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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-07076 |
Wilshire Mutual Funds, Inc. |
(Exact name of registrant as specified in charter) |
1299 Ocean Avenue, Suite 700 Santa Monica, CA | 90401-1085 |
(Address of principal executive offices) | (Zip code) |
Jason A. Schwarz
Wilshire Associates Incorporated, 1299 Ocean Avenue, Suite 700, Santa Monica, CA 90401-1085 |
(Name and address of agent for service) |
Registrant's telephone number, including area code: | (310) 451-3051 |
Date of fiscal year end: | December 31 | |
Date of reporting period: | December 31, 2018 |
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
Wilshire Mutual Funds, Inc.
ANNUAL REPORT
Large Company Growth Portfolio
Large Company Value Portfolio
Small Company Growth Portfolio
Small Company Value Portfolio
Wilshire 5000 Indexsm Fund
Wilshire International Equity Fund
Wilshire Income Opportunities Fund
December 31, 2018
http://advisor.wilshire.com
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically by contacting the Funds at 1-800-487-7626 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by contacting the Fund at 1-800-487-7626. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or at your financial intermediary.
Wilshire Mutual Funds, Inc.
Table of Contents |
Letter to Shareholders | 1 |
Commentary: | |
Large Company Growth Portfolio | 4 |
Large Company Value Portfolio | 8 |
Small Company Growth Portfolio | 12 |
Small Company Value Portfolio | 16 |
Wilshire 5000 IndexSM Fund | 20 |
Wilshire International Equity Fund | 24 |
Wilshire Income Opportunities Fund | 30 |
Disclosure of Fund Expenses | 34 |
Schedules of Investments/Condensed Schedules of Investments: | |
Large Company Growth Portfolio | 37 |
Large Company Value Portfolio | 39 |
Small Company Growth Portfolio | 41 |
Small Company Value Portfolio | 43 |
Wilshire 5000 IndexSM Fund | 45 |
Wilshire International Equity Fund | 47 |
Wilshire Income Opportunities Fund | 51 |
Statements of Assets and Liabilities | 100 |
Statements of Operations | 102 |
Statements of Changes in Net Assets | 104 |
Financial Highlights: | |
Large Company Growth Portfolio | 109 |
Large Company Value Portfolio | 111 |
Small Company Growth Portfolio | 113 |
Small Company Value Portfolio | 115 |
Wilshire 5000 IndexSM Fund | 117 |
Wilshire International Equity Fund | 119 |
Wilshire Income Opportunities Fund | 121 |
Notes to Financial Statements | 123 |
Report of Independent Registered Public Accounting Firm | 150 |
Additional Fund Information | 151 |
Tax Information | 155 |
Board Approval of Advisory Agreements | 157 |
Board Approval of Subadvisory Agreements | 164 |
This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.
Wilshire Mutual Funds, Inc. are distributed by Ultimus Fund Distributors, LLC.
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) |
Dear Wilshire Mutual Fund Shareholder:
We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2018 to December 31, 2018, 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
U.S. Equity Market
The U.S. stock market, represented by the Wilshire 5000 Total Market IndexSM, was down -14.29% for the fourth quarter of 2018 and down -5.26% for the year. This marks the worst quarter for U.S. equities since 2011 and the first down year since the credit crisis sell-off of 2008. The Index had been down by double digits for the year in late December before gaining nearly 7% during the final few trading days. Concerns of an economic slowdown weighed on stock prices, as did fears that additional rate increases by the Federal Reserve could weaken future prospects for economic growth. Ongoing trade negotiations between China and the U.S. continued to be a factor affecting market activity during the quarter, and these issues remain unresolved entering the new year.
Eight of the eleven major sectors produced negative returns during 2018, with Energy (-19.39%) and Materials (-16.62%) down the most for the year. The best performing sectors were Health Care (+5.41%) and Utilities (+4.32%). Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks during the fourth quarter but outperformed overall during the twelve-month period.
International Equity Market
Equity markets outside of the U.S. were negative for 2018 in both developed and emerging markets, with double-digit losses across the major indices. The MSCI EAFE Index returned -13.79% for the year. Although the European Union began the year in sound economic condition, growth declined steadily throughout the year as gains in unemployment stalled and industrial production reversed course. News out of Japan was grim with a report showing a serious economic contraction during the third quarter that threatens to end Japan’s longest expansion since the 1980’s. Emerging markets underperformed nearly all of the major indices for 2018, with the MSCI Emerging Markets Index closing the year at -14.57%. This ended the two-year streak of positive annual gains for the index.
Bond Market
The U.S. Treasury yield curve fell across most maturities during the fourth quarter, with the biggest decreases occurring in the intermediate to longer segment of the curve. The bellwether 10-year Treasury yield ended the year at 2.69%, up 29 basis points from its 2017 finish of 2.40%. The Federal Open Market Committee increased its overnight rate four times in 2018, a total increase of 100 basis points, to a range of 2.25% to 2.50%. Credit spreads widened in the fourth quarter within both the investment grade and high yield markets. For the year, the Bloomberg Barclays U.S Aggregate Bond Index returned 0.01%, the Bloomberg Barclays U.S. TIPS Index returned -1.26%, and Bloomberg Barclays U.S. Corporate High Yield Index returned -2.08%.
1
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) - (Continued) |
Fund Performance Review
The Large Company Growth Portfolio - Institutional Class returned -1.58%, underperforming the Russell 1000 Growth Index by 0.07%. The Large Company Value Portfolio - Institutional Class returned -11.47%, underperforming the Russell 1000 Value Index by 3.20%. The Small Company Growth Portfolio - Institutional Class returned -7.63%, outperforming the Russell 2000 Growth Index by 1.68%. The Small Company Value Portfolio - Institutional Class returned -16.17%, underperforming the Russell 2000 Value Index by 3.31%. The Wilshire 5000 IndexSM Fund - Institutional Class returned -5.32%, underperforming the Wilshire 5000 Index by 0.06%. The Wilshire International Equity Fund - Institutional Class returned -12.39%, outperforming the MSCI All Country World ex-U.S. Index by 1.81%. The Wilshire Income Opportunities Fund - Institutional Class returned -0.43%, underperforming the Bloomberg Barclays U.S. Universal Index by 0.17%. We are pleased with the Funds’ performance for 2018 and we are confident that each Fund is well positioned for future growth.
As always, we sincerely appreciate your continued support and confidence in Wilshire Associates.
Sincerely,
Jason Schwarz
President, Wilshire Mutual Funds
2
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) - (Continued) |
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns assume reinvestment of all distributions.
Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.
In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.
Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on June 30, 2018. These holdings are subject to change. Not all investments in each Portfolio performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.
The MSCI EAFE Index is an equity index which captures large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Wilshire 5000 Total Market IndexSM is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.
3
Large Company Growth Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (1.90%) |
Five Years Ended 12/31/18 | 8.08% |
Ten Years Ended 12/31/18 | 13.10% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (1.51%) |
Five Years Ended 12/31/18 | 10.40% |
Ten Years Ended 12/31/18 | 15.29% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
4
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (1.58%) |
Five Years Ended 12/31/18 | 8.43% |
Ten Years Ended 12/31/18 | 13.47% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (1.51%) |
Five Years Ended 12/31/18 | 10.40% |
Ten Years Ended 12/31/18 | 15.29% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
5
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM was down -14.29% for the fourth quarter and -5.26% for the year, marking its first down year since the financial crisis. In 2018, the U.S. economy benefited from sizable tax cuts, particularly on the corporate side, which boosted earnings. Real gross domestic product (“GDP”) growth remained strong, growing at an annualized pace of 3.4% over the third quarter, and, for the fourth quarter, the Federal Reserve Bank of Atlanta projects annualized GDP growth of 2.8%. At the end of November, the unemployment rate was 3.9%, a level not seen since 2000, while wage growth continued to trend up to 3.2%. The Consumer Price Index (“CPI”) was up 1.9% for the year; although December 2018 marked the first time that the trailing 12-month CPI had fallen below 2.0% since August 2017. Concerns around additional rate hikes and ongoing trade negotiations increased, causing volatility to spike in the month of December. The CBOE S&P 500 Volatility Index® (“VIX”), which reflects a market estimate of future volatility, touched 36 on Monday, December 24, 2018, before falling back to 17.66 at the end of the year.
Sector performance for the Wilshire 5000 Total Market Index was mostly negative for 2018. Health Care (+5.41%), Utilities (+4.32%) and Information Technology (+0.67%) were the best performing sectors while Energy (-19.39%) and Materials (-16.62%) were the biggest laggards. Utilities was the only sector that recorded a positive return for the fourth quarter. Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSMreturning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks in the fourth quarter but outperformed over the twelve-month period.
U.S. real estate securities were down for the year but slightly outperformed their international counterparts. Commodities were down for the one-year period as crude oil fell 24.8% to $45.41 per barrel, compared to $60.42 per barrel at the close of 2017. Natural gas prices ended 2018 at $2.94 per million BTUs (British thermal unit), marginally down from the 2017 close of $2.95 per million BTUs. Finally, gold prices ended 2018 at $1,281 per troy ounce, down approximately 2% from last year.
The Large Company Growth Portfolio - Institutional Class returned -1.58% in 2018, underperforming the Russell 1000 Growth Index return of -1.51% by 0.07%. Stock selection within Health Care and Communication Services was detractive to relative performance. Sector allocations to Health Care and Consumer Staples, as well as stock selection within the Information Technology sector, were contributive.
Despite the Fund’s marginal relative underperformance, we believe the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical issues.
6
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
7
Large Company Value Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (11.71%) |
Five Years Ended 12/31/18 | 4.20% |
Ten Years Ended 12/31/18 | 10.60% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (8.27%) |
Five Years Ended 12/31/18 | 5.95% |
Ten Years Ended 12/31/18 | 11.18% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
8
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (11.47%) |
Five Years Ended 12/31/18 | 4.44% |
Ten Years Ended 12/31/18 | 10.84% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (8.27%) |
Five Years Ended 12/31/18 | 5.95% |
Ten Years Ended 12/31/18 | 11.18% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
9
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM was down -14.29% for the fourth quarter and -5.26% for the year, marking its first down year since the financial crisis. In 2018, the U.S. economy benefited from sizable tax cuts, particularly on the corporate side, which boosted earnings. Real gross domestic product (“GDP”) growth remained strong, growing at an annualized pace of 3.4% over the third quarter, and for the fourth quarter, the Federal Reserve Bank of Atlanta projects annualized GDP growth of 2.8%. At the end of November, the unemployment rate was 3.9%, a level not seen since 2000, while wage growth continued to trend up to 3.2%. The Consumer Price Index (“CPI”) was up 1.9% for the year; although December 2018 marked the first time that the trailing 12-month CPI had fallen below 2.0% since August 2017. Concerns around additional rate hikes and on-going trade negotiations increased, causing volatility to spike in the month of December. The CBOE S&P 500 Volatility Index® (“VIX”), which reflects a market estimate of future volatility, touched 36 on Monday, December 24, 2018 before falling back to 17.66 at the end of the year.
Sector performance for the Wilshire 5000 Total Market Index was mostly negative for 2018. Health Care (+5.41%), Utilities (+4.32%) and Information Technology (+0.67%) were the best performing sectors while Energy (-19.39%) and Materials (-16.62%) were the biggest laggards. Utilities was the only sector that recorded a positive return for the fourth quarter. Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSMreturning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks in the fourth quarter but outperformed over the twelve-month period.
U.S. real estate securities were down for the year but slightly outperformed their international counterparts. Commodities were down for the one-year period as crude oil fell 24.8% to $45.41 per barrel, compared to $60.42 per barrel at the close of 2017. Natural gas prices ended 2018 at $2.94 per million BTUs (British thermal unit), marginally down from the 2017 close of $2.95 per million BTUs. Finally, gold prices ended 2018 at $1,281 per troy ounce, down approximately 2% from last year.
The Large Company Value Portfolio - Institutional Class returned -11.47% in 2018, underperforming the Russell 1000 Value Index return of -8.27% by 3.20%. Weak sector allocation within the Industrials sector, and stock selection within Consumer Discretionary and Industrials overall detracted from relative performance. However, the Fund benefited slightly from stock selection within Communication Services, as well as from sector allocations to Energy and Materials.
Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
10
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
11
Small Company Growth Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (7.87%) |
Five Years Ended 12/31/18 | 5.94% |
Ten Years Ended 12/31/18 | 13.38% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (9.31%) |
Five Years Ended 12/31/18 | 5.13% |
Ten Years Ended 12/31/18 | 13.52% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
* | During the ten years ended December 31, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.20% of average net assets. |
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
12
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (7.63%) |
Five Years Ended 12/31/18 | 6.22% |
Ten Years Ended 12/31/18 | 13.69% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (9.31%) |
Five Years Ended 12/31/18 | 5.13% |
Ten Years Ended 12/31/18 | 13.52% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
* | During the ten years ended December 31, 2018, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.18% of average net assets. |
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
13
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM was down -14.29% for the fourth quarter and -5.26% for the year, marking its first down year since the financial crisis. In 2018, the U.S. economy benefited from sizable tax cuts, particularly on the corporate side, which boosted earnings. Real gross domestic product (“GDP”) growth remained strong, growing at an annualized pace of 3.4% over the third quarter, and for the fourth quarter, the Federal Reserve Bank of Atlanta projects annualized GDP growth of 2.8%. At the end of November, the unemployment rate was 3.9%, a level not seen since 2000, while wage growth continued to trend up to 3.2%. The Consumer Price Index (“CPI”) was up 1.9% for the year; although December 2018 marked the first time that the trailing 12-month CPI had fallen below 2.0% since August 2017. Concerns around additional rate hikes and on-going trade negotiations increased, causing volatility to spike in the month of December. The CBOE S&P 500 Volatility Index® (“VIX”), which reflects a market estimate of future volatility, touched 36 on Monday, December 24, 2018 before falling back to 17.66 at the end of the year.
Sector performance for the Wilshire 5000 Total Market Index was mostly negative for 2018. Health Care (+5.41%), Utilities (+4.32%) and Information Technology (+0.67%) were the best performing sectors while Energy (-19.39%) and Materials (-16.62%) were the biggest laggards. Utilities was the only sector that recorded a positive return for the fourth quarter. Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSMreturning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks in the fourth quarter but outperformed over the twelve-month period.
U.S. real estate securities were down for the year but slightly outperformed their international counterparts. Commodities were down for the one-year period as crude oil fell 24.8% to $45.41 per barrel, compared to $60.42 per barrel at the close of 2017. Natural gas prices ended 2018 at $2.94 per million BTUs (British thermal unit), marginally down from the 2017 close of $2.95 per million BTUs. Finally, gold prices ended 2018 at $1,281 per troy ounce, down approximately 2% from last year.
The Small Company Growth Portfolio - Institutional Class returned -7.63% in 2018, outperforming the Russell 2000 Growth Index return of -9.31% by 1.68%. The Fund benefited from sector allocation in Information Technology and Consumer Staples, as well as from strong stock selection within the Health Care sector. Stock selection within Information Technology and sector allocation to Energy were detractive.
We are pleased with the Fund’s outperformance for 2018 and believe that the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical issues.
14
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
15
Small Company Value Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (16.35%) |
Five Years Ended 12/31/18 | 2.99% |
Ten Years Ended 12/31/18 | 10.61% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (12.86%) |
Five Years Ended 12/31/18 | 3.61% |
Ten Years Ended 12/31/18 | 10.40% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
* | During the ten years ended December 31, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.24% of average net assets. |
(1) | The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
16
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (16.17%) |
Five Years Ended 12/31/18 | 3.27% |
Ten Years Ended 12/31/18 | 10.92% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (12.86%) |
Five Years Ended 12/31/18 | 3.61% |
Ten Years Ended 12/31/18 | 10.40% |
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 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
* | During the ten years ended December 31, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.18% of average net assets. |
(1) | The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
17
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM was down -14.29% for the fourth quarter and -5.26% for the year, marking its first down year since the financial crisis. In 2018, the U.S. economy benefited from sizable tax cuts, particularly on the corporate side, which boosted earnings. Real gross domestic product (“GDP”) growth remained strong, growing at an annualized pace of 3.4% over the third quarter, and for the fourth quarter, the Federal Reserve Bank of Atlanta projects annualized GDP growth of 2.8%. At the end of November, the unemployment rate was 3.9%, a level not seen since 2000, while wage growth continued to trend up to 3.2%. The Consumer Price Index (“CPI”) was up 1.9% for the year; although December 2018 marked the first time that the trailing 12-month CPI had fallen below 2.0% since August 2017. Concerns around additional rate hikes and on-going trade negotiations increased, causing volatility to spike in the month of December. The CBOE S&P 500 Volatility Index® (“VIX”), which reflects a market estimate of future volatility, touched 36 on Monday, December 24, 2018 before falling back to 17.66 at the end of the year.
Sector performance for the Wilshire 5000 Total Market Index was mostly negative for 2018. Health Care (+5.41%), Utilities (+4.32%) and Information Technology (+0.67%) were the best performing sectors while Energy (-19.39%) and Materials (-16.62%) were the biggest laggards. Utilities was the only sector that recorded a positive return for the fourth quarter. Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSMreturning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks in the fourth quarter but outperformed over the twelve-month period.
U.S. real estate securities were down for the year but slightly outperformed their international counterparts. Commodities were down for the one-year period as crude oil fell 24.8% to $45.41 per barrel, compared to $60.42 per barrel at the close of 2017. Natural gas prices ended 2018 at $2.94 per million BTUs (British thermal unit), marginally down from the 2017 close of $2.95 per million BTUs. Finally, gold prices ended 2018 at $1,281 per troy ounce, down approximately 2% from last year.
The Small Company Value Portfolio - Institutional Class returned -16.17% in 2018, underperforming the Russell 2000 Value Index return of -12.86% by 3.31%. Performance was weighed down by weak stock selection within the Financials, Energy and Consumer Discretionary sectors. However, the Fund benefited from stock selection within Health Care and Information Technology.
Despite the Fund’s underperformance versus its benchmark, we believe that the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
18
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
19
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (5.60%) |
Five Years Ended 12/31/18 | 7.50% |
Ten Years Ended 12/31/18 | 12.48% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (5.26%) |
Five Years Ended 12/31/18 | 8.08% |
Ten Years Ended 12/31/18 | 13.20% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM
Fund, Investment Class Shares and the Wilshire 5000 IndexSM through 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1) | The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
20
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (5.32%) |
Five Years Ended 12/31/18 | 7.79% |
Ten Years Ended 12/31/18 | 12.75% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (5.26%) |
Five Years Ended 12/31/18 | 8.08% |
Ten Years Ended 12/31/18 | 13.20% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 IndexSM
Fund, Institutional Class Shares and the Wilshire 5000 IndexSM through 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1) | The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
21
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM was down -14.29% for the fourth quarter and -5.26% for the year, marking its first down year since the financial crisis. In 2018, the U.S. economy benefited from sizable tax cuts, particularly on the corporate side, which boosted earnings. Real gross domestic product (“GDP”) growth remained strong, growing at an annualized pace of 3.4% over the third quarter, and for the fourth quarter, the Federal Reserve Bank of Atlanta projects annualized GDP growth of 2.8%. At the end of November, the unemployment rate was 3.9%, a level not seen since 2000, while wage growth continued to trend up to 3.2%. The Consumer Price Index (“CPI”) was up 1.9% for the year; although December 2018 marked the first time that the trailing 12-month CPI had fallen below 2.0% since August 2017. Concerns around additional rate hikes and on-going trade negotiations increased, causing volatility to spike in the month of December. The CBOE S&P 500 Volatility Index® (“VIX”), which reflects a market estimate of future volatility, touched 36 on Monday, December 24, 2018 before falling back to 17.66 at the end of the year.
Sector performance for the Wilshire 5000 Total Market Index was mostly negative for 2018. Health Care (+5.41%), Utilities (+4.32%) and Information Technology (+0.67%) were the best performing sectors while Energy (-19.39%) and Materials (-16.62%) were the biggest laggards. Utilities was the only sector that recorded a positive return for the fourth quarter. Large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSMreturning -4.64% versus -10.84% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks broadly trailed value stocks in the fourth quarter but outperformed over the twelve-month period.
U.S. Real estate securities were down for the year but slightly outperformed their international counterparts. Commodities were down for the one-year period as crude oil fell 24.8% to $45.41 per barrel, compared to $60.42 per barrel at the close of 2017. Natural gas prices ended 2018 at $2.94 per million BTUs (British thermal unit), marginally down from the 2017 close of $2.95 per million BTUs. Finally, gold prices ended 2018 at $1,281 per troy ounce, down approximately 2% from last year.
The Wilshire 5000 Index Fund - Institutional Class returned -5.32% in 2018, underperforming the Wilshire 5000 Index return of -5.26% by 0.06%. Relative underperformance is attributable to Fund expenses and is well within the historical range.
22
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Fund’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
23
Wilshire International Equity Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (12.66%) |
Five Years Ended 12/31/18 | 0.59% |
Ten Years Ended 12/31/18 | 6.03% |
MSCI ALL COUNTRY WORLD EX-U.S. INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (14.20%) |
Five Years Ended 12/31/18 | 0.68% |
Ten Years Ended 12/31/18 | 6.57% |
On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.
* | During the ten years ended December 31, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.08% of average net assets. |
(1) | The MSCI All Country World Ex-U.S. Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes. |
24
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Wilshire International Equity
Fund, Investment Class Shares and theMSCI All Country World Ex-U.S.Indexthrough 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
25
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (12.39%) |
Five Years Ended 12/31/18 | 0.85% |
Ten Years Ended 12/31/18 | 6.29% |
MSCI ALL COUNTRY WORLD EX-U.S. INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (14.20%) |
Five Years Ended 12/31/18 | 0.68% |
Ten Years Ended 12/31/18 | 6.57% |
On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.
* | During the ten years ended December 31, 2018, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the year ended December 31, 2018, the investment adviser recouped previously reduced fees in the amount of 0.02% of average net assets. |
(1) | The MSCI All Country World Ex-U.S. Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes. |
26
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Wilshire International Equity
Fund, Institutional Class Shares and theMSCI All Country World Ex-U.S.Indexthrough 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
27
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
Equity markets outside of the U.S. continued to underperform relative to domestic equities, with the MSCI ACWI ex-U.S. Index returning -14.20% for 2018. Political turmoil in Italy caused concern as the Italian government released its official budget for 2019 that included a deficit of 2.4% of GDP, which was above the 2% target set by the European Union, and which worsened the country’s debt outlook. Japan provided a bright spot, as the Bank of Japan continued its stimulative policies. Trade tensions weighed heavily on foreign markets, particularly in emerging markets, with the MSCI Emerging Markets Index returning -14.58% for the year. Emerging markets entered a technical bear market during the fourth quarter, down -20% since late January. Much of the weakness came from securities domiciled in China, a cohort which now represents 30% of the MSCI Emerging Markets Index. While China-U.S. trade relations remain a significant variable, China’s central bank has also communicated a lack of desire to offer monetary stimulus, and liquidity issues have led to a number of corporate bond defaults.
The Wilshire International Equity Fund - Institutional Class returned -12.39% in 2018, outperforming the MSCI ACWI ex-U.S. Index return of -14.20% by 1.81%. Returns were weighed down by weak stock selection in Consumer Staples and Energy, as well as regional selection in India. Conversely, strong stock selection within Consumer Discretionary and Information Technology was contributive to returns.
We are pleased with the Fund’s relative outperformance for 2018 and believe that the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical issues.
28
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Fund’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
29
Wilshire Income Opportunities Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/18 | (0.65%) |
Inception (03/30/16) through 12/31/18 | 3.18% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (0.26%) |
Inception (03/30/16) through 12/31/18 | 1.76% |
* | During certain periods since inception, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical returns would have been lower. For the year ended December 31, 2018, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.04% of average net assets. |
(1) | The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares ofWilshire Income Opportunities
Fund, Investment Class Shares and theBloomberg Barclays U.S. Universal Index through 12/31/18.
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 athttp://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.
30
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/18 | (0.43%) |
Inception (03/30/16) through 12/31/18 | 3.32% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
One Year Ended 12/31/18 | (0.26%) |
Inception (03/30/16) through 12/31/18 | 1.76% |
(1) | The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares ofWilshire Income Opportunities
Fund, Institutional Class Shares and theBloomberg Barclays U.S. Universal Index through 12/31/18.
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 athttp://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
31
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
The U.S. fixed income market was slightly positive for 2018 with the Bloomberg Barclays U.S. Aggregate Bond Index retuning 0.01%. The Federal Open Market Committee raised the fed funds rate four times in 2018 to a range of 2.25% to 2.50%. The committee adjusted its forecast for future rate hikes from three rate increases in 2019 to only two. Additionally, the central bank will continue to shrink its balance sheet by up to $50 billion per month. The U.S. Treasuries curve continued to flatten over the year with the 10-year Treasury yield ending the year at 2.69%, up slightly from 2.46% at the beginning of the year. The yield curve differential between 2-year and 10-year Treasury ended the year at 21 basis points, compared to 54 basis points at the beginning of the year. Credit spreads, a measure used to gauge the risk of corporate debt, widened during the fourth quarter sell-off. The Bloomberg Barclays U.S. Universal Index and the Bloomberg Barclays U.S. Corporate High Yield Index returned -0.26% and -2.08%, respectively, for the year.
Globally, a strong U.S. dollar and geopolitical factors weighed on performance. The Citigroup World Global Bond Index (unhedged) returned -0.84% for the year. Emerging market bonds were heavily impacted by the geopolitical uncertainty, higher interest rates in the U.S., and concerns of trade war.
The Wilshire Income Opportunities Fund - Institutional Class returned -0.43% for the year, underperforming the Bloomberg Barclays U.S. Universal Index return of -0.26% by 0.17%. Exposures to high-yield corporate issues, convertible bond and equities weighed on performance. While the allocation to bank loans boosted performance early in the period, it weighed on performance during the last quarter of the year. Exposures to Mortgage Backed Securities were contributive.
Despite the Fund’s relative underperformance, we believe the Fund is well positioned going into 2019 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
32
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2018)
† | Based on percent of the Fund’s total investments in securities at value. |
33
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited)
For the Six Months Ended December 31, 2018 (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, 2018 to December 31, 2018.
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.
34
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited) - (Continued)
For the Six Months Ended December 31, 2018 (Unaudited) |
Beginning | Ending | Net | Expenses Paid | |
Large Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 911.40 | 1.31% | $ 6.31 |
Institutional Class | $ 1,000.00 | $ 912.80 | 0.99% | $ 4.77 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.60 | 1.31% | $ 6.67 |
Institutional Class | $ 1,000.00 | $ 1,020.21 | 0.99% | $ 5.04 |
Large Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 901.20 | 1.24% | $ 5.94 |
Institutional Class | $ 1,000.00 | $ 902.50 | 0.97% | $ 4.65 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.95 | 1.24% | $ 6.31 |
Institutional Class | $ 1,000.00 | $ 1,020.32 | 0.97% | $ 4.94 |
Small Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 847.20 | 1.35% | $ 6.29 |
Institutional Class | $ 1,000.00 | $ 848.30 | 1.10% | $ 5.12 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.40 | 1.35% | $ 6.87 |
Institutional Class | $ 1,000.00 | $ 1,019.66 | 1.10% | $ 5.60 |
Small Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 797.30 | 1.34% | $ 6.07 |
Institutional Class | $ 1,000.00 | $ 798.20 | 1.09% | $ 4.94 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.45 | 1.34% | $ 6.82 |
Institutional Class | $ 1,000.00 | $ 1,019.71 | 1.09% | $ 5.55 |
35
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited) - (Continued)
For the Six Months Ended December 31, 2018 (Unaudited) |
Beginning | Ending | Net | Expenses Paid | |
Wilshire 5000 IndexSM Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 919.30 | 0.63% | $ 3.05 |
Institutional Class | $ 1,000.00 | $ 921.10 | 0.33% | $ 1.60 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,022.03 | 0.63% | $ 3.21 |
Institutional Class | $ 1,000.00 | $ 1,023.54 | 0.33% | $ 1.68 |
Wilshire International Equity Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 893.40 | 1.52% | $ 7.25 |
Institutional Class | $ 1,000.00 | $ 895.60 | 1.27% | $ 6.07 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,017.54 | 1.52% | $ 7.73 |
Institutional Class | $ 1,000.00 | $ 1,018.80 | 1.27% | $ 6.46 |
Wilshire Income Opportunities Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 994.50 | 1.19% | $ 5.98 |
Institutional Class | $ 1,000.00 | $ 995.70 | 0.92% | $ 4.63 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,019.21 | 1.19% | $ 6.06 |
Institutional Class | $ 1,000.00 | $ 1,020.57 | 0.92% | $ 4.69 |
(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). |
36
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 96.9%(a) | ||||||||
Communication Services — 11.4% | ||||||||
Activision Blizzard, Inc. | 32,999 | $ | 1,536,764 | |||||
Alphabet, Inc. - Class A(b) | 3,999 | 4,178,795 | ||||||
Alphabet, Inc. - Class C(b) | 7,483 | 7,749,470 | ||||||
Facebook, Inc. - Class A(b) | 66,005 | 8,652,595 | ||||||
Other Securities(c) | 1,298,493 | |||||||
23,416,117 | ||||||||
Consumer Discretionary — 18.9% | ||||||||
Alibaba Group Holding Ltd. - ADR(b) | 46,128 | 6,322,764 | ||||||
Amazon.com, Inc.(b) | 8,361 | 12,557,970 | ||||||
Booking Holdings, Inc.(b) | 1,718 | 2,959,118 | ||||||
Burlington Stores, Inc.(b) | 13,130 | 2,135,857 | ||||||
GrubHub, Inc.(b)(d) | 20,813 | 1,598,647 | ||||||
Home Depot, Inc. (The) | 10,126 | 1,739,849 | ||||||
Starbucks Corp. | 45,761 | 2,947,008 | ||||||
Ulta Beauty, Inc.(b) | 8,380 | 2,051,759 | ||||||
Yum! Brands, Inc. | 16,985 | 1,561,261 | ||||||
Other Securities(c)(d) | 4,894,449 | |||||||
38,768,682 | ||||||||
Consumer Staples — 7.9% | ||||||||
Coca-Cola Co. (The) | 58,896 | 2,788,726 | ||||||
Colgate-Palmolive Co. | 27,308 | 1,625,372 | ||||||
Danone S.A. - ADR | 144,987 | 2,026,918 | ||||||
Monster Beverage Corp.(b) | 94,897 | 4,670,831 | ||||||
Procter & Gamble Co. (The) | 23,573 | 2,166,830 | ||||||
Other Securities(c) | 2,863,178 | |||||||
16,141,855 | ||||||||
Energy — 0.6% | ||||||||
Other Securities(c) | 1,262,748 | |||||||
Financials — 4.6% | ||||||||
First Republic Bank | 16,486 | 1,432,633 | ||||||
MarketAxess Holdings, Inc. | 7,478 | 1,580,177 | ||||||
SEI Investments Co. | 33,230 | 1,535,226 | ||||||
Other Securities(c) | 4,829,218 | |||||||
9,377,254 | ||||||||
Health Care — 19.1% | ||||||||
ABIOMED, Inc.(b) | 6,433 | 2,090,983 | ||||||
Alexion Pharmaceuticals, Inc.(b) | 18,128 | 1,764,942 | ||||||
Align Technology, Inc.(b) | 8,942 | 1,872,723 | ||||||
Amgen, Inc. | 10,923 | 2,126,380 | ||||||
Cerner Corp.(b) | 37,638 | 1,973,737 | ||||||
Edwards Lifesciences Corp.(b) | 15,102 | 2,313,174 | ||||||
Illumina, Inc.(b) | 7,614 | 2,283,667 | ||||||
Novartis AG - ADR | 15,626 | 1,340,867 | ||||||
Novo Nordisk A/S - ADR | 45,737 | 2,107,104 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 6,730 | 2,513,655 | ||||||
UnitedHealth Group, Inc. | 21,329 | 5,313,480 | ||||||
Varian Medical Systems, Inc.(b) | 12,217 | 1,384,308 | ||||||
Zoetis, Inc. | 38,157 | 3,263,949 | ||||||
Other Securities(c)(d) | 8,751,473 | |||||||
39,100,442 | ||||||||
Industrials — 6.6% | ||||||||
CSX Corp. | 33,434 | 2,077,254 | ||||||
Deere & Co. | 13,771 | 2,054,220 | ||||||
Expeditors International of Washington, Inc. | 32,039 | 2,181,535 | ||||||
XPO Logistics, Inc.(b) | 24,837 | 1,416,702 | ||||||
Other Securities(c) | 5,864,948 | |||||||
13,594,659 | ||||||||
Information Technology — 26.1% | ||||||||
Apple, Inc. | 22,832 | 3,601,520 | ||||||
Autodesk, Inc.(b) | 22,968 | 2,953,914 | ||||||
Cisco Systems, Inc. | 49,320 | 2,137,036 | ||||||
Keysight Technologies, Inc.(b) | 26,302 | 1,632,828 | ||||||
Microsoft Corp. | 63,858 | 6,486,056 | ||||||
NVIDIA Corp. | 15,368 | 2,051,627 | ||||||
Oracle Corp. | 98,817 | 4,461,587 | ||||||
PayPal Holdings, Inc.(b) | 34,666 | 2,915,064 | ||||||
PTC, Inc.(b) | 21,101 | 1,749,273 | ||||||
QUALCOMM, Inc. | 36,115 | 2,055,304 | ||||||
salesforce.com, inc.(b) | 23,593 | 3,231,532 | ||||||
ServiceNow, Inc.(b) | 12,690 | 2,259,455 | ||||||
Visa, Inc. - Class A(d) | 76,663 | 10,114,917 | ||||||
Other Securities(c)(d) | 7,675,945 | |||||||
53,326,058 | ||||||||
Materials — 0.3% | ||||||||
Other Securities(c) | 545,232 | |||||||
Real Estate — 1.4% | ||||||||
Other Securities(c)(d) | 2,820,444 | |||||||
Total Common Stocks(Cost $143,039,458) | $ | 198,353,491 |
See Notes to Financial Statements.
37
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 2.3% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 4,066,045 | $ | 4,066,045 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e)(f) | 635,600 | 635,600 | ||||||
Total Money Market Funds(Cost $4,701,645) | $ | 4,701,645 | ||||||
Total Investments at Value — 99.2%(Cost $147,741,103) | $ | 203,055,136 | ||||||
Other Assets in Excess of Liabilities — 0.8% | 1,644,618 | |||||||
Net Assets — 100.0% | $ | 204,699,754 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depositary Receipt.
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2018. |
(d) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $12,871,935 (Note 7). |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $635,600. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $12,439,570 (Note 7). |
See Notes to Financial Statements.
38
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.7%(a) | ||||||||
Communication Services — 5.6% | ||||||||
AT&T, Inc. | 96,059 | $ | 2,741,524 | |||||
Verizon Communications, Inc. | 51,770 | 2,910,509 | ||||||
Other Securities(b)(c) | 4,888,434 | |||||||
10,540,467 | ||||||||
Consumer Discretionary — 5.0% | ||||||||
Ford Motor Co. | 261,519 | 2,000,620 | ||||||
Lear Corp. | 15,266 | 1,875,580 | ||||||
Other Securities(b)(c) | 5,600,073 | |||||||
9,476,273 | ||||||||
Consumer Staples — 5.8% | ||||||||
Philip Morris International, Inc. | 28,966 | 1,933,770 | ||||||
Walmart, Inc. | 35,350 | 3,292,853 | ||||||
Other Securities(b) | 5,596,042 | |||||||
10,822,665 | ||||||||
Energy — 10.9% | ||||||||
BP plc - ADR | 45,608 | 1,729,455 | ||||||
Chevron Corp. | 20,032 | 2,179,281 | ||||||
ConocoPhillips | 30,230 | 1,884,841 | ||||||
Exxon Mobil Corp. | 46,743 | 3,187,404 | ||||||
Occidental Petroleum Corp. | 27,155 | 1,666,774 | ||||||
Phillips 66 | 25,444 | 2,192,001 | ||||||
Royal Dutch Shell plc - Class A - ADR | 49,289 | 2,872,070 | ||||||
Schlumberger Ltd. | 42,839 | 1,545,631 | ||||||
Other Securities(b)(c) | 3,134,771 | |||||||
20,392,228 | ||||||||
Financials — 26.0% | ||||||||
American Express Co. | 18,030 | 1,718,620 | ||||||
American International Group, Inc. | 56,149 | 2,212,832 | ||||||
AXA Equitable Holdings, Inc. | 85,529 | 1,422,347 | ||||||
Bank of America Corp. | 190,403 | 4,691,530 | ||||||
Capital One Financial Corp. | 30,418 | 2,299,296 | ||||||
Citigroup, Inc. | 37,721 | 1,963,755 | ||||||
JPMorgan Chase & Co. | 54,381 | 5,308,673 | ||||||
MetLife, Inc. | 53,335 | 2,189,935 | ||||||
Morgan Stanley | 49,273 | 1,953,675 | ||||||
State Street Corp. | 29,724 | 1,874,693 | ||||||
U.S. Bancorp | 49,901 | 2,280,476 | ||||||
Voya Financial, Inc. | 36,758 | 1,475,466 | ||||||
Wells Fargo & Co. | 107,746 | 4,964,936 | ||||||
Other Securities(b)(c) | 14,369,705 | |||||||
48,725,939 | ||||||||
Health Care — 14.5% | ||||||||
Amgen, Inc. | 8,237 | 1,603,496 | ||||||
Cardinal Health, Inc. | 38,483 | 1,716,342 | ||||||
CVS Health Corp. | 43,816 | 2,870,823 | ||||||
Johnson & Johnson | 25,244 | 3,257,738 | ||||||
Merck & Co., Inc. | 32,954 | 2,518,015 | ||||||
Mylan N.V.(d) | 70,325 | 1,926,905 | ||||||
Pfizer, Inc. | 102,580 | 4,477,617 | ||||||
Sanofi - ADR | 34,250 | 1,486,793 | ||||||
Other Securities(b)(c) | 7,448,231 | |||||||
27,305,960 | ||||||||
Industrials — 9.5% | ||||||||
General Electric Co. | 555,938 | 4,208,452 | ||||||
Johnson Controls International plc | 58,019 | 1,720,263 | ||||||
Stanley Black & Decker, Inc. | 22,277 | 2,667,448 | ||||||
United Technologies Corp. | 19,944 | 2,123,637 | ||||||
Other Securities(b) | 7,068,918 | |||||||
17,788,718 | ||||||||
Information Technology — 8.6% | ||||||||
Cisco Systems, Inc. | 38,682 | 1,676,091 | ||||||
Cognizant Technology Solutions Corp. - Class A | 27,165 | 1,724,435 | ||||||
Hewlett Packard Enterprise Co. | 129,143 | 1,705,979 | ||||||
International Business Machines Corp. | 12,591 | 1,431,219 | ||||||
Oracle Corp. | 101,242 | 4,571,076 | ||||||
QUALCOMM, Inc. | 30,279 | 1,723,178 | ||||||
Other Securities(b) | 3,307,125 | |||||||
16,139,103 | ||||||||
Materials — 2.3% | ||||||||
DowDuPont, Inc. | 36,164 | 1,934,050 | ||||||
Linde plc | 11,316 | 1,765,749 | ||||||
Other Securities(b)(c) | 639,742 | |||||||
4,339,541 | ||||||||
Real Estate — 3.2% | ||||||||
HCP, Inc. | 65,324 | 1,824,498 | ||||||
Other Securities(b) | 4,149,778 | |||||||
5,974,276 | ||||||||
Utilities — 6.3% | ||||||||
Dominion Energy, Inc. | 31,321 | 2,238,199 | ||||||
Edison International | 32,525 | 1,846,444 | ||||||
Entergy Corp. | 31,183 | 2,683,920 | ||||||
Exelon Corp. | 50,805 | 2,291,305 |
See Notes to Financial Statements.
39
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.7%(a) (Continued) | ||||||||
Utilities — 6.3% (Continued) | ||||||||
Other Securities(b)(c) | $ | 2,743,242 | ||||||
11,803,110 | ||||||||
Total Common Stocks(Cost $184,606,541) | $ | 183,308,280 | ||||||
MONEY MARKET FUNDS — 0.7% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 1,246,189 | $ | 1,246,189 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e)(f) | 191,261 | 191,261 | ||||||
Total Money Market Funds(Cost $1,437,450) | $ | 1,437,450 | ||||||
Total Investments at Value — 98.4%(Cost $186,043,991) | $ | 184,745,730 | ||||||
Other Assets in Excess of Liabilities — 1.6% | 2,944,031 | |||||||
Net Assets — 100.0% | $ | 187,689,761 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR —American Depositary Receipt.
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2018. |
(c) | This security or a partial position is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $6,351,183 (Note 7). |
(d) | Non-income producing security. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $191,261. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $6,265,914 (Note 7). |
See Notes to Financial Statements.
40
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 98.1%(a) | ||||||||
Communication Services — 3.1% | ||||||||
Cogent Communications Holdings, Inc. | 17,856 | $ | 807,270 | |||||
Other Securities(b)(c) | 795,858 | |||||||
1,603,128 | ||||||||
Consumer Discretionary — 9.3% | ||||||||
Cavco Industries, Inc.(d) | 2,459 | 320,604 | ||||||
Chegg, Inc.(d) | 13,590 | 386,229 | ||||||
Malibu Boats, Inc. - Class A(d) | 10,555 | 367,314 | ||||||
Oxford Industries, Inc.(c) | 6,745 | 479,164 | ||||||
Steven Madden Ltd. | 28,349 | 857,840 | ||||||
TopBuild Corp.(d) | 7,840 | 352,800 | ||||||
Other Securities(b)(c) | 2,141,277 | |||||||
4,905,228 | ||||||||
Consumer Staples — 6.5% | ||||||||
Calavo Growers, Inc.(c) | 11,766 | 858,447 | ||||||
Inter Parfums, Inc. | 20,459 | 1,341,497 | ||||||
J & J Snack Foods Corp. | 6,410 | 926,822 | ||||||
Other Securities(b)(c) | 320,035 | |||||||
3,446,801 | ||||||||
Energy — 1.8% | ||||||||
Callon Petroleum Co.(c)(d) | 35,005 | 227,182 | ||||||
WildHorse Resource Development Corp.(c)(d) | 45,922 | 647,958 | ||||||
Other Securities(b) | 93,035 | |||||||
968,175 | ||||||||
Financials — 7.3% | ||||||||
Banc of California, Inc.(c) | 62,253 | 828,588 | ||||||
LegacyTexas Financial Group, Inc. | 13,510 | 433,536 | ||||||
LendingTree, Inc.(c)(d) | 1,405 | 308,496 | ||||||
Other Securities(b)(c) | 2,290,141 | |||||||
3,860,761 | ||||||||
Health Care — 26.9% | ||||||||
BioTelemetry, Inc.(c)(d) | 13,960 | 833,692 | ||||||
Cambrex Corp.(c)(d) | 19,725 | 744,816 | ||||||
Cantel Medical Corp.(c) | 10,825 | 805,922 | ||||||
Heska Corp.(d) | 5,255 | 452,456 | ||||||
LeMaitre Vascular, Inc.(c) | 16,253 | 384,221 | ||||||
Medidata Solutions, Inc.(c)(d) | 12,444 | 838,975 | ||||||
Medpace Holdings, Inc.(d) | 8,503 | 450,064 | ||||||
Neogen Corp.(c)(d) | 9,431 | 537,568 | ||||||
NeoGenomics, Inc.(d) | 36,652 | 462,182 | ||||||
PRA Health Sciences, Inc.(d) | 12,703 | 1,168,167 | ||||||
Repligen Corp.(c)(d) | 17,710 | 934,024 | ||||||
Supernus Pharmaceuticals, Inc. (c) (d) | 11,785 | 391,498 | ||||||
Tabula Rasa HealthCare, Inc. (c) (d) | 11,545 | 736,109 | ||||||
Tactile Systems Technology, Inc. (c) (d) | 10,228 | 465,885 | ||||||
Other Securities(b)(c) | 4,987,455 | |||||||
14,193,034 | ||||||||
Industrials — 13.3% | ||||||||
Axon Enterprise, Inc.(c)(d) | 8,160 | 357,000 | ||||||
Knoll, Inc. | 25,502 | 420,273 | ||||||
Marten Transport Ltd. | 38,095 | 616,758 | ||||||
Mercury Systems, Inc.(c)(d) | 20,635 | 975,829 | ||||||
Saia, Inc.(d) | 11,301 | 630,822 | ||||||
SiteOne Landscape Supply, Inc. (c) (d) | 7,715 | 426,408 | ||||||
Other Securities(b)(c) | 3,581,566 | |||||||
7,008,656 | ||||||||
Information Technology — 26.2% | ||||||||
Box, Inc. - Class A(d) | 31,693 | 534,978 | ||||||
Cabot Microelectronics Corp. | 7,422 | 707,687 | ||||||
EVO Payments, Inc. - Class A(d) | 27,395 | 675,835 | ||||||
Integrated Device Technology, Inc.(d) | 9,574 | 463,669 | ||||||
j2 Global, Inc. | 3,030 | 210,221 | ||||||
MAXIMUS, Inc. | 13,245 | 862,117 | ||||||
Mesa Laboratories, Inc. | 3,760 | 783,545 | ||||||
Mimecast Ltd.(d) | 17,515 | 589,029 | ||||||
MINDBODY, Inc. - Class A(d) | 20,289 | 738,520 | ||||||
Pegasystems, Inc. | 30,461 | 1,456,950 | ||||||
Qualys, Inc.(c)(d) | 15,940 | 1,191,356 | ||||||
Silicon Laboratories, Inc.(d) | 7,720 | 608,413 | ||||||
WNS Holdings Ltd. - ADR(d) | 25,670 | 1,059,143 | ||||||
Workiva, Inc.(d) | 7,250 | 260,203 | ||||||
Other Securities(b)(c) | 3,651,388 | |||||||
13,793,054 | ||||||||
Materials — 1.5% | ||||||||
Quaker Chemical Corp.(c) | 3,325 | 590,886 | ||||||
Other Securities(b)(c) | 219,104 | |||||||
809,990 | ||||||||
Real Estate — 1.9% | ||||||||
Other Securities(b)(c) | 1,009,859 |
See Notes to Financial Statements.
41
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 98.1%(a) (Continued) | ||||||||
Utilities — 0.3% | ||||||||
Other Securities(b)(c) | $ | 149,991 | ||||||
Total Common Stocks(Cost $49,168,066) | $ | 51,748,677 | ||||||
MONEY MARKET FUNDS — 2.1% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 703,438 | $ | 703,438 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e)(f) | 414,659 | 414,659 | ||||||
Total Money Market Funds (Cost $1,118,097) | $ | 1,118,097 | ||||||
Total Investments at Value — 100.2% (Cost $50,286,163) | $ | 52,866,774 | ||||||
Liabilities in Excess of Other Assets — (0.2%) | (101,856 | ) | ||||||
Net Assets — 100.0% | $ | 52,764,918 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depositary Receipt.
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2018. |
(c) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $11,335,374 (Note 7). |
(d) | Non-income producing security. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $414,659. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,097,295 (Note 7). |
See Notes to Financial Statements.
