-IV Ltd.
Series 2021-IV, 6.979%, due 07/15/33 (3 Month U.S. LIBOR + 2.900%) ^(d)(e) Callable: 01/15/23		500,000		465,896

	Par Value		Value
CLNC 2019-FL1 Ltd.
Series 2019-FL1, 6.339%, due 08/17/35 (1 Month SOFR Rate + 2.014%) ^(d)(e) Callable: 01/19/23	$	100,000	$	99,502
Columbia Cent CLO 27 Ltd.
Series 2018-27R, 8.188%, due 01/25/35 (3 Month U.S. LIBOR + 3.830%) ^(d)(e) Callable: 01/25/24		500,000		452,319
Dryden 40 Senior Loan Fund
Series 2015-40R, 6.706%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) ^(d)(e) Callable: 02/15/23		500,000		468,140
Goldentree Loan Management US CLO 2 Ltd.
Series D, 6.893%, due 11/29/30 (3 Month U.S. LIBOR + 2.650%) ^(d)(e) Callable: 01/20/23		500,000		468,001
Greystone CRE Notes 2019-FL2 Ltd.
Series D, 6.275%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) ^(d)(e)(g) Callable: 01/15/23		183,000		175,148
Greystone CRE Notes 2019-FL2 Ltd.
Series C, 6.318%, due 09/15/37 (1 Month U.S. LIBOR + 2.000%) ^(d)(e)(g) Callable: 01/15/23		200,000		194,842

See Notes to Financial Statements.
179

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)
Hayfin Kingsland VIII Ltd.
Series 2018-8, 5.723%, due 04/21/31 (3 Month U.S. LIBOR + 1.480%) ^(d)(e) Callable: 01/20/23	$	500,000	$	479,812
LCM XXIV Ltd.
Series LTD, 6.143%, due 03/20/30 (3 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 01/20/23		250,000		231,873
Madison Park Funding XXI Ltd.
Series FLT, 6.279%, due 10/15/32 (3 Month U.S. LIBOR + 2.200%) ^(d)(e) Callable: 01/15/23		250,000		236,199
Neuberger Berman Loan Advisers CLO 40 Ltd.
Series C, 5.829%, due 04/18/33 (3 Month U.S. LIBOR + 1.750%) ^(d)(e) Callable: 01/16/23		250,000		234,394
Octagon Investment Partners 31 Ltd.
Series C-R, 6.293%, due 07/22/30 (3 Month U.S. LIBOR + 2.050%) ^(d)(e) Callable: 01/20/23		280,000		266,056
Octagon Investment Partners XIV Ltd.
Series LTD, 7.979%, due 07/16/29 (3 Month U.S. LIBOR + 3.900%) ^(d)(e) Callable: 01/15/23		500,000		448,083

	Par Value		Value
OHA Credit Funding 5 Ltd.
Series E, 10.444%, due 04/18/33 (3 Month U.S. LIBOR + 6.250%) ^(d)(e) Callable: 01/18/23	$	500,000	$	454,759
OHA Credit Funding 8 Ltd.
Series 2021-8, 6.094%, due 01/18/34 (3 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 01/18/23		250,000		234,680
OHA Credit Partners XIII Ltd.
Series D-R, 7.478%, due 10/23/34 (3 Month U.S. LIBOR + 3.200%) ^(d)(e) Callable: 10/21/23		500,000		473,974
OHA Loan Funding 2013-1 Ltd.
Series FLT, 6.395%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) ^(d)(e) Callable: 01/23/23		500,000		472,508
Palmer Square Loan Funding 2022-2 Ltd.
Series B, 6.064%, due 10/15/30 (3 Month SOFR Rate + 2.200%) ^(d)(e) Callable: 07/15/23		800,000		754,874
TCI-Flatiron CLO 2018-1 Ltd.
Series C-R, 6.165%, due 01/29/32 (3 Month U.S. LIBOR + 1.750%) ^(d)(e) Callable: 01/29/23		250,000		235,108

See Notes to Financial Statements.
180

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 4.8% (Continued)
TCW CLO 2021-1 Ltd.
Series LTD, 6.143%, due 03/20/34 (3 Month U.S. LIBOR + 1.900%) ^(d)(e) Callable: 04/20/23	$	250,000	$	231,984
Wind River 2014-3 CLO Ltd.
Series FLT, 7.725%, due 10/22/31 (3 Month U.S. LIBOR + 3.400%) ^(d)(e) Callable: 01/22/23		500,000		406,481
Total Collateralized Loan Obligations (Cost $11,929,813)				11,137,980

CORPORATE BONDS — 20.5%
Basic Materials — 0.9%
Arconic Corp.
6.125%, due 02/15/28 ^(e) Callable: 02/15/23		55,000		51,150
ASP Unifrax Holdings, Inc.
5.250%, due 09/30/28 ^(e) Callable: 09/30/24		50,000		40,063
Cleveland-Cliffs, Inc.
4.625%, due 03/01/29 ^(a)(e) Callable: 03/01/24		295,000		261,075
4.875%, due 03/01/31 ^(a)(e) Callable: 03/01/26		180,000		158,400
Coeur Mining, Inc.
5.125%, due 02/15/29 ^(a)(e) Callable: 02/15/24		25,000		19,531

		Par Value		Value
CVR Partners LP
6.125%, due 06/15/28 ^(e) Callable: 06/15/24		$	30,000	$	26,930
Ecolab, Inc.
1.000%, due 01/15/24 Callable: 10/15/23	EUR		150,000		157,283
Freeport-McMoRan, Inc.
4.125%, due 03/01/28 Callable: 03/01/23		$	25,000		23,187
4.375%, due 08/01/28 Callable: 08/01/23			50,000		46,688
4.625%, due 08/01/30 Callable: 08/01/25			400,000		373,500
5.450%, due 03/15/43 Callable: 09/15/42			480,000		433,200
Glencore Funding LLC
1.625%, due 04/27/26 ^(e) Callable: 03/27/26			80,000		70,710
3.375%, due 09/23/51 ^(e) Callable: 03/23/51			70,000		45,365
Illuminate Buyer LLC
9.000%, due 07/01/28 ^(e) Callable: 07/01/23			25,000		20,781
Iris Holdings, Inc.
8.750%, due 02/15/26 ^(e) Callable: 02/15/23			25,000		21,450
LSF11 A5 HoldCo LLC
6.625%, due 10/15/29 ^(e) Callable: 10/15/24			15,000		12,206
Mativ Holdings, Inc.
6.875%, due 10/01/26 ^(e) Callable: 01/30/23			25,000		22,031

See Notes to Financial Statements.
181

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Basic Materials — 0.9% (Continued)
Novelis Corp.
3.875%, due 08/15/31 ^(e) Callable: 08/15/26	$	25,000	$	20,250
Olin Corp.
5.125%, due 09/15/27 Callable: 01/30/23		25,000		23,656
Sasol Financing USA LLC
5.500%, due 03/18/31 Callable: 03/18/30		200,000		161,750
Tronox, Inc.
4.625%, due 03/15/29 ^(e) Callable: 03/15/24		20,000		16,625
Westlake Corp.
0.875%, due 08/15/24 Callable: 01/30/23		105,000		97,579
WR Grace Holdings LLC
5.625%, due 08/15/29 ^(e) Callable: 08/15/24		60,000		48,375
				2,151,785
Communications — 2.4%
AMC Networks, Inc.
4.250%, due 02/15/29 ^(a) Callable: 02/15/24		5,000		3,100
AT&T, Inc.
0.900%, due 03/25/24 Callable: 01/10/23		73,000		69,252
3.500%, due 09/15/53 Callable: 03/15/53		270,000		183,642
Beasley Mezzanine Holdings LLC
8.625%, due 02/01/26 ^(e) Callable: 02/01/23		25,000		15,000

	Par Value		Value
CCO Holdings LLC
4.750%, due 03/01/30 ^(e) Callable: 09/01/24	$	230,000	$	193,775
4.500%, due 08/15/30 ^(e) Callable: 02/15/25		125,000		103,125
4.250%, due 02/01/31 ^(e) Callable: 07/01/25		460,000		368,000
4.750%, due 02/01/32 ^(e) Callable: 02/01/27		30,000		24,300
4.500%, due 06/01/33 ^(e) Callable: 06/01/27		100,000		76,750
4.250%, due 01/15/34 ^(e) Callable: 01/15/28		55,000		40,769
Cengage Learning, Inc.
9.500%, due 06/15/24 ^(a)(e) Callable: 01/30/23		40,000		38,000
Charter Communications Operating LLC
4.908%, due 07/23/25 Callable: 04/23/25		215,000		210,942
2.800%, due 04/01/31 Callable: 01/01/31		130,000		101,337
5.750%, due 04/01/48 Callable: 10/01/47		180,000		147,924
5.125%, due 07/01/49 Callable: 01/01/49		405,000		306,071
Clear Channel Outdoor Holdings, Inc.
7.500%, due 06/01/29 ^(e) Callable: 06/01/24		50,000		35,812
Comcast Corp.
3.400%, due 04/01/30 Callable: 01/01/30		125,000		113,535

See Notes to Financial Statements.
182

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Communications — 2.4% (Continued)
2.937%, due 11/01/56 Callable: 05/01/56	$	106,000	$	66,759
CommScope Technologies LLC
5.000%, due 03/15/27 ^(e) Callable: 01/10/23		25,000		17,375
CommScope, Inc.
4.750%, due 09/01/29 ^(e) Callable: 09/01/24		40,000		32,250
CSC Holdings LLC
5.250%, due 06/01/24		25,000		23,250
Directv Financing LLC
5.875%, due 08/15/27 ^(e) Callable: 08/15/23		55,000		49,019
DISH DBS Corp.
5.750%, due 12/01/28 ^(e) Callable: 12/01/27		30,000		23,850
5.125%, due 06/01/29		25,000		16,000
Embarq Corp.
7.995%, due 06/01/36		25,000		11,500
Expedia Group, Inc.
5.000%, due 02/15/26 Callable: 11/15/25		110,000		108,507
3.250%, due 02/15/30 Callable: 11/15/29		135,000		114,488
Frontier Communications Holdings LLC
5.875%, due 10/15/27 ^(e) Callable: 10/15/23		10,000		9,287
5.000%, due 05/01/28 ^(e) Callable: 05/01/24		25,000		21,719
6.000%, due 01/15/30 ^(e) Callable: 10/15/24		35,000		27,606

	Par Value		Value
GCI LLC
4.750%, due 10/15/28 ^(e) Callable: 10/15/23	$	25,000	$	21,000
Gray Escrow II, Inc.
5.375%, due 11/15/31 ^(e) Callable: 11/15/26		25,000		18,062
Liberty Broadband Corp.
1.250%, due 09/30/50 ^(e) Callable: 10/05/23		245,000		237,861
2.750%, due 09/30/50 ^(e) Callable: 10/05/23		165,000		162,453
Liberty Media Corp.
0.500%, due 12/01/50 ^(e) Callable: 09/01/24		100,000		99,165
Lumen Technologies, Inc.
5.125%, due 12/15/26 ^(e) Callable: 01/30/23		15,000		12,975
Match Group Holdings II LLC
4.125%, due 08/01/30 ^(a)(e) Callable: 05/01/25		200,000		162,500
McGraw-Hill Education, Inc.
5.750%, due 08/01/28 ^(e) Callable: 08/01/24		30,000		25,425
8.000%, due 08/01/29 ^(e) Callable: 08/01/24		25,000		20,625
MercadoLibre, Inc.
2.375%, due 01/14/26 Callable: 12/14/25		200,000		178,250
Millennium Escrow Corp.
6.625%, due 08/01/26 ^(e) Callable: 08/01/23		25,000		16,000
Netflix, Inc.
5.875%, due 11/15/28		15,000		15,075

See Notes to Financial Statements.
183

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Communications — 2.4% (Continued)
News Corp.
3.875%, due 05/15/29 ^(e) Callable: 05/15/24	$	395,000	$	337,725
5.125%, due 02/15/32 ^(e) Callable: 02/15/27		20,000		18,200
Paramount Global
6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) ^(d) Callable: 02/28/27		25,000		20,625
6.375%, due 03/30/62 (5 Year CMT Rate + 3.999%) ^(d) Callable: 03/30/27		145,000		118,175
Radiate Holdco LLC
4.500%, due 09/15/26 ^(e) Callable: 09/15/23		25,000		18,094
Scripps Escrow II, Inc.
3.875%, due 01/15/29 ^(e) Callable: 01/15/24		50,000		40,250
Sinclair Television Group, Inc.
4.125%, due 12/01/30 ^(e) Callable: 12/01/25		25,000		18,437
Sirius XM Radio, Inc.
5.000%, due 08/01/27 ^(e) Callable: 01/30/23		25,000		23,094
4.125%, due 07/01/30 ^(e) Callable: 07/01/25		235,000		193,875
Spanish Broadcasting System, Inc.
9.750%, due 03/01/26 ^(e) Callable: 09/01/23		25,000		14,375

	Par Value		Value
Sprint LLC
7.625%, due 03/01/26 Callable: 11/01/25	$	25,000	$	26,250
Stagwell Global LLC
5.625%, due 08/15/29 ^(e) Callable: 08/15/24		25,000		20,375
T-Mobile USA, Inc.
2.250%, due 02/15/26 Callable: 02/15/23		120,000		109,326
2.625%, due 04/15/26 Callable: 04/15/23		45,000		41,175
4.750%, due 02/01/28 Callable: 02/01/23		35,000		33,950
2.625%, due 02/15/29 Callable: 02/15/24		90,000		76,245
3.375%, due 04/15/29 Callable: 04/15/24		95,000		83,703
2.875%, due 02/15/31 Callable: 02/15/26		85,000		70,231
3.500%, due 04/15/31 Callable: 04/15/26		155,000		134,656
Townsquare Media, Inc.
6.875%, due 02/01/26 ^(e) Callable: 02/01/23		30,000		26,700
Uber Technologies, Inc.
0.000%, due 12/15/25		195,000		163,392
8.000%, due 11/01/26 ^(e) Callable: 01/30/23		170,000		170,637
4.500%, due 08/15/29 ^(e) Callable: 08/15/24		30,000		26,063

See Notes to Financial Statements.
184

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Communications — 2.4% (Continued)
Univision Communications, Inc.
6.625%, due 06/01/27 ^(e) Callable: 06/01/23	$	25,000	$	24,125
Urban One, Inc.
7.375%, due 02/01/28 ^(e) Callable: 02/01/24		25,000		21,562
Verizon Communications, Inc.
0.750%, due 03/22/24		54,000		51,017
5.706%, due 05/15/25 (3 Month U.S. LIBOR + 1.100%) ^(d) Callable: 03/15/25		105,000		105,644
3.875%, due 03/01/52 Callable: 09/01/51		45,000		34,197
Viasat, Inc.
5.625%, due 09/15/25 ^(e) Callable: 01/10/23		25,000		23,188
Viavi Solutions, Inc.
3.750%, due 10/01/29 ^(e) Callable: 10/01/24		25,000		20,750
Zayo Group Holdings, Inc.
6.125%, due 03/01/28 ^(e) Callable: 03/01/23		25,000		14,219
				5,602,590
Consumer, Cyclical — 3.0%
Academy Ltd.
6.000%, due 11/15/27 ^(e) Callable: 11/15/23		25,000		24,000
Adams Homes, Inc.
7.500%, due 02/15/25 ^(e) Callable: 01/17/23		25,000		21,250

	Par Value		Value
Affinity Gaming
6.875%, due 12/15/27 ^(e) Callable: 12/01/23	$	25,000	$	21,187
Allison Transmission, Inc.
5.875%, due 06/01/29 ^(e) Callable: 06/01/24		25,000		23,375
American Airlines Group, Inc.
6.500%, due 07/01/25		285,000		300,971
Arko Corp.
5.125%, due 11/15/29 ^(e) Callable: 11/15/24		15,000		12,112
Asbury Automotive Group, Inc.
4.750%, due 03/01/30 Callable: 03/01/25		25,000		21,312
Bath & Body Works, Inc.
6.750%, due 07/01/36		25,000		22,000
BCPE Empire Holdings, Inc.
7.625%, due 05/01/27 ^(e) Callable: 05/01/23		35,000		31,325
Burlington Stores, Inc.
2.250%, due 04/15/25 ^(a)		225,000		258,034
Caesars Entertainment, Inc.
6.250%, due 07/01/25 ^(e) Callable: 01/10/23		25,000		24,313
4.625%, due 10/15/29 ^(e) Callable: 10/15/24		30,000		24,412
CCM Merger, Inc.
6.375%, due 05/01/26 ^(e) Callable: 01/30/23		25,000		23,500
Century Communities, Inc.
3.875%, due 08/15/29 ^(e) Callable: 02/15/29		25,000		19,656

See Notes to Financial Statements.
185

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Cyclical — 3.0% (continued)
Crocs, Inc.
4.125%, due 08/15/31 ^(e) Callable: 08/15/26	$	25,000	$	20,344
Dealer Tire LLC
8.000%, due 02/01/28 ^(e) Callable: 08/01/23		5,000		4,375
Delta Air Lines 2020-1 Class A Pass Through Trust
2.500%, due 12/10/29		77,410		65,473
Delta Air Lines, Inc.
2.900%, due 10/28/24 Callable: 09/28/24		200,000		188,750
7.375%, due 01/15/26 ^(a) Callable: 12/15/25		35,000		35,787
4.375%, due 04/19/28 Callable: 01/19/28		25,000		22,125
Dick’s Sporting Goods, Inc.
3.150%, due 01/15/32 Callable: 10/15/31		140,000		109,906
Dollar Tree, Inc.
4.000%, due 05/15/25 Callable: 03/15/25		220,000		214,939
Ferrellgas LP
5.375%, due 04/01/26 ^(e) Callable: 04/01/23		25,000		22,750
Fertitta Entertainment LLC
6.750%, due 01/15/30 ^(e) Callable: 01/15/25		75,000		60,375
Foot Locker, Inc.
4.000%, due 10/01/29 ^(e) Callable: 10/01/24		25,000		20,312

		Par Value		Value
Ford Motor Co.
3.250%, due 02/12/32 Callable: 11/12/31		$	190,000	$	142,690
6.100%, due 08/19/32 Callable: 05/19/32			25,000		23,134
Ford Motor Credit Co. LLC
2.748%, due 06/14/24	GBP		100,000		114,023
4.950%, due 05/28/27 Callable: 04/28/27		$	200,000		186,650
4.125%, due 08/17/27 Callable: 06/17/27			300,000		268,744
2.900%, due 02/16/28 Callable: 12/16/27			200,000		166,713
3.625%, due 06/17/31 Callable: 03/17/31			245,000		192,736
Foundation Building Materials, Inc.
6.000%, due 03/01/29 ^(e) Callable: 03/01/24			25,000		18,719
General Motors Financial Co., Inc.
1.200%, due 10/15/24			180,000		166,513
3.500%, due 11/07/24 Callable: 09/07/24			95,000		91,557
2.400%, due 10/15/28 Callable: 08/15/28			145,000		120,392
Golden Entertainment, Inc.
7.625%, due 04/15/26 ^(e) Callable: 01/30/23			25,000		24,563
Hilton Domestic Operating Co., Inc.
4.875%, due 01/15/30 Callable: 01/15/25			160,000		144,600
4.000%, due 05/01/31 ^(e) Callable: 05/01/26			25,000		21,000

See Notes to Financial Statements.
186

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Cyclical — 3.0% (continued)
3.625%, due 02/15/32 ^(e) Callable: 08/15/26	$	100,000	$	80,125
Hyatt Hotels Corp.
6.000%, due 04/23/30 Callable: 01/23/30		148,000		143,016
Installed Building Products, Inc.
5.750%, due 02/01/28 ^(e) Callable: 02/01/23		25,000		22,469
Interface, Inc.
5.500%, due 12/01/28 ^(e) Callable: 12/01/23		25,000		20,500
LBM Acquisition LLC
6.250%, due 01/15/29 ^(e) Callable: 01/15/24		25,000		15,500
LCM Investments Holdings II LLC
4.875%, due 05/01/29 ^(e) Callable: 05/01/24		25,000		20,500
Lions Gate Capital Holdings LLC
5.500%, due 04/15/29 ^(e) Callable: 04/15/24		60,000		34,500
Lowe’s Cos., Inc.
5.625%, due 04/15/53 Callable: 10/15/52		35,000		33,478
4.450%, due 04/01/62 Callable: 10/01/61		88,000		68,633
M/I Homes, Inc.
3.950%, due 02/15/30 Callable: 08/15/29		25,000		20,156
Macy’s Retail Holdings LLC
6.125%, due 03/15/32 ^(e) Callable: 03/15/27		25,000		21,000

	Par Value		Value
Marriott International, Inc.
3.125%, due 06/15/26 Callable: 03/15/26	$	115,000	$	107,264
Marriott Vacations Worldwide Corp.
3.250%, due 12/15/27 ^(e)		165,000		162,208
McDonald’s Corp.
3.600%, due 07/01/30 Callable: 04/01/30		125,000		114,895
MGM Resorts International
4.750%, due 10/15/28 Callable: 07/15/28		20,000		17,450
Midwest Gaming Borrower LLC
4.875%, due 05/01/29 ^(e) Callable: 05/01/24		45,000		37,688
Murphy Oil USA, Inc.
5.625%, due 05/01/27 Callable: 01/30/23		25,000		24,156
Penn Entertainment, Inc.
4.125%, due 07/01/29 ^(e) Callable: 07/01/24		25,000		19,750
Premier Entertainment Sub LLC
5.625%, due 09/01/29 ^(e) Callable: 09/01/24		80,000		58,900
5.875%, due 09/01/31 ^(e) Callable: 09/01/26		97,000		68,385
Real Hero Merger Sub 2, Inc.
6.250%, due 02/01/29 ^(e) Callable: 02/01/24		25,000		17,375
Scientific Games Holdings LP
6.625%, due 03/01/30 ^(e) Callable: 03/01/25		80,000		67,600
Scientific Games International, Inc.
7.250%, due 11/15/29 ^(e) Callable: 11/15/24		30,000		28,838

See Notes to Financial Statements.
187

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Cyclical — 3.0% (continued)
Shea Homes LP
4.750%, due 04/01/29 Callable: 04/01/24	$	25,000	$	21,250
Sizzling Platter LLC
8.500%, due 11/28/25 ^(e) Callable: 01/30/23		15,000		13,800
Sonic Automotive, Inc.
4.625%, due 11/15/29 ^(e) Callable: 11/15/24		75,000		60,750
Southwest Airlines Co.
1.250%, due 05/01/25		180,000		218,716
SRS Distribution, Inc.
4.625%, due 07/01/28 ^(e) Callable: 07/01/24		50,000		44,312
6.125%, due 07/01/29 ^(e) Callable: 07/01/24		25,000		20,188
Staples, Inc.
7.500%, due 04/15/26 ^(e) Callable: 01/30/23		40,000		34,400
10.750%, due 04/15/27 ^(e) Callable: 01/30/23		25,000		18,125
Station Casinos LLC
4.500%, due 02/15/28 ^(e) Callable: 02/15/23		25,000		21,750
STL Holding Co. LLC
7.500%, due 02/15/26 ^(e) Callable: 02/15/23		25,000		21,625
Suburban Propane Partners LP
5.000%, due 06/01/31 ^(e) Callable: 06/01/26		45,000		38,588

	Par Value		Value
SWF Escrow Issuer Corp.
6.500%, due 10/01/29 ^(e) Callable: 10/01/24	$	20,000	$	11,600
Taylor Morrison Communities, Inc.
5.125%, due 08/01/30 ^(e) Callable: 02/01/30		25,000		21,688
Tempur Sealy International, Inc.
3.875%, due 10/15/31 ^(e) Callable: 10/15/26		25,000		19,625
The Gap, Inc.
3.875%, due 10/01/31 ^(e) Callable: 10/01/26		25,000		17,562
The Goodyear Tire & Rubber Co.
5.250%, due 07/15/31 Callable: 04/15/31		60,000		48,600
The Home Depot, Inc.
3.625%, due 04/15/52 Callable: 10/15/51		115,000		89,758
The Michaels Cos, Inc.
5.250%, due 05/01/28 ^(e) Callable: 11/01/23		5,000		4,000
The William Carter Co.
5.625%, due 03/15/27 ^(e) Callable: 01/30/23		25,000		24,313
Travel + Leisure Co.
6.625%, due 07/31/26 ^(e) Callable: 04/30/26		69,000		67,534
4.500%, due 12/01/29 ^(e) Callable: 09/01/29		170,000		138,550
United Airlines Holdings, Inc.
4.875%, due 01/15/25		25,000		24,000

See Notes to Financial Statements.
188

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Cyclical — 3.0% (continued)
Victoria’s Secret & Co.
4.625%, due 07/15/29 ^(e) Callable: 07/15/24	$	55,000	$	43,175
Warnermedia Holdings, Inc.
3.755%, due 03/15/27 ^(e) Callable: 02/15/27		120,000		108,221
WMG Acquisition Corp.
3.000%, due 02/15/31 ^(e) Callable: 02/15/26		340,000		272,000
Wolverine World Wide, Inc.
4.000%, due 08/15/29 ^(e) Callable: 08/15/24		25,000		18,594
Wyndham Hotels & Resorts, Inc.
4.375%, due 08/15/28 ^(e) Callable: 08/15/23		130,000		116,675
Wynn Las Vegas LLC
5.250%, due 05/15/27 ^(e) Callable: 02/15/27		25,000		22,500
Yum! Brands, Inc.
4.750%, due 01/15/30 ^(e) Callable: 10/15/29		352,000		322,960
3.625%, due 03/15/31 Callable: 12/15/30		420,000		350,700
4.625%, due 01/31/32 Callable: 10/01/26		175,000		154,875
				6,869,437
Consumer, Non-cyclical — 3.4%
AbbVie, Inc.
4.700%, due 05/14/45 Callable: 11/14/44		240,000		215,876
Acadia Healthcare Co., Inc.
5.500%, due 07/01/28 ^(e) Callable: 07/01/23		25,000		23,812

	Par Value		Value
ACCO Brands Corp.
4.250%, due 03/15/29 ^(e) Callable: 03/15/24	$	25,000	$	20,562
AdaptHealth LLC
5.125%, due 03/01/30 ^(e) Callable: 03/01/25		50,000		43,000
Albertsons Cos., Inc.
3.500%, due 03/15/29 ^(e) Callable: 09/15/23		20,000		16,775
Allied Universal Holdco LLC
6.625%, due 07/15/26 ^(e) Callable: 01/30/23		40,000		36,600
9.750%, due 07/15/27 ^(e) Callable: 01/30/23		5,000		4,381
Alta Equipment Group, Inc.
5.625%, due 04/15/26 ^(e) Callable: 04/15/23		25,000		22,625
AMN Healthcare, Inc.
4.625%, due 10/01/27 ^(e) Callable: 01/30/23		25,000		23,017
Anheuser-Busch Cos LLC
4.900%, due 02/01/46 Callable: 08/01/45		125,000		113,547
APi Group DE, Inc.
4.750%, due 10/15/29 ^(e) Callable: 10/15/24		25,000		21,625
BellRing Brands, Inc.
7.000%, due 03/15/30 ^(e) Callable: 03/15/27		25,000		24,250
Centene Corp.
4.625%, due 12/15/29 Callable: 12/15/24		65,000		59,150

See Notes to Financial Statements.
189

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Non-cyclical — 3.4% (Continued)
3.375%, due 02/15/30 Callable: 02/15/25	$	385,000	$	324,362
3.000%, due 10/15/30 Callable: 07/15/30		300,000		246,000
2.500%, due 03/01/31 Callable: 12/01/30		325,000		254,633
2.625%, due 08/01/31 Callable: 05/01/31		15,000		11,738
Community Health Systems, Inc.
6.000%, due 01/15/29 ^(e) Callable: 01/15/24		35,000		29,137
6.875%, due 04/15/29 ^(e) Callable: 04/15/24		20,000		10,000
5.250%, due 05/15/30 ^(e) Callable: 05/15/25		25,000		18,875
Constellation Brands, Inc.
3.150%, due 08/01/29 Callable: 05/01/29		125,000		109,802
2.875%, due 05/01/30 Callable: 02/01/30		5,000		4,257
CoreLogic, Inc.
4.500%, due 05/01/28 ^(e) Callable: 05/01/24		25,000		19,125
Coty, Inc.
5.000%, due 04/15/26 ^(e) Callable: 04/15/23		30,000		28,500
CPI CG, Inc.
8.625%, due 03/15/26 ^(e) Callable: 03/15/23		15,000		14,644

	Par Value		Value
Darling Ingredients, Inc.
6.000%, due 06/15/30 ^(e) Callable: 06/15/25	$	290,000	$	284,925
DaVita, Inc.
4.625%, due 06/01/30 ^(e) Callable: 06/01/25		25,000		20,125
Elevance Health, Inc.
2.375%, due 01/15/25 Callable: 12/15/24		100,000		95,075
4.550%, due 05/15/52 Callable: 11/15/51		40,000		34,941
Encompass Health Corp.
4.750%, due 02/01/30 Callable: 02/01/25		25,000		22,000
Gartner, Inc.
3.750%, due 10/01/30 ^(e) Callable: 10/01/25		125,000		107,656
Graham Holdings Co.
5.750%, due 06/01/26 ^(e) Callable: 01/10/23		25,000		24,375
HCA, Inc.
5.375%, due 02/01/25		230,000		230,000
4.125%, due 06/15/29 Callable: 03/15/29		490,000		450,800
3.500%, due 09/01/30 Callable: 03/01/30		786,000		676,942
KeHE Distributors LLC
8.625%, due 10/15/26 ^(e) Callable: 01/30/23		15,000		14,962
Kraft Heinz Foods Co.
3.000%, due 06/01/26 Callable: 03/01/26		125,000		116,519

