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 Indexsm 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 IndexSM 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 IndexSM 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 IndexSM 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 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.

 

Wilshire Mutual Funds, Inc. are distributed by 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 IndexSM Fund, 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.

 


1

 

 

 

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

 


2

 

 

 

Wilshire Mutual Funds, Inc.

 

Letter to Shareholders (Unaudited) - (Continued)

 

 

DISCLOSURES:

 

This report must be preceded or accompanied by a prospectus.

 

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

 

Sector allocations are subject to change.

 

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

 

Index returns are for illustrative purposes only and do not represent actual 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.

 


3

 

 

 

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.

 


4

 

 

 

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.

 


5

 

 

 

Wilshire Mutual Funds, Inc.

 

Overall Fund Commentary (Unaudited)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the FT Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 


6

 

 

 

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.

 


7

 

 

 

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.

 

 


8

 

 

 

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.

 

 

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 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.

 


9

 

 

 

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.

 


10

 

 

 

Large Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 

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.

 


11

 

 

 

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.

 


12

 

 

 

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.

 

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

 

(1)

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

 

The Portfolio’s 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.

 


13

 

 

 

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 1.30% of average daily net assets for Investment Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

 


14

 

 

 

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.

 

 

On July 21, 2020, the Large Company Value Portfolio’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

 

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

 

(1)

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

 

The Portfolio’s 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.

 


15

 

 

 

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.

 


16

 

 

 

Large Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 

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.

 


17

 

 

 

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%

 


18

 

 

 

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.

 

 

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

 

(1)

The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 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.

 


19

 

 

 

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.

 

 

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

 

(1)

The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 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.

 


20

 

 

 

Small Company Growth Portfolio

 

Commentary (Unaudited) - (Continued)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 

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.

 


21

 

 

 

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.

 


22

 

 

 

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.

 

 

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

 

(1)

The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 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.

 


23

 

 

 

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.

 

 

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

 

(1)

The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

The Portfolio’s gross expense ratio per the prospectus dated 4/30/2022 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.

 


24

 

 

 

Small Company Value Portfolio

 

Commentary (Unaudited) - (Continued)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 

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.

 


25

 

 

 

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.

 


26

 

 

 

Wilshire 5000 Indexsm 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 INDEXSM(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 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

The Index Fund’s total expense ratio per the prospectus dated 4/30/2022 was 0.54% for Investment Class Shares.

 

 


27

 

 

 

Wilshire 5000 Indexsm 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 INDEXSM(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 FT Wilshire 5000 Total Market Return IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

 

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

 


28

 

 

 

Wilshire 5000 Indexsm Fund

 

Commentary (Unaudited) - (Continued)

 

 

The U.S. stock market, represented by the FT Wilshire 5000 Total Market IndexSM, was down -19.04% for the year. Sector returns for the Wilshire 5000 Total Market IndexSM 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 IndexSM 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 IndexSM returning -29.54% versus -5.51% for the Wilshire US Large-Cap Value IndexSM.

 

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.

 

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 IndexSM. Relative performance is within the historical range.

 


29

 

 

 

Wilshire 5000 Indexsm 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.

 


30

 

 

 

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.

 


31

 

 

 

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.

 


32

 

 

 

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.

 

 

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 1.38% for Institutional Class Shares. The Portfolio’s net expense ratio per the prospectus dated 4/30/2022 was 1.25% 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 1.25% for Institutional Class Shares through at least April 30, 2023. The net expense ratio is applicable to shareholders.

 


33

 

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

 

(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.

 

 


34

 

 

 

Wilshire International Equity Fund

 

Commentary (Unaudited) - (Continued)

 

 

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 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.

 


35

 

 

 

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%

 


36

 

 

 

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%

 

 


37

 

 

 

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.

 

 


38

 

 

 

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.

 

 


39

 

 

 

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.

 

 


40

 

 

 

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 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.

 


41

 

 

 

Wilshire Income Opportunities Fund

 

Commentary (Unaudited) - (Continued)

 

 

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.

 

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.

 

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.

 


42

 

 

 

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.

 


43

 

 

 

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.

 


44

 

 

 

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  

 

 


45

 

 

 

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 IndexSM 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).

 

 


46

 

 

 

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

Shares

 

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