42
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.4%(a) | ||||||||
Communication Services — 1.0% | ||||||||
Other Securities(b)(c) | $ | 540,562 | ||||||
Consumer Discretionary — 8.1% | ||||||||
Hooker Furniture Corp. | 26,077 | 686,868 | ||||||
Stoneridge, Inc.(d) | 16,848 | 415,304 | ||||||
Taylor Morrison Home Corp. - Class A(d) | 44,330 | 704,848 | ||||||
TRI Pointe Group, Inc.(c)(d) | 54,601 | 596,789 | ||||||
Other Securities(b)(c) | 1,803,884 | |||||||
4,207,693 | ||||||||
Consumer Staples — 2.1% | ||||||||
Landec Corp.(c)(d) | 64,355 | 761,963 | ||||||
Other Securities(b)(c) | 321,035 | |||||||
1,082,998 | ||||||||
Energy — 4.6% | ||||||||
Carrizo Oil & Gas, Inc.(c)(d) | 52,350 | 591,031 | ||||||
Centennial Resource Development, Inc. - Class A(c)(d) | 48,520 | 534,689 | ||||||
PDC Energy, Inc.(d) | 17,926 | 533,478 | ||||||
Other Securities(b)(c) | 706,745 | |||||||
2,365,943 | ||||||||
Financials — 31.7% | ||||||||
Ameris Bancorp | 24,420 | 773,381 | ||||||
Aspen Insurance Holdings Ltd. | 27,590 | 1,158,504 | ||||||
Bank of N.T. Butterfield & Son Ltd. (The) | 22,840 | 716,034 | ||||||
BankUnited, Inc. | 18,405 | 551,046 | ||||||
CVB Financial Corp. | 19,110 | 386,595 | ||||||
Essent Group Ltd.(d) | 9,750 | 333,255 | ||||||
First Horizon National Corp.(c) | 45,337 | 596,635 | ||||||
HomeStreet, Inc.(d) | 33,685 | 715,132 | ||||||
MGIC Investment Corp.(d) | 26,235 | 274,418 | ||||||
PacWest Bancorp | 13,350 | 444,288 | ||||||
ProAssurance Corp. | 7,970 | 323,263 | ||||||
Radian Group, Inc. | 25,596 | 418,751 | ||||||
RenaissanceRe Holdings Ltd. | 6,595 | 881,752 | ||||||
Texas Capital Bancshares, Inc.(d) | 7,880 | 402,589 | ||||||
Western Alliance Bancorp.(d) | 22,375 | 883,588 | ||||||
Other Securities(b)(c) | 7,537,595 | |||||||
16,396,826 | ||||||||
Health Care — 3.6% | ||||||||
LivaNova plc(d) | 5,830 | 533,269 | ||||||
Other Securities(b)(c) | 1,325,349 | |||||||
1,858,618 | ||||||||
Industrials — 14.2% | ||||||||
Alamo Group, Inc. | 5,340 | 412,889 | ||||||
Albany International Corp. - Class A | 7,165 | 447,311 | ||||||
Apogee Enterprises, Inc.(c) | 11,790 | 351,931 | ||||||
Astronics Corp.(c)(d) | 12,745 | 388,086 | ||||||
Barnes Group, Inc. | 7,515 | 402,954 | ||||||
BMC Stock Holdings, Inc.(d) | 33,150 | 513,162 | ||||||
EnerSys | 10,597 | 822,434 | ||||||
HNI Corp. | 8,140 | 288,399 | ||||||
Knight-Swift Transportation Holdings, Inc.(c) | 21,690 | 543,768 | ||||||
Quanta Services, Inc. | 21,435 | 645,193 | ||||||
Other Securities(b)(c) | 2,511,296 | |||||||
7,327,423 | ||||||||
Information Technology — 12.6% | ||||||||
Coherent, Inc.(c)(d) | 5,289 | 559,101 | ||||||
Entegris, Inc. | 20,570 | 573,800 | ||||||
Euronet Worldwide, Inc.(d) | 2,820 | 288,712 | ||||||
Integrated Device Technology, Inc.(c)(d) | 13,940 | 675,114 | ||||||
Mellanox Technologies Ltd.(d) | 9,000 | 831,419 | ||||||
Methode Electronics, Inc. | 20,345 | 473,835 | ||||||
Other Securities(b)(c) | 3,122,210 | |||||||
6,524,191 | ||||||||
Materials — 5.7% | ||||||||
Bemis Co., Inc.(c) | 13,719 | 629,701 | ||||||
Kaiser Aluminum Corp. | 5,367 | 479,219 | ||||||
Louisiana-Pacific Corp. | 14,737 | 327,456 | ||||||
Neenah, Inc. | 5,640 | 332,309 | ||||||
P.H. Glatfelter Co.(c) | 52,160 | 509,081 | ||||||
Other Securities(b)(c) | 653,542 | |||||||
2,931,308 | ||||||||
Real Estate — 10.9% | ||||||||
Brandywine Realty Trust | 31,703 | 408,017 | ||||||
First Industrial Realty Trust, Inc. | 10,160 | 293,217 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 17,760 | 302,629 | ||||||
PotlatchDeltic Corp.(c) | 7,864 | 248,816 | ||||||
RPT Realty(c) | 64,110 | 766,114 | ||||||
Other Securities(b)(c) | 3,601,171 | |||||||
5,619,964 |
See Notes to Financial Statements.
43
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.4%(a) (Continued) | ||||||||
Utilities — 2.9% | ||||||||
ONE Gas, Inc. | 3,862 | $ | 307,416 | |||||
Other Securities(b)(c) | 1,208,353 | |||||||
1,515,769 | ||||||||
Total Common Stocks(Cost $55,681,360) | $ | 50,371,295 | ||||||
MONEY MARKET FUNDS — 2.3% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 1,081,512 | $ | 1,081,512 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e)(f) | 130,515 | 130,515 | ||||||
Total Money Market Funds (Cost $1,212,027) | $ | 1,212,027 | ||||||
Total Investments at Value — 99.7%(Cost $56,893,387) | $ | 51,583,322 | ||||||
Other Assets in Excess of Liabilities — 0.3% | 156,805 | |||||||
Net Assets — 100.0% | $ | 51,740,127 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2018. |
(c) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $7,696,489 (Note 7). |
(d) | Non-income producing security. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $130,515. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,789,908 (Note 7). |
See Notes to Financial Statements.
44
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 98.5%(a) | ||||||||
Communication Services — 9.1% | ||||||||
Actua Corp.(b)(c)(d) | 100 | $ | 63 | |||||
Alphabet, Inc. - Class C(b) | 4,183 | 4,331,956 | ||||||
AT&T, Inc. | 48,588 | 1,386,702 | ||||||
Comcast Corp. - Class A | 27,208 | 926,431 | ||||||
Facebook, Inc. - Class A(b) | 16,109 | 2,111,728 | ||||||
Netflix, Inc.(b) | 2,752 | 736,601 | ||||||
Verizon Communications, Inc. | 27,033 | 1,519,795 | ||||||
Walt Disney Co. (The) | 8,748 | 959,219 | ||||||
Other Securities(e)(f) | 3,083,814 | |||||||
15,056,309 | ||||||||
Consumer Discretionary — 10.4% | ||||||||
Amazon.com, Inc.(b) | 2,898 | 4,352,710 | ||||||
Home Depot, Inc. (The) | 7,864 | 1,351,193 | ||||||
McDonald's Corp. | 5,528 | 981,606 | ||||||
NIKE, Inc. - Class B | 9,049 | 670,892 | ||||||
Starbucks Corp. | 9,643 | 621,008 | ||||||
Other Securities(e)(f) | 9,240,030 | |||||||
17,217,439 | ||||||||
Consumer Staples — 6.9% | ||||||||
Coca-Cola Co. (The) | 25,460 | 1,205,530 | ||||||
Costco Wholesale Corp. | 3,201 | 652,075 | ||||||
PepsiCo, Inc. | 9,119 | 1,007,467 | ||||||
Philip Morris International, Inc. | 10,726 | 716,068 | ||||||
Procter & Gamble Co. (The) | 16,340 | 1,501,972 | ||||||
Walmart, Inc. | 10,639 | 991,022 | ||||||
Other Securities(e)(f) | 5,384,620 | |||||||
11,458,754 | ||||||||
Energy — 4.9% | ||||||||
Chevron Corp. | 13,683 | 1,488,573 | ||||||
Exxon Mobil Corp. | 27,928 | 1,904,409 | ||||||
Other Securities(e)(f) | 4,763,443 | |||||||
8,156,425 | ||||||||
Financials — 14.1% | ||||||||
Bank of America Corp. | 71,008 | 1,749,636 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 14,686 | 2,998,587 | ||||||
Citigroup, Inc. | 19,155 | 997,208 | ||||||
JPMorgan Chase & Co. | 23,132 | 2,258,145 | ||||||
Wells Fargo & Co. | 31,447 | 1,449,077 | ||||||
Other Securities(e)(f) | 14,056,572 | |||||||
23,509,225 | ||||||||
Health Care — 14.0% | ||||||||
Abbott Laboratories | 12,635 | 913,889 | ||||||
AbbVie, Inc. | 10,100 | 931,118 | ||||||
Amgen, Inc. | 3,950 | 768,946 | ||||||
Bristol-Myers Squibb Co. | 11,925 | 619,861 | ||||||
Eli Lilly & Co. | 6,762 | 782,498 | ||||||
Johnson & Johnson | 17,555 | 2,265,472 | ||||||
Merck & Co., Inc. | 18,685 | 1,427,720 | ||||||
Pfizer, Inc. | 40,272 | 1,757,872 | ||||||
Thermo Fisher Scientific, Inc. | 2,901 | 649,215 | ||||||
UnitedHealth Group, Inc. | 6,246 | 1,556,003 | ||||||
Other Securities(e)(f) | 11,656,668 | |||||||
23,329,262 | ||||||||
Industrials — 9.9% | ||||||||
3M Co. | 4,146 | 789,979 | ||||||
Boeing Co. (The) | 4,038 | 1,302,254 | ||||||
Union Pacific Corp. | 5,337 | 737,733 | ||||||
Other Securities(e)(f) | 13,556,241 | |||||||
16,386,207 | ||||||||
Information Technology — 19.3% | ||||||||
Adobe, Inc.(b) | 3,131 | 708,357 | ||||||
Apple, Inc. | 33,263 | 5,246,907 | ||||||
Cisco Systems, Inc. | 31,758 | 1,376,073 | ||||||
Intel Corp. | 34,918 | 1,638,701 | ||||||
International Business Machines Corp. | 6,425 | 730,330 | ||||||
Mastercard, Inc. - Class A | 6,945 | 1,310,174 | ||||||
Microsoft Corp. | 51,522 | 5,233,089 | ||||||
Oracle Corp. | 23,530 | 1,062,379 | ||||||
PayPal Holdings, Inc.(b) | 7,725 | 649,595 | ||||||
QUALCOMM, Inc. | 10,805 | 614,912 | ||||||
Visa, Inc. - Class A(e) | 11,316 | 1,493,032 | ||||||
Other Securities(e)(f) | 12,084,680 | |||||||
32,148,229 | ||||||||
Materials — 2.7% | ||||||||
DowDuPont, Inc. | 15,951 | 853,058 | ||||||
Ferro Corp.(b)(d) | 575 | 9,016 | ||||||
Other Securities(e)(f) | 3,692,379 | |||||||
4,554,453 | ||||||||
Real Estate — 4.1% | ||||||||
New York REIT Liquidating, LLC (b) (d) | 130 | 1,820 | ||||||
Other Securities(e)(f) | 6,774,980 | |||||||
6,776,800 |
See Notes to Financial Statements.
45
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 98.5%(a) (Continued) | ||||||||
Utilities — 3.1% | ||||||||
Other Securities(e)(f) | $ | 5,201,449 | ||||||
Total Common Stocks(Cost $55,514,315) | $ | 163,794,552 | ||||||
RIGHTS — 0.0%(g) | ||||||||
AMR Corp., Escrow(b)(c)(d) | 3,275 | $ | 3,701 | |||||
Media General, Inc. - CVR (b) (c) (d) (e) | 794 | 0 | ||||||
Schulman A, Inc.(b)(c)(d) | 81 | 0 | ||||||
Total Rights(Cost $0) | $ | 3,701 | ||||||
MONEY MARKET FUNDS — 2.0% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(h) | 2,338,237 | $ | 2,338,237 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(h)(i) | 957,550 | 957,550 | ||||||
Total Money Market Funds(Cost $3,295,787) | $ | 3,295,787 | ||||||
Total Investments at Value — 100.5% (Cost $58,810,102) | $ | 167,094,040 | ||||||
Liabilities in Excess of Other Assets — (0.5%) | (786,975 | ) | ||||||
Net Assets — 100.0% | $ | 166,307,065 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any illiquid investments or investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
CVR — Contingent Value Right.
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | 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 $3,764 as of December 31, 2018, representing 0.0% (f) of net assets (Note 2). |
(d) | Illiquid security. The total value of such securities is $14,600 at December 31, 2018, representing 0.0% (g) of net assets. |
(e) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of December 31, 2018. |
(f) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $10,560,346 (Note 7). |
(g) | Percentage rounds to less than 0.1%. |
(h) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(i) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $957,550. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $9,893,259 (Note 7). |
See Notes to Financial Statements.
46
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.7% | ||||||||
Australia — 2.9% | ||||||||
CSL Ltd.(a) | 47,500 | $ | 6,204,564 | |||||
Other Securities(a)(b)(c) | 4,897,471 | |||||||
11,102,035 | ||||||||
Belgium — 0.6% | ||||||||
Other Securities(a)(b) | 2,347,054 | |||||||
Bermuda — 0.1% | ||||||||
Other Securities(a)(b) | 419,271 | |||||||
Brazil — 0.7% | ||||||||
Other Securities(a)(b) | 2,638,993 | |||||||
Canada — 4.2% | ||||||||
Canadian Pacific Railway Ltd.(c) | 28,666 | 5,091,656 | ||||||
Shopify, Inc. - Class A(c)(d) | 32,706 | 4,528,146 | ||||||
Other Securities(b) | 6,743,114 | |||||||
16,362,916 | ||||||||
Cayman Islands — 2.1% | ||||||||
Tencent Holdings Ltd.(a) | 149,555 | 5,994,171 | ||||||
Other Securities(a)(b) | 2,268,458 | |||||||
8,262,629 | ||||||||
Chile — 0.2% | ||||||||
Other Securities(a)(b) | 648,310 | |||||||
China — 0.8% | ||||||||
Other Securities(a)(b) | 2,897,071 | |||||||
Colombia — 0.0%(e) | ||||||||
Other Securities(b) | 96,424 | |||||||
Czech Republic — 0.4% | �� | |||||||
Other Securities(a)(b) | 1,547,290 | |||||||
Denmark — 3.1% | ||||||||
A.P. Moller-Maerska A/S - Series B(a)(c) | 3,259 | 4,099,280 | ||||||
Chr. Hansen Holding A/S(a) | 43,495 | 3,860,606 | ||||||
Other Securities(a)(b) | 4,200,380 | |||||||
12,160,266 | ||||||||
Finland — 0.5% | ||||||||
Other Securities(a)(b) | 1,924,054 | |||||||
France — 9.3% | ||||||||
Essilor International Cie Generale d'Optique S.A.(a) | 34,137 | 4,326,595 | ||||||
LVMH Moet Hennessy Louis Vuitton SE(a) | 18,568 | 5,435,585 | ||||||
Pernod Ricard S.A.(a) | 25,838 | 4,240,017 | ||||||
Publicis Groupe S.A.(a) | 51,547 | 2,940,731 | ||||||
Rexel S.A.(a) | 352,121 | 3,750,360 | ||||||
Schneider Electric SE(a) | 48,111 | 3,263,022 | ||||||
Other Securities(a)(b) | 11,895,263 | |||||||
35,851,573 | ||||||||
Germany — 3.2% | ||||||||
adidas AG(a) | 20,008 | 4,180,930 | ||||||
Volkswagon AG(a) | 23,820 | 3,810,110 | ||||||
Other Securities(a)(b) | 4,323,046 | |||||||
12,314,086 | ||||||||
Greece — 0.0%(e) | ||||||||
FF Group(d)(f) | 2,880 | 15,837 | ||||||
Hong Kong — 4.8% | ||||||||
AIA Group Ltd.(a) | 567,570 | 4,714,663 | ||||||
China Mobile Ltd.(a) | 255,000 | 2,467,513 | ||||||
China Resources Power Holdings Co. Ltd.(a) | 1,740,504 | 3,347,720 | ||||||
Lenovo Group Ltd.(a) | 6,108,000 | 4,126,154 | ||||||
Other Securities(a)(b)(c) | 3,757,157 | |||||||
18,413,207 | ||||||||
Hungary — 0.1% | ||||||||
Other Securities(a)(b) | 198,122 | |||||||
India — 1.4% | ||||||||
HDFC Bank Ltd. - ADR | 48,057 | 4,978,226 | ||||||
Other Securities(a)(b) | 452,644 | |||||||
5,430,870 | ||||||||
Indonesia — 0.2% | ||||||||
Other Securities(a)(b) | 803,536 | |||||||
Ireland — 3.1% | ||||||||
Accenture plc - Class A | 35,899 | 5,062,117 | ||||||
ICON plc(d) | 28,946 | 3,740,113 | ||||||
Other Securities(a)(b) | 3,343,881 | |||||||
12,146,111 | ||||||||
Israel — 0.1% | ||||||||
Other Securities(a)(b)(c) | 496,976 |
See Notes to Financial Statements.
47
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
Italy — 2.1% | ||||||||
Enel SpA(a) | 432,924 | $ | 2,509,453 | |||||
Other Securities(a)(b) | 5,526,952 | |||||||
8,036,405 | ||||||||
Japan — 13.0% | ||||||||
Fujitsu Ltd.(a) | 72,500 | 4,519,165 | ||||||
Hitachi Metals Ltd.(a) | 259,200 | 2,695,695 | ||||||
Honda Motor Co.(a) | 151,600 | 3,993,731 | ||||||
INPEX Corp.(a) | 400,400 | 3,547,710 | ||||||
Keyence Corp.(a) | 10,130 | 5,119,934 | ||||||
Sumitomo Mitsui Financial Group, Inc.(a) | 96,100 | 3,167,798 | ||||||
Other Securities(a)(b)(c) | 27,340,694 | |||||||
50,384,727 | ||||||||
Jersey — 2.0% | ||||||||
Experian plc(a) | 263,029 | 6,377,386 | ||||||
Other Securities(a)(b) | 1,258,907 | |||||||
7,636,293 | ||||||||
Korea (Republic of) — 3.0% | ||||||||
Other Securities(a)(b) | 11,751,458 | |||||||
Malaysia — 0.5% | ||||||||
Other Securities(a)(b) | 1,814,196 | |||||||
Mexico — 1.1% | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. | 1,358,775 | 3,456,147 | ||||||
Other Securities(b) | 884,903 | |||||||
4,341,050 | ||||||||
Netherlands — 3.4% | ||||||||
ING Groep N.V.(a) | 238,131 | 2,561,159 | ||||||
Mylan N.V.(d) | 108,727 | 2,979,120 | ||||||
Other Securities(a)(b)(c) | 7,504,764 | |||||||
13,045,043 | ||||||||
New Zealand — 0.0%(e) | ||||||||
Other Securities(a)(b) | 114,647 | |||||||
Norway — 0.3% | ||||||||
Other Securities(a)(b) | 1,125,451 | |||||||
Philippines — 0.2% | ||||||||
Other Securities(a)(b) | 612,953 | |||||||
Poland — 0.2% | ||||||||
Other Securities(a)(b) | 764,013 | |||||||
Portugal — 0.0%(e) | ||||||||
Other Securities(a)(b) | $ | 144,649 | ||||||
Russia — 1.4% | ||||||||
Other Securities(a)(b) | 5,231,351 | |||||||
Singapore — 1.1% | ||||||||
Wilmar International Ltd.(a)(c) | 1,054,100 | 2,413,994 | ||||||
Other Securities(a)(b) | 1,957,565 | |||||||
4,371,559 | ||||||||
South Africa — 0.2% | ||||||||
Other Securities(a)(b) | 715,184 | |||||||
Spain — 2.3% | ||||||||
Amadeus IT Group S.A.(a) | 37,346 | 2,598,120 | ||||||
Other Securities(a)(b)(c) | 6,416,006 | |||||||
9,014,126 | ||||||||
Sweden — 2.4% | ||||||||
Hexagon AB - B Shares(a) | 81,763 | 3,779,558 | ||||||
Other Securities(a)(b) | 5,416,853 | |||||||
�� | 9,196,411 | |||||||
Switzerland — 9.0% | ||||||||
Chubb Ltd. | 36,508 | 4,716,104 | ||||||
Geberit AG(a) | 7,472 | 2,909,751 | ||||||
Nestlé S.A.(a) | 86,736 | 7,039,735 | ||||||
Roche Holdings AG(a) | 25,511 | 6,333,333 | ||||||
Sika AG(a) | 21,710 | 2,757,681 | ||||||
Other Securities(a)(b)(c) | 10,897,327 | |||||||
34,653,931 | ||||||||
Taiwan — 4.0% | ||||||||
Hon Hai Precision Industry Co. Ltd.(a) | 1,082,400 | 2,501,411 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.(a) | 388,000 | 2,829,048 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 121,472 | 4,483,532 | ||||||
Other Securities(a)(b) | 5,546,465 | |||||||
15,360,456 | ||||||||
Thailand — 0.4% | ||||||||
Other Securities(a)(b) | 1,489,009 | |||||||
Turkey — 0.4% | ||||||||
Other Securities(a)(b) | 1,373,954 |
See Notes to Financial Statements.
48
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
Shares | Value | |||||||
COMMON STOCKS — 97.7% (Continued) | ||||||||
United Arab Emirates — 0.0%(e) | ||||||||
Other Securities(a)(b) | $ | 92,809 | ||||||
United Kingdom — 10.7% | ||||||||
Compass Group plc(a) | 241,015 | 5,072,961 | ||||||
HSBC Holdings plc(a) | 383,835 | 3,167,062 | ||||||
John Wood Group plc(a) | 511,679 | 3,292,665 | ||||||
Tesco plc(a) | 1,338,624 | 3,246,918 | ||||||
Travis Perkins plc(a) | 264,491 | 3,606,451 | ||||||
Vodafone Group plc(a) | 1,264,161 | 2,458,303 | ||||||
Other Securities(a)(b) | 20,595,468 | |||||||
41,439,828 | ||||||||
United States — 2.2% | ||||||||
Mettler-Toledo International, Inc.(d) | 7,711 | 4,361,187 | ||||||
ResMed, Inc. | 26,275 | 2,991,934 | ||||||
Other Securities(b) | 1,304,488 | |||||||
8,657,609 | ||||||||
Total Common Stocks(Cost $388,955,311) | $ | 377,443,743 | ||||||
PREFERRED STOCKS — 0.1% | ||||||||
Brazil — 0.1% | ||||||||
Other Securities(a)(b) | $ | 489,635 | ||||||
Colombia — 0.0%(e) | ||||||||
Other Securities(b) | 124,342 | |||||||
Germany — 0.0%(e) | ||||||||
Other Securities(a)(b) | 39,270 | |||||||
Korea (Republic of) — 0.0%(e) | ||||||||
CJ Corp.(d)(f) | 15 | 504 | ||||||
Total Preferred Stocks (Cost $604,284) | $ | 653,751 | ||||||
RIGHTS — 0.0%(e) | ||||||||
Taiwan — 0.0%(e) | ||||||||
Other Securities(a)(b) | $ | 726 | ||||||
Total Rights (Cost $0) | $ | 726 | ||||||
Money Market Funds — 2.1% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(g) | 6,314,238 | 6,314,238 | ||||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(g)(h) | 1,764,828 | 1,764,828 | ||||||
Total Money Market Funds (Cost $8,079,066) | $ | 8,079,066 | ||||||
Total Investments at Value — 99.9%(Cost $397,638,661) | $ | 386,177,286 | ||||||
Other Assets in Excess of Liabilities — 0.1% | 294,261 | |||||||
Net Assets — 100.0% | $ | 386,471,547 |
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets, and any illiquid investments or investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depositary Receipt.
See Notes to Financial Statements.
49
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments -(Continued) | December 31, 2018 |
(a) | Level 2 security (Note 1). |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of December 31, 2018. |
(c) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $15,331,206 (Note 7). |
(d) | Non-income producing security. |
(e) | Percentage rounds to less than 0.1%. |
(f) | Illiquid security. The total value of such securities is $16,341 at December 31, 2018, representing 0.0%(e) of net assets. |
(g) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(h) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $1,764,828. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,048,848 (Note 7). |
See Notes to Financial Statements.
50
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments | December 31, 2018 |
Par Value | Value | |||||||
U.S. TREASURY OBLIGATIONS — 7.6% | ||||||||
U.S. Treasury Bonds — 1.4% | ||||||||
3.125%, due 02/15/43 | $ | 970,000 | $ | 989,248 | ||||
3.625%, due 08/15/43 | 990,000 | 1,095,497 | ||||||
3.750%, due 11/15/43 | 960,000 | 1,083,900 | ||||||
2.750%, due 11/15/47 | 780,000 | 738,197 | ||||||
3.000%, due 08/15/48 | 380,000 | 378,219 | ||||||
4,285,061 | ||||||||
U.S. Treasury Notes — 6.2% | ||||||||
2.000%, due 09/30/20 | 110,000 | 109,020 | ||||||
1.750%, due 10/31/20 | 1,250,000 | 1,232,812 | ||||||
1.625%, due 11/30/20 | 720,000 | 708,075 | ||||||
1.125%, due 02/28/21 | 1,330,000 | 1,291,763 | ||||||
2.000%, due 05/31/21 | 1,370,000 | 1,354,801 | ||||||
2.750%, due 08/15/21 | 1,020,000 | 1,026,853 | ||||||
2.750%, due 09/15/21 | 1,330,000 | 1,339,144 | ||||||
2.625%, due 02/28/23 | 1,130,000 | 1,135,827 | ||||||
2.500%, due 03/31/23 | 1,350,000 | 1,350,000 | ||||||
2.750%, due 04/30/23 | 1,330,000 | 1,343,716 | ||||||
1.875%, due 08/31/24 | 1,410,000 | 1,361,091 | ||||||
2.125%, due 09/30/24 | 1,410,000 | 1,377,834 | ||||||
2.250%, due 10/31/24 | 1,400,000 | 1,376,594 | ||||||
3.000%, due 09/30/25 | 900,000 | 923,062 | ||||||
2.250%, due 02/15/27 | 1,000,000 | 971,094 | ||||||
2.250%, due 08/15/27 | 1,420,000 | 1,374,294 | ||||||
2.250%, due 11/15/27 | 1,230,000 | 1,188,103 | ||||||
19,464,083 | ||||||||
Total U.S. Treasury Obligations (Cost $23,540,087) | $ | 23,749,144 | ||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.0% | ||||||||
Federal Home Loan Mortgage Corp. — 2.5% | ||||||||
Series 15-DNA1, Class M3, 5.806% (1MO LIBOR + 330), due 10/25/27(a) | $ | 350,000 | $ | 379,804 | ||||
Series 2017-DNA3, Class M1, 3.256% (1MO LIBOR + 75), due 03/25/30(a) | 435,869 | 434,758 | ||||||
Series 2989, Class SG, 16.764% (1MO LIBOR + 3395), due 08/15/34(a) | 105,699 | 207,834 | ||||||
Series 4249, Class CS, 4.300%, due 09/15/43 | 1,263,587 | 1,127,230 | ||||||
Series 4355, Class ZX, 4.000%, due 05/15/44 | 5,385,866 | 5,708,266 | ||||||
7,857,892 | ||||||||
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.4% | ||||||||
Series K-722, Class X1, 1.439%, due 03/01/23(a) | 2,211,011 | 97,218 | ||||||
Series 2980, Class SC, 4.245% (1MO LIBOR + 670), due 05/15/35(a) | 705,867 | 76,140 | ||||||
Series 3359, Class SC, 3.265% (1MO LIBOR + 572), due 08/15/37(a) | 1,371,236 | 153,517 | ||||||
Series 4077, Class TS, 3.545% (1MO LIBOR + 600), due 05/15/41(a) | 1,311,841 | 171,371 | ||||||
Series 3966, Class SA, 3.445% (1MO LIBOR + 590), due 12/15/41(a) | 1,822,239 | 231,981 | ||||||
Series 4089, Class SH, 3.545% (1MO LIBOR + 600), due 08/15/42(a) | 1,395,550 | 183,338 | ||||||
Series 2017-53, Class IE, 4.000%, due 07/25/47 | 1,476,711 | 284,181 | ||||||
1,197,746 | ||||||||
Federal National Mortgage Association — 1.0% | ||||||||
Series 16-C05, Class 2M1, 3.856% (1MO LIBOR + 135), due 01/25/29(a) | 148,610 | 148,776 | ||||||
Series 16-C06, Class 1M1, 3.806% (1MO LIBOR + 130), due 04/25/29(a) | 198,765 | 199,641 | ||||||
Series 2017-C03, Class 1M1, 3.456% (1MO LIBOR + 95), due 10/25/29(a) | 368,455 | 368,753 | ||||||
Series 18-C03, Class 1M1, 3.186% (1MO LIBOR + 68), due 10/25/30(a) | 377,721 | 376,785 | ||||||
Series 2018-C04, Class 2M2, 5.056% (1MO LIBOR + 255), due 12/25/30(a) | 500,000 | 493,889 | ||||||
Series 2018-C06, Class 1M2, 4.315%, due 03/25/31(a) | 500,000 | 480,331 | ||||||
Series 2016-75, Class ZP, 3.000%, due 10/25/46 | 1,361,994 | 1,239,492 | ||||||
3,307,667 |
See Notes to Financial Statements.
51
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.0% (Continued) | ||||||||
Federal National Mortgage Association Interest-Only Strips — 1.5% | ||||||||
Series 2014-63, Class BI, 3.500%, due 06/25/33 | $ | 6,329,749 | $ | 580,838 | ||||
Series 3311, Class IA, 3.955% (1MO LIBOR + 641), due 05/15/37(a) | 2,668,092 | 449,485 | ||||||
Series 2007-50, Class SX, 3.944% (1MO LIBOR + 645), due 06/25/37(a) | 4,663,622 | 707,676 | ||||||
Series 2009-78, Class XS, 4.234% (1MO LIBOR + 674), due 10/25/39(a) | 6,660,864 | 1,214,238 | ||||||
Series 2011-124, Class NS, 3.994% (1MO LIBOR + 650), due 12/25/41(a) | 1,500,355 | 239,151 | ||||||
Series 2012-20, Class SA, 3.944% (1MO LIBOR + 645), due 03/25/42(a) | 1,496,098 | 219,155 | ||||||
Series 2012-76, Class SC, 3.494% (1MO LIBOR + 600), due 07/25/42(a) | 703,176 | 105,985 | ||||||
Series 2014-28, Class SD, 3.544% (1MO LIBOR + 650), due 05/25/44(a) | 4,849,802 | 753,494 | ||||||
Series 2008-22, Class SB, 3.654% (1MO LIBOR + 616), due 04/25/48(a) | 2,784,532 | 442,093 | ||||||
4,712,115 | ||||||||
Government National Mortgage Association Interest-Only Strips — 0.6% | ||||||||
Series 2010-133, Class SD, 3.740% (1MO LIBOR + 607), due 10/16/40(a) | 6,043,834 | 669,777 | ||||||
Series 2014-102, Class SY, 3.180%, due 02/20/44(a) | 5,938,688 | 661,443 | ||||||
Series 2018-83, Class HI, 5.000%, due 01/20/48 | 2,944,535 | 578,121 | ||||||
1,909,341 | ||||||||
Total Agency Mortgage-Backed Obligations(Cost $19,265,730) | $ | 18,984,761 | ||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% | ||||||||
Ajax Mortgage Loan Trust, Series 2018-A, Class A, 144A, 3.850%, due 04/25/58 | 791,372 | 790,058 | ||||||
Ajax Mortgage Loan Trust, Series 2018-C, Class A, 4.360%, due 09/25/65(a) | 785,897 | 788,257 | ||||||
Americold, LLC Trust, Series 2010-ART, Class C, 144A, 6.811%, due 01/14/29 | 50,000 | 52,538 | ||||||
Arbor Realty Commercial Real Estate, Series 2016-FL1, Class B, 144A, 5.405% (1MO LIBOR + 295), due 09/15/26(a) | 302,000 | 305,227 | ||||||
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 144A, 5.505%, due 11/15/19(a) | 94,000 | 90,996 | ||||||
Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class E, 144A, 5.855% (1MO LIBOR + 340), due 06/15/35(a) | 140,000 | 136,723 | ||||||
Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, due 08/15/22 | 300,000 | 296,472 | ||||||
Barclays Commercial Mortgage Securities Trust, Series 2018-CBM, Class D, 144A, 4.846% (1MO LIBOR + 2.391), due 07/15/37(a) | 400,000 | 387,930 | ||||||
Barclays Commercial Mortgage Securities, LLC, Series 2014-BX0, Class E, 144A, 6.205% (1MO LIBOR + 375), due 08/15/27(a) | 236,000 | 235,999 | ||||||
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 4.919%, due 03/25/37(a) | 4,160,516 | 2,613,251 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1, 4.225%, due 01/25/35(a) | 504,672 | 510,847 |
See Notes to Financial Statements.
52
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
Bear Stearns Commercial Mortgage Trust, Series 2007-T26, Class AJ, 5.566%, due 01/12/45(a) | $ | 150,000 | $ | 136,377 | ||||
Benchmark Mortgage Trust, Series 2018-B4, Class D, 144A, 2.966%, due 07/15/51(a) | 500,000 | 389,019 | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class C, 144A, 4.355% (1MO LIBOR + 190), due 07/15/35(a) | 251,000 | 248,547 | ||||||
BHMS Mortgage Trust, Series 2018-ATLS, Class D, 144A, 4.705% (1MO LIBOR + 225), due 07/15/35(a) | 100,000 | 98,918 | ||||||
BX Trust, Series 2018-MCSF, Class F, 144A, 5.047%, due 04/15/35(a) | 140,000 | 136,761 | ||||||
BX Trust, Series 2018-GW, Class G, 144A, 5.227% (1MO LIBOR + 292), due 05/15/35(a) | 83,000 | 80,951 | ||||||
BX Trust, Series 2018-BIOA, Class E, 144A, 4.406% (1MO LIBOR + 195.1), due 03/15/37(a) | 343,000 | 338,787 | ||||||
Cedar Funding Ltd., Series 2016-5A, Class CR, 144A, 4.549%, due 07/17/31(a) | 1,000,000 | 934,097 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C, 4.878%, due 05/10/58 | 120,000 | 120,789 | ||||||
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 144A, 4.755% (1MO LIBOR + 230), due 02/15/20(a)(b) | 142,000 | 139,993 | ||||||
CIM Trust, Series 2018-INV1, Class A10, 144A, 4.000%, due 08/25/48 | 500,000 | 500,576 | ||||||
CIM Trust, Series 2016-1, Class B2, 144A, 8.247%, due 07/26/55(a) | 1,000,000 | 990,357 | ||||||
CIM Trust, Series 2016-2, Class B2, 144A, 8.032%, due 02/01/56(a) | 1,000,000 | 999,323 | ||||||
CIM Trust, Series 2016-3, Class B2, 144A, 7.911%, due 02/27/56(a) | 1,000,000 | 996,668 | ||||||
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class D, 144A, 5.296%, due 11/10/46(a) | 100,000 | 96,960 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class D, 144A, 4.132%, due 07/10/49(a) | 500,000 | 426,396 | ||||||
CLNS Trust, Series 2017-IKPR, Class D, 144A, 4.368% (1MO LIBOR + 205), due 06/11/32(a) | 84,000 | 83,176 | ||||||
CLNS Trust, Series 2017-IKPR, Class E, 144A, 5.818% (1MO LIBOR + 350), due 06/11/32(a) | 84,000 | 83,034 | ||||||
CLNS Trust, Series 2017-IKPR, Class F, 144A, 6.818% (1MO LIBOR + 450), due 06/11/32(a) | 84,000 | 82,922 | ||||||
Commercial Mortgage Trust, Series 2016-GCT, Class F, 144A, 3.577%, due 08/10/29 (a) (b) | 150,000 | 142,479 | ||||||
Commercial Mortgage Trust, Series 2012-CCRE4, Class C, 144A, 4.442%, due 10/15/45 | 69,000 | 62,892 | ||||||
Countrywide Alternative Loan Trust, Series 2006-HY11, Class A1, 2.626% (1MO LIBOR + 12), due 06/25/36(a) | 530,879 | 470,506 | ||||||
Countrywide Alternative Loan Trust, Series 2007-16CB, Class 5-A-4, 6.250%, due 08/25/37(a) | 722,334 | 570,802 | ||||||
Countrywide Alternative Loan Trust, 2.676% (1MO LIBOR + 17), due 05/25/47(a) | 517,089 | 486,703 | ||||||
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 2.676% (1MO LIBOR + 175), due 09/25/36(a) | 1,473,815 | 1,425,935 | ||||||
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 3.819%, due 09/25/37(a) | 1,852,056 | 1,793,029 |
See Notes to Financial Statements.
53
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
Credit Suisse Commercial Mortgage Trust, Series 2017-CHOP, Class E, 144A, 5.755% (1MO LIBOR + 330), due 07/15/32(a) | $ | 169,000 | $ | 166,733 | ||||
Credit Suisse Commercial Mortgage Trust, Series 2017-LSTK, Class E, 144A, 3.442%, due 04/05/33(a) | 170,000 | 165,287 | ||||||
Credit Suisse Commercial Mortgage Trust, Series 2018-TOP, Class F, 5.205%, due 08/15/35(a) | 200,000 | 197,233 | ||||||
Credit Suisse Commercial Mortgage Trust, Series 2016-PR1, Class A-1, 144A, 5.500%, due 07/25/56(a) | 667,249 | 670,006 | ||||||
DBGS Mortgage Trust, Series 2018-5BP, Class F, 144A, 4.905% (1MO LIBOR + 245), due 06/15/33(a) | 140,000 | 134,958 | ||||||
DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 144A, 3.648%, due 10/10/34(a) | 220,000 | 202,473 | ||||||
DBUBS Mortgage Trust, Series 2011-LC1A, Class F, 144A, 5.698%, due 11/10/46(a) | 230,000 | 230,113 | ||||||
DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 144A, 5.884%, due 11/10/46(a) | 987,000 | 1,008,492 | ||||||
Deephaven Residential Mortgage Trust, Series 2018-3A, Class M1, 144A, 4.357%, due 08/25/58(a) | 500,000 | 504,976 | ||||||
Domino's Pizza Master Issuer, LLC, Series 2017-1A, Class A2I, 144A, 3.740% (3MO LIBOR + 125), due 07/25/47(a) | 232,063 | 231,373 | ||||||
Dryden Senior Loan Fund, Series 2012-25A, Class CRR, 144A, 4.286% (3MO LIBOR + 185), due 10/15/27(a) | 1,000,000 | 981,211 | ||||||
Dryden Senior Loan Fund, Series 14-33A, Class DR, 144A, 6.786%, due 10/15/28(a) | 500,000 | 500,023 | ||||||
Dryden Senior Loan Fund, Series 2018-60A, Class C, 144A, 0.000% (3MO LIBOR + 205), due 07/15/31(a) | 1,000,000 | 951,669 | ||||||
Dryden Senior Loan Fund, Series 2015-40A, Class CR, 144A, 4.714%, due 08/15/31(a) | 500,000 | 477,810 | ||||||
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1, 3.781% (1MO LIBOR + 127.50), due 07/25/34(a) | 462,859 | 464,627 | ||||||
Flagstar Mortgage Trust, Series 2016-6RR, Class B1, 144A, 5.067%, due 10/25/48(a) | 498,540 | 506,949 | ||||||
Focus Brands Funding, LLC, Series 2017-1A, Class A2II, 144A, 5.093%, due 04/30/47(a) | 177,300 | 179,715 | ||||||
FREMF Mortgage Trust, Series 2014-K503, Class D, 144A, 0.000%, due 10/25/47(a)(b) | 1,064,300 | 1,021,684 | ||||||
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D, 5.044%, due 12/10/41(a) | 96,000 | 95,320 | ||||||
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E, 144A, 5.142%, due 12/10/41(a) | 160,000 | 159,784 | ||||||
GoldenTree Loan Management, L.P., Series 2017-2A, Class D, 144A, 5.119% (3MO LIBOR + 265), due 11/28/30(a) | 500,000 | 461,017 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2018-TWR, Class A, 144A, 3.355%, due 07/15/31(a) | 115,000 | 115,000 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2018-LUAU, Class E, 144A, 4.837% (1MO LIBOR + 255), due 11/15/32(a) | 150,000 | 149,462 |
See Notes to Financial Statements.
54
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class F, 144A, 4.555% (1MO LIBOR + 210), due 07/15/35(a) | $ | 1,000,000 | $ | 978,494 | ||||
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class G, 144A, 5.055% (1MO LIBOR + 260), due 07/15/35(a) | 500,000 | 491,784 | ||||||
GPT 2018-GPP Mortgage Trust, Series 2018-GPP, Class E, 144A, 4.925% (1MO LIBOR + 247), due 06/15/35(a) | 1,000,000 | 980,929 | ||||||
GSAA Home Equity Trust, Series 2005-6, Class M-1, 2.936% (1MO LIBOR + 43), due 06/25/35(a) | 1,300,000 | 1,266,394 | ||||||
GSAA Home Equity Trust, Series 2006-4, Class 4A3, 3.707%, due 03/25/36(a) | 710,585 | 589,679 | ||||||
GSAA Home Equity Trust, Series 2007-7, Class A4, 2.776%, due 07/25/37(a) | 619,984 | 593,376 | ||||||
Home Partners of America Trust, Series 2018-1, Class D, 144A, 3.752% (1MO LIBOR + 145), due 07/17/37(a) | 135,000 | 133,985 | ||||||
Home Partners of America Trust, Series 2018-1, Class E, 144A, 4.152% (1MO LIBOR + 185), due 07/17/37(a) | 1,000,000 | 997,799 | ||||||
IMT Trust, Series 2017-APTS, Class EFL, 144A, 4.566% (1MO LIBOR + 215), due 06/15/34(a) | 56,000 | 55,627 | ||||||
IMT Trust, Series 2017-APTS, Class FFL, 144A, 5.305% (1MO LIBOR + 285), due 06/15/34(a) | 56,000 | 55,648 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class C, 4.309%, due 05/15/48(a) | 400,000 | 383,725 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class C, 144A, 4.055% (1MO LIBOR + 160), due 06/15/32(a) | 214,000 | 211,877 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class D, 144A, 4.555% (1MO LIBOR + 210), due 06/15/32(a) | 85,000 | 83,458 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class E, 144A, 5.455% (1MO LIBOR + 300), due 06/15/32(a) | 27,000 | 26,377 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-PHH, Class C, 144A, 3.815%, due 06/15/23(a) | 45,000 | 44,725 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class EFX, 144A, 5.542%, due 07/05/23(a) | 141,000 | 144,170 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class FFX, 144A, 5.542%, due 07/05/23(a) | 1,500,000 | 1,483,066 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-BCON, Class E, 3.881%, due 01/05/31(a) | 300,000 | 288,069 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2015-MAR7, Class D, 144A, 5.227%, due 06/05/32(a) | 113,000 | 112,749 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class C, 144A, 3.637% (1MO LIBOR + 125), due 07/15/34(a) | 43,000 | 42,642 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class D, 144A, 4.337% (1MO LIBOR + 195), due 07/15/34(a) | 40,000 | 39,573 |
See Notes to Financial Statements.
55
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class E, 144A, 5.337% (1MO LIBOR + 295), due 07/15/34(a) | $ | 36,000 | $ | 35,537 | ||||
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class F, 144A, 6.137% (1MO LIBOR + 375), due 07/15/34(a) | 50,000 | 49,601 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2004-CIBC10, Class D, 5.097%, due 01/12/37 | 189,000 | 191,087 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2011-C5, Class D, 5.586%, due 08/15/46(a) | 268,000 | 268,322 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2006-LDP9, Class A-MS, 5.337%, due 05/15/47 | 176,000 | 174,780 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2014-C26, Class F, 144A, 4.000%, due 01/15/48 | 660,000 | 448,763 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-6, Class B2, 144A, 4.011%, due 12/25/48(a) | 395,669 | 387,544 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2015-JP1, Class F, 144A, 4.899%, due 01/15/49(a) | 107,000 | 84,633 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2007-LDPX, Class A-M, 5.464%, due 01/15/49(a) | 10,382 | 10,321 | ||||||
JPMorgan Chase Commercial Mortgage Trust, Series 2018-8, Class B1, 144A, 4.237%, due 01/25/49(a) | 497,026 | 503,148 | ||||||
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 144A, 4.701%, due 03/10/49 | 274,000 | 244,927 | ||||||
Madison Avenue Trust, Series 2013-650M, Class E, 4.169%, due 10/12/32(a)(b) | 268,000 | 261,365 | ||||||
Merrill Lynch Mortgage Trust, Series 2007-C1, Class A-M, 5.983%, due 06/12/50(a) | 389 | 388 | ||||||
Mill City Mortgage Trust, Series 2018-3, Class A1, 144A, 3.500%, due 08/25/58(a) | 354,438 | 353,025 | ||||||
Monarch Beach Resort Trust, Series 2018-MBR, Class F, 5.005%, due 07/15/35(a) | 307,000 | 303,206 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C17, Class C, 4.613%, due 08/15/47(a) | 1,117,000 | 1,084,522 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C20, Class D, 144A, 3.071%, due 02/15/48(a) | 232,000 | 190,238 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C22, Class C, 4.378%, due 04/15/48(a) | 1,000,000 | 976,024 | ||||||
Morgan Stanley Capital I Trust, Series 2018-SUN, Class D, 144A, 4.105% (1MO LIBOR + 165), due 07/15/35(a) | 40,000 | 39,607 | ||||||
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 144A, 5.005% (1MO LIBOR + 255), due 07/15/35(a) | 60,000 | 59,322 | ||||||
Morgan Stanley Capital I Trust, Series 2018-SUN, Class G, 144A, 5.505% (1MO LIBOR + 305), due 07/15/35(a) | 40,000 | 39,619 | ||||||
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 2.886% (1MO LIBOR + 380), due 12/25/35(a) | 1,000,000 | 971,321 |
See Notes to Financial Statements.
56
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
MSCG Trust, Series 2018-SELF, Class F, 144A, 5.505% (1MO LIBOR + 305), due 10/15/28(a) | $ | 199,000 | $ | 198,998 | ||||
Natixis Commercial Mortgage Securities, Series 2018-FL1, Class C, 144A, 4.507% (1MO LIBOR + 220), due 06/15/35(a) | 141,000 | 140,056 | ||||||
Nextgear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 144A, 3.690%, due 10/16/23(a) | 160,000 | 161,560 | ||||||
OHA Loan Funding Ltd., Series 2013-1A, Class CR2, 0.000%, due 07/23/31(a) | 500,000 | 476,123 | ||||||
PFP Ltd., Series 2017-4, Class D, 144A, 5.906% (1MO LIBOR + 360), due 07/14/35(a) | 1,000,000 | 983,997 | ||||||
PR Mortgage Loan Trust, Series 2014-1, Class APT, 144A, 5.910%, due 10/25/49(a) | 1,990,155 | 1,898,749 | ||||||
Rait Trust, Series 2017-FL7, Class B, 144A, 4.055% (1MO LIBOR + 160), due 06/15/37(a) | 169,000 | 168,961 | ||||||
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3, 6.500%, due 10/25/36 | 1,070,898 | 988,497 | ||||||
Resource Capital Corp. Ltd., Series 2017-CRE5, Class B, 144A, 4.455% (1MO LIBOR + 200), due 07/15/34(a) | 123,281 | 120,922 | ||||||
Slide, Series 2018-FUN, Class F, 144A, 5.455% (1MO LIBOR + 300), due 06/15/31(a) | 1,241,611 | 1,214,246 | ||||||
SoFi Consumer Loan Program Trust, Series 2016-3, Class B, 144A, 4.490%, due 12/26/25 | 500,000 | 511,732 | ||||||
SoFi Consumer Loan Program Trust, Series 2018-1, Class C, 144A, 3.970%, due 02/25/27(a) | 250,000 | 248,010 | ||||||
SoFi Consumer Loan Program Trust, Series 2018-2, Class C, 144A, 4.250%, due 04/26/27 | 215,000 | 216,796 | ||||||
SoFi Consumer Loan Program Trust, Series 2016-5, Class B, 4.550%, due 09/25/28(a) | 250,000 | 256,684 | ||||||
Starwood Commercial Mortgage Trust, Series 2018-URB, Class D, 144A, 4.505% (1MO LIBOR + 200), due 05/15/35(a) | 100,000 | 98,883 | ||||||
Starwood Commercial Mortgage Trust, Series 2018-URB, Class E, 5.605% (1MO LIBOR + 305), due 05/15/35(a) | 266,000 | 265,255 | ||||||
Structured Asset Securities Corp., Series 2006-BC3, Class A3, 2.666% (1MO LIBOR + 16), due 10/25/36(a) | 1,034,990 | 908,676 | ||||||
Taco Bell Fund, LLC, Series 2016-1A, Class A23, 144A, 4.970%, due 05/25/46 | 426,505 | 438,139 | ||||||
Textainer Marine Containers, Series 2018-1A, Class A, 4.110%, due 08/20/43 | 145,500 | 146,330 | ||||||
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 144A, 5.496% (3MO LIBOR + 318), due 11/11/34(a) | 121,181 | 119,270 | ||||||
Towd Point Mortgage Trust, Series 17-3, Class A1, 144A, 2.750%, due 07/01/57(a) | 204,621 | 200,190 | ||||||
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.000%, due 06/25/58(a) | 249,663 | 242,006 | ||||||
UBS Commercial Mortgage Trust, Series 2018-C8, Class C, 4.861%, due 02/15/51(a) | 95,000 | 93,116 | ||||||
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 144A, 6.252%, due 01/10/45(a) | 142,000 | 145,848 | ||||||
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX, 144A, 3.534%, due 04/25/46 | 154,029 | 152,946 |
See Notes to Financial Statements.