See Notes to Financial Statements.
190

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Non-cyclical — 3.4% (Continued)
3.875%, due 05/15/27 Callable: 02/15/27	$	200,000	$	191,135
4.250%, due 03/01/31 Callable: 12/01/30		265,000		248,680
6.875%, due 01/26/39		260,000		283,098
7.125%, due 08/01/39 ^(e)		35,000		38,496
4.625%, due 10/01/39 Callable: 04/01/39		220,000		194,613
4.375%, due 06/01/46 Callable: 12/01/45		55,000		44,564
Kronos Acquisition Holdings, Inc.
5.000%, due 12/31/26 ^(e) Callable: 06/30/23		15,000		13,012
7.000%, due 12/31/27 ^(e) Callable: 12/31/23		15,000		12,300
Medline Borrower LP
3.875%, due 04/01/29 ^(e) Callable: 10/01/24		25,000		20,000
5.250%, due 10/01/29 ^(e) Callable: 10/01/24		55,000		43,588
Metis Merger Sub LLC
6.500%, due 05/15/29 ^(e) Callable: 05/15/24		45,000		38,475
ModivCare Escrow Issuer, Inc.
5.000%, due 10/01/29 ^(e) Callable: 10/01/24		15,000		12,525
MPH Acquisition Holdings LLC
5.750%, due 11/01/28 ^(a)(e) Callable: 11/01/23		25,000		16,781

	Par Value		Value
NESCO Holdings II, Inc.
5.500%, due 04/15/29 ^(e) Callable: 04/15/24	$	15,000	$	13,200
Owens & Minor, Inc.
6.625%, due 04/01/30 ^(e) Callable: 04/01/25		40,000		34,200
PECF USS Intermediate Holding III Corp.
8.000%, due 11/15/29 ^(e) Callable: 11/15/24		25,000		16,188
Performance Food Group, Inc.
4.250%, due 08/01/29 ^(e) Callable: 08/01/24		30,000		25,913
Post Holdings, Inc.
5.625%, due 01/15/28 ^(e) Callable: 01/17/23		325,000		304,688
5.500%, due 12/15/29 ^(e) Callable: 12/15/24		255,000		230,775
4.625%, due 04/15/30 ^(e) Callable: 04/15/25		32,000		27,560
4.500%, due 09/15/31 ^(e) Callable: 09/15/26		145,000		121,075
Primo Water Holdings, Inc.
4.375%, due 04/30/29 ^(e) Callable: 04/30/24		25,000		21,250
Quanta Services, Inc.
2.350%, due 01/15/32 Callable: 10/15/31		150,000		114,153
Simmons Foods, Inc.
4.625%, due 03/01/29 ^(e) Callable: 03/01/24		25,000		20,375
Smithfield Foods, Inc.
4.250%, due 02/01/27 ^(e) Callable: 11/01/26		195,000		179,444

See Notes to Financial Statements.
191

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Non-cyclical — 3.4% (Continued)
3.000%, due 10/15/30 ^(e) Callable: 07/15/30		$	10,000	$	7,627
Spectrum Brands, Inc.
5.750%, due 07/15/25 Callable: 01/30/23			25,000		24,688
Stryker Corp.
0.600%, due 12/01/23 Callable: 01/10/23			225,000		216,086
1.150%, due 06/15/25 Callable: 05/15/25			145,000		132,496
Sysco Corp.
5.950%, due 04/01/30 Callable: 01/01/30			100,000		103,674
Teleflex, Inc.
4.250%, due 06/01/28 ^(e) Callable: 06/01/23			20,000		18,400
Tenet Healthcare Corp.
6.250%, due 02/01/27 ^(e) Callable: 01/30/23			20,000		19,250
6.125%, due 10/01/28 ^(e) Callable: 10/01/23			25,000		22,375
6.125%, due 06/15/30 ^(e) Callable: 06/15/25			45,000		42,525
The ADT Security Corp.
4.125%, due 08/01/29 ^(e) Callable: 08/01/28			25,000		21,187
Thermo Fisher Scientific, Inc.
0.750%, due 09/12/24 Callable: 06/12/24	EUR		100,000		102,371
1.400%, due 01/23/26 Callable: 11/23/25	EUR		115,000		115,405

		Par Value		Value
0.500%, due 03/01/28 Callable: 12/01/27	EUR		100,000	$	91,601
Triton Water Holdings, Inc.
6.250%, due 04/01/29 ^(e) Callable: 04/01/24		$	25,000		20,063
United Natural Foods, Inc.
6.750%, due 10/15/28 ^(e) Callable: 10/15/23			50,000		47,813
United Rentals North America, Inc.
4.875%, due 01/15/28 Callable: 01/15/23			185,000		175,288
6.000%, due 12/15/29 ^(e) Callable: 12/15/25			150,000		149,250
4.000%, due 07/15/30 Callable: 07/15/25			110,000		94,050
3.875%, due 02/15/31 Callable: 08/15/25			230,000		192,912
3.750%, due 01/15/32 Callable: 07/15/26			25,000		20,375
UnitedHealth Group, Inc.
0.550%, due 05/15/24 Callable: 01/10/23			90,000		84,835
4.950%, due 05/15/62 Callable: 11/15/61			45,000		42,242
Varex Imaging Corp.
7.875%, due 10/15/27 ^(e) Callable: 10/15/23			25,000		24,719
WASH Multifamily Acquisition, Inc.
5.750%, due 04/15/26 ^(e) Callable: 04/15/23			45,000		42,188
Williams Scotsman International, Inc.
4.625%, due 08/15/28 ^(e) Callable: 08/15/23			25,000		22,563

See Notes to Financial Statements.
192

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Consumer, Non-cyclical — 3.4% (Continued)
Zimmer Biomet Holdings, Inc.
1.450%, due 11/22/24 Callable: 01/30/23	$	145,000	$	134,916
				8,009,600
Energy — 1.9%
Aethon United BR LP
8.250%, due 02/15/26 ^(e) Callable: 02/15/23		25,000		24,812
Antero Midstream Partners LP
5.750%, due 03/01/27 ^(e) Callable: 01/17/23		45,000		42,525
Archrock Partners LP
6.250%, due 04/01/28 ^(e) Callable: 04/01/23		25,000		22,875
Ascent Resources Utica Holdings LLC
5.875%, due 06/30/29 ^(e) Callable: 09/01/24		25,000		22,250
BP Capital Markets America, Inc.
2.939%, due 06/04/51 Callable: 12/04/50		170,000		112,067
Callon Petroleum Co.
7.500%, due 06/15/30 ^(a)(e) Callable: 06/15/25		30,000		27,450
Cheniere Energy Partners LP
4.500%, due 10/01/29 Callable: 10/01/24		75,000		68,250
4.000%, due 03/01/31 Callable: 03/01/26		295,000		250,750
Chesapeake Energy Corp.
5.875%, due 02/01/29 ^(e) Callable: 02/05/24		50,000		47,125

	Par Value		Value
6.750%, due 04/15/29 ^(e) Callable: 04/15/24	$	25,000	$	24,250
Chord Energy Corp.
6.375%, due 06/01/26 ^(e) Callable: 06/01/23		25,000		24,188
CNX Midstream Partners LP
4.750%, due 04/15/30 ^(e) Callable: 04/15/25		25,000		20,625
CNX Resources Corp.
6.000%, due 01/15/29 ^(e) Callable: 01/15/24		35,000		32,287
7.375%, due 01/15/31 ^(e) Callable: 01/15/26		20,000		19,150
Colgate Energy Partners III LLC
5.875%, due 07/01/29 ^(e) Callable: 07/01/24		25,000		21,437
Comstock Resources, Inc.
5.875%, due 01/15/30 ^(e) Callable: 01/15/25		25,000		21,562
Continental Resources, Inc.
5.750%, due 01/15/31 ^(e) Callable: 07/15/30		307,000		284,742
2.875%, due 04/01/32 ^(e) Callable: 01/01/32		246,000		182,348
Crescent Energy Finance LLC
7.250%, due 05/01/26 ^(e) Callable: 05/01/23		25,000		23,750
Crestwood Midstream Partners LP
5.750%, due 04/01/25 Callable: 01/30/23		25,000		24,312
Delek Logistics Partners LP
6.750%, due 05/15/25 Callable: 01/30/23		25,000		24,375

See Notes to Financial Statements.
193

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Energy — 1.9% (Continued)
Devon Energy Corp.
5.250%, due 10/15/27 Callable: 01/10/23	$	17,000	$	16,749
DT Midstream, Inc.
4.125%, due 06/15/29 ^(e) Callable: 06/15/24		25,000		21,250
Earthstone Energy Holdings LLC
8.000%, due 04/15/27 ^(e) Callable: 04/15/24		25,000		23,812
Encino Acquisition Partners Holdings LLC
8.500%, due 05/01/28 ^(e) Callable: 05/01/24		25,000		22,750
Energy Transfer LP
4.750%, due 01/15/26 Callable: 10/15/25		110,000		107,059
7.125%, Perpetual (5 Year CMT Rate + 5.306%) ^(d) Callable: 05/15/30		175,000		146,125
Enviva Partners LP
6.500%, due 01/15/26 ^(e) Callable: 01/30/23		25,000		23,438
EQM Midstream Partners LP
6.000%, due 07/01/25 ^(e) Callable: 04/01/25		4,000		3,870
4.750%, due 01/15/31 ^(e) Callable: 07/15/30		65,000		52,894
EQT Corp.
3.125%, due 05/15/26 ^(e) Callable: 05/15/23		40,000		36,700
3.900%, due 10/01/27 Callable: 07/01/27		67,000		61,807

	Par Value		Value
3.625%, due 05/15/31 ^(a)(e) Callable: 05/15/30	$	550,000	$	468,875
Hess Midstream Operations LP
5.125%, due 06/15/28 ^(e) Callable: 06/15/23		45,000		41,625
4.250%, due 02/15/30 ^(e) Callable: 02/15/25		85,000		72,569
Hilcorp Energy I LP
6.250%, due 11/01/28 ^(e) Callable: 11/01/23		35,000		31,500
5.750%, due 02/01/29 ^(e) Callable: 02/01/24		50,000		44,750
Howard Midstream Energy Partners LLC
6.750%, due 01/15/27 ^(e) Callable: 01/15/24		25,000		23,938
Kinder Morgan Energy Partners LP
6.950%, due 01/15/38		105,000		110,645
Kinder Morgan, Inc.
5.300%, due 12/01/34 Callable: 06/01/34		55,000		51,405
Murphy Oil Corp.
6.375%, due 07/15/28 Callable: 07/15/24		25,000		24,094
NGL Energy Operating LLC
7.500%, due 02/01/26 ^(e) Callable: 02/01/23		35,000		31,063
Occidental Petroleum Corp.
3.400%, due 04/15/26 Callable: 01/15/26		47,000		43,945
3.200%, due 08/15/26 Callable: 06/15/26		31,000		28,520

See Notes to Financial Statements.
194

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Energy — 1.9% (Continued)
6.625%, due 09/01/30 Callable: 03/01/30	$	355,000	$	366,981
6.125%, due 01/01/31 Callable: 07/01/30		180,000		181,350
7.500%, due 05/01/31		70,000		74,900
6.450%, due 09/15/36		25,000		25,500
Ovintiv, Inc.
6.500%, due 08/15/34		190,000		190,462
6.500%, due 02/01/38		115,000		114,445
Sabine Pass Liquefaction LLC
5.000%, due 03/15/27 Callable: 09/15/26		105,000		103,031
Southwestern Energy Co.
5.950%, due 01/23/25 Callable: 10/23/24		3,000		2,947
5.375%, due 02/01/29 ^(a) Callable: 02/01/24		60,000		55,500
4.750%, due 02/01/32 Callable: 02/01/27		30,000		25,388
SunCoke Energy, Inc.
4.875%, due 06/30/29 ^(e) Callable: 06/30/24		65,000		55,331
Sunoco LP
6.000%, due 04/15/27 Callable: 01/30/23		35,000		34,388
4.500%, due 05/15/29 Callable: 05/15/24		40,000		34,900
Tallgrass Energy Partners LP
5.500%, due 01/15/28 ^(e) Callable: 01/30/23		25,000		22,156

	Par Value		Value
The Williams Cos., Inc.
3.500%, due 11/15/30 Callable: 08/15/30	$	30,000	$	26,212
Transcontinental Gas Pipe Line Co. LLC
3.250%, due 05/15/30 Callable: 02/15/30		30,000		26,075
USA Compression Partners LP
6.875%, due 09/01/27 Callable: 01/30/23		25,000		23,375
Western Midstream Operating LP
4.050%, due 02/01/30 Callable: 11/01/29		210,000		183,488
5.450%, due 04/01/44 Callable: 10/01/43		25,000		20,750
				4,377,692
Financial — 5.0%
Air Lease Corp.
1.875%, due 08/15/26 Callable: 07/15/26		115,000		100,123
Alexandria Real Estate Equities, Inc.
3.000%, due 05/18/51 Callable: 11/18/50		170,000		107,351
Alliant Holdings Intermediate LLC
6.750%, due 10/15/27 ^(e) Callable: 01/30/23		30,000		26,962
Ally Financial, Inc.
5.750%, due 11/20/25 Callable: 10/21/25		25,000		24,176
American Express Co.
3.950%, due 08/01/25 Callable: 07/01/25		146,000		143,103
5.850%, due 11/05/27 Callable: 10/05/27		110,000		114,469

See Notes to Financial Statements.
195

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Financial — 5.0% (Continued)
American Tower Corp.
1.950%, due 05/22/26 Callable: 02/22/26	EUR		100,000	$	98,888
0.500%, due 01/15/28 Callable: 10/15/27	EUR		100,000		87,627
AmWINS Group, Inc.
4.875%, due 06/30/29 ^(e) Callable: 06/30/24		$	40,000		34,250
Aretec Escrow Issuer, Inc.
7.500%, due 04/01/29 ^(e) Callable: 04/01/24			25,000		20,594
Athene Global Funding
3.419%, due 08/19/24 (SOFR Index + 0.560%) ^(d)(e)			245,000		239,174
Bank of America Corp.
0.981%, due 09/25/25 (SOFR Rate + 0.910%) ^(d) Callable: 09/25/24			140,000		128,490
1.530%, due 12/06/25 (SOFR Rate + 0.650%) ^(d) Callable: 12/06/24			252,000		232,653
3.384%, due 04/02/26 (SOFR Rate + 1.330%) ^(d) Callable: 04/02/25			1,130,000		1,077,716
4.571%, due 04/27/33 (SOFR Rate + 1.830%) ^(d) Callable: 04/27/32			7,000		6,393

		Par Value		Value
5.015%, due 07/22/33 (SOFR Rate + 2.160%) ^(d) Callable: 07/22/32		$	26,000	$	24,724
2.482%, due 09/21/36 (5 Year CMT Rate + 1.200%) ^(d) Callable: 09/21/31			235,000		172,608
3.846%, due 03/08/37 (5 Year CMT Rate + 2.000%) ^(d) Callable: 03/08/32			12,000		9,917
Berkshire Hathaway Finance Corp.
2.375%, due 06/19/39 Callable: 03/19/39	GBP		120,000		102,301
Berkshire Hathaway, Inc.
0.000%, due 03/12/25 Callable: 02/12/25	EUR		200,000		198,364
BroadStreet Partners, Inc.
5.875%, due 04/15/29 ^(e) Callable: 04/15/24		$	25,000		21,375
Burford Capital Global Finance LLC
6.875%, due 04/15/30 ^(e) Callable: 04/15/25			25,000		22,250
Capital One Financial Corp.
4.166%, due 05/09/25 (SOFR Rate + 1.370%) ^(d) Callable: 05/09/24			203,000		197,522
Chubb INA Holdings, Inc.
0.300%, due 12/15/24 Callable: 11/15/24	EUR		160,000		159,584

See Notes to Financial Statements.
196

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Financial — 5.0% (Continued)
Citigroup, Inc.
3.057%, due 01/25/33 (SOFR Rate + 1.351%) ^(d) Callable: 01/25/32	$	200,000	$	161,077
Corebridge Financial, Inc.
6.875%, due 12/15/52 (5 Year CMT Rate + 3.846%) ^(d)(e) Callable: 09/15/27		251,000		232,600
Crown Castle, Inc.
1.350%, due 07/15/25 Callable: 06/15/25		36,000		32,716
3.650%, due 09/01/27 Callable: 06/01/27		120,000		111,552
2.250%, due 01/15/31 Callable: 10/15/30		40,000		31,909
Cushman & Wakefield US Borrower LLC
6.750%, due 05/15/28 ^(e) Callable: 05/15/23		25,000		23,844
Discover Financial Services
4.100%, due 02/09/27 Callable: 11/09/26		165,000		155,699
Freedom Mortgage Corp.
8.250%, due 04/15/25 ^(e) Callable: 01/30/23		15,000		13,500
6.625%, due 01/15/27 ^(e) Callable: 01/15/24		10,000		7,900
GTCR AP Finance, Inc.
8.000%, due 05/15/27 ^(e) Callable: 01/30/23		50,000		47,875

	Par Value		Value
Host Hotels & Resorts LP
3.375%, due 12/15/29 Callable: 09/15/29	$	65,000	$	54,425
3.500%, due 09/15/30 Callable: 06/15/30		65,000		53,588
Icahn Enterprises LP
5.250%, due 05/15/27 Callable: 11/15/26		30,000		27,487
Invitation Homes Operating Partnership LP
2.700%, due 01/15/34 Callable: 10/15/33		150,000		109,293
Iron Mountain, Inc.
4.500%, due 02/15/31 ^(e) Callable: 02/15/26		25,000		20,625
JPMorgan Chase & Co.
0.653%, due 09/16/24 (3 Month SOFR Rate + 0.600%) ^(d) Callable: 09/16/23		215,000		206,589
0.563%, due 02/16/25 (SOFR Rate + 0.420%) ^(d) Callable: 02/16/24		230,000		216,802
2.083%, due 04/22/26 (SOFR Rate + 1.850%) ^(d) Callable: 04/22/25		791,000		733,558
4.851%, due 07/25/28 (SOFR Rate + 1.990%) ^(d) Callable: 07/25/27		50,000		48,805
2.963%, due 01/25/33 (SOFR Rate + 1.260%) ^(d) Callable: 01/25/32		270,000		219,930

See Notes to Financial Statements.
197

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Financial — 5.0% (Continued)
5.717%, due 09/14/33 (SOFR Rate + 2.580%) ^(d) Callable: 09/14/32	$	133,000	$	130,744
Ladder Capital Finance Holdings LLLP
4.750%, due 06/15/29 ^(e) Callable: 06/15/24		25,000		20,156
LPL Holdings, Inc.
4.000%, due 03/15/29 ^(e) Callable: 03/15/24		25,000		21,750
Midcap Financial Issuer Trust
6.500%, due 05/01/28 ^(e) Callable: 05/01/24		15,000		12,862
Morgan Stanley
2.188%, due 04/28/26 (SOFR Rate + 1.990%) ^(d) Callable: 04/28/25		611,000		567,508
4.679%, due 07/17/26 (SOFR Rate + 1.669%) ^(d) Callable: 07/17/25		883,000		868,798
2.484%, due 09/16/36 (SOFR Rate + 1.360%) ^(d) Callable: 09/16/31		275,000		199,940
MPT Operating Partnership LP
3.500%, due 03/15/31 Callable: 03/15/26		25,000		17,031
Nationstar Mortgage Holdings, Inc.
5.125%, due 12/15/30 ^(e) Callable: 12/15/25		25,000		19,125
5.750%, due 11/15/31 ^(e) Callable: 11/15/26		65,000		50,050

	Par Value		Value
Navient Corp.
5.000%, due 03/15/27 Callable: 09/15/26	$	20,000	$	17,475
4.875%, due 03/15/28 Callable: 06/15/27		25,000		20,437
OneMain Finance Corp.
6.625%, due 01/15/28 Callable: 07/15/27		65,000		59,800
Park Intermediate Holdings LLC
5.875%, due 10/01/28 ^(e) Callable: 10/01/23		25,000		22,594
4.875%, due 05/15/29 ^(e) Callable: 05/15/24		35,000		29,575
PennyMac Financial Services, Inc.
4.250%, due 02/15/29 ^(e) Callable: 02/15/24		55,000		42,625
PRA Group, Inc.
5.000%, due 10/01/29 ^(e) Callable: 10/01/24		25,000		20,500
Prudential Financial, Inc.
5.625%, due 06/15/43 (3 Month U.S. LIBOR + 3.920%) ^(d) Callable: 06/15/23		90,000		87,969
3.905%, due 12/07/47 Callable: 06/07/47		135,000		107,674
Realogy Group LLC
5.750%, due 01/15/29 ^(e) Callable: 01/15/24		25,000		18,875
5.250%, due 04/15/30 ^(e) Callable: 04/15/25		30,000		21,862
RLJ Lodging Trust LP
4.000%, due 09/15/29 ^(e) Callable: 09/15/24		25,000		20,312

See Notes to Financial Statements.
198

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Financial — 5.0% (Continued)
Santander Holdings USA, Inc.
2.490%, due 01/06/28 (SOFR Rate + 1.249%) ^(d) Callable: 01/06/27		$	130,000	$	111,464
SBA Communications Corp.
3.875%, due 02/15/27 Callable: 02/15/23			430,000		390,225
3.125%, due 02/01/29 Callable: 02/01/24			220,000		182,928
Starwood Property Trust, Inc.
4.375%, due 01/15/27 ^(e) Callable: 07/15/26			75,000		65,813
Synchrony Financial
2.875%, due 10/28/31 Callable: 07/28/31			235,000		177,159
The Goldman Sachs Group, Inc.
1.375%, due 05/15/24 Callable: 05/15/23	EUR		150,000		156,630
4.039%, due 09/10/27 (SOFR Rate + 0.820%) ^(d) Callable: 09/10/26		$	225,000		212,491
0.250%, due 01/26/28 Callable: 10/26/27	EUR		15,000		13,121
2.000%, due 11/01/28	EUR		63,000		59,710
The Western Union Co.
2.750%, due 03/15/31 Callable: 12/15/30		$	190,000		144,749
United Wholesale Mortgage LLC
5.750%, due 06/15/27 ^(e) Callable: 06/15/24			25,000		21,500

		Par Value		Value
Uniti Group LP
6.000%, due 01/15/30 ^(a)(e) Callable: 01/15/25		$	25,000	$	15,813
US Bancorp
0.850%, due 06/07/24	EUR		445,000		459,938
3.700%, Perpetual (5 Year CMT Rate + 2.541%) ^(d) Callable: 01/15/27		$	195,000		159,413
USB Capital IX
5.099%, due 04/15/42 (3 Month U.S. LIBOR + 1.020%) ^(d) Callable: 01/30/23			18,000		14,130
VICI Properties LP
4.625%, due 12/01/29 ^(e) Callable: 12/01/24			70,000		63,613
4.125%, due 08/15/30 ^(e) Callable: 02/15/25			165,000		143,550
5.125%, due 05/15/32 Callable: 02/15/32			175,000		161,875
Wells Fargo & Co.
4.540%, due 08/15/26 (SOFR Rate + 1.560%) ^(d) Callable: 08/15/25			519,000		508,097
4.808%, due 07/25/28 (SOFR Rate + 1.980%) ^(d) Callable: 07/25/27			45,000		43,964
4.650%, due 11/04/44			125,000		105,767
Welltower, Inc.
2.050%, due 01/15/29 Callable: 11/15/28			130,000		105,205

See Notes to Financial Statements.
199

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Financial — 5.0% (Continued)
Willis North America, Inc.
4.500%, due 09/15/28 Callable: 06/15/28	$	115,000	$	107,890
XHR LP
4.875%, due 06/01/29 ^(e) Callable: 06/01/24		25,000		20,688
				11,683,783
Industrial — 1.5%
AECOM
5.125%, due 03/15/27 Callable: 12/15/26		320,000		308,800
Ball Corp.
4.875%, due 03/15/26 Callable: 12/15/25		240,000		231,300
6.875%, due 03/15/28 Callable: 11/15/24		250,000		256,875
2.875%, due 08/15/30 ^(a) Callable: 05/15/30		215,000		171,194
Berry Global, Inc.
5.625%, due 07/15/27 ^(e) Callable: 01/30/23		180,000		174,375
Brundage-Bone Concrete Pumping Holdings, Inc.
6.000%, due 02/01/26 ^(e) Callable: 02/01/23		25,000		22,719
Builders FirstSource, Inc.
5.000%, due 03/01/30 ^(e) Callable: 03/01/25		25,000		22,062
6.375%, due 06/15/32 ^(e) Callable: 06/15/27		25,000		23,375
Cargo Aircraft Management, Inc.
4.750%, due 02/01/28 ^(e) Callable: 02/01/23		25,000		22,500

	Par Value		Value
Chart Industries, Inc.
7.500%, due 01/01/30 ^(e) Callable: 01/01/26	$	25,000	$	25,062
Clydesdale Acquisition Holdings, Inc.
6.625%, due 04/15/29 ^(e) Callable: 04/15/25		40,000		38,100
CSX Corp.
3.800%, due 11/01/46 Callable: 05/01/46		145,000		114,089
Energizer Holdings, Inc.
4.750%, due 06/15/28 ^(e) Callable: 06/15/23		50,000		43,125
Fortress Transportation and Infrastructure Investors LLC
5.500%, due 05/01/28 ^(e) Callable: 05/01/24		25,000		21,250
Global Infrastructure Solutions, Inc.
5.625%, due 06/01/29 ^(e) Callable: 06/01/24		25,000		19,437
GrafTech Finance, Inc.
4.625%, due 12/15/28 ^(e) Callable: 12/15/23		25,000		20,000
Graham Packaging Co., Inc.
7.125%, due 08/15/28 ^(e) Callable: 08/15/23		25,000		20,812
Granite US Holdings Corp.
11.000%, due 10/01/27 ^(e) Callable: 01/30/23		25,000		26,312
Griffon Corp.
5.750%, due 03/01/28 Callable: 03/01/23		30,000		27,450
Howmet Aerospace, Inc.
5.900%, due 02/01/27		25,000		25,000

See Notes to Financial Statements.
200

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Industrial — 1.5% (Continued)
Imola Merger Corp.
4.750%, due 05/15/29 ^(e) Callable: 05/15/24	$	25,000	$	21,687
Koppers, Inc.
6.000%, due 02/15/25 ^(e) Callable: 01/30/23		25,000		23,937
Madison IAQ LLC
4.125%, due 06/30/28 ^(e) Callable: 06/30/24		40,000		33,400
New Enterprise Stone & Lime Co., Inc.
9.750%, due 07/15/28 ^(e) Callable: 07/15/23		25,000		23,094
Owens Corning
4.400%, due 01/30/48 Callable: 07/30/47		145,000		112,724
Packaging Corp. of America
3.000%, due 12/15/29 Callable: 09/15/29		135,000		115,618
Parker-Hannifin Corp.
4.250%, due 09/15/27 Callable: 08/15/27		60,000		58,217
Penske Truck Leasing Co. LP
4.200%, due 04/01/27 ^(e) Callable: 01/01/27		120,000		112,504
PGT Innovations, Inc.
4.375%, due 10/01/29 ^(e) Callable: 10/01/24		25,000		20,875
Raytheon Technologies Corp.
3.030%, due 03/15/52 Callable: 09/15/51		165,000		112,532
Roller Bearing Co. of America, Inc.
4.375%, due 10/15/29 ^(e) Callable: 10/15/24		25,000		22,000

	Par Value		Value
Sealed Air Corp.
4.000%, due 12/01/27 ^(e) Callable: 09/01/27	$	25,000	$	22,656
5.000%, due 04/15/29 ^(e) Callable: 04/15/25		100,000		93,375
Sensata Technologies, Inc.
3.750%, due 02/15/31 ^(e) Callable: 02/15/26		25,000		20,563
Standard Industries, Inc.
3.375%, due 01/15/31 ^(e) Callable: 07/15/25		25,000		18,844
Stevens Holding Co., Inc.
6.125%, due 10/01/26 ^(e) Callable: 10/01/23		25,000		25,188
The Boeing Co.
5.040%, due 05/01/27 Callable: 03/01/27		265,000		262,109
2.950%, due 02/01/30 Callable: 11/01/29		130,000		110,281
5.150%, due 05/01/30 Callable: 02/01/30		570,000		556,099
TransDigm, Inc.
5.500%, due 11/15/27 Callable: 01/30/23		50,000		46,500
Weekley Homes LLC
4.875%, due 09/15/28 ^(e) Callable: 09/15/23		25,000		21,000
WRKCo, Inc.
3.750%, due 03/15/25 Callable: 01/15/25		110,000		105,848
				3,552,888

See Notes to Financial Statements.
201

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Technology — 1.0%
Apple, Inc.
0.875%, due 05/24/25 Callable: 02/24/25	EUR		215,000	$	218,680
AthenaHealth Group, Inc.
6.500%, due 02/15/30 ^(e) Callable: 02/15/25		$	45,000		33,300
Broadcom, Inc.
3.500%, due 02/15/41 ^(e) Callable: 08/15/40			300,000		215,568
CDW LLC
4.250%, due 04/01/28 Callable: 01/30/23			165,000		151,800
3.250%, due 02/15/29 Callable: 08/15/23			25,000		21,219
Clarivate Science Holdings Corp.
4.875%, due 07/01/29 ^(a)(e) Callable: 06/30/24			25,000		21,187
Cloud Software Group Holdings, Inc.
6.500%, due 03/31/29 ^(e) Callable: 09/30/25			95,000		80,156
Condor Merger Sub, Inc.
7.375%, due 02/15/30 ^(e) Callable: 02/15/25			25,000		20,188
Consensus Cloud Solutions, Inc.
6.500%, due 10/15/28 ^(e) Callable: 10/15/26			25,000		22,781
Dell International LLC
8.350%, due 07/15/46 Callable: 01/15/46			110,000		125,545
Entegris, Inc.
3.625%, due 05/01/29 ^(e) Callable: 05/01/24			25,000		20,188

		Par Value		Value
Fidelity National Information Services, Inc.
1.500%, due 05/21/27 Callable: 02/21/27	EUR		210,000	$	201,368
1.000%, due 12/03/28 Callable: 09/03/28	EUR		100,000		88,751
Fiserv, Inc.
1.125%, due 07/01/27 Callable: 04/01/27	EUR		100,000		94,766
MSCI, Inc.
3.625%, due 09/01/30 ^(e) Callable: 03/01/25		$	340,000		282,200
3.875%, due 02/15/31 ^(e) Callable: 06/01/25			155,000		128,456
3.625%, due 11/01/31 ^(e) Callable: 11/01/26			166,000		137,780
3.250%, due 08/15/33 ^(e) Callable: 08/15/27			80,000		61,800
NCR Corp.
5.125%, due 04/15/29 ^(e) Callable: 04/15/24			25,000		20,750
NetApp, Inc.
1.875%, due 06/22/25 Callable: 05/22/25			115,000		105,535
Oracle Corp.
6.250%, due 11/09/32 Callable: 08/09/32			45,000		47,367
3.800%, due 11/15/37 Callable: 05/15/37			116,000		91,803
3.600%, due 04/01/50 Callable: 10/01/49			140,000		96,318
3.950%, due 03/25/51 Callable: 09/25/50			44,000		31,587

See Notes to Financial Statements.
202

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Technology — 1.0% (Continued)
Playtika Holding Corp.
4.250%, due 03/15/29 ^(e) Callable: 03/15/24	$	25,000	$	19,500
Qorvo, Inc.
1.750%, due 12/15/24 ^(e) Callable: 01/10/23		45,000		41,344
Rackspace Technology Global, Inc.
5.375%, due 12/01/28 ^(e) Callable: 12/01/23		5,000		2,156
Veritas US, Inc.
7.500%, due 09/01/25 ^(e) Callable: 01/30/23		10,000		6,900
Virtusa Corp.
7.125%, due 12/15/28 ^(e) Callable: 12/15/23		25,000		19,000
				2,407,993
Utilities — 1.4%
Brazos Securitization LLC
5.014%, due 03/01/34 ^(e)		200,000		196,676
Calpine Corp.
5.125%, due 03/15/28 ^(e) Callable: 03/15/23		40,000		35,750
4.625%, due 02/01/29 ^(e) Callable: 02/01/24		15,000		12,862
Clearway Energy Operating LLC
4.750%, due 03/15/28 ^(e) Callable: 03/15/23		25,000		23,094
Dominion Energy, Inc.
4.650%, due 06/15/25 (5 Year CMT Rate + 2.993%) ^(d) Callable: 12/15/24		128,000		112,480

	Par Value		Value
DPL, Inc.
4.125%, due 07/01/25 Callable: 04/01/25	$	270,000	$	253,800
DTE Energy Co.
1.050%, due 06/01/25 Callable: 05/01/25		75,000		67,838
4.220%, due 11/01/25		60,000		58,667
Duke Energy Carolinas LLC
3.550%, due 03/15/52 Callable: 09/15/51		40,000		30,216
Duke Energy Corp.
4.875%, due 03/16/25 (5 Year CMT Rate + 3.388%) ^(d) Callable: 09/16/24		51,000		46,410
4.300%, due 03/15/28 Callable: 02/15/28		70,000		67,494
Duke Energy Florida LLC
4.200%, due 07/15/48 Callable: 01/15/48		38,000		32,046
Duke Energy Indiana LLC
3.250%, due 10/01/49 Callable: 04/01/49		53,000		35,785
Essential Utilities, Inc.
2.704%, due 04/15/30 Callable: 01/15/30		135,000		112,608
Exelon Corp.
4.100%, due 03/15/52 ^(e) Callable: 09/15/51		35,000		27,599
FirstEnergy Corp.
4.400%, due 07/15/27 Callable: 04/15/27		180,000		168,300
7.375%, due 11/15/31		320,000		355,463

See Notes to Financial Statements.
203

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
CORPORATE BONDS — 20.5% (Continued)
Utilities — 1.4% (Continued)
Mercury Chile Holdco LLC
6.500%, due 01/24/27 ^(e) Callable: 01/24/24	$	200,000	$	190,000
Monongahela Power Co.
5.400%, due 12/15/43 ^(e) Callable: 06/15/43		85,000		82,524
National Rural Utilities Cooperative Finance Corp.
4.750%, due 04/30/43 (3 Month U.S. LIBOR + 2.910%) ^(d) Callable: 04/30/23		167,000		156,145
NextEra Energy Capital Holdings, Inc.
5.650%, due 05/01/79 (3 Month U.S. LIBOR + 3.156%) ^(d) Callable: 05/01/29		110,000		99,550
NRG Energy, Inc.
3.625%, due 02/15/31 ^(e) Callable: 02/15/26		60,000		45,525
Pacific Gas and Electric Co.
2.500%, due 02/01/31 Callable: 11/01/30		145,000		112,858
Pike Corp.
5.500%, due 09/01/28 ^(e) Callable: 09/01/23		70,000		60,812
Pinnacle West Capital Corp.
1.300%, due 06/15/25 Callable: 05/15/25		80,000		72,510
South Jersey Industries, Inc.
5.020%, due 04/15/31		133,000		102,744
The AES Corp.
3.950%, due 07/15/30 ^(e) Callable: 04/15/30		30,000		26,415

		Par Value		Value
The Brooklyn Union Gas Co.
4.487%, due 03/04/49 ^(e) Callable: 09/04/48		$	145,000	$	111,119
The Southern Co.
4.475%, due 08/01/24			102,000		100,738
4.000%, due 01/15/51 (5 Year CMT Rate + 3.733%) ^(d) Callable: 10/15/25			130,000		117,975
3.750%, due 09/15/51 (5 Year CMT Rate + 2.915%) ^(d) Callable: 06/15/26			135,000		109,350
Virginia Electric and Power Co.
3.750%, due 05/15/27 Callable: 04/15/27			45,000		42,954
Vistra Operations Co. LLC
5.625%, due 02/15/27 ^(e) Callable: 01/10/23			25,000		23,813
WEC Energy Group, Inc.
0.800%, due 03/15/24 Callable: 02/15/24			71,000		67,322
					3,159,442
Total Corporate Bonds (Cost $54,346,609)					47,815,210

FOREIGN BONDS — 22.0%
Australia — 0.8%
Asian Development Bank
3.000%, due 10/14/26	AUD		130,000		84,654
Australia Government Bond
0.250%, due 11/21/24	AUD		455,000		292,139
0.500%, due 09/21/26	AUD		155,000		94,248
1.000%, due 12/21/30	AUD		205,000		111,425

See Notes to Financial Statements.
204

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Australia — 0.8% (Continued)
1.000%, due 11/21/31	AUD		210,000	$	110,837
FMG Resources August 2006 Pty Ltd.
4.375%, due 04/01/31 ^(e) Callable: 01/01/31		$	90,000		74,588
Inter-American Development Bank
2.750%, due 10/30/25	AUD		115,000		75,319
2.700%, due 01/29/26	AUD		135,000		87,812
International Finance Corp.
3.600%, due 02/24/26	AUD		310,000		207,347
Macquarie Group Ltd.
5.108%, due 08/09/26 (SOFR Rate + 2.208%) ^(d)(e) Callable: 08/09/25		$	130,000		129,072
New South Wales Treasury Corp.
1.250%, due 03/20/25	AUD		325,000		209,100
3.000%, due 05/20/27	AUD		380,000		247,259
Nufarm Australia Ltd.
5.000%, due 01/27/30 ^(e) Callable: 01/27/25		$	20,000		17,500
Queensland Treasury Corp.
2.750%, due 08/20/27 ^(e)	AUD		190,000		121,908
Westpac Banking Corp.
3.020%, due 11/18/36 (5 Year CMT Rate + 1.530%) ^(d) Callable: 11/18/31		$	150,000		110,141
					1,973,349
Austria — 0.1%
Republic of Austria Government Bond
0.500%, due 02/20/29 ^(e)	EUR		140,000		128,672

		Par Value		Value
Bermuda — 0.1%
Digicel Group Holdings Ltd.
8.000%, due 04/01/25 ^(e) Callable: 01/17/23		$	68,299	$	17,339
Digicel Group Holdings Ltd. CVRT
7.000%, due 12/29/49 ^(e)(g) Callable: 01/17/23			98,893		9,889
NCL Corp. Ltd.
5.875%, due 02/15/27 ^(e) Callable: 02/15/24			30,000		25,875
7.750%, due 02/15/29 ^(e) Callable: 11/15/28			25,000		19,000
Triton Container International Ltd.
3.250%, due 03/15/32 Callable: 12/15/31			130,000		100,380
Viking Cruises Ltd.
13.000%, due 05/15/25 ^(e) Callable: 01/16/23			10,000		10,600
5.875%, due 09/15/27 ^(e) Callable: 01/30/23			90,000		73,800
Weatherford International Ltd.
6.500%, due 09/15/28 ^(e) Callable: 09/15/24			30,000		29,400
8.625%, due 04/30/30 ^(e) Callable: 10/30/24			25,000		24,125
					310,408
Brazil — 0.6%
Brazil Notas do Tesouro Nacional Serie F
10.000%, due 01/01/25	BRL		2,210		400,320
10.000%, due 01/01/27	BRL		1,000		174,866
Brazilian Government International Bond
5.625%, due 02/21/47		$	500,000		396,250

See Notes to Financial Statements.
205

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Brazil — 0.6% (Continued)
Globo Comunicacao e Participacoes SA
5.500%, due 01/14/32 ^(e)		$	200,000	$	170,500
Natura Cosmeticos SA
4.125%, due 05/03/28 ^(e) Callable: 03/03/28			200,000		163,750
Simpar Finance Sarl
10.750%, due 02/12/28 ^(e) Callable: 02/12/25	BRL		590,000		80,522
					1,386,208
Britain — 1.0%
European Investment Bank
2.982%, due 06/29/23 (SONIA Rate + 0.350%) ^(d)	GBP		200,000		242,047
International Finance Corp.
2.550%, due 09/18/23	CNY		720,000		103,808
MARB BondCo PLC
3.950%, due 01/29/31 ^(e) Callable: 01/29/26		$	400,000		306,638
Nordic Investment Bank
1.875%, due 04/10/24	NOK		980,000		98,124
Royalty Pharma PLC
3.300%, due 09/02/40 Callable: 03/02/40		$	160,000		111,567
United Kingdom Gilt
0.125%, due 01/31/24	GBP		235,000		274,928
0.250%, due 01/31/25	GBP		75,000		84,180
Vedanta Resources Finance II PLC
9.250%, due 04/23/26 ^(e) Callable: 04/23/23		$	200,000		130,000

		Par Value		Value
Virgin Media Finance PLC
5.000%, due 07/15/30 ^(e) Callable: 07/15/25		$	200,000	$	160,250
Virgin Media Secured Finance PLC
5.500%, due 05/15/29 ^(e) Callable: 05/15/24			276,000		248,400
4.500%, due 08/15/30 ^(e) Callable: 08/15/25			200,000		164,854
Vmed O2 UK Financing I PLC
3.250%, due 01/31/31 ^(e) Callable: 01/31/26	EUR		150,000		127,490
4.250%, due 01/31/31 ^(e) Callable: 01/31/26		$	415,000		332,000
					2,384,286
Canada — 2.8%
1011778 BC ULC
3.875%, due 01/15/28 ^(e) Callable: 01/30/23			327,000		292,665
3.500%, due 02/15/29 ^(e) Callable: 02/15/24			336,000		288,120
4.000%, due 10/15/30 ^(e) Callable: 10/15/25			551,000		449,065
1375209 BC Ltd.
9.000%, due 01/30/28 ^(e) Callable: 01/10/23			3,000		2,914
Air Canada CVRT
4.000%, due 07/01/25			100,000		119,736
Bank of Montreal
3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) ^(d) Callable: 12/15/27			120,000		105,322

See Notes to Financial Statements.
206

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Canada — 2.8% (Continued)
Bausch Health Cos., Inc.
6.125%, due 02/01/27 ^(e) Callable: 02/01/24		$	20,000	$	13,650
11.000%, due 09/30/28 ^(e)			5,000		3,900
14.000%, due 10/15/30 ^(e) Callable: 10/15/25			1,000		595
Baytex Energy Corp.
8.750%, due 04/01/27 ^(e) Callable: 04/01/23			25,000		25,250
Bombardier, Inc.
7.875%, due 04/15/27 ^(e) Callable: 01/30/23			10,000		9,675
Canada Housing Trust No 1
1.950%, due 12/15/25 ^(e)	CAD		295,000		206,203
1.250%, due 06/15/26 ^(e)	CAD		390,000		264,244
Canadian Government Bond
1.500%, due 09/01/24	CAD		240,000		170,113
Canadian Pacific Railway Co.
1.350%, due 12/02/24 Callable: 01/30/23		$	70,000		65,282
Cascades, Inc.
5.375%, due 01/15/28 ^(e) Callable: 01/30/23			25,000		21,906
Cenovus Energy, Inc.
3.500%, due 02/07/28 Callable: 12/07/27	CAD		100,000		69,925
5.250%, due 06/15/37 Callable: 12/15/36		$	44,000		40,007
6.750%, due 11/15/39			434,000		450,834

		Par Value		Value
5.400%, due 06/15/47 Callable: 12/15/46		$	154,000	$	138,808
CPPIB Capital, Inc.
2.250%, due 12/01/31 ^(e)	CAD		145,000		92,569
Enbridge, Inc.
3.125%, due 11/15/29 Callable: 08/15/29		$	175,000		152,492
Enerflex Ltd.
9.000%, due 10/15/27 ^(e) Callable: 10/15/24			15,000		14,934
Garda World Security Corp.
6.000%, due 06/01/29 ^(e) Callable: 06/01/24			35,000		28,394
GFL Environmental, Inc.
4.000%, due 08/01/28 ^(e) Callable: 08/01/23			25,000		21,500
Hudbay Minerals, Inc.
4.500%, due 04/01/26 ^(e) Callable: 04/01/23			25,000		22,687
Intelligent Packaging Ltd.
6.000%, due 09/15/28 ^(e) Callable: 01/30/23			25,000		20,250
International Bank for Reconstruction & Development
1.900%, due 01/16/25	CAD		260,000		183,315
1.800%, due 01/19/27	CAD		145,000		98,934
Mattamy Group Corp.
4.625%, due 03/01/30 ^(e) Callable: 03/01/25		$	45,000		36,563
Open Text Corp.
3.875%, due 02/15/28 ^(e) Callable: 02/15/23			25,000		21,406

See Notes to Financial Statements.
207

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Canada — 2.8% (Continued)
Parkland Corp.
4.500%, due 10/01/29 ^(e) Callable: 10/01/24		$	40,000	$	33,400
Province of Ontario Canada
2.900%, due 06/02/28	CAD		275,000		193,863
1.350%, due 12/02/30	CAD		1,175,000		714,164
3.450%, due 06/02/45	CAD		195,000		126,237
Province of Quebec Canada
3.000%, due 09/01/23	CAD		155,000		113,275
1.500%, due 12/15/23	GBP		105,000		124,075
0.200%, due 04/07/25	EUR		200,000		199,658
Royal Bank of Canada
4.200%, Perpetual (5 Year Canadian Government Bond Rate + 2.710%) ^(d) Callable: 02/24/27	CAD		200,000		113,864
St Marys Cement, Inc.
5.750%, due 01/28/27 ^(a)(e) Callable: 10/28/26		$	200,000		200,000
Superior Plus LP
4.500%, due 03/15/29 ^(e) Callable: 03/15/24			40,000		34,150
Taseko Mines Ltd.
7.000%, due 02/15/26 ^(e) Callable: 02/15/23			25,000		22,000
The Bank of Nova Scotia
3.450%, due 04/11/25			225,000		216,882
The Toronto-Dominion Bank
4.693%, due 09/15/27			360,000		355,986

	Par Value		Value
8.125%, due 10/31/82 (5 Year CMT Rate + 4.075%) ^(d) Callable: 10/31/27	$	205,000	$	211,681
TransAlta Corp.
7.750%, due 11/15/29 Callable: 11/15/25		15,000		15,338
TransCanada PipeLines Ltd.
1.000%, due 10/12/24 Callable: 09/12/24		143,000		132,653
4.100%, due 04/15/30 Callable: 01/15/30		310,000		285,304
				6,523,788
Cayman Islands — 0.8%
American Airlines, Inc.
5.500%, due 04/20/26 ^(e)		220,000		211,200
5.750%, due 04/20/29 ^(e)		260,000		237,575
Avolon Holdings Funding Ltd.
3.250%, due 02/15/27 ^(e) Callable: 12/15/26		225,000		192,937
Bioceanico Sovereign Certificate Ltd.
0.000%, due 06/05/34		136,993		90,415
CSN Inova Ventures
6.750%, due 01/28/28 ^(a)(e) Callable: 01/28/24		200,000		190,500
Delta Air Lines, Inc.
4.500%, due 10/20/25 ^(e)		95,000		93,033
4.750%, due 10/20/28 ^(e)		735,000		690,091
Global Aircraft Leasing Co. Ltd.
7.250%, due 09/15/24 ^(e) Callable: 01/30/23		50,072		42,311

See Notes to Financial Statements.
208

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Cayman Islands — 0.8% (Continued)
Rutas 2 and 7 Finance Ltd.
0.000%, due 09/30/36		$	186,667	$	117,367
Transocean Poseidon Ltd.
6.875%, due 02/01/27 ^(e) Callable: 01/30/23			39,375		38,391
					1,903,820
Chile — 0.5%
CAP SA
3.900%, due 04/27/31 ^(e) Callable: 01/27/31			200,000		157,500
Chile Electricity PEC SpA
0.000%, due 01/25/28 ^(e)			200,000		143,037
Chile Government International Bond
3.100%, due 05/07/41 Callable: 11/07/40			600,000		430,229
Empresa Electrica Angamos SA
4.875%, due 05/25/29			113,000		100,570
Empresa Electrica Cochrane SpA
5.500%, due 05/14/27 ^(a)			132,720		121,647
Inversiones La Construccion SA
4.750%, due 02/07/32 Callable: 11/07/31			200,000		164,000
					1,116,983
China — 0.4%
China Government Bond
2.880%, due 11/05/23	CNY		2,980,000		431,114
1.990%, due 04/09/25	CNY		2,720,000		387,792
2.690%, due 08/12/26	CNY		910,000		131,458
					950,364

	Par Value		Value
Colombia — 0.7%
Colombia Government International Bond
3.125%, due 04/15/31 Callable: 01/15/31	$	200,000	$	148,488
3.250%, due 04/22/32 Callable: 01/22/32		405,000		294,594
5.000%, due 06/15/45 Callable: 12/15/44		200,000		136,733
4.125%, due 05/15/51 Callable: 11/15/50		200,000		119,550
Ecopetrol SA
5.375%, due 06/26/26 Callable: 03/26/26		45,000		42,300
6.875%, due 04/29/30 Callable: 01/29/30		145,000		131,406
4.625%, due 11/02/31 Callable: 08/02/31		140,000		107,100
5.875%, due 05/28/45		95,000		66,500
5.875%, due 11/02/51 Callable: 05/02/51		300,000		201,750
Empresas Publicas de Medellin ESP
4.375%, due 02/15/31 Callable: 11/15/30		400,000		310,790
Oleoducto Central SA
4.000%, due 07/14/27 Callable: 05/14/27		200,000		175,827
				1,735,038
Dominican Republic — 0.1%
Dominican Republic International Bond
6.000%, due 02/22/33 ^(e) Callable: 11/22/32		150,000		135,188
5.875%, due 01/30/60		150,000		109,875
				245,063

See Notes to Financial Statements.
209

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
France — 0.2%
BNP Paribas SA
2.219%, due 06/09/26 (SOFR Rate + 2.074%) ^(d)(e) Callable: 06/09/25		$	220,000	$	202,153
Engie SA
0.375%, due 06/21/27 Callable: 03/20/27	EUR		100,000		92,438
TotalEnergies Capital International SA
3.386%, due 06/29/60 Callable: 12/29/59		$	135,000		94,041
					388,632
Germany — 0.0% ^(c)
E.ON SE
0.375%, due 09/29/27 Callable: 06/29/27	EUR		65,000		60,609

Greece — 0.3%
Hellenic Republic Government Bond
2.000%, due 04/22/27 ^(e)	EUR		230,000		229,611
1.500%, due 06/18/30 ^(e)	EUR		205,000		177,208
4.200%, due 01/30/42	EUR		190,000		201,341
					608,160
India — 0.3%
Adani International Container Terminal Pvt Ltd.
3.000%, due 02/16/31 Callable: 08/18/30		$	187,500		147,422
Export-Import Bank of India
3.875%, due 02/01/28 ^(e)			200,000		185,276
Indian Railway Finance Corp. Ltd.
3.249%, due 02/13/30 ^(e)			200,000		172,958

		Par Value		Value
JSW Steel Ltd.
5.050%, due 04/05/32 Callable: 10/05/31		$	400,000	$	313,500
					819,156
Indonesia — 1.6%
Freeport Indonesia PT
5.315%, due 04/14/32 ^(e) Callable: 01/01/32			200,000		183,250
Indonesia Asahan Aluminium Persero PT
4.750%, due 05/15/25 ^(e) Callable: 04/15/25			225,000		220,219
5.800%, due 05/15/50 Callable: 11/15/49			200,000		168,000
Indonesia Government International Bond
2.625%, due 06/14/23 ^(e)	EUR		250,000		266,718
2.150%, due 07/18/24 ^(e)	EUR		150,000		156,792
3.850%, due 10/15/30 ^(a)		$	200,000		187,748
1.100%, due 03/12/33	EUR		100,000		77,292
3.700%, due 10/30/49		$	200,000		154,241
3.050%, due 03/12/51			200,000		144,746
Indonesia Treasury Bond
6.500%, due 06/15/25	IDR		6,493,000,000		421,091
8.375%, due 09/15/26	IDR		1,606,000,000		109,952
5.125%, due 04/15/27	IDR		1,385,000,000		85,435
6.125%, due 05/15/28	IDR		1,631,000,000		102,559
9.000%, due 03/15/29	IDR		1,457,000,000		104,093
8.750%, due 05/15/31	IDR		3,000,000,000		214,254
6.375%, due 04/15/32	IDR		6,625,000,000		408,756

See Notes to Financial Statements.
210

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Indonesia — 1.6% (Continued)
6.625%, due 05/15/33	IDR		1,779,000,000	$	110,917
7.500%, due 06/15/35	IDR		1,015,000,000		67,104
7.500%, due 05/15/38	IDR		1,447,000,000		95,618
Perusahaan Penerbit SBSN Indonesia III
4.150%, due 03/29/27 ^(e)		$	200,000		196,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.125%, due 05/15/27 ^(e)			250,000		236,562
					3,711,347
Ireland — 0.4%
AerCap Ireland Capital DAC
1.150%, due 10/29/23			335,000		321,697
Ardagh Metal Packaging Finance USA LLC
3.250%, due 09/01/28 ^(e) Callable: 05/15/24			200,000		169,000
C&W Senior Financing DAC
6.875%, due 09/15/27 Callable: 01/09/23			200,000		186,500
Ireland Government Bond
1.100%, due 05/15/29	EUR		45,000		42,968
Johnson Controls International PLC
0.375%, due 09/15/27 Callable: 07/15/27	EUR		100,000		91,055
LCPR Senior Secured Financing DAC
5.125%, due 07/15/29 ^(e) Callable: 07/15/24		$	200,000		166,000
					977,220
Isle Of Man — 0.1%
AngloGold Ashanti Holdings PLC
3.750%, due 10/01/30 Callable: 07/01/30			200,000		173,698

		Par Value		Value
Israel — 0.3%
Bank Hapoalim B.M.
3.255%, due 01/21/32		$	200,000	$	171,916
Bank Leumi Le-Israel BM
3.275%, due 01/29/31 (5 Year CMT Rate + 1.631%) ^(d)(e) Callable: 01/29/26			200,000		177,077
Israel Electric Corp. Ltd.
6.875%, due 06/21/23 ^(e)			200,000		200,665
3.750%, due 02/22/32 ^(e)			200,000		174,714
					724,372
Italy — 0.3%
Intesa Sanpaolo SpA
4.198%, due 06/01/32 (1 Year CMT Rate + 2.600%) ^(d)(e) Callable: 06/01/31			200,000		146,106
Italy Buoni Poliennali Del Tesoro
1.850%, due 07/01/25 ^(e)	EUR		280,000		287,980
Republic of Italy Government International Bond
1.250%, due 02/17/26		$	200,000		173,330
					607,416
Japan — 0.4%
Japan Government Five Year Bond
0.100%, due 06/20/25	JPY		101,850,000		776,959
0.005%, due 03/20/27	JPY		25,000,000		189,032
					965,991
Jersey — 0.1%
Galaxy Pipeline Assets Bidco Ltd.
2.160%, due 03/31/34 ^(e)		$	184,932		156,723

See Notes to Financial Statements.
211

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Liberia — 0.1%
Royal Caribbean Cruises Ltd.
11.625%, due 08/15/27 ^(e) Callable: 08/15/24		$	60,000	$	59,850
5.500%, due 04/01/28 ^(e) Callable: 10/01/27			295,000		235,263
					295,113
Luxembourg — 1.2%
Allergan Funding SCS
1.250%, due 06/01/24 Callable: 03/01/24	EUR		100,000		102,447
2.625%, due 11/15/28 Callable: 08/15/28	EUR		100,000		96,485
Becton Dickinson Euro Finance Sarl
1.208%, due 06/04/26 Callable: 03/04/26	EUR		245,000		239,802
DH Europe Finance II Sarl
0.450%, due 03/18/28 Callable: 12/18/27	EUR		310,000		282,263
FS Luxembourg Sarl
10.000%, due 12/15/25 ^(e) Callable: 12/15/23		$	200,000		200,500
JBS USA LUX SA
3.625%, due 01/15/32 ^(e) Callable: 01/15/27			200,000		163,000
5.750%, due 04/01/33 ^(e) Callable: 01/01/33			170,000		161,500
MC Brazil Downstream Trading SARL
7.250%, due 06/30/31 ^(e)			200,000		166,000
7.250%, due 06/30/31			200,000		166,000
Millicom International Cellular SA
4.500%, due 04/27/31 ^(e) Callable: 04/27/26			200,000		168,750

		Par Value		Value
Movida Europe SA
5.250%, due 02/08/31 Callable: 02/08/26		$	200,000	$	149,500
Petrorio Luxembourg Trading Sarl
6.125%, due 06/09/26 ^(e) Callable: 06/09/24			200,000		189,250
Rede D’or Finance Sarl
4.950%, due 01/17/28 ^(a)(e) Callable: 10/17/27			200,000		184,250
Simpar Europe SA
5.200%, due 01/26/31 Callable: 01/26/26			200,000		150,000
SK Invictus Intermediate II Sarl
5.000%, due 10/30/29 ^(e) Callable: 10/30/24			50,000		40,062
Swiss Insured Brazil Power Finance Sarl
9.850%, due 07/16/32 ^(e)	BRL		1,750,056		282,574
Telecom Italia Capital SA
6.375%, due 11/15/33		$	25,000		20,594
Trinseo Materials Operating SCA
5.125%, due 04/01/29 ^(e) Callable: 04/01/24			20,000		12,950
					2,775,927
Malaysia — 0.5%
Malaysia Government Bond
4.059%, due 09/30/24	MYR		875,000		200,026
3.882%, due 03/14/25	MYR		805,000		183,566
3.900%, due 11/30/26	MYR		360,000		81,904
3.899%, due 11/16/27	MYR		975,000		221,645
3.733%, due 06/15/28	MYR		400,000		89,702
3.844%, due 04/15/33	MYR		980,000		216,526

See Notes to Financial Statements.
212

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Malaysia — 0.5% (Continued)
3.828%, due 07/05/34	MYR		360,000	$	78,935
					1,072,304
Malta — 0.0% ^(c)
VistaJet Malta Finance PLC
6.375%, due 02/01/30 ^(e) Callable: 02/01/25		$	25,000		20,000

Mauritius — 0.2%
Greenko Wind Projects Mauritius Ltd.
5.500%, due 04/06/25 ^(e) Callable: 04/06/24			205,000		191,419
Network i2i Ltd.
3.975%, Perpetual (5 Year CMT Rate + 3.390%) ^(d) Callable: 03/03/26			200,000		173,000
UPL Corp. Ltd.
4.625%, due 06/16/30			200,000		157,000
					521,419
Mexico — 1.9%
Banco Actinver SA
9.500%, due 12/18/32 ^(e)	MXN		3,000,000		80,825
Banco Mercantil del Norte SA
6.625%, Perpetual (10 Year CMT Rate + 5.034%) ^(d) Callable: 01/24/32		$	300,000		248,250
BBVA Bancomer SA
5.125%, due 01/18/33 (5 Year CMT Rate + 2.650%) ^(d) Callable: 01/17/28			200,000		179,240
Becle SAB de CV
2.500%, due 10/14/31 ^(e) Callable: 07/14/31			205,000		159,344

		Par Value		Value
Braskem Idesa SAPI
6.990%, due 02/20/32 ^(e) Callable: 02/20/27		$	200,000	$	142,415
6.990%, due 02/20/32 Callable: 02/20/27			200,000		142,316
Cemex SAB de CV
3.875%, due 07/11/31 ^(e) Callable: 07/11/26			200,000		168,750
Mexican Bonos
5.000%, due 03/06/25	MXN		52,500		248,639
5.750%, due 03/05/26	MXN		48,300		229,256
7.500%, due 06/03/27	MXN		110,200		536,442
7.750%, due 05/29/31	MXN		220,500		1,065,012
Mexico Government International Bond
2.659%, due 05/24/31 Callable: 02/24/31		$	200,000		161,465
3.500%, due 02/12/34 Callable: 11/12/33			350,000		281,212
4.280%, due 08/14/41 Callable: 02/14/41			650,000		503,402
Petroleos Mexicanos
6.750%, due 09/21/47			200,000		127,858
Total Play Telecomunicaciones SA de CV
7.500%, due 11/12/25 ^(e) Callable: 11/12/23			205,000		178,350
Unifin Financiera SAB de CV
8.875%, due 07/29/25 (5 Year CMT Rate + 6.308%) ^(d)(g) Callable: 01/29/25			200,000		500
					4,453,276

See Notes to Financial Statements.
213

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Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Netherlands — 0.8%
Airbus SE
1.625%, due 06/09/30 Callable: 03/09/30	EUR		100,000	$	93,087
BMW Finance NV
1.000%, due 11/14/24	EUR		75,000		77,180
BNG Bank NV
0.250%, due 06/07/24	EUR		120,000		123,268
Braskem Netherlands Finance BV
5.875%, due 01/31/50 ^(e)		$	200,000		154,750
Greenko Dutch BV
3.850%, due 03/29/26 ^(e) Callable: 03/29/23			191,000		165,215
Minejesa Capital BV
4.625%, due 08/10/30			200,000		175,500
5.625%, due 08/10/37			400,000		312,500
MV24 Capital BV
6.748%, due 06/01/34			171,300		156,740
NXP BV
3.875%, due 06/18/26 Callable: 04/18/26			235,000		223,837
Petrobras Global Finance BV
6.750%, due 06/03/50 Callable: 12/03/49			200,000		174,250
VTR Finance NV
6.375%, due 07/15/28 ^(e) Callable: 07/15/23			200,000		78,000
6.375%, due 07/15/28 Callable: 07/15/23			200,000		78,000
					1,812,327

		Par Value		Value
New Zealand — 0.6%
International Bank for Reconstruction & Development
2.875%, due 11/30/26	NZD		155,000	$	90,268
International Finance Corp.
0.375%, due 09/10/25	NZD		250,000		138,901
New Zealand Government Bond
0.500%, due 05/15/24	NZD		985,000		587,668
0.500%, due 05/15/26	NZD		645,000		356,617
4.500%, due 04/15/27	NZD		120,000		75,955
New Zealand Local Government Funding Agency Bond
1.500%, due 04/15/26	NZD		155,000		87,144
4.500%, due 04/15/27	NZD		270,000		166,529
					1,503,082
Norway — 0.9%
Aker BP ASA
3.750%, due 01/15/30 ^(e) Callable: 10/15/29		$	185,000		162,106
Kommunalbanken AS
5.250%, due 07/15/24	AUD		178,000		123,050
4.250%, due 07/16/25	AUD		184,000		125,049
Nordea Eiendomskreditt AS
3.490%, due 06/21/23 (3 Month NIBOR + 0.300%) ^(d)	NOK		1,000,000		102,166
3.560%, due 06/19/24 (3 Month NIBOR + 0.340%) ^(d)	NOK		1,000,000		102,279
Norway Government Bond
2.000%, due 05/24/23 ^(e)	NOK		2,650,000		269,333
1.750%, due 03/13/25 ^(e)	NOK		3,790,000		375,410

See Notes to Financial Statements.
214

Wilshire Mutual Funds, Inc.