57
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.3% (Continued) | ||||||||
Verizon Owner Trust, Series 2017-1A, Class A, 144A, 2.060%, due 09/20/21 | $ | 225,000 | $ | 223,313 | ||||
Verus Securitization Trust, Series 2018-1, Class B1, 144A, 3.801%, due 01/25/58(a) | 500,000 | 491,543 | ||||||
Verus Securitization Trust, Series 2018-2, Class B1, 144A, 4.426%, due 06/01/58(a) | 900,000 | 901,615 | ||||||
Verus Securitization Trust, Series 2018-3, Class M1, 144A, 4.595%, due 10/25/58(a) | 300,000 | 299,095 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class F, 5.364%, due 05/15/43(a) | 86,990 | 86,687 | ||||||
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class B, 144A, 4.505% (1MO LIBOR + 205), due 06/15/29(a) | 148,000 | 147,160 | ||||||
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class C, 144A, 4.955% (1MO LIBOR + 205), due 06/15/29(a) | 125,000 | 124,265 | ||||||
WAMU Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1, 3.153%, due 03/25/37(a) | 693,739 | 599,406 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-LC5, Class D, 144A, 4.922%, due 10/15/45(a) | 385,000 | 378,859 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C, 5.030%, due 06/15/49 | 141,000 | 140,814 | ||||||
Wells Fargo Mortgage Backed Series Trust, Series 2006-8, Class A18, 6.000%, due 07/25/36(a) | 359,269 | 347,208 | ||||||
Total Non-Agency Mortgage-Backed Obligations(Cost $57,877,711) | $ | 57,437,611 | ||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.8% | ||||||||
Barclays Commercial Mortgage Securities, LLC, Series 2017-C1, Class X-A, 1.681%, due 02/01/27(a) | 1,962,700 | 176,717 | ||||||
Benchmark Mortgage Trust, Series 2018-B4, Class X-D, 144A, 1.750%, due 07/15/51(a) | 7,000,000 | 924,482 | ||||||
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A, 1.560%, due 08/10/26(a) | 1,964,210 | 154,586 | ||||||
CD Commercial Mortgage Trust, Series 2017-CD4, Class X-A, 1.475%, due 05/01/50(a) | 1,748,756 | 135,398 | ||||||
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class X-A, 1.829%, due 06/15/50(a) | 1,418,264 | 135,716 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A, 1.896%, due 05/10/58(a) | 771,443 | 72,240 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A, 2.154%, due 08/10/26(a) | 941,906 | 99,596 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A, 2.076%, due 05/10/49(a) | 819,843 | 87,079 | ||||||
Commercial Mortgage Trust, Series 2012-LC4, Class X-A, 144A, 2.293%, due 12/10/44(a) | 13,367,209 | 687,295 | ||||||
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A, 1.352%, due 10/01/46(a) | 3,485,353 | 157,036 | ||||||
Commercial Mortgage Trust, Series 2015-LC21, Class X-A, 0.966%, due 07/10/48(a) | 1,835,705 | 61,029 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A, 1.954%, due 01/15/49(a) | 978,406 | 86,457 | ||||||
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class X-A, 0.865%, due 11/15/50(a) | 5,590,470 | 272,245 |
See Notes to Financial Statements.
58
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.8% (Continued) | ||||||||
CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class X-A, 144A, 0.784%, due 08/15/51(a) | $ | 12,291,624 | $ | 558,243 | ||||
FREMF Mortgage Trust, Series 2014-K503, Class X2B, 144A, 0.100%, due 10/25/47(a) | 2,554,200 | 1,436 | ||||||
FREMF Mortgage Trust, Series 2014-K503, Class X2A, 144A, 0.100%, due 10/25/47(a) | 5,920,466 | 1,269 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A, 1.666%, due 01/10/23(a) | 2,093,387 | 106,155 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2011-GC3, Class X, 144A, 0.819%, due 03/10/44(a) | 15,648,810 | 181,024 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A, 1.812%, due 05/10/49(a) | 1,033,888 | 86,905 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class X-A, 1.276%, due 04/15/47(a) | 31,763,984 | 509,386 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2016-C2, Class X-A, 1.845%, due 06/01/49(a) | 1,242,601 | 94,975 | ||||||
L Street Securities, Series 2017-PM1, Class XIO, 144A, 0.000%, due 11/25/47(a) | 854,000,000 | 1,140,944 | ||||||
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A, 144A, 2.038%, due 03/01/49(a) | 1,475,373 | 98,075 | ||||||
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 144A, 1.269%, due 03/10/50(a) | 2,642,730 | 119,982 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2013-C13, Class X-A, 1.172%, due 11/15/46(a) | 5,468,375 | 205,527 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A, 1.251%, due 12/01/47(a) | 3,429,731 | 126,132 | ||||||
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A, 0.943%, due 12/15/49(a) | 3,202,212 | 137,225 | ||||||
Morgan Stanley Capital I Trust, Series 2017-BNK8, Class X-E, 144A, 1.410%, due 11/15/50(a) | 7,050,000 | 647,844 | ||||||
Morgan Stanley Capital I Trust, Series 2018-BN11, Class X-A, 0.647%, due 03/15/61(a) | 11,778,545 | 439,274 | ||||||
Societe Generale Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A, 2.163%, due 10/01/48(a) | 1,169,360 | 117,341 | ||||||
UBS Commercial Mortgage Trust, Series 2018-C8, Class X-A, 1.048%, due 02/15/51(a) | 1,383,126 | 85,221 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class X-E, 144A, 1.300%, due 12/15/50(a) | 5,000,000 | 444,665 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class X-A, 0.998%, due 06/15/51(a) | 5,459,083 | 342,368 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class X-A, 1.116%, due 08/15/51(a) | 3,538,488 | 219,891 | ||||||
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips(Cost $8,648,610) | $ | 8,713,758 | ||||||
ASSET-BACKED SECURITIES — 3.3% | ||||||||
American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, due 05/15/23 | $ | 450,000 | $ | 443,651 | ||||
Arcadia Receivables Credit Trust, Series 2017-1, Class A, 144A, 3.250%, due 06/15/23 | 17,014 | 17,008 |
See Notes to Financial Statements.
59
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
ASSET-BACKED SECURITIES — 3.3% (Continued) | ||||||||
Arroyo Mortgage Trust, Series 2018-1, Class A1, 144A, 3.763%, due 04/25/48 | $ | 176,270 | $ | 176,719 | ||||
Capital One Multi-Asset Execution Trust, Series 2016-A3, Class A3, 1.340%, due 04/15/22 | 175,000 | 173,647 | ||||||
Chase Issuance Trust, Series 2016-A2, Class A, 1.370%, due 06/15/21 | 225,000 | 223,400 | ||||||
Chase Issuance Trust, Series 2016-A5, Class A5, 1.270%, due 07/15/21 | 225,000 | 223,044 | ||||||
Citibank Credit Card Issuance, Series 2017-A3, Class A3, 1.920%, due 04/07/22 | 125,000 | 123,306 | ||||||
Coinstar Funding, LLC, Series 2017-1A, Class A2, 144A, 5.216%, due 04/25/47 | 270,875 | 274,679 | ||||||
CommonBond Student Loan Term, Series 2018-BGS, Class C, 144A, 4.120%, due 09/25/45(a) | 100,000 | 100,289 | ||||||
DB Master Finance, LLC, Series 15-1A A2II, Class A2II, 144A, 3.980%, due 02/20/45 | 433,125 | 435,399 | ||||||
DB Master Finance, LLC, Series 2017-1A, Class A2I, 144A, 3.629%, due 11/20/47 | 198,000 | 192,400 | ||||||
Discover Card Execution Note Trust, Series 2016-A4, Class A4, 1.390%, due 03/15/22 | 225,000 | 222,564 | ||||||
Earnest Student Loan Program, LLC, Series 2016-C, Class B, 144A, 4.460%, due 01/26/37 | 413,950 | 416,808 | ||||||
Ford Credit Auto Owner Trust, Series 2016-C, Class A3, 1.220%, due 03/15/21 | 163,439 | 161,998 | ||||||
Helios Issuer, LLC, Series 2017-1A, Class A, 144A, 4.940%, due 09/20/49(a) | 1,112,936 | 1,150,287 | ||||||
Honda Auto Receivables Owner Trust, Series 2015-4, Class A3, 1.230%, due 09/23/19 | 14,845 | 14,830 | ||||||
Kabbage Funding, LLC, Series 2017-1, Class A, 144A, 4.571%, due 03/15/22 | 1,000,000 | 1,006,638 | ||||||
Mosaic Solar Loans, LLC, Series 2018-1A, Class A, 144A, 4.010%, due 06/22/43 | 437,880 | 433,643 | ||||||
Mosaic Solar Loans, LLC, Series 2018-2GS, Class B, 144A, 4.740%, due 02/20/44(a) | 450,000 | 451,767 | ||||||
Mosaic Solar Loans, LLC, Series 2018-2GS, Class A, 4.200%, due 02/22/44 | 458,384 | 456,164 | ||||||
Nissan Auto Receivables Owner Trust, Series 2015-B, Class A4, 1.790%, due 01/17/22 | 230,000 | 228,381 | ||||||
OSCAR US Funding Trust, Series 2018-2A, Class A4, 144A, 3.630%, due 09/10/25(a) | 150,000 | 145,517 | ||||||
Santander Drive Auto Receivable, Series 2018-1, Class E, 144A, 4.370%, due 05/15/25(a) | 750,000 | 744,558 | ||||||
SoFi Consumer Loan Program Trust, Series 2018-3, Class C, 144A, 4.670%, due 08/25/27 | 150,000 | 153,726 | ||||||
SoFi Consumer Loan Program Trust, Series 2018-4, Class D, 144A, 4.760%, due 11/26/27 | 500,000 | 510,040 | ||||||
Springfield Funding Trust, Series 2015-A, Class A, 144A, 3.160%, due 11/15/24 | 251,251 | 251,136 | ||||||
Structured Agency Credit Risk Debt Notes, Series 15-DNA1, Class M2, 4.356%, due 10/25/27(a) | 201,116 | 202,741 | ||||||
Wendy’s Funding, LLC, Series 15-1A, Class A2II, 144A, 4.080%, due 06/15/45(a) | 362,813 | 362,143 | ||||||
Wendy’s Funding, LLC, Series 2018-1A, Class A2I, 144A, 3.573%, due 03/15/48 | 198,000 | 190,000 |
See Notes to Financial Statements.
60
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
ASSET-BACKED SECURITIES — 3.3% (Continued) | ||||||||
Wingstop Funding, LLC, Series 2018-1, Class A2, 144A, 4.970%, due 12/05/48(a) | $ | 1,000,000 | $ | 1,015,824 | ||||
Total Asset-Backed Securities(Cost $10,427,829) | $ | 10,502,307 | ||||||
COLLATERALIZED LOAN OBLIGATIONS — 4.7% | ||||||||
ALM CLO, Series 2016-19A, Class B, 144A, 5.436% (3MO LIBOR + 300), due 07/15/28(a) | $ | 250,000 | $ | 249,985 | ||||
Annisa CLO Ltd., Series 2016-2A, Class CR, 144A, 4.450% (3MO LIBOR + 200), due 07/20/31(a) | 1,000,000 | 937,441 | ||||||
Apidos CLO, Series 2016-24A, Class CR, 144A, 5.519% (3MO LIBOR + 305), due 10/20/30(a) | 500,000 | 460,946 | ||||||
Apidos CLO, Series 2018-18A, Class C, 144A, 4.570% (3MO LIBOR + 220), due 10/22/30(a) | 250,000 | 237,960 | ||||||
Ares CLO Ltd., Series 2018-49A, Class C, 144A, 4.293%, due 07/22/30(a) | 1,000,000 | 934,641 | ||||||
Ares CLO Ltd., Series 2018-28RA, Class C, 144A, 4.670% (3MO LIBOR + 215), due 10/17/30(a) | 250,000 | 237,451 | ||||||
Atrium CDO Corp., Series 2013-9R, Class D-R, 144A, 6.307% (3MO LIBOR + 360), due 05/28/30(a) | 500,000 | 490,441 | ||||||
Avery Point CLO Ltd., Series 2015-6A, Class AR, 144A, 3.632% (3MO LIBOR + 105), due 08/05/27(a) | 500,000 | 497,323 | ||||||
Babson CLO Ltd., Series 2012-II, Class SUB, 144A, 0.000%, due 05/15/23 | 1,000,000 | 39,858 | ||||||
Babson CLO Ltd., Series 2016-1A, Class CR, 144A, 4.577% (3MO LIBOR + 210), due 07/23/30(a) | 500,000 | 475,799 | ||||||
BlueMountain CLO Ltd., Series 2016-2A, Class C, 144A, 6.744% (3MO LIBOR + 410), due 08/20/28(a) | 500,000 | 499,928 | ||||||
BlueMountain CLO Ltd., Series 2012-2A, Class DR, 144A, 5.540% (3MO LIBOR + 290), due 11/20/28(a) | 350,000 | 332,717 | ||||||
BlueMountain CLO Ltd., Series 2018-1A, Class C, 144A, 4.570% (3MO LIBOR + 205), due 07/30/30(a) | 500,000 | 470,210 | ||||||
BlueMountain CLO Ltd., Series 2014-2A, Class CR2, 144A, 4.670% (3MO LIBOR + 220), due 10/20/30(a) | 300,000 | 286,006 | ||||||
BlueMountain CLO Ltd., Series 2016-3A, Class CR, 144A, 4.820% (3MO LIBOR + 220), due 11/15/30(a) | 250,000 | 238,228 | ||||||
Canyon Capital CLO Ltd., Series 2014-1A, Class CR, 144A, 5.270%, due 01/30/31(a) | 250,000 | 222,698 | ||||||
Carlyle Global Market Strategies CLO, Series 2015-3A, Class CR, 144A, 5.359% (3MO LIBOR + 285), due 07/28/28(a) | 500,000 | 467,372 | ||||||
CIFC Funding CLO Ltd., Series 2015-2A, Class CR, 144A, 4.136% (3MO LIBOR + 170), due 04/15/27(a) | 500,000 | 477,946 | ||||||
CIFC Funding CLO Ltd., Series 2015-5A, Class CR, 144A, 5.437% (3MO LIBOR + 295), due 10/25/27(a) | 345,000 | 324,204 | ||||||
Galaxy CLO Ltd., Series 2018-29A, Class D, 4.714% (3MO LIBOR + 240), due 11/15/26(a) | 250,000 | 234,597 | ||||||
Galaxy CLO Ltd., Series 2016-22A, Class DR, 144A, 5.536% (3MO LIBOR + 310), due 07/16/28(a) | 250,000 | 239,226 |
See Notes to Financial Statements.
61
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 4.7% (Continued) | ||||||||
LCM CLO Ltd. Partnership, Series 20A, Class DR, 144A, 5.139% (3MO LIBOR + 280), due 10/20/27(a) | $ | 250,000 | $ | 235,162 | ||||
LCM CLO Ltd. Partnership, Series 22A, Class CR, 144A, 5.300% (3MO LIBOR +280), due 10/20/28(a) | 350,000 | 325,725 | ||||||
Neuberger Berman CLO Ltd., Series 2016-22A, Class CR, 144A, 4.650% (3MO LIBOR + 220), due 10/17/30(a) | 250,000 | 237,568 | ||||||
Octagon Investment Partners CLO XXI, Series 2014-1A, Class D, 144A, 9.214% (3MO LIBOR + 660), due 11/14/26(a) | 250,000 | 248,374 | ||||||
Palmer Square Loan Funding CLO Ltd., Series 2018-3A, Class C, 144A, 4.635% (3MO LIBOR + 230), due 08/15/26(a) | 1,000,000 | 938,654 | ||||||
Palmer Square Loan Funding CLO Ltd., Series 2018-4A, Class B, 144A, 4.150% (3MO LIBOR + 190), due 11/15/26(a) | 250,000 | 241,894 | ||||||
Palmer Square Loan Funding CLO Ltd., Series 2013-2A, Class BRR, 144A, 4.650% (3MO LIBOR + 220), due 10/17/31(a) | 250,000 | 234,898 | ||||||
Symphony CLO XIV Ltd., Series 2014-14A, Class D-2, 144A, 5.939% (3MO LIBOR + 360), due 07/14/26(a) | 500,000 | 498,361 | ||||||
TCI-Cent CLO, Series 2016-1A, Class C, 144A, 6.509% (3MO LIBOR + 400), due 12/21/29(a) | 500,000 | 500,269 | ||||||
TCI-Flatiron CLO, Series 2016-1A, Class C, 144A, 5.486% (3MO LIBOR + 305), due 07/17/28(a) | 250,000 | 249,999 | ||||||
Voya CLO Ltd., Series 2016-2A, Class C, 144A, 6.605% (3MO LIBOR + 425), due 07/19/28(a) | 500,000 | 500,016 | ||||||
Westcott Park CLO, Series 2016-1A, Class D, 144A, 6.819% (3MO LIBOR + 435), due 07/20/28(a) | 500,000 | 500,410 | ||||||
Wind River CLO I Ltd., Series 2012-1A, Class D-R, 144A, 6.536% (3MO LIBOR + 410), due 01/15/26(a) | 250,000 | 247,666 | ||||||
Wind River CLO Ltd., Series 2016-1A, Class CR, 4.536% (3MO LIBOR + 210), due 07/15/28(a) | 1,000,000 | 976,761 | ||||||
Wind River CLO Ltd., Series 2018-2A, Class C, 144A, 4.311% (3MO LIBOR + 220), due 07/15/30(a) | 250,000 | 242,051 | ||||||
Wind River CLO Ltd., Series 2014-3A, Class CR-2, 144A, 4.698% (3MO LIBOR + 230), due 10/22/31(a) | 250,000 | 244,004 | ||||||
Total Collateralized Loan Obligations (Cost $16,089,762) | $ | 14,776,789 | ||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.4% | ||||||||
Communication Services — 0.4% | ||||||||
AT&T, Inc., 5.250%, due 03/01/37 | $ | 195,000 | $ | 190,510 | ||||
AT&T, Inc., 5.150%, due 02/15/50 | 260,000 | 240,866 | ||||||
Charter Communications Operating, LLC, 4.908%, due 07/23/25 | 120,000 | 119,377 | ||||||
Comcast Corp., 3.700%, due 04/15/24 | 90,000 | 90,433 | ||||||
Comcast Corp., 4.700%, due 10/15/48 | 240,000 | 242,611 | ||||||
Interpublic Group of Cos., Inc. (The), 4.650%, due 10/01/28 | 65,000 | 64,137 | ||||||
Interpublic Group of Cos., Inc. (The), 5.400%, due 10/01/48 | 65,000 | 61,418 | ||||||
Motorola Solutions, Inc., 4.600%, due 02/23/28 | 38,000 | 36,087 |
See Notes to Financial Statements.
62
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.4% (Continued) | ||||||||
Communication Services — 0.4% (Continued) | ||||||||
Verizon Communications, Inc., 4.522%, due 09/15/48 | $ | 260,000 | $ | 243,506 | ||||
1,288,945 | ||||||||
Consumer Discretionary — 0.3% | ||||||||
Dollar Tree, Inc., 4.000%, due 05/15/25 | 195,000 | 186,799 | ||||||
Expedia, Inc., 5.000%, due 02/15/26 | 225,000 | 230,518 | ||||||
Ford Motor Co., 7.450%, due 07/16/31 | 115,000 | 118,384 | ||||||
General Motors Financial Co., Inc., 3.398% (3MO LIBOR + 99), due 01/05/23(a) | 90,000 | 86,045 | ||||||
General Motors Financial Co., Inc., 3.950%, due 04/13/24 | 40,000 | 37,517 | ||||||
Hasbro, Inc., 3.500%, due 09/15/27 | 70,000 | 63,954 | ||||||
Molson Coors Brewing Co., 1.250%, due 07/15/24 | EUR | 150,000 | 169,473 | |||||
892,690 | ||||||||
Consumer Staples — 0.3% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 144A, 4.900%, due 02/01/46 | $ | 60,000 | 55,589 | |||||
Anheuser-Busch InBev Worldwide, Inc., 4.600%, due 04/15/48 | 265,000 | 237,555 | ||||||
BAT Capital Corp., 144A, 3.496% (3MO LIBOR + 100), due 08/15/22(a) | 20,000 | 19,596 | ||||||
BAT Capital Corp., 144A, 4.540%, due 08/15/47 | 270,000 | 215,802 | ||||||
Kraft Heinz Foods Co., 3.950%, due 07/15/25 | 140,000 | 135,133 | ||||||
Kroger Co. (The), 4.650%, due 01/15/48 | 260,000 | 234,725 | ||||||
Smithfield Foods, Inc., 144A, 4.250%, due 02/01/27 | 135,000 | 126,697 | ||||||
1,025,097 | ||||||||
Energy — 1.1% | ||||||||
Andeavor, 4.750%, due 12/15/23 | 275,000 | 281,531 | ||||||
Andeavor, 5.125%, due 12/15/26 | 150,000 | 152,625 | ||||||
AXA Equitable Holdings, Inc., 144A, 3.900%, due 04/20/23 | 180,000 | 178,368 | ||||||
Cenovus Energy, Inc., 5.250%, due 06/15/37 | 250,000 | 218,750 | ||||||
Concho Resources, Inc., 4.375%, due 01/15/25 | 275,000 | 273,625 | ||||||
Continental Resources, Inc., 4.375%, due 01/15/28 | 65,000 | 60,937 | ||||||
Enbridge, Inc., 4.250%, due 12/01/26 | 230,000 | 226,632 | ||||||
Energy Transfer Operating, L.P., 6.000%, due 06/15/48 | 240,000 | 232,298 | ||||||
Energy Transfer Partners, L.P., 4.750%, due 01/15/26 | 75,000 | 71,833 | ||||||
Energy Transfer Partners, L.P., 4.200%, due 04/15/27 | 15,000 | 13,941 | ||||||
EQT Midstream Partners, L.P., 4.750%, due 07/15/23 | 130,000 | 129,834 | ||||||
Kinder Morgan Energy Partners, 6.950%, due 01/15/38 | 165,000 | 185,450 | ||||||
Kinder Morgan, Inc., 5.200%, due 03/01/48 | 250,000 | 239,125 | ||||||
Marathon Petroleum Corp., 144A, 5.125%, due 12/15/26 | 75,000 | 76,603 | ||||||
Murphy Oil Corp., 5.750%, due 08/15/25 | 25,000 | 23,477 | ||||||
NGPL Pipeco, LLC, 144A, 4.875%, due 08/15/27 | 75,000 | 71,156 | ||||||
Reliance Holdings USA, 5.400%, due 02/14/22 | 250,000 | 261,534 | ||||||
Sabine Pass Liquefaction, LLC, 5.000%, due 03/15/27 | 125,000 | 125,312 | ||||||
Williams Cos., Inc. (The), 3.700%, due 01/15/23 | 195,000 | 190,225 | ||||||
Williams Cos., Inc. (The), 4.550%, due 06/24/24 | 235,000 | 236,683 | ||||||
Williams Partners, L.P., 3.750%, due 06/15/27 | 275,000 | 258,389 | ||||||
3,508,328 |
See Notes to Financial Statements.
63
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.4% (Continued) | ||||||||
Financials — 1.8% | ||||||||
Air Lease Corp., 3.250%, due 03/01/25 | $ | 85,000 | $ | 78,206 | ||||
American International Group, Inc., 4.750%, due 04/01/48 | 260,000 | 237,902 | ||||||
American Tower Corp., 2.250%, due 01/15/22 | 240,000 | 229,959 | ||||||
BAC Capital Trust XIII, 4.000%, due 12/31/49 | 250,000 | 172,500 | ||||||
BAC Capital Trust XIV, 4.000% (3MO LIBOR + 83), due 12/31/49(a) | 265,000 | 188,499 | ||||||
Capital One Financial Corp., 3.240% (3MO LIBOR + 72), due 01/30/23(a) | 65,000 | 64,341 | ||||||
Citibank N.A., 2.125%, due 10/20/20 | 310,000 | 303,442 | ||||||
Citigroup, Inc., 3.480% (BBSW + 155), due 05/04/21(a) | AUD | 245,000 | 174,208 | |||||
Citigroup, Inc., 3.740% (3MO LIBOR + 110), due 05/17/24(a) | $ | 130,000 | 127,520 | |||||
Citigroup, Inc., 4.750%, due 05/18/46 | 220,000 | 204,491 | ||||||
Crown Castle International Corp., 3.650%, due 09/01/27 | 110,000 | 102,589 | ||||||
Crown Castle International Corp., 3.800%, due 02/15/28 | 30,000 | 28,311 | ||||||
Discover Financial Services, 4.100%, due 02/09/27 | 135,000 | 126,032 | ||||||
First Maryland Capital II, 3.391% (3MO LIBOR + 85), due 02/01/27(a) | 250,000 | 221,283 | ||||||
GLP Capital, L.P., 5.750%, due 06/01/28 | 45,000 | 44,662 | ||||||
GLP Capital, L.P., 5.300%, due 01/15/29 | 20,000 | 19,575 | ||||||
Goldman Sachs Group, Inc. (The), 3.427% (3MO LIBOR + 75), due 02/23/23(a) | 370,000 | 357,356 | ||||||
Goldman Sachs Group, Inc. (The), 1.375%, due 05/15/24 | EUR | 150,000 | 170,770 | |||||
JPMorgan Chase & Co., 6.100%, due 10/29/49 | $ | 57,000 | 56,644 | |||||
Liberty Mutual Group, Inc., 144A, 6.500%, due 05/01/42 | 50,000 | 58,641 | ||||||
M&T Bank Corp., Series F, 5.125%, due 12/31/49 | 225,000 | 212,063 | ||||||
Mellon Capital IV, Series 1, 4.000% (3MO LIBOR + 56.50), due 12/31/49(a) | 285,000 | 215,175 | ||||||
Morgan Stanley, 3.737%, due 04/24/24 | 120,000 | 119,355 | ||||||
MPT Operating Partnership, L.P., 5.250%, due 08/01/26 | 55,000 | 51,700 | ||||||
MPT Operating Partnership, L.P., 5.000%, due 10/15/27 | 75,000 | 68,438 | ||||||
Santander Holdings USA, Inc., 3.400%, due 01/18/23 | 120,000 | 115,208 | ||||||
Synchrony Financial, 3.950%, due 12/01/27 | 180,000 | 151,031 | ||||||
U.S. Bancorp, Series I, 5.125% (3MO LIBOR + 348.60), due 12/31/49(a) | 225,000 | 223,313 | ||||||
USB Capital IX, 3.500% (3MO LIBOR + 150), due 12/31/49(a) | 405,000 | 301,219 | ||||||
Wachovia Capital Trust II, 5.570%, due 03/29/49(a) | 430,000 | 392,375 | ||||||
Wells Fargo & Co., 3.235%, due 07/27/21(a) | AUD | 200,000 | 141,720 | |||||
Wells Fargo & Co., 3.250%, due 04/27/22 | AUD | 200,000 | 141,681 | |||||
Wells Fargo & Co., 4.750%, due 12/07/46 | $ | 250,000 | 240,374 | |||||
Willis North America, Inc., 4.500%, due 09/15/28 | 115,000 | 112,069 | ||||||
5,452,652 | ||||||||
Health Care — 0.7% | ||||||||
Becton, Dickinson and Co., 4.669%, due 06/06/47 | 250,000 | 234,991 | ||||||
Celgene Corp., 4.550%, due 02/20/48 | 270,000 | 234,716 | ||||||
Cigna Corp., 144A, 3.326% (3MO LIBOR + 89), due 07/15/23(a) | 180,000 | 177,573 | ||||||
Cigna Corp., 144A, 4.900%, due 12/15/48 | 250,000 | 245,281 |
See Notes to Financial Statements.
64
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.4% (Continued) | ||||||||
Health Care — 0.7% (Continued) | ||||||||
CVS Health Corp., 4.100%, due 03/25/25 | $ | 185,000 | $ | 182,775 | ||||
CVS Health Corp., 5.050%, due 03/25/48 | 305,000 | 296,326 | ||||||
HCA, Inc., 5.000%, due 03/15/24 | 170,000 | 168,300 | ||||||
HCA, Inc., 4.500%, due 02/15/27 | 225,000 | 211,500 | ||||||
Thermo Fisher Scientific, 0.750%, due 09/12/24 | EUR | 100,000 | 111,079 | |||||
Zimmer Biomet Holdings, Inc., 2.700%, due 04/01/20 | $ | 190,000 | 187,477 | |||||
2,050,018 | ||||||||
Industrials — 0.3% | ||||||||
CSX Corp., 3.800%, due 11/01/46 | 70,000 | 61,701 | ||||||
FedEx Corp., 4.950%, due 10/17/48 | 245,000 | 236,451 | ||||||
Lockheed Martin Corp., 4.700%, due 05/15/46 | 120,000 | 123,946 | ||||||
Penske Truck Leasing Co., L.P., 144A, 4.200%, due 04/01/27 | 130,000 | 126,707 | ||||||
Reynolds American, Inc., 4.000%, due 06/12/22 | 70,000 | 69,221 | ||||||
Roper Technologies, Inc., 4.200%, due 09/15/28 | 75,000 | 74,632 | ||||||
United Technologies Corp., 4.625%, due 11/16/48 | 250,000 | 240,408 | ||||||
933,066 | ||||||||
Information Technology — 0.2% | ||||||||
Arrow Electronics, Inc., 3.875%, due 01/12/28 | 135,000 | 122,141 | ||||||
Banff Merger Sub, Inc., 144A, 9.750%, due 09/01/26 | 245,000 | 224,175 | ||||||
Dell, Inc., 144A, 8.350%, due 07/15/46 | 200,000 | 216,468 | ||||||
Microsoft Corp., 2.400%, due 02/06/22 | 140,000 | 138,223 | ||||||
701,007 | ||||||||
Materials — 0.2% | ||||||||
International Paper Co., 4.350%, due 08/15/48 | 280,000 | 233,156 | ||||||
Mosaic Co. (The), 4.050%, due 11/15/27 | 135,000 | 127,087 | ||||||
Owens Corning, 4.400%, due 01/30/48 | 85,000 | 64,866 | ||||||
Standard Industries, Inc., 144A, 5.000%, due 02/15/27 | 75,000 | 65,906 | ||||||
491,015 | ||||||||
Real Estate — 0.0%(c) | ||||||||
Welltower, Inc., 3.950%, due 09/01/23 | 65,000 | 65,103 | ||||||
Utilities — 0.1% | ||||||||
Edison International, 4.125%, due 03/15/28 | 35,000 | 33,129 | ||||||
Emera US Finance, L.P., 3.550%, due 06/15/26 | 400,000 | 376,860 | ||||||
409,989 | ||||||||
Total Investment-Grade Corporate Obligations(Cost $17,530,350) | $ | 16,817,910 | ||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% | ||||||||
Communication Services — 1.7% | ||||||||
AMC Networks, Inc., 4.750%, due 08/01/25 | $ | 75,000 | $ | 67,875 | ||||
Block Communications, Inc., 6.875%, due 02/15/25 | 75,000 | 75,750 | ||||||
Cablevision Systems Corp., 5.875%, due 09/15/22 | 60,000 | 58,950 | ||||||
CCO Holdings, LLC, 5.750%, due 01/15/24 | 225,000 | 223,313 | ||||||
CCO Holdings, LLC, 144A, 5.750%, due 02/15/26 | 135,000 | 132,300 | ||||||
CCO Holdings, LLC, 144A, 5.125%, due 05/01/27 | 200,000 | 186,000 | ||||||
CCO Holdings, LLC, 144A, 5.000%, due 02/01/28 | 210,000 | 193,200 | ||||||
CenturyLink, Inc., 5.800%, due 03/15/22 | 25,000 | 23,969 | ||||||
Comcel Trust, 6.875%, due 02/06/24 | 200,000 | 204,000 | ||||||
CSC Holdings, LLC, 5.250%, due 06/01/24 | 110,000 | 100,925 | ||||||
CSC Holdings, LLC, 144A, 5.500%, due 04/15/27 | 200,000 | 187,000 | ||||||
DISH DBS Corp., 5.000%, due 03/15/23 | 100,000 | 83,500 | ||||||
DISH Network Corp., CV, 3.375%, due 08/15/26 | 250,000 | 197,606 |
See Notes to Financial Statements.
65
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Communication Services — 1.7% (Continued) | ||||||||
Embarq Corp., 7.995%, due 06/01/36 | $ | 50,000 | $ | 45,250 | ||||
Frontier Communications Corp., 6.875%, due 01/15/25 | 50,000 | 25,500 | ||||||
Frontier Communications Corp., 11.000%, due 09/15/25 | 50,000 | 31,125 | ||||||
GCI Liberty, Inc., 144A, 1.750%, due 09/30/46 | 270,000 | 262,235 | ||||||
Gray Escrow, Inc., 144A, 7.000%, due 05/15/27 | 85,000 | 82,662 | ||||||
GTT Communications, Inc., 144A, 7.875%, due 12/31/24 | 45,000 | 38,700 | ||||||
HC2 Holdings, Inc., 144A, 11.500%, due 12/01/21 | 130,000 | 121,550 | ||||||
Intelsat Connect Finance S.A., 144A, 9.500%, due 02/15/23 | 50,000 | 43,000 | ||||||
Intelsat Jackson Holdings S.A., 144A, 8.500%, due 10/15/24 | 50,000 | 48,500 | ||||||
Level 3 Financing, Inc., 5.375%, due 01/15/24 | 65,000 | 61,912 | ||||||
Level 3 Financing, Inc., 5.250%, due 03/15/26 | 45,000 | 41,400 | ||||||
LIN Television Corp., 5.875%, due 11/15/22 | 123,000 | 122,693 | ||||||
Match Group, Inc., 144A, 5.000%, due 12/15/27 | 30,000 | 27,525 | ||||||
MGIC Investment Corp., 5.750%, due 08/15/23 | 135,000 | 133,988 | ||||||
Millicom International Cellular S.A., 144A, 6.625%, due 10/15/26 | 200,000 | 202,500 | ||||||
Netflix, Inc., 3.625%, due 05/15/27 | EUR | 200,000 | 221,739 | |||||
Netflix, Inc., 144A, 5.875%, due 11/15/28 | $ | 345,000 | 334,650 | |||||
Netflix, Inc., 144A, 6.375%, due 05/15/29 | 195,000 | 194,513 | ||||||
Nexstar Escrow Corp., 144A, 5.625%, due 08/01/24 | 300,000 | 280,500 | ||||||
Salem Media Group, Inc., 144A, 6.750%, due 06/01/24 | 25,000 | 22,250 | ||||||
Sinclair Television Group, Inc., 144A, 5.625%, due 08/01/24 | 180,000 | 168,750 | ||||||
Sinclair Television Group, Inc., 144A, 5.125%, due 02/15/27 | 50,000 | 44,313 | ||||||
Sirius XM Radio, Inc., 144A, 4.625%, due 05/15/23 | 200,000 | 191,000 | ||||||
Sirius XM Radio, Inc., 144A, 6.000%, due 07/15/24 | 75,000 | 75,188 | ||||||
Sirius XM Radio, Inc., 144A, 5.375%, due 07/15/26 | 230,000 | 216,775 | ||||||
Sirius XM Radio, Inc., 144A, 5.000%, due 08/01/27 | 175,000 | 159,906 | ||||||
Sprint Capital Corp., 6.875%, due 11/15/28 | 15,000 | 14,137 | ||||||
Sprint Corp., 7.125%, due 06/15/24 | 35,000 | 34,650 | ||||||
Sprint Corp., 7.625%, due 03/01/26 | 25,000 | 24,875 | ||||||
Telecom Italia Captial S.A., 6.375%, due 11/15/33 | 25,000 | 22,469 | ||||||
T-Mobile USA, Inc., 5.375%, due 04/15/27 | 25,000 | 24,125 | ||||||
Tribune Media Co., 5.875%, due 07/15/22 | 155,000 | 155,581 | ||||||
Zayo Group, LLC, 5.750%, due 01/15/27 | 100,000 | 89,000 | ||||||
5,297,349 | ||||||||
Consumer Discretionary — 1.4% | ||||||||
AMC Entertainment Holdings, Inc., 5.875%, due 11/15/26 | 75,000 | 64,312 | ||||||
Aramark Services, Inc., 5.125%, due 01/15/24 | 200,000 | 197,250 | ||||||
Aramark Services, Inc., 144A, 5.000%, due 04/01/25 | 225,000 | 219,375 | ||||||
Asbury Automotive Group, 6.000%, due 12/15/24 | 75,000 | 72,000 | ||||||
Ashton Woods USA, 144A, 6.750%, due 08/01/25 | 25,000 | 21,875 | ||||||
Beacon Escrow Corp., 144A, 4.875%, due 11/01/25 | 50,000 | 43,625 | ||||||
BMC East, LLC, 144A, 5.500%, due 10/01/24 | 25,000 | 23,312 | ||||||
Builders FirstSource, Inc., 144A, 5.625%, due 09/01/24 | 45,000 | 41,737 | ||||||
Caesars Report Collection, LLC, 144A, 5.250%, due 10/15/25 | 90,000 | 78,525 |
See Notes to Financial Statements.
66
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Consumer Discretionary — 1.4% (Continued) | ||||||||
Caleres, Inc., 6.250%, due 08/15/23 | $ | 25,000 | $ | 25,187 | ||||
CCM Merger, Inc., 144A, 6.000%, due 03/15/22 | 50,000 | 50,500 | ||||||
Cedar Fair, L.P., 5.375%, due 06/01/24 | 75,000 | 73,500 | ||||||
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24 | 35,000 | 23,800 | ||||||
Century Communities, Inc., 5.875%, due 07/15/25 | 75,000 | 66,563 | ||||||
Cequel Communications Holdings I, LLC, 144A, 7.500%, due 04/01/28 | 200,000 | 198,000 | ||||||
Cimpress N.V., 144A, 7.000%, due 06/15/26 | 150,000 | 145,688 | ||||||
Dana Holding Corp., 5.500%, due 12/15/24 | 75,000 | 69,938 | ||||||
Ecolab, Inc., 1.000%, due 01/15/24 | EUR | 150,000 | 172,083 | |||||
Eldorado Resorts, Inc., 6.000%, due 04/01/25 | $ | 45,000 | 43,425 | |||||
Eldordao Resorts, Inc., 144A, 6.000%, due 09/15/26 | 15,000 | 14,175 | ||||||
Golden Nugget Inc., 144A, 6.750%, due 10/15/24 | 110,000 | 103,538 | ||||||
Graham Holdings Co., 144A, 5.750%, due 06/01/26 | 140,000 | 142,625 | ||||||
Hertz Corp., 7.375%, due 01/15/21 | 75,000 | 73,219 | ||||||
Hilton Domestic Operating Co., Inc., 144A, 5.125%, due 05/01/26 | 75,000 | 71,625 | ||||||
L Brands, Inc., 6.750%, due 07/01/36 | 25,000 | 20,500 | ||||||
Lennar Corp., 5.375%, due 10/01/22 | 25,000 | 24,813 | ||||||
Lennar Corp., 5.250%, due 06/01/26 | 25,000 | 23,750 | ||||||
Live Nation Entertainment, Inc., 144A, 5.375%, due 06/15/22 | 25,000 | 24,938 | ||||||
M/I Homes, Inc., 5.625%, due 08/01/25 | 75,000 | 68,250 | ||||||
Men's Wearhouse, Inc. (The), 7.000%, due 07/01/22 | 50,000 | 50,000 | ||||||
Meredith Corp., 144A, 6.875%, due 02/01/26 | 25,000 | 24,594 | ||||||
Meritage Homes Corp., 6.000%, due 06/01/25 | 75,000 | 71,250 | ||||||
MGM Resorts International, 6.000%, due 03/15/23 | 75,000 | 75,375 | ||||||
MGM Resorts International, 5.750%, due 06/15/25 | 75,000 | 72,375 | ||||||
Neiman Marcus Group Ltd., LLC, 144A, 8.000%, due 10/15/21 | 25,000 | 10,063 | ||||||
Penn National Gaming, Inc., 144A, 5.625%, due 01/15/27 | 25,000 | 22,500 | ||||||
PetSmart, Inc., 144A, 7.125%, due 03/15/23 | 85,000 | 49,300 | ||||||
PetSmart, Inc., 144A, 5.875%, due 06/01/25 | 5,000 | 3,637 | ||||||
PGT Escrow Issuer, Inc., 144A, 6.750%, due 08/01/26 | 75,000 | 74,531 | ||||||
Prime Securities Service Borrower, LLC, 144A, 9.250%, due 05/15/23 | 48,000 | 49,500 | ||||||
Radiate Holdco, LLC, 144A, 6.625%, due 02/15/25 | 300,000 | 258,750 | ||||||
Scientific Games International, Inc., 144A, 5.000%, due 10/15/25 | 75,000 | 67,125 | ||||||
Six Flags Entertainment Corp., 144A, 5.500%, due 04/15/27 | 75,000 | 70,500 | ||||||
Station Casinos, LLC, 144A, 5.000%, due 10/01/25 | 75,000 | 67,969 | ||||||
Tempur Sealy International, Inc., 5.500%, due 06/15/26 | 44,000 | 40,040 | ||||||
Viacom, Inc., 6.250%, due 02/28/57 | 350,000 | 315,875 | ||||||
WMG Acquisition Corp., 144A, 5.500%, due 04/15/26 | 220,000 | 210,100 | ||||||
Wolverine World Wide, Inc., 144A, 5.000%, due 09/01/26 | 25,000 | 23,125 | ||||||
Yum! Brands, Inc., 144A, 5.000%, due 06/01/24 | 235,000 | 226,775 | ||||||
Yum! Brands, Inc., 144A, 5.250%, due 06/01/26 | 275,000 | 265,375 | ||||||
4,246,887 |
See Notes to Financial Statements.
67
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Consumer Staples — 0.4% | ||||||||
Albertonsons Cos., LLC, 6.625%, due 06/15/24 | $ | 75,000 | $ | 69,750 | ||||
Albertonsons Cos., LLC, 5.750%, due 03/15/25 | 30,000 | 26,250 | ||||||
B&G Foods, Inc., 5.250%, due 04/01/25 | 25,000 | 23,187 | ||||||
Central Garden & Pet Co., 5.125%, due 02/01/28 | 25,000 | 22,375 | ||||||
Cott Holdings, Inc., 144A, 5.500%, due 04/01/25 | 25,000 | 23,563 | ||||||
JBS USA LUX S.A., 144A, 5.875%, due 07/15/24 | 25,000 | 24,313 | ||||||
JBS USA LUX/JBS USA Finance, Inc., 144A, 6.750%, due 02/15/28 | 105,000 | 101,850 | ||||||
Natura Cosmeticos S.A., 144A, 5.375%, due 02/01/23 | 225,000 | 225,844 | ||||||
Pilgrim's Pride Corp., 144A, 5.750%, due 03/15/25 | 120,000 | 112,800 | ||||||
Pilgrim's Pride Corp., 144A, 5.875%, due 09/30/27 | 75,000 | 68,063 | ||||||
Post Holdings, Inc., 144A, 5.500%, due 03/01/25 | 45,000 | 43,087 | ||||||
Post Holdings, Inc., 144A, 5.000%, due 08/15/26 | 345,000 | 313,950 | ||||||
Post Holdings, Inc., 144A, 5.750%, due 03/01/27 | 235,000 | 220,019 | ||||||
Spectrum Brands, Inc., 5.750%, due 07/15/25 | 25,000 | 23,719 | ||||||
1,298,770 | ||||||||
Energy — 2.3% | ||||||||
Antero Midstream Partners, 5.375%, due 09/15/24 | 275,000 | 256,437 | ||||||
Antero Resources Corp., 5.625%, due 06/01/23 | 330,000 | 314,325 | ||||||
Antero Resources Corp., 5.000%, due 03/01/25 | 280,000 | 253,400 | ||||||
Blue Racer Midstream, LLC, 144A, 6.125%, due 11/15/22 | 150,000 | 142,500 | ||||||
Calfrac Holdings, L.P., 144A, 8.500%, due 06/15/26 | 75,000 | 55,500 | ||||||
Centennial Resource Production, 144A, 5.375%, due 01/15/26 | 25,000 | 23,125 | ||||||
Cheniere Corpus Christi Holdings, LLC, 5.125%, due 06/30/27 | 60,000 | 56,400 | ||||||
Cheniere Energy Partners, 144A, 5.250%, due 10/01/25 | 45,000 | 41,850 | ||||||
Chesapeake Energy Corp., 7.000%, due 10/01/24 | 325,000 | 281,125 | ||||||
Chesapeake Energy Corp., 8.000%, due 01/15/25 | 75,000 | 66,188 | ||||||
Chesapeake Energy Corp., 5.500%, due 09/15/26 | 250,000 | 201,323 | ||||||
Covey Park Energy, LLC, 144A, 7.500%, due 05/15/25 | 25,000 | 21,750 | ||||||
Crestwood Midstream Partners, L.P., CV, 6.250%, due 04/01/23 | 25,000 | 24,063 | ||||||
DCP Midstream Operating, L.P., 3.875%, due 03/15/23 | 20,000 | 18,800 | ||||||
DCP Midstream Operating, L.P., 5.375%, due 07/15/25 | 400,000 | 392,000 | ||||||
Delek Logistics Partners, L.P., CV, 6.750%, due 05/15/25 | 75,000 | 72,000 | ||||||
Denbury Resources, Inc., 144A, 7.500%, due 02/15/24 | 400,000 | 320,000 | ||||||
Diamondback Energy, Inc., 144A, 4.750%, due 11/01/24 | 145,000 | 139,925 | ||||||
Diamondback Energy, Inc., 5.375%, due 05/31/25 | 555,000 | 546,675 | ||||||
Eclipse Resources Corp., 8.875%, due 07/15/23 | 25,000 | 21,437 | ||||||
Endeavor Energy Resources, L.P., 144A, 5.750%, due 01/30/28 | 75,000 | 76,500 | ||||||
Enlink Midstream Partners, L.P., 4.150%, due 06/01/25 | 75,000 | 67,608 | ||||||
Enviva Partners, L.P., 8.500%, due 11/02/21 | 25,000 | 25,687 | ||||||
EP Energy, LLC/Everest Acquisition Finance, Inc., 144A, 7.750%, due 05/15/26 | 30,000 | 26,400 |
See Notes to Financial Statements.
68
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Energy — 2.3% (Continued) | ||||||||
FTS International, Inc., 6.250%, due 05/01/22 | $ | 90,000 | $ | 79,200 | ||||
Gulfport Energy Corp., 6.375%, due 05/15/25 | 45,000 | 39,375 | ||||||
Gulfport Energy Corp., 6.375%, due 01/15/26 | 75,000 | 64,500 | ||||||
Hess Infrastructure Partners, L.P., 144A, 5.625%, due 02/15/26 | 25,000 | 24,187 | ||||||
Hilcorp Energy I, L.P., 144A, 6.250%, due 11/01/28 | 30,000 | 26,400 | ||||||
Hill-Rom Holdings, Inc., 144A, 5.750%, due 09/01/23 | 75,000 | 75,000 | ||||||
Jagged Peak Energy, LLC, 144A, 5.875%, due 05/01/26 | 75,000 | 69,375 | ||||||
Jonah Energy, LLC, 144A, 7.250%, due 10/15/25 | 25,000 | 15,750 | ||||||
Lonestar Resources America, Inc., 144A, 11.250%, due 01/01/23 | 75,000 | 70,688 | ||||||
Magnolia Oil and Gas Operating, 144A, 6.000%, due 08/01/26 | 75,000 | 72,188 | ||||||
Murphy Oil Corp., 6.875%, due 08/15/24 | 465,000 | 458,044 | ||||||
Murphy Oil USA, Inc., 5.625%, due 05/01/27 | 25,000 | 24,231 | ||||||
Murray Energy Corp., 144A, 11.250%, due 04/15/21 | 50,000 | 31,188 | ||||||
Nabors Industries, Inc., 144A, 5.750%, due 02/01/25 | 40,000 | 30,318 | ||||||
Newfield Exploration Co., 5.625%, due 07/01/24 | 325,000 | 329,875 | ||||||
Newfield Exploration Co., 5.375%, due 01/01/26 | 225,000 | 222,750 | ||||||
Oasis Petroleum, Inc., CV, 2.625%, due 09/15/23 | 140,000 | 122,551 | ||||||
Occidental Petroleum Corp., 3.500%, due 06/15/25 | 315,000 | 311,921 | ||||||
Parsley Energy, LLC, 144A, 6.250%, due 06/01/24 | 90,000 | 87,750 | ||||||
Parsley Energy, LLC, 144A, 5.375%, due 01/15/25 | 350,000 | 322,000 | ||||||
Parsley Energy, LLC, 144A, 5.625%, due 10/15/27 | 270,000 | 245,700 | ||||||
PBF Logistics, L.P., 6.875%, due 05/15/23 | 25,000 | 24,375 | ||||||
Peabody Securities Finance Corp., 144A, 6.000%, due 03/31/22 | 25,000 | 24,125 | ||||||
QEP Resources, Inc., 5.625%, due 03/01/26 | 35,000 | 29,050 | ||||||
SM Energy Co., CV, 1.500%, due 07/01/21 | 150,000 | 137,456 | ||||||
SM Energy Co., 6.625%, due 01/15/27 | 375,000 | 331,875 | ||||||
Sunoco, L.P. / Sunoco Finance Corp., 144A, 5.500%, due 02/15/26 | 35,000 | 33,075 | ||||||
Tallgrass Energy Partners, L.P., 144A, 5.500%, due 01/15/28 | 25,000 | 24,250 | ||||||
Targa Resources Partners, L.P., 144A, 5.875%, due 04/15/26 | 190,000 | 184,775 | ||||||
Transocean, Inc., 144A, 7.250%, due 11/01/25 | 40,000 | 35,000 | ||||||
USA Compression Partners, L.P., 144A, 6.875%, due 04/01/26 | 35,000 | 33,600 | ||||||
Vermilion Energy, Inc., 144A, 5.625%, due 03/15/25 | 75,000 | 70,500 | ||||||
WildHorse Resource Development Corp., 6.875%, due 02/01/25 | 75,000 | 70,500 | ||||||
WPX Energy, Inc., 5.750%, due 06/01/26 | 190,000 | 171,950 | ||||||
7,338,540 | ||||||||
Financials — 1.0% | ||||||||
Alliant Holdings Intermediate, LLC, 144A, 8.250%, due 08/01/23 | 50,000 | 49,687 | ||||||
Ally Financial, Inc., 5.750%, due 11/20/25 | 100,000 | 99,500 | ||||||
Ally Financial, Inc., 4.125%, due 03/30/20 | 125,000 | 123,437 | ||||||
ASP AMC Merger Sub, Inc., 144A, 8.000%, due 05/15/25 | 35,000 | 18,550 | ||||||
Athene Global Funding, 144A, 3.000%, due 07/01/22 | 120,000 | 117,150 |
See Notes to Financial Statements.