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Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Norway — 0.9% (Continued)
1.500%, due 02/19/26 ^(e)	NOK		1,625,000	$	158,017
1.750%, due 02/17/27 ^(e)	NOK		1,790,000		173,376
2.125%, due 05/18/32 ^(e)	NOK		2,470,000		229,941
Var Energi ASA
7.500%, due 01/15/28 ^(e) Callable: 12/15/27		$	200,000		203,426
					2,024,153
Panama — 0.4%
Carnival Corp.
5.750%, due 03/01/27 ^(e) Callable: 12/01/26			325,000		230,750
Carnival Corp. CVRT
5.750%, due 12/01/27 ^(e)			290,000		259,652
Panama Government International Bond
2.252%, due 09/29/32 Callable: 06/29/32			200,000		148,250
4.300%, due 04/29/53			300,000		220,125
UEP Penonome II SA
6.500%, due 10/01/38			184,656		135,491
					994,268
Peru — 0.5%
Banco de Credito del Peru S.A.
3.125%, due 07/01/30 (5 Year CMT Rate + 3.000%) ^(d) Callable: 07/01/25			400,000		362,703
Banco Internacional del Peru SAA Interbank
4.000%, due 07/08/30 (1 Year CMT Rate + 3.711%) ^(d) Callable: 07/08/25			200,000		181,500

		Par Value		Value
Hunt Oil Co. of Peru LLC Sucursal Del Peru
6.375%, due 06/01/28		$	174,800	$	166,497
Petroleos del Peru SA
4.750%, due 06/19/32			200,000		154,500
Scotiabank Peru SAA
8.625%, due 12/13/27 (3 Month U.S. LIBOR + 3.856%) ^(d) Callable: 01/30/23			200,000		197,156
Transportadora de Gas del Peru SA
4.250%, due 04/30/28			200,000		187,680
					1,250,036
Philippines — 0.2%
Philippine Government International Bond
0.875%, due 05/17/27	EUR		285,000		267,513
6.250%, due 01/14/36	PHP		5,000,000		82,315
3.700%, due 02/02/42		$	200,000		162,193
					512,021
Portugal — 0.2%
Portugal Obrigacoes do Tesouro OT
0.700%, due 10/15/27 ^(e)	EUR		85,000		81,915
1.650%, due 07/16/32 ^(e)	EUR		430,000		389,872
					471,787
Puerto Rico — 0.2%
Popular, Inc.
6.125%, due 09/14/23 Callable: 08/14/23		$	380,000		380,028

Qatar — 0.1%
QatarEnergy Trading LLC
2.250%, due 07/12/31 ^(e) Callable: 04/12/31			235,000		194,769

See Notes to Financial Statements.
215

Wilshire Mutual Funds, Inc.

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Schedule of Investments - (Continued)

December 31, 2022

		Par Value		Value
FOREIGN BONDS — 22.0% (Continued)
Saudi Arabia — 0.1%
Saudi Government International Bond
2.250%, due 02/02/33		$	200,000	$	162,573

Singapore — 0.5%
LLPL Capital Pte Ltd.
6.875%, due 02/04/39 ^(e)			255,960		222,685
Medco Oak Tree Pte Ltd.
7.375%, due 05/14/26 ^(e) Callable: 05/14/23			420,000		399,000
Singapore Government Bond
2.375%, due 06/01/25	SGD		165,000		121,572
1.250%, due 11/01/26	SGD		210,000		148,127
Temasek Financial I Ltd.
1.000%, due 10/06/30 ^(e) Callable: 07/06/30		$	400,000		308,357
					1,199,741
South Africa — 0.1%
Republic of South Africa Government International Bond
4.300%, due 10/12/28			200,000		178,250

South Korea — 0.8%
Korea Treasury Bond
3.125%, due 09/10/24	KRW		278,330,000		217,596
2.375%, due 03/10/27	KRW		901,030,000		672,730
2.125%, due 06/10/27	KRW		293,300,000		215,838
LG Chem Ltd.
2.375%, due 07/07/31 ^(e)		$	200,000		156,830
Shinhan Financial Group Co. Ltd.
2.875%, Perpetual (5 Year CMT Rate + 2.064%) ^(d)(e) Callable: 05/12/26			400,000		340,000

		Par Value		Value
The Korea Development Bank
1.625%, due 01/19/31		$	200,000	$	156,452
					1,759,446
Spain — 0.3%
AI Candelaria Spain SA
7.500%, due 12/15/28 Callable: 09/15/28			235,417		223,646
Cellnex Telecom SA
1.875%, due 06/26/29 Callable: 03/26/29	EUR		100,000		86,949
Spain Government Bond
0.250%, due 07/30/24 ^(e)	EUR		170,000		174,829
0.800%, due 07/30/27 ^(e)	EUR		170,000		164,000
					649,424
Sweden — 0.1%
Sweden Government International Bond
0.125%, due 04/24/23 ^(e)	EUR		225,000		239,128

Thailand — 0.2%
Kasikornbank PCL
5.275%, Perpetual (5 Year CMT Rate + 4.940%) ^(d) Callable: 10/14/25		$	400,000		377,896

United Arab Emirates — 0.2%
Abu Dhabi Government International Bond
3.125%, due 04/16/30 ^(e)			200,000		185,209
1.700%, due 03/02/31 ^(e)			185,000		152,312
3.875%, due 04/16/50 ^(e)			200,000		169,463
					506,984
Total Foreign Bonds (Cost $59,153,251)					51,205,255

See Notes to Financial Statements.
216

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d)
1011778 BC ULC
6.165%, due 11/13/26 (3 Month U.S. LIBOR + 1.750%) Callable: 01/29/23	$	101,673	$	100,121
6.134%, due 11/13/26 (1 Month U.S. LIBOR + 1.750%)		341,905		336,684
AAdvantage Loyalty IP Ltd.
8.993%, due 04/20/28 (3 Month U.S. LIBOR + 4.750%) Callable: 03/24/24		265,000		264,296
Abe Investment Holdings, Inc.
8.938%, due 02/19/26 (1 Month U.S. LIBOR + 4.500%) Callable: 01/29/23		26,706		26,689
Access CIG LLC
7.821%, due 02/27/25 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		43,502		42,709
Acrisure LLC
8.634%, due 02/15/27 (1 Month U.S. LIBOR + 4.250%) Callable: 01/29/23		99,000		96,071
Acrisure LLC
7.884%, due 02/16/27 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		132,973		125,102

	Par Value		Value
Air Canada
8.130%, due 08/11/28 (3 Month U.S. LIBOR + 3.500%) Callable: 01/29/23	$	79,600	$	78,916
Allied Universal Holdco LLC
7.821%, due 05/12/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		95,289		90,716
Allspring Buyer LLC
7.750%, due 04/21/28 (3 Month U.S. LIBOR + 3.000%) Callable: 01/29/23		101,251		100,061
Ascend Learning LLC
7.884%, due 11/18/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		187,736		177,971
Astra Acquisition Corp.
9.634%, due 10/22/28 (1 Month U.S. LIBOR + 5.250%) Callable: 01/29/23		91,939		81,596
Aveanna Healthcare LLC
7.766%, due 06/30/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		7,905		6,122
Aveanna Healthcare LLC
8.139%, due 06/30/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		112,449		87,092

See Notes to Financial Statements.
217

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
Axalta Coating Systems US Holdings, Inc.
7.124%, due 12/31/29 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23	$	65,000	$	65,146
Bausch + Lomb Corp.
7.842%, due 05/05/27 (3 Month SOFR Rate + 3.250%) Callable: 01/29/23		159,387		152,041
Berry Global, Inc.
6.024%, due 07/01/26 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23		433,704		431,043
Camelot US Acquisition LLC
7.384%, due 10/30/26 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23		96,484		95,157
Carnival Corp.
7.634%, due 10/31/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		178,200		167,330
Castle US Holding Corp.
8.134%, due 01/27/27 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		105,761		65,902
Cengage Learning, Inc.
7.814%, due 07/14/26 (6 Month U.S. LIBOR + 4.750%) Callable: 01/29/23		98,415		88,743

	Par Value		Value
Charter Communications Operating LLC
6.140%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23	$	482,302	$	471,691
Charter Next Generation, Inc.
8.134%, due 12/01/27 (1 Month U.S. LIBOR + 3.750%)		68,775		66,932
CHG Healthcare Services, Inc.
7.634%, due 10/31/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		108,625		106,506
Clarios Global LP
7.634%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		548,645		539,501
Cornerstone OnDemand, Inc.
8.134%, due 10/31/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		109,175		97,985
CQP Holdco LP
8.480%, due 06/05/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		179,576		179,015
Dcert Buyer, Inc.
8.696%, due 10/16/26 (6 Month SOFR Rate + 4.000%) Callable: 01/29/23		78,388		75,896

See Notes to Financial Statements.
218

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
Delta 2 Lux Sarl
7.573%, due 01/15/30 (1 Month SOFR Rate + 3.250%) Callable: 01/15/23	$	120,000	$	120,090
Directv Financing LLC
9.384%, due 08/02/27 (1 Month U.S. LIBOR + 5.000%) Callable: 01/29/23		45,107		44,012
EAB Global, Inc.
7.884%, due 06/25/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		78,527		75,736
EG Finco Ltd.
9.151%, due 02/07/25 (6 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		27,642		26,174
Envision Healthcare Corp.
8.330%, due 03/31/27 (3 Month SOFR Rate + 3.750%)		32,587		8,690
Envision Healthcare Corp.
8.374%, due 03/31/27 (3 Month SOFR Rate + 4.250%)		13,309		4,658
Fertitta Entertainment LLC
8.323%, due 01/31/29 (1 Month SOFR Rate + 4.000%) Callable: 01/29/23		99,250		94,561

	Par Value		Value
Filtration Group Corp.
7.384%, due 03/31/25 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23	$	118,484	$	117,497
Finastra USA, Inc.
10.621%, due 06/16/25 (6 Month U.S. LIBOR + 7.250%) Callable: 01/29/23		20,000		15,014
Gainwell Acquisition Corp.
8.730%, due 08/17/27 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		182,877		172,133
Genesys Cloud Services Holdings II LLC
8.384%, due 12/01/27 (1 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		154,262		148,445
Gogo Intermediate Holdings LLC
8.165%, due 04/28/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		64,025		63,558
Great Outdoors Group LLC
8.134%, due 03/31/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		121,295		116,822
H-Food Holdings LLC
8.071%, due 05/17/25 (1 Month U.S. LIBOR + 3.688%) Callable: 01/29/23		46,595		41,627

See Notes to Financial Statements.
219

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
Hunter Douglas, Inc.
7.859%, due 02/09/29 (3 Month SOFR Rate + 3.500%) Callable: 01/29/23	$	189,050	$	167,292
ICON Luxembourg Sarl
7.000%, due 07/03/28 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23		60,984		60,877
Intelsat Jackson Holdings SA
7.445%, due 12/08/28 (6 Month SOFR Rate + 4.250%) Callable: 01/29/23		96,693		93,551
ION Trading Finance Ltd.
8.424%, due 03/31/28 (3 Month U.S. LIBOR + 4.750%) Callable: 01/29/23		116,704		110,993
Jazz Financing Lux Sarl
7.884%, due 05/05/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		217,615		216,034
Kronos Acquisition Holdings, Inc.
8.485%, due 12/22/26 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		77,527		73,959
Level 3 Financing, Inc.
6.134%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%) Callable: 01/29/23		261,414		251,168

	Par Value		Value
LifePoint Health, Inc.
8.165%, due 11/14/25 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23	$	46,829	$	44,259
Lumen Technologies, Inc.
6.634%, due 03/15/27 (1 Month U.S. LIBOR + 2.250%) Callable: 01/29/23		484,712		461,211
Lummus Technology Holdings V LLC
7.884%, due 06/30/27 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		79,256		76,086
McAfee Corp.
7.974%, due 02/02/29 (1 Month SOFR Rate + 3.750%) Callable: 01/29/23		84,575		78,957
Messer Industries USA, Inc.
7.230%, due 10/01/25 (3 Month U.S. LIBOR + 2.500%) Callable: 01/29/23		14,454		14,352
Mileage Plus Holdings LLC
9.996%, due 07/30/27 (3 Month U.S. LIBOR + 5.250%) Callable: 07/02/23		288,000		296,748
Mirion Technologies US, Inc.
7.480%, due 10/05/28 (6 Month U.S. LIBOR + 2.750%) Callable: 01/29/23		74,250		73,057

See Notes to Financial Statements.
220

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
Mister Car Wash Holdings, Inc.
7.423%, due 05/14/26 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23	$	47,522	$	46,945
Olympus Water US Holding Corp.
8.500%, due 09/21/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		84,150		81,006
OneDigital Borrower LLC
8.494%, due 11/16/27 (3 Month SOFR Rate + 4.250%)		155,689		147,516
Packers Holdings LLC
7.542%, due 03/06/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		47,403		41,715
Peraton Corp.
8.134%, due 02/01/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		125,400		122,683
PetSmart LLC
8.130%, due 02/11/28 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23		74,063		72,697
PG&E Corp.
7.438%, due 06/23/25 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23		73,125		72,668

	Par Value		Value
PRA Health Sciences, Inc.
7.000%, due 07/03/28 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23	$	15,194	$	15,168
Pretium PKG Holdings, Inc.
8.735%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		22,159		17,775
7.742%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%)		44,213		35,465
7.741%, due 09/22/28 (3 Month U.S. LIBOR + 4.000%)		22,728		18,231
Proofpoint, Inc.
7.985%, due 06/09/28 (3 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		138,600		133,614
Radiate Holdco LLC
7.634%, due 09/25/26 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		118,800		97,051
Radiology Partners, Inc.
8.639%, due 07/09/25 (1 Month U.S. LIBOR + 4.250%) Callable: 01/29/23		100,090		84,482
Scientific Games International, Inc.
7.417%, due 04/06/29 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23		74,625		73,799

See Notes to Financial Statements.
221

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
Sedgwick Claims Management Services, Inc.
8.134%, due 08/07/26 (1 Month U.S. LIBOR + 3.750%) Callable: 01/29/23	$	28,950	$	28,469
Sophia LP
8.230%, due 10/07/27 (3 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		137,213		132,754
Spin Holdco, Inc.
8.765%, due 03/06/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		33,338		28,287
SRS Distribution, Inc.
7.884%, due 06/04/28 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		108,625		104,115
Sunset Debt Merger Sub, Inc.
8.753%, due 09/30/28 (3 Month U.S. LIBOR + 4.000%) Callable: 01/29/23		55,040		45,229
Tempo Acquisition LLC
7.323%, due 08/31/28 (1 Month SOFR Rate + 3.000%) Callable: 01/29/23		64,350		64,253
The EW Scripps Co.
6.946%, due 05/01/26 (1 Month U.S. LIBOR + 2.563%) Callable: 01/29/23		32,754		32,275

	Par Value		Value
The Hillman Group, Inc.
6.794%, due 02/24/28 (1 Month U.S. LIBOR + 2.750%) Callable: 01/29/23	$	—	$	—
Titan Acquisition Ltd.
8.151%, due 03/28/25 (6 Month U.S. LIBOR + 3.000%) Callable: 01/29/23		43,626		40,868
TK Elevator US Newco, Inc.
6.871%, due 07/29/27 (6 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		190,656		183,939
Trans Union LLC
6.634%, due 11/16/28 (1 Month U.S. LIBOR + 2.250%) Callable: 01/29/23		45,854		45,481
TransDigm, Inc.
6.980%, due 12/09/25 (3 Month U.S. LIBOR + 2.250%) Callable: 01/29/23		179,901		178,057
Traverse Midstream Partners LLC
8.800%, due 09/27/24 (3 Month SOFR Rate + 4.250%) Callable: 01/29/23		52,660		52,628
TricorBraun Holdings, Inc.
7.634%, due 03/03/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		73,897		70,684

See Notes to Financial Statements.
222

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Schedule of Investments - (Continued)

December 31, 2022

	Par Value		Value
BANK LOANS — 4.4% ^(d) (Continued)
United Airlines, Inc.
8.108%, due 04/21/28 (3 Month U.S. LIBOR + 3.750%) Callable: 01/29/23	$	462,489	$	457,961
United Natural Foods, Inc.
7.688%, due 10/22/25 (1 Month SOFR Rate + 3.250%) Callable: 01/29/23		7,314		7,306
Verscend Holding Corp.
8.384%, due 08/27/25 (1 Month U.S. LIBOR + 4.000%)		73,869		73,546
Vibrantz Technologies, Inc.
8.494%, due 03/30/29 (3 Month SOFR Rate + 4.250%) Callable: 01/29/23		44,888		38,166
WestJet Airlines Ltd.
7.354%, due 08/07/26 (1 Month U.S. LIBOR + 3.000%) Callable: 01/29/23		45,097		41,370
Whatabrands LLC
7.634%, due 08/03/28 (1 Month U.S. LIBOR + 3.250%) Callable: 01/29/23		118,800		115,088
Zelis Payments Buyer, Inc.
7.884%, due 09/30/26 (1 Month U.S. LIBOR + 3.500%) Callable: 01/29/23		150,540		149,177
Total Bank Loans (Cost $10,637,866)				10,235,063

	Shares		Values
COMMON STOCKS — 0.1%
Consumer Discretionary — 0.0% (c)
General Motors Co.		2,553	$	85,883
Industrials — 0.1%
Delta Air Lines, Inc. (h)		2,661		87,440
The Boeing Co. (h)		908		172,965
				260,405
Total Common Stocks (Cost $421,332)				346,288

PREFERRED STOCKS — 1.1%
Communication Services — 0.1%
2020 Cash Mandatory Exchangeable Trust CVRT (e)(g)		240		275,165
Paramount Global CVRT (a)		2,200		54,494
				329,659
Financials — 0.2%
Stifel Financial Corp. Callable: 08/15/26		6,550		105,782
US Bancorp Callable: 01/30/23		175		142,746
Valley National Bancorp Callable: 03/30/23		5,475		137,423
Wells Fargo & Co. Callable: 09/15/23		4,300		98,943
				484,894
Health Care — 0.2%
Becton Dickinson and Co. CVRT		2,150		107,672
Danaher Corp. CVRT (a)		225		305,223
				412,895
Utilities — 0.6%
American Electric Power Co., Inc. CVRT		5,650		291,427
NextEra Energy, Inc. CVRT		11,700		587,223

See Notes to Financial Statements.
223

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Shares		Values
PREFERRED STOCKS — 1.1% (Continued)
Utilities — 0.6% (Continued)
NextEra Energy, Inc. CVRT		3,500	$	176,715
The AES Corp. CVRT		2,800		285,628
				1,340,993
Total Preferred Stocks (Cost $2,682,099)				2,568,441

	Contracts		Notional Amount
PURCHASED OTC OPTIONS — 0.0% (c)
Currency Call Options — 0.0% (c)
British Pound, 1/19/23 at 1.095 Counterparty: Morgan Stanley Capital		736,925	$	736,925	49
Chinese Renminbi, 2/7/23 at 7.50 Counterparty: Bank of America, San Francisco		1,692,000		1,692,000	379
Chinese Renminbi, 2/9/23 at 7.47 Counterparty: Morgan Stanley Capital		3,196,000		3,196,000	921
Japanese Yen, 9/9/32 at 140.00 Counterparty: Bank of America, San Francisco		529,300		529,300	4,329

	Contracts		Notional Amount		Values
Japanese Yen, 9/9/32 at 140.00 Counterparty: BNP Paribas Brokerage Services, Inc.		529,300	$	529,300	$	4,329
				6,683,525		10,007
Currency Put Options — 0.0% (c)
Australian Dollar, 5/30/23 at 0.600 and Japanese Yen, 5/30/23 at 125.00 Counterparty: Barclays Capital, Inc.		85,000		85,000		692
Australian Dollar, 5/30/23 at 0.6375 and Japanese Yen, 5/30/23 at 131.5 Counterparty: Goldman Sachs Bank, USA		37,000		37,000		2,643
Chinese Renminbi, 5/30/23 at 7.20 and Japanese Yen, 5/30/23 at 131.50 Counterparty: BNP Paribas Brokerage Services, Inc.		32,000		32,000		1,283

See Notes to Financial Statements.
224

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

	Contracts		Notional Amount		Values
Currency Put Options — 0.0% (c) (Continued)
Euro, 3/16/23 at 1.08 Counterparty: BNP Paribas Brokerage Services, Inc.		830,800	$	830,800	$	11,438
Japanese Yen, 2/27/25 at 107.50 Counterparty: BNP Paribas Brokerage Services, Inc.		437,000		437,000		8,937
Japanese Yen, 4/5/23 at 120.50 Counterparty: Goldman Sachs Bank, USA		2,100,000		2,100,000		14,217
				3,521,800		39,210
Total Purchased OTC Options (Cost $116,843)						49,217
				Shares
AFFILIATED REGISTERED INVESTMENT COMPANIES — 3.2%
Voya Emerging Markets Corporate Debt Fund - Class P				97,072		796,957
Voya Emerging Markets Hard Currency Debt Fund - Class P				196,918		1,449,316
Voya Floating Rate Fund - Class P				316,727		2,578,160
Voya High Yield Bond Fund - Class P				410,690		2,698,231
Total Affiliated Registered Investment Companies (Cost $8,581,911)						7,522,664

	Shares	Values
Total Investments at Value — 94.0% (Cost $249,201,820)		$	219,335,709
Other Assets in Excess of Liabilities — 6.0%			13,883,846
Net Assets — 100.0%		$	233,219,555

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, 2022. The total fair value of securities on loan at December 31, 2022, was $2,535,158 (Note 8).

(b)	Rate shown is the effective yield based on purchased price. The calculation assumes the security is held to maturity.

(c)	Represents less than 0.1%.

(d)	Variable rate security based on a reference index and spread. The rate listed is as of December 31, 2022.

(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, 2022, the value of these investments was $88,691,606, or 38.0% of total net assets.

(f)	Variable rate security. The coupon is based on an underlying pool of loans. The rate listed is as of December 31, 2022.

(g)	Illiquid security. The total fair value of such securities is $3,246,739 as of December 31, 2022, representing 1.4% of net assets.

(h)	Non-income producing security.

CVRT - Convertible Security

REMIC - Real Estate Mortgage Investment Conduit

CMT - Constant Maturity U.S. Treasury

LIBOR - London Interbank Offered Rate

NIBOR - Norwegian Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Overnight Interbank Average Rate

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

See Notes to Financial Statements.
225

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (Continued)

December 31, 2022

CNY - Chinese Yuan

EUR - Euro

GBP - British Pound

IDR - Indonesian Rupiah

JPY - Japanese Yen

KRW - South Korean Won

MXN - Mexican Peso

MYR - Malaysian Ringgit

NOK - Norwegian Krone

NZD - New Zealand Dollar

PHP - Philippine Peso

SGD - Singapore Dollar

The Accompanying Footnotes are an Integral Part of these Financial Statements.

See Notes to Financial Statements.
226

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Wilshire Income Opportunities Fund

Schedule of Futures Contracts

December 31, 2022

FUTURES CONTRACTS PURCHASED	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation (Depreciation)
2-Year U.S. Treasury Note Future	137	03/31/2023	$	26,137,430	$	617
5-Year U.S. Treasury Note Future	139	03/31/2023		13,158,456		(72,820	)
Ultra 10-Year U.S. Treasury Bond Future	12	03/22/2023		1,228,757		(21,790	)
Total Futures Contracts Purchased			$	40,524,643	$	(93,993	)

FUTURES CONTRACTS SOLD SHORT	Contracts	Expiration Date	Notional Amount		Value/ Unrealized Appreciation
10-Year U.S. Treasury Note Future	138	03/22/2023	$	13,745,812	$	53,702
U.S. Treasury Long Bond Future	22	03/22/2023		2,352,199		24,705
Ultra Long-Term U.S. Treasury Bond Future	16	03/22/2023		1,354,085		36,841
Euro Bund Future	2	03/08/2023		214,089		17,296
Total Futures Contracts Sold Short			$	17,666,185	$	132,544

See Notes to Financial Statements.
227

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts

December 31, 2022

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.		1/18/2023		AUD		332,500		NZD		354,339	$	1,535
Australia and New Zealand Banking Group Ltd.		1/18/2023		AUD		202,500		USD		130,428		7,558
Australia and New Zealand Banking Group Ltd.		1/18/2023		JPY		35,747,201		USD		240,669		32,430
Australia and New Zealand Banking Group Ltd.		1/18/2023		NZD		71,906		AUD		67,500		(329	)
Australia and New Zealand Banking Group Ltd.		1/18/2023		USD		1,763,236		AUD		2,603,725		(10,978	)
Bank of America, San Francisco		1/18/2023		CAD		33,967		USD		24,969		120
Bank of America, San Francisco		2/3/2023		CAD		796,144		USD		582,675		5,435
Bank of America, San Francisco		2/3/2023		USD		420,750		CAD		571,938		(1,740	)
Bank of America, San Francisco		1/18/2023		USD		1,009,651		EUR		1,000,000		(62,272	)
Bank of America, San Francisco		2/3/2023		USD		185,618		GBP		153,588		(242	)
Barclays Capital, Inc.		1/18/2023		CAD		788,895		USD		582,122		573
Barclays Capital, Inc.		1/18/2023		EUR		465,605		USD		453,875		45,216
Barclays Capital, Inc.		1/18/2023		GBP		293,806		EUR		331,912		(396	)
Barclays Capital, Inc.		1/18/2023		JPY		6,781,050		CAD		67,500		1,948
Barclays Capital, Inc.		1/18/2023		SGD		540,258		USD		392,562		10,957
Barclays Capital, Inc.		1/18/2023		USD		333,172		EUR		331,667		(22,348	)
Barclays Capital, Inc.		1/18/2023		USD		398,174		SGD		564,363		(23,350	)
BNP Paribas Brokerage Services, Inc.		2/3/2023		JPY		40,172,080		USD		307,005		571
BNP Paribas Brokerage Services, Inc.		1/13/2023		MXN		3,444,754		USD		177,126		(829	)
BNP Paribas Brokerage Services, Inc.		2/3/2023		USD		664,277		AUD		994,464		(13,824	)
BNP Paribas Brokerage Services, Inc.		2/3/2023		USD		579,718		CAD		788,591		(2,813	)
CIBC, Toronto		1/18/2023		CAD		5,079,668		USD		3,736,905		15,049
CIBC, Toronto		1/18/2023		EUR		331,912		GBP		296,010		(2,270	)
CIBC, Toronto		1/18/2023		SGD		271,704		USD		196,281		6,655
CIBC, Toronto		1/18/2023		USD		1,449,894		CAD		1,971,884		(6,583	)
CIBC, Toronto		1/18/2023		USD		611,430		JPY		86,986,974		(53,127	)
CIBC, Toronto		1/18/2023		USD		1,187,994		SGD		1,655,399		(48,424	)
Citigroup		1/18/2023		AUD		1,379,676		NZD		1,473,924		4,065

See Notes to Financial Statements.
228

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Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts (Continued)

December 31, 2022

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		1/18/2023		BRL		893,041		USD		163,951	$	4,525
Citigroup		1/18/2023		CAD		132,500		JPY		13,173,955		(2,778	)
Citigroup		1/18/2023		CAD		564,929		NZD		665,287		(5,244	)
Citigroup		1/18/2023		CAD		897,440		USD		654,863		8,006
Citigroup		1/18/2023		COP		843,481,274		USD		173,886		(547	)
Citigroup		1/18/2023		EUR		1,500,000		USD		1,512,637		95,246
Citigroup		2/3/2023		EUR		122,567		USD		130,580		950
Citigroup		1/18/2023		GBP		332,500		USD		372,489		29,704
Citigroup		1/18/2023		JPY		6,547,593		CAD		65,000		2,011
Citigroup		1/18/2023		MXN		3,459,253		USD		172,932		3,921
Citigroup		1/18/2023		SGD		804,769		USD		590,869		10,213
Citigroup		1/18/2023		USD		43,034		AUD		67,500		(2,962	)
Citigroup		1/18/2023		USD		862,805		BRL		4,550,832		4,272
Citigroup		1/18/2023		USD		1,380,904		CAD		1,880,932		(8,394	)
Citigroup		1/18/2023		USD		380,676		COP		1,720,751,536		27,054
Citigroup		1/18/2023		USD		506,088		EUR		511,924		(42,654	)
Citigroup		2/3/2023		USD		507,851		EUR		478,577		(5,726	)
Citigroup		2/3/2023		USD		198,045		GBP		164,539		(1,068	)
Citigroup		1/18/2023		USD		1,149,020		JPY		162,930,277		(95,722	)
Citigroup		2/3/2023		USD		313,130		JPY		41,621,492		(5,543	)
Citigroup		1/18/2023		USD		425,261		NZD		697,665		(17,814	)
Citigroup		2/3/2023		USD		331,125		NZD		521,692		(270	)
Citigroup		1/18/2023		USD		718,039		SGD		993,184		(23,771	)
Goldman Sachs Bank, USA		1/18/2023		AUD		689,140		USD		459,194		10,395
Goldman Sachs Bank, USA		1/18/2023		CAD		135,000		JPY		13,700,975		(4,958	)
Goldman Sachs Bank, USA		1/18/2023		CAD		1,928,085		USD		1,409,447		14,678
Goldman Sachs Bank, USA		2/3/2023		CAD		793,574		USD		583,017		3,194
Goldman Sachs Bank, USA		2/3/2023		CHF		410,001		USD		444,721		487
Goldman Sachs Bank, USA		1/18/2023		GBP		294,474		EUR		331,921		403
Goldman Sachs Bank, USA		1/18/2023		JPY		7,074,122		CAD		67,500		4,187
Goldman Sachs Bank, USA		1/18/2023		JPY		21,766,023		GBP		135,000		2,990
Goldman Sachs Bank, USA		1/18/2023		JPY		178,403,387		USD		1,320,484		42,469
Goldman Sachs Bank, USA		2/3/2023		NZD		1,038,583		USD		656,327		3,414
Goldman Sachs Bank, USA		1/18/2023		SGD		555,045		USD		391,900		22,663
Goldman Sachs Bank, USA		1/18/2023		USD		657,354		CAD		897,811		(5,789	)
Goldman Sachs Bank, USA		1/18/2023		USD		500,926		EUR		472,289		(5,331	)
Goldman Sachs Bank, USA		1/18/2023		USD		387,357		SGD		543,385		(18,497	)
HSBC Bank, USA		1/18/2023		CAD		285,539		NZD		332,643		(351	)
HSBC Bank, USA		1/18/2023		CAD		1,068,735		USD		780,982		8,409
HSBC Bank, USA		1/18/2023		EUR		174,237		NOK		1,785,976		4,317
HSBC Bank, USA		1/18/2023		EUR		815,134		USD		836,614		37,146

See Notes to Financial Statements.
229

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Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts (Continued)

December 31, 2022

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)
HSBC Bank, USA		1/18/2023		GBP		587,193		EUR		664,001	$	(1,488	)
HSBC Bank, USA		1/18/2023		JPY		58,738,045		USD		414,681		34,062
HSBC Bank, USA		1/18/2023		SGD		1,068,564		USD		787,376		10,736
HSBC Bank, USA		1/18/2023		USD		85,717		AUD		135,000		(6,274	)
HSBC Bank, USA		1/18/2023		USD		1,576,376		CAD		2,135,600		(1,025	)
HSBC Bank, USA		1/18/2023		USD		2,849,702		EUR		2,819,109		(172,164	)
HSBC Bank, USA		1/18/2023		USD		371,830		GBP		332,500		(30,363	)
HSBC Bank, USA		1/18/2023		USD		332,654		JPY		44,036,674		(3,775	)
HSBC Bank, USA		1/18/2023		USD		1,878,016		SGD		2,646,969		(99,007	)
JPMChase, New York		1/18/2023		AUD		615,446		NZD		654,603		3,645
JPMChase, New York		1/18/2023		CAD		1,510,231		USD		1,108,048		7,442
JPMChase, New York		1/18/2023		EUR		663,825		GBP		588,000		322
JPMChase, New York		1/18/2023		EUR		540,135		NOK		5,585,752		8,354
JPMChase, New York		1/18/2023		EUR		290,087		USD		279,646		31,305
JPMChase, New York		1/18/2023		GBP		135,000		JPY		22,199,805		(6,304	)
JPMChase, New York		1/18/2023		GBP		598,500		USD		664,857		59,090
JPMChase, New York		1/18/2023		JPY		6,783,898		CAD		67,500		1,970
JPMChase, New York		1/18/2023		JPY		122,450,788		USD		873,959		61,531
JPMChase, New York		1/18/2023		NOK		469,820		CAD		65,000		(15	)
JPMChase, New York		1/18/2023		NOK		664,017		USD		65,000		2,835
JPMChase, New York		1/18/2023		SGD		812,523		USD		588,843		18,031
JPMChase, New York		1/18/2023		USD		827,337		CAD		1,125,659		(4,099	)
JPMChase, New York		1/18/2023		USD		957,913		EUR		971,161		(83,096	)
JPMChase, New York		1/18/2023		USD		1,059,056		JPY		149,141,310		(80,343	)
JPMChase, New York		1/18/2023		USD		45,545		MXN		894,350		(178	)
JPMChase, New York		1/18/2023		USD		1,495,292		SGD		2,129,935		(95,558	)
Morgan Stanley Capital		1/18/2023		AUD		1,694,231		NZD		1,797,465		12,931
Morgan Stanley Capital		1/18/2023		AUD		202,500		USD		131,428		6,559
Morgan Stanley Capital		2/3/2023		AUD		986,429		USD		665,940		6,682
Morgan Stanley Capital		1/18/2023		CAD		65,000		NOK		475,473		(563	)
Morgan Stanley Capital		1/18/2023		CAD		292,452		NZD		332,643		4,755
Morgan Stanley Capital		1/18/2023		CAD		1,440,864		USD		1,042,961		21,293
Morgan Stanley Capital		1/18/2023		EUR		1,659,877		GBP		1,455,040		19,239
Morgan Stanley Capital		1/18/2023		EUR		1,250,047		USD		1,255,991		83,963
Morgan Stanley Capital		2/3/2023		EUR		1,315,656		USD		1,404,313		7,559
Morgan Stanley Capital		1/18/2023		GBP		293,933		EUR		332,126		(471	)
Morgan Stanley Capital		1/18/2023		JPY		65,498,693		USD		439,644		60,748
Morgan Stanley Capital		1/18/2023		MXN		1,377,243		EUR		67,500		(1,944	)
Morgan Stanley Capital		1/18/2023		MXN		3,442,581		USD		172,932		3,069
Morgan Stanley Capital		2/3/2023		NOK		16,004		USD		1,613		23
Morgan Stanley Capital		1/18/2023		NZD		542,610		USD		330,113		14,490

See Notes to Financial Statements.
230

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Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts (Continued)

December 31, 2022

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		2/3/2023		NZD		477,722		USD		303,251	$	214
Morgan Stanley Capital		1/18/2023		SGD		2,244,233		USD		1,583,987		92,232
Morgan Stanley Capital		1/18/2023		USD		671,985		AUD		1,018,755		(22,208	)
Morgan Stanley Capital		1/18/2023		USD		1,099,579		CAD		1,495,207		(4,814	)
Morgan Stanley Capital		2/3/2023		USD		496,824		CAD		679,756		(5,310	)
Morgan Stanley Capital		2/3/2023		USD		483,571		CHF		446,354		(1,111	)
Morgan Stanley Capital		1/18/2023		USD		1,297,484		EUR		1,297,260		(93,078	)
Morgan Stanley Capital		2/3/2023		USD		1,438,955		EUR		1,347,682		(7,285	)
Morgan Stanley Capital		1/18/2023		USD		893,824		GBP		772,897		(41,075	)
Morgan Stanley Capital		1/18/2023		USD		181,938		JPY		23,822,574		(60	)
Morgan Stanley Capital		1/18/2023		USD		12,593		MXN		247,362		(53	)
Morgan Stanley Capital		1/18/2023		USD		728,067		NOK		7,308,913		(18,596	)
Morgan Stanley Capital		1/18/2023		USD		230,188		NZD		386,183		(15,070	)
Morgan Stanley Capital		2/3/2023		USD		301,832		NZD		480,037		(3,103	)
Morgan Stanley Capital		1/18/2023		USD		396,119		SGD		532,838		(1,858	)
Royal Bank of Canada, Toronto		1/18/2023		CAD		67,500		JPY		7,034,985		(3,888	)
Royal Bank of Canada, Toronto		1/18/2023		CAD		2,373,872		USD		1,742,936		10,458
Royal Bank of Canada, Toronto		1/18/2023		EUR		332,126		GBP		292,579		2,109
Royal Bank of Canada, Toronto		1/18/2023		JPY		27,253,783		USD		206,364		1,847
Royal Bank of Canada, Toronto		1/18/2023		NZD		357,265		AUD		332,500		323
Royal Bank of Canada, Toronto		1/18/2023		NZD		665,287		CAD		575,784		(2,774	)
Royal Bank of Canada, Toronto		1/18/2023		SGD		1,091,366		USD		784,688		30,454
Royal Bank of Canada, Toronto		1/18/2023		USD		2,967,435		CAD		4,027,168		(7,120	)
Royal Bank of Canada, Toronto		1/18/2023		USD		508,473		EUR		483,259		(9,543	)
Royal Bank of Canada, Toronto		1/18/2023		USD		333,750		JPY		49,335,092		(43,157	)
Royal Bank of Canada, Toronto		1/18/2023		USD		972,544		MXN		19,922,735		(45,998	)
Royal Bank of Canada, Toronto		1/18/2023		USD		482,089		NZD		801,431		(26,887	)
Royal Bank of Canada, Toronto		1/18/2023		USD		790,094		SGD		1,094,325		(27,258	)

See Notes to Financial Statements.
231

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Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts (Continued)

December 31, 2022

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.		1/18/2023		CAD		65,000		JPY		6,781,226	$	(3,796	)
Standard Chartered Securities N.A.		1/18/2023		GBP		1,438,633		USD		1,691,914		48,261
Standard Chartered Securities N.A.		1/18/2023		JPY		6,829,225		CAD		65,000		4,163
Standard Chartered Securities N.A.		1/18/2023		USD		43,312		AUD		67,500		(2,683	)
Standard Chartered Securities N.A.		1/18/2023		USD		996,875		CAD		1,364,357		(10,869	)
Standard Chartered Securities N.A.		1/18/2023		USD		332,826		EUR		331,667		(22,695	)
Standard Chartered Securities N.A.		1/18/2023		USD		656,650		GBP		598,500		(67,297	)
Standard Chartered Securities N.A.		2/3/2023		USD		28,846		JPY		3,931,252		(1,253	)
Standard Chartered Securities N.A.		1/13/2023		USD		277,018		MXN		5,402,414		531
Standard Chartered Securities N.A.		2/3/2023		USD		1,558		SEK		16,169		5
State Street Bank, Boston		1/18/2023		AUD		139,501		NZD		148,407		807
State Street Bank, Boston		1/18/2023		AUD		67,500		USD		42,084		3,912
State Street Bank, Boston		2/3/2023		AUD		2,433,657		USD		1,642,324		17,128
State Street Bank, Boston		1/18/2023		CAD		1,077,164		USD		787,050		8,567
State Street Bank, Boston		2/3/2023		CAD		1,325,826		USD		980,263		(878	)
State Street Bank, Boston		2/3/2023		CHF		938,263		USD		1,012,264		6,568
State Street Bank, Boston		1/18/2023		COP		877,270,262		USD		183,453		(3,170	)
State Street Bank, Boston		1/18/2023		EUR		332,126		GBP		292,063		2,733
State Street Bank, Boston		1/18/2023		EUR		67,500		MXN		1,386,180		1,487
State Street Bank, Boston		2/3/2023		EUR		401,871		USD		428,527		2,734
State Street Bank, Boston		2/3/2023		GBP		627,349		USD		755,840		3,332
State Street Bank, Boston		1/18/2023		JPY		84,276,294		USD		574,419		69,429
State Street Bank, Boston		2/3/2023		JPY		4,369,044		USD		33,241		210
State Street Bank, Boston		1/13/2023		MXN		3,444,498		USD		177,126		(842	)
State Street Bank, Boston		2/3/2023		NZD		528,604		USD		329,857		5,928
State Street Bank, Boston		1/18/2023		SGD		846,082		USD		597,556		34,383
State Street Bank, Boston		1/18/2023		USD		42,072		AUD		65,000		(2,220	)
State Street Bank, Boston		2/3/2023		USD		1,321,655		AUD		1,954,487		(11,062	)
State Street Bank, Boston		1/18/2023		USD		1,814,197		CAD		2,469,165		(9,582	)
State Street Bank, Boston		2/3/2023		USD		89,641		CAD		122,132		(577	)
State Street Bank, Boston		2/3/2023		USD		1,501,925		CHF		1,388,098		(5,369	)

See Notes to Financial Statements.
232

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Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts (Continued)

December 31, 2022

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)
State Street Bank, Boston		1/18/2023		USD		1,165,518		EUR		1,136,039	$	(52,227	)
State Street Bank, Boston		2/3/2023		USD		761,032		GBP		629,273		(468	)
State Street Bank, Boston		1/18/2023		USD		240,485		JPY		35,071,661		(27,453	)
State Street Bank, Boston		2/3/2023		USD		307,677		JPY		40,548,125		(2,778	)
State Street Bank, Boston		1/13/2023		USD		371,185		MXN		7,266,260		(691	)
State Street Bank, Boston		2/3/2023		USD		332,951		NZD		530,294		(3,909	)
State Street Bank, Boston		1/18/2023		USD		795,635		SGD		1,109,562		(33,097	)
UBS AG, Stamford		1/18/2023		CAD		835,993		USD		622,936		(5,453	)
UBS AG, Stamford		1/18/2023		EUR		1,147,009		USD		1,167,851		61,654
UBS AG, Stamford		1/18/2023		JPY		7,004,400		CAD		67,500		3,655
UBS AG, Stamford		1/18/2023		USD		238,919		CAD		327,233		(2,783	)
UBS AG, Stamford		1/18/2023		USD		4,953,348		EUR		4,889,463		(287,776	)
UBS AG, Stamford		1/18/2023		USD		240,485		JPY		34,835,623		(25,649	)
UBS AG, Stamford		1/18/2023		USD		65,000		NOK		672,870		(3,739	)
UBS AG, Stamford		1/18/2023		USD		584,588		NZD		1,000,575		(50,861	)
UBS AG, Stamford		1/18/2023		USD		380,818		SGD		535,313		(19,007	)
											$	(755,517	)

AUD — Australian Dollar
BRL — Brazillian Real
CAD — Canadian Dollar
CHF — Swiss Franc
COP — Colombian Peso
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
MXN — Mexican Peso
NOK — Norwegian Krone
NZD — New Zealand Dollar
SEK — Swedish Krona
SGD — Singpore Dollar
USD — U.S. Dollar

See Notes to Financial Statements.
233

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Written Options

December 31, 2022

WRITTEN OPTIONS	Counterparty		Contracts		Notional Amount		Value
Currency Call Options
British Pound, 1/19/23 at 1.065		Morgan Stanley Capital		736,925	$	736,925	$	(13	)
Japanese Yen, 9/9/27 at 140.00		Bank of America, San Francisco		529,300		529,300		(6,039	)
Japanese Yen, 9/9/27 at 140.00		BNP Paribas Brokerage Services, Inc.		529,300		529,300		(6,039	)
Mexican Peso, 4/26/23 at 20.60		Bank of America, San Francisco		737,000		737,000		(10,995	)
Mexican Peso, 4/26/23 at 20.60		Morgan Stanley Capital		737,000		737,000		(10,994	)
						3,269,525		(34,080	)

Currency Put Options
Japanese Yen, 4/5/23 at 112.75		Goldman Sachs Bank, USA		2,100,000	$	2,100,000	$	(4,278	)
Mexican Peso, 4/26/23 at 20.00		Bank of America, San Francisco		737,000		737,000		(20,717	)
Mexican Peso, 4/26/23 at 20.00		Morgan Stanley Capital		737,000		737,000		(20,716	)
						3,574,000		(45,711	)
Total Written Options (Premiums Received $128,379)					$	6,843,525	$	(79,791	)

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Interest Rate Swaptions

December 31, 2022

Counterparty	Description	Exercise Rate		Expiration Date		Notional Amount		Value			Upfront Premium Received		Unrealized Appreciation (Depreciation)
Calls Purchased
Barclays Capital, Inc.	Interest Rate, SOFR		0.000%		06/03/2027	$	775,000	$	(699	)	$	—	$	(699	)
Barclays Capital, Inc.	Interest Rate, SOFR		0.000%		06/14/2027		775,000		(713	)		—		(713	)
Calls Written
Barclays Capital, Inc.	Interest Rate, SOFR		3.790%		05/10/2023		3,498,000		(134,232	)		100,917		(33,315	)
Deutsche Bank, London	Interest Rate, SOFR		2.750%		06/30/2027		9,919,300		(4,384	)		—		(4,384	)
Deutsche Bank, London	Interest Rate, SOFR		3.820%		05/09/2023		1,749,000		(69,773	)		50,196		(19,577	)
Goldman Sachs Bank, USA	Interest Rate, SOFR		2.940%		12/15/2023		874,000		(19,530	)		32,688		13,158
JPMChase, New York	Interest Rate, SOFR		2.995%		06/07/2023		1,749,000		(97,648	)		53,607		(44,041	)
Morgan Stanley Capital	Interest Rate, SOFR		3.815%		05/09/2023		3,498,000		(138,584	)		99,868		(38,716	)

See Notes to Financial Statements.
234

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Wilshire Income Opportunities Fund

Schedule of Interest Rate Swaptions (Continued)

December 31, 2022

Counterparty	Description	Exercise Rate		Expiration Date		Notional Amount		Value			Upfront Premium Received		Unrealized Appreciation (Depreciation)
Puts Written
Bank of America, San Francisco	Interest Rate, SOFR		3.880%		05/09/2023	$	3,498,000	$	(50,088	)	$	102,798	$	52,710
Bank of America, San Francisco	Interest Rate, SOFR		3.880%		05/09/2023		3,498,000		(151,348	)		102,797		(48,551	)
Barclays Capital, Inc.	Interest Rate, SOFR		0.000%		05/25/2027		2,436,500		(11,650	)		—		(11,650	)
Barclays Capital, Inc.	Interest Rate, SOFR		3.790%		05/10/2023		3,498,000		(58,564	)		100,917		42,353
Deutsche Bank, London	Interest Rate, SOFR		2.750%		06/30/2027		9,919,300		(42,613	)		—		(42,613	)
Deutsche Bank, London	Interest Rate, SOFR		3.820%		05/09/2023		1,749,000		(27,722	)		50,196		22,474
Goldman Sachs Bank, USA	Interest Rate, SOFR		2.940%		12/15/2023		874,000		(52,843	)		32,688		(20,155	)
JPMChase, New York	Interest Rate, SOFR		4.250%		11/15/2027		4,211,000		(47,066	)		41,373		(5,693	)
JPMChase, New York	Interest Rate, SOFR		2.995%		06/07/2023		1,749,000		(20,262	)		53,607		33,345
Morgan Stanley Capital	Interest Rate, SOFR		3.815%		05/09/2023		3,498,000		(55,909	)		99,868		43,959

Total Interest Rate Swaptions								$	(983,628	)	$	921,520	$	(62,108	)

SOFR — Secured Overnight Financing Rate.

See Notes to Financial Statements.
235

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Centrally Cleared Credit Default Swaps

December 31, 2022

Counterparty	Reference Entity	Protection	Pay Fixed Rate	Termination Date	Payment Frequency	Notional Amount		Value			Premium Paid (Received)			Unrealized Depreciation
Morgan Stanley Capital	Prudential Financial, Inc.	Buy	1.000%	12/20/2024	Quarterly		445,000	$	(5,392	)	$	(4,916	)	$	(476	)
Morgan Stanley Capital	CDX North American High Yield Index	Buy	5.000%	12/20/2027	Quarterly		2,090,000		8,689			24,335			(15,646	)

Total Credit Default Swap Contracts								$	3,297		$	19,419		$	(16,122	)

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Centrally Cleared Interest Rate Swaps

December 31, 2022

Counterparty	Pay (Receive) Floating Rate	Pay (Receive) Fixed Rate	Termination Date	Payment Frequency	Notional Value		Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital	SOFR	(3.393%)	08/25/2024	Annually	$	7,700,000	$	(150,901	)	$	(150,901	)
Morgan Stanley Capital	SOFR	(3.483%)	05/10/2033	Annually		1,311,853		(2,446	)		(2,446	)
Morgan Stanley Capital	SOFR	(3.475%)	05/10/2033	Annually		874,569		(2,135	)		(2,135	)
Morgan Stanley Capital	SOFR	(3.473%)	05/10/2033	Annually		874,578		(2,334	)		(2,334	)
Morgan Stanley Capital	SOFR	(3.289%)	05/10/2033	Annually		961,840		(17,122	)		(17,122	)
Morgan Stanley Capital	SOFR	(3.345%)	05/10/2033	Annually		564,000		(7,431	)		(7,431	)
Morgan Stanley Capital	SOFR	(3.212%)	05/11/2033	Annually		525,000		(12,641	)		(12,641	)
Morgan Stanley Capital	SOFR	(3.172%)	05/11/2033	Annually		437,330		(11,969	)		(11,969	)
Morgan Stanley Capital	SOFR	(3.129%)	05/11/2033	Annually		437,331		(13,499	)		(13,499	)
Morgan Stanley Capital	SOFR	(3.105%)	05/11/2033	Annually		874,000		(28,758	)		(28,758	)

See Notes to Financial Statements.
236

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Centrally Cleared Interest Rate Swaps (Continued)

December 31, 2022

Counterparty	Pay (Receive) Floating Rate	Pay (Receive) Fixed Rate	Termination Date	Payment Frequency	Notional Value		Value			Unrealized Appreciation (Depreciation)
Morgan Stanley Capital	SOFR	(3.154%)	05/10/2033	Annually	$	525,000	$	(15,182	)	$	(15,182	)
Morgan Stanley Capital	SOFR	(3.094%)	05/10/2033	Annually		525,000		(17,759	)		(17,759	)
Morgan Stanley Capital	(SOFR)	3.226%	05/10/2033	Annually		1,084,000		24,895			24,895
Morgan Stanley Capital	SOFR	(3.076%)	05/10/2033	Annually		437,353		(15,459	)		(15,459	)
Morgan Stanley Capital	SOFR	(3.067%)	05/10/2033	Annually		612,294		(22,071	)		(22,071	)
Morgan Stanley Capital	SOFR	(3.114%)	05/10/2033	Annually		394,000		(12,688	)		(12,688	)
Morgan Stanley Capital	(SOFR)	3.209%	05/10/2033	Annually		1,049,000		25,583			25,583
Morgan Stanley Capital	(SOFR)	3.269%	05/10/2033	Annually		656,000		12,756			12,756
Morgan Stanley Capital	(SOFR)	3.297%	05/10/2033	Annually		424,000		7,247			7,247
Morgan Stanley Capital	(SOFR)	3.372%	05/10/2033	Annually		700,000		7,663			7,663
Morgan Stanley Capital	(SOFR)	3.443%	05/17/2033	Annually		533,000		2,559			2,559
Morgan Stanley Capital	(SOFR)	3.465%	05/17/2033	Annually		787,000		2,362			2,362
Morgan Stanley Capital	(SOFR)	3.515%	05/17/2033	Annually		582,000		(659	)		(659	)
Morgan Stanley Capital	SOFR	(3.456%)	05/17/2033	Annually		665,000		(2,515	)		(2,515	)

Total Interest Rate Swap Contracts										$	(252,504	)

SOFR — Secured Overnight Financing Rate.

See Notes to Financial Statements.
237

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Over the Counter Exchange Rate Volatility Swaps

December 31, 2022

Counterparty	Description	Termination Date		Strike Price		Notional Value		Value		Unrealized Appreciation
Morgan Stanley Capital	USD/CNH		06/16/2023		6.350	$	1,603,000	$	—	$	—

Total Exchange Rate Volatility Swaps								$	—	$	—

CNH — Chinese Renminbi

See Notes to Financial Statements.
238

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

December 31, 2022

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	180,963,885	$	152,001,106
Investments in affiliated registered investment companies, at value (Note 6)		7,987,630		7,211,274
Cash and cash equivalents		9,862,722		8,511,147
Cash proceeds from securities lending (Note 8)		25,869		123,601
Margin deposits for futures contracts		177,125		153,850
Margin deposits for swap contracts		2,613,052		972,388
Receivable for capital shares sold		1,116,234		435,754
Receivable for investment securities sold		557,958		37,072
Net unrealized appreciation on swap contracts		—		397,322
Net variation margin receivable on futures contracts		9,594		8,109
Net variation margin receivable on swap contracts		5,041		3,912
Securities lending income receivable		66		76
Dividends and interest receivable		210,243		321,340
Foreign withholding tax reclaims receivable		16,794		13,196
Other assets		27,546		23,667
Total Assets		203,573,759		170,213,814
LIABILITIES:
Payable upon return of securities loaned (Note 8)		25,869		123,601
Payable for capital shares redeemed		392,482		50,912
Payable for investment securities purchased		2,209,748		114,936
Net unrealized depreciation on swap contracts		1,657,531		—
Investment advisory fees payable (Note 3)		144,716		105,595
Distribution fees payable (Note 4)		18,363		298
Shareholder service fees payable (Note 4)		15,962		7,497
Administration fees payable		22,058		18,552
Foreign withholding tax payable		—		457
Accrued interest expense (Note 5)		585		920
Accrued expenses and other payables		54,521		52,437
Total Liabilities		4,541,835		475,205
NET ASSETS	$	199,031,924	$	169,738,609
* Includes value of securities on loan	$	25,119	$	119,620

See Notes to Financial Statements.
239

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2022

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO
NET ASSETS CONSIST OF:
Paid-in capital	$	189,349,893	$	166,194,082
Distributable earnings		9,682,031		3,544,527

NET ASSETS	$	199,031,924	$	169,738,609

NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	51,109,686	$	4,028,137
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		2,018,466		225,786
Net asset value, offering and redemption price per share	$	25.32	$	17.84

INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	147,922,238	$	165,710,472
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		4,860,764		9,383,499
Net asset value, offering and redemption price per share	$	30.43	$	17.66

Unaffiliated investments, at cost (Note 2)	$	154,440,590	$	144,812,261
Investments in affiliated registered investment companies, at cost (Note 6)	$	8,882,573	$	8,309,520

See Notes to Financial Statements.
240

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2022

	SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	21,978,710	$	24,206,486	$	197,635,337
Cash and cash equivalents		536,246		277,440		1,624,149
Cash proceeds from securities lending (Note 8)		354,908		58,102		1,039,050
Receivable for capital shares sold		40,768		2,477		134,405
Receivable for investment securities sold		30,823		8,230		—
Securities lending income receivable		451		63		2,177
Dividends and interest receivable		6,867		28,961		190,319
Foreign withholding tax reclaims receivable		—		35		728
Other assets		14,591		14,837		34,962
Total Assets		22,963,364		24,596,631		200,661,127
LIABILITIES:
Payable upon return of securities loaned (Note 8)		354,908		58,102		1,039,050
Payable for capital shares redeemed		17,082		10,688		7,378
Payable for investment securities purchased		46,040		13,211		—
Investment advisory fees payable (Note 3)		2,673		5,569		17,367
Distribution fees payable (Note 4)		13,656		320		23,704
Shareholder service fees payable (Note 4)		3,283		2,472		—
Administration fees payable		5,768		6,318		24,830
Foreign withholding tax payable		—		24		27
Accrued interest expense (Note 5)		138		106		111
Accrued expenses and other payables		36,852		37,993		52,518
Total Liabilities		480,400		134,803		1,164,985
NET ASSETS	$	22,482,964	$	24,461,828	$	199,496,142
* Includes fair value of securities on loan	$	346,842	$	56,620	$	1,014,354

See Notes to Financial Statements.
241

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2022

	SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	25,062,133		$	21,861,638	$	64,000,428
Distributable earnings (Accumulated losses)		(2,579,169	)		2,600,190		135,495,714

NET ASSETS	$	22,482,964		$	24,461,828	$	199,496,142

NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	5,938,481		$	5,188,689	$	157,123,697
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		430,627			228,688		6,929,216
Net asset value, offering and redemption price per share	$	13.79		$	22.69	$	22.68

INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	16,544,483		$	19,273,139	$	42,372,445
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)		997,712			826,485		1,867,473
Net asset value, offering and redemption price per share	$	16.58		$	23.32	$	22.69

Unaffiliated investments, at cost (Note 2)	$	21,431,317		$	22,024,761	$	62,584,430

See Notes to Financial Statements.
242

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2022

	WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
ASSETS:
Unaffiliated investments, at value* (Note 2)	$	199,046,545	$	211,813,045
Investments in affiliated registered investment companies, at value (Note 6)		7,580,341		7,522,664
Cash and cash equivalents		9,542,302		15,087,450
Foreign currency, at value		59,539		104,191
Cash proceeds from securities lending (Note 8)		108,168		2,644,235
Due from custodian		—		56,692
Margin deposits for futures contracts		184,925		455,675
Margin deposits for swap contracts		592,744		1,002,538
Receivable for capital shares sold		10,610		116,352
Receivable for investment securities sold		154,982		510,818
Net unrealized appreciation on swap contracts		4,206,287		—
Unrealized appreciation on swaption contracts		—		207,999
Unrealized appreciation on forward foreign currency contracts (Note 7)		—		1,366,524
Net variation margin receivable on futures contracts		10,055		—
Net variation margin receivable on swap contracts		5,229		3,772
Securities lending income receivable		216		3,015
Dividends and interest receivable		670,058		2,015,138
Foreign withholding tax reclaims receivable		1,004,587		12,250
Other assets		34,160		21,854
Total Assets		223,210,748		242,944,212
LIABILITIES:
Options written, at value		—		79,791
Swaption premium received		—		921,520
Due to broker		—		4,197
Payable upon return of securities loaned (Note 8)		108,168		2,644,235
Payable for capital shares redeemed		140,510		68,620
Payable for investment securities purchased		593,022		3,348,830
Unrealized depreciation on swaption contracts		—		270,107
Unrealized depreciation on forward foreign currency contracts (Note 7)		—		2,122,041
Net variation margin payable on futures contracts		—		700
Investment advisory fees payable (Note 3)		157,748		102,645
Distribution fees payable (Note 4)		71		32
Shareholder service fees payable (Note 4)		9,350		11,669
Administration fees payable		26,477		26,181
Foreign withholding tax payable		65,272		6,371
Accrued interest expense (Note 5)		1,007		—
Accrued expenses and other payables		109,402		117,718
Total Liabilities		1,211,027		9,724,657
NET ASSETS	$	221,999,721	$	233,219,555
* Includes value of securities on loan	$	102,560	$	2,535,158

See Notes to Financial Statements.
243

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2022

	WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	217,685,457	$	276,301,058
Distributable earnings (Accumulated losses)		4,314,264		(43,081,503	)

NET ASSETS	$	221,999,721	$	233,219,555

NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	1,036,365	$	515,761
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) †		110,727		59,577
Net asset value, offering and redemption price per share ^(a)	$	9.36	$	8.66

INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	220,963,356	$	232,703,794
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) †		23,900,331		27,129,013
Net asset value, offering and redemption price per share ^(a)	$	9.25	$	8.58

Unaffiliated investments, at cost (Note 2)	$	190,849,964	$	240,619,909
Investments in affiliated registered investment companies, at cost (Note 5)	$	8,406,257	$	8,581,911
Foreign currency, at cost	$	61,420	$	102,088
Premiums received for options written	$	—	$	128,379

†	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.
244

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Year Ended December 31, 2022

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO
INVESTMENT INCOME:
Dividends	$	1,547,798		$	2,691,053
Dividends from affiliated registered investment companies (Note 6)		456,354			408,080
Interest		688,747			521,267
Income from securities lending (Note 8)		333			847
Foreign taxes withheld		(2,936	)		(23,753	)
Total income		2,960,296			3,597,494

EXPENSES:
Investment advisory fee (Note 3)		1,740,703			1,415,178
Shareholder service fees (Note 4)
Institutional Class		81,525			79,418
Investment Class		78,769			3,349
Distribution (12b-1) fees (Note 4)
Investment Class		151,380			12,559
Administration and accounting fees (Note 3)		131,316			111,774
Directors’ fees and expenses (Note 3)		68,679			54,990
Professional fees		51,948			47,454
Pricing costs		43,700			49,414
Registration and filing fees		41,184			39,597
Transfer agent fees (Note 3)		40,014			32,332
Printing expense		37,613			28,288
Custodian fees (Note 3)		20,602			31,799
Insurance expense		18,699			14,966
Other		10,384			10,366
Interest expense (Note 5)		2,458			1,577
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3)		2,542			—
Total expenses		2,521,516			1,933,061
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(10,446	)		(30,491	)
Fees paid indirectly (Note 4)		(375	)		(82	)
Net expenses		2,510,695			1,902,488

Net investment income		179,601			1,695,006

See Notes to Financial Statements.
245

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2022

	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	$	(5,216,218	)	$	5,655,108
Sale of affiliated investment company shares		(703,523	)		(550,396	)
Long-term capital gain distribution from affiliated registered investment companies		6,676			5,624
Futures contracts		1,586,814			1,300,359
Swap contracts		(8,024,297	)		(1,401,021	)
Foreign currency transactions		—			(7,442	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(71,325,906	)		(28,925,314	)
Investments in affiliated investment company shares		(1,053,962	)		(1,134,066	)
Futures contracts		171,068			139,803
Swap contracts		(7,755,707	)		(2,810,967	)
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—			(178	)
Net realized and unrealized losses on investments and foreign currency transactions		(92,315,055	)		(27,728,490	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(92,135,454	)	$	(26,033,484	)

See Notes to Financial Statements.
246

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2022

	SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND
INVESTMENT INCOME:
Dividends	$	154,789		$	570,953		$	3,406,777
Interest		9,009			3,679			34,731
Income from securities lending (Note 8)		4,405			1,834			28,672
Foreign taxes withheld		(413	)		(760	)		(195	)
Total income		167,790			575,706			3,469,985

EXPENSES:
Investment advisory fee (Note 3)		235,093			248,526			225,120
Shareholder service fees (Note 4)
Institutional Class		26,007			25,387			23,844
Investment Class		6,278			7,997			104,301
Administration and accounting fees (Note 3)		34,894			38,217			146,294
Registration and filing fees		33,215			32,817			44,005
Professional fees		27,684			25,081			47,264
Transfer agent fees (Note 3)		24,741			24,419			37,617
Printing expense		21,483			16,255			20,384
Custodian fees (Note 3)		19,378			15,867			23,456
Distribution (12b-1) fees (Note 4)
Investment Class		18,509			14,916			337,703
Pricing costs		15,117			21,829			61,207
Directors’ fees and expenses (Note 3)		8,401			8,600			65,116
Insurance expense		2,660			2,136			16,392
Other		2,595			2,595			2,649
Interest expense (Note 5)		158			603			5,177
Total expenses		476,213			485,245			1,160,529
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(154,221	)		(148,103	)		—
Fees paid indirectly (Note 4)		(1,482	)		(751	)		—
Net expenses		320,510			336,391			1,160,529

Net investment income (loss)		(152,720	)		239,315			2,309,456

See Notes to Financial Statements.
247

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2022

	SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM 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	$	(2,289,427	)	$	2,347,919		$	8,029,687
Foreign currency transactions		—			—			2
Net change in unrealized depreciation on:
Unaffiliated investments		(9,514,348	)		(6,186,858	)		(60,425,298	)
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—			—			(2	)
Net realized and unrealized losses on investments and foreign currency transactions		(11,803,775	)		(3,838,939	)		(52,395,611	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,956,495	)	$	(3,599,624	)	$	(50,086,155	)

See Notes to Financial Statements.
248

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2022

	WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends	$	6,564,380		$	210,495
Dividends from affiliated registered investment companies (Note 6)		467,013			1,022,905
Interest		653,448			9,947,228
Income from securities lending (Note 7)		2,714			15,241
Foreign taxes withheld		(770,487	)		(17,793	)
Total income		6,917,068			11,178,076

EXPENSES:
Investment advisory fee (Note 3)		2,422,095			1,570,012
Custodian fees (Note 3)		295,531			95,717
Administration and accounting fees (Note 3)		165,151			157,192
Shareholder service fees (Note 4)
Institutional Class		102,943			129,218
Investment Class		3,651			2,810
Pricing costs		94,668			275,390
Professional fees		90,040			73,491
Directors’ fees and expenses (Note 3)		70,486			76,132
Registration and filing fees		42,231			42,143
Transfer agent fees (Note 3)		35,856			35,052
Printing expense		25,029			26,075
Insurance expense		19,111			20,160
Other		18,576			11,032
Distribution (12b-1) fees (Note 4)
Investment Class		5,613			4,119
Interest expense (Note 2)		5,332			57
Total expenses		3,396,313			2,518,600
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(359,553	)		(159,407	)
Fees paid indirectly (Note 4)		(4,667	)		—
Net expenses		3,032,093			2,359,193

Net investment income		3,884,975			8,818,883

See Notes to Financial Statements.
249

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2022

	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	$	(2,188,149	)	$	(9,315,496	)
Foreign capital gains tax		(80,572	)		—
Sale of affiliated registered investment company shares		(755,481	)		(2,475,758	)
Long-term capital gain distribution from affiliated registered investment companies		6,302			21,879
Futures contracts		1,623,370			(513,926	)
Forward foreign currency contracts		—			1,256,576
Option contracts written		—			164,386
Swap contracts		(12,394,724	)		(372,918	)
Swaption contracts		—			570,604
Foreign currency transactions		(61,533	)		(147,014	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(48,526,985	)		(28,411,432	)
Investments in affiliated investment company shares		(1,069,731	)		(849,901	)
Futures contracts		185,985			179,284
Forward foreign currency contracts		—			(919,325	)
Option contracts written		—			16,854
Swap contracts		3,435,507			(273,933	)
Swaption contracts		—			(65,753	)
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(68,033	)		8,080
Net realized and unrealized losses on investments and foreign currency transactions		(59,894,044	)		(41,127,793	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(56,009,069	)	$	(32,308,910	)

See Notes to Financial Statements.
250

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
OPERATIONS:
Net investment income (loss)	$	179,601		$	(879,726	)	$	1,695,006		$	1,249,937
Net realized gains (losses) on investments and foreign currency transactions		(12,357,224	)		74,765,996			4,996,608			50,273,934
Long-term capital gain distributions from registered investment companies		6,676			10,058			5,624			23,128
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(79,964,507	)		(14,986,694	)		(32,730,722	)		1,574,564
Net increase (decrease) in net assets resulting from operations		(92,135,454	)		58,909,634			(26,033,484	)		53,121,563

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(9,109,456	)		(16,133,735	)		(408,074	)		(624,176	)
Institutional Class shares		(22,592,876	)		(34,585,139	)		(17,499,912	)		(23,610,544	)
Total distributions to shareholders		(31,702,332	)		(50,718,874	)		(17,907,986	)		(24,234,720	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		865,160			968,034			175,518			316,336
Shares issued as reinvestment of distributions		8,855,669			15,659,535			361,915			561,711
Shares redeemed		(9,266,215	)		(8,946,272	)		(1,441,090	)		(1,049,643	)
Net increase (decrease) in net assets from Investment Class share transactions		454,614			7,681,297			(903,657	)		(171,596	)

Institutional Class shares:
Shares sold		31,037,822			22,374,699			12,449,210			34,484,987
Shares issued as reinvestment of distributions		22,014,433			33,428,919			17,328,955			23,417,240
Shares redeemed		(25,224,210	)		(39,451,647	)		(44,549,949	)		(50,315,675	)
Net increase (decrease) in net assets from Institutional Class share transactions		27,828,045			16,351,971			(14,771,784	)		7,586,552

Net increase (decrease) in net assets		(95,555,127	)		32,224,028			(59,616,911	)		36,301,799

NET ASSETS:
Beginning of period		294,587,051			262,363,023			229,355,520			193,053,721
End of period	$	199,031,924		$	294,587,051		$	169,738,609		$	229,355,520

See Notes to Financial Statements.
251

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
OPERATIONS:
Net investment income (loss)	$	(152,720	)	$	(292,470	)	$	239,315		$	167,093
Net realized gains (losses) on investments		(2,289,427	)		14,832,854			2,347,919			6,614,240
Net change in unrealized appreciation (depreciation) on investments		(9,514,348	)		(8,848,254	)		(6,186,858	)		3,689,452
Net increase (decrease) in net assets resulting from operations		(11,956,495	)		5,692,130			(3,599,624	)		10,470,785

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(1,239,909	)		(3,055,210	)		(554,264	)		(62,733	)
Institutional Class shares		(3,058,605	)		(7,240,937	)		(2,013,229	)		(350,128	)
Total distributions to shareholders		(4,298,514	)		(10,296,147	)		(2,567,493	)		(412,861	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		98,802			268,360			81,185			460,415
Shares issued as reinvestment of distributions		1,195,988			2,923,634			545,664			61,789
Shares redeemed		(1,633,568	)		(1,860,991	)		(939,008	)		(557,609	)
Net increase (decrease) in net assets from Investment Class share transactions		(338,778	)		1,331,003			(312,159	)		(35,405	)

Institutional Class shares:
Shares sold		1,654,370			2,990,895			983,622			1,650,866
Shares issued as reinvestment of distributions		3,020,962			7,103,020			1,981,113			345,764
Shares redeemed		(4,561,185	)		(15,918,223	)		(9,121,704	)		(14,903,070	)
Net increase (decrease) in net assets from Institutional Class share transactions		114,147			(5,824,308	)		(6,156,969	)		(12,906,440	)

Net decrease in net assets		(16,479,640	)		(9,097,322	)		(12,636,245	)		(2,883,921	)

NET ASSETS:
Beginning of period		38,962,604			48,059,926			37,098,073			39,981,994
End of period	$	22,482,964		$	38,962,604		$	24,461,828		$	37,098,073

See Notes to Financial Statements.
252

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
OPERATIONS:
Net investment income	$	2,309,456		$	2,035,828		$	3,884,975		$	2,768,631
Net realized gains (losses) on investments and foreign currency transactions		8,029,689			16,428,052			(13,857,089	)		46,489,137
Long-term capital gain distributions from registered investment companies		—			—			6,302			7,876
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(60,425,300	)		35,403,175			(46,043,257	)		(12,561,481	)
Net increase (decrease) in net assets resulting from operations		(50,086,155	)		53,867,055			(56,009,069	)		36,704,163

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(7,866,548	)		(13,848,970	)		(9,677	)		(543,935	)
Institutional Class shares		(2,217,179	)		(3,992,279	)		(2,043,674	)		(49,759,777	)
Total distributions to shareholders		(10,083,727	)		(17,841,249	)		(2,053,351	)		(50,303,712	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		9,291,330			13,878,596			452,029			1,060,987
Shares issued as reinvestment of distributions		7,533,667			13,296,783			9,319			508,704
Redemption fees (Note 2)		—			—			95			35
Shares redeemed		(15,721,238	)		(16,985,711	)		(1,965,437	)		(486,162	)
Net increase (decrease) in net assets from Investment Class share transactions		1,103,759			10,189,668			(1,503,994	)		1,083,564

Institutional Class shares:
Shares sold		31,838,674			3,941,879			21,093,113			35,250,331
Shares issued as reinvestment of distributions		1,799,008			3,508,853			2,023,181			49,330,817
Redemption fees (Note 2)		—			—			9,238			3,870
Shares redeemed		(33,269,208	)		(8,215,522	)		(39,982,568	)		(81,516,365	)
Net increase (decrease) in net assets from Institutional Class share transactions		368,474			(764,790	)		(16,857,036	)		3,068,653

Net increase (decrease) in net assets		(58,697,649	)		45,450,684			(76,423,450	)		(9,447,332	)

NET ASSETS:
Beginning of period		258,193,791			212,743,107			298,423,171			307,870,503
End of period	$	199,496,142		$	258,193,791		$	221,999,721		$	298,423,171

See Notes to Financial Statements.
253

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2022			Year Ended December 31, 2021
OPERATIONS:
Net investment income	$	8,818,883		$	8,336,969
Net realized gains (losses) on investments and foreign currency transactions		(10,833,546	)		1,451,750
Long-term capital gain distributions from registered investment companies		21,879			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(30,316,126	)		(7,873,593	)
Net increase (decrease) in net assets resulting from operations		(32,308,910	)		1,915,126

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares		(41,208	)		(70,372	)
Institutional Class shares		(8,881,215	)		(11,875,158	)
Total distributions to shareholders		(8,922,423	)		(11,945,530	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold		289,040			528,790
Shares issued as reinvestment of distributions		40,427			68,253
Shares redeemed		(1,659,497	)		(395,778	)
Net increase (decrease) in net assets from Investment Class share transactions		(1,330,030	)		201,265

Institutional Class shares:
Shares sold		15,158,563			42,508,646
Shares issued as reinvestment of distributions		8,790,442			11,777,165
Shares redeemed		(51,514,443	)		(49,779,459	)
Net increase (decrease) in net assets from Institutional Class share transactions		(27,565,438	)		4,506,352

Net decrease in net assets		(70,126,801	)		(5,322,787	)

NET ASSETS:
Beginning of period		303,346,356			308,669,143
End of period	$	233,219,555		$	303,346,356

See Notes to Financial Statements.
254

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	44.34		$	44.34		$	38.88		$	33.33		$	39.53

Income (loss) from investment operations:
Net investment loss ^(a)		(0.05	)		(0.27	)		(0.19	)		(0.15	)		(0.20	)
Net realized and unrealized gains (losses) on investments		(13.71	)		10.33			15.00			9.61			(0.35	)
Total from investment operations		(13.76	)		10.06			14.81			9.46			(0.55	)

Less distributions:
From net investment income		—			—			—			—			—
From realized capital gains		(5.26	)		(10.06	)		(9.35	)		(3.91	)		(5.65	)
Total distributions		(5.26	)		(10.06	)		(9.35	)		(3.91	)		(5.65	)

Net asset value, end of period	$	25.32		$	44.34		$	44.34		$	38.88		$	33.33

Total return ^(b)		(31.74	%)		23.03	%		38.82	%		28.61	%		(1.90	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	51,110		$	86,217		$	77,659		$	64,470		$	56,671
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.30	%^(d)		1.30	%^(d)		1.30	%^(d)		1.30	%^(d)		1.31	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)(e)		1.31	%		1.30	%		1.31	%		1.32	%		1.31	%
Net investment loss ^(f)		(0.15	%)		(0.55	%)		(0.43	%)		(0.37	%)		(0.48	%)
Portfolio turnover rate		75	%		85	%		84	%		43	%		69	%

^(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%, 1.30% and 1.30% for the years ended December 31, 2022, 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 1.31%, 1.30%, 1.31% 1.32%, and 1.31%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, 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.
255

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	51.72		$	50.18		$	42.99		$	36.41		$	42.53

Income (loss) from investment operations:
Net investment income (loss) ^(a)		0.07			(0.12	)		(0.06	)		(0.03	)		(0.07	)
Net realized and unrealized gains (losses) on investments ^(b)		(16.06	)		11.72			16.65			10.52			(0.40	)
Total from investment operations		(15.99	)		11.60			16.59			10.49			(0.47	)

Less distributions:
From net investment income		(0.04	)		—			(0.05	)		—			—
From realized capital gains		(5.26	)		(10.06	)		(9.35	)		(3.91	)		(5.65	)
Total distributions		(5.30	)		(10.06	)		(9.40	)		(3.91	)		(5.65	)

Net asset value, end of period	$	30.43		$	51.72		$	50.18		$	42.99		$	36.41

Total return ^(c)		(31.53	%)		23.42	%		39.25	%		29.02	%		(1.58	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	147,922		$	208,370		$	184,704		$	146,459		$	148,029
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.00	%^(g)		0.97	%^(g)		0.98	%		1.00	%		0.98	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)(e)		1.00	%		0.97	%		0.98	%		1.00	%		0.99	%
Net investment income (loss) ^(f)		0.17	%		(0.22	%)		(0.12	%)		(0.07	%)		(0.16	%)
Portfolio turnover rate		75	%		85	%		84	%		43	%		69	%

^(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)	Ratio does not include expenses from underlying funds.
^(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 1.00%, 0.97%, 0.98%, 1.00%, and 0.99%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).
^(f)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.
^(g)	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 1.00% and 0.97% for the years ended December 31, 2022 and 2021, respectively (Note 3).

See Notes to Financial Statements.
256

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	22.29		$	19.75		$	20.11		$	17.22		$	21.18

Income (loss) from investment operations:
Net investment income ^(a)		0.12			0.05			0.22			0.31			0.29
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(2.62	)		4.99			(0.39	)		3.74			(2.73	)
Total from investment operations		(2.50	)		5.04			(0.17	)		4.05			(2.44	)

Less distributions:
From net investment income		(0.21	)		(0.28	)		—			(0.32	)		(0.29	)
From realized capital gains		(1.74	)		(2.22	)		(0.19	)		(0.84	)		(1.23	)
Total distributions		(1.95	)		(2.50	)		(0.19	)		(1.16	)		(1.52	)

Net asset value, end of period	$	17.84		$	22.29		$	19.75		$	20.11		$	17.22

Total return ^(b)		(11.46	%)		25.82	%		(0.81	%)		23.63	%		(11.71	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	4,029		$	6,068		$	5,509		$	6,070		$	5,137
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.29	%		1.32	%		1.32	%		1.26	%		1.24	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)(d)		1.29	%		1.32	%		1.32	%		1.26	%		1.24	%
Net investment income ^(e)		0.62	%		0.24	%		1.32	%		1.61	%		1.40	%
Portfolio turnover rate		38	%		87	%		77	%		48	%		65	%

^(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 1.29%, 1.32%, 1.32%, 1.26%, and 1.24% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, 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.
257

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	22.29		$	19.56		$	19.86		$	17.01		$	20.95

Income (loss) from investment operations:
Net investment income ^(a)		0.18			0.13			0.28			0.36			0.35
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(2.80	)		5.14			(0.39	)		3.71			(2.71	)
Total from investment operations		(2.62	)		5.27			(0.11	)		4.07			(2.36	)

Less distributions:
From net investment income		(0.27	)		(0.32	)		—			(0.38	)		(0.35	)
From realized capital gains		(1.74	)		(2.22	)		(0.19	)		(0.84	)		(1.23	)
Total distributions		(2.01	)		(2.54	)		(0.19	)		(1.22	)		(1.58	)

Net asset value, end of period	$	17.66		$	22.29		$	19.56		$	19.86		$	17.01

Total return ^(b)		(11.97	%)		27.26	%		(0.52	%)		23.99	%		(11.47	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	165,710		$	223,288		$	187,545		$	186,069		$	182,553
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(c)		1.00	%		0.99	%		0.99	%		0.98	%		0.97	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(c)(d)		1.02	%		0.99	%		0.99	%		0.98	%		0.97	%
Net investment income ^(e)		0.92	%		0.57	%		1.65	%		1.88	%		1.70	%
Portfolio turnover rate		38	%		87	%		77	%		48	%		65	%

^(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 1.02%, 0.99%, 0.98%, 0.98%, and 0.97% for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, 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.
258

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	25.11		$	30.94		$	27.09		$	21.71		$	25.05

Income (loss) from investment operations:
Net investment loss ^(a)		(0.14	)		(0.29	)		(0.24	)		(0.17	)		(0.17	)
Net realized and unrealized gains (losses) on investments		(7.65	)		4.07			7.84			6.07			(1.75	)
Total from investment operations		(7.79	)		3.78			7.60			5.90			(1.92	)

Less distributions:
From realized capital gains		(3.53	)		(9.61	)		(3.75	)		(0.52	)		(1.42	)

Net asset value, end of period	$	13.79		$	25.11		$	30.94		$	27.09		$	21.71

Total return ^(b)		(31.59	%)		13.07	%		28.98	%		27.23	%		(7.87	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	5,938		$	10,817		$	11,128		$	9,823		$	8,162
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.34	%^(e)		1.35	%		1.35	%		1.35	%^(c)		1.35	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.87	%		1.63	%		1.63	%		1.54	%		1.54	%
Net investment loss		(0.74	%)		(0.88	%)		(0.91	%)		(0.67	%)		(0.65	%)
Portfolio turnover rate		57	%		65	%		50	%		67	%		92	%

^(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 Advisor. 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 1.86%, 1.63%, 1.63%, 1.53%, and 1.54%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).
^(e)	The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.35% for the year ended December 31, 2022 (Note 4).

See Notes to Financial Statements.
259

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	29.12		$	34.40		$	29.70		$	23.70		$	27.14

Income (loss) from investment operations:
Net investment loss ^(a)		(0.11	)		(0.24	)		(0.19	)		(0.12	)		(0.11	)
Net realized and unrealized gains (losses) on investments		(8.90	)		4.57			8.64			6.64			(1.91	)
Total from investment operations		(9.01	)		4.33			8.45			6.52			(2.02	)

Less distributions:
From realized capital gains		(3.53	)		(9.61	)		(3.75	)		(0.52	)		(1.42	)

Net asset value, end of period	$	16.58		$	29.12		$	34.40		$	29.70		$	23.70

Total return ^(b)		(31.42	%)		13.36	%		29.30	%		27.56	%		(7.63	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	16,545		$	28,146		$	36,932		$	53,301		$	44,603
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.09	%^(e)		1.10	%		1.10	%		1.10	%^(c)		1.10	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.67	%		1.38	%		1.36	%		1.27	%		1.27	%
Net investment loss		(0.48	%)		(0.64	%)		(0.66	%)		(0.43	%)		(0.37	%)
Portfolio turnover rate		57	%		65	%		50	%		67	%		92	%

^(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 Advisor. 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 1.66%, 1.37%, 1.36%, 1.26%, and 1.27%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).
^(e)	The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2022 (Note 4).

See Notes to Financial Statements.
260

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	28.06		$	21.45		$	21.85		$	18.13		$	22.99

Income (loss) from investment operations:
Net investment income ^(a)		0.17			0.07			0.06			0.14			0.05
Net realized and unrealized gains (losses) on investments ^(b)		(3.01	)		6.80			0.03			3.72			(3.77	)
Total from investment operations		(2.84	)		6.87			0.09			3.86			(3.72	)

Less distributions:
From net investment income		(0.18	)		(0.24	)		—			(0.14	)		(0.05	)
From realized capital gains		(2.35	)		(0.02	)		(0.49	)		—			(1.09	)
Total distributions		(2.53	)		(0.26	)		(0.49	)		(0.14	)		(1.14	)

Net asset value, end of period	$	22.69		$	28.06		$	21.45		$	21.85		$	18.13

Total return ^(c)		(10.33	%)		32.04	%		0.47	%		21.32	%		(16.35	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	5,189		$	6,751		$	5,186		$	5,355		$	4,792
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.89	%		1.75	%		1.84	%		1.56	%		1.57	%
Net investment income		0.66	%		0.28	%		0.36	%		0.69	%		0.21	%
Portfolio turnover rate		52	%		45	%		54	%		168	%		74	%

^(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 1.88%, 1.75%, 1.84%, 1.55%, and 1.58%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

See Notes to Financial Statements.
261

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	28.78		$	21.99		$	22.33		$	18.53		$	23.49

Income (loss) from investment operations:
Net investment income ^(a)		0.23			0.13			0.11			0.19			0.11
Net realized and unrealized gains (losses) on investments ^(b)		(3.09	)		7.00			0.04			3.81			(3.88	)
Total from investment operations		(2.86	)		7.13			0.15			4.00			(3.77	)

Less distributions:
From net investment income		(0.25	)		(0.32	)		—			(0.20	)		(0.10	)
From realized capital gains		(2.35	)		(0.02	)		(0.49	)		—			(1.09	)
Total distributions		(2.60	)		(0.34	)		(0.49	)		(0.20	)		(1.19	)

Net asset value, end of period	$	23.32		$	28.78		$	21.99		$	22.33		$	18.53

Total return ^(c)		(10.13	%)		32.40	%		0.73	%		21.60	%		(16.17	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	19,273		$	30,347		$	34,796		$	55,078		$	46,948
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.10	%		1.10	%		1.10	%		1.10	%^(d)		1.10	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(e)		1.60	%		1.46	%		1.52	%		1.28	%		1.26	%
Net investment income		0.86	%		0.49	%		0.59	%		0.92	%		0.53	%
Portfolio turnover rate		52	%		45	%		54	%		168	%		74	%

^(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 1.60%, 1.46%, 1.51%, 1.27%, and 1.27%, for the years ended December 31, 2022, 2021, 2020, 2019, and 2018, respectively (Note 4).