69
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Financials — 1.0% (Continued) | ||||||||
Cardtronics, Inc., 144A, 5.500%, due 05/01/25 | $ | 25,000 | $ | 23,125 | ||||
Eagle Holding Co. II, LLC, 144A, 7.625%, due 05/15/22 | 50,000 | 48,125 | ||||||
ESH Hospitality, Inc., 144A, 5.250%, due 05/01/25 | 270,000 | 252,450 | ||||||
Fifth Third Bancorp, 5.100%, due 12/31/49(a) | 250,000 | 217,188 | ||||||
Freedom Mortgage Corp., 144A, 8.250%, due 04/15/25 | 200,000 | 171,000 | ||||||
Hub International Ltd., 144A, 7.000%, due 05/01/26 | 75,000 | 67,312 | ||||||
Huntington Bancshares, Inc., 5.700%, due 12/31/49 | 140,000 | 124,250 | ||||||
ILFC E-Capital Trust I, 144A, 4.550% (CMT 30YR + 155), due 12/21/65(a) | 250,000 | 193,750 | ||||||
Lions Gate Capital Holdings, LLC, 144A, 5.875%, due 11/01/24 | 103,000 | 101,069 | ||||||
MGM Growth Properties Operating Partnership, L.P., 5.625%, due 05/01/24 | 50,000 | 49,500 | ||||||
Nationstar Mortgage Holdings, Inc., 144A, 8.125%, due 07/15/23 | 210,000 | 205,275 | ||||||
NFP Corp., 144A, 6.875%, due 07/15/25 | 50,000 | 44,750 | ||||||
Quicken Loans, Inc., 144A, 5.250%, due 01/15/28 | 75,000 | 67,125 | ||||||
Realogy Group, LLC, 144A, 5.250%, due 12/01/21 | 75,000 | 71,438 | ||||||
SBA Communications Corp., 4.875%, due 09/01/24 | 230,000 | 216,200 | ||||||
Springleaf Finance Corp., 7.125%, due 03/15/26 | 25,000 | 22,281 | ||||||
SunTrust Banks, Inc., 5.050%, due 12/31/49 | 225,000 | 195,188 | ||||||
Synovus Financial Corp., 5.750% (3MO LIBOR + 418.20), due 12/15/25(a) | 300,000 | 304,308 | ||||||
Tempo Acquisition, LLC, 144A, 6.750%, due 06/01/25 | 55,000 | 51,287 | ||||||
U.S. Bancorp, 0.850%, due 06/07/24 | EUR | 100,000 | 113,920 | |||||
2,947,865 | ||||||||
Health Care — 0.8% | ||||||||
AbbVie, Inc., 4.875%, due 11/14/48 | $ | 260,000 | 242,741 | |||||
AbbVie, Inc., 1.375%, due 05/17/24 | EUR | 220,000 | 254,206 | |||||
AbbVie, Inc., 4.700%, due 05/14/45 | $ | 65,000 | 58,894 | |||||
Anthem, Inc., 2.750%, due 10/15/42 | 85,000 | 306,410 | ||||||
Bausch Health Cos., Inc., 144A, 5.500%, due 03/01/23 | 25,000 | 22,875 | ||||||
Bausch Health Cos., Inc., 144A, 7.000%, due 03/15/24 | 25,000 | 25,312 | ||||||
Bausch Health Cos., Inc., 144A, 5.500%, due 11/01/25 | 25,000 | 23,312 | ||||||
Bausch Health Cos., Inc., 144A, 9.250%, due 04/01/26 | 25,000 | 24,937 | ||||||
Bausch Health Cos., Inc., 144A, 8.500%, due 01/31/27 | 25,000 | 24,187 | ||||||
Centene Corp., 4.750%, due 01/15/25 | 130,000 | 123,825 | ||||||
Centene Corp., 144A, 5.375%, due 06/01/26 | 5,000 | 4,881 | ||||||
Danaher Corp., 0.000%, due 01/22/21 | 80,000 | 314,465 | ||||||
HCA, Inc., 6.250%, due 02/15/21 | 250,000 | 255,625 | ||||||
HCA, Inc., 7.500%, due 02/15/22 | 250,000 | 265,000 | ||||||
HCA, Inc., 5.375%, due 02/01/25 | 100,000 | 97,500 | ||||||
HCA, Inc., 5.375%, due 09/01/26 | 70,000 | 67,725 | ||||||
Jaguar Holding Co. II, 6.375%, due 08/01/23 | 50,000 | 47,875 | ||||||
Molina Healthcare, Inc., 5.375%, due 11/15/22 | 25,000 | 24,000 | ||||||
MPH Acquisition Holdings, LLC, 144A, 7.125%, due 06/01/24 | 75,000 | 69,937 | ||||||
Polaris Intermediate Corp., 144A, 8.500%, due 12/01/22 | 50,000 | 45,625 | ||||||
Sotera Health Holdings, LLC, 144A, 6.500%, due 05/15/23 | 50,000 | 47,688 | ||||||
Sotera Health Topco, Inc., 144A, 8.125%, due 11/01/21 | 50,000 | 46,250 |
See Notes to Financial Statements.
70
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Health Care — 0.8% (Continued) | ||||||||
Teleflex, Inc., 4.625%, due 11/15/27 | $ | 75,000 | $ | 69,000 | ||||
Vizient, Inc., 144A, 10.375%, due 03/01/24 | 50,000 | 53,000 | ||||||
WellCare Health Plans, Inc., 144A, 5.375%, due 08/15/26 | 40,000 | 38,600 | ||||||
West Street Merger Sub, Inc., 144A, 6.375%, due 09/01/25 | 75,000 | 66,750 | ||||||
2,620,620 | ||||||||
Industrials — 0.8% | ||||||||
Advanced Disposal Services, Inc., 144A, 5.625%, due 11/15/24 | 75,000 | 73,312 | ||||||
AECOM, 5.875%, due 10/15/24 | 300,000 | 295,875 | ||||||
AECOM, 5.125%, due 03/15/27 | 425,000 | 365,500 | ||||||
ATS Automation Tooling Systems, Inc., 144A, 6.500%, due 06/15/23 | 75,000 | 75,562 | ||||||
Avantor, Inc., 144A, 9.000%, due 10/01/25 | 50,000 | 50,000 | ||||||
Bombardier, Inc., 144A, 8.750%, due 12/01/21 | 25,000 | 25,687 | ||||||
Bombardier, Inc., 6.000%, due 10/15/22 | 25,000 | 23,437 | ||||||
Crown Americas Capital Corp. IV, 4.500%, due 01/15/23 | 270,000 | 261,563 | ||||||
Crown Cork & Seal Co., Inc., 7.375%, due 12/15/26 | 175,000 | 185,500 | ||||||
Delta Airlines, Inc., 3.625%, due 03/15/22 | 130,000 | 127,493 | ||||||
Flex Acquisition Co., Inc., 144A, 6.875%, due 01/15/25 | 35,000 | 31,150 | ||||||
FXI Holdings, Inc., 7.875%, due 11/01/24 | 40,000 | 34,350 | ||||||
H&E Equipment Services, Inc., 5.625%, due 09/01/25 | 75,000 | 68,812 | ||||||
Indigo Natural Resources, LLC, 144A, 6.875%, due 02/15/26 | 130,000 | 111,800 | ||||||
Itron, Inc., 144A, 5.000%, due 01/15/26 | 75,000 | 68,625 | ||||||
Navistar International Corp., 144A, 6.625%, due 11/01/25 | 75,000 | 71,625 | ||||||
Novelis Corp., 144A, 5.875%, due 09/30/26 | 75,000 | 65,531 | ||||||
Resideo Funding, Inc., 144A, 6.125%, due 11/01/26 | 75,000 | 74,837 | ||||||
Stevens Holding Co., Inc., 144A, 6.125%, due 10/01/26 | 25,000 | 24,563 | ||||||
Tenet Healthcare Corp., 6.750%, due 06/15/23 | 100,000 | 93,500 | ||||||
TransDigm, Inc., 6.500%, due 05/15/25 | 25,000 | 23,875 | ||||||
TransDigm, Inc., 6.375%, due 06/15/26 | 30,000 | 27,900 | ||||||
United Rentals North America, Inc., 5.500%, due 05/15/27 | 275,000 | 255,063 | ||||||
United Rentals, Inc., 4.625%, due 10/15/25 | 100,000 | 89,750 | ||||||
United Rentals, Inc., 6.500%, due 12/15/26 | 35,000 | 34,475 | ||||||
Zekelman Industries, Inc., 144A, 9.875%, due 06/15/23 | 25,000 | 26,000 | ||||||
2,585,785 | ||||||||
Information Technology — 0.8% | ||||||||
Apple, Inc., 3.450%, due 05/06/24 | 225,000 | 226,292 | ||||||
Apple, Inc., 3.200%, due 05/13/25 | 135,000 | 132,317 | ||||||
Ascend Learning, LLC, 144A, 6.875%, due 08/01/25 | 10,000 | 9,575 | ||||||
CDK Global, Inc., 5.875%, due 06/15/26 | 210,000 | 210,000 | ||||||
CDW, LLC, 5.000%, due 09/01/25 | 35,000 | 33,600 | ||||||
Change Healthcare Holdings, LLC, 144A, 5.750%, due 03/01/25 | 75,000 | 70,125 | ||||||
CommScope Technologies, LLC, 144A, 6.000%, due 06/15/25 | 25,000 | 22,469 | ||||||
Dell International, LLC, 144A, 7.125%, due 06/15/24 | 25,000 | 25,437 | ||||||
First Data Corp., 144A, 5.750%, due 01/15/24 | 60,000 | 58,425 | ||||||
Greeneden U.S. Holdings II, LLC, 144A, 10.000%, due 11/30/24 | 40,000 | 41,700 |
See Notes to Financial Statements.
71
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Information Technology — 0.8% (Continued) | ||||||||
IBM Corp., 2.750%, due 12/21/20 | GBP | 200,000 | $ | 260,752 | ||||
Informatica, LLC, 144A, 7.125%, due 07/15/23 | $ | 50,000 | 48,500 | |||||
Information Software Parent, 144A, 7.125%, due 05/01/21 | 75,000 | 72,937 | ||||||
Liberty Expedia Holdings, Inc., 144A, 1.000%, due 06/30/47 | 230,000 | 220,920 | ||||||
Microchip Technology, Inc., 144A, 4.333%, due 06/01/23 | 130,000 | 126,444 | ||||||
MSCI, Inc., 144A, 5.750%, due 08/15/25 | 25,000 | 25,188 | ||||||
Open Text Corp., 144A, 5.875%, due 06/01/26 | 50,000 | 49,000 | ||||||
Plantronics, Inc., 5.500%, due 05/31/23 | 50,000 | 47,000 | ||||||
Qorvo, Inc., 144A, 5.500%, due 07/15/26 | 25,000 | 23,750 | ||||||
Quintiles Transnational Corp., 144A, 4.875%, due 05/15/23 | 120,000 | 117,000 | ||||||
Rackspace Hosting, Inc., 144A, 8.625%, due 11/15/24 | 90,000 | 70,200 | ||||||
Refinitiv U.S. Holdings, Inc., 144A, 6.250%, due 05/15/26 | 35,000 | 33,556 | ||||||
Refinitiv U.S. Holdings, Inc., 144A, 8.250%, due 11/15/26 | 235,000 | 214,731 | ||||||
RP Crown Parent, LLC, 144A, 7.375%, due 10/15/24 | 25,000 | 25,000 | ||||||
Solera, LLC/Solera Finance, Inc., 144A, 10.500%, due 03/01/24 | 15,000 | 15,975 | ||||||
Verscend Holding Corp., 144A, 9.750%, due 08/15/26 | 42,000 | 39,480 | ||||||
Western Ditigal Corp., 4.750%, due 02/15/26 | 140,000 | 121,450 | ||||||
Xerox Corp., 3.625%, due 03/15/23 | 160,000 | 143,835 | ||||||
2,485,658 | ||||||||
Materials — 0.8% | ||||||||
Aruba Investments, Inc., 144A, 8.750%, due 02/15/23 | 25,000 | 24,750 | ||||||
Ashland, Inc., 4.750%, due 08/15/22 | 30,000 | 29,400 | ||||||
Ball Corp., 4.375%, due 12/15/20 | 125,000 | 125,625 | ||||||
Ball Corp., 4.000%, due 11/15/23 | 285,000 | 275,737 | ||||||
Ball Corp., 5.250%, due 07/01/25 | 230,000 | 230,575 | ||||||
Ball Corp., 4.875%, due 03/15/26 | 285,000 | 277,162 | ||||||
BWAY Holding Co., 144A, 7.250%, due 04/15/25 | 100,000 | 90,000 | ||||||
Cascades, Inc., 5.500%, due 07/15/22 | 75,000 | 72,750 | ||||||
Chemours Co. (The), 5.375%, due 05/15/27 | 75,000 | 67,500 | ||||||
Cleveland-Cliffs, Inc., 5.750%, due 03/01/25 | 75,000 | 66,937 | ||||||
Cornerstone Chemical Co., 144A, 6.750%, due 08/15/24 | 75,000 | 65,906 | ||||||
Crown Americas, LLC, 144A, 4.750%, due 02/01/26 | 57,000 | 53,437 | ||||||
Freeport-McMoRan, Inc., 4.550%, due 11/14/24 | 75,000 | 69,375 | ||||||
Hexion, Inc., 6.625%, due 04/15/20 | 15,000 | 11,944 | ||||||
Hexion, Inc., 144A, 10.375%, due 02/01/22 | 15,000 | 11,775 | ||||||
Koppers, Inc., 144A, 6.000%, due 02/15/25 | 75,000 | 66,000 | ||||||
Multi-Color Corp., 144A, 4.875%, due 11/01/25 | 75,000 | 64,313 | ||||||
Olin Corp., 5.125%, due 09/15/27 | 75,000 | 69,000 | ||||||
Owens-Brockway Glass Container, Inc., 144A, 5.875%, due 08/15/23 | 75,000 | 75,563 | ||||||
Rayonier A.M. Product, Inc., 144A, 5.500%, due 06/01/24 | 60,000 | 52,500 | ||||||
Reynolds Group Issuer, Inc., 144A, 5.125%, due 07/15/23 | 25,000 | 23,500 | ||||||
Schweitzer Mauduit International, 144A, 6.875%, due 10/01/26 | 75,000 | 70,500 | ||||||
Sealed Air Corp., 144A, 6.500%, due 12/01/20 | 200,000 | 206,500 | ||||||
Sealed Air Corp., 144A, 5.125%, due 12/01/24 | 185,000 | 182,225 | ||||||
Sealed Air Corp., 144A, 5.500%, due 09/15/25 | 25,000 | 24,719 | ||||||
Summit Materials, LLC, 144A, 5.125%, due 06/01/25 | 50,000 | 44,938 |
See Notes to Financial Statements.
72
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 10.6% (Continued) | ||||||||
Materials — 0.8% (Continued) | ||||||||
SunCoke Energy Partners, L.P., 144A, 7.500%, due 06/15/25 | $ | 40,000 | $ | 38,000 | ||||
Teck Resources Ltd., 5.200%, due 03/01/42 | 25,000 | 21,031 | ||||||
Tronox, Inc., 144A, 6.500%, due 04/15/26 | 75,000 | 62,437 | ||||||
United States Steel Corp., 6.250%, due 03/15/26 | 75,000 | 65,625 | ||||||
WestRock Co., 144A, 3.750%, due 03/15/25 | 65,000 | 63,065 | ||||||
2,602,789 | ||||||||
Real Estate — 0.2% | ||||||||
Equinix, Inc., 2.875%, due 03/15/24 | EUR | 115,000 | 131,148 | |||||
Equinix, Inc., 5.875%, due 01/15/26 | $ | 140,000 | 141,050 | |||||
Equinix, Inc., 5.375%, due 05/15/27 | 400,000 | 392,000 | ||||||
664,198 | ||||||||
Utilities — 0.4% | ||||||||
AmeriGas Partners, L.P., 5.750%, due 05/20/27 | 275,000 | 245,781 | ||||||
NextEra Energy Operating Partners, L.P., 144A, 4.250%, due 09/15/24 | 104,000 | 96,200 | ||||||
NextEra Energy Operating Partners, L.P., 144A, 4.500%, due 09/15/27 | 239,000 | 212,710 | ||||||
NRG Energy, Inc., 6.625%, due 01/15/27 | 275,000 | 277,063 | ||||||
NRG Energy, Inc., 5.750%, due 01/15/28 | 65,000 | 62,563 | ||||||
NRG Energy, Inc., 144A, 2.750%, due 06/01/48 | 200,000 | 214,112 | ||||||
Southern Co. (The), 1.850%, due 07/01/19 | 95,000 | 94,343 | ||||||
Vistra Operations Co., LLC, 144A, 5.500%, due 09/01/26 | 40,000 | 38,400 | ||||||
1,241,172 | ||||||||
Total High Yield Corporate Obligations(Cost $34,886,821) | $ | 33,329,633 | ||||||
FOREIGN BONDS — 21.1% | ||||||||
Argentina — 0.9% | ||||||||
Argentine Republic Government International Bond, 6.875%, due 01/26/27 | 700,000 | 532,000 | ||||||
Argentine Republic Government International Bond, 5.875%, due 01/11/28 | 200,000 | 142,630 | ||||||
Banco Macro S.A., 6.750%, due 11/04/26 | 550,000 | 444,564 | ||||||
Pampa Energie S.A., 7.500%, due 01/24/27 | 600,000 | 501,600 | ||||||
Provincia de Buenos Aires, 7.875%, due 06/15/27 | 700,000 | 500,500 | ||||||
YPF S.A., 8.500%, due 07/28/25 | 500,000 | 445,000 | ||||||
YPF S.A., 6.950%, due 07/21/27 | 250,000 | 203,750 | ||||||
2,770,044 | ||||||||
Australia — 0.6% | ||||||||
Asian Development Bank, 5.000%, due 03/09/22 | AUD | 110,000 | 83,848 | |||||
Australian Government Bond, 5.750%, due 07/15/22 | AUD | 110,000 | 87,809 | |||||
Inter-American Development Bank, 6.500%, due 08/20/19 | AUD | 290,000 | 209,661 | |||||
International Bank for Reconstruction & Development, 2.500%, due 03/12/20 | AUD | 280,000 | 197,828 | |||||
International Bank for Reconstruction & Development, 2.800%, due 01/13/21 | AUD | 125,000 | 88,994 | |||||
International Finance Corp., 2.800%, due 08/15/22 | AUD | 310,000 | 221,450 | |||||
New South Wales Treasury Corp., 6.000%, due 03/01/22 | AUD | 350,000 | 275,964 | |||||
Queensland Treasury Corp., 6.250%, due 02/21/20 | AUD | 175,000 | 128,947 | |||||
Queensland Treasury Corp., Series 21, 5.500%, due 06/21/21 | AUD | 515,000 | 392,041 | |||||
Queensland Treasury Corp., 6.000%, due 07/21/22 | AUD | 385,000 | 306,511 | |||||
1,993,053 |
See Notes to Financial Statements.
73
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Austria — 0.3% | ||||||||
Austria Government Bond, 144A, 0.000%, due 07/15/23 | EUR | 230,000 | $ | 265,202 | ||||
ESAL GmbH, 6.250%, due 02/05/23 | $ | 400,000 | 396,000 | |||||
JBS Investments GmbH, 7.250%, due 04/03/24 | 200,000 | 202,000 | ||||||
863,202 | ||||||||
Bermuda — 0.4% | ||||||||
Digicel Group Ltd., 7.125%, due 04/01/22 | 600,000 | 280,500 | ||||||
Geopark Ltd., 6.500%, due 09/21/24 | 400,000 | 370,000 | ||||||
IHS Markit Ltd., 4.750%, due 08/01/28 | 135,000 | 131,787 | ||||||
Inkia Energy Ltd., 5.875%, due 11/09/27 | 400,000 | 371,000 | ||||||
Viking Cruises Ltd., 144A, 5.875%, due 09/15/27 | 65,000 | 60,531 | ||||||
1,213,818 | ||||||||
Brazil — 1.0% | ||||||||
Banco BTG Pactual S.A., 5.500%, due 01/31/23 | 200,000 | 194,226 | ||||||
Banco de Brasil S.A., 6.250%, due 12/31/49 | 700,000 | 600,320 | ||||||
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/21 | BRL | 2,880 | 814,290 | |||||
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/23 | BRL | 4,560 | 1,291,467 | |||||
Itau Unibanco Holding S.A., 6.500%, due 12/31/49 | $ | 400,000 | 376,780 | |||||
3,277,083 | ||||||||
Canada — 1.2% | ||||||||
Bank of Montreal, 3.803%, due 12/15/32 | 45,000 | 41,813 | ||||||
BC ULC/New Red Finance, Inc., 144A, 4.625%, due 01/15/22 | 300,000 | 289,500 | ||||||
BC ULC/New Red Finance, Inc., 144A, 4.250%, due 05/15/24 | 225,000 | 206,156 | ||||||
BC ULC/New Red Finance, Inc., 144A, 5.000%, due 10/15/25 | 515,000 | 468,650 | ||||||
Canacol Energy Ltd., 144A, 7.250%, due 05/03/25 | 200,000 | 184,500 | ||||||
Canacol Energy Ltd., 7.250%, due 05/03/25 | 400,000 | 369,000 | ||||||
Canada Housing Trust No. 1, 2.350%, due 06/15/23 | CAD | 305,000 | 224,584 | |||||
Canadian Government, 1.250%, due 11/01/19 | CAD | 460,000 | 335,451 | |||||
Canadian Government, 1.500%, due 03/01/20 | CAD | 765,000 | 558,447 | |||||
Canadian Natural Resources Ltd., 2.950%, due 01/15/23 | $ | 135,000 | 129,227 | |||||
Emera, Inc., 6.750%, due 06/15/76 | 350,000 | 350,000 | ||||||
Enbridge, Inc., 6.000%, due 01/15/77 | 240,000 | 213,000 | ||||||
GW Honos Security Corp., 144A, 8.750%, due 05/15/25 | 35,000 | 31,850 | ||||||
IAMGOLD Corp., 144A, 7.000%, due 04/15/25 | 25,000 | 23,500 | ||||||
Masonite International Corp., 144A, 5.625%, due 03/15/23 | 50,000 | 48,500 | ||||||
Province of British Columbia, 144A, 6.600%, due 01/09/20 | INR | 9,200,000 | 130,866 | |||||
Telesat Canada, LLC, 144A, 8.875%, due 11/15/24 | $ | 110,000 | 114,950 | |||||
3,719,994 | ||||||||
Cayman Islands — 0.8% | ||||||||
Avolon Holdings Funding Ltd., 144A, 5.125%, due 10/01/23 | 55,000 | 52,800 | ||||||
Braskem Finance Ltd., 6.450%, due 02/03/24 | 200,000 | 210,500 | ||||||
Cosan Overseas Ltd., 8.250%, due 11/29/49 | 200,000 | 201,250 | ||||||
Energuate Trust, 5.875%, due 05/03/27 | 200,000 | 185,250 | ||||||
Gran Tierra Energy International Holdings Ltd., 6.250%, due 02/15/25 | 400,000 | 372,000 | ||||||
Guanay Finance Ltd., 6.000%, due 12/15/20 | 436,023 | 436,023 | ||||||
Industrial Senior Trust, 5.500%, due 11/01/22 | 100,000 | 97,033 |
See Notes to Financial Statements.
74
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Cayman Islands — 0.8% (Continued) | ||||||||
Latam Finance Ltd., 6.875%, due 04/11/24 | $ | 200,000 | $ | 198,250 | ||||
SPARC EM SPC Panama Metroline 2 SP, 0.000%, due 12/05/22 | 597,914 | 545,597 | ||||||
SPARC EM SPC Panama Metroline 2 SP, 144A, 0.000%, due 12/05/22 | 170,833 | 155,885 | ||||||
Transocean Guardian Ltd., 144A, 5.875%, due 01/15/24 | 15,000 | 14,363 | ||||||
2,468,951 | ||||||||
Chile — 0.5% | ||||||||
AES Gener S.A., 5.000%, due 07/14/25 | 200,000 | 191,750 | ||||||
Banco de Credito e Inversiones, 4.000%, due 02/11/23 | 300,000 | 297,047 | ||||||
Embotelladora Andina S.A., 5.000%, due 10/01/23 | 310,000 | 318,494 | ||||||
Empresa Electrica Angamos S.A., 4.875%, due 05/25/29 | 182,600 | 175,115 | ||||||
Empresa Electrica Guacolda S.A., 4.560%, due 04/30/25 | 200,000 | 177,118 | ||||||
Entel Chila S.A., 4.750%, due 08/01/26 | 400,000 | 373,000 | ||||||
1,532,524 | ||||||||
China — 0.1% | ||||||||
CNOOC Finance 2011 Ltd., 4.250%, due 01/26/21 | 200,000 | 202,786 | ||||||
Colombia — 0.7% | ||||||||
Bancolombia S.A., 4.875%, due 10/18/27 | 200,000 | 193,060 | ||||||
BBVA Columbia S.A., 4.875%, due 04/21/25 | 300,000 | 290,586 | ||||||
Colombia Telecomunicaciones S.A., 8.500%, due 09/30/66 | 200,000 | 206,000 | ||||||
Columbian TES, 7.000%, due 05/04/22 | COP | 1,855,000,000 | 594,143 | |||||
Ecopetrol S.A., 5.875%, due 09/18/23 | $ | 100,000 | 104,250 | |||||
Republic of Columbia, 7.000%, due 09/11/19 | COP | 604,700,000 | 189,024 | |||||
Republic of Columbia, 11.000%, due 07/24/20 | COP | 831,100,000 | 277,814 | |||||
Republic of Columbia, 4.500%, due 01/28/26 | $ | 275,000 | 274,863 | |||||
2,129,740 | ||||||||
Costa Rica — 0.1% | ||||||||
Costa Rica Government International Bond, 9.995%, due 08/01/20 | 200,000 | 210,000 | ||||||
Curacao — 0.1% | ||||||||
Sura Asset Management S.A., 4.875%, due 04/17/24 | 200,000 | 200,860 | ||||||
Dominican Republic — 0.2% | ||||||||
Banco de Reservas de la Republica Dominicana, 7.000%, due 02/01/23 | 300,000 | 298,781 | ||||||
Dominican Republic, 6.875%, due 01/29/26 | 275,000 | 288,406 | ||||||
587,187 | ||||||||
Egypt — 0.1% | ||||||||
Arab Republic of Egypt, 5.875%, due 06/11/25 | 275,000 | 249,563 | ||||||
Finland — 0.1% | ||||||||
Finland Government Bond, 144A, 1.500%, due 04/15/23 | EUR | 220,000 | 270,664 | |||||
Germany — 0.3% | ||||||||
KFW Development Bank, 3.750%, due 05/29/20 | NZD | 260,000 | 178,158 | |||||
KFW Development Bank, 6.000%, due 08/20/20 | AUD | 340,000 | 253,859 | |||||
KFW Development Bank, 0.375%, due 03/15/23 | EUR | 150,000 | 175,439 | |||||
KFW Development Bank, 2.125%, due 08/15/23 | EUR | 340,000 | 429,298 | |||||
KFW Development Bank, 0.000%, due 09/15/23 | EUR | 80,000 | 91,873 | |||||
1,128,627 | ||||||||
Hungary — 0.2% | ||||||||
Hungary Government International Bond, 6.250%, due 01/29/20 | $ | 295,000 | 303,251 |
See Notes to Financial Statements.
75
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Hungary — 0.2% (Continued) | ||||||||
Hungary Government International Bond, 6.375%, due 03/29/21 | $ | 440,000 | $ | 464,200 | ||||
767,451 | ||||||||
India — 0.8% | ||||||||
Bharat Petroleum Corp. Ltd., 4.625%, due 10/25/22 | 500,000 | 504,520 | ||||||
Bharti Airtel Ltd., 5.125%, due 03/11/23 | 200,000 | 196,500 | ||||||
Bharti Airtel Ltd., 4.375%, due 06/10/25 | 700,000 | 634,375 | ||||||
Indian Oil Corp. Ltd., 5.625%, due 08/02/21 | 200,000 | 208,060 | ||||||
Indian Oil Corp. Ltd., 5.750%, due 08/01/23 | 600,000 | 631,122 | ||||||
NTPC Ltd., 7.250%, due 05/03/22 | INR | 20,000,000 | 282,348 | |||||
2,456,925 | ||||||||
Indonesia — 1.6% | ||||||||
European Bank Reconstruction and Development, 7.375%, due 04/15/19 | IDR | 1,500,000,000 | 103,772 | |||||
Indonesia Government International Bond, 144A, 2.625%, due 06/14/23 | EUR | 150,000 | 178,543 | |||||
Indonesia Government International Bond, 144A, 2.150%, due 07/18/24 | EUR | 150,000 | 173,520 | |||||
Indonesia Treasury Bond, 8.250%, due 07/15/21 | IDR | 4,845,000,000 | 341,994 | |||||
Indonesia Treasury Bond, 7.000%, due 05/15/22 | IDR | 3,200,000,000 | 216,786 | |||||
Indonesia Treasury Bond, 5.625%, due 05/15/23 | IDR | 1,400,000,000 | 89,719 | |||||
Indonesia Treasury Bond, 8.375%, due 03/15/24 | IDR | 4,175,000,000 | 294,034 | |||||
Indonesia Treasury Bond, 8.375%, due 09/15/26 | IDR | 4,170,000,000 | 294,000 | |||||
Indonesia Treasury Bond, 7.000%, due 05/15/27 | IDR | 6,590,000,000 | 427,354 | |||||
Indonesia Treasury Bond, 6.125%, due 05/15/28 | IDR | 6,400,000,000 | 391,291 | |||||
Indonesia Treasury Bond, 9.000%, due 03/15/29 | IDR | 1,800,000,000 | 131,921 | |||||
Indonesia Treasury Bond, 8.750%, due 05/15/31 | IDR | 3,000,000,000 | 217,055 | |||||
Indonesia Treasury Bond, 6.625%, due 05/15/33 | IDR | 2,905,000,000 | 174,966 | |||||
Indonesia Treasury Bond, 7.500%, due 05/15/38 | IDR | 2,000,000,000 | 127,364 | |||||
International Bank for Reconstruction & Development, 7.450%, due 08/20/21 | IDR | 2,760,000,000 | 188,980 | |||||
Jasa Marga (Persero), 144A, 7.500%, due 12/11/20 | IDR | 1,500,000,000 | 99,954 | |||||
Pelabuhan Indonesia II PT, 144A, 4.250%, due 05/05/25 | $ | 200,000 | 189,250 | |||||
Pertamina Persero PT, 144A, 4.300%, due 05/20/23 | 200,000 | 197,000 | ||||||
Perusahaan Listrik Negara PT, 144A, 4.125%, due 05/15/27 | 250,000 | 231,250 | ||||||
Perusahaan Listrik Negara PT, 5.450%, due 05/21/28 | 300,000 | 301,500 | ||||||
Perusahaan Penerbit SBSN, 144A, 4.150%, due 03/29/27 | 400,000 | 383,500 | ||||||
Perusahaan Listrik Negara PT, 144A, 5.375%, due 01/25/29 | 200,000 | 200,250 | ||||||
4,954,003 | ||||||||
Ireland — 0.9% | ||||||||
Bank of Ireland Group plc, 144A, 4.500%, due 11/25/23 | 200,000 | 196,338 | ||||||
C&W Senior Financing Designated Activity Co., 6.875%, due 09/15/27 | 800,000 | 733,000 | ||||||
Ireland Government Bond, 3.900%, due 03/20/23 | EUR | 700,000 | 934,804 | |||||
Ireland Government Bond, 3.400%, due 03/18/24 | EUR | 675,000 | 902,887 | |||||
2,767,029 | ||||||||
Israel — 0.1% | ||||||||
Delek & Avner Tamar Bond Ltd., 144A, 5.082%, due 12/30/23 | $ | 100,000 | 99,690 | |||||
Delek & Avner Tamar Bond Ltd., 144A, 5.412%, due 12/30/25 | 100,000 | 99,672 | ||||||
Israel Electric Corp. Ltd., 144A, 5.000%, due 11/12/24 | 200,000 | 202,525 | ||||||
401,887 |
See Notes to Financial Statements.
76
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund BS
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Japan — 0.1% | ||||||||
Mitsubishi UFJ Financial Group, Inc., 3.478% (3MO LIBOR + 74), due 03/02/23(a) | $ | 180,000 | $ | 178,229 | ||||
Sony Corp., 0.000%, due 09/30/22 | JPY | 20,000,000 | 222,629 | |||||
400,858 | ||||||||
Kazakhstan — 0.1% | ||||||||
KazMunayGas National Co., 5.375%, due 04/24/30 | $ | 250,000 | 245,625 | |||||
Liberia — 0.0%(c) | ||||||||
Royal Caribbean Cruises Ltd., 3.700%, due 03/15/28 | 65,000 | 59,556 | ||||||
Luxembourg — 0.9% | ||||||||
Allergan Funding SCS, 1.250%, due 06/01/24 | EUR | 100,000 | 111,890 | |||||
European Financial Stability Facility, 0.500%, due 01/20/23 | EUR | 150,000 | 175,977 | |||||
European Financial Stability Facility, 1.875%, due 05/23/23 | EUR | 185,000 | 229,613 | |||||
European Financial Stability Facility, 0.125%, due 10/17/23 | EUR | 280,000 | 321,610 | |||||
Millicom International Cellular S.A., 5.125%, due 01/15/28 | $ | 200,000 | 179,500 | |||||
Minerva Luxembourg S.A., 6.500%, due 09/20/26 | 600,000 | 559,632 | ||||||
Minerva Luxembourg S.A., 5.875%, due 01/19/28 | 200,000 | 172,000 | ||||||
Nexa Resources S.A., 5.375%, due 05/04/27 | 200,000 | 193,542 | ||||||
Raizen Fuels Finance S.A., 5.300%, due 01/20/27 | 200,000 | 195,402 | ||||||
Swiss Insured Brazil Power Finance, 144A, 9.850%, due 07/16/32 | BRL | 2,500,000 | 645,778 | |||||
2,784,944 | ||||||||
Malaysia — 0.5% | ||||||||
Malaysia Government Bond, 4.160%, due 07/15/21 | MYR | 1,045,000 | 256,036 | |||||
Malaysia Government Bond, 3.620%, due 11/30/21 | MYR | 400,000 | 96,732 | |||||
Malaysia Government Bond, 4.059%, due 09/30/24 | MYR | 2,515,000 | 610,226 | |||||
Malaysia Government Bond, 3.882%, due 03/14/25 | MYR | 430,000 | 103,318 | |||||
Malaysia Government Bond, 3.899%, due 11/16/27 | MYR | 600,000 | 142,297 | |||||
Malaysia Government Bond, 3.733%, due 06/15/28 | MYR | 400,000 | 94,127 | |||||
Malaysia Government Bond, 3.844%, due 04/15/33 | MYR | 980,000 | 220,420 | |||||
1,523,156 | ||||||||
Marshall Islands — 0.0%(c) | ||||||||
Teekay Offshore Partners, L.P., 144A, 8.500%, due 07/15/23 | 175,000 | 164,500 | ||||||
Mauritius — 0.1% | ||||||||
UPL Corp. Ltd., 3.250%, due 10/13/21 | 200,000 | 193,870 | ||||||
Mexico — 2.4% | ||||||||
America Movil S.A.B. de C.V., 7.125%, due 12/09/24 | MXN | 3,000,000 | 132,751 | |||||
Banco Mercantil del Norte S.A., 6.875%, due 12/31/49 | $ | 200,000 | 193,394 | |||||
Banco Mercantil del Norte S.A., 7.625%, due 10/06/66 | 400,000 | 387,200 | ||||||
Banco Nacional de Comercio, 144A, 4.375%, due 10/14/25 | 200,000 | 191,526 | ||||||
Banco Santander S.A., 144A, 5.950%, due 10/01/28 | 200,000 | 201,750 | ||||||
BBVA Bancomer S.A., 5.125%, due 01/18/33 | 800,000 | 692,016 | ||||||
Cemex S.A.B. de C.V., 144A, 6.125%, due 05/05/25 | 75,000 | 73,125 | ||||||
Cometa Energia, S.A. de C.V., 6.375%, due 04/24/35 | 592,200 | 552,102 | ||||||
Credito Real S.A.B. de C.V., 9.125%, due 11/29/62 | 200,000 | 187,250 | ||||||
Grupo Idesa S.A. de C.V., 7.875%, due 12/18/20 | 630,000 | 433,881 | ||||||
Mexico City Airport Trust, 144A, 4.250%, due 10/31/26 | 425,000 | 380,257 | ||||||
Mexico City Airport Trust, 144A, 3.875%, due 04/30/28 | 730,000 | 641,488 | ||||||
Mexico City Airport Trust, 144A, 5.500%, due 10/31/46 | 405,000 | 357,845 | ||||||
Mexico City Airport Trust, 144A, 5.500%, due 07/31/47 | 900,000 | 791,966 |
See Notes to Financial Statements.
77
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Mexico — 2.4% (Continued) | ||||||||
Mexico Generadora De Energia S.A. de R.L., 5.500%, due 12/06/32 | $ | 516,420 | $ | 493,294 | ||||
Mexico Government International Bond, 4.150%, due 03/28/27 | 200,000 | 193,459 | ||||||
Mexico Government International Bond, 3.750%, due 01/11/28 | 200,000 | 187,683 | ||||||
Mexico Government International Bond, 4.600%, due 01/23/46 | 200,000 | 177,876 | ||||||
Petroleos Mexicanos, 144A, 7.650%, due 11/24/21 | 35,000 | 167,453 | ||||||
Petroleos Mexicanos, 4.625%, due 09/21/23 | 135,000 | 127,401 | ||||||
Petroleos Mexicanos, 144A, 7.190%, due 09/12/24 | 20,000 | 79,081 | ||||||
Petroleos Mexicanos, 144A, 6.500%, due 01/23/29 | 200,000 | 186,036 | ||||||
Trust F/1401, 144A, 5.250%, due 12/15/24 | 225,000 | 215,156 | ||||||
Unifin Financiera S.A.B. de C.V., 8.875%, due 12/31/22 | 800,000 | 656,000 | ||||||
7,699,990 | ||||||||
Mongolia — 0.0%(c) | ||||||||
Asian Development Bank, 2.000%, due 02/16/22 | 150,000 | 147,313 | ||||||
Netherlands — 1.2% | ||||||||
AES Andres Dominicana Ltd., 144A, 7.950%, due 05/11/26 | 500,000 | 503,135 | ||||||
Bank Nederlandse Gemeenten N.V., 0.250%, due 02/22/23 | 150,000 | 174,108 | ||||||
Bank Nederlandse Gemeenten N.V., 0.250%, due 06/07/24 | 200,000 | 230,074 | ||||||
Bayer Capital Corp. B.V., 144A, 5.625%, due 11/22/19 | 300,000 | 257,873 | ||||||
Darling Global Finance B.V., 144A, 3.625%, due 05/15/26 | 100,000 | 113,205 | ||||||
Greenko Dutch B.V., 144A, 5.250%, due 07/24/24 | 200,000 | 179,250 | ||||||
Marfrig Holdings Europe B.V., 144A, 8.000%, due 06/08/23 | 500,000 | 500,625 | ||||||
Marfrig Holdings Europe B.V., 144A, 7.000%, due 03/15/24 | 200,000 | 190,041 | ||||||
NXP Funding, LLC, 144A, 4.625%, due 06/01/23 | 270,000 | 266,963 | ||||||
Petrobras Global Finance B.V., 5.750%, due 02/01/29 | 700,000 | 645,750 | ||||||
Teva Pharmaceutical Finance Netherlands II B.V., 4.500%, due 03/01/25 | 145,000 | 167,612 | ||||||
Teva Pharmaceuticals Financial Co. B.V., 2.800%, due 07/21/23 | 75,000 | 64,723 | ||||||
VTR Finance B.V., 6.875%, due 01/15/24 | 400,000 | 394,500 | ||||||
3,687,859 | ||||||||
New Zealand — 0.7% | ||||||||
Asian Development Bank, 4.625%, due 03/06/19 | 330,000 | 222,457 | ||||||
International Bank for Reconstruction & Development, 3.500%, due 01/22/21 | 295,000 | 202,924 | ||||||
International Bank for Reconstruction & Development, 4.625%, due 10/06/21 | 380,000 | 270,597 | ||||||
International Bank for Reconstruction & Development, 3.375%, due 01/25/22 | 370,000 | 255,616 | ||||||
International Finance Corp., 3.625%, due 05/20/20 | 110,000 | 75,284 | ||||||
New Zealand Government Bond, 3.000%, due 04/15/20 | 400,000 | 272,755 | ||||||
New Zealand Government Bond, 6.000%, due 05/15/21 | 370,000 | 272,876 | ||||||
New Zealand Local Government Funding Agency Bond, 5.000%, due 03/15/19 | 385,000 | 259,878 | ||||||
New Zealand Local Government Funding Agency Bond, 5.500%, due 04/15/23 | 225,000 | 169,345 |
See Notes to Financial Statements.
78
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
New Zealand — 0.7% (Continued) | ||||||||
Nordic Investment Bank, 4.125%, due 03/19/20 | NZD | 240,000 | $ | 164,800 | ||||
2,166,532 | ||||||||
Norway — 0.5% | ||||||||
Norwegian Government Bond, 144A, 4.500%, due 05/22/19 | NOK | 3,900,000 | 457,362 | |||||
Norwegian Government Bond, 144A, 3.750%, due 05/25/21 | NOK | 5,900,000 | 724,179 | |||||
Norwegian Government Bond, 144A, 2.000%, due 05/24/23 | NOK | 3,600,000 | 426,427 | |||||
1,607,968 | ||||||||
Panama — 0.2% | ||||||||
Banco General S.A., 4.125%, due 08/07/27 | $ | 200,000 | 187,366 | |||||
Ena Norte Trust, 4.950%, due 04/25/28 | 166,437 | 166,321 | ||||||
Global Bank Corp., 4.500%, due 10/20/21 | 200,000 | 193,634 | ||||||
Panama Government International Bond, 4.000%, due 09/22/24 | 200,000 | 201,703 | ||||||
749,024 | ||||||||
Peru — 0.1% | ||||||||
Petroleos del Peru S.A., 144A, 5.625%, due 06/19/47 | 200,000 | 195,673 | ||||||
Philippines — 0.8% | ||||||||
BDO Unibank, Inc., 2.950%, due 03/06/23 | 600,000 | 570,138 | ||||||
Philippine Government Bond, 3.500%, due 03/20/21 | PHP | 10,500,000 | 186,425 | |||||
Philippine Government Bond, 6.500%, due 04/28/21 | PHP | 7,700,000 | 145,545 | |||||
Philippine Government Bond, 3.500%, due 04/21/23 | PHP | 13,000,000 | 216,383 | |||||
Philippine Government Bond, 8.000%, due 07/19/31 | PHP | 15,000,000 | 308,305 | |||||
Philippine Government International Bond, 4.950%, due 01/15/21 | PHP | 15,000,000 | 282,363 | |||||
Philippine Government International Bond, 4.200%, due 01/21/24 | $ | 300,000 | 308,922 | |||||
Philippine Government International Bond, 6.250%, due 01/14/36 | PHP | 15,000,000 | 278,989 | |||||
Union Bank of Philippines, Series EMTN, 3.369%, due 11/29/22 | $ | 400,000 | 382,524 | |||||
2,679,594 | ||||||||
Portugal — 0.3% | ||||||||
Portugal Government International Bond, 144A, 5.125%, due 10/15/24 | 425,000 | 443,063 | ||||||
Portugal Obrigacoes do Tesouro OT, 144A, 3.850%, due 04/15/21 | EUR | 385,000 | 481,848 | |||||
924,911 | ||||||||
Puerto Rico — 0.1% | ||||||||
Popular, Inc., 6.125%, due 09/14/23 | $ | 290,000 | 291,655 | |||||
Singapore — 1.1% | ||||||||
BOC Aviation Ltd., 144A, 2.750%, due 09/18/22 | 200,000 | 192,317 | ||||||
BPRL International Singapore, 4.375%, due 01/18/27 | 500,000 | 471,615 | ||||||
DBS Group Holdings Ltd., 3.600%, due 03/07/67 | 500,000 | 477,500 | ||||||
Indika Energy Capital III Ltd., 144A, 5.875%, due 11/09/24 | 200,000 | 174,500 | ||||||
ONGC Videsh Vankorneft, 3.750%, due 07/27/26 | 500,000 | 464,325 | ||||||
Singapore Government Bond, 3.250%, due 09/01/20 | SGD | 440,000 | 330,029 | |||||
Temasek Financial I Ltd., 2.375%, due 01/23/23 | $ | 750,000 | 726,217 | |||||
United Overseas Bank Ltd., 3.875%, due 12/31/49 | 700,000 | 646,926 | ||||||
3,483,429 | ||||||||
Sweden — 0.2% | ||||||||
Sweden Government International Bond, 144A, 0.125%, due 04/24/23 | EUR | 440,000 | 509,052 | |||||
Turkey — 0.1% | ||||||||
Republic of Turkey, 7.250%, due 12/23/23 | $ | 200,000 | 205,250 |
See Notes to Financial Statements.
79
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
FOREIGN BONDS — 21.1% (Continued) | ||||||||
Ukraine — 0.0%(c) | ||||||||
Ukraine Government Bond, 7.750%, due 09/01/23 | $ | 200,000 | $ | 180,000 | ||||
United Kingdom — 0.7% | ||||||||
Fresnillo plc, 5.500%, due 11/13/23 | 600,000 | 611,133 | ||||||
Genting Overseas Holding Ltd., 4.250%, due 01/24/27 | 700,000 | 659,337 | ||||||
Royal Bank of Scotland Group plc, 3.498%, due 05/15/23 | 200,000 | 191,785 | ||||||
Travelport Corporate Finance plc, 144A, 6.000%, due 03/15/26 | 150,000 | 151,125 | ||||||
Vedanta Resources plc, 144A, 6.375%, due 07/30/22 | 200,000 | 178,750 | ||||||
Vedanta Resources plc, 6.125%, due 08/09/24 | 400,000 | 332,500 | ||||||
2,124,630 | ||||||||
Total Foreign Bonds (Cost $68,619,366) | $ | 66,190,780 | ||||||
LOAN PARTICIPATIONS — 9.3% | ||||||||
Acrisure, LLC, 6.772% (3MO LIBOR + 375), due 06/07/23(a) | $ | 19,900 | $ | 18,756 | ||||
Acrisure, LLC, 6.772% (3MO LIBOR + 425), due 11/22/23(a) | 399,042 | 385,742 | ||||||
AECOM, 4.256% (3MO LIBOR + 175), due 02/23/25(a) | 205,125 | 194,869 | ||||||
Aleris International, Inc., 7.095% (3MO LIBOR + 475), due 02/08/23(a) | 184,075 | 182,312 | ||||||
AlixPartners, LLP, 5.272% (3MO LIBOR + 300), due 03/17/21(a) | 451,427 | 433,180 | ||||||
Almonde, Inc., 5.886% (3MO LIBOR + 350), due 04/26/24(a) | 347,262 | 322,086 | ||||||
American Airlines, Inc., 4.522% (3MO LIBOR + 200), due 04/28/23(a) | 180,000 | 170,962 | ||||||
American Axle & Manufacturing, Inc., 4.462% (3MO LIBOR + 225), due 04/06/24(a) | 197,970 | 186,216 | ||||||
American Tire Distributors, Inc., 6.636% (3MO LIBOR + 875), due 10/05/19(a) | 48,489 | 48,247 | ||||||
American Tire Distributors, Inc., 10.022% (3MO LIBOR + 425), due 09/01/21(a) | 299,522 | 250,101 | ||||||
American Tire Distributors, Inc., 10.022% (3MO LIBOR + 425), due 09/01/21(a) | 96,360 | 80,460 | ||||||
Applied Systems, Inc., 5.386% (3MO LIBOR + 325), due 09/13/24(a) | 388,314 | 368,316 | ||||||
Aramark Services, Inc., 4.095% (3MO LIBOR + 175), due 03/28/24(a) | 144,579 | 139,791 | ||||||
Aramark Services, Inc., 4.095% (3MO LIBOR + 175), due 03/11/25(a) | 140,250 | 135,692 | ||||||
AssuredPartners, Inc., 5.772% (3MO LIBOR + 325), due 10/22/24(a) | 399,609 | 376,632 | ||||||
Asurion, LLC, 5.522% due 10/10/50(a) | 389,720 | 371,859 | ||||||
Auris LuxCo, 4.700% (3MO LIBOR + 375), due 07/24/25(a) | 180,000 | 174,600 | ||||||
Bausch Health Cos., Inc., 4.700% (3MO LIBOR + 275), due 11/14/25(a) | 133,313 | 126,028 | ||||||
BCP Renaissance Parent, LLC, 6.027% (3MO LIBOR + 450), due 12/31/20(a) | 129,076 | 124,558 | ||||||
Berry Plastics Group, Inc., 4.318% (3MO LIBOR + 175), due 02/08/20(a) | 140,000 | 137,360 | ||||||
Berry Plastics Group, Inc., 4.318% (3MO LIBOR + 200), due 10/01/22(a) | 226,792 | 220,909 | ||||||
Berry Plastics Group, Inc., 4.387% (3MO LIBOR + 200), due 01/19/24(a) | 268,636 | 260,800 | ||||||
Brookfield Retail Holdings, LLC, 5.022% (3MO LIBOR + 250), due 05/07/25(a) | 375,000 | 352,736 | ||||||
Burger King, 4.552% (3MO LIBOR + 225), due 02/17/24(a) | 357,975 | 340,076 |
See Notes to Financial Statements.
80
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 9.3% (Continued) | ||||||||
BWAY Corp., 5.581% (3MO LIBOR + 325), due 04/03/24(a) | $ | 129,672 | $ | 121,438 | ||||
Canyon Valor Cos., Inc., 5.136% (3MO LIBOR + 425), due 06/16/23(a) | 221,263 | 212,191 | ||||||
Capital Automotive, L.P., 8.530% (3MO LIBOR + 600), due 03/21/25(a) | 37,957 | 37,412 | ||||||
Cengage Learning, Inc., 6.754% (3MO LIBOR + 425), due 06/07/23(a) | 250,000 | 211,408 | ||||||
CenturyLink, Inc., 5.272% (3MO LIBOR + 275), due 02/29/24(a) | 306,900 | 285,724 | ||||||
CenturyLink, Inc., 5.272% (3MO LIBOR + 275), due 01/31/25(a) | 134,323 | 125,055 | ||||||
Change Healthcare Holdings, LLC, 5.272% (3MO LIBOR + 275), due 03/01/24(a) | 394,636 | 373,097 | ||||||
Charter Communications Operating, LLC, 4.530% (3MO LIBOR + 200), due 04/30/25(a) | 413,170 | 396,011 | ||||||
Cinemark USA, Inc., 4.100% (3MO LIBOR + 175), due 03/29/25(a) | 89,549 | 87,422 | ||||||
Colorado Buyer, Inc., 5.320% (3MO LIBOR + 300), due 03/15/24(a) | 387,946 | 370,295 | ||||||
Consolidated Precision, 6.279% (3MO LIBOR + 375), due 04/30/25(a) | 295,000 | 285,044 | ||||||
CPA Global, 5.777% (3MO LIBOR + 325), due 10/04/24(a) | 394,504 | 378,972 | ||||||
CSM Bakery Supplies, 6.410% (3MO LIBOR + 400), due 07/03/20(a) | 188,272 | 173,022 | ||||||
Cvent, Inc., 6.095% (3MO LIBOR + 375), due 11/29/23(a) | 377,081 | 360,112 | ||||||
DAE Aviation Holdings, 5.990% (3MO LIBOR + 375), due 07/07/22(a) | 89,538 | 88,275 | ||||||
Dawn Acquisition, LLC, 4.700% (3MO LIBOR + 375), due 12/31/25(a) | 235,000 | 219,725 | ||||||
Dell International, LLC, 4.350% (3MO LIBOR + 200), due 09/07/23(a) | 223,869 | 213,959 | ||||||
EG America, LLC, 6.813% (3MO LIBOR + 400), due 02/07/25(a) | 305,044 | 293,224 | ||||||
EG Group Ltd., 6.813% (3MO LIBOR + 400), due 01/31/25(a) | 84,363 | 81,093 | ||||||
Energizer Holdings, Inc., 4.586% (3MO LIBOR + 225), due 06/21/25(a) | 225,000 | 216,844 | ||||||
Energy Transfer Equity, L.P., 4.522% (3MO LIBOR + 200), due 02/02/24(a) | 250,000 | 243,482 | ||||||
Envision Healthcare Corp., 6.095% (3MO LIBOR + 375), due 12/31/21(a) | 325,000 | 302,455 | ||||||
Equian, LLC, 5.756% (3MO LIBOR + 325), due 05/20/24(a) | 212,467 | 205,030 | ||||||
Exgen Renewables IV, LLC, 5.710% (3MO LIBOR + 300), due 12/31/20(a) | 38,591 | 36,565 | ||||||
Filtration Group Corp., 5.522% (3MO LIBOR + 300), due 03/27/25(a) | 258,050 | 248,115 | ||||||
Financial & Risk US Holdings, Inc., 6.272% (3MO LIBOR + 375), due 09/18/25(a) | 300,000 | 279,939 | ||||||
Financial & Risk US Holdings, Inc., 6.272% (3MO LIBOR + 375), due 10/01/25(a) | 375,000 | 349,924 | ||||||
First Data Corp., 4.504% (3MO LIBOR + 200), due 07/10/22(a) | 263,194 | 252,008 | ||||||
Forest City, 4.700% (3MO LIBOR + 400), due 10/24/25(a) | 120,000 | 116,800 | ||||||
Four Seasons Hotels Ltd., 4.522% (3MO LIBOR + 200), due 11/30/23(a) | 313,405 | 299,759 | ||||||
Gentiva Health Services, Inc., 6.312% (3MO LIBOR + 375), due 06/23/25(a) | 381,671 | 370,221 |
See Notes to Financial Statements.
81
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 9.3% (Continued) | ||||||||
Greeneden U.S. Holdings II, LLC, 5.772% (3MO LIBOR + 350), due 12/01/23(a) | $ | 387,317 | $ | 372,792 | ||||
Grifols Worldwide Operations USA, Inc., 4.669% (3MO LIBOR + 225), due 01/31/25(a) | 223,864 | 214,099 | ||||||
Grizzly Acquisitions, Inc., 4.700% (3MO LIBOR + 325), due 10/01/25(a) | 270,000 | 263,307 | ||||||
Grocery Outlet, 6.095% due 12/31/21(a) | 160,000 | 155,200 | ||||||
HCA, Inc., 4.272% (3MO LIBOR + 175), due 03/18/23(a) | 170,757 | 165,776 | ||||||
Hilton Worldwide Finance, LLC, 4.256% (3MO LIBOR + 175), due 10/25/23(a) | 205,259 | 196,536 | ||||||
Houghton Mifflin Harcourt Publishers, Inc., 5.522% (3MO LIBOR + 300), due 05/29/21(a) | 239,381 | 216,042 | ||||||
Informatica, LLC, 5.772% (3MO LIBOR + 325), due 08/05/22(a) | 387,018 | 374,924 | ||||||
Intelsat Jackson Holdings S.A., 6.256% (3MO LIBOR + 375), due 11/30/23(a) | 180,000 | 173,551 | ||||||
Intrawest Resorts Holdings, Inc., 5.522% (3MO LIBOR + 325), due 12/31/20(a) | 385,090 | 367,761 | ||||||
IRB Holding Corp., 5.568% (3MO LIBOR + 325), due 01/17/25(a) | 362,597 | 345,011 | ||||||
Kindred at Home, 6.312% (3MO LIBOR + 375), due 07/02/25(a) | 250,000 | 242,500 | ||||||
Kronos Acquisition Holdings, Inc., 6.522% (3MO LIBOR + 450), due 08/26/22(a) | 385,000 | 362,381 | ||||||
Kronos, Inc., 6.345% (3MO LIBOR + 350), due 11/01/23(a) | 399,214 | 378,423 | ||||||
Life Time Fitness, Inc., 5.457% (3MO LIBOR + 300), due 06/10/22(a) | 471,420 | 452,563 | ||||||
Marriott Ownership Resorts, Inc., 4.552% (3MO LIBOR + 225), due 08/08/25(a) | 330,000 | 320,512 | ||||||
Meredith Corp., 5.095% (3MO LIBOR + 275), due 01/31/25(a) | 104,663 | 101,424 | ||||||
Messer Industries, LLC, 4.700% (3MO LIBOR + 250), due 10/01/25(a) | 125,000 | 118,594 | ||||||
Metro-Goldwyn-Mayer, Inc., 6.850% (3MO LIBOR + 450), due 06/29/26(a) | 190,000 | 176,700 | ||||||
Microchip Technology, Inc., 4.310% (3MO LIBOR + 200), due 05/29/25(a) | 212,518 | 200,299 | ||||||
Micron Technology, Inc., 4.000% (3MO LIBOR + 175), due 04/26/22(a) | 189,287 | 185,501 | ||||||
Milacron, LLC, 5.022% (3MO LIBOR + 250), due 09/28/23(a) | 453,592 | 424,109 | ||||||
Mitchell International, Inc., 5.772% (3MO LIBOR + 325), due 11/20/24(a) | 407,409 | 391,879 | ||||||
MPH Acquisition Holdings, LLC, 5.553% (3MO LIBOR + 300), due 06/07/23(a) | 406,488 | 382,098 | ||||||
Neiman Marcus Group Ltd., LLC, 5.597% (3MO LIBOR + 325), due 10/25/20(a) | 378,354 | 318,290 | ||||||
Peak 10 Holding Corp., 6.313% (3MO LIBOR + 350), due 07/24/24(a) | 306,900 | 278,257 | ||||||
Pisces Midco, Inc., 6.175% (3MO LIBOR + 375), due 03/29/25(a) | 245,000 | 222,950 | ||||||
Plantronics, Inc., 5.022% (3MO LIBOR + 250), due 12/31/21(a) | 224,438 | 215,292 | ||||||
Project Alpha Intermediate Holding, Inc., 5.940% (3MO LIBOR + 350), due 04/04/21(a) | 379,225 | 364,056 | ||||||
Project Deep Blue Holdings, LLC, 5.720% (3MO LIBOR + 325), due 01/11/25(a) | 124,375 | 118,079 | ||||||
Quad/Graphics, Inc., 0.000% (3MO LIBOR + 500), due 06/30/26(a) | 185,000 | 178,987 | ||||||
RentPath, LLC, 7.280% (3MO LIBOR + 475), due 12/17/21 (a) (b) | 246,756 | 196,346 |
See Notes to Financial Statements.
82
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 9.3% (Continued) | ||||||||
Revlon Consumer Products Co., 6.207% (3MO LIBOR + 350), due 09/07/23(a) | $ | 427,627 | $ | 301,610 | ||||
RP Crown Parent, LLC, 4.992% (3MO LIBOR + 275), due 10/12/23(a) | 223,861 | 213,973 | ||||||
Sable International Finance Ltd., 5.619% (3MO LIBOR + 325), due 01/31/26(a) | 225,000 | 216,225 | ||||||
SBA Senior Finance II, LLC, 4.310% (3MO LIBOR + 200), due 04/11/25(a) | 269,325 | 257,467 | ||||||
Science Applications International Corp., 4.272% due 11/05/25(a) | 125,000 | 118,750 | ||||||
Scientific Games International, Inc., 5.272% (3MO LIBOR + 275), due 08/14/24(a) | 466,475 | 434,755 | ||||||
Securus Technologies Holdings, Inc., 7.022% (3MO LIBOR + 450), due 06/15/24(a) | 317,127 | 303,912 | ||||||
Securus Technologies Holdings, Inc., 7.022% (3MO LIBOR + 450), due 11/01/24 (a) (b) | 72,000 | 69,570 | ||||||
Select Medical Corp., 4.960% (3MO LIBOR + 350), due 02/13/24(a) | 282,775 | 270,522 | ||||||
ServiceMaster Co., LLC, 5.022% (3MO LIBOR + 250), due 11/08/23(a) | 106,591 | 104,105 | ||||||
SolarWinds, Inc., 5.272% (3MO LIBOR + 300), due 03/07/24(a) | 212,452 | 203,888 | ||||||
Solera, LLC, 5.272% (3MO LIBOR + 375), due 03/03/23(a) | 392,581 | 369,352 | ||||||
Solera, LLC, 5.272% (3MO LIBOR + 275), due 06/18/25(a) | 310,000 | 290,625 | ||||||
Sophia, L.P., 6.053% (3MO LIBOR + 325), due 09/30/22(a) | 397,913 | 381,570 | ||||||
Space Exploration Technologies Corp., 4.700% (3MO LIBOR + 425), due 11/16/25(a) | 200,000 | 198,000 | ||||||
Spade Facilities II, LLC, 6.272% (3MO LIBOR + 375), due 11/14/25(a) | 130,000 | 127,237 | ||||||
Sprint Communications, 4.813% (3MO LIBOR + 250), due 02/02/24(a) | 168,890 | 160,445 | ||||||
SS&C Technologies, Inc., 4.595% (3MO LIBOR + 250), due 04/16/25(a) | 90,243 | 84,866 | ||||||
SS&C Technologies, Inc., 4.595% (3MO LIBOR + 250), due 04/16/25(a) | 34,371 | 32,323 | ||||||
SS&C Technologies, Inc., 4.595% (3MO LIBOR + 250), due 04/16/25(a) | 170,000 | 159,729 | ||||||
Starfruit Finco B.V., 5.599% due 09/19/25(a) | 160,000 | 149,600 | ||||||
TKC Holdings, Inc., 6.280% (3MO LIBOR + 425), due 02/01/23(a) | 388,088 | 368,101 | ||||||
TransDigm, Inc., 5.022% (3MO LIBOR + 250), due 06/09/23 (a) | 365,400 | 344,010 | ||||||
TransDigm, Inc., 5.022% due 06/09/23(a) | 249,373 | 234,775 | ||||||
TransDigm, Inc., 5.022% (3MO LIBOR + 250), due 05/14/25(a) | 24,114 | 22,697 | ||||||
Traverse Midstream Partners, LLC, 6.600% (3MO LIBOR + 400), due 09/11/21(a) | 270,000 | 258,525 | ||||||
Tribune Media Co., 5.242% (3MO LIBOR + 300), due 12/27/20(a) | 42,521 | 41,644 | ||||||
Uber Technologies, Inc., 8.250% (3MO LIBOR + 400), due 03/22/25(a) | 144,775 | 142,121 | ||||||
Ultra Resources, Inc., 5.469% (3MO LIBOR + 300), due 04/12/24(a) | 95,000 | 84,431 | ||||||
United Airlines, Inc., 4.072% (3MO LIBOR + 175), due 04/01/24(a) | 174,557 | 167,138 | ||||||
US Foods, Inc., 4.522% (3MO LIBOR + 200), due 06/27/23(a) | 211,459 | 199,300 | ||||||
US Silica Co., 6.563% (3MO LIBOR + 400), due 12/31/21(a) | 123,552 | 107,490 | ||||||
USI, Inc., 5.803% (3MO LIBOR + 300), due 05/16/24(a) | 174,121 | 164,253 |
See Notes to Financial Statements.
83
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 9.3% (Continued) | ||||||||
Vantiv, LLC, 4.057% (3MO LIBOR + 175), due 08/20/24(a) | $ | 249,373 | $ | 238,152 | ||||
VeriFone Systems, Inc., 6.644% (3MO LIBOR + 400), due 08/08/25(a) | 106,807 | 103,282 | ||||||
Verscend TLB, 7.022% (3MO LIBOR + 450), due 08/08/25(a) | 260,000 | 250,684 | ||||||
VF Holding Corp., 6.053% (3MO LIBOR + 325), due 06/04/25(a) | 395,562 | 374,795 | ||||||
Virgin Media Bristol, LLC, 4.780% (3MO LIBOR + 250), due 01/15/26(a) | 175,000 | 165,277 | ||||||
Web.com Group, Inc., 6.170% due 09/17/25(a) | 180,000 | 172,651 | ||||||
West Corp., 6.344% (3MO LIBOR + 400), due 10/10/24(a) | 100,323 | 91,832 | ||||||
Wyndham Hotels & Resorts, Inc., 4.272% (3MO LIBOR + 175), due 05/30/25(a) | 145,000 | 139,309 | ||||||
Yak Access, LLC, 7.522% (3MO LIBOR + 500), due 06/29/25 (a) (b) | 14,310 | 11,734 | ||||||
Zebra Technologies Corp., 4.063% (3MO LIBOR + 175), due 10/27/21(a) | 68,673 | 67,707 | ||||||
Total Loan Participations(Cost $30,873,777) | $ | 29,309,580 |
Shares | ||||||||
COMMON STOCKS — 0.9% | ||||||||
Consumer Discretionary — 0.0%(c) | ||||||||
Lennar Corp. - Class A | 1,615 | $ | 63,227 | |||||
Financials — 0.9% | ||||||||
Ameris Bancorp | 2,799 | 88,644 | ||||||
BankUnited, Inc. | 2,900 | 86,826 | ||||||
BOK Financial Corp. | 2,350 | 172,325 | ||||||
Capital One Financial Corp. | 2,350 | 177,637 | ||||||
Citigroup, Inc. | 3,500 | 182,210 | ||||||
Citizens Financial Group, Inc. | 2,705 | 80,420 | ||||||
Columbia Banking System, Inc. | 7,530 | 273,264 | ||||||
Comerica, Inc. | 3,655 | 251,062 | ||||||
Cullen/Frost Bankers, Inc. | 452 | 39,749 | ||||||
German American Bancorp, Inc. | 1,364 | 37,878 | ||||||
JPMorgan Chase & Co. | 4,185 | 408,540 | ||||||
KeyCorp | 7,598 | 112,298 | ||||||
M&T Bank Corp. | 1,306 | 186,928 | ||||||
Pinnacle Financial Partners, Inc. | 788 | 36,327 | ||||||
PNC Financial Services Group, Inc. (The) | 770 | 90,021 | ||||||
Renasant Corp. | 3,800 | 114,684 | ||||||
Stock Yards Bancorp, Inc. | 1,322 | 43,361 | ||||||
U.S. Bancorp | 5,450 | 249,065 | ||||||
Washington Trust Bancorp, Inc. | 1,500 | 71,295 | ||||||
Zions Bancorp. | 954 | 38,866 | ||||||
2,741,400 | ||||||||
Industrials — 0.0%(c) | ||||||||
HC2 Holdings, Inc.(d) | 10,600 | 27,984 | ||||||
Real Estate — 0.0%(c) | ||||||||
STORE Capital Corp. | 3,695 | 104,606 | ||||||
Total Common Stocks (Cost $3,680,056) | $ | 2,937,217 | ||||||
PREFERRED STOCKS — 1.2% | ||||||||
Becton Dickinson and Co. - Series A, 6.125% | 6,600 | $ | 380,886 | |||||
Centerpoint Energy, Inc. - Class B, 7.000% | 7,800 | 392,886 | ||||||
Crown Castle International Corp. - Series A, 6.875% | 200 | 209,679 | ||||||
Dominion Energy, Inc. - Series A, 6.750% | 5,100 | 244,239 | ||||||
First Republic Bank - Series H, 5.125% | 5,725 | 122,229 | ||||||
Fortive Corp. - Series A, 5.000% | 315 | 285,891 | ||||||
Hess Corp. - Series A, 8.000% | 4,900 | 243,383 | ||||||
NextEra Energy, Inc., 6.123% | 7,150 | 410,062 | ||||||
People's United Financial, Inc. - Series A, 5.625% | 6,350 | 141,033 | ||||||
South Jersey Industries, Inc., 7.250% | 2,800 | 130,564 | ||||||
Stanley Black & Decker, Inc., 5.375% | 1,200 | 109,058 | ||||||
Stifel Financial Corp., 5.000% | 8,000 | 164,160 | ||||||
U.S. Bancorp - Series A, 3.500% | 375 | 279,375 | ||||||
U.S. Bancorp, 5.500% | 6,900 | 170,361 |
See Notes to Financial Statements.
84
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2018 |
Shares | Value | |||||||
PREFERRED STOCKS — 1.2% (Continued) | ||||||||
U.S. Bancorp - Series F, 6.500% | 7,300 | $ | 193,304 | |||||
Wells Fargo & Co. - Series Q, 5.850% | 7,300 | 179,361 | ||||||
Total Preferred Stocks (Cost $4,009,933) | $ | 3,656,471 | ||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 5.5% | ||||||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | 333,484 | $ | 3,001,354 | |||||
Voya Floating Rate Fund - Class P | 1,362,514 | 12,807,636 | ||||||
Voya High Yield Bond Fund - Class P | 209,302 | 1,550,927 | ||||||
Total Affiliated Registered Investment Companies (Cost $18,096,583) | $ | 17,359,917 | ||||||
MONEY MARKET FUNDS — 2.0% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) (Cost $6,331,299) | 6,331,299 | $ | 6,331,299 | |||||
Total Investments at Value — 98.7%(Cost $319,877,914) | $ | 310,097,177 | ||||||
Other Assets in Excess of Liabilities — 1.3% | 3,967,900 | |||||||
Net Assets — 100.0% | $ | 314,065,077 |
(a) | Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of December 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread. |
(b) | Illiquid security. The total value of such securities is $1,843,171 at December 31, 2018, representing 0.6% of net assets. |
(c) | Percentage rounds to less than 0.1%. |
(d) | Non-income producing security. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
BBSW — Australian Bank Bill Swap Rate.
CMT — Constant Maturity U.S. Treasury.
CDO — Collateralized Debt Obligation.
CLO — Collateralized Loan Obligation.
CV — Convertible Security.
LIBOR — London Interbank Offered Rate.
144A — Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. Management has determined that these securities are liquid. The total value of such securities is $93,485,880 as of December 31, 2018, representing 29.8% of net assets.
LIBOR rates as of December 31, 2018:
1MO LIBOR | 2.5198% |
3MO LIBOR | 2.7970% |
AUD - Australian Dollar
BRL - Brazilian Real
CAD - Canadian Dollar
COP - Colombian Peso
EUR - Euro
GBP - British Pound Sterling
INR - Indian Rupee
IDR - Indonesian Rupiah
JPY - Japanese Yen
MXN - Mexican Peso
MYR - Malaysian Ringgit
NOK - Norwegian Krona
NZD - New Zealand Dollar
PHP - Philippine Peso
SGD - Singapore Dollar
See Notes to Financial Statements.
85
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Futures Contracts | December 31, 2018 |
FUTURES CONTRACTS | Contracts | Expiration | Notional | Value/ | ||||||||||||
TREASURY FUTURES | ||||||||||||||||
2-Year U.S. Treasury Note Future | 103 | 03/29/2019 | $ | 21,863,359 | $ | 68,366 | ||||||||||
5-Year U.S. Treasury Note Future | 238 | 03/29/2019 | 27,288,188 | 205,711 | ||||||||||||
Total Futures Contracts | $ | 49,151,547 | $ | 274,077 |
The average monthly notional amount of futures contracts during the year ended December 31, 2018 was $10,965,355.
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Futures Contracts Sold Short | December 31, 2018 |
FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration | Notional | Value/ | ||||||||||||
FOREIGN FUTURES | ||||||||||||||||
Euro Long-Term Bund Future | 35 | 03/07/2019 | $ | 6,557,337 | $ | (48,175 | ) | |||||||||
TREASURY FUTURES | ||||||||||||||||
10-Year U.S. Treasury Note Future | 31 | 03/20/2019 | 3,782,969 | (36,670 | ) | |||||||||||
Ultra Long-Term U.S. Treasury Bond Future | 17 | 03/20/2019 | 2,738,594 | (92,418 | ) | |||||||||||
Total Treasury Futures | 6,521,563 | (129,088 | ) | |||||||||||||
Total Futures Contracts Sold Short | $ | 13,078,900 | $ | (177,263 | ) |
The average monthly notional amount of futures contracts sold short during the year ended December 31, 2018 was $13,404,343.
See Notes to Financial Statements.
86
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Centrally Cleared Credit Default Swap Contracts |
December 31, 2018 |
Description | Maturity | Counterparty | Fixed Deal | Implied Credit | Notional | Fair Value | Upfront | Unrealized | ||||||||||||||||||||||||
Markit iTraxx Europe Crossover Index, Series 30 (Buy Protection) | 12/20/2023 | Intercontinental Exchange | (5.00%) | 4.93% | EUR(8,278,077 | ) | $ | (599,845 | ) | $ | (636,787 | ) | $ | 36,942 | ||||||||||||||||||
Markit CDX North America High Yield Index, Series 31 (Sell Protection) | 12/20/2023 | Intercontinental Exchange | 5.00% | 4.95% | $ | 22,000,000 | $ | 447,986 | $ | 1,364,980 | $ | (916,994 | ) | |||||||||||||||||||
Total | $ | (151,859 | ) | $ | 728,193 | $ | (880,052 | ) |
EUR — Euro
The average monthly notional amount of centrally cleared credit default swap contracts during the year ended December 31, 2018 was $6,660,160.
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | AUD | 437,578 | USD | 451,292 | $ | — | $ | (13,714 | ) | ||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | AUD | 426,047 | USD | 434,777 | — | (8,730 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | AUD | 204,426 | USD | 207,636 | — | (3,210 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | AUD | 204,426 | USD | 206,154 | — | (1,728 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | EUR | 669,666 | USD | 680,459 | — | (10,793 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | GBP | 364,075 | USD | 378,346 | — | (14,271 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 217,654 | USD | 215,787 | 1,867 | — |
See Notes to Financial Statements.
87
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 434,404 | USD | 432,178 | $ | 2,226 | $ | — | |||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 100,760 | USD | 98,513 | 2,248 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 435,183 | USD | 430,546 | 4,637 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 428,474 | USD | 421,348 | 7,126 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 449,540 | USD | 463,654 | — | (14,114 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | NZD | 37,617 | USD | 38,100 | — | (483 | ) | ||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 413,600 | AUD | 408,851 | 4,749 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 227,473 | AUD | 219,413 | 8,060 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 411,569 | AUD | 401,802 | 9,767 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 1,858,471 | AUD | 1,818,488 | 39,983 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 1,340,969 | EUR | 1,331,188 | 9,781 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 402,476 | NZD | 400,690 | 1,786 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 196,670 | NZD | 194,705 | 1,965 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 655,450 | NZD | 648,702 | 6,748 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 743,436 | NZD | 734,343 | 9,093 | — | |||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/13/2019 | USD | 2,279,040 | NZD | 2,318,312 | — | (39,272 | ) | ||||||||||||||||||||
Bank of America, San Francisco | 2/13/2019 | EUR | 655,295 | USD | 675,659 | — | (20,364 | ) | ||||||||||||||||||||
Bank of Montreal, Montreal | 2/13/2019 | USD | 421,553 | NZD | 413,347 | 8,206 | — | |||||||||||||||||||||
Bank of Nova Scotia, Toronto | 2/13/2019 | CAD | 1,076,444 | USD | 1,150,000 | — | (73,556 | ) | ||||||||||||||||||||
Barclays Capital | 2/8/2019 | AUD | 382,115 | USD | 383,000 | — | (885 | ) | ||||||||||||||||||||
Barclays Capital | 2/8/2019 | CHF | 1,605,444 | USD | 1,593,000 | 12,444 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | EUR | 744,300 | USD | 740,000 | 4,300 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | GBP | 112,951 | USD | 112,000 | 951 | — |
See Notes to Financial Statements.
88
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Barclays Capital | 2/8/2019 | GBP | 637,679 | USD | 627,000 | $ | 10,679 | $ | — | |||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 164,000 | AUD | 159,728 | 4,272 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 580,539 | AUD | 567,120 | 13,419 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 271,000 | CAD | 270,925 | 75 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 198,000 | CAD | 193,552 | 4,448 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 2,243,799 | EUR | 2,246,063 | — | (2,264 | ) | ||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 337,000 | EUR | 339,151 | — | (2,151 | ) | ||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 387,000 | EUR | 387,334 | — | (334 | ) | ||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 215,000 | NOK | 212,645 | 2,355 | — | |||||||||||||||||||||
Barclays Capital | 2/8/2019 | USD | 1,423,005 | NZD | 1,387,360 | 35,645 | — | |||||||||||||||||||||
CIBC, Toronto | 2/13/2019 | CAD | 1,696,297 | USD | 1,765,000 | — | (68,703 | ) | ||||||||||||||||||||
CIBC, Toronto | 2/13/2019 | CAD | 1,111,928 | USD | 1,150,000 | — | (38,072 | ) | ||||||||||||||||||||
CIBC, Toronto | 2/13/2019 | CAD | 557,675 | USD | 590,000 | — | (32,325 | ) | ||||||||||||||||||||
CIBC, Toronto | 2/13/2019 | USD | 1,150,000 | CAD | 1,086,639 | 63,361 | — | |||||||||||||||||||||
CIBC, Toronto | 2/13/2019 | USD | 210,742 | NZD | 206,674 | 4,068 | — | |||||||||||||||||||||
Citibank, New York | 2/8/2019 | AUD | 1,953,662 | USD | 1,993,000 | — | (39,338 | ) | ||||||||||||||||||||
Citibank, New York | 2/8/2019 | USD | 632,000 | GBP | 641,122 | — | (9,122 | ) | ||||||||||||||||||||
Citibank, New York | 2/8/2019 | USD | 592,000 | JPY | 609,685 | — | (17,685 | ) | ||||||||||||||||||||
Citibank, New York | 2/8/2019 | USD | 576,000 | NZD | 562,476 | 13,524 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | AUD | 401,802 | NZD | 401,990 | — | (188 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | AUD | 405,327 | USD | 419,588 | — | (14,261 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | AUD | 219,028 | USD | 224,917 | — | (5,889 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | CAD | 552,992 | USD | 581,250 | — | (28,258 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | CAD | 564,905 | USD | 577,500 | — | (12,595 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 104,847 | NOK | 102,271 | 2,576 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 222,800 | NOK | 218,081 | 4,719 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 327,647 | NOK | 314,972 | 12,675 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 380,388 | NOK | 363,993 | 16,395 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 380,550 | NOK | 363,993 | 16,557 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 327,647 | NOK | 316,280 | 11,367 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 327,647 | NOK | 316,266 | 11,381 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 362,137 | SEK | 374,505 | — | (12,368 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 362,137 | SEK | 374,504 | — | (12,367 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 362,137 | SEK | 374,193 | — | (12,056 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 293,158 | SEK | 302,843 | — | (9,685 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 316,151 | SEK | 325,758 | — | (9,607 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 167,380 | USD | 166,169 | 1,211 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 4,633,051 | USD | 4,815,568 | — | (182,517 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 666,791 | USD | 677,220 | — | (10,429 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 669,666 | USD | 678,757 | — | (9,091 | ) |
See Notes to Financial Statements.
89
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Citibank, New York | 2/13/2019 | EUR | 333,396 | USD | 335,131 | $ | — | $ | (1,735 | ) | ||||||||||||||||||
Citibank, New York | 2/13/2019 | GBP | 740,925 | USD | 771,870 | — | (30,945 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | GBP | 740,924 | USD | 764,266 | — | (23,342 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | GBP | 740,925 | USD | 754,528 | — | (13,603 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | GBP | 734,537 | USD | 742,411 | — | (7,874 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | JPY | 611,081 | USD | 595,000 | 16,081 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | MXN | 111,497 | USD | 109,703 | 1,794 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | MXN | 127,184 | USD | 121,833 | 5,351 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | MXN | 231,815 | USD | 224,660 | 7,155 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | MXN | 145,678 | USD | 149,289 | — | (3,611 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | MXN | 147,720 | USD | 147,764 | — | (44 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 321,261 | EUR | 333,396 | — | (12,135 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 161,932 | EUR | 166,698 | — | (4,766 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 161,966 | EUR | 166,698 | — | (4,732 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 321,933 | EUR | 333,396 | — | (11,463 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 580,568 | EUR | 586,317 | — | (5,749 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NOK | 199,869 | SEK | 212,114 | — | (12,245 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NZD | 40,304 | EUR | 40,739 | — | (435 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NZD | 1,071,484 | USD | 1,082,339 | — | (10,855 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | NZD | 386,246 | USD | 391,691 | — | (5,445 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | SEK | 3,095,468 | EUR | 2,984,272 | 111,196 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | SGD | 568,985 | USD | 564,877 | 4,108 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 55,500 | CAD | 52,738 | 2,762 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 575,000 | CAD | 560,310 | 14,690 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 480,000 | CAD | 454,914 | 25,086 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 555,000 | CAD | 527,531 | 27,469 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 555,000 | CAD | 527,412 | 27,588 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 1,150,000 | CAD | 1,111,241 | 38,759 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 674,630 | EUR | 666,791 | 7,839 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 1,390,250 | EUR | 1,345,079 | 45,171 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 415,247 | EUR | 416,428 | — | (1,181 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 678,793 | EUR | 669,666 | 9,127 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 369,991 | GBP | 367,269 | 2,722 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 205,872 | GBP | 198,006 | 7,866 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 381,843 | GBP | 370,462 | 11,381 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 765,890 | GBP | 740,925 | 24,965 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 763,718 | GBP | 734,537 | 29,181 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 1,746,000 | JPY | 1,772,949 | — | (26,949 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 575,000 | JPY | 592,082 | — | (17,082 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 1,164,000 | JPY | 1,179,287 | — | (15,287 | ) | ||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 575,000 | JPY | 588,638 | — | (13,638 | ) |
See Notes to Financial Statements.
90
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 148,871 | MXN | 144,180 | $ | 4,691 | $ | — | |||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 149,054 | MXN | 143,949 | 5,105 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 506,143 | NZD | 499,368 | 6,775 | — | |||||||||||||||||||||
Citibank, New York | 2/13/2019 | USD | 15,260 | SEK | 15,008 | 252 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | CAD | 1,329,677 | USD | 1,355,000 | — | (25,323 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | CHF | 99,764 | USD | 99,000 | 764 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | NOK | 2,274,525 | USD | 2,299,000 | — | (24,475 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | NZD | 580,158 | USD | 592,000 | — | (11,842 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | NZD | 337,190 | USD | 344,000 | — | (6,810 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | USD | 1,491,000 | CHF | 1,497,791 | — | (6,791 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | USD | 71,000 | EUR | 70,834 | 166 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/8/2019 | USD | 97,000 | NOK | 96,115 | 885 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | CAD | 4,444,370 | USD | 4,607,299 | — | (162,929 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | CAD | 463,407 | USD | 495,000 | — | (31,593 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | CAD | 551,560 | USD | 581,250 | — | (29,690 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | CAD | 571,093 | USD | 582,500 | — | (11,407 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | CAD | 571,212 | USD | 582,500 | — | (11,288 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | EUR | 3,322,461 | USD | 3,361,388 | — | (38,927 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | EUR | 333,396 | USD | 346,507 | — | (13,111 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | EUR | 382,281 | USD | 390,086 | — | (7,805 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | EUR | 666,791 | USD | 673,032 | — | (6,241 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | JPY | 2,959,814 | USD | 2,910,000 | 49,814 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 149,053 | USD | 147,579 | 1,474 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 150,264 | USD | 148,036 | 2,228 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 150,376 | USD | 148,036 | 2,340 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 90,012 | USD | 87,390 | 2,622 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 200,903 | USD | 194,365 | 6,538 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 142,881 | USD | 147,122 | — | (4,241 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 87,146 | USD | 89,505 | — | (2,359 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | MXN | 130,659 | USD | 132,786 | — | (2,127 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | NOK | 316,424 | EUR | 330,522 | — | (14,098 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | NOK | 316,786 | EUR | 330,522 | — | (13,736 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 677,460 | AUD | 658,238 | 19,222 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 1,268,030 | AUD | 1,212,455 | 55,575 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 1,372,972 | EUR | 1,327,835 | 45,137 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 758,779 | GBP | 740,924 | 17,855 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 770,855 | GBP | 740,925 | 29,930 | — | |||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 575,000 | JPY | 593,330 | — | (18,330 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 285,000 | JPY | 292,116 | — | (7,116 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 249,686 | JPY | 251,711 | — | (2,025 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 610,665 | MXN | 609,062 | 1,603 | — |
See Notes to Financial Statements.
91
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 148,825 | MXN | 144,909 | $ | 3,916 | $ | — | |||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 142,486 | MXN | 148,462 | — | (5,976 | ) | ||||||||||||||||||||
Goldman Sachs Bank, USA | 2/13/2019 | USD | 389,870 | NZD | 386,246 | 3,624 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/8/2019 | CHF | 134,103 | USD | 133,000 | 1,103 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/8/2019 | NZD | 1,081,956 | USD | 1,097,000 | — | (15,044 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/8/2019 | NZD | 555,293 | USD | 569,000 | — | (13,707 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/8/2019 | NZD | 126,393 | USD | 128,000 | — | (1,607 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/8/2019 | USD | 1,981,000 | AUD | 1,937,407 | 43,593 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | AUD | 405,327 | NZD | 412,128 | — | (6,801 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | AUD | 55,688 | USD | 57,110 | — | (1,422 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | CAD | 2,167,637 | GBP | 2,217,893 | — | (50,256 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | EUR | 270,165 | NOK | 259,150 | 11,015 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | EUR | 718,364 | NOK | 687,681 | 30,683 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | GBP | 1,111,387 | USD | 1,155,479 | — | (44,092 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | GBP | 734,537 | USD | 758,776 | — | (24,239 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | JPY | 593,659 | USD | 575,000 | 18,659 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | MXN | 57,301 | USD | 56,079 | 1,222 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | MXN | 127,541 | USD | 124,896 | 2,645 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | MXN | 146,768 | USD | 149,123 | — | (2,355 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | MXN | 139,095 | USD | 141,379 | — | (2,284 | ) | ||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | SGD | 33,048 | USD | 32,660 | 388 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | SGD | 99,145 | USD | 98,189 | 956 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 288,750 | CAD | 281,756 | 6,994 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 693,000 | CAD | 662,886 | 30,114 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 570,000 | CAD | 539,448 | 30,552 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 673,273 | EUR | 661,043 | 12,230 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 1,932,885 | EUR | 1,887,552 | 45,333 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 384,059 | GBP | 370,462 | 13,597 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 382,826 | GBP | 367,268 | 15,558 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 751,387 | GBP | 734,537 | 16,850 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 1,128,885 | GBP | 1,104,999 | 23,886 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 13,179 | NZD | 12,924 | 255 | — | |||||||||||||||||||||
HSBC Bank, USA | 2/13/2019 | USD | 516,635 | NZD | 505,092 | 11,543 | — | |||||||||||||||||||||
JPMChase, New York | 2/8/2019 | AUD | 629,559 | USD | 630,000 | — | (441 | ) | ||||||||||||||||||||
JPMChase, New York | 2/8/2019 | AUD | 758,779 | USD | 759,000 | — | (221 | ) | ||||||||||||||||||||
JPMChase, New York | 2/8/2019 | CAD | 666,641 | USD | 683,277 | — | (16,636 | ) | ||||||||||||||||||||
JPMChase, New York | 2/8/2019 | CHF | 153,359 | USD | 153,000 | 359 | — | |||||||||||||||||||||
JPMChase, New York | 2/8/2019 | GBP | 19,928 | USD | 19,791 | 137 | — | |||||||||||||||||||||
JPMChase, New York | 2/8/2019 | JPY | 1,519,176 | USD | 1,479,424 | 39,752 | — | |||||||||||||||||||||
JPMChase, New York | 2/8/2019 | SEK | 285,570 | USD | 280,470 | 5,100 | — |
See Notes to Financial Statements.
92
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
JPMChase, New York | 2/8/2019 | USD | 758,100 | CHF | 761,245 | $ | — | $ | (3,145 | ) | ||||||||||||||||||
JPMChase, New York | 2/8/2019 | USD | 593,000 | EUR | 596,537 | — | (3,537 | ) | ||||||||||||||||||||
JPMChase, New York | 2/8/2019 | USD | 284,000 | JPY | 283,501 | 499 | — | |||||||||||||||||||||
JPMChase, New York | 2/8/2019 | USD | 557,000 | NOK | 565,428 | — | (8,428 | ) | ||||||||||||||||||||
JPMChase, New York | 2/8/2019 | USD | 959,000 | SEK | 975,753 | — | (16,753 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | AUD | 219,001 | USD | 225,368 | — | (6,367 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | CAD | 63,978 | USD | 66,310 | — | (2,332 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 330,522 | NOK | 315,600 | 14,922 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 330,522 | NOK | 315,430 | 15,092 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 293,158 | SEK | 303,012 | — | (9,854 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 274,643 | SEK | 283,886 | — | (9,243 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 109,216 | SEK | 112,874 | — | (3,658 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 333,396 | USD | 346,446 | — | (13,050 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 331,479 | USD | 334,263 | — | (2,784 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | EUR | 331,480 | USD | 333,821 | — | (2,341 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | GBP | 740,925 | CAD | 726,796 | 14,129 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | GBP | 740,925 | CAD | 725,150 | 15,775 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | GBP | 367,269 | USD | 368,582 | — | (1,313 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | MXN | 148,771 | USD | 148,052 | 719 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | MXN | 146,476 | USD | 149,214 | — | (2,738 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | MXN | 58,115 | USD | 59,670 | — | (1,555 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | NOK | 278,658 | SEK | 286,650 | — | (7,992 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | NZD | 2,600 | USD | 2,567 | 33 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | NZD | 219,446 | USD | 217,059 | 2,387 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | NZD | 384,881 | USD | 396,707 | — | (11,826 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | NZD | 401,696 | USD | 411,570 | — | (9,874 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | SGD | 113,116 | USD | 112,255 | 861 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 126,574 | CAD | 119,379 | 7,195 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 311,850 | CAD | 296,249 | 15,601 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 555,000 | CAD | 532,939 | 22,061 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 555,000 | CAD | 532,808 | 22,192 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 555,000 | CAD | 527,880 | 27,120 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 565,000 | CAD | 537,578 | 27,422 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 575,000 | CAD | 545,938 | 29,062 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 580,000 | CAD | 550,834 | 29,166 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 575,000 | CAD | 545,718 | 29,282 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 1,160,000 | CAD | 1,096,215 | 63,785 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 1,087,088 | EUR | 1,083,695 | 3,393 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 678,773 | EUR | 666,791 | 11,982 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 379,045 | GBP | 367,269 | 11,776 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 379,517 | GBP | 367,269 | 12,248 | — |
See Notes to Financial Statements.
93
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 575,000 | JPY | 588,785 | $ | — | $ | (13,785 | ) | ||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 145,891 | MXN | 144,115 | 1,776 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 145,891 | MXN | 144,107 | 1,784 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 149,263 | MXN | 146,093 | 3,170 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 148,825 | MXN | 145,043 | 3,782 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 150,471 | MXN | 146,488 | 3,983 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 149,214 | MXN | 145,108 | 4,106 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 355,345 | MXN | 367,217 | — | (11,872 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 236,858 | MXN | 244,703 | — | (7,845 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 142,486 | MXN | 148,671 | — | (6,185 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 148,036 | MXN | 152,861 | — | (4,825 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 147,579 | MXN | 148,184 | — | (605 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 148,052 | MXN | 148,354 | — | (302 | ) | ||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 374,418 | NZD | 367,172 | 7,246 | — | |||||||||||||||||||||
JPMChase, New York | 2/13/2019 | USD | 915,967 | SGD | 922,663 | — | (6,696 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | EUR | 1,858,204 | USD | 1,840,000 | 18,204 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | EUR | 1,836,945 | USD | 1,837,000 | — | (55 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | GBP | 356,292 | USD | 355,000 | 1,292 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | JPY | 601,022 | USD | 583,000 | 18,022 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | NOK | 148,179 | USD | 147,000 | 1,179 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | NOK | 2,055,651 | USD | 2,091,649 | — | (35,998 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | NZD | 1,071,922 | USD | 1,072,000 | — | (78 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | SEK | 571,439 | USD | 558,000 | 13,439 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 1,344,000 | CAD | 1,319,339 | 24,661 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 550,000 | CHF | 550,323 | — | (323 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 1,845,000 | EUR | 1,857,422 | — | (12,422 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 1,187,000 | EUR | 1,195,557 | — | (8,557 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 103,000 | EUR | 103,562 | — | (562 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 52,000 | EUR | 52,383 | — | (383 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 171,000 | GBP | 172,639 | — | (1,639 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 143,000 | GBP | 144,131 | — | (1,131 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 1,159,000 | JPY | 1,167,084 | — | (8,084 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 53,000 | JPY | 54,333 | — | (1,333 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 43,000 | JPY | 43,481 | — | (481 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 352,000 | NOK | 351,893 | 107 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 2,289,000 | NOK | 2,269,566 | 19,434 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 301,000 | NOK | 304,957 | — | (3,957 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 333,000 | NOK | 335,827 | — | (2,827 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 978,000 | NZD | 968,139 | 9,861 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 487,000 | NZD | 476,277 | 10,723 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 220,000 | NZD | 220,280 | — | (280 | ) |
See Notes to Financial Statements.
94
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Morgan Stanley Capital | 2/8/2019 | USD | 551,000 | SEK | 563,780 | $ | — | $ | (12,780 | ) | ||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | CAD | 2,878,089 | USD | 2,995,000 | — | (116,911 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | CAD | 1,076,467 | USD | 1,150,000 | — | (73,533 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | CAD | 1,139,810 | USD | 1,210,000 | — | (70,190 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | CAD | 565,156 | USD | 577,500 | — | (12,344 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | EUR | 1,083,695 | USD | 1,078,439 | 5,256 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | EUR | 689,784 | USD | 710,601 | — | (20,817 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | EUR | 689,784 | USD | 705,078 | — | (15,294 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | GBP | 772,861 | CAD | 753,851 | 19,010 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | GBP | 367,269 | USD | 369,121 | — | (1,852 | ) | ||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | MXN | 193,582 | USD | 188,944 | 4,638 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | MXN | 192,937 | USD | 188,195 | 4,742 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | USD | 678,671 | AUD | 664,167 | 14,504 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | USD | 582,500 | CAD | 567,860 | 14,640 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | USD | 580,000 | CAD | 556,930 | 23,070 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | USD | 840,000 | CAD | 807,714 | 32,286 | — | |||||||||||||||||||||
Morgan Stanley Capital | 2/13/2019 | USD | 370,657 | GBP | 367,269 | 3,388 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | AUD | 807,129 | NZD | 821,357 | — | (14,228 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 399,836 | AUD | 405,327 | — | (5,491 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 1,076,467 | USD | 1,150,000 | — | (73,533 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 1,316,404 | USD | 1,380,000 | — | (63,596 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 1,098,548 | USD | 1,150,000 | — | (51,452 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 539,517 | USD | 575,000 | — | (35,483 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 551,849 | USD | 580,000 | — | (28,151 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 552,787 | USD | 580,000 | — | (27,213 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 455,740 | USD | 480,000 | — | (24,260 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 553,663 | USD | 577,500 | — | (23,837 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 556,249 | USD | 575,000 | — | (18,751 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 551,489 | USD | 570,000 | — | (18,511 | ) |
See Notes to Financial Statements.
95
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 557,038 | USD | 575,000 | $ | — | $ | (17,962 | ) | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 384,509 | USD | 400,000 | — | (15,491 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | CAD | 110,830 | USD | 115,500 | — | (4,670 | ) | ||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | SGD | 105,345 | USD | 104,787 | 558 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 288,750 | CAD | 281,910 | 6,840 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 555,000 | CAD | 532,866 | 22,134 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 1,150,000 | CAD | 1,118,528 | 31,472 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 860,000 | CAD | 810,983 | 49,017 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 1,155,000 | CAD | 1,094,120 | 60,880 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 1,665,000 | CAD | 1,599,591 | 65,409 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 2,860,000 | CAD | 2,710,037 | 149,963 | — | |||||||||||||||||||||
Royal Bank of Canada, Toronto | 2/13/2019 | USD | 746,500 | GBP | 734,537 | 11,963 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | EUR | 1,310,590 | USD | 1,339,873 | — | (29,283 | ) | ||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | GBP | 740,925 | CAD | 721,473 | 19,452 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | GBP | 734,537 | USD | 762,160 | — | (27,623 | ) | ||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | GBP | 734,537 | USD | 760,276 | — | (25,739 | ) | ||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | JPY | 595,277 | USD | 575,000 | 20,277 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 673,673 | EUR | 661,043 | 12,630 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 669,009 | EUR | 655,295 | 13,714 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 1,008,594 | EUR | 994,439 | 14,155 | — | |||||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 1,018,379 | EUR | 998,785 | 19,594 | — |
See Notes to Financial Statements.