See Notes to Financial Statements.
262

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	29.40		$	25.14		$	22.93		$	18.58		$	20.83

Income (loss) from investment operations:
Net investment income ^(a)		0.25			0.23			0.26			0.31			0.31
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(5.80	)		6.16			4.25			5.20			(1.45	)
Total from investment operations		(5.55	)		6.39			4.51			5.51			(1.14	)

Less distributions:
From net investment income		(0.25	)		(0.22	)		(0.26	)		(0.30	)		(0.30	)
From realized capital gains		(0.92	)		(1.91	)		(2.04	)		(0.86	)		(0.81	)
Total distributions		(1.17	)		(2.13	)		(2.30	)		(1.16	)		(1.11	)

Net asset value, end of period	$	22.68		$	29.40		$	25.14		$	22.93		$	18.58

Total return ^(b)		(18.98	%)		25.59	%		19.93	%		29.74	%		(5.60	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	157,124		$	202,121		$	164,172		$	162,114		$	134,197
Operating expenses		0.57	%		0.52	%		0.61	%		0.62	%		0.60	%
Net investment income		0.98	%		0.81	%		1.13	%		1.34	%		1.42	%
Portfolio turnover rate		21	%		9	%		9	%		3	%		1	%

^(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.
263

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 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	29.42		$	25.15		$	22.93		$	18.58		$	20.83

Income (loss) from investment operations:
Net investment income ^(a)		0.30			0.29			0.33			0.37			0.37
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(5.81	)		6.17			4.26			5.20			(1.46	)
Total from investment operations		(5.51	)		6.46			4.59			5.57			(1.09	)

Less distributions:
From net investment income		(0.30	)		(0.28	)		(0.33	)		(0.36	)		(0.35	)
From realized capital gains		(0.92	)		(1.91	)		(2.04	)		(0.86	)		(0.81	)
Total distributions		(1.22	)		(2.19	)		(2.37	)		(1.22	)		(1.16	)

Net asset value, end of period	$	22.69		$	29.42		$	25.15		$	22.93		$	18.58

Total return ^(b)		(18.83	%)		25.85	%		20.28	%		30.08	%		(5.32	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	42,372		$	56,073		$	48,571		$	40,266		$	32,110
Operating expenses		0.35	%		0.31	%		0.31	%		0.33	%		0.33	%
Net investment income		1.17	%		1.02	%		1.44	%		1.61	%		1.70	%
Portfolio turnover rate		21	%		9	%		9	%		3	%		1	%

^(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.
264

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	11.64		$	12.38		$	11.37		$	9.32		$	11.19

Income (loss) from investment operations:
Net investment income ^(a)		0.13			0.09			0.05			0.12			0.10
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(2.32	)		1.41			1.81			2.07			(1.51	)
Total from investment operations		(2.19	)		1.50			1.86			2.19			(1.41	)

Less distributions:
From net investment income		—			(0.39	)		(0.02	)		(0.14	)		(0.04	)
From realized capital gains		(0.09	)		(1.85	)		(0.83	)		—			(0.42	)
Total distributions		(0.09	)		(2.24	)		(0.85	)		(0.14	)		(0.46	)

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	$	9.36		$	11.64		$	12.38		$	11.37		$	9.32

Total return ^(c)		(18.88	%)		12.48	%		16.55	%		23.52	%		(12.66	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	1,037		$	3,269		$	2,438		$	2,612		$	2,789
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.50	%		1.50	%		1.50	%		1.50	%		1.51	%^(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.75	%^(f)		1.76	%^(f)		1.69	%^(f)		1.63	%^(f)		1.59	%
Net investment income ^(g)		1.36	%		0.65	%		0.44	%		1.21	%		1.02	%
Portfolio turnover rate		48	%		53	%		61	%		54	%		96	%

^(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% for the year ended December 31, 2018 (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 1.75%, 1.76%, 1.69% and 1.63% for the years ended December 31, 2022 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.
265

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	11.47		$	12.20		$	11.19		$	9.19		$	11.04

Income (loss) from investment operations:
Net investment income ^(a)		0.15			0.12			0.08			0.14			0.13
Net realized and unrealized gains (losses) on investments and foreign currency transactions		(2.28	)		1.39			1.78			2.05			(1.49	)
Total from investment operations		(2.13	)		1.51			1.86			2.19			(1.36	)

Less distributions:
From net investment income		—			(0.39	)		(0.02	)		(0.19	)		(0.07	)
From realized capital gains		(0.09	)		(1.85	)		(0.83	)		—			(0.42	)
Total distributions		(0.09	)		(2.24	)		(0.85	)		(0.19	)		(0.49	)

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	$	9.25		$	11.47		$	12.20		$	11.19		$	9.19

Total return ^(c)		(18.63	%)		12.78	%		16.82	%		23.81	%		(12.39	%)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	220,963		$	295,154		$	305,433		$	387,493		$	383,682
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.25	%		1.25	%		1.25	%		1.25	%^(e)		1.27	%^(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(d)		1.40	%^(f)		1.38	%^(f)		1.32	%^(f)		1.29	%^(f)		1.25	%
Net investment income ^(g)		1.57	%		0.90	%		0.71	%		1.39	%		1.28	%
Portfolio turnover rate		48	%		53	%		61	%		54	%		96	%

^(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 before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.40%, 1.38%, 1.31% and 1.28% for the years ending December 31, 2022, 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.
266

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Period.
	Investment Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	10.08		$	10.39		$	10.42		$	9.88		$	10.25

Income (loss) from investment operations:
Net investment income ^(a)		0.27			0.26			0.33			0.35			0.32
Net realized and unrealized gains (losses) on investments and foreign currency transactions ^(b)		(1.40	)		(0.22	)		0.03			0.58			(0.39	)
Total from investment operations		(1.13	)		0.04			0.36			0.93			(0.07	)

Less distributions:
From net investment income		(0.29	)		(0.26	)		(0.35	)		(0.39	)		(0.30	)
From realized capital gains		—			(0.09	)		(0.04	)		—			—
Total distributions		(0.29	)		(0.35	)		(0.39	)		(0.39	)		(0.30	)

Net asset value, end of period	$	8.66		$	10.08		$	10.39		$	10.42		$	9.88

Total return ^(c)		(11.18	%)		0.40	%		3.59	%^(d)		9.58	%^(d)		(0.65	%)^(d)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	516		$	2,136		$	1,998		$	1,913		$	1,864
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(e)		1.15	%		1.15	%		1.15	%		1.18	%^(f)		1.16	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(e)		1.32	%		1.31	%		1.29	%		1.26	%		1.20	%
Net investment income ^(g)		2.95	%		2.49	%		3.24	%		3.37	%		3.02	%
Portfolio turnover rate		78	%		109	%		104	%		89	%		177	%

^(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)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
267

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Period.
	Institutional Class Shares
	Year Ended 12/31/2022			Year Ended 12/31/2021			Year Ended 12/31/2020			Year Ended 12/31/2019			Year Ended 12/31/2018
Net asset value, beginning of period	$	9.99		$	10.33		$	10.37		$	9.83		$	10.22

Income (loss) from investment operations:
Net investment income ^(a)		0.31			0.28			0.35			0.38			0.35
Net realized and unrealized gains (losses) on investments and foreign currency transactions ^(b)		(1.40	)		(0.22	)		0.03			0.58			(0.40	)
Total from investment operations		(1.09	)		0.06			0.38			0.96			(0.05	)

Less distributions:
From net investment income		(0.32	)		(0.31	)		(0.38	)		(0.42	)		(0.34	)
From realized capital gains		—			(0.09	)		(0.04	)		—			—
Total distributions		(0.32	)		(0.40	)		(0.42	)		(0.42	)		(0.34	)

Net asset value, end of period	$	8.58		$	9.99		$	10.33		$	10.37		$	9.83

Total return ^(c)		(10.91	%)		0.63	%		3.77	%^(d)		9.94	%^(d)		(0.43	%)^(d)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	232,704		$	301,210		$	306,671		$	295,437		$	312,201
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly ^(e)		0.90	%		0.90	%		0.90	%		0.92	%^(f)		0.90	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly ^(e)		0.96	%		0.92	%		0.92	%		0.92	%		0.90	%
Net investment income ^(g)		3.37	%		2.75	%		3.48	%		3.66	%		3.48	%
Portfolio turnover rate		78	%		109	%		104	%		89	%		177	%

^(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)	Ratio does not include net investment income of the investment companies in which the Portfolio invests.

See Notes to Financial Statements.
268

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

December 31, 2022

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.

269

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2022

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.”

The end of the reporting period for the Portfolios is December 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 2022 (the “current fiscal period”).

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

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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. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee 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).

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The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the current fiscal period, 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 the end of the current fiscal period:

Large Company Growth Portfolio	Level 1			Level 2			Level 3			Total
Common Stocks	$	160,078,851		$	—		$	—		$	160,078,851
U.S. Treasury Obligations		—			1,040,853			—			1,040,853
Agency Mortgage-Backed Obligations Interest-Only Strips		—			250,792			—			250,792
Non-Agency Mortgage-Backed Obligations		—			3,662,276			—			3,662,276
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			254,776			—			254,776
Asset-Backed Securities		—			2,878,182			—			2,878,182
Collateralized Loan Obligations		—			4,788,155			—			4,788,155
Corporate Bonds		—			8,010,000			—			8,010,000
Affiliated Registered Investment Companies		7,987,630			—			—			7,987,630
Right		—			—			—	*		—
Total	$	168,066,481		$	20,885,034		$	—		$	188,951,515
Other Financial Instruments**
Assets
Unrealized appreciation on futures contracts	$	38,887		$	—		$	—		$	38,887
Total Assets	$	38,887		$	—		$	—		$	38,887
Liabilities
Unrealized depreciation on futures contracts	$	(779	)	$	—		$	—		$	(779	)
Unrealized depreciation on swap contracts		—			(1,662,547	)		—			(1,662,547	)
Total Liabilities	$	(779	)	$	(1,662,547	)	$	—		$	(1,663,326	)

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Large Company Value Portfolio	Level 1			Level 2			Level 3		Total
Common Stocks	$	136,667,040		$	—		$	—	$	136,667,040
U.S. Treasury Obligations		—			933,292			—		933,292
Agency Mortgage-Backed Obligations Interest-Only Strips		—			121,775			—		121,775
Non-Agency Mortgage-Backed Obligations		—			2,894,907			—		2,894,907
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			106,501			—		106,501
Asset-Backed Securities		—			2,366,746			—		2,366,746
Collateralized Loan Obligations		—			3,766,128			—		3,766,128
Corporate Bonds		—			5,144,717			—		5,144,717
Affiliated Registered Investment Companies		7,211,274			—			—		7,211,274
Total	$	143,878,314		$	15,334,066		$	—	$	159,212,380
Other Financial Instruments**
Assets
Unrealized appreciation on futures contracts	$	34,325		$	—		$	—	$	34,325
Unrealized appreciation on swap contracts		—			397,322			—		397,322
Total Assets	$	34,325		$	397,322		$	—	$	431,647
Liabilities
Unrealized depreciation on futures contracts	$	(520	)	$	—		$	—	$	(520	)
Unrealized depreciation on swap contracts		—			(3,919	)		—		(3,919	)
Total Liabilities.	$	(520	)	$	(3,919	)	$	—	$	(4,439	)

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	21,978,710	$	—	$	—	*	$	21,978,710
Total	$	21,978,710	$	—	$	—		$	21,978,710

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	24,206,486	$	—	$	—	$	24,206,486
Total	$	24,206,486	$	—	$	—	$	24,206,486

Wilshire 5000 Index^SM Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	197,635,298	$	—	$	—	*	$	197,635,298
Warrant		39		—		—			39
Right		—		—		—	*		—
Total	$	197,635,337	$	—	$	—		$	197,635,337

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Wilshire International Equity Fund	Level 1		Level 2		Level 3			Total
Common Stocks
Australia	$	27,401	$	4,637,465	$	—		$	4,664,866
Austria		—		264,240		—			264,240
Belgium		—		224,122		—			224,122
Brazil		2,279,673		—		—			2,279,673
Britain		360,028		17,947,838		—			18,307,866
Canada		9,911,784		—		—			9,911,784
Chile		132,364		—		—			132,364
China		2,207,169		7,376,375		—			9,583,544
Colombia		10,511		—		—			10,511
Czech Republic		—		32,360		—			32,360
Denmark		—		5,484,781		—			5,484,781
Egypt		112,609		44,841		—			157,450
Finland		—		2,705,086		—			2,705,086
France		—		16,062,085		—			16,062,085
Georgia		—		53,956		—			53,956
Germany		36,425		6,504,510		—			6,540,935
Gibraltar		—		21,733		—			21,733
Greece		44,234		53,054		—	*		97,288
Hong Kong		80,975		5,362,286		—			5,443,261
India		1,375,379		3,818,575		—			5,193,954
Indonesia		—		497,391		—			497,391
Ireland		2,785,811		2,635,250		—			5,421,061
Isle Of Man		—		62,010		—			62,010
Israel		86,324		281,220		—			367,544
Italy		44,781		4,471,198		—			4,515,979
Japan		—		23,444,022		—			23,444,022
Jersey		—		46,295		—			46,295
Luxembourg		—		1,267,953		—			1,267,953
Malaysia		—		468,097		—			468,097
Mauritius		—		94,660		—			94,660
Mexico		850,247		—		—			850,247
Netherlands		1,163,832		7,060,747		—			8,224,579
New Zealand		—		265,800		—			265,800
Norway		—		801,708		—			801,708
Philippines		—		301,431		—			301,431
Poland		—		229,758		—			229,758
Portugal		—		315,628		—			315,628
Qatar		—		29,206		—			29,206
Russia		—		—		—	*		—
Saudi Arabia		—		254,674		—			254,674
Singapore		10,414		1,748,623		—			1,759,037
South Africa		—		1,120,434		—			1,120,434
South Korea		—		4,744,908		—			4,744,908
Spain		—		2,043,229		—			2,043,229

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Wilshire International Equity Fund	Level 1			Level 2			Level 3			Total
Common Stocks (Continued)
Sweden	$	—		$	4,690,444		$	—		$	4,690,444
Switzerland		—			10,424,007			—			10,424,007
Taiwan		29,765			5,931,038			—			5,960,803
Thailand		556,300			615,431			—			1,171,731
Turkey		—			865,651			—			865,651
United Arab Emirates		—			746,417			—			746,417
United States		7,786,846			—			—			7,786,846
Total Common Stocks		29,892,872			146,050,537			—			175,943,409
Preferred Stocks
Brazil		935,410			—			—			935,410
Colombia		35,571			—			—			35,571
Germany		—			1,128,262			—			1,128,262
Russia		—			—			—	*		—
South Korea		—			411			—			411
Total Preferred Stocks		970,981			1,128,673			—			2,099,654
U.S. Treasury Obligations		—			1,938,200			—			1,938,200
Agency Mortgage-Backed Obligations Interest-Only Strips		—			204,532			—			204,532
Non-Agency Mortgage-Backed Obligations		—			4,375,686			—			4,375,686
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			198,201			—			198,201
Asset-Backed Securities		—			2,946,715			—			2,946,715
Collateralized Loan Obligations		—			3,572,455			—			3,572,455
Corporate Bonds		—			7,766,687			—			7,766,687
Affiliated Registered Investment Companies		7,580,341			—			—			7,580,341
Right		1,006			—			—			1,006
Total	$	38,445,200		$	168,181,686		$	—		$	206,626,886
Other Financial Instruments**
Assets
Unrealized appreciation on futures contracts	$	42,168		$	—		$	—		$	42,168
Unrealized appreciation on swap contracts		—			4,206,287			—			4,206,287
Total Assets	$	42,168		$	4,206,287		$	—		$	4,248,455
Liabilities
Unrealized depreciation on futures contracts	$	(774	)	$	—		$	—		$	(774	)
Unrealized depreciation on swap contracts		—			(4,941	)		—			(4,941	)
Total Liabilities.	$	(774	)	$	(4,941	)	$	—		$	(5,715	)

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Wilshire Income Opportunities Fund	Level 1			Level 2			Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—		$	21,770,673		$	—	$	21,770,673
Municipal Bonds		—			32,818			—		32,818
Agency Mortgage-Backed Obligations		—			18,435,408			—		18,435,408
Non-Agency Mortgage-Backed Obligations		—			30,694,637			—		30,694,637
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			4,125,034			—		4,125,034
Asset-Backed Securities		—			13,397,021			—		13,397,021
Collateralized Loan Obligations		—			11,137,980			—		11,137,980
Corporate Bonds		—			47,815,210			—		47,815,210
Foreign Bonds		—			51,205,255			—		51,205,255
Bank Loans		—			10,235,063			—		10,235,063
Common Stocks		346,288			—			—		346,288
Preferred Stocks		2,293,276			275,165			—		2,568,441
Purchased OTC Options		—			49,217			—		49,217
Affiliated Registered Investment Companies		7,522,664			—			—		7,522,664
Total	$	10,162,228		$	209,173,481		$	—	$	219,335,709
Other Financial Instruments**
Assets
Unrealized appreciation on forward foreign currency contracts	$	—		$	1,366,524		$	—	$	1,366,524
Unrealized appreciation on futures contracts		133,161			—			—		133,161
Unrealized appreciation on swap contracts		—			83,065			—		83,065
Unrealized appreciation on swaption contracts		—			207,999			—		207,999
Total Assets	$	133,161		$	1,657,588		$	—	$	1,790,749
Liabilities
Written Options	$	—		$	(79,791	)	$	—	$	(79,791	)
Unrealized depreciation on forward foreign currency contracts		—			(2,122,041	)		—		(2,122,041	)
Unrealized depreciation on futures contracts		(94,610	)		—			—		(94,610	)
Unrealized depreciation on swap contracts		—			(351,691	)		—		(351,691	)
Unrealized depreciation on swaption contracts		—			(270,107	)		—		(270,107	)
Total Liabilities.	$	(94,610	)	$	(2,823,630	)	$	—	$	(2,918,240	)

*	Includes securities that have been fair valued at $0.
**	Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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Refer to the Portfolios’ Schedules of Investments for a listing of the securities by industry or sector type. 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 the end of the current fiscal period. Large Company Growth Portfolio held rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. 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 $0 and $0, respectively. Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. 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. For the current fiscal period, there were no significant changes into/out of Level 3. The transfers into Level 3 investments for the Wilshire International Equity Fund were immaterial, although the unrealized appreciation/(depreciation) on Russian investments was $(693,196). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia. From the start of the conflict in Ukraine until the end of the current fiscal period, Russian-held investments were valued at a 100 percent discount from their last traded prices. Management has determined the Level 3 investments are not significant to the financial statements and therefore determined further disclosures are not relevant to the financials.

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 Statements 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

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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 Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.

The long and short average monthly notional value of option contracts purchased and written for Wilshire Income Opportunities Fund during the current fiscal period were $11,268,891 and $6,858,319, respectively.

The long and short average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the current fiscal period were $3,654,675 and $22,127,800, 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

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swaps to gain equity exposure of the underlying index. 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 current fiscal period, were $42,937,281, $38,419,449, and $46,141,589, respectively.

Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. 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 current fiscal period was $8,784,682.

Credit Default Swaps – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of their portfolios, as a duration management technique and to protect against any increase in the price of securities the Portfolios anticipate 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 Portfolios are 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

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reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. The average monthly notional value of credit default swaps in the Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period were as follows:

Portfolio
Large Company Growth Portfolio	$	315,898
Large Company Value Portfolio		243,122
Wilshire International Equity Fund		325,778
Wilshire Income Opportunities Fund		2,314,286

Futures Contracts – During the current fiscal period, 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. 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 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

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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 current fiscal period, were as follows:

Portfolio	Long Contracts		Short Contracts
Large Company Growth Portfolio	$	137,767	$	7,823,451
Large Company Value Portfolio		—		5,679,827
Wilshire International Equity Fund		—		8,189,679
Wilshire Income Opportunities Fund		35,173,054		13,635,940

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.

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

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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 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

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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 $0 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.

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 current fiscal period, were $51,254,394 and $69,292,274, respectively.

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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.

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 exchange rate volatility swaps for the Wilshire Income Opportunities Fund during the current fiscal period was $836,133.

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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 the end of the current fiscal period:

Large Company Growth Portfolio

	Derivative Assets		Derivative Liabilities
Counterparty	Total		Total Return Swaps			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged*		Net Amount
Goldman Sachs Bank, USA	$	—	$	(1,657,531	)	$	(1,657,531	)	$	(1,657,531	)	$	—	$	(1,657,531	)
Total	$	—	$	(1,657,531	)	$	(1,657,531	)	$	(1,657,531	)	$	—	$	(1,657,531	)

Large Company Value Portfolio

	Derivative Assets				Derivative Liabilities
Counterparty	Total Return Swaps		Total		Total		Net Derivative Assets (Liabilities)		Collateral (Received) Pledged*		Net Amount
Goldman Sachs Bank, USA	$	397,322	$	397,322	$	—	$	397,322	$	—	$	397,322
Total	$	397,322	$	397,322	$	—	$	397,322	$	—	$	397,322

Wilshire International Equity Fund

	Derivative Assets				Derivative Liabilities
Counterparty	Total Return Swaps		Total		Total		Net Derivative Assets (Liabilities)		Collateral (Received) Pledged*		Net Amount
Goldman Sachs Bank, USA	$	1,379,252	$	1,379,252	$	—	$	1,379,252	$	—	$	1,379,252
Morgan Stanley Capital		2,827,035		2,827,035		—		2,827,035		—		2,827,035
Total	$	4,206,287	$	4,206,287	$	—	$	4,206,287	$	—	$	4,206,287

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Wilshire Income Opportunities Fund

	Derivative Assets
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swaptions		Exchange Rate Volatility Swaps			Total
Australia and New Zealand Banking Group Ltd.	$	41,523	$	—	$	—	$	—		$	41,523
Bank of America, San Francisco		5,555		4,708		52,710		—			62,973
Barclays Capital, Inc.		58,694		692		42,353		—			101,739
BNP Paribas Brokerage Services, Inc.		571		25,987		—		—			26,558
CIBC, Toronto		21,704		—		—		—			21,704
Citigroup		189,967		—		—		—			189,967
Deutsche Bank, London		—		—		22,474		—			22,474
Goldman Sachs Bank, USA		104,880		16,860		13,158		—			134,898
HSBC Bank, USA		94,670		—		—		—			94,670
JPMChase, New York		194,525		—		33,345		—			227,870
Morgan Stanley Capital		333,757		970		43,959		—	**		378,686
Royal Bank of Canada, Toronto		45,191		—		—		—			45,191
Standard Chartered Securities N.A.		52,960		—		—		—			52,960
State Street Bank, Boston		157,218		—		—		—			157,218
UBS AG, Stamford		65,309		—		—		—			65,309
Total	$	1,366,524	$	49,217	$	207,999	$	—		$	1,623,740

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	Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts			Written Options			Swaptions			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged*		Net Amount
Australia and New Zealand Banking Group Ltd	$	(11,307	)	$	—		$	—			(11,307	)	$	30,216		$	—	$	30,216
Bank of America, San Francisco		(64,254	)		(37,751	)		(48,551	)		(150,556	)		(87,583	)		—		(87,583	)
Barclays Capital, Inc.		(46,094	)		—			(46,377	)		(92,471	)		9,268			—		9,268
BNP Paribas Brokerage Services, Inc.		(17,466	)		(6,039	)		—			(23,505	)		3,053			—		3,053
CIBC, Toronto		(110,404	)		—			—			(110,404	)		(88,700	)		—		(88,700	)
Citigroup		(212,493	)		—			—			(212,493	)		(22,526	)		—		(22,526	)
Deutsche Bank, London		—			—			(66,574	)		(66,574	)		(44,100	)		—		(44,100	)
Goldman Sachs Bank, USA		(34,575	)		(4,278	)		(20,155	)		(59,008	)		75,890			—		75,890
HSBC Bank, USA		(314,447	)		—			—			(314,447	)		(219,777	)		—		(219,777	)
JPMChase, New York		(269,593	)		—			(49,734	)		(319,327	)		(91,457	)		—		(91,457	)
Morgan Stanley Capital		(216,599	)		(31,723	)		(38,716	)		(287,038	)		91,648			—		91,648
Royal Bank of Canada, Toronto		(166,625	)		—			—			(166,625	)		(121,434	)		—		(121,434	)
Standard Chartered Securities N.A.		(108,593	)		—			—			(108,593	)		(55,633	)		—		(55,633	)
State Street Bank, Boston		(154,323	)		—			—			(154,323	)		2,895			—		2,895
UBS AG, Stamford		(395,268	)		—			—			(395,268	)		(329,959	)		—		(329,959	)
Total	$	(2,122,041	)	$	(79,791	)	$	(270,107	)	$	(2,471,939	)	$	(848,199	)	$	—	$	(848,199	)

*	Actual collateral pledged, or margin deposits in the case of futures contracts, may be larger than than reported in order to satisfy broker or exchange requirements.
**	Includes contracts that have unrealized appreciation totaling $0.

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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.

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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 current fiscal period and the year ended December 31, 2021, Wilshire International Equity Fund collected $9,333 and $3,905, respectively, in redemption fees.

3. Investment Adviser and Other Service Providers.

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

The Adviser has entered into expense limitation agreements with Large Company Growth Portfolio and Large 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 1.30% 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,

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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, 2023. 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 current fiscal period, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

Portfolio	Fee Reductions/ Reimbursements		Fees Recouped
Large Company Growth Portfolio	$	10,446	$	2,542
Large Company Value Portfolio		30,491		—
Small Company Growth Portfolio		154,221		—
Small Company Value Portfolio		148,103		—
Wilshire International Equity Fund		359,553		—
Wilshire Income Opportunities Fund		159,407		—

As of the end of the current fiscal period, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $23,339, $30,491, $389,725, $445,460, $936,499, and $294,571, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

Portfolio	December 31, 2023		December 31, 2024		December 31 2025
Large Company Growth Portfolio	$	11,273	$	1,620	$	10,446
Large Company Value Portfolio		—		—		30,491
Small Company Growth Portfolio		122,904		112,600		154,221
Small Company Value Portfolio		163,436		133,921		148,103
Wilshire International Equity Fund		204,357		372,589		359,553
Wilshire Income Opportunities Fund		58,126		77,038		159,407

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

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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, H&W, 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.

The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the current fiscal period, 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 – The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $56,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: a quarterly Board meeting or a special in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a virtual special Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a virtual special Committee meeting fee of $1,500.

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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 current fiscal period, 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 Large Company Growth Portfolio and Wilshire 5000 Index^SM Fund. Large Company Growth Portfolio and Wilshire 5000 Index^SM Fund incurred distribution and service fee expenses totaling 0.24% and 0.20% of the average net assets of their Investment Class Shares, respectively.

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the current fiscal period, 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	0.124%	0.048%
Large Company Value Portfolio	0.067%	0.043%
Small Company Growth Portfolio	0.085%	0.128%
Small Company Value Portfolio	0.134%	0.109%
Wilshire 5000 Index^SM Fund	0.061%	0.045%
Wilshire International Equity Fund	0.163%	0.043%
Wilshire Income Opportunities Fund	0.171%	0.050%

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.

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Such commissions rebated to the Portfolios during the current fiscal period were as follows:

Large Company Growth Portfolio	$	375
Large Company Value Portfolio		82
Small Company Growth Portfolio		1,482
Small Company Value Portfolio		751
Wilshire 5000 Index^SM Fund		—
Wilshire International Equity Fund		4,667
Wilshire Income Opportunities Fund		—

For the current fiscal period, Cowen retained the following commissions:

Large Company Growth Portfolio	$	41
Large Company Value Portfolio		241
Small Company Growth Portfolio		333
Small Company Value Portfolio		244
Wilshire 5000 Index^SM Fund		—
Wilshire International Equity Fund		1,174
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 otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio are secured by the Portfolio’s assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 5, 2024. Interest

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is charged at the prime rate, which was 7.50% as of the end of the current fiscal period. The Portfolios did not have any outstanding borrowings as of the end of the current fiscal period. During the current fiscal period, the Portfolios’ Line activity was as follows:

Fund	Average Interest Rate			Interest Expense		Maximum Borrowings		Maximum Borrowing Date		Average Borrowings
Large Company Growth Portfolio		6.86	%	$	2,458	$	8,148,000		November 3, 2022	$	34,868
Large Company Value Portfolio		5.83	%		1,577		1,418,000		May 19, 2022		23,184
Small Company Growth Portfolio		6.60	%		158		331,000		December 14, 2022		2,293
Small Company Value Portfolio		4.15	%		603		1,326,000		May 18, 2022		14,274
Wilshire 5000 Index^SM Fund		3.54	%		5,177		8,842,000		April 29, 2022		144,307
Wilshire International Equity Fund		5.48	%		5,332		11,491,000		November 3, 2022		95,888
Wilshire Income Opportunities Fund		4.00	%		57		509,000		May 17, 2022		1,395

6. Investment Transactions.

During the current fiscal period, 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	$	162,271,722	$	164,695,575
Large Company Value Portfolio		64,191,113		92,734,129
Small Company Growth Portfolio		15,763,732		19,727,207
Small Company Value Portfolio		15,167,765		23,596,635
Wilshire 5000 Index^SM Fund		47,531,758		51,989,374
Wilshire International Equity Fund		105,827,281		125,364,703
Wilshire Income Opportunities Fund		69,496,928		88,386,738

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Purchases and sales and maturities of long-term U.S. Government securities during the current fiscal period were:

Portfolio	Purchases		Sales and Maturities
Large Company Growth Portfolio	$	3,570,582	$	3,238,062
Large Company Value Portfolio		2,063,341		1,789,593
Wilshire International Equity Fund		4,192,348		3,621,862
Wilshire Income Opportunities Fund		120,353,398		124,635,674

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 current fiscal period, 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 current fiscal period, and the value of such investments as of the end of the current fiscal period, were as follows:

Large Company Growth Portfolio

Fund	Value as of December 31, 2021		Purchases		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2022		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	2,240,592	$	98,014	$	(1,000,000	)	$	(404,891	)	$	(139,469	)	$	794,246	$	96,012	$	—
Voya High Yield Bond Fund - Class P .		2,082,421		92,874		(1,000,000	)		(81,832	)		(207,697	)		885,766		82,096		6,676
Voya Investment Grade Credit Fund - Class P .		906,202		879,195		(900,000	)		(194,303	)		(45,170	)		645,924		30,357		—
Voya Securitized Credit Fund - Class P		8,549,478		246,339		(2,450,000	)		(22,497	)		(661,626	)		5,661,694		247,889		—
	$	13,778,693	$	1,316,422	$	(5,350,000	)	$	(703,523	)	$	(1,053,962	)	$	7,987,630	$	456,354	$	6,676

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Large Company Value Portfolio

Fund	Value as of December 31, 2021		Purchases		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2022		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	1,722,723	$	74,761	$	(800,000	)	$	(323,887	)	$	(96,394	)	$	577,203	$	72,921	$	—
Voya High Yield Bond Fund - Class P		1,610,581		77,007		(700,000	)		(70,399	)		(171,110	)		746,079		68,566		5,624
Voya Investment Grade Credit Fund - Class P		2,083,715		769,855		(400,000	)		(89,894	)		(398,529	)		1,965,147		74,717		—
Voya Securitized Credit Fund - Class P		6,763,832		193,262		(2,500,000	)		(66,216	)		(468,033	)		3,922,845		191,876		—
	$	12,180,851	$	1,114,885	$	(4,400,000	)	$	(550,396	)	$	(1,134,066	)	$	7,211,274	$	408,080	$	5,624

Wilshire International Equity Fund

Fund	Value as of December 31, 2021		Purchases		Proceeds from Sales			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2022		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	2,298,725	$	98,445	$	(1,150,000	)	$	(466,896	)	$	(99,715	)	$	680,559	$	95,348	$	—
Voya High Yield Bond Fund - Class P		2,479,447		105,608		(1,400,000	)		(130,845	)		(218,117	)		836,093		92,998		6,302
Voya Investment Grade Credit Fund - Class P		709,584		924,750		(900,000	)		(174,216	)		(33,410	)		526,708		25,754		—
Voya Securitized Credit Fund - Class P		9,085,479		253,515		(3,100,000	)		16,476			(718,489	)		5,536,981		252,913		—
	$	14,573,235	$	1,382,318	$	(6,550,000	)	$	(755,481	)	$	(1,069,731	)	$	7,580,341	$	467,013	$	6,302

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Wilshire Income Opportunities Fund

Fund	Value as of December 31, 2021		Purchases		Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation (Depreciation)			Value as of December 31, 2022		Income Distribution		Long-Term Capital Gain Distribution
Voya Emerging Markets Corporate Debt Fund - Class P	$	—	$	933,146	$	—		$	—		$	(136,189	)	$	796,957	$	35,083	$	1,540
Voya Emerging Markets Hard Currency Debt Fund - Class P		5,128,114		210,056		(2,700,000	)		(814,171	)		(374,683	)		1,449,316		202,254		—
Voya Floating Rate Fund - Class P		12,081,644		425,348		(9,200,000	)		(977,695	)		248,863			2,578,160		403,782		—
Voya High Yield Bond Fund - Class P		3,965,944		5,404,071		(5,400,000	)		(683,892	)		(587,892	)		2,698,231		381,786		20,339
	$	21,175,702	$	6,972,621	$	(17,300,000	)	$	(2,475,758	)	$	(849,901	)	$	7,522,664	$	1,022,905	$	21,879

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 current fiscal period.