96
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 2,009,198 | EUR | 1,960,137 | $ | 49,061 | $ | — | |||||||||||||||||||
Standard Chartered Securities N.A. | 2/13/2019 | USD | 382,440 | GBP | 370,462 | 11,978 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | CAD | 763,368 | GBP | 777,741 | — | (14,373 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | CAD | 2,192,637 | USD | 2,310,000 | — | (117,363 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | CAD | 1,098,539 | USD | 1,140,000 | — | (41,461 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | CAD | 558,001 | USD | 575,000 | — | (16,999 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | CAD | 28,669 | USD | 30,000 | — | (1,331 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | EUR | 122,116 | NOK | 116,978 | 5,138 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | EUR | 316,151 | SEK | 325,899 | — | (9,748 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 740,924 | USD | 740,187 | 737 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 734,537 | USD | 762,443 | — | (27,906 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 740,925 | USD | 763,565 | — | (22,640 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 367,269 | USD | 381,895 | — | (14,626 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 370,462 | USD | 383,524 | — | (13,062 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | GBP | 370,462 | USD | 381,714 | — | (11,252 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | JPY | 1,181,468 | USD | 1,150,000 | 31,468 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 147,835 | USD | 147,671 | 164 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 156,214 | USD | 155,350 | 864 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 284,485 | USD | 278,789 | 5,696 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 144,851 | USD | 149,176 | — | (4,325 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 145,460 | USD | 149,120 | — | (3,660 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 145,840 | USD | 148,961 | — | (3,121 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 146,308 | USD | 149,179 | — | (2,871 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 142,138 | USD | 143,391 | — | (1,253 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | MXN | 147,424 | USD | 147,764 | — | (340 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | SEK | 212,181 | NOK | 199,869 | 12,312 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 577,500 | CAD | 564,417 | 13,083 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 265,650 | CAD | 252,370 | 13,280 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 582,500 | CAD | 568,022 | 14,478 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 570,000 | CAD | 550,478 | 19,522 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 560,000 | CAD | 528,237 | 31,763 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 1,105,000 | CAD | 1,062,701 | 42,299 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 1,325,000 | CAD | 1,251,564 | 73,436 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 416,025 | EUR | 415,891 | 134 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 335,926 | EUR | 333,396 | 2,530 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 1,081,511 | EUR | 1,078,644 | 2,867 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 337,617 | EUR | 333,396 | 4,221 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 339,816 | EUR | 334,833 | 4,983 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 679,313 | EUR | 666,791 | 12,522 | — |
See Notes to Financial Statements.
97
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 1,007,444 | EUR | 994,439 | $ | 13,005 | $ | — | |||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 1,008,417 | EUR | 994,439 | 13,978 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 713,464 | EUR | 695,532 | 17,932 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 363,998 | GBP | 357,596 | 6,402 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 385,593 | GBP | 370,462 | 15,131 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 379,335 | GBP | 364,075 | 15,260 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 768,746 | GBP | 740,925 | 27,821 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 310,000 | JPY | 317,494 | — | (7,494 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 148,036 | MXN | 147,345 | 691 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 147,671 | MXN | 146,735 | 936 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 150,057 | MXN | 149,105 | 952 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 147,918 | MXN | 145,821 | 2,097 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 295,528 | MXN | 292,959 | 2,569 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 149,123 | MXN | 145,497 | 3,626 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 148,094 | MXN | 143,348 | 4,746 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 157,929 | MXN | 153,015 | 4,914 | — | |||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 142,512 | MXN | 148,514 | — | (6,002 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 142,512 | MXN | 148,514 | — | (6,002 | ) | ||||||||||||||||||||
State Street Bank, Boston | 2/13/2019 | USD | 148,052 | MXN | 148,172 | — | (120 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | CAD | 1,132,555 | USD | 1,185,000 | — | (52,445 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | CAD | 567,698 | USD | 595,000 | — | (27,302 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | GBP | 356,580 | USD | 369,422 | — | (12,842 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | GBP | 198,006 | USD | 205,136 | — | (7,130 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | NZD | 395,898 | USD | 409,186 | — | (13,288 | ) | ||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 570,000 | CAD | 542,457 | 27,543 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 595,000 | CAD | 565,870 | 29,130 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 655,000 | CAD | 619,551 | 35,449 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 1,200,000 | CAD | 1,148,665 | 51,335 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 1,145,000 | CAD | 1,093,645 | 51,355 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 1,185,000 | CAD | 1,122,187 | 62,813 | — | |||||||||||||||||||||
TD Securities, Toronto | 2/13/2019 | USD | 1,195,000 | CAD | 1,130,518 | 64,482 | — | |||||||||||||||||||||
U.S. Bank | 2/13/2019 | USD | 743,409 | GBP | 740,924 | 2,485 | — | |||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | AUD | 219,623 | USD | 226,762 | — | (7,139 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | AUD | 218,659 | USD | 224,749 | — | (6,090 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | DKK | 228,666 | USD | 233,315 | — | (4,649 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | EUR | 98,864 | NOK | 94,638 | 4,226 | — | |||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | EUR | 333,396 | NOK | 325,258 | 8,138 | — | |||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | EUR | 293,158 | SEK | 302,988 | — | (9,830 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | EUR | 655,295 | USD | 669,841 | — | (14,546 | ) |
See Notes to Financial Statements.
98
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts |
December 31, 2018 |
Asset | Liability | |||||||||||||||||||||||||||
Counterparty | Settlement |
| Fund | U.S. $ Value at |
| Fund | U.S. $ Value at | Unrealized | Unrealized | |||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | NOK | 321,883 | EUR | 327,648 | $ | — | $ | (5,765 | ) | ||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | NOK | 558,474 | SEK | 577,008 | — | (18,534 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | NOK | 139,619 | SEK | 143,175 | — | (3,556 | ) | ||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | NZD | 435,359 | USD | 430,957 | 4,402 | — | |||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | USD | 234,623 | DKK | 228,666 | 5,957 | — | |||||||||||||||||||||
UBS AG, Stamford | 2/13/2019 | USD | 595,718 | NZD | 589,821 | 5,897 | — | |||||||||||||||||||||
Total | $ | 3,382,866 | $ | (3,175,961 | ) |
AUD - Australian Dollar | EUR - Euro | NOK - Norwegian Krona |
CAD - Canadian Dollar | GBP - British Pound Sterling | NZD - New Zealand Dollar |
CHF - Swiss Franc | JPY - Japanese Yen | SEK - Swedish Krona |
DKK - Danish Krone | MXN - Mexican Peso | SGD - Singapore Dollar |
For the year ended December 31, 2018, the average volume of activity of forward foreign currency contracts was as follows:
Average Monthly Notional Amount Purchased | $ | 58,961,647 | ||
Average Monthly Notional Amount Sold | $ | 56,284,779 |
See Notes to Financial Statements.
99
Wilshire Mutual Funds, Inc.
Statements of Assets and Liabilities
December 31, 2018 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at value* (Note 2) | $ | 203,055,136 | $ | 184,745,730 | $ | 52,866,774 | $ | 51,583,322 | $ | 167,094,040 | $ | 386,177,286 | $ | 292,737,260 | ||||||||||||||
Investments in affiliated securities, at value (Note 5) | — | — | — | — | — | — | 17,359,917 | |||||||||||||||||||||
Foreign currency, at value | — | — | — | — | — | 1,250,342 | 171,420 | |||||||||||||||||||||
Margin deposits for futures contracts | — | — | — | — | — | — | 956,368 | |||||||||||||||||||||
Margin deposits for swap contracts | — | — | — | — | — | — | 1,110,000 | |||||||||||||||||||||
Receivable for capital shares sold | 2,482,542 | 2,446,371 | 235,304 | 350,530 | 103,534 | 2,262,532 | 251,681 | |||||||||||||||||||||
Receivable for investment securities sold | — | 526,473 | 182,211 | — | — | 121,524 | 956,936 | |||||||||||||||||||||
Net swap premiums paid | — | — | — | — | — | — | 728,193 | |||||||||||||||||||||
Net unrealized appreciation on currency contracts | — | — | — | — | — | 16,836 | — | |||||||||||||||||||||
Unrealized appreciation on foreign forward currency contracts (Note 6) | — | — | — | — | — | — | 3,382,866 | |||||||||||||||||||||
Net variation margin receivable on futures contracts | — | — | — | — | — | — | 30,989 | |||||||||||||||||||||
Dividends and interest receivable | 96,654 | 384,181 | 37,478 | 101,456 | 200,803 | 659,971 | 2,937,603 | |||||||||||||||||||||
Foreign withholding tax reclaims receivable | 3,307 | — | — | — | — | 1,043,849 | — | |||||||||||||||||||||
Other assets | 39,629 | 34,190 | 26,723 | 26,983 | 37,915 | 72,145 | 32,786 | |||||||||||||||||||||
Total Assets | 205,677,268 | 188,136,945 | 53,348,490 | 52,062,291 | 167,436,292 | 391,604,485 | 320,656,019 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Payable upon return of securities loaned (Note 7) | 635,600 | 191,261 | 414,659 | 130,515 | 957,550 | 1,764,828 | — | |||||||||||||||||||||
Net variation margin payable on swap contracts | — | — | — | — | — | — | 762,317 | |||||||||||||||||||||
Payable for capital shares redeemed | 120,502 | 63,798 | 24,297 | 17,785 | 52,136 | 116,064 | 262,348 | |||||||||||||||||||||
Payable for investment securities purchased | — | — | 58,288 | 100,781 | — | 2,820,831 | 2,122,286 | |||||||||||||||||||||
Unrealized depreciation on foreign forward currency contracts (Note 6) | — | — | — | — | — | — | 3,175,961 | |||||||||||||||||||||
Investment advisory fees payable (Note 3) | 137,732 | 124,957 | 37,437 | 34,883 | 14,551 | 320,496 | 158,541 | |||||||||||||||||||||
Distribution fees payable (Note 4) | 9,655 | — | 8,876 | — | 40,349 | — | — | |||||||||||||||||||||
Shareholder service fees payable (Note 4) | 14,450 | 8,360 | 3,950 | 3,990 | 8,770 | 12,320 | 15,550 | |||||||||||||||||||||
Administration fees payable | 7,600 | 7,000 | 1,900 | 1,900 | 6,000 | 13,600 | 11,100 | |||||||||||||||||||||
Accrued expenses and other payables | 51,975 | 51,808 | 34,165 | 32,310 | 49,871 | 84,799 | 82,839 | |||||||||||||||||||||
Total Liabilities | 977,514 | 447,184 | 583,572 | 322,164 | 1,129,227 | 5,132,938 | 6,590,942 | |||||||||||||||||||||
NET ASSETS | $ | 204,699,754 | $ | 187,689,761 | $ | 52,764,918 | $ | 51,740,127 | $ | 166,307,065 | $ | 386,471,547 | $ | 314,065,077 | ||||||||||||||
* Includes value of securities on loan | $ | 12,871,935 | $ | 6,351,183 | $ | 11,335,374 | $ | 7,696,489 | $ | 10,560,346 | $ | 15,331,206 | $ | — |
See Notes to Financial Statements.
100
Wilshire Mutual Funds, Inc.
Statements of Assets and Liabilities - (Continued)
December 31, 2018 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 147,798,234 | $ | 189,461,591 | $ | 51,048,890 | $ | 57,772,474 | $ | 58,378,093 | $ | 401,897,635 | $ | 324,482,232 | ||||||||||||||
Accumulated earnings (deficit) | 56,901,520 | (1,771,830 | ) | 1,716,028 | (6,032,347 | ) | 107,928,972 | (15,426,088 | ) | (10,417,155 | ) | |||||||||||||||||
NET ASSETS | $ | 204,699,754 | $ | 187,689,761 | $ | 52,764,918 | $ | 51,740,127 | $ | 166,307,065 | $ | 386,471,547 | $ | 314,065,077 | ||||||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||||||||||||||
INVESTMENT CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Investment Class | $ | 56,671,216 | $ | 5,136,866 | $ | 8,161,948 | $ | 4,792,402 | $ | 134,196,621 | $ | 2,789,372 | $ | 1,863,673 | ||||||||||||||
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 1,700,531 | 298,392 | 375,989 | 264,319 | 7,221,052 | 299,238 | 188,696 | |||||||||||||||||||||
Net asset value, offering and redemption price per share (a) | $ | 33.33 | $ | 17.22 | $ | 21.71 | $ | 18.13 | $ | 18.58 | $ | 9.32 | $ | 9.88 | ||||||||||||||
INSTITUTIONAL CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Institutional Class | $ | 148,028,538 | $ | 182,552,895 | $ | 44,602,970 | $ | 46,947,725 | $ | 32,110,444 | $ | 383,682,175 | $ | 312,201,404 | ||||||||||||||
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 4,065,832 | 10,733,721 | 1,881,875 | 2,533,095 | 1,728,336 | 41,761,378 | 31,758,868 | |||||||||||||||||||||
Net asset value, offering and redemption price per share(a) | $ | 36.41 | $ | 17.01 | $ | 23.70 | $ | 18.53 | $ | 18.58 | $ | 9.19 | $ | 9.83 | ||||||||||||||
Investments in unaffiliated securities, at cost (Note 2) | $ | 147,741,103 | $ | 186,043,991 | $ | 50,286,163 | $ | 56,893,387 | $ | 58,810,102 | $ | 397,638,661 | $ | 301,781,331 | ||||||||||||||
Investments in affiliated securities, at cost (Note 5) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18,096,583 | ||||||||||||||
Cash collateral for securities on loan, at cost | $ | 635,600 | $ | 191,261 | $ | 414,659 | $ | 130,515 | $ | 957,550 | $ | 1,764,828 | $ | — | ||||||||||||||
Foreign currency, at cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,248,045 | $ | 168,601 |
† | For Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share). |
(a) | For Wilshire International Equity Fund, a redemption fee may apply to redemptions of shares held for sixty days or less, subject to certain exceptions (Note 2). |
See Notes to Financial Statements.
101
Wilshire Mutual Funds, Inc.
Statements of Operations
For the Year Ended December 31, 2018 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends | $ | 2,055,370 | $ | 5,917,709 | $ | 371,444 | $ | 870,452 | $ | 3,761,926 | $ | 11,654,333 | $ | 538,850 | ||||||||||||||
Interest | — | — | — | — | — | — | 12,715,491 | |||||||||||||||||||||
Income from securities lending (Note 7) | 29,497 | 14,762 | 37,970 | 15,688 | 32,687 | 48,358 | — | |||||||||||||||||||||
Income distributions from affiliated investments (Note 5) | — | — | — | — | — | — | 771,738 | |||||||||||||||||||||
Foreign taxes withheld | (63,490 | ) | (42,183 | ) | (5 | ) | — | (615 | ) | (1,203,301 | ) | (6,252 | ) | |||||||||||||||
Total income | 2,021,377 | 5,890,288 | 409,409 | 886,140 | 3,793,998 | 10,499,390 | 14,019,827 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fee (Note 3) | 1,840,180 | 1,658,650 | 485,225 | 469,548 | 187,189 | 4,123,786 | 1,941,301 | |||||||||||||||||||||
Shareholder Service fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 86,001 | 4,187 | 9,709 | 6,721 | 101,552 | 4,536 | 2,945 | |||||||||||||||||||||
Institutional Class | 91,924 | 105,043 | 32,299 | 32,313 | 8,900 | 154,885 | 186,010 | |||||||||||||||||||||
Administration and accounting fees (Note 3) | 98,104 | 88,436 | 22,777 | 22,023 | 74,948 | 164,914 | 129,468 | |||||||||||||||||||||
Distribution (12b-1) fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 163,944 | 15,053 | 25,942 | 15,221 | 353,188 | 8,258 | 6,867 | |||||||||||||||||||||
Pricing costs | 7,794 | 8,318 | 11,277 | 10,503 | 37,870 | 134,826 | 233,938 | |||||||||||||||||||||
Transfer agent fees (Note 3) | 71,534 | 40,864 | 45,488 | 42,557 | 54,802 | 94,846 | 35,270 | |||||||||||||||||||||
Custodian fees (Note 3) | 54,653 | 47,852 | 12,094 | 11,424 | 41,867 | 100,532 | 73,209 | |||||||||||||||||||||
Registration and filing fees | 48,128 | 48,395 | 45,167 | 43,857 | 46,739 | 57,894 | 49,582 | |||||||||||||||||||||
Professional fees | 46,268 | 43,815 | 26,152 | 25,955 | 41,018 | 66,582 | 56,013 | |||||||||||||||||||||
Directors’ fees and expenses (Note 3) | 42,719 | 38,283 | 9,994 | 9,624 | 32,593 | 71,505 | 57,550 | |||||||||||||||||||||
Postage and supplies | 30,928 | 24,536 | 17,053 | 16,849 | 15,645 | 41,195 | 35,765 | |||||||||||||||||||||
Printing expense | 13,283 | 11,441 | 3,654 | 3,489 | 10,736 | 20,895 | 18,592 | |||||||||||||||||||||
Insurance expense | 13,362 | 9,052 | 2,727 | 2,380 | 10,562 | 19,415 | 18,404 | |||||||||||||||||||||
Interest expense (Note 2) | 6,489 | 3,768 | 1,174 | 1,479 | 222 | 19,935 | 11,025 | |||||||||||||||||||||
Other | 9,124 | 10,456 | 3,515 | 2,536 | 11,664 | 62,168 | 68,482 | |||||||||||||||||||||
Total expenses | 2,624,435 | 2,158,149 | 754,247 | 716,479 | 1,029,495 | 5,146,172 | 2,924,421 | |||||||||||||||||||||
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3) | — | — | — | — | — | 84,297 | — | |||||||||||||||||||||
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3) | — | — | (104,772 | ) | (96,740 | ) | — | (3,019 | ) | (932 | ) | |||||||||||||||||
Fees paid indirectly (Note 4) | (1,270 | ) | (8,802 | ) | (18 | ) | (5,841 | ) | — | — | — | |||||||||||||||||
Net expenses | 2,623,165 | 2,149,347 | 649,457 | 613,898 | 1,029,495 | 5,227,450 | 2,923,489 | |||||||||||||||||||||
Net investment income (loss) | (601,788 | ) | 3,740,941 | (240,048 | ) | 272,242 | 2,764,503 | 5,271,940 | 11,096,338 |
See Notes to Financial Statements.
102
Wilshire Mutual Funds, Inc.
Statements of Operations - (Continued)
For the Year Ended December 31, 2018 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5): | ||||||||||||||||||||||||||||
Net realized gains (losses) from: | ||||||||||||||||||||||||||||
Sale of unaffiliated investments | $ | 25,974,339 | $ | 9,937,108 | $ | 1,672,145 | $ | 1,531,328 | $ | 6,686,319 | $ | 16,479,500 | $ | (4,382,417 | ) | |||||||||||||
Sale of affiliated investment company shares | — | — | — | — | — | — | (247,383 | ) | ||||||||||||||||||||
Option contracts | — | — | — | — | — | — | (225,136 | ) | ||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | 300,468 | |||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | 2,784,613 | |||||||||||||||||||||
Foreign currency transactions | — | 1,004 | — | — | — | (287,588 | ) | 51,691 | ||||||||||||||||||||
Long-term capital gain distributions from regulated investment companies | — | — | — | — | — | — | 35 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | (28,195,505 | ) | (38,506,539 | ) | (7,310,302 | ) | (13,059,180 | ) | (18,868,145 | ) | (77,209,246 | ) | (8,685,871 | ) | ||||||||||||||
Investments in affiliated investment company shares | — | — | — | — | — | — | (734,176 | ) | ||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | 96,815 | |||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | (1,317,392 | ) | ||||||||||||||||||||
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | — | — | — | — | — | (35,447 | ) | (336,079 | ) | |||||||||||||||||||
Net realized and unrealized losses on investments and foreign currency transactions | (2,221,166 | ) | (28,568,427 | ) | (5,638,157 | ) | (11,527,852 | ) | (12,181,826 | ) | (61,052,781 | ) | (12,694,832 | ) | ||||||||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,822,954 | ) | $ | (24,827,486 | ) | $ | (5,878,205 | ) | $ | (11,255,610 | ) | $ | (9,417,323 | ) | $ | (55,780,841 | ) | $ | (1,598,494 | ) |
See Notes to Financial Statements.
103
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets |
LARGE COMPANY | LARGE COMPANY | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (601,788 | ) | $ | 62,370 | $ | 3,740,941 | $ | 2,767,177 | |||||||
Net realized gains on investments and foreign currency transactions | 25,974,339 | 23,070,730 | 9,938,112 | 13,077,655 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (28,195,505 | ) | 32,528,372 | (38,506,539 | ) | 6,970,898 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (2,822,954 | ) | 55,661,472 | (24,827,486 | ) | 22,815,730 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (8,482,489 | ) | (5,345,348 | ) | (424,524 | ) | (622,883 | ) | ||||||||
Institutional Class shares | (20,828,265 | ) | (13,282,458 | ) | (15,990,332 | ) | (15,244,139 | ) | ||||||||
Total distributions to shareholders | (29,310,754 | ) | (18,627,806 | ) | (16,414,856 | ) | (15,867,022 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 2,252,835 | 1,303,759 | 620,461 | 910,198 | ||||||||||||
Shares issued as reinvestment of distributions | 8,313,397 | 5,238,090 | 412,505 | 607,100 | ||||||||||||
Shares redeemed | (8,669,710 | ) | (14,751,160 | ) | (1,323,295 | ) | (5,436,320 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | 1,896,522 | (8,209,311 | ) | (290,329 | ) | (3,919,022 | ) | |||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 74,083,600 | 41,145,232 | 134,075,440 | 24,380,834 | ||||||||||||
Shares issued as reinvestment of distributions | 16,422,748 | 12,550,610 | 12,737,140 | 15,150,692 | ||||||||||||
Shares redeemed | (90,407,735 | ) | (62,483,304 | ) | (76,059,960 | ) | (69,699,659 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | 98,613 | (8,787,462 | ) | 70,752,620 | (30,168,133 | ) | ||||||||||
Net increase (decrease) in net assets | (30,138,573 | ) | 20,036,893 | 29,219,949 | (27,138,447 | ) | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 234,838,327 | 214,801,434 | 158,469,812 | 185,608,259 | ||||||||||||
End of year | $ | 204,699,754 | $ | 234,838,327 | $ | 187,689,761 | $ | 158,469,812 |
(a) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares consisted of $5,345,348 from net realized capital gains and for the Institutional Class shares consisted of $83,014 and $13,199,444 from net investment income and net realized capital gains, respectively. As of December 31, 2017, accumulated net investment income was $—. |
(b) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares consisted of $92,892 and $529,991 from net investment income and net realized capital gains, respectively, and for the Institutional Class shares consisted of $2,679,991 and $12,564,148 from net investment income and net realized capital gains, respectively. As of December 31, 2017, accumulated net investment income was $—. |
See Notes to Financial Statements.
104
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
SMALL COMPANY | SMALL COMPANY | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (240,048 | ) | $ | (230,978 | ) | $ | 272,242 | $ | 1,156 | ||||||
Net realized gains on investments | 1,672,145 | 4,094,232 | 1,531,328 | 3,862,700 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | (7,310,302 | ) | 1,518,666 | (13,059,180 | ) | (939,024 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (5,878,205 | ) | 5,381,920 | (11,255,610 | ) | 2,924,832 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (522,031 | ) | (1,097,621 | ) | (291,975 | ) | (709,839 | ) | ||||||||
Institutional Class shares | (2,569,642 | ) | (3,329,032 | ) | (2,927,272 | ) | (3,781,888 | ) | ||||||||
Total distributions to shareholders | (3,091,673 | ) | (4,426,653 | ) | (3,219,247 | ) | (4,491,727 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 1,798,054 | 14,638,488 | 748,289 | 1,117,553 | ||||||||||||
Shares issued as reinvestment of distributions | 484,890 | 1,041,243 | 283,145 | 689,265 | ||||||||||||
Shares redeemed | (4,319,410 | ) | (13,152,021 | ) | (1,293,114 | ) | (4,390,773 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | (2,036,466 | ) | 2,527,710 | (261,680 | ) | (2,583,955 | ) | |||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 27,211,535 | 18,566,543 | 34,701,944 | 15,355,723 | ||||||||||||
Shares issued as reinvestment of distributions | 2,113,320 | 3,308,750 | 2,450,563 | 3,772,200 | ||||||||||||
Shares redeemed | (13,538,044 | ) | (14,460,998 | ) | (10,900,194 | ) | (15,548,502 | ) | ||||||||
Net increase in net assets from Institutional Class share transactions | 15,786,811 | 7,414,295 | 26,252,313 | 3,579,421 | ||||||||||||
Net increase (decrease) in net assets | 4,780,467 | 10,897,272 | 11,515,776 | (571,429 | ) | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 47,984,451 | 37,087,179 | 40,224,351 | 40,795,780 | ||||||||||||
End of year | $ | 52,764,918 | $ | 47,984,451 | $ | 51,740,127 | $ | 40,224,351 |
(a) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares and Institutional Class shares consisted of $1,097,621 and $3,329,032, respectively, from net realized capital gains. As of December 31, 2017, accumulated net investment income was $—. |
(b) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares and Institutional Class shares consisted of $709,839 and $3,781,888, respectively, from net realized capital gains. As of December 31, 2017, accumulated net investment income was $1,156. |
See Notes to Financial Statements.
105
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
WILSHIRE 5000 | WILSHIRE INTERNATIONAL | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,764,503 | $ | 2,600,534 | $ | 5,271,940 | $ | 3,180,903 | ||||||||
Net realized gains on investments and foreign currency transactions | 6,686,319 | 12,583,104 | 16,191,912 | 15,094,926 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | (18,868,145 | ) | 17,971,304 | (77,244,693 | ) | 52,204,776 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (9,417,323 | ) | 33,154,942 | (55,780,841 | ) | 70,480,605 | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (7,653,094 | ) | (12,440,199 | ) | (131,992 | ) | (2,976 | ) | ||||||||
Institutional Class shares | (1,953,310 | ) | (3,029,301 | ) | (19,598,049 | ) | (1,689,353 | ) | ||||||||
Total distributions to shareholders | (9,606,404 | ) | (15,469,500 | ) | (19,730,041 | ) | (1,692,329 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | $ | 15,029,035 | $ | 19,689,466 | $ | 1,204,559 | $ | 2,292,119 | ||||||||
Shares issued as reinvestment of distributions | 7,336,674 | 11,943,752 | 125,874 | 2,853 | ||||||||||||
Redemption fees (Note 2) | — | — | 160 | 10 | ||||||||||||
Shares redeemed | (22,235,511 | ) | (28,829,164 | ) | (2,195,013 | ) | (11,034,460 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | 130,198 | 2,804,054 | (864,420 | ) | (8,739,478 | ) | ||||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 2,772,314 | 3,066,897 | 193,084,996 | 76,449,497 | ||||||||||||
Shares issued as reinvestment of distributions | 1,508,386 | 2,507,629 | 15,327,740 | 1,646,137 | ||||||||||||
Redemption fees (Note 2) | — | — | 2,476 | 635 | ||||||||||||
Shares redeemed | (3,487,814 | ) | (15,185,693 | ) | (100,880,391 | ) | (52,433,552 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | 792,886 | (9,611,167 | ) | 107,534,821 | 25,662,717 | |||||||||||
Net increase (decrease) in net assets | (18,100,643 | ) | 10,878,329 | 31,159,519 | 85,711,515 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 184,407,708 | 173,529,379 | 355,312,028 | 269,600,513 | ||||||||||||
End of year | $ | 166,307,065 | $ | 184,407,708 | $ | 386,471,547 | $ | 355,312,028 |
See Notes to Financial Statements.
106
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
(a) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares consisted of $1,946,012 and $10,494,187 from net investment income and net realized capital gains, respectively, and for the Institutional Class shares consisted of $555,678 and $2,473,623 from net investment income and net realized capital gains, respectively. As of December 31, 2017, accumulated net investment income was $223,005. |
(b) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares and Institutional Class shares consisted of $2,976 and $1,689,353, respectively, from net investment income. As of December 31, 2017, accumulated net investment income was $1,164,230. |
See Notes to Financial Statements.
107
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued)
|
WILSHIRE INCOME | ||||||||
Year Ended | Year Ended | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 11,096,338 | $ | 12,972,402 | ||||
Net realized gains (losses) from sale of unaffiliated investments, sale of affiliated investment company shares, option contracts, futures contracts, swap contracts and foreign currency transactions | (1,718,164 | ) | 2,958,790 | |||||
Long-term capital gain distributions from regulated investment companies | 35 | 1,090 | ||||||
Net change in unrealized appreciation (depreciation) on unaffiliated investments, investments in affiliated investment company shares, futures contracts, swap contracts and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | (10,976,703 | ) | 5,169,869 | |||||
Net increase (decrease) in net assets resulting from operations | (1,598,494 | ) | 21,102,151 | |||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||
Investment Class shares | (55,546 | ) | (276,400 | ) | ||||
Institutional Class shares | (10,726,134 | ) | (13,924,857 | ) | ||||
Total distributions to shareholders | (10,781,680 | ) | (14,201,257 | ) | ||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||
Investment Class shares: | ||||||||
Shares sold | 890,690 | 7,558,909 | ||||||
Shares issued as reinvestment of distributions | 51,573 | 270,908 | ||||||
Shares redeemed | (5,398,236 | ) | (2,467,223 | ) | ||||
Net increase (decrease) in net assets from Investment Class share transactions | (4,455,973 | ) | 5,362,594 | |||||
Institutional Class shares: | ||||||||
Shares sold | 87,947,585 | 43,898,687 | ||||||
Shares issued as reinvestment of distributions | 10,662,683 | 13,781,761 | ||||||
Shares redeemed | (84,345,512 | ) | (151,206,477 | ) | ||||
Net increase (decrease) in net assets from Institutional Class share transactions | 14,264,756 | (93,526,029 | ) | |||||
Net decrease in net assets | (2,571,391 | ) | (81,262,541 | ) | ||||
NET ASSETS: | ||||||||
Beginning of year | 316,636,468 | 397,899,009 | ||||||
End of year | $ | 314,065,077 | $ | 316,636,468 |
(a) | The presentation of Distributions to Shareholders has been updated to reflect the changes prescribed in amendments to Regulation S-X, effective November 5, 2018 (Note 2). For the year ended December 31, 2017, Distributions to Shareholders for Investment Class shares consisted of $252,971 and $23,429 from net investment income and net realized capital gains, respectively, and for the Institutional Class shares consisted of $12,802,854 and $1,122,003 from net investment income and net realized capital gains, respectively. As of December 31, 2017, distributions in excess of net investment income was $393,090. |
See Notes to Financial Statements.
108
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 39.53 | $ | 33.93 | $ | 36.82 | $ | 38.66 | $ | 41.60 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.20 | ) | (0.08 | ) | 0.04 | (0.14 | ) | (0.26 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | (0.35 | ) | 9.24 | 1.26 | 2.53 | 3.61 | ||||||||||||||
Total from investment operations | (0.55 | ) | 9.16 | 1.30 | 2.39 | 3.35 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | — | — | (0.01 | ) | — | — | ||||||||||||||
From realized capital gains | (5.65 | ) | (3.56 | ) | (4.18 | ) | (4.23 | ) | (6.29 | ) | ||||||||||
Total distributions | (5.65 | ) | (3.56 | ) | (4.19 | ) | (4.23 | ) | (6.29 | ) | ||||||||||
Net asset value, end of year | $ | 33.33 | $ | 39.53 | $ | 33.93 | $ | 36.82 | $ | 38.66 | ||||||||||
Total return(b) | (1.90 | %) | 26.93 | % | 3.33 | % | 6.18 | % | 7.97 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 56,671 | $ | 64,130 | $ | 62,634 | $ | 107,381 | $ | 103,733 | ||||||||||
Operating expenses(c) | 1.31 | % | 1.30 | % | 1.32 | % | 1.33 | % | 1.38 | % | ||||||||||
Net investment income (loss) | (0.48 | %) | (0.21 | %) | 0.10 | % | (0.34 | %) | (0.61 | %) | ||||||||||
Portfolio turnover rate | 69 | % | 51 | % | 75 | % | 104 | % | 62 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses to average net assets includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.31%, 1.30%, 1.32%, 1.34% and 1.38% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Note 4). |
See Notes to Financial Statements.
109
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 42.53 | $ | 36.19 | $ | 39.04 | $ | 40.62 | $ | 43.28 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | (0.07 | ) | 0.05 | 0.15 | (0.01 | ) | (0.13 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | (0.40 | ) | 9.87 | 1.34 | 2.66 | 3.76 | ||||||||||||||
Total from investment operations | (0.47 | ) | 9.92 | 1.49 | 2.65 | 3.63 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | — | (0.02 | ) | (0.16 | ) | — | (0.00 | )(b) | ||||||||||||
From realized capital gains | (5.65 | ) | (3.56 | ) | (4.18 | ) | (4.23 | ) | (6.29 | ) | ||||||||||
Total distributions | (5.65 | ) | (3.58 | ) | (4.34 | ) | (4.23 | ) | (6.29 | ) | ||||||||||
Net asset value, end of year | $ | 36.41 | $ | 42.53 | $ | 36.19 | $ | 39.04 | $ | 40.62 | ||||||||||
Total return(c) | (1.58 | %) | 27.35 | % | 3.61 | % | 6.52 | % | 8.32 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 148,029 | $ | 170,708 | $ | 152,167 | $ | 122,219 | $ | 134,534 | ||||||||||
Operating expenses(d) | 0.98 | % | 0.98 | % | 1.04 | % | 1.01 | % | 1.06 | % | ||||||||||
Net investment income (loss) | (0.16 | %) | 0.11 | % | 0.37 | % | (0.02 | %) | (0.29 | %) | ||||||||||
Portfolio turnover rate | 69 | % | 51 | % | 75 | % | 104 | % | 62 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.99%, 0.98%, 1.04%, 1.02% and 1.06% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
110
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 21.18 | $ | 20.40 | $ | 18.62 | $ | 21.19 | $ | 21.44 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.29 | 0.30 | 0.37 | 0.20 | 0.18 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (2.73 | ) | 2.67 | 2.56 | (1.33 | ) | 2.14 | |||||||||||||
Total from investment operations | (2.44 | ) | 2.97 | 2.93 | (1.13 | ) | 2.32 | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.29 | ) | (0.30 | ) | (0.14 | ) | (0.19 | ) | (0.23 | ) | ||||||||||
From realized capital gains | (1.23 | ) | (1.89 | ) | (1.01 | ) | (1.25 | ) | (2.34 | ) | ||||||||||
Total distributions | (1.52 | ) | (2.19 | ) | (1.15 | ) | (1.44 | ) | (2.57 | ) | ||||||||||
Net asset value, end of year | $ | 17.22 | $ | 21.18 | $ | 20.40 | $ | 18.62 | $ | 21.19 | ||||||||||
Total return(b) | (11.71 | %) | 14.64 | % | 15.73 | % | (5.33 | %) | 10.77 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 5,137 | $ | 6,547 | $ | 10,112 | $ | 52,864 | $ | 61,566 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.24 | % | 1.26 | % | 1.26 | % | 1.27 | % | 1.29 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c) | 1.24 | % | 1.26 | % | 1.27 | % | 1.29 | % | 1.30 | % | ||||||||||
Net investment income | 1.40 | % | 1.38 | % | 1.87 | % | 0.96 | % | 0.80 | % | ||||||||||
Portfolio turnover rate | 65 | % | 39 | % | 174 | % | 55 | % | 57 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.24%, 1.26%, 1.26%, 1.27% and 1.29% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
111
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 20.95 | $ | 20.20 | $ | 18.67 | $ | 21.24 | $ | 21.48 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.35 | 0.36 | 0.40 | 0.26 | 0.24 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (2.71 | ) | 2.65 | 2.55 | (1.33 | ) | 2.14 | |||||||||||||
Total from investment operations | (2.36 | ) | 3.01 | 2.95 | (1.07 | ) | 2.38 | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.35 | ) | (0.37 | ) | (0.41 | ) | (0.25 | ) | (0.28 | ) | ||||||||||
From realized capital gains | (1.23 | ) | (1.89 | ) | (1.01 | ) | (1.25 | ) | (2.34 | ) | ||||||||||
Total distributions | (1.58 | ) | (2.26 | ) | (1.42 | ) | (1.50 | ) | (2.62 | ) | ||||||||||
Net asset value, end of year | $ | 17.01 | $ | 20.95 | $ | 20.20 | $ | 18.67 | $ | 21.24 | ||||||||||
Total return(b) | (11.47 | %) | 14.99 | % | 15.78 | % | (5.07 | %) | 11.05 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 182,553 | $ | 151,923 | $ | 175,497 | $ | 53,343 | $ | 63,499 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.97 | % | 0.98 | % | 1.04 | % | 1.01 | % | 1.00 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c) | 0.97 | % | 0.98 | % | 1.05 | % | 1.02 | % | 1.01 | % | ||||||||||
Net investment income | 1.70 | % | 1.67 | % | 2.09 | % | 1.23 | % | 1.09 | % | ||||||||||
Portfolio turnover rate | 65 | % | 39 | % | 174 | % | 55 | % | 57 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.97%, 0.98%, 1.04%, 1.01% and 1.00% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
112
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 25.05 | $ | 24.41 | $ | 22.64 | $ | 23.44 | $ | 24.95 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss(a) | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.15 | ) | (0.25 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | (1.75 | ) | 3.51 | 4.80 | 0.70 | 1.09 | ||||||||||||||
Total from investment operations | (1.92 | ) | 3.32 | 4.65 | 0.55 | 0.84 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From realized capital gains | (1.42 | ) | (2.68 | ) | (2.88 | ) | (1.35 | ) | (2.35 | ) | ||||||||||
Net asset value, end of year | $ | 21.71 | $ | 25.05 | $ | 24.41 | $ | 22.64 | $ | 23.44 | ||||||||||
Total return(b) | (7.87 | %) | 13.66 | % | 20.44 | % | 2.29 | % | 3.44 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 8,162 | $ | 11,386 | $ | 8,633 | $ | 12,642 | $ | 11,398 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.35 | % | 1.48 | % | 1.51 | % | 1.46 | % | 1.50 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c) | 1.54 | % | 1.64 | % | 1.60 | % | 1.64 | % | 1.55 | % | ||||||||||
Net investment loss | (0.65 | %) | (0.75 | %) | (0.57 | %) | (0.59 | %) | (1.00 | %) | ||||||||||
Portfolio turnover rate | 92 | % | 110 | % | 114 | % | 63 | % | 77 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.54%, 1.60%, 1.64% and 1.56% for the years ended December 31, 2018, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
113
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 27.14 | $ | 26.18 | $ | 24.04 | $ | 24.75 | $ | 26.14 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss(a) | (0.11 | ) | (0.14 | ) | (0.08 | ) | (0.07 | ) | (0.18 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | (1.91 | ) | 3.78 | 5.10 | 0.71 | 1.14 | ||||||||||||||
Total from investment operations | (2.02 | ) | 3.64 | 5.02 | 0.64 | 0.96 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From realized capital gains | (1.42 | ) | (2.68 | ) | (2.88 | ) | (1.35 | ) | (2.35 | ) | ||||||||||
Net asset value, end of year | $ | 23.70 | $ | 27.14 | $ | 26.18 | $ | 24.04 | $ | 24.75 | ||||||||||
Total return(b) | (7.63 | %) | 13.96 | % | 20.79 | % | 2.53 | % | 3.75 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 44,603 | $ | 36,599 | $ | 28,454 | $ | 14,414 | $ | 15,483 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.10 | % | 1.23 | % | 1.27 | % | 1.19 | % | 1.20 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c) | 1.27 | % | 1.34 | % | 1.33 | % | 1.36 | % | 1.24 | % | ||||||||||
Net investment loss | (0.37 | %) | (0.47 | %) | (0.32 | %) | (0.28 | %) | (0.70 | %) | ||||||||||
Portfolio turnover rate | 92 | % | 110 | % | 114 | % | 63 | % | 77 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.27%, 1.33%, 1.37% and 1.29% for the years ended December 31, 2018, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
114
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 22.99 | $ | 23.75 | $ | 20.74 | $ | 22.86 | $ | 24.33 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.05 | (0.05 | ) | 0.10 | 0.01 | (0.08 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments | (3.77 | ) | 2.09 | 4.99 | (0.89 | ) | 1.53 | |||||||||||||
Total from investment operations | (3.72 | ) | 2.04 | 5.09 | (0.88 | ) | 1.45 | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.05 | ) | — | (0.09 | ) | (0.00 | )(b) | — | ||||||||||||
From capital gains | (1.09 | ) | (2.80 | ) | (1.99 | ) | (1.24 | ) | (2.92 | ) | ||||||||||
Total distributions | (1.14 | ) | (2.80 | ) | (2.08 | ) | (1.24 | ) | (2.92 | ) | ||||||||||
Net asset value, end of year | $ | 18.13 | $ | 22.99 | $ | 23.75 | $ | 20.74 | $ | 22.86 | ||||||||||
Total return(c) | (16.35 | %) | 8.65 | % | 24.86 | % | (3.83 | %) | 6.17 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 4,792 | $ | 6,305 | $ | 9,097 | $ | 14,287 | $ | 14,120 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.35 | % | 1.45 | % | 1.51 | % | 1.49 | % | 1.49 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d) | 1.57 | % | 1.69 | % | 1.60 | % | 1.67 | % | 1.56 | % | ||||||||||
Net investment income (loss) | 0.21 | % | (0.25 | %) | 0.48 | % | 0.06 | % | (0.35 | %) | ||||||||||
Portfolio turnover rate | 74 | % | 88 | % | 99 | % | 49 | % | 53 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.58%, 1.71%, 1.61%, 1.67% and 1.57% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
115
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 23.49 | $ | 24.14 | $ | 21.08 | $ | 23.21 | $ | 24.59 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss)(a) | 0.11 | 0.01 | 0.16 | 0.08 | (0.02 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments | (3.88 | ) | 2.14 | 5.08 | (0.90 | ) | 1.56 | |||||||||||||
Total from investment operations | (3.77 | ) | 2.15 | 5.24 | (0.82 | ) | 1.54 | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.10 | ) | — | (0.19 | ) | (0.07 | ) | — | ||||||||||||
From realized capital gains | (1.09 | ) | (2.80 | ) | (1.99 | ) | (1.24 | ) | (2.92 | ) | ||||||||||
Total distributions | (1.19 | ) | (2.80 | ) | (2.18 | ) | (1.31 | ) | (2.92 | ) | ||||||||||
Net asset value, end of year | $ | 18.53 | $ | 23.49 | $ | 24.14 | $ | 21.08 | $ | 23.21 | ||||||||||
Total return(b) | (16.17 | %) | 8.97 | % | 25.16 | % | (3.52 | %) | 6.47 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 46,948 | $ | 33,919 | $ | 31,698 | $ | 13,727 | $ | 15,655 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.10 | % | 1.19 | % | 1.27 | % | 1.18 | % | 1.17 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c) | 1.26 | % | 1.37 | % | 1.33 | % | 1.36 | % | 1.23 | % | ||||||||||
Net investment income (loss) | 0.53 | % | 0.07 | % | 0.73 | % | 0.36 | % | (0.07 | %) | ||||||||||
Portfolio turnover rate | 74 | % | 88 | % | 99 | % | 49 | % | 53 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.27%, 1.39%, 1.34%, 1.37% and 1.25% for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
116
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 20.83 | $ | 18.86 | $ | 17.78 | $ | 18.01 | $ | 16.22 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.31 | 0.29 | 0.27 | 0.24 | 0.23 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.45 | ) | 3.52 | 1.96 | (0.22 | ) | 1.78 | |||||||||||||
Total from investment operations | (1.14 | ) | 3.81 | 2.23 | 0.02 | 2.01 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.30 | ) | (0.27 | ) | (0.39 | ) | (0.25 | ) | (0.22 | ) | ||||||||||
From realized capital gains | (0.81 | ) | (1.57 | ) | (0.76 | ) | — | — | ||||||||||||
Total distributions | (1.11 | ) | (1.84 | ) | (1.15 | ) | (0.25 | ) | (0.22 | ) | ||||||||||
Net asset value, end of year | $ | 18.58 | $ | 20.83 | $ | 18.86 | $ | 17.78 | $ | 18.01 | ||||||||||
Total return(b) | (5.60 | %) | 20.20 | % | 12.51 | % | 0.08 | % | 12.38 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 134,197 | $ | 149,342 | $ | 132,669 | $ | 159,709 | $ | 204,465 | ||||||||||
Operating expenses | 0.60 | % | 0.62 | % | 0.67 | %(c) | 0.64 | %(c) | 0.65 | % | ||||||||||
Net investment income | 1.42 | % | 1.39 | % | 1.49 | % | 1.35 | % | 1.32 | % | ||||||||||
Portfolio turnover rate | 1 | % | 3 | % | 5 | % | 6 | % | 3 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.67% and 0.64% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
117
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 20.83 | $ | 18.85 | $ | 17.78 | $ | 18.00 | $ | 16.21 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.37 | 0.35 | 0.33 | 0.29 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (1.46 | ) | 3.53 | 1.95 | (0.22 | ) | 1.79 | |||||||||||||
Total from investment operations | (1.09 | ) | 3.88 | 2.28 | 0.07 | 2.05 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.35 | ) | (0.33 | ) | (0.45 | ) | (0.29 | ) | (0.26 | ) | ||||||||||
From realized capital gains | (0.81 | ) | (1.57 | ) | (0.76 | ) | — | — | ||||||||||||
Total distributions | (1.16 | ) | (1.90 | ) | (1.21 | ) | (0.29 | ) | (0.26 | ) | ||||||||||
Net asset value, end of year | $ | 18.58 | $ | 20.83 | $ | 18.85 | $ | 17.78 | $ | 18.00 | ||||||||||
Total return(b) | (5.32 | %) | 20.57 | % | 12.81 | % | 0.36 | % | 12.60 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 32,110 | $ | 35,066 | $ | 40,860 | $ | 59,065 | $ | 67,500 | ||||||||||
Operating expenses | 0.33 | % | 0.33 | % | 0.36 | %(c) | 0.41 | %(c) | 0.44 | % | ||||||||||
Net investment income | 1.70 | % | 1.67 | % | 1.80 | % | 1.59 | % | 1.53 | % | ||||||||||
Portfolio turnover rate | 1 | % | 3 | % | 5 | % | 6 | % | 3 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.36% and 0.41% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4). |
See Notes to Financial Statements.
118
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 11.19 | $ | 8.92 | $ | 8.90 | $ | 9.06 | $ | 9.70 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.10 | 0.08 | 0.10 | 0.09 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (1.51 | ) | 2.20 | 0.07 | (0.23 | ) | (0.71 | ) | ||||||||||||
Total from investment operations | (1.41 | ) | 2.28 | 0.17 | (0.14 | ) | (0.62 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.04 | ) | (0.01 | ) | (0.15 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
From realized capital gains | (0.42 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.46 | ) | (0.01 | ) | (0.15 | ) | (0.02 | ) | (0.02 | ) | ||||||||||
Redemption fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | — | |||||||||||
Net asset value, end of year | $ | 9.32 | $ | 11.19 | $ | 8.92 | $ | 8.90 | $ | 9.06 | ||||||||||
Total return(c) | (12.66 | %) | 25.54 | % | 1.88 | % | (1.55 | %) | (6.38 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 2,789 | $ | 4,176 | $ | 11,290 | $ | 3,438 | $ | 11,371 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.51 | %(d) | 1.51 | %(d) | 1.52 | % | 1.50 | % | 1.50 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.59 | % | 1.55 | % | 1.65 | % | 1.75 | % | 1.71 | %(e) | ||||||||||
Net investment income | 1.02 | % | 0.87 | % | 1.19 | % | 0.99 | % | 0.97 | % | ||||||||||
Portfolio turnover rate | 96 | % | 62 | % | 79 | % | 84 | % | 176 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The operating expense ratio includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.50% for the years ended December 31, 2018 and 2017. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.71% for the year ended December 31, 2014 (Notes 3 and 4). |
See Notes to Financial Statements.
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Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Year. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of year | $ | 11.04 | $ | 8.81 | $ | 8.78 | $ | 8.99 | $ | 9.64 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income(a) | 0.13 | 0.10 | 0.12 | 0.09 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (1.49 | ) | 2.18 | 0.07 | (0.21 | ) | (0.68 | ) | ||||||||||||
Total from investment operations | (1.36 | ) | 2.28 | 0.19 | (0.12 | ) | (0.59 | ) | ||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.07 | ) | (0.05 | ) | (0.16 | ) | (0.09 | ) | (0.06 | ) | ||||||||||
From realized capital gains | (0.42 | ) | — | — | — | — | ||||||||||||||
Total distributions | (0.49 | ) | (0.05 | ) | (0.16 | ) | (0.09 | ) | (0.06 | ) | ||||||||||
Redemption fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | — | |||||||||||
Net asset value, end of year | $ | 9.19 | $ | 11.04 | $ | 8.81 | $ | 8.78 | $ | 8.99 | ||||||||||
Total return(c) | (12.39 | %) | 25.92 | % | 2.16 | % | (1.37 | %) | (6.16 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of year (in 000’s) | $ | 383,682 | $ | 351,136 | $ | 258,311 | $ | 176,937 | $ | 165,048 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.27 | %(e) | 1.26 | %(d) | 1.27 | % | 1.25 | % | 1.25 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.25 | % | 1.26 | % | 1.32 | % | 1.29 | % | 1.31 | %(f) | ||||||||||
Net investment income | 1.28 | % | 1.02 | % | 1.44 | % | 1.00 | % | 0.96 | % | ||||||||||
Portfolio turnover rate | 96 | % | 62 | % | 79 | % | 84 | % | 176 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The operating expense ratio includes the expenses related to foreign currency exchange contracts . Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.25% for the year ended December 31, 2017. |
(e) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.25% for the year ended December 31, 2018 (Note 3). |
(f) | The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.31% for the year ended December 31, 2014 (Notes 3 and 4). |
See Notes to Financial Statements.
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Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||
Investment Class Shares | ||||||||||||
Year | Year | Period | ||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 10.14 | $ | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income(a) | 0.32 | 0.35 | 0.21 | |||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (0.39 | ) | 0.22 | 0.18 | ||||||||
Total from investment operations | (0.07 | ) | 0.57 | 0.39 | ||||||||
Less distributions: | ||||||||||||
From net investment income | (0.30 | ) | (0.42 | ) | (0.18 | ) | ||||||
From realized capital gains | — | (0.04 | ) | (0.07 | ) | |||||||
Total distributions | (0.30 | ) | (0.46 | ) | (0.25 | ) | ||||||
Net asset value, end of period | $ | 9.88 | $ | 10.25 | $ | 10.14 | ||||||
Total return(b) | (0.65 | %) | 5.60 | % | 3.92 | %(c) | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ | 1,864 | $ | 6,409 | $ | 1,102 | ||||||
Operating expenses after expense reimbursements(d) | 1.16 | %(e) | 1.17 | %(f) | 1.15 | %(g) | ||||||
Operating expense before expense reimbursements(d) | 1.20 | % | 1.23 | % | 1.26 | %(g) | ||||||
Net investment income | 3.02 | % | 3.28 | % | 2.83 | %(g) | ||||||
Portfolio turnover rate | 177 | % | 88 | % | 74 | %(g) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | The ratio of operating expense after expense reimbursements includes interest expense and transactions costs related to foreign currency contracts. If these expenses had been excluded, the ratio would have been 1.15% for the year ended December 31, 2018. |
(f) | Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017. |
(g) | Annualized. |
See Notes to Financial Statements.
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Wilshire Income Opportunities Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||
Institutional Class Shares | ||||||||||||
Year | Year | Period | ||||||||||
Net asset value, beginning of period | $ | 10.22 | $ | 10.10 | $ | 10.00 | ||||||
Income (loss) from investment operations: | ||||||||||||
Net investment income(a) | 0.35 | 0.37 | 0.25 | |||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | (0.40 | ) | 0.22 | 0.13 | ||||||||
Total from investment operations | (0.05 | ) | 0.59 | 0.38 | ||||||||
Less distributions: | ||||||||||||
From net investment income | (0.34 | ) | (0.43 | ) | (0.21 | ) | ||||||
From realized capital gains | — | (0.04 | ) | (0.07 | ) | |||||||
Total distributions | (0.34 | ) | (0.47 | ) | (0.28 | ) | ||||||
Net asset value, end of period | $ | 9.83 | $ | 10.22 | $ | 10.10 | ||||||
Total return(b) | (0.43 | %) | 5.84 | % | 3.82 | %(c) | ||||||
Ratios to average net assets/supplemental data: | ||||||||||||
Net assets, end of period (in 000’s) | $ | 312,201 | $ | 310,227 | $ | 396,797 | ||||||
Operating expenses(d) | 0.90 | % | 0.92 | %(e) | 0.86 | %(f) | ||||||
Net investment income | 3.48 | % | 3.49 | % | 3.11 | %(f) | ||||||
Portfolio turnover rate | 177 | % | 88 | % | 74 | %(c) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017. |
(f) | Annualized. |
See Notes to Financial Statements.
122
Wilshire Mutual Funds, Inc.
Notes to Financial Statements
December 31, 2018 |
1. Organization.
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (each a “Portfolio” and collectively the “Portfolios”). The Company accounts separately for the assets, liabilities and operations of each Portfolio.
The investment objective of Large Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the large cap growth sub-category.
The investment objective of Large Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the large cap value sub-category.
The investment objective of Small Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the small-cap growth sub-category.
The investment objective of Small Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 IndexSM. The applicable sub-category of the Wilshire 5000 IndexSM is the small-cap value sub-category.
The investment objective of Wilshire 5000 IndexSM Fund is to replicate as closely as possible the performance of the Wilshire 5000 IndexSM before the deduction of the Portfolio’s expenses.
The investment objective of Wilshire International Equity Fund is capital appreciation.
The primary investment objective of Wilshire Income Opportunities Fund is to maximize current income. Long-term capital appreciation is a secondary objective.
Each of the Portfolios currently offers Investment and Institutional Class shares, each of which has equal rights as to voting privileges except that the Investment Class has exclusive voting rights for its service and distribution plan. Investment income, realized and unrealized capital gains and losses and the common expenses of each Portfolio are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of such Portfolio. Each class of shares differs with respect to its service and distribution expenses.
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December 31, 2018 |
2. Significant Accounting Policies.
In August 2018, the SEC adopted regulations that eliminated or amended disclosure requirements that were redundant or outdated in light of changes in SEC requirements, accounting principles generally accepted in the United States of America (“U.S. GAAP”), International Financial Reporting Standards, or changes in technology or the business environment. These regulations were effective November 5, 2018, and the Portfolios are complying with them effective with these financial statements.
The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with U.S. GAAP. The Portfolios follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies.”
Use of estimates– The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material.
New Accounting Pronouncements – In March 2017, FASB issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortized period for callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount, which continue to accrete to maturity. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying ASU 2017-08.
In August 2018, FASB issued Accounting Standards Update No. 2018-13 (“ASU 2018-13”), “Disclosure Framework – Changes to Disclosure Requirements for Fair Value Measurement,” which amends the fair value measurement disclosure requirements of ASC Topic 820 (“ASC 820”), “Fair Value Measurement.” ASU 2018-13 includes new, eliminated, and modified disclosure requirements for ASC 820. In addition, ASU 2018-13 clarifies that materiality is an appropriate consideration of entities when evaluating disclosure requirements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted and the Portfolios have adopted ASU 2018-13 with these financial statements.
Security valuation – Securities listed or traded on U.S. exchanges, including options, futures and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and asked prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and asked prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs
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December 31, 2018 |
designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.
Wilshire International Equity Fund uses ICE Data Services (“ICE”) as a third-party pricing agent. ICE provides a daily fair value for foreign securities in Wilshire International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE. These factors are used to value Wilshire International Equity Fund’s securities without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Company’s administrator and may request that a meeting of the Pricing Committee be held.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows:
● | Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date; |
● | Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and |
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Wilshire Mutual Funds, Inc.
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December 31, 2018 |
● | Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the year ended December 31, 2018, there have been no significant changes to the Portfolios’ fair value methodologies.
The following is a summary of the inputs used to value the Portfolios’ investments as of December 31, 2018:
Large Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 198,353,491 | $ | — | $ | — | $ | 198,353,491 | ||||||||
Money Market Funds | 4,701,645 | — | — | 4,701,645 | ||||||||||||
Total | $ | 203,055,136 | $ | — | $ | — | $ | 203,055,136 |
Large Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 183,308,280 | $ | — | $ | — | $ | 183,308,280 | ||||||||
Money Market Funds | 1,437,450 | — | — | 1,437,450 | ||||||||||||
Total | $ | 184,745,730 | $ | — | $ | — | $ | 184,745,730 |
Small Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 51,748,677 | $ | — | $ | — | $ | 51,748,677 | ||||||||
Money Market Funds | 1,118,097 | — | — | 1,118,097 | ||||||||||||
Total | $ | 52,866,774 | $ | — | $ | — | $ | 52,866,774 |
Small Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 50,371,295 | $ | — | $ | — | $ | 50,371,295 | ||||||||
Money Market Funds | 1,212,027 | — | — | 1,212,027 | ||||||||||||
Total | $ | 51,583,322 | $ | — | $ | — | $ | 51,583,322 |
Wilshire 5000 IndexSM Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 163,792,669 | $ | 1,820 | $ | 63 | $ | 163,794,552 | ||||||||
Rights | — | — | 3,701 | * | 3,701 | |||||||||||
Money Market Funds | 3,295,787 | — | — | 3,295,787 | ||||||||||||
Total | $ | 167,088,456 | $ | 1,820 | $ | 3,764 | $ | 167,094,040 |
* | Includes securities that have been fair valued at $0. |
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Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2018 |
Wilshire International Equity Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 70,195,686 | $ | 307,248,057 | $ | — | $ | 377,443,743 | ||||||||
Preferred Stocks | 124,342 | 529,409 | — | 653,751 | ||||||||||||
Rights | — | 726 | — | 726 | ||||||||||||
Money Market Funds | 8,079,066 | — | — | 8,079,066 | ||||||||||||
Total | $ | 78,399,094 | $ | 307,778,192 | $ | — | $ | 386,177,286 |
Wilshire Income Opportunities Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 23,749,144 | $ | — | $ | 23,749,144 | ||||||||
Agency Mortgage-Backed Obligations | — | 18,984,761 | — | 18,984,761 | ||||||||||||
Non-Agency Mortgage-Backed Obligations | — | 57,437,611 | — | 57,437,611 | ||||||||||||
Non-Agency Mortgage-Backed Obligations Interest-Only Strips | — | 8,713,758 | — | 8,713,758 | ||||||||||||
Asset-Backed Securities | — | 10,502,307 | — | 10,502,307 | ||||||||||||
Collateralized Loan Obligations | — | 14,776,789 | — | 14,776,789 | ||||||||||||
Investment-Grade Corporate Obligations | — | 16,817,910 | — | 16,817,910 | ||||||||||||
High Yield Corporate Obligations | — | 33,329,633 | — | 33,329,633 | ||||||||||||
Foreign Bonds | — | 66,190,780 | — | 66,190,780 | ||||||||||||
Loan Participations | — | 29,309,580 | — | 29,309,580 | ||||||||||||
Common Stocks | 2,937,217 | — | — | 2,937,217 | ||||||||||||
Preferred Stocks | 3,656,471 | — | — | 3,656,471 | ||||||||||||
Affiliated Registered Investment Companies | 17,359,917 | — | — | 17,359,917 | ||||||||||||
Money Market Funds | 6,331,299 | — | — | 6,331,299 | ||||||||||||
Total | $ | 30,284,904 | $ | 279,812,273 | $ | — | $ | 310,097,177 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Futures Contracts | $ | 274,077 | $ | — | $ | — | $ | 274,077 | ||||||||
Futures Contracts - Sold Short | $ | (177,263 | ) | $ | — | $ | — | $ | (177,263 | ) | ||||||
Centrally Cleared Swap Contracts | $ | (880,052 | ) | $ | — | $ | — | $ | (880,052 | ) | ||||||
Forward Foreign Currency Contracts | $ | 206,905 | $ | — | $ | — | $ | 206,905 |
** | Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Refer to the Portfolios’ Schedules of Investments/Condensed Schedules of Investments for a listing of the securities by industry or sector type. Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2018. Wilshire 5000 IndexSM Fund held common stocks and rights
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that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $63 and $3,701, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.
Option Transactions– Wilshire Income Opportunities Fund may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When the Portfolio writes or purchases a covered call or put option, an amount equal to the premium received is included as a liability in the Portfolio’s statement of assets and liabilities. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Portfolio has no control over whether the underlying securities are subsequently sold (call) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When the Portfolio purchases a call or put option, an amount equal to the premium paid is included as an investment in the Portfolio’s statement of assets and liabilities, and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.
The average monthly notional value of option contracts purchased for Wilshire Income Opportunities held during the year ended December 31, 2018 was $3,456,551.
There were no transactions in written option contracts by Wilshire Income Opportunities Fund during the year ended December 31, 2018.
Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. Net periodic
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interest payments to be received or paid are accrued and settled daily and are recorded as interest income on the Statements of Operations. Interest rate swaps are marked-to-market daily and the change is recorded as an unrealized gain (loss) on swap contracts on the Statements of Operations. The average monthly notional value of interest rate swaps for Wilshire Income Opportunities Fund during the year ended December 31, 2018 was $24,229,167. Wilshire Income Opportunities Fund held no interest rate swap contracts as of December 31, 2018.
Credit Default Swaps– During the year ended December 31, 2018, Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where the Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities.
Investment transactions and investment income – Investment transactions are recorded on a trade-date basis. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are accreted or amortized using the effective interest method. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. Distributions received on investments that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. Withholding taxes on foreign dividends have been provided for in accordance with the Company’s understanding of the applicable country’s tax rules and rates. Settlement on bank loan transactions may be in excess of seven business days.
Borrowing costs – From time to time, the Portfolios may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Portfolios will incur borrowing costs charged by the custodian. These borrowing costs are shown as interest expense on the Statements of Operations.
Foreign taxes – The Portfolios may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Portfolios invest.
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Mortgage, asset-backed and collateralized loan securities – Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations (“CLOs”), which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolio’s return and result in losses to the Portfolio if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations (“CMOs”). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.
Investments in CLOs may be subject to certain tax provisions that could result in the Portfolio incurring tax or recognizing income prior to receiving cash distributions related to such income. CLOs that fail to comply with certain U.S. tax disclosure requirements may be subject to withholding requirements that could adversely affect cash flows and investment results. Any unrealized losses the Portfolio experiences with respect to its CLO investments may be an indication of future realized losses.
Stripped Mortgage-Backed Securities (“SMBS”) – Wilshire Income Opportunities Fund may invest in SMBS. SMBS are derivative multi-class mortgage-backed securities which are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.
Loan participations and assignments– Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which
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are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations.
Foreign currency transactions – The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:
● | fair value of investment securities, other assets and liabilities at the daily rates of exchange and |
● | purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. |
The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Net realized and unrealized gains (losses) from foreign currency related transactions include gains and losses between trade and settlement dates on investment transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.
Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
Over-the-Counter (“OTC”) Derivative Contracts – To reduce counterparty risk for OTC transactions, Wilshire Income Opportunities Fund has entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolio to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables for certain OTC positions for each individual counterparty. In addition, the Portfolio may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Portfolio. For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
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Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA master agreement or other similar agreement, the collateral requirements are typically calculated by netting the mark-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Futures Contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.
The following table presents, by derivative type, Wilshire Income Opportunities Fund’s OTC financial derivative instruments net of the related collateral pledged by counterparty at December 31, 2018:
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||
Counterparty | Futures (a) | Forward | Total | Futures (a) | Forward | Total | Net | Collateral | Net | |||||||||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | $ | — | $ | 110,036 | $ | 110,036 | $ | — | $ | (106,315 | ) | $ | (106,315 | ) | $ | 3,721 | $ | — | $ | 3,721 | ||||||||||||||||
Bank of America, San Francisco | — | — | — | — | (20,364 | ) | (20,364 | ) | (20,364 | ) | — | (20,364 | ) | |||||||||||||||||||||||
Bank of Montreal, Montreal | — | 8,206 | 8,206 | — | — | — | 8,206 | — | 8,206 | |||||||||||||||||||||||||||
Bank of Nova Scotia, Toronto | — | — | — | — | (73,556 | ) | (73,556 | ) | (73,556 | ) | — | (73,556 | ) | |||||||||||||||||||||||
Barclays Capital | — | 88,588 | 88,588 | — | (5,634 | ) | (5,634 | ) | 82,954 | — | 82,954 | |||||||||||||||||||||||||
CIBC, Toronto | — | 67,429 | 67,429 | — | (139,100 | ) | (139,100 | ) | (71,671 | ) | — | (71,671 | ) | |||||||||||||||||||||||
Citibank, New York | — | 527,519 | 527,519 | — | (608,572 | ) | (608,572 | ) | (81,053 | ) | — | (81,053 | ) | |||||||||||||||||||||||
Goldman Sachs & Co. | — | 243,693 | 243,693 | — | (458,240 | ) | (458,240 | ) | (214,547 | ) | — | (214,547 | ) | |||||||||||||||||||||||
HSBC Bank, USA | — | 317,176 | 317,176 | — | (161,807 | ) | (161,807 | ) | 155,369 | — | 155,369 | |||||||||||||||||||||||||
JPMChase, New York | — | 447,897 | 447,897 | — | (186,203 | ) | (186,203 | ) | 261,694 | — | 261,694 | |||||||||||||||||||||||||
Morgan Stanley Capital | 274,077 | 238,456 | 512,533 | (177,263 | ) | (401,831 | ) | (579,094 | ) | (66,561 | ) | — | (66,561 | ) | ||||||||||||||||||||||
Royal Bank of Canada, Toronto | — | 398,236 | 398,236 | — | (422,629 | ) | (422,629 | ) | (24,393 | ) | — | (24,393 | ) | |||||||||||||||||||||||
Standard Chartered Securities N.A. | — | 160,861 | 160,861 | — | (82,645 | ) | (82,645 | ) | 78,216 | — | 78,216 | |||||||||||||||||||||||||
State Street Bank, Boston | — | 421,557 | 421,557 | — | (325,949 | ) | (325,949 | ) | 95,608 | — | 95,608 | |||||||||||||||||||||||||
TD Securities, Toronto | — | 322,107 | 322,107 | — | (113,007 | ) | (113,007 | ) | 209,100 | — | 209,100 | |||||||||||||||||||||||||
U.S. Bank | — | 2,485 | 2,485 | — | — | — | 2,485 | — | 2,485 | |||||||||||||||||||||||||||
UBS AG, Stamford | — | 28,620 | 28,620 | — | (70,109 | ) | (70,109 | ) | (41,489 | ) | — | (41,489 | ) | |||||||||||||||||||||||
Total | $ | 274,077 | $ | 3,382,866 | $ | 3,656,943 | $ | (177,263 | ) | $ | (3,175,961 | ) | $ | (3,353,224 | ) | $ | 303,719 | $ | — | $ | 303,719 |
(a) | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
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Expense policy– Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of a Portfolio other than distribution and service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis.
Expenses that are attributable to both the Company and the Wilshire Variable Insurance Trust (an affiliated investment company) are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of each Class of each Portfolio’s shares.
Investments in REITs – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.
Master Limited Partnerships (“MLPs”) – Each Portfolio may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management.
Distributions to shareholders– Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid annually. The Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders annually. Additional distributions of net investment income and net realized capital gains may be made at the discretion of the Board in order to avoid the application of a 4% non-deductible Federal excise tax.
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Redemption fees – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the years ended December 31, 2018 and 2017, Wilshire International Equity Fund collected $2,636 and $645, respectively, in redemption fees.
3. Investment Adviser and Other Service Providers.
Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for Wilshire 5000 IndexSM Fund; 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund; and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.
The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2019. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.
During the year ended December 31, 2018, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:
Portfolio | Fees Reductions/ | Fees Recouped | ||||||
Small Company Growth Portfolio | $ | 104,772 | N/A | |||||
Small Company Value Portfolio | 96,740 | N/A | ||||||
International Equity Fund | 3,019 | $ | 84,297 | |||||
Wilshire Income Opportunities Fund | 932 | N/A |
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As of December 31, 2018, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $184,582, $175,656, $122,779 and $4,676, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:
Portfolio | December 31, | December 31, | December 31, | |||||||||
Small Company Growth Portfolio | $ | 26,249 | $ | 53,561 | $ | 104,772 | ||||||
Small Company Value Portfolio | 23,509 | 55,407 | 96,740 | |||||||||
Wilshire International Equity Fund | 117,583 | 2,177 | 3,019 | |||||||||
Wilshire Income Opportunities Fund | 723 | 3,021 | 932 |
The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine® Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”) and Manulife Asset Management (US) LLC (“Manulife”) (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, Loomis Sayles and NewBridge each manage a portion of Large Company Growth Portfolio. L.A. Capital, Pzena and BHMS each manage a portion of Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 IndexSM Fund. L.A. Capital, Pzena and WCM each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.
The Sub-Advisers are subject to the Adviser’s oversight. The fees of the Sub-Advisers are paid by the Adviser.
The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the year ended December 31, 2018, a separate account managed by Voya sold securities to the Wilshire Income Opportunities Fund and proceeds totaled $2,855,271. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act.
DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. The Northern Trust Company (“NTC”) serves as the Company’s custodian. Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Company’s administrator and accounting agent and Ultimus Fund Distributors, LLC, an affiliate of the Administrator, serves as the Company’s principal underwriter.
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December 31, 2018 |
Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. The Company does not pay any remuneration to its officers. The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $48,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: an in-person Board meeting fee of $3,000 for Independent Directors and $4,000 for the Board chair; a telephonic Board meeting fee of $1,500 for Independent Directors and $2,000 for the Board chair; and a telephonic Committee meeting fee of $500.
Certain officers and an interested Director of the Company may also be officers or employees of the Adviser, Ultimus, Distributor or their affiliates. They receive no fees for serving as officers or as an interested Director of the Company.
4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.
The Board has adopted a shareholder services and distribution plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. During the year ended December 31, 2018, the distribution and service fee expenses incurred by the Investment Class of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund was 0.25% of the respective average net assets of the Investment Class of each Portfolio. During the year ended December 31, 2018, the distribution and service fee expenses incurred by the Investment Class of Wilshire 5000 IndexSM Fund was 0.23% of the average net assets of the Investment Class of the Portfolio.
In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the year ended December 31, 2018, the shareholder service provider fees were as follows (as a percent of average net assets of each class):
Portfolio | Investment Class | Institutional Class |
Large Company Growth Portfolio | 0.131% | 0.051% |
Large Company Value Portfolio | 0.070% | 0.049% |
Small Company Growth Portfolio | 0.094% | 0.069% |
Small Company Value Portfolio | 0.110% | 0.066% |
Wilshire 5000 IndexSM Fund | 0.067% | 0.025% |
Wilshire International Equity Fund | 0.137% | 0.038% |
Wilshire Income Opportunities Fund | 0.107% | 0.058% |
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Fees paid indirectly – The Company has a brokerage commission recapture program with SEI Investments Global Funds Services (“SEI”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to SEI are used to reduce the Portfolios’ expenses. Under such program, SEI, as introducing broker, retains a portion of the Portfolios’ commissions.
Such commissions rebated to the Portfolios during the year ended December 31, 2018 were as follows:
Large Company Growth Portfolio | $ | 1,504 | ||
Large Company Value Portfolio | 7,642 | |||
Small Company Growth Portfolio | — | |||
Small Company Value Portfolio | 5,707 | |||
Wilshire 5000 IndexSM Fund | — | |||
Wilshire International Equity Fund | — | |||
Wilshire Income Opportunities Fund | — |
For the year ended December 31, 2018, SEI retained the following commissions:
Large Company Growth Portfolio | $ | 501 | ||
Large Company Value Portfolio | 3,057 | |||
Small Company Growth Portfolio | — | |||
Small Company Value Portfolio | 2,366 | |||
Wilshire 5000 IndexSM Fund | — | |||
Wilshire International Equity Fund | — | |||
Wilshire Income Opportunities Fund | — |
5. Investment Transactions.
During the year ended December 31, 2018, aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:
Portfolio | Purchases | Sales and | ||||||
Large Company Growth Portfolio | $ | 164,520,571 | $ | 195,704,806 | ||||
Large Company Value Portfolio | 195,252,915 | 138,454,272 | ||||||
Small Company Growth Portfolio | 61,137,082 | 50,458,138 | ||||||
Small Company Value Portfolio | 61,218,251 | 38,747,037 | ||||||
Wilshire 5000 IndexSM Fund | 2,492,962 | 9,751,891 | ||||||
Wilshire International Equity Fund | 473,042,971 | 377,899,318 | ||||||
Wilshire Income Opportunities Fund | 345,530,998 | 328,725,599 |
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Purchases and sales and maturities of long-term U.S. Government securities during the year ended December 31, 2018 were:
Portfolio | Purchases | Sales and | ||||||
Wilshire Income Opportunities Fund | $ | 199,031,589 | $ | 216,809,039 |
Due to Guggenheim Partners Investment Management, LLC and Voya managing a portion of Wilshire Income Opportunities Fund during the year ended December 31, 2018, certain securities held by such Portfolio are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Wilshire Income Opportunities Fund during the year ended December 31, 2018 and the value of such investments as of December 31, 2018 were as follows:
Affiliated Investment | Value as of | Purchases | Proceeds | Realized | Change in | Value as of | Income | Capital Gain | ||||||||||||||||||||||||
Guggenheim Floating Rate Strategies Fund | $ | 1,222,303 | $ | 24,599 | $ | (1,242,131 | ) | $ | (2,430 | ) | $ | (2,341 | ) | $ | — | $ | 24,593 | $ | — | |||||||||||||
Guggenheim Strategy Fund I | $ | 4,034,258 | $ | 45,100 | $ | (4,079,357 | ) | $ | (4,832 | ) | $ | 4,831 | $ | — | $ | 45,085 | $ | — | ||||||||||||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | $ | — | $ | 3,068,522 | $ | — | $ | — | $ | (67,168 | ) | $ | 3,001,354 | $ | 80,642 | $ | — | |||||||||||||||
Voya Floating Rate Fund - Class P | $ | — | $ | 14,340,833 | $ | (950,000 | ) | $ | (12,073 | ) | $ | (571,124 | ) | $ | 12,807,636 | $ | 400,078 | $ | — | |||||||||||||
Voya High Yield Bond Fund - Class P | $ | — | $ | 7,973,349 | $ | (6,096,000 | ) | $ | (228,048 | ) | $ | (98,374 | ) | $ | 1,550,927 | $ | 221,340 | $ | — | |||||||||||||
$ | 5,256,561 | $ | 25,452,403 | $ | (12,367,488 | ) | $ | (247,383 | ) | $ | (734,176 | ) | $ | 17,359,917 | $ | 771,738 | $ | — |
6. Derivative Transactions.
Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire International Equity Fund did not hold any derivative instruments as of or during the year ended December 31, 2018.
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December 31, 2018 |
At December 31, 2018, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:
Derivative Assets | Derivative Liabilities | |||||||||||||
Risk | Derivative Type | Statements of Assets and Liabilities Location | Fair Value | Statements of Assets and Liabilities Location | Fair Value | |||||||||
Interest Rate | Futures contracts* | Net variation margin receivable | $ | 274,077 | Net variation margin payable | $ | (177,263 | ) | ||||||
Credit | Centrally cleared credit default swap contracts* | Net unrealized gain on swap contracts | 36,942 | Net unrealized loss on swap contracts | (916,994 | ) | ||||||||
Currency | Forward foreign currency exchange contracts | Net unrealized appreciation on foreign forward currency contracts | 3,382,866 | Net unrealized depreciation on foreign forward currency contracts | (3,175,961 | ) | ||||||||
Total | $ | 3,693,885 | $ | (4,270,218 | ) |
* | Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts or the Schedule of Centrally Cleared Credit Default Swap Contracts, as applicable. Only current days variation margin in reported within the Statements of Assets and Liabilities. |
For the year ended December 31, 2018, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:
Statements of Operations | |||||||||
Risk | Derivative Type | Net Realized | Net Change in | ||||||
Equity | Purchased option contracts | $ | (225,136 | ) | $ | — | |||
Interest Rate | Futures contracts | 300,468 | 96,815 | ||||||
Interest Rate | Swap contracts | 2,418,522 | (437,340 | ) | |||||
Credit Default | Swap contracts | 366,091 | (880,052 | ) | |||||
Currency | Forward foreign currency exchange contracts(a) | 61,612 | 206,905 | ||||||
Total | $ | 2,921,557 | $ | (1,013,672 | ) |
(a) | Forward foreign currency exchange contracts are included in Foreign Currency Transactions in the Statements of Operations. |
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December 31, 2018 |
7. Securities Lending.
Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the. course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. NTC, the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the cash collateral at December 31, 2018 are shown on the Statements of Assets and Liabilities. Shares of the Northern Trust Institutional Liquid Asset Portfolio were purchased with proceeds from cash collateral received from securities on loan. The Portfolios do not have effective control of the non-cash collateral and therefore it is not disclosed in the Portfolios’ Schedules of Investments. Securities on loan are also collateralized by various U.S. Treasury obligations.
Securities lending transactions are entered into by the Portfolios under the agreement entered into with NTC, which permits the Portfolios, under certain circumstances such as an event of default, to offset amounts payable to the Portfolios to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Portfolios.
The following table is a summary of the Portfolios’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities and non-cash collateral, which are subject to offset as of December 31, 2018:
Collateral Received | ||||||||||||||||
Portfolio | Value of | Value of Cash | Value of Non-Cash | Net Amount | ||||||||||||
Large Company Growth Portfolio | $ | 12,871,935 | $ | 635,600 | $ | 12,236,335 | $ | — | ||||||||
Large Company Value Portfolio | 6,351,183 | 191,261 | 6,159,922 | — | ||||||||||||
Small Company Growth Portfolio | 11,335,374 | 414,659 | 10,920,715 | — | ||||||||||||
Small Company Value Portfolio | 7,696,489 | 130,515 | 7,565,974 | — | ||||||||||||
Wilshire 5000 IndexSM Fund | 10,560,346 | 957,550 | 9,602,796 | — | ||||||||||||
Wilshire International Equity Fund | 15,331,206 | 1,764,828 | 13,566,378 | — |
* | The amount of collateral reflected in the table above does not include any over collateralization received by the Portolios. |
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Notes to Financial Statements - (Continued)
December 31, 2018 |
The value of loaned securities and related collateral outstanding at December 31, 2018 are shown in the Portfolios’ Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of December 31, 2018, the cash collateral was invested in shares of Northern Trust Institutional Liquid Asset Portfolio and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Index Bonds (collectively, “U.S. Government Securities”) with the following maturities:
Overnight and | <30 Days | Between 30 | >90 Days | Total | ||||||||||||||||
Large Company Growth Portfolio | ||||||||||||||||||||
Money Market Funds | $ | 635,600 | $ | — | $ | — | $ | — | $ | 635,600 | ||||||||||
U.S. Government Securities | — | 28,806 | 285,789 | 12,124,975 | 12,439,570 | |||||||||||||||
Total | $ | 635,600 | $ | 28,806 | $ | 285,789 | $ | 12,124,975 | $ | 13,075,170 | ||||||||||
Large Company Value Portfolio | ||||||||||||||||||||
Money Market Funds | $ | 191,261 | $ | — | $ | — | $ | — | $ | 191,261 | ||||||||||
U.S. Government Securities | — | 48,743 | 51,135 | 6,166,036 | 6,265,914 | |||||||||||||||
Total | $ | 191,261 | $ | 48,743 | $ | 51,135 | $ | 6,166,036 | $ | 6,457,175 | ||||||||||
Small Company Growth Portfolio | ||||||||||||||||||||
Money Market Funds | $ | 414,659 | $ | — | $ | — | $ | — | $ | 414,659 | ||||||||||
U.S. Government Securities | — | 90,670 | 66,907 | 10,939,718 | 11,097,295 | |||||||||||||||
Total | $ | 414,659 | $ | 90,670 | $ | 66,907 | $ | 10,939,718 | $ | 11,511,954 | ||||||||||
Small Company Value Portfolio | ||||||||||||||||||||
Money Market Funds | $ | 130,515 | $ | — | $ | — | $ | — | $ | 130,515 | ||||||||||
U.S. Government Securities | — | 66,609 | 34,783 | 7,688,516 | 7,789,908 | |||||||||||||||
Total | $ | 130,515 | $ | 66,609 | $ | 34,783 | $ | 7,688,516 | $ | 7,920,423 | ||||||||||
Wilshire 5000 IndexSM Fund | ||||||||||||||||||||
Money Market Funds | $ | 957,550 | $ | — | $ | — | $ | — | $ | 957,550 | ||||||||||
U.S. Government Securities | — | 47,472 | 90,998 | 9,754,789 | 9,893,259 | |||||||||||||||
Total | $ | 957,550 | $ | 47,472 | $ | 90,998 | $ | 9,754,789 | $ | 10,850,809 | ||||||||||
Wilshire International Equity Fund | ||||||||||||||||||||
Money Market Funds | $ | 1,764,828 | $ | — | $ | — | $ | — | $ | 1,764,828 | ||||||||||
U.S. Government Securities | — | 84,643 | 404,877 | 13,559,328 | 14,048,848 | |||||||||||||||
Total | $ | 1,764,828 | $ | 84,643 | $ | 404,877 | $ | 13,559,328 | $ | 15,813,676 |
Wilshire Income Opportunities Fund did not utilize securities lending during the year ended December 31, 2018.
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December 31, 2018 |
8. Capital Share Transactions.
Transactions in shares of the Portfolios are summarized below:
LARGE COMPANY | LARGE COMPANY | SMALL COMPANY | SMALL COMPANY | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||||||||||
Investment Class shares: | ||||||||||||||||||||||||||||||||
Shares sold | 53,223 | 33,646 | 29,422 | 42,620 | 67,784 | 573,827 | 32,714 | 46,651 | ||||||||||||||||||||||||
Shares issued as reinvestment of distributions | 240,411 | 131,643 | 23,016 | 28,470 | 21,579 | 41,834 | 15,059 | 30,112 | ||||||||||||||||||||||||
Shares redeemed | (215,382 | ) | (389,262 | ) | (63,077 | ) | (257,831 | ) | (167,868 | ) | (514,906 | ) | (57,676 | ) | (185,599 | ) | ||||||||||||||||
Net increase (decrease) in Investment Class shares outstanding | 78,252 | (223,973 | ) | (10,639 | ) | (186,741 | ) | (78,505 | ) | 100,755 | (9,903 | ) | (108,836 | ) | ||||||||||||||||||
Shares outstanding at beginning of year | 1,622,279 | 1,846,252 | 309,031 | 495,772 | 454,494 | 353,739 | 274,222 | 383,058 | ||||||||||||||||||||||||
Shares outstanding at end of year | 1,700,531 | 1,622,279 | 298,392 | 309,031 | 375,989 | 454,494 | 264,319 | 274,222 | ||||||||||||||||||||||||
Institutional Class shares: | ||||||||||||||||||||||||||||||||
Shares sold | 1,659,401 | 1,019,884 | 6,469,168 | 1,164,082 | 933,681 | 661,776 | 1,441,980 | 614,219 | ||||||||||||||||||||||||
Shares issued as reinvestment of distributions | 434,809 | 293,035 | 718,766 | 716,652 | 86,153 | 122,682 | 127,502 | 161,412 | ||||||||||||||||||||||||
Shares redeemed | (2,042,180 | ) | (1,504,242 | ) | (3,704,924 | ) | (3,319,731 | ) | (486,281 | ) | (522,936 | ) | (480,681 | ) | (644,308 | ) | ||||||||||||||||
Net increase (decrease) in Institutional Class shares outstanding | 52,030 | (191,323 | ) | 3,483,010 | (1,438,997 | ) | 533,553 | 261,522 | 1,088,801 | 131,323 | ||||||||||||||||||||||
Shares outstanding at beginning of year | 4,013,802 | 4,205,125 | 7,250,711 | 8,689,708 | 1,348,322 | 1,086,800 | 1,444,294 | 1,312,971 | ||||||||||||||||||||||||
Shares outstanding at end of year | 4,065,832 | 4,013,802 | 10,733,721 | 7,250,711 | 1,881,875 | 1,348,322 | 2,533,095 | 1,444,294 |
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December 31, 2018 |
WILSHIRE 5000 | WILSHIRE INTERNATIONAL | WILSHIRE INCOME | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Investment Class shares: | ||||||||||||||||||||||||
Shares sold | 716,562 | 984,802 | 109,186 | 226,707 | 86,963 | 724,183 | ||||||||||||||||||
Shares issued as reinvestment of distributions | 381,135 | 567,184 | 13,328 | 255 | 5,241 | 26,365 | ||||||||||||||||||
Shares redeemed | (1,047,065 | ) | (1,415,579 | ) | (196,470 | ) | (1,119,765 | ) | (528,689 | ) | (234,014 | ) | ||||||||||||
Net increase (decrease) in Investment Class shares outstanding | 50,632 | 136,407 | (73,956 | ) | (892,803 | ) | (436,485 | ) | 516,534 | |||||||||||||||
Shares outstanding at beginning of year | 7,170,420 | 7,034,013 | 373,194 | 1,265,997 | 625,181 | 108,647 | ||||||||||||||||||
Shares outstanding at end of year | 7,221,052 | 7,170,420 | 299,238 | 373,194 | 188,696 | 625,181 | ||||||||||||||||||
Institutional Class shares: | ||||||||||||||||||||||||
Shares sold | 130,658 | 151,639 | 17,699,282 | 7,552,599 | 8,602,933 | 4,212,021 | ||||||||||||||||||
Shares issued as reinvestment of distributions | 77,552 | 118,693 | 1,645,158 | 149,107 | 1,089,140 | 1,343,981 | ||||||||||||||||||
Shares redeemed | (163,444 | ) | (753,858 | ) | (9,383,097 | ) | (5,212,955 | ) | (8,273,742 | ) | (14,493,554 | ) | ||||||||||||
Net increase (decrease) in Institutional Class shares outstanding | 44,766 | (483,526 | ) | 9,961,343 | 2,488,751 | 1,418,331 | (8,937,552 | ) | ||||||||||||||||
Shares outstanding at beginning of year | 1,683,570 | 2,167,096 | 31,800,035 | 29,311,284 | 30,340,537 | 39,278,089 | ||||||||||||||||||
Shares outstanding at end of year | 1,728,336 | 1,683,570 | 41,761,378 | 31,800,035 | 31,758,868 | 30,340,537 |
9. Significant Shareholders.
On December 31, 2018, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.
Portfolio | |
Large Company Growth Portfolio (4 omnibus shareholders) | 72% |
Large Company Value Portfolio (3 omnibus shareholder) | 71% |
Small Company Growth Portfolio (4 omnibus shareholders) | 70% |
Small Company Value Portfolio (4 omnibus shareholders) | 75% |
Wilshire 5000 IndexSM Fund (3 omnibus shareholders) | 56% |
Wilshire International Equity Fund (3 omnibus shareholders) | 77% |
Wilshire Income Opportunities Fund (4 omnibus shareholders) | 87% |
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Notes to Financial Statements - (Continued)
December 31, 2018 |
As of December 31, 2018, certain affiliated investment companies, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:
Portfolio | |
Large Company Growth Portfolio | 22% |
Large Company Value Portfolio | 33% |
Small Company Growth Portfolio | 27% |
Small Company Value Portfolio | 27% |
Wilshire 5000 IndexSM Fund | — |
Wilshire International Equity Fund | 41% |
Wilshire Income Opportunities Fund | 39% |
10. Tax Information.
No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and net realized gains. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.
The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities of returns filed in the last 3 years and on-going analysis of and changes to tax laws, regulations and interpretations thereof. The Portfolios identify their major tax jurisdiction as U.S. Federal.
The federal tax cost of portfolio securities and unrealized appreciation and depreciation at December 31, 2018 for each Portfolio are as follows:
Portfolio | Large | Large | Small | Small | Wilshire | Wilshire | Wilshire | |||||||||||||||||||||
Tax cost of portfolio investments | $ | 149,712,616 | $ | 188,261,996 | $ | 50,592,120 | $ | 57,063,209 | $ | 60,264,791 | $ | 398,708,206 | $ | 319,098,309 | ||||||||||||||
Gross unrealized appreciation | $ | 62,013,579 | $ | 18,378,771 | $ | 8,228,628 | $ | 4,534,409 | $ | 111,337,279 | $ | 29,755,330 | $ | 3,618,044 | ||||||||||||||
Gross unrealized depreciation | (8,671,059 | ) | (21,895,037 | ) | (5,953,974 | ) | (10,014,296 | ) | (4,508,030 | ) | (42,305,610 | ) | (12,617,838 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) | $ | 53,342,520 | $ | (3,516,266 | ) | $ | 2,274,654 | $ | (5,479,887 | ) | $ | 106,829,249 | $ | (12,550,280 | ) | $ | (8,999,794 | ) |
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Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2018 |
The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales and investment in passive foreign investment companies.
The tax character of distributions declared during the years ended December 31, 2018 and 2017 was as follows:
Portfolio | 2018 | 2018 | 2017 | 2017 | ||||||||||||
Large Company Growth Portfolio | $ | 2,240,277 | $ | 27,070,477 | $ | 2,084,944 | $ | 16,542,862 | ||||||||
Large Company Value Portfolio | 4,328,602 | 12,086,254 | 9,726,872 | 6,140,150 | ||||||||||||
Small Company Growth Portfolio | 281,539 | 2,810,134 | 1,210,846 | 3,215,807 | ||||||||||||
Small Company Value Portfolio | 905,824 | 2,313,423 | 1,049,935 | 3,441,792 | ||||||||||||
Wilshire 5000 IndexSM Fund | 2,704,449 | 6,901,955 | 2,666,332 | 12,803,168 | ||||||||||||
Wilshire International Equity Fund | 6,145,911 | 13,584,130 | 1,692,329 | — | ||||||||||||
Wilshire Income Opportunities Fund | 10,781,680 | — | 13,133,583 | 1,067,674 |
As of December 31, 2018, the components of accumulated earnings (deficit) on a tax basis were as follows:
Portfolio | Large | Large | Small | Small | Wilshire | Wilshire | Wilshire | |||||||||||||||||||||
Undistributed ordinary income | $ | — | $ | — | $ | — | $ | — | $ | 15,824 | $ | 275,153 | $ | — | ||||||||||||||
Undistributed long-term capital gain | 4,002,652 | 2,241,355 | — | — | 1,084,994 | — | — | |||||||||||||||||||||
Accumulated capital and other losses | (443,652 | ) | (496,919 | ) | (558,626 | ) | (552,460 | ) | (1,095 | ) | (3,150,961 | ) | (1,417,361 | ) | ||||||||||||||
Unrealized appreciation (depreciation) | 53,342,520 | (3,516,266 | ) | 2,274,654 | (5,479,887 | ) | 106,829,249 | (12,550,280 | ) | (8,999,794 | ) | |||||||||||||||||
Accumulated earnings (deficit) | $ | 56,901,520 | $ | (1,771,830 | ) | $ | 1,716,028 | $ | (6,032,347 | ) | $ | 107,928,972 | $ | (15,426,088 | ) | $ | (10,417,155 | ) |
During the year ended December 31, 2018, Wilshire International Equity Fund utilized $6,118,258 of capital loss carryforwards to offset current year gains.
As of December 31, 2018, Wilshire Income Opportunities Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:
Portfolio | Short-Term Loss | Long-Term Loss | Total | |||||||||
Wilshire Income Opportunities Fund | $ | 801,759 | $ | 73,743 | $ | 875,502 |
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Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2018 |
Late year losses represent net qualified late year ordinary losses and specified net capital losses incurred after October 31, 2018. These losses are deemed to arise on the first day of the Portfolio’s next taxable year. For the year ended December 31, 2018, the following Portfolios intend to defer late year losses to January 1, 2019 for federal income tax purposes:
Portfolio | Late Year | Post October | ||||||
Large Company Growth Portfolio | $ | — | $ | 443,652 | ||||
Large Company Value Portfolio | — | 496,919 | ||||||
Small Company Growth Portfolio | — | 558,626 | ||||||
Small Company Value Portfolio | — | 552,460 | ||||||
Wilshire 5000 IndexSM Fund | 1,095 | — | ||||||
Wilshire International Equity Fund | — | 3,150,961 | ||||||
Wilshire Income Opportunities Fund | 541,859 | — |
These CLCFs and late year losses may be utilized in futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
For the year ended December 31, 2018, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences in the recognition of capital gains or losses under income tax regulations and GAAP:
Portfolio | Large | Large | Small | Small | Wilshire | Wilshire | Wilshire | |||||||||||||||||||||
Paid-in capital | $ | (1 | ) | $ | (1 | ) | $ | (240,047 | ) | $ | (1 | ) | $ | 6 | $ | — | $ | (56,980 | ) | |||||||||
Accumulated earnings (deficit) | $ | 1 | $ | 1 | $ | 240,047 | $ | 1 | $ | (6 | ) | $ | — | $ | 56,980 |
Such reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, had no effect on each Portfolio’s net assets or NAV per share.
11. Indemnifications.
In the normal course of business, the Company, on behalf of the Portfolios, enters into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
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Notes to Financial Statements - (Continued)
December 31, 2018 |
12. Certain Investment Risks.
Asset-Backed Securities (“ABS”) Risk – Investors in ABS, including mortgage-backed securities (“MBS”) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.
Collateralized debt obligation (“CDO”) risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.
Forward contracts risk – There may be an imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of Wilshire Income Opportunities Fund’s NAV. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.
Interest rate risk – For debt securities, interest rate risk is the possibility that the market price will fall because of changing interest rates. In general, debt securities’ market prices rise or fall inversely to changes in interest rates. If interest rates rise, bond market prices generally fall; if interest rates fall, bond market prices generally rise. In addition, for a given change in interest rates, the market price of longer-maturity bonds fluctuates more (gaining or losing more in value) than shorter-maturity bonds. There may be less governmental intervention in influencing interest rates in the near future. If so, it could cause an increase in interest rates, which would have a negative impact on the market prices of fixed income securities and could negatively affect a Portfolio’s NAV.
Credit risk– A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for
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December 31, 2018 |
the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.
Counterparty credit risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio’s Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.
Foreign security risk – Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in foreign countries. The market values of the Portfolios’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline.
Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments in a specific country, industry or region.
Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.
Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of December 31, 2018, Large Company Growth Portfolio had 26.1% of the value of its net assets invested in stocks within the Information Technology sector; Large Company Value Portfolio had 26.0% of the value of its net assets invested in stocks within the Financials sector; Small Company Growth Portfolio had 26.9% and 26.2% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; and Small Company Value Portfolio had 31.7% of the value of its net assets invested in stocks within the Financials sector.
A more complete description of risks is included in each Portfolio’s prospectus and Statement of Additional Information.
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13. Contingencies.
Wilshire 5000 IndexSM Fund was named as a defendant and a putative member of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010 in the U.S. Bankruptcy Court for the District of Delaware and on March 6, 2012 in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws. In 2013, the Complaint in the 2012 lawsuit was dismissed and the Second Circuit Court of Appeals recently affirmed the dismissal and the plaintiffs filed a petition for review by the Supreme Court. In April, 2018, the Supreme Court deferred consideration of the petition to allow the Second Circuit to consider whether it would be appropriate to vacate the judgment in light of a 2018 Supreme Court decision in another case. In May, 2018, the Second Circuit recalled its judgment mandate in anticipation of further panel review. The case remains pending before the Second Circuit. The District Court of New York has stayed the 2010 lawsuit pending a further decision by the Second Circuit in the 2012 lawsuit. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.
14. Subsequent Event Evaluation.
The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to these financial statements.
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Report of Independent Registered Public Accounting Firm |
To the Shareholders and Board of Directors of
Wilshire Mutual Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the condensed schedules of investments, of Wilshire Mutual Funds, Inc. comprising Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund, and the statement of assets and liabilities, including the schedules of investments, futures contracts, futures contracts sold short, centrally cleared credit default swap contracts and forward foreign currency contracts of Wilshire Income Opportunities Fund (the “Funds”) as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets, and the financial highlights for each of the two years in the period then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial highlights for the years ended December 31, 2016, and prior, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian, transfer agent, counterparties and brokers or by other appropriate auditing procedures where replies from counterparties or brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2017.
COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2019
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Additional Fund Information (Unaudited) |
The Board of Directors, four of whom are not considered “interested persons” of the Company within the meaning of the 1940 Act (the “Independent Directors”), has responsibility for the overall management and operations of the Company. The Board establishes the Company’s policies and meets regularly to review the activities of the officers, who are responsible for day-to-day operations of the Company.
Set forth below are the names of the Directors and executive officers of the Company, their ages, business addresses, positions and terms of office, their principal occupations during the past five years, and other directorships held by them, including directorships in public companies. The address of each Director and officer is 1299 Ocean Avenue, Suite 700, Santa Monica, CA 90401.