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At the end of the current fiscal period, Large Company Growth Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statements of Assets and Liabilities Location	Fair Value Amount		Statements of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin receivable on futures contracts	$	38,887	Net variation margin receivable on futures contracts	$	(779	)
Credit	Centrally cleared credit default swap contracts*	N/A		—	Net variation margin receivable on swap contracts		(5,016	)
Equity	Total return swap contracts	N/A		—	Net unrealized depreciation on swap contracts		(1,657,531	)
			$	38,887		$	(1,663,326	)

Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Centrally Cleared Credit Default Swaps. For futures contracts and centrally cleared swap contracts, only current day’s variation margin is reported within the Statements of Assets and Liabilities.

At the end of the current fiscal period, Large Company Value Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statements of Assets and Liabilities Location	Fair Value Amount		Statements of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin receivable on futures contracts	$	34,325	Net variation margin receivable on futures contracts	$	(520	)
Credit	Centrally cleared credit default swap contracts*	N/A		—	Net variation margin receivable on swap contracts		(3,919	)
Equity	Total return swap contracts	Net unrealized appreciation on swap contracts		397,322	N/A		—
			$	431,647		$	(4,439	)

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At the end of the current fiscal period, Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statements of Assets and Liabilities Location	Fair Value Amount		Statements of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin receivable on futures contracts	$	42,168	Net variation margin receivable on futures contracts	$	(774	)
Credit	Centrally cleared credit default swap contracts*	N/A		—	Net variation margin receivable on swap contracts		(4,941	)
Equity	Total return swap contracts	Net unrealized appreciation on swap contracts		4,206,287	N/A		—
			$	4,248,455		$	(5,715	)

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At the end of the current fiscal period, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statements of Assets and Liabilities Location	Fair Value Amount		Statements of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin payable on futures contracts	$	133,161	Net variation margin payable on futures contracts	$	(94,610	)
	Centrally cleared interest rate swaps*	Net variation margin receivable on swap contracts		83,065	Net variation margin receivable on swap contracts		(335,569	)
	OTC interest rate swaptions	Unrealized appreciation on swaption contracts		207,999	Unrealized depreciation on swaption contracts		(270,107	)
Credit	Centrally cleared credit default swap contracts*	N/A		—	Net variation margin receivable on swap contracts		(16,122	)
Currency	Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency contracts		1,366,524	Unrealized depreciation on forward foreign currency contracts		(2,122,041	)
	Exchange rate volatility swaps	Unrealized appreciation on swap contracts		—	Unrealized appreciation on swap contracts		—
	OTC currency options	Unaffiliated investments, at value		49,217	Options written, at value		(79,791	)
			$	1,839,966		$	(2,918,240	)

Includes cumulative appreciation (depreciation) as reported on the Schedule 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 Statements of Assets and Liabilities.

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For the current fiscal period, the effect of derivative contracts in Large Company Growth Portfolio’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	1,586,814		$	171,068
Credit	Swap contracts	Swap contracts		(2,178	)		(5,016	)
Equity	Swap contracts	Swap contracts		(8,022,119	)		(7,750,691	)

For the current fiscal period, the effect of derivative contracts in Large Company Value Portfolio’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	1,300,359		$	139,803
Credit	Swap contracts	Swap contracts		(1,595	)		(3,919	)
Equity	Swap contracts	Swap contracts		(1,399,426	)		(2,807,048	)

For the current fiscal period, the effect of derivative contracts in Wilshire International Equity Fund’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	1,623,370		$	185,985
Credit	Swap contracts	Swap contracts		(1,938	)		(4,941	)
Equity	Swap contracts	Swap contracts		(12,392,786	)		3,440,448

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For the current fiscal period, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Location	Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)
Interest Rate	Futures contracts	Futures contracts	$	(514,109	)	$	179,284
Interest Rate	Swaptions	Swaption contracts		570,604			(65,753	)
Interest Rate	Swap contracts	Swap contracts		(506,628	)		(252,454	)
Interest Rate Total				(450,133	)		(138,923	)

Credit	Swap contracts	Swap contracts		114,803			(14,287	)
Credit Total				114,803			(14,287	)

Currency	Forward foreign currency exchange contracts	Forward foreign currency contracts		1,256,576			(919,325	)
Currency	Written options	Option contracts written		200,450			48,588
Currency	Purchased options	Unaffiliated investments		(52,856	)		(45,389	)
Currency	Swap contracts	Swap contracts		18,907			(7,192	)
Currency Total				1,423,077			(923,318	)

Equity	Futures contracts	Futures contracts		183			—
Equity	Written options	Option contracts written		(36,064	)		(31,734	)
Equity	Purchased options	Unaffiliated investments		12,690			45,772
Total Equity				(23,191	)		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 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

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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 the end of the current fiscal period 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 the end of the current fiscal period:

Portfolio	Gross Amount of Recognized Assets (Value of Securities on Loan)		Value of Cash Collateral Received*
Large Company Growth Portfolio	$	25,119	$	25,119
Large Company Value Portfolio		119,620		119,620
Small Company Growth Portfolio		346,842		346,842
Small Company Value Portfolio		56,620		56,620
Wilshire 5000 Index^SM Fund		1,014,354		1,014,354
Wilshire International Equity Fund		102,560		102,560
Wilshire Income Opportunities Fund		2,535,158		2,535,158

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

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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, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		24,635			20,194			8,210			13,915			5,489			7,960
Shares issued as reinvestment of distributions		328,840			358,588			19,574			25,451			83,228			119,625
Shares redeemed		(279,619	)		(185,544	)		(74,175	)		(46,163	)		(88,925	)		(56,458	)
Net increase (decrease) in Investment Class shares outstanding		73,856			193,238			(46,391	)		(6,797	)		(208	)		71,127
Shares outstanding at beginning of year		1,944,610			1,751,372			272,177			278,974			430,835			359,708
Shares outstanding at end of year		2,018,466			1,944,610			225,786			272,177			430,627			430,835

Institutional Class shares:
Shares sold		818,946			414,382			632,778			1,606,053			74,798			86,290
Shares issued as reinvestment of distributions		679,892			656,370			945,423			1,059,648			174,925			250,636
Shares redeemed		(666,854	)		(722,747	)		(2,213,737	)		(2,232,678	)		(218,676	)		(443,984	)
Net increase (decrease) in Institutional Class shares outstanding		831,984			348,005			(635,536	)		433,023			31,047			(107,058	)
Shares outstanding at beginning of year		4,028,780			3,680,775			10,019,035			9,586,012			966,665			1,073,723
Shares outstanding at end of year		4,860,764			4,028,780			9,383,499			10,019,035			997,712			966,665

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	SMALL COMPANY VALUE PORTFOLIO						WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2022			Year Ended December 31, 2021
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		3,170			17,570			364,771			491,727			44,128			76,990
Shares issued as reinvestment of distributions		23,307			2,200			319,651			457,586			970			43,441
Shares redeemed		(38,334	)		(20,963	)		(630,409	)		(603,899	)		(215,248	)		(36,394	)
Net increase (decrease) in Investment Class shares outstanding		(11,857	)		(1,193	)		54,013			345,414			(170,150	)		84,037
Shares outstanding at beginning of year		240,545			241,738			6,875,203			6,529,789			280,877			196,840
Shares outstanding at end of year		228,688			240,545			6,929,216			6,875,203			110,727			280,877

Institutional Class shares:
Shares sold		37,206			60,294			1,157,272			143,779			2,138,067			2,732,764
Shares issued as reinvestment of distributions		82,261			12,004			75,669			120,538			213,191			4,274,740
Shares redeemed		(347,514	)		(600,010	)		(1,271,396	)		(289,525	)		(4,192,631	)		(6,295,492	)
Net increase (decrease) in Institutional Class shares outstanding		(228,047	)		(527,712	)		(38,455	)		(25,208	)		(1,841,373	)		712,012
Shares outstanding at beginning of year		1,054,532			1,582,244			1,905,928			1,931,136			25,741,704			25,029,692
Shares outstanding at end of year		826,485			1,054,532			1,867,473			1,905,928			23,900,331			25,741,704

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December 31, 2022

	WILSHIRE INCOME OPPORTUNITIES FUND
	Year Ended December 31, 2022			Year Ended December 31, 2021
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		30,157			51,293
Shares issued as reinvestment of distributions		4,545			6,688
Shares redeemed		(187,172	)		(38,274	)
Net increase (decrease) in Investment Class shares outstanding		(152,470	)		19,707
Shares outstanding at beginning of year		212,047			192,340
Shares outstanding at end of year		59,577			212,047

Institutional Class shares:
Shares sold		1,644,396			4,141,651
Shares issued as reinvestment of distributions		1,004,823			1,161,392
Shares redeemed		(5,662,221	)		(4,838,766	)
Net increase (decrease) in Institutional Class shares outstanding		(3,013,002	)		464,277
Shares outstanding at beginning of year		30,142,015			29,677,738
Shares outstanding at end of year		27,129,013			30,142,015

10. Significant Shareholders.

At the end of the current fiscal period, 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)	86%
Large Company Value Portfolio (3 omnibus shareholders)	82%
Small Company Growth Portfolio (4 omnibus shareholders)	72%
Small Company Value Portfolio (4 omnibus shareholders)	83%
Wilshire 5000 Index^SM Fund (3 omnibus shareholders)	67%
Wilshire International Equity Fund (3 omnibus shareholders)	83%
Wilshire Income Opportunities Fund (3 omnibus shareholders)	80%

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As of the end of the current fiscal period, 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	34%
Large Company Value Portfolio	50%
Small Company Growth Portfolio	27%
Small Company Value Portfolio	32%
Wilshire 5000 Index^SM 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.

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December 31, 2022

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, 2022, for each Portfolio are as follows:

	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Tax cost of Investments	$	168,274,709		$	155,742,789		$	22,078,047		$	22,495,287
Unrealized Appreciation		42,389,395			21,116,024			4,477,399			4,389,348
Unrealized Depreciation		(23,370,120	)		(17,181,500	)		(4,576,736	)		(2,678,149	)
Net unrealized appreciation (depreciation)		19,019,275			3,934,524			(99,337	)		1,711,199

Undistributed Ordinary Income		1,776			—			—			1,436
Undistributed Long-Term Capital Gain		—			1,191,302			—			887,555
Distributable earnings		1,776			1,191,302			—			888,991

Other accumulated gain/(loss)		(9,339,020	)		(1,581,299	)		(2,479,832	)		—

Total distributable earnings (accumulated losses)		9,682,031			3,544,527			(2,579,169	)		2,600,190

	Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax cost of Investments	$	63,843,777		$	201,160,448		$	251,054,907
Unrealized Appreciation		143,054,324			32,656,910			4,237,106
Unrealized Depreciation		(9,262,764	)		(25,815,153	)		(35,956,304	)
Net unrealized appreciation (depreciation)		133,791,560			6,841,757			(31,719,198	)

Undistributed Ordinary Income		40,001			—			—
Undistributed Long-Term Capital Gain		1,664,153			—			—
Distributable earnings		1,704,154			—			—

Other accumulated gain/(loss)		—			(2,527,493	)		(11,362,305	)

Total distributable earnings (accumulated losses)		135,495,714			4,314,264			(43,081,503	)

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.

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December 31, 2022

At December 31, 2022, Large Company Growth Portfolio, Large Company Value Portfolio, and Small Company Growth Portfolio had post-October capital loss deferrals of $9,339,020, $1,581,252, and $501,567, respectively. Wilshire Income Opportunities Fund also had a specified ordinary late year loss deferral of $495,040.

As of December 31, 2022, Large Company Value Portfolio and Small Company Value Portfolio had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:

Portfolio	Short-Term Loss		Long-Term Loss		Total
Small Company Growth Portfolio	$	1,978,265	$	—	$	1,978,265
Wilshire International Equity Fund		2,498,079		—		2,498,079
Wilshire Income Opportunities Fund		4,400,607		6,385,527		10,786,134

These CLCFs may be utilized in the current and futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. During the year ended December 31, 2022, the Portfolios did not utilize any CLCFs.

The tax character of distributions declared during the years ended December 31, 2022 and December 31, 2021 was as follows:

Portfolio	2022 Ordinary Income		2022 Long-Term Capital Gains		2021 Ordinary Income		2021 Long-Term Capital Gains
Large Company Growth Fund	$	171,788	$	31,530,544	$	8,816,031	$	41,902,843
Large Company Value Portfolio		5,889,980		12,018,006		6,997,644		17,237,076
Small Company Growth Portfolio		—		4,298,514		2,351,726		7,944,421
Small Company Value Portfolio		249,102		2,318,391		375,370		37,491
Wilshire 5000 Index^SM Fund		2,294,416		7,789,311		2,291,936		15,549,313
Wilshire International Equity Fund		—		2,053,351		13,590,293		36,713,419
Wilshire Income Opportunities Fund		8,922,423		—		9,200,066		2,745,464

The Portfolios 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, 2022.

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December 31, 2022

For the year ended December 31, 2022, 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)	$	—	$	(3,517,863	)	$	159,547		$	(695,905	)
Paid-in capital		—		3,517,863			(159,547	)		695,905

	Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Distributable earnings (Accumulated losses)	$	(974,357	)	$	6,241,028		$	—
Paid-in capital		974,357			(6,241,028	)		—

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,

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December 31, 2022

and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.

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

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

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

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December 31, 2022

issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

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

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

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

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

Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For 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 the end of the current fiscal period, Large Company Growth Portfolio had

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December 31, 2022

32.8% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Growth Portfolio had 29.6% of the value of its net assets invested in stocks within the Health Care sector; and Small Company Value Portfolio had 31.3% of the value of its net assets invested in stocks within the Financials sector.

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

14. 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.

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Portfolios.

15. Subsequent Event Evaluation.

The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to these financial statements.

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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 schedules of investments, 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, 2022, 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, 2022, 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, 2022, 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

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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, 2023

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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	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, 74⁽²⁾	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)
Matt Forstenhausler, 63	Director	Since 2023	Retired; formerly Partner, Ernst Young LLP (1981 to 2019)	8	Wilshire Variable Insurance Trust (1 Fund), Sierra Income Fund (2020-2022)
Edward Gubman, 72	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)

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Name and Age	Position Held with the Company	Term of Office⁽¹⁾ and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director Over the Past Five Years
Elizabeth A. Levy-Navarro, 59	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
George J. Zock, 72	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,⁽³⁾ 48	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, 51	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

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Additional Fund Information (Unaudited) - (Continued)

Name and Age	Position Held with the Company	Term of Office⁽¹⁾ and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director Over the Past Five Years
Nathan R. Palmer, 47	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, 56	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, 43	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, 41	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

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Additional Fund Information (Unaudited) - (Continued)

Name and Age	Position Held with the Company	Term of Office⁽¹⁾ and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director Over the Past Five Years
Suehyun Kim, 45	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. Formisano invests in mutual funds advised by WCM Investment Management, LLC, a sub-adviser to the Wilshire International Equity Fund.
(3)	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.

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Tax Information (Unaudited)

For the year ended December 31, 2022, the Portfolios designated the following long-term capital gain distributions:

Portfolio	Amount
Large Company Growth Portfolio	$	31,530,544
Large Company Value Portfolio		12,018,006
Small Company Growth Portfolio		4,298,514
Small Company Value Portfolio		2,318,391
Wilshire 5000 Index^SM Fund		7,789,311
Wilshire Income Opportunities Fund		—
Wilshire International Equity Fund		2,053,351

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

Portfolio	Percentage
Large Company Growth Portfolio	100.00%
Large Company Value Portfolio	58.06%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 Index^SM Fund	100.00%
Wilshire Income Opportunities Fund	1.82%
Wilshire International Equity Fund	5.10%

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 2022 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Portfolio	100.00%
Large Company Value Portfolio	77.33%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	100.00%
Wilshire 5000 Index^SM Fund	100.00%
Wilshire Income Opportunities Fund	2.17%
Wilshire International Equity Fund	100.00%

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Tax Information (Unaudited) - (continued)

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below 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	0.00%
Large Company Value Portfolio	56.29%
Small Company Growth Portfolio	0.00%
Small Company Value Portfolio	0.00%
Wilshire 5000 Index^SM Fund	0.00%
Wilshire Income Opportunities Fund	0.00%
Wilshire International Equity Fund	0.00%

Foreign Tax Credit Pass Through

The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund’s foreign source income per share was $0.30 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 2022. These shareholders will receive more detailed information along with their 2022 Form 1099-DIV.

321

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, 2022, 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 15, 2022 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.

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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 15, 2022 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

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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 Value 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, 2021, 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

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Wilshire 5000 Index Fund (the “Index Fund”)—for the annualized one-, three-, five- and ten-year periods ended September 30, 2022, 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, 2022—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 third, third and fourth quintiles, respectively, of its peer group (the first quintile being the best performers and the fifth quintile being the worst performers) and outperformed the peer group median for the three-year period, ranking in the second quintile.

Large Company Value Portfolio

●

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

Small Company Growth Portfolio

●

The Fund’s annualized returns for the five- and ten-year periods were above the Fund’s benchmark performance. However, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the third,

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fourth and fourth quintiles of its peer group, respectively, and performed the same as the peer group median for the ten-year period. The Board also took into account the Adviser’s explanation of the factors that detracted from performance, including individual subadviser performance.

Small Company Value Portfolio

●

Although the Fund’s annualized return for the five-year period was below the Fund’s benchmark performance, the Fund outperformed its benchmark for the one-, three- and ten-year periods. In addition, although the Fund underperformed its peer group median for the three- and five-year periods, ranking in the third quintile of its peer group, 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, fourth and fourth quintiles of its peer group, respectively, for the one-, three-, five- and ten-year periods. The Board also noted that, although the Index Fund underperformed its index for all periods reviewed except the one-year period, 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

●

The Fund’s annualized returns were below the Fund’s benchmark performance for each period reviewed. In addition, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the fourth, fifth 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.

Wilshire International Equity Fund

●

The Board noted that the Fund changed its investment mandate from a domestic large cap core fund to an international large cap fund in April 2013 and changed its benchmark to the MSCI ACW ex-U.S. Index at the same time, so annualized peer returns and performance relative to the Index are not comparable for the ten-year period. Consequently, the Board focused on more recent performance metrics, noting that the Fund’s performance for the three- and five-year periods exceeded its benchmark. In addition, the Fund’s performance for the three- and five-year periods exceeded its peer group median, ranking in the first quintile. In

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assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from one-year performance, including individual subadviser performance.

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 seven basis points above the peer group median, which the Board concluded was competitive. 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

●

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, respectively. The Board also took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund.

Small Company Growth Portfolio

●

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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 first quintile.

Wilshire Income Opportunities Fund

●

Although the Fund’s total expense ratio was above the peer group median, ranking in the fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the 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

●

Although the Fund’s total expense ratio was above the peer group median, ranking in the fifth quintile of its peer group, the Fund’s actual management fee paid was below the peer group median and ranked in the third quintile. The Board also considered that the Adviser has entered into an expense limitation agreement with respect to the Fund.

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

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

Costs of Services Provided and Profitability to Wilshire

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

Economies of Scale

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

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

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

Fall-Out Benefits

The Board considered 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 but noted that the Adviser has

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not historically done so. 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.

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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, 2022, 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
Los Angeles Capital Management LLC (“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
Massachusetts Financial Services (d/b/a MFS Investment Management) (“MFS”)	Large Company Value Portfolio
Pzena Investment Management, LLC (“Pzena”)	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

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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.”

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 22, 2022 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.

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

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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 sessions at which no representatives of the Subadvisers were present and in executive session with no representatives of the Subadvisers or the Adviser 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 also met on August 22, 2022 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 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,

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trading, liquidity risk management oversight and proxy voting. The Board noted that it had received a copy of each Subadviser’s ADV Part 2A Brochure and ADV Part 2B brochure supplement, 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 provided by the Adviser comparing each Subadviser’s gross investment performance for the portion of the Fund managed by the Subadviser (except for LA Capital with respect to the Wilshire 5000 Index Fund and Voya with respect to the Large Company Growth Portfolio, the Large Company Value Portfolio and the Wilshire International Equity Fund) to the Fund’s benchmark index and in certain cases, as noted below, to a benchmark index appropriate to the Subadviser’s investment strategy as determined by the Adviser for the quarter-to-date, year-to-date and one-, three-, five- and ten-year periods ended June 30, 2022. To the extent a Subadviser had not achieved longer-term performance, the Board reviewed the performance for the periods available. With respect to the Wilshire 5000 Index Fund, LA Capital’s gross investment performance was compared to its tracking index, the Wilshire 5000 Index (the “Tracking Index”) for the same periods noted above. With respect to the Large Company Growth Portfolio, the Large Company Value Portfolio and the Wilshire International Equity Fund, each Fund engages in leverage by investing in certain derivatives, the exposure to which is backed by a portfolio of fixed income securities managed by Voya. For each of these Funds, the Board reviewed Voya’s gross performance compared to a benchmark index (as determined by the Adviser) appropriate to the Voya’s fixed-income investment strategy. 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, among others:

Large Company Growth Portfolio

●

Fred Alger. The Subadviser underperformed the Fund and the Subadviser’s benchmark index, the Russell 1000 Growth Index, for all periods reviewed. 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

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services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided, but would continue to monitor the Subadviser’s performance.

●

LA Capital. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 1000 Growth Index, for all periods reviewed. 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.

●

Voya. The Subadviser underperformed the Subadviser’s benchmark index, the ICE BofA US Dollar 3-Month Deposit Bid Rate Constant Maturity (USD), for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in August 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, but will continue to monitor the Subadviser’s performance.

Large Company Value Portfolio

●

LA Capital. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 1000 Value Index, for the quarter-to-date, year-to-date and one-year periods ended June 30, 2022, and underperformed for the three-, five- and ten-year periods ended June 30, 2022. 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.

●

MFS. The Subadviser outperformed the Subadviser’s benchmark index, the Russell 1000 Index, for the quarter-to-date period ended June 30, 2022 and underperformed the Subadviser’s benchmark index for the year-to-date and one-year periods ended June 30, 2022. The Subadviser underperformed the Fund’s benchmark index, the Russell 1000 Value Index, for all periods reviewed. The Board noted that the Subadviser began managing its portion of the Fund in January 2021 and determined that performance history was too new to judge.

●

335

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

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 monitor the Subadviser’s performance, but will continue to monitor the Subadviser’s performance.

Small Company Growth Portfolio

●

LA Capital. With the exception of the five-year period ended June 30, 2022, the Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 2000 Growth Index, 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.

●

Ranger. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 2000 Growth Index, 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.

Small Company Value Portfolio

●

Diamond Hill. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 2000 Value Index, for the one-year period ended June 30, 2022 and underperformed for the quarter-to-date and year-to-date periods ended June 30, 2022. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in December 2019. The Board noted the information provided regarding the Subadviser’s portfolio management processes. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided.

●

Hotchkis & Wiley. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 2000 Value Index, for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in December 2019. The Board noted the information provided regarding the Subadviser’s portfolio management processes. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided.

336

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

●

LA Capital. The Subadviser outperformed the Fund and the Subadviser’s benchmark index, the Russell 2000 Value Index, 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.

Wilshire 5000 Index Fund

●

LA Capital. The Subadviser outperformed the Tracking Index for all periods reviewed. The Board noted that the Fund’s investment objective is to replicate as closely as possible the performance of the Tracking Index before the deduction of the Fund’s expenses. The Subadviser seeks to track the performance of the Tracking 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. With the exception of the quarter-to-date period ended June 30, 2022, the Subadviser outperformed the Subadviser’s custom blended benchmark¹for all periods reviewed. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund’s custom blended benchmark²for 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.

¹ DoubleLine’s custom blended benchmark was calculated by the Adviser and consists of 70% Bloomberg US Aggregate Bond Index, 15% S&P/LSTA Leveraged Loan Index and 15% Bloomberg Emerging Markets USD Aggregate Bond Index (Unhedged).

² The Wilshire Income Opportunities Fund’s custom blended benchmark was calculated by the Adviser and consists of 70% Bloomberg U.S. Universal Index, 10% Bloomberg U.S. Corporate High Yield 2% Issuer Capped Bond Index, 10% S&P/LSTA Leveraged Loan Index, and 10% Bloomberg Emerging Markets USD Aggregate Bond Index.

337

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

●

Manulife. With the exception of the three-year period ended June 30, 2022, the Subadviser underperformed the Subadviser’s benchmark index, the Bloomberg Multiverse Index USD (Hedged), for all periods reviewed. With the exception of the quarter-to-date period ended June 30, 2022, the Subadviser outperformed the Fund’s custom blended benchmark index for all periods reviewed. 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, but will continue to monitor performance of the Subadviser.

●

Voya. The Subadviser outperformed the Subadviser’s custom blended benchmark³ index for the quarter-to-date and year-to-date periods ended June 30, 2022 and underperformed the Subadviser’s benchmark index for the one- and three-year periods ended June 30, 2022. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund’s custom blended benchmark for all periods reviewed. 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 the Subadviser’s benchmark index, the MSCI ACWI ex USA Small Cap Index, for all periods reviewed. With the exception of the three-year period ended June 30, 2022, the Subadviser outperformed the Fund’s benchmark index, the MSCI ACWI ex USA Investable Market Index, for all periods reviewed. 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.

³ Voya’s custom blended benchmark was calculated by the Adviser and consists of 60% Bloomberg U.S. Universal Index, 20% Bloomberg US Corporate High Yield 2% Issuer Capped Bond Index and 20% S&P/LSTA Leveraged Loan Index.

338

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

●

LA Capital. The Subadviser outperformed the Subadviser’s benchmark index, the MSCI ACWI ex USA Index, and the Fund’s benchmark index, the MSCI ACWI ex USA Investable Market Index, 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.

●

Pzena. The Subadviser outperformed the Subadviser’s benchmark index, the MSCI ACWI ex USA Value Index, for the quarter-to-date and the 3-year periods ended June 30, 2022, and underperformed for the year-to-date and one-year periods ended June 30, 2022. The Subadviser outperformed the Fund’s benchmark index, the MSCI ACWI ex USA Investable Market Index, for all periods reviewed. 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, but will continue to closely monitor the Subadviser’s performance.

●

Voya. The Subadviser underperformed the Subadviser’s benchmark index, the ICE BofA US Dollar 3-Month Deposit Bid Rate Constant Maturity (USD), for all periods reviewed. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in August 2020. 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.

●

WCM. The Subadviser outperformed the Subadviser’s benchmark index, the MSCI ACWI ex USA Growth Index, for the three- and five-year periods ended June 30, 2022 and underperformed for the quarter-to-date, year-to-date and one-year periods. The Subadviser outperformed the Fund’s benchmark index, the MSCI ACWI ex USA Investable Market Index, for the three- and five-year periods ended June 30, 2022 and underperformed the Fund’s benchmark index for all other 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.

339

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

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.

Subadvisory Fees

The Board considered each Fund’s subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon information supplied by each Subadviser about the fees charged to other clients and information provided by the Adviser. 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 the 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 certain 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.

340

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreements

(Unaudited) - (continued)

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.

341

Wilshire Mutual Funds

WH-WMF-ANNUAL 12/31/22

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.

As of February 28, 2023, 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 and Mr. Matt Forstenhausler are the “audit committee financial experts” and are 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 12/31/2022	FYE 12/31/2021
Audit Fees	138,000	135,500
Audit-Related Fees	7,060	0
Tax Fees	32,000	35,000
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 12/31/2022	FYE 12/31/2021
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 12/31/2022	FYE 12/31/2021
Registrant	35,000	35,000
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)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(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 have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable 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 Item 2 requirements through filing an exhibit. A copy of the registrant’s Code of Ethics is filed herewith.

(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.

(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. Not applicable to open-end investment companies.

(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 pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 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	3/8/2023

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	3/8/2023

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

Date	3/9/2023