Name and Age | Position | Term of | Principal | Number of | Other Directorships |
NON-INTERESTED DIRECTORS | |||||
Roger A. Formisano(2), 70 | Director | Since 2002 | Retired; formerly Vice President, University Medical Foundation, (2006 to 2018); formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC | 8 | Wilshire Variable Insurance Trust (1 Fund) |
Edward Gubman, 68 | Director | Since 2011 | Retired; formerly Founder and Principal, Strategic Talent Solutions (2004 to 2009); Consultant, Gubman Consulting (2001 to 2003); Account Manager and Global Practice Leader, Hewitt Associates (1983 to 2000) | 8 | Wilshire Variable Insurance Trust (1 Fund) |
Suanne K. Luhn, 64 | Director | Since 2008 | Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006) | 8 | Wilshire Variable Insurance Trust (1 Fund) |
George J. Zock, 68 | Director, Chairperson of the Board | Since 2006 | Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003) | 8 | Wilshire Variable Insurance Trust (1 Fund); Armed Forces Insurance Exchange |
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Name and Age | Position | Term of | Principal | Number of | Other Directorships |
INTERESTED DIRECTOR and PRESIDENT | |||||
Jason Schwarz(3), 44 | Director and President | Director since 2018/ President since 2012 | President, Wilshire Funds Management (since 2014); President, Wilshire Analytics (Since 2017); Managing Director, Head of Wilshire Funds Management’s Client Service, Sales, Marketing and Distribution functions (2005-2014). | 8 | Wilshire Variable Insurance Trust (1 Fund) |
OFFICERS | |||||
Benkai Bouey, 48 | Chief Compliance Officer | Since 2015 | Chief Compliance Officer, Wilshire Associates Incorporated. (since 2012); Attorney, Benkai Bouey, Attorney at Law (2010-2013); Client Relationship Manager, Horizon Asset Management, Inc. (2008 to 2010) | N/A | N/A |
Reena S. Lalji, 47 | Secretary | Since 2009 | Managing Director and General Counsel, Wilshire Associates Incorporated (since 2009); Senior Counsel, Royal Bank of Canada (2003 to 2008) | N/A | N/A |
Nathan R. Palmer, 43 | Vice President | Since 2011 | Managing Director, Wilshire Funds Management (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009). Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008) | N/A | N/A |
Michael Wauters, 52 | Treasurer | Since 2009 | Chief Financial Officer, Wilshire Associates Incorporated (since 2012); Controller, Wilshire Associates Incorporated (2009 to 2012); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000 to 2009) | N/A | N/A |
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Name and Age | Position | Term of | Principal | Number of | Other Directorships |
Josh Emanuel, 39 | Vice President | Since 2015 | Managing Director, Wilshire Associates Incorporated (since 2015); Chief Investment Officer, Wilshire Funds Management (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010-2015) | N/A | N/A |
(1) | Each Director serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified. |
(2) | Mr. Formisano has a retirement account advised by TIAA, indirect parent company of NWQ, sub-adviser to the Small Company Value Portfolio. |
(3) | Mr. Schwarz is considered an Interested Director because he is an officer of Wilshire. |
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Additional Fund Information (Unaudited) - (Continued) |
Information on Proxy Voting
A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio’s proxy voting record relating to portfolio securities held during most recent 12-month period ended June 30, is available at no charge, upon request by calling 1-888-200-6796, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at http://www.sec.gov.
Information on Form N-Q
The Company files its complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of period. The Company’s Forms N-Q are available on the SEC’s website at http://www.sec.gov.
Householding Policy
In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling 1-888-200-6796. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.
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Tax Information (Unaudited) |
For the year ended December 31, 2018, the Portfolios designated the following long-term capital gain distributions:
Portfolio | Amount | |||
Large Company Growth Portfolio | $ | 27,070,477 | ||
Large Company Value Portfolio | $ | 12,086,254 | ||
Small Company Growth Portfolio | $ | 2,810,134 | ||
Small Company Value Portfolio | $ | 2,313,423 | ||
Wilshire 5000 IndexSM Fund | $ | 6,901,955 | ||
Wilshire International Equity Fund | $ | 13,584,130 | ||
Wilshire Income Opportunities Fund | $ | — |
Of the distributions made by the following Portfolios, the corresponding percentages represent the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:
Portfolio | Percentage |
Large Company Growth Portfolio | 79.70% |
Large Company Value Portfolio | 93.12% |
Small Company Growth Portfolio | 23.52% |
Small Company Value Portfolio | 84.77% |
Wilshire 5000 IndexSM Fund | 100.00% |
Wilshire International Equity Fund | 1.07% |
Wilshire Income Opportunities Fund | 1.31% |
Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios designate the following percentages of their income dividends distributed in 2018 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.
Portfolio | Percentage |
Large Company Growth Portfolio | 79.50% |
Large Company Value Portfolio | 93.44% |
Small Company Growth Portfolio | 18.37% |
Small Company Value Portfolio | 76.47% |
Wilshire 5000 IndexSM Fund | 100.00% |
Wilshire International Equity Fund | 98.61% |
Wilshire Income Opportunities Fund | 1.31% |
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Tax Information (Unaudited) - (Continued) |
Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designate the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors.
Portfolio | Percentage |
Large Company Growth Portfolio | 79.50% |
Large Company Value Portfolio | 93.44% |
Small Company Growth Portfolio | 18.37% |
Small Company Value Portfolio | 76.47% |
Wilshire 5000 IndexSM Fund | 100.00% |
Foreign Tax Credit Pass Through
The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund’s foreign source income per share was $0.27 and the foreign tax expense per share was $0.03 per share. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2018. These shareholders will receive more detailed information along with their 2018 Form 1099-DIV.
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Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) |
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series:
● Large Company Growth Portfolio | ● Large Company Value Portfolio |
● Small Company Growth Portfolio | ● Small Company Value Portfolio |
● Wilshire 5000 Index Fund | ● Wilshire Income Opportunities Fund |
● Wilshire International Equity Fund |
(Each of the foregoing series may be referred to herein as a “Fund” and collectively, as the “Funds.”)
During the six months ended December 31, 2018, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of the investment advisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser to each Fund, and the Company, with respect to each of the Funds (the “Advisory Agreement”).
The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested persons,” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.
The Board approved the renewal of the Advisory Agreement following an extensive process that concluded at the Board’s November 8-9, 2018 meeting (the “November Meeting”). As required by the 1940 Act, the approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of their review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and advised them of the relevant legal standards.
Information Requested and Received
At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting information regarding the Advisory Agreement to be provided to the Directors in advance of the November Meeting.
In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendation to approve the Advisory Agreement. In particular, the Directors received information from the Adviser as to each Fund describing: (i) the nature, extent and quality of services provided; (ii) the financial condition of the Adviser and its ability to provide the contracted-for services under the Advisory Agreement; (iii) the investment performance of the Fund as provided by the Adviser based upon data gathered from the Morningstar Direct database (“Morningstar”), along with a comparison to its benchmark index: (iv) the
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(Unaudited) - (continued) |
costs of services provided and estimated profits realized by the Adviser; (v) the extent to which economies of scale are realized as the Fund grows; (vi) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vii) comparisons of amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (viii) fall-out benefits realized by the Adviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.
Factors Considered
In connection with its deliberations regarding the proposed renewal of the Advisory Agreement, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgement. As described below, the Board considered the nature, extent and quality of the services performed by the Adviser under the Advisory Agreement; comparative fees as provided by the Adviser; the profits realized by the Adviser; the extent to which the Adviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by the Adviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Adviser were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which met on November 8, 2018 to review data on the Adviser’s performance. Recognizing that the evaluation process with respect to the services provided by the Adviser is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.
In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor as all-important or controlling and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.
Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Advisory Agreement, the Board concluded that it was in the best interests of each Fund to approve the renewal of the Advisory Agreement.
Nature, Extent and Quality of Services
With respect to the nature, extent and quality of services provided by the Adviser, the Board considered the functions currently performed by the Adviser, noting that the Adviser performs certain administrative functions on behalf of the Funds. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the key personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. In evaluating the services provided by the Adviser, the Board took into account each Fund’s portfolio management structure, whereby the Adviser identifies, evaluates and
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(Unaudited) - (continued) |
oversees managers it believes are “best-in-class” to act as sub-adviser(s) to the Fund. Thus, the Board considered the capabilities and expertise of the Adviser’s personnel responsible for implementing the multi-manager portfolio construction methodology and considered the information provided by the Adviser regarding investment oversight and risk management processes.
The Board considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. In addition, the Board considered the regular reports it receives from the Funds’ Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also took into account information regarding the Adviser’s disaster recovery and contingency plans and data protection safeguards, among other things.
The Board considered the Adviser’s financial condition, and considered the financial support provided by the Adviser to each of Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire Income Opportunities Fund and Wilshire International Equity Fund pursuant to expense limitation agreements. In this connection, the Board reviewed, among other things, the Adviser’s audited consolidated financial statements as of December 31, 2017, as well as information regarding the firm’s business plans. The Board also noted the Adviser’s commitment to ensuring that sufficient resources will continue to be available in the future for servicing the Funds.
In connection with its evaluation of the quality of services provided by the Adviser, the Board reviewed information on the performance of the Investment Class shares of each actively managed Fund—i.e., each of the Funds, with the exception of Wilshire 5000 Index Fund (the “Index Fund”)—for the annualized one-, three-, five- and ten-year periods ended September 30, 2018, as applicable, in comparison to each Fund’s benchmark and a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods.
With respect to the Index Fund, the Board took into account that, unlike the other Funds, its investment objective is to replicate as closely as possible the performance of an index, the Wilshire 5000 Index. In this regard, the Board noted that, in view of the distinctive investment objective of the Index Fund and the expectations of shareholders, the investment performance of the Index Fund in absolute terms was not of the relevance that normally attaches to the performance of actively managed Funds. Of greater relevance to the Board was the extent to which the Index Fund’s performance tracked its benchmark and thus, the Board focused its attention on the tracking error data provided by Wilshire—which was provided for the one-, three-, five- and ten-year periods ended September 30, 2018—and how the Index Fund compared to its peers in this respect. The Board noted that the Index Fund’s peer group consisted of other large cap funds (growth, blend and value) which passively replicate domestic equity benchmarks.
In general, the Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the responsibilities of the Adviser, as disclosed in the Fund’s prospectus. As to the Adviser’s performance, the Board made the observations and considered the factors noted below.
Large Company Growth Portfolio
● | The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for the one- and ten-year periods, ranking in the third and fourth quintiles, respectively, of its peer group (the first quintile being the best performers and the fifth |
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quintile being the worst performers). The Board noted, however, that the Fund outperformed its peer group median for the three- and five-year periods, ranking in the third quintile of its peer group for both periods. In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including as to individual manager performance.
Large Company Value Portfolio
● | The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for the one-, three- and five-year periods, ranking in the fourth, third and fourth quintiles, respectively, of its peer group. The Fund outperformed its peer group median for the ten-year period, ranking in the third quintile of its peer group. In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including as to individual manager performance. |
Small Company Growth Portfolio
● | Although the Fund’s annualized returns for the one-year, three-year and ten-year periods were below the Fund’s benchmark performance, the Fund outperformed its benchmark for the five-year period. The Fund also outperformed its peer group median for the three-, five- and ten-year periods, ranking in the third quintile of its peer group for the three-year period and in the second quintile for the five- and ten-year periods. The Fund underperformed its peer group median for the one-year period, ranking in the fourth quintile of its peer group. In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including as to individual manager performance. In this connection, the Board took into account the particular investment strategies employed by the Fund’s managers and observed that the Fund’s recent investment performance reflected the interrelationship of market conditions with such strategies. |
Small Company Value Portfolio
● | Although the Fund’s annualized returns for the one-year and three-year periods were below the Fund’s benchmark performance, the Fund outperformed its benchmark for the five-year and ten-year periods. The Fund also outperformed its peer group median for the one-, three-, five- and ten-year periods, ranking in the second quintile of its peer group for the one-and three-year periods, in the first quintile for the five-year period and in the third quintile for the ten-year period. |
Index Fund
● | The Index Fund’s tracking error was below its peer group median—i.e., the Index Fund tracked its index more closely than the median of its peer group—for the one-year, three-year and ten-year periods, ranking in the second quintile of its peer group for each of the periods. The Index Fund’s tracking error exceeded its peer group median by one basis point for the five-year period, ranking in the third quintile of its peer group. The Board also noted that although the Index Fund underperformed its index for all periods reviewed, these results were attributable primarily to the Index Fund’s expenses. The Board determined that the Index Fund tracked its index within an acceptable range. |
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Wilshire Income Opportunities Fund
● | The Board took into account the Fund’s limited operating history and considered the available performance metrics. The Fund’s annualized returns for the one-year, year-to-date and quarter-to-date periods ended September 30, 2018 exceeded its benchmark. In addition, the Fund’s performance for the one-year period exceeded its peer group median, ranking in the second quintile of its peer group. |
Wilshire International Equity Fund
● | The Board noted that the Fund changed its investment mandate from a domestic large cap core fund to an international large cap fund in April 2013 and changed its benchmark to the MSCI ACW ex-U.S. Index at the same time, so annualized peer returns and performance relative to the Index are not comparable for the ten-year period. Consequently, the Board focused on more recent performance metrics, noting that the Fund’s performance for the one-year, three-year and five-year periods exceeded its benchmark. In addition, the Fund’s performance for the one-year, three-year and five-year periods exceeded its peer group median, ranking in the first quintile of its peer group for the one-year and three-year periods and in the second quintile for the five-year period. |
In evaluating each Fund’s performance metrics, the Board took into account its discussions with management regarding the factors that contributed to or detracted from performance, as the case may be, and considered the Adviser’s overall track record and reputation. After reviewing the foregoing and related factors, the Board concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with the Adviser’s responses relating to investment performance.
In addition, based on the foregoing, the Board concluded that the Adviser and its personnel were qualified to continue to serve the Funds in such capacity and that it was satisfied with the nature, extent and quality of services provided by the Adviser to each Fund.
Comparative Fees
The Board compared each Fund’s actual management fee paid and total expense ratio for Investment Class shares to the applicable peer group of funds, as well as each Fund’s size relative to its peers. In considering the comparative fee and expense data provided by the Adviser, the Board made the following observations:
Large Company Growth Portfolio
● | Although each of the Fund’s total expense ratio and actual management fee paid was above the peer group median and the total expense ratio ranked in the fifth quintile of the Fund’s peer group, the actual management fee paid, which was 5 basis points above the peer group median, ranked in the fourth quintile (the first quintile being the lowest and the fifth quintile being the highest), which the Board concluded was competitive. The Board also considered the Adviser’s proposal to enter into a new expense limitation agreement with respect to the Fund. The Board took into account the foregoing proposal, and its anticipated effective date, in its assessment of the reasonableness of the Fund’s fees. |
161
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Board Approval of Advisory Agreement
(Unaudited) - (continued) |
Large Company Value Portfolio
● | Although each of the Fund’s total expense ratio and actual management fee paid was above the peer group median and the total expense ratio ranked in the fifth quintile of the Fund’s peer group, the actual management fee paid, which was 10 basis points above the peer group median, ranked in the fourth quintile, which the Board concluded was competitive. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group. |
Small Company Growth Portfolio
● | Although the Fund’s total expense ratio was above the peer group median, ranking in the third quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the first quintile. With respect to the Fund’s total expense ratio, the Board considered the Fund’s small size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
Small Company Value Portfolio
● | Although the Fund’s total expense ratio was above the peer group median, ranking in the fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the first quintile. With respect to the Fund’s total expense ratio, the Board considered the Fund’s small size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
Index Fund
● | Both the Fund’s total expense ratio and the actual management fee paid were below the peer group median, in each case ranking in the first quintile. |
Wilshire Income Opportunities Fund
● | Although the Fund’s total expense ratio was above the peer group median, ranking in the fifth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the second quintile. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
Wilshire International Equity Fund
● | Each of the Fund’s total expense ratio and actual management fee paid was above the peer group median, each ranking in the fifth quintile of its peer group. In assessing the reasonableness of the Fund’s management fee, the Board took into account the Fund’s strong investment performance. The Board also considered that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
162
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Board Approval of Advisory Agreement
(Unaudited) - (continued) |
As part of its evaluation of each Fund’s management fee, the Board considered how such fees compared to the Fund(s) with similar investment styles, to the extent applicable. The Board noted that the Adviser had not identified any other registered investment companies that it advises pursuant to similar investment strategies.
Based upon all of the above, the Board concluded that the management fee for each Fund was reasonable.
Costs of Services Provided and Profitability to Wilshire
With respect to the costs of services provided and profitability realized by Wilshire from its relationship with the Funds, the Board reviewed a profitability analysis and data from Wilshire, setting forth, among other things, gross revenues received by Wilshire, expenses allocated to the Company and the operating margin/profitability rate. In the course of its review of Wilshire’s profitability, the Board took into account the methods used by Wilshire to determine expenses and profit. The Board considered all of the foregoing in evaluating the costs of services provided, the profitability to Wilshire and the profitability rates presented, and concluded that the profits realized by Wilshire were not unreasonable in comparison with the costs of providing investment advisory services to the Funds.
Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of economies of scale. The Board considered whether economies of scale in the provision of services to the Funds were being passed along to the shareholders. The Board noted the Adviser’s statements, including that it believes its management fees are appropriate and that, where possible, the Adviser has utilized common service providers across multiple funds in the complex in order to negotiate lower fees on behalf of the Funds.
As part of its assessment of economies of scale, the Board also considered that economies of scale may be shared through a number of means, including expense limitations, management fees set at competitive rates pre-assuming future asset growth and/or management fee breakpoints—i.e., a tiered fee schedule based on asset size. Thus, the Board considered the size of each Fund and the management fee it is charged, as well as the Adviser’s agreement to limit the expenses of certain Funds, including the proposed implementation of a new expense cap for Large Company Growth Portfolio. The Board also took into account that each Fund’s advisory fee schedule included a breakpoint at an asset level that had not yet been reached.
Based upon all of the above, the Board concluded that the management fee for each Fund reflects an appropriate recognition of any economies of scale.
Fall-Out Benefits
The Board considered the Adviser’s statement that benefits from its relationship with the Funds were limited to the advisory fees paid. The Board determined that the advisory fees were reasonable in light of any fall-out benefits.
Conclusion
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be fair and reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.
163
Wilshire Mutual Funds, Inc.
Board Approval of Sub-Advisory Agreements
(Unaudited) |
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series:
● Large Company Growth Portfolio | ● Large Company Value Portfolio |
● Small Company Growth Portfolio | ● Small Company Value Portfolio |
● Wilshire 5000 Index Fund | ● Wilshire Income Opportunities Fund |
● Wilshire International Equity Fund |
(Each of the foregoing series may be referred to herein as a “Fund” and collectively, as the “Funds.”)
During the six months ended December 31, 2018, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of each subadvisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser for each Fund, and each of the following subadvisers, with respect to the applicable Fund(s):
Subadviser | Fund(s) |
Barrow, Hanley, Mewhinney & Straus, LLC (“BHMS”) | Large Company Value Portfolio |
DoubleLine Capital LP (“DoubleLine”) | Wilshire Income Opportunities Fund |
Loomis, Sayles & Company L.P. (“Loomis Sayles”) | Large Company Growth Portfolio |
Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) | Large Company Growth Portfolio |
NWQ Investment Management Company, LLC (“NWQ”) | Small Company Value Portfolio |
Pzena Investment Management, LLC (“Pzena”) | Large Company Value Portfolio |
Ranger Investment Management, L.P. (“Ranger”) | Small Company Growth Portfolio |
Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”) | Large Company Growth Portfolio |
WCM Investment Management, LLC (“WCM”) | Wilshire International Equity Fund |
(In the following text, the subadvisers are referred to collectively as “Subadvisers” or individually, a “Subadviser,” and the subadvisory agreements between Wilshire and the Subadvisers are referred to collectively as the “Subadvisory Agreements” or each, a “Subadvisory Agreement.”)
Each of the Subadvisory Agreements continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested persons,” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.
164
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Board Approval of Sub-Advisory Agreements
(Unaudited) - (Continued) |
The Board approved the renewal of each of the Subadvisory Agreements following an extensive process that concluded at the Board’s August 27-28, 2018 meeting (the “August Meeting”). As required by the 1940 Act, each approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of its review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Subadvisory Agreements and advised them of the relevant legal standards.
Information Requested and Received
At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting information regarding the proposed Subadvisory Agreements to be provided to the Directors in advance of the August Meeting.
In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser as to each Fund it managed describing: (i) the nature, extent and quality of services provided, (ii) the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) where applicable, comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients; and (vii) benefits realized by the Subadviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.
Factors Considered
In connection with its deliberations regarding the proposed renewal of the Subadvisory Agreements, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgement. As described below, the Board considered the nature, extent and quality of the services performed by each Subadviser under the subadvisory arrangements (including the performance of each Fund or portion thereof); comparative fees as provided by each Subadviser; the profits realized by each Subadviser; the extent to which each Subadviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by each Subadviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Subadvisers were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which met on August 27, 2018 to review data on each Subadviser’s performance. Recognizing that the evaluation process with respect to the services provided by each of the Subadvisers is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.
165
Wilshire Mutual Funds, Inc.
Board Approval of Sub-Advisory Agreements
(Unaudited) - (Continued) |
In deciding to approve each of the Subadvisory Agreements, the Board did not identify any single factor as all-important or controlling and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.
Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Subadvisory Agreements, the Board concluded that it was in the best interests of each Fund to approve the renewal of each of the Subadvisory Agreements.
Nature, Extent and Quality of Services
As to each Subadvisory Agreement and Subadviser, the Board considered the nature, extent and quality of services provided. The Board considered the firm’s overall reputation; track record and qualifications of the Subadviser; its investment approach and methodologies; the education, experience and skills of the Subadviser’s investment personnel responsible for the day-to-day portfolio management of the applicable Fund or portion thereof; and the resources made available to such personnel, as well as information regarding how the Subadviser compensates such personnel. The Board also considered the Subadviser’s compliance with investment policies and general legal compliance, in addition to information regarding each firm’s disaster recovery and contingency planning and policies with respect to portfolio execution, trading and proxy voting. The Board noted that it had received a copy of each Subadviser’s Form ADV, including the brochure (Part 2A), which provides additional information about other products the firm manages and the ownership structure of the firm, among other things. The Board also considered the analysis provided by the Adviser, including the metrics used by the Adviser to evaluate each Subadviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place. Also important to the Board’s analysis was the Adviser’s recommendation that each Subadvisory Agreement for each Fund be renewed for an additional term.
In connection with its evaluation of the quality of services provided by each Subadviser, the Board reviewed information comparing each Subadviser’s gross investment performance for each applicable Fund, or portion thereof, to a relevant benchmark (except for LA Capital with respect to the Wilshire 5000 Index Fund for which the Subadviser’s net performance was compared to the benchmark) for various periods ended June 30, 2018. The Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the investment approach employed by the Fund’s Subadviser(s), as disclosed in the Fund’s prospectus. As to each Subadviser’s performance with respect to the applicable Fund or portion of such Fund, the Board made the observations and considered the factors noted below:
Large Company Growth Portfolio
● | LA Capital. The Subadviser outperformed for the quarter to-date, ten-year and since inception (July 31, 1996) periods ended June 30, 2018 and underperformed for the one-, three- and five-year periods ended June 30, 2018. The Board noted the information provided regarding the Subadviser’s portfolio management processes. The Board also considered the Adviser’s assessment of the nature, extent and quality of services |
166
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Board Approval of Sub-Advisory Agreements
(Unaudited) - (Continued) |
provided by the Subadviser, including that it is satisfied with the level of services provided. In addition, the Board took into account the Adviser’s commitment to continue to monitor closely the Subadviser’s performance given recent challenges experienced by the strategy.
● | Loomis Sayles.The Subadviser outperformed for the since inception (August 31, 2015) period ended June 30, 2018 and underperformed for the one-year period ended June 30, 2018. The Board noted the information provided regarding the Subadviser’s investment program for its portion of the Fund, including the description of market conditions in which the Subadviser’s strategy is expected to perform best. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor the Subadviser’s performance. |
● | NewBridge.The Subadviser outperformed for the quarter to-date, year-to-date, one-year and since inception (January 31, 2007) periods ended June 30, 2018 and underperformed for the three-, five- and ten-year periods ended June 30, 2018. The Board noted the information provided regarding the Subadviser’s portfolio construction approach. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor performance. |
Large Company Value Portfolio
● | BHMS.The Subadviser outperformed for all periods reviewed. |
● | LA Capital. The Subadviser outperformed for the one-year, five-year and since inception (April 30, 2013) periods ended June 30, 2018 and underperformed for the three-year period ended June 30, 2018. The Board considered the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser and that performance is in-line with expectations. |
● | Pzena. The Subadviser outperformed for the one-, three-, five- and ten-year periods ended June 30, 2018. |
Small Company Growth Portfolio
● | LA Capital.The Subadviser outperformed for the three-year, five-year, ten-year and since inception (July 31, 1996) periods ended June 30, 2018 and underperformed for the one-year period ended June 30, 2018. |
● | Ranger. The Subadviser outperformed for the three-year, five-year and since inception (April 30, 2013) periods ended June 30, 2018 and underperformed for the one-year period ended June 30, 2018. |
Small Company Value Portfolio
● | LA Capital.The Subadviser outperformed for the one-, three-, five- and ten-year periods ended June 30, 2018. |
● | NWQ.The Subadviser outperformed for the one-year, three-year, five-year and since inception (April 30, 2013) periods ended June 30, 2018. |
167
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Board Approval of Sub-Advisory Agreements
(Unaudited) - (Continued) |
Wilshire 5000 Index Fund
● | LA Capital. The Subadviser underperformed for all periods reviewed. The Board noted that the Fund’s investment objective is to replicate as closely as possible the performance of the Wilshire 5000 Index (the “Index”) before the deduction of the Fund’s expenses. The Subadviser seeks to track the performance of the Index by partially replicating the holdings of the Index, as well as optimizing the portfolio’s exposures to certain factors. In this connection, the Board considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that the Subadviser’s performance is in-line with expectations. The Board also took into account that the Adviser is satisfied with the level of services provided by the Subadviser to the Fund. |
Wilshire Income Opportunities Fund
● | DoubleLine. The Subadviser outperformed for all periods reviewed. |
Wilshire International Equity Fund
● | LA Capital. The Subadviser outperformed for the one-year, three-year and since inception (June 30, 2014) periods ended June 30, 2018. |
● | WCM.The Subadviser outperformed for the one-year, three-year and since inception (October 31, 2013) periods ended June 30, 2018. |
With respect to each Subadviser’s resources and the ability of the Subadviser to carry out its responsibilities under the applicable Subadvisory Agreement, the Board considered the information provided regarding the Subadviser’s financial condition and available resources.
After reviewing and considering the foregoing and related factors, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided, and expected to be provided, to each Fund pursuant to the applicable Subadvisory Agreement.
Subadvisory Fees
The Board considered each Fund’s subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rates were negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.
With respect to the Subadvisers’ reported fees for “Other Clients” with comparable investment policies and services, for the Subadvisers where the fees charged to the Adviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.
Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.
168
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Board Approval of Sub-Advisory Agreements
(Unaudited) - (Continued) |
Profitability to the Subadvisers
The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the various Subadvisers were limited due to the current size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.
Economies of Scale
The Board considered whether there are economies of scale with respect to the subadvisory services provided to each Fund and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate for each Fund under the Subadvisory Agreement is reasonable in relation to the asset size of such Fund. The Board concluded that the fee schedule for each Fund reflects an appropriate recognition of any economies of scale.
Fall-Out Benefits
The Board also considered the character and amount of other incidental benefits received by each Subadviser. The Board considered each Subadviser’s soft dollar practices, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.
Conclusion
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Subadvisory Agreement are fair and reasonable and that the approval of each Subadvisory Agreement is in the best interests of each Fund.
169
Wilshire Mutual Funds
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
1-888-200-6796
http://advisor.wilshire.com
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.
Item 3. | Audit Committee Financial Expert. |
The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Mr. Roger A. Formisano. Mr. Formisano is “independent” for purposes of this Item.
Item 4. | Principal Accountant Fees and Services. |
(a) | Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $112,500 and $112,500 with respect to the registrant’s fiscal years ended December 31, 2018 and 2017, respectively. |
(b) | Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. |
(c) | Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $29,000 and $29,000 with respect to the registrant’s fiscal years ended December 31, 2018 and 2017, respectively. The services comprising these fees are tax consulting and the preparation of the registrant’s federal income and excise tax returns. |
(d) | All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. |
(e)(1) | The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
(e)(2) | None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees. |
(g) | During the fiscal years ended December 31, 2018 and 2017, aggregate non-audit fees of $29,000 and $29,000, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. No non-audit fees were billed by the registrant's principal accountant in either of the last two fiscal years for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust. |
(h) | The registrant’s audit committee has determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable
Item 6. | Schedule of Investments. |
(a) | The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 IndexSM Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund are listed below. |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 98.5% | Shares | Value | ||||||
Communication Services - 9.1% | ||||||||
A.H. Belo Corp. - Class A | 90 | $ | 303 | |||||
Activision Blizzard, Inc. | 4,613 | 214,827 | ||||||
Actua Corp.(a) (b) (g) | 100 | 63 | ||||||
Alphabet, Inc. - Class C(a) | 4,183 | 4,331,956 | ||||||
AMC Entertainment Holdings, Inc. - Class A(c) | 107 | 1,314 | ||||||
AMC Networks, Inc. - Class A(a) | 356 | 19,537 | ||||||
AT&T, Inc. | 48,588 | 1,386,702 | ||||||
Cars.com, Inc.(a) (c) | 575 | 12,363 | ||||||
CBS Corp. - Class B | 2,533 | 110,742 | ||||||
CenturyLink, Inc. | 6,072 | 91,991 | ||||||
Charter Communications, Inc. - Class A(a) | 1,478 | 421,185 | ||||||
Cinemark Holdings, Inc.(c) | 775 | 27,745 | ||||||
Clear Channel Outdoor Holdings, Inc. - Class A | 1,000 | 5,190 | ||||||
Cogent Communications Holdings, Inc. | 200 | 9,042 | ||||||
Comcast Corp. - Class A | 27,208 | 926,431 | ||||||
comScore, Inc.(a) | 400 | 5,772 | ||||||
Consolidated Communications Holdings, Inc.(c) | 501 | 4,950 | ||||||
Discovery, Inc. - Series A(a) (c) | 798 | 19,743 | ||||||
DISH Network Corp. - Class A(a) | 1,375 | 34,334 | ||||||
E.W. Scripps Co. (The) - Class A(c) | 526 | 8,274 | ||||||
Electronic Arts, Inc.(a) | 1,940 | 153,085 | ||||||
Entercom Communications Corp. - Class A(c) | 250 | 1,428 | ||||||
Entravision Communications Corp. - Class A(c) | 100 | 291 | ||||||
Facebook, Inc. - Class A(a) | 16,109 | 2,111,728 | ||||||
Gannett Co., Inc.(c) | 1,050 | 8,957 | ||||||
GCI Liberty, Inc. - Class A(a) (c) | 681 | 28,030 | ||||||
Gray Television, Inc.(a) | 500 | 7,370 | ||||||
IAC/InterActiveCorp(a) | 450 | 82,368 | ||||||
IDT Corp. - Class B(a) | 16 | 99 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,422 | 49,966 | ||||||
John Wiley & Sons, Inc. - Class A | 200 | 9,394 | ||||||
Liberty Broadband Corp. - Series A(a) | 1,381 | 99,170 | ||||||
Liberty Media Corp. - Liberty Braves - Series A(a) (c) | 360 | 8,978 | ||||||
Liberty Media Corp. - Liberty Formula One - Series A(a) (c) | 600 | 17,832 | ||||||
Liberty Media Corp. - Liberty SiriusXM - Series A(a) | 2,252 | 82,874 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Communication Services - 9.1% (Continued) | ||||||||
Liberty TripAdvisor Holdings, Inc. - Series A(a) | 790 | $ | 12,553 | |||||
Lions Gate Entertainment Corp. - Class B | 1,033 | 15,371 | ||||||
Live Nation Entertainment, Inc.(a) | 1,137 | 55,997 | ||||||
Loral Space & Communications, Inc.(a) (c) | 300 | 11,175 | ||||||
Madison Square Garden Co. (The) - Class A(a) | 93 | 24,896 | ||||||
Marcus Corp. (The)(c) | 100 | 3,950 | ||||||
Match Group, Inc.(c) | 1,175 | 50,255 | ||||||
Meredith Corp.(c) | 300 | 15,582 | ||||||
MSG Networks, Inc. - Class A(a) (c) | 581 | 13,688 | ||||||
National CineMedia, Inc.(c) | 500 | 3,240 | ||||||
Netflix, Inc.(a) | 2,752 | 736,601 | ||||||
New Media Investment Group, Inc. | 301 | 3,483 | ||||||
New York Times Co. (The) - Class A(c) | 1,050 | 23,405 | ||||||
News Corp. - Class A | 2,853 | 32,382 | ||||||
Nexstar Media Group, Inc. - Class A(c) | 399 | 31,377 | ||||||
Omnicom Group, Inc.(c) | 1,714 | 125,532 | ||||||
Pandora Media, Inc.(a) (c) | 1,725 | 13,955 | ||||||
Rosetta Stone, Inc.(a) | 300 | 4,920 | ||||||
Scholastic Corp. | 325 | 13,085 | ||||||
Shenandoah Telecommunications Co. | 300 | 13,275 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 425 | 11,195 | ||||||
Sirius XM Holdings, Inc.(c) | 12,225 | 69,805 | ||||||
Spok Holdings, Inc. | 400 | 5,304 | ||||||
Sprint Corp.(a) (c) | 5,547 | 32,284 | ||||||
Take-Two Interactive Software, Inc.(a) | 625 | 64,338 | ||||||
TechTarget, Inc.(a) | 800 | 9,768 | ||||||
TEGNA, Inc. | 1,725 | 18,751 | ||||||
Telephone & Data Systems, Inc. | 700 | 22,778 | ||||||
T-Mobile US, Inc.(a) | 2,125 | 135,171 | ||||||
Travelzoo(a) | 100 | 983 | ||||||
TripAdvisor, Inc.(a) | 634 | 34,198 | ||||||
Twenty-First Century Fox, Inc. - Class A | 6,588 | 317,015 | ||||||
Twitter, Inc.(a) | 5,300 | 152,322 | ||||||
United States Cellular Corp.(a) | 300 | 15,591 | ||||||
Verizon Communications, Inc. | 27,033 | 1,519,795 | ||||||
Viacom, Inc. - Class B | 2,082 | 53,507 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Communication Services - 9.1% (Continued) | ||||||||
Vonage Holdings Corp.(a) | 1,425 | $ | 12,440 | |||||
Walt Disney Co. (The) | 8,748 | 959,219 | ||||||
World Wrestling Entertainment, Inc. - Class A | 600 | 44,832 | ||||||
Yelp, Inc.(a) (c) | 566 | 19,804 | ||||||
Zayo Group Holdings, Inc.(a) | 1,525 | 34,831 | ||||||
Zillow Group, Inc. - Class C(a) (c) | 748 | 23,622 | ||||||
15,056,309 | ||||||||
Consumer Discretionary - 10.4% | ||||||||
1-800-FLOWERS.COM, Inc. - Class A(a) (c) | 300 | 3,669 | ||||||
Aaron's, Inc. | 400 | 16,820 | ||||||
Abercrombie & Fitch Co. - Class A(c) | 425 | 8,521 | ||||||
Adtalem Global Education, Inc.(a) | 400 | 18,928 | ||||||
Advance Auto Parts, Inc. | 491 | 77,313 | ||||||
Amazon.com, Inc.(a) | 2,898 | 4,352,710 | ||||||
American Axle & Manufacturing Holdings, Inc.(a) (c) | 550 | 6,105 | ||||||
American Eagle Outfitters, Inc. | 1,225 | 23,679 | ||||||
American Outdoor Brands Corp.(a) | 475 | 6,109 | ||||||
American Public Education, Inc.(a) | 300 | 8,538 | ||||||
Aramark | 1,675 | 48,525 | ||||||
Autoliv, Inc.(c) | 648 | 45,509 | ||||||
AutoNation, Inc.(a) | 525 | 18,743 | ||||||
AutoZone, Inc.(a) | 206 | 172,698 | ||||||
Barnes & Noble Education, Inc.(a) | 347 | 1,391 | ||||||
Barnes & Noble, Inc.(c) | 550 | 3,900 | ||||||
Beazer Homes USA, Inc.(a) (c) | 200 | 1,896 | ||||||
Bed Bath & Beyond, Inc.(c) | 1,125 | 12,735 | ||||||
Best Buy Co., Inc. | 1,625 | 86,060 | ||||||
Big 5 Sporting Goods Corp.(c) | 200 | 518 | ||||||
Big Lots, Inc.(c) | 200 | 5,784 | ||||||
Booking Holdings, Inc.(a) | 308 | 530,505 | ||||||
BorgWarner, Inc. | 1,310 | 45,509 | ||||||
Boyd Gaming Corp. | 725 | 15,066 | ||||||
Bridgepoint Education, Inc.(a) | 500 | 3,505 | ||||||
Bright Horizons Family Solutions, Inc.(a) | 300 | 33,435 | ||||||
Brinker International, Inc.(c) | 175 | 7,697 | ||||||
Brunswick Corp. | 550 | 25,548 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
Buckle, Inc. (The)(c) | 350 | $ | 6,769 | |||||
Burlington Stores, Inc.(a) | 548 | 89,143 | ||||||
Caleres, Inc.(c) | 425 | 11,828 | ||||||
Callaway Golf Co. | 500 | 7,650 | ||||||
Career Education Corp.(a) | 500 | 5,710 | ||||||
CarMax, Inc.(a) (c) | 1,080 | 67,748 | ||||||
Carnival Corp. | 2,825 | 139,273 | ||||||
Carter's, Inc.(c) | 382 | 31,179 | ||||||
Cato Corp. (The) - Class A | 300 | 4,281 | ||||||
Cavco Industries, Inc.(a) | 100 | 13,038 | ||||||
Cheesecake Factory, Inc. (The)(c) | 300 | 13,053 | ||||||
Chico's FAS, Inc.(c) | 1,300 | 7,306 | ||||||
Children's Place, Inc. (The)(c) | 132 | 11,892 | ||||||
Chipotle Mexican Grill, Inc.(a) | 137 | 59,155 | ||||||
Choice Hotels International, Inc.(c) | 450 | 32,211 | ||||||
Churchill Downs, Inc. | 67 | 16,344 | ||||||
Citi Trends, Inc. | 50 | 1,020 | ||||||
Collectors Universe, Inc. | 110 | 1,250 | ||||||
Columbia Sportswear Co. | 100 | 8,409 | ||||||
Conn's, Inc.(a) (c) | 500 | 9,430 | ||||||
Cooper Tire & Rubber Co. | 425 | 13,740 | ||||||
Core-Mark Holding Co., Inc. | 206 | 4,790 | ||||||
Cracker Barrel Old Country Store, Inc.(c) | 191 | 30,533 | ||||||
Crocs, Inc.(a) | 1,200 | 31,176 | ||||||
CSS Industries, Inc. | 50 | 449 | ||||||
D.R. Horton, Inc. | 2,073 | 71,849 | ||||||
Dana, Inc. | 900 | 12,267 | ||||||
Darden Restaurants, Inc. | 823 | 82,185 | ||||||
Dave & Buster's Entertainment, Inc. | 300 | 13,368 | ||||||
Deckers Outdoor Corp.(a) (c) | 25 | 3,199 | ||||||
Dick's Sporting Goods, Inc.(c) | 527 | 16,442 | ||||||
Dillard's, Inc. - Class A(c) | 347 | 20,928 | ||||||
Dollar General Corp. | 1,696 | 183,303 | ||||||
Dollar Tree, Inc.(a) | 1,736 | 156,796 | ||||||
Domino's Pizza, Inc. | 279 | 69,189 | ||||||
Dorman Products, Inc.(a) (c) | 200 | 18,004 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
DSW, Inc. - Class A | 550 | $ | 13,585 | |||||
Dunkin' Brands Group, Inc.(c) | 600 | 38,472 | ||||||
eBay, Inc.(a) | 7,425 | 208,420 | ||||||
Empire Resorts, Inc.(a) (c) | 20 | 203 | ||||||
Etsy, Inc.(a) | 420 | 19,979 | ||||||
Expedia Group, Inc. | 757 | 85,276 | ||||||
Express, Inc.(a) (c) | 1,000 | 5,110 | ||||||
Fiesta Restaurant Group, Inc.(a) | 300 | 4,653 | ||||||
Foot Locker, Inc. | 1,025 | 54,530 | ||||||
Ford Motor Co. | 25,100 | 192,015 | ||||||
Fossil Group, Inc.(a) (c) | 400 | 6,292 | ||||||
frontdoor, inc.(a) | 487 | 12,959 | ||||||
Gaia, Inc.(a) (c) | 600 | 6,216 | ||||||
GameStop Corp. - Class A(c) | 550 | 6,941 | ||||||
Gap, Inc. (The) | 1,550 | 39,928 | ||||||
General Motors Co. | 9,440 | 315,768 | ||||||
Gentex Corp. | 2,195 | 44,361 | ||||||
Gentherm, Inc.(a) | 75 | 2,999 | ||||||
Genuine Parts Co. | 1,007 | 96,692 | ||||||
G-III Apparel Group Ltd.(a) | 275 | 7,670 | ||||||
Golden Entertainment, Inc.(a) (c) | 100 | 1,602 | ||||||
Goodyear Tire & Rubber Co. (The) | 1,825 | 37,248 | ||||||
GoPro, Inc. - Class A(a) (c) | 300 | 1,272 | ||||||
Grand Canyon Education, Inc.(a) | 200 | 19,228 | ||||||
Green Brick Partners, Inc.(a) | 45 | 326 | ||||||
Group 1 Automotive, Inc.(c) | 223 | 11,757 | ||||||
GrubHub, Inc.(a) (c) | 550 | 42,246 | ||||||
Guess?, Inc. | 400 | 8,308 | ||||||
H&R Block, Inc. | 1,310 | 33,235 | ||||||
Hanesbrands, Inc.(c) | 2,695 | 33,768 | ||||||
Harley-Davidson, Inc. | 1,150 | 39,238 | ||||||
Hasbro, Inc. | 700 | 56,875 | ||||||
Helen of Troy Ltd.(a) | 119 | 15,610 | ||||||
Hibbett Sports, Inc.(a) (c) | 200 | 2,860 | ||||||
Hilton Grand Vacations, Inc.(a) | 105 | 2,771 | ||||||
Hilton Worldwide Holdings, Inc. | 350 | 25,130 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
Home Depot, Inc. (The) | 7,864 | $ | 1,351,193 | |||||
Hooker Furniture Corp. | 200 | 5,268 | ||||||
Hyatt Hotels Corp. - Class A | 300 | 20,280 | ||||||
International Speedway Corp. - Class A | 237 | 10,395 | ||||||
iRobot Corp.(a) (c) | 167 | 13,985 | ||||||
Jack in the Box, Inc. | 236 | 18,321 | ||||||
K12, Inc.(a) | 300 | 7,437 | ||||||
KB Home(c) | 375 | 7,163 | ||||||
Kohl's Corp. | 1,075 | 71,316 | ||||||
L Brands, Inc. | 1,484 | 38,094 | ||||||
Lands' End, Inc.(a) (c) | 278 | 3,950 | ||||||
Las Vegas Sands Corp. | 2,727 | 141,940 | ||||||
La-Z-Boy, Inc. | 425 | 11,777 | ||||||
LCI Industries(c) | 154 | 10,287 | ||||||
Leaf Group Ltd.(a) (c) | 200 | 1,370 | ||||||
Lear Corp. | 500 | 61,430 | ||||||
Leggett & Platt, Inc. | 910 | 32,614 | ||||||
Lennar Corp. - Class A | 1,250 | 48,938 | ||||||
Libbey, Inc. | 250 | 970 | ||||||
Liberty Expedia Holdings, Inc. - Series A(a) | 381 | 14,901 | ||||||
Lithia Motors, Inc. - Class A(c) | 134 | 10,228 | ||||||
LKQ Corp.(a) | 2,100 | 49,833 | ||||||
Lowe's Cos., Inc. | 6,056 | 559,332 | ||||||
Lumber Liquidators Holdings, Inc.(a) (c) | 241 | 2,294 | ||||||
M.D.C. Holdings, Inc. | 306 | 8,602 | ||||||
Macy's, Inc. | 2,223 | 66,201 | ||||||
Marine Products Corp.(c) | 700 | 11,837 | ||||||
Marriott International, Inc. - Class A | 2,349 | 255,007 | ||||||
Marriott Vacations Worldwide Corp. | 244 | 17,204 | ||||||
Mattel, Inc.(a) (c) | 2,255 | 22,527 | ||||||
McDonald's Corp. | 5,528 | 981,606 | ||||||
Meritage Homes Corp.(a) | 200 | 7,344 | ||||||
MGM Resorts International | 3,300 | 80,058 | ||||||
Mohawk Industries, Inc.(a) | 392 | 45,848 | ||||||
Monro, Inc. | 325 | 22,344 | ||||||
Motorcar Parts of America, Inc.(a) (c) | 300 | 4,992 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
Movado Group, Inc.(c) | 300 | $ | 9,486 | |||||
Murphy USA, Inc.(a) | 296 | 22,685 | ||||||
Nautilus, Inc.(a) (c) | 50 | 545 | ||||||
Newell Brands, Inc.(c) | 3,415 | 63,485 | ||||||
NIKE, Inc. - Class B | 9,049 | 670,892 | ||||||
Nordstrom, Inc.(c) | 1,000 | 46,610 | ||||||
Norwegian Cruise Line Holdings Ltd.(a) | 325 | 13,777 | ||||||
Nutrisystem, Inc. | 300 | 13,164 | ||||||
NVR, Inc.(a) | 40 | 97,479 | ||||||
O'Reilly Automotive, Inc.(a) | 650 | 223,815 | ||||||
Overstock.com, Inc.(a) (c) | 300 | 4,074 | ||||||
Oxford Industries, Inc.(c) | 50 | 3,552 | ||||||
Papa John's International, Inc.(c) | 173 | 6,887 | ||||||
Penn National Gaming, Inc.(a) | 178 | 3,352 | ||||||
Penske Automotive Group, Inc. | 350 | 14,112 | ||||||
Polaris Industries, Inc.(c) | 340 | 26,071 | ||||||
Pool Corp. | 313 | 46,527 | ||||||
PulteGroup, Inc. | 1,915 | 49,771 | ||||||
PVH Corp. | 543 | 50,472 | ||||||
Qurate Retail, Inc.(a) | 2,919 | 56,979 | ||||||
Ralph Lauren Corp. | 406 | 42,005 | ||||||
RCI Hospitality Holdings, Inc. | 300 | 6,699 | ||||||
Regis Corp.(a) | 200 | 3,390 | ||||||
RH(a) (c) | 116 | 13,899 | ||||||
Rocky Brands, Inc.(c) | 100 | 2,600 | ||||||
Ross Stores, Inc. | 2,575 | 214,240 | ||||||
Royal Caribbean Cruises Ltd. | 1,087 | 106,298 | ||||||
Sally Beauty Holdings, Inc.(a) (c) | 700 | 11,935 | ||||||
SeaWorld Entertainment, Inc.(a) | 325 | 7,179 | ||||||
Service Corp. International(c) | 1,250 | 50,324 | ||||||
ServiceMaster Global Holdings, Inc.(a) | 975 | 35,821 | ||||||
Shoe Carnival, Inc.(c) | 600 | 20,106 | ||||||
Shutterfly, Inc.(a) (c) | 100 | 4,026 | ||||||
Shutterstock, Inc.(c) | 122 | 4,393 | ||||||
Signet Jewelers Ltd.(c) | 620 | 19,697 | ||||||
Six Flags Entertainment Corp.(c) | 600 | 33,378 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
Skechers U.S.A., Inc. - Class A(a) (c) | 750 | $ | 17,168 | |||||
Sleep Number Corp.(a) (c) | 188 | 5,965 | ||||||
Sonic Automotive, Inc. - Class A | 300 | 4,128 | ||||||
Sotheby's(a) (c) | 428 | 17,009 | ||||||
Speedway Motorsports, Inc. | 400 | 6,508 | ||||||
Stamps.com, Inc.(a) (c) | 129 | 20,078 | ||||||
Starbucks Corp. | 9,643 | 621,008 | ||||||
Steven Madden Ltd.(c) | 450 | 13,617 | ||||||
Strategic Education, Inc.(c) | 87 | 9,868 | ||||||
Superior Industries International, Inc.(c) | 150 | 722 | ||||||
Tailored Brands, Inc.(c) | 475 | 6,479 | ||||||
Tapestry, Inc. | 1,900 | 64,125 | ||||||
Target Corp. | 4,111 | 271,695 | ||||||
Tempur Sealy International, Inc.(a) (c) | 298 | 12,337 | ||||||
Tenneco, Inc. - Class A | 450 | 12,326 | ||||||
Tesla, Inc.(a) (c) | 643 | 213,990 | ||||||
Texas Roadhouse, Inc. | 475 | 28,358 | ||||||
Thor Industries, Inc.(c) | 381 | 19,812 | ||||||
Tiffany & Co.(c) | 735 | 59,175 | ||||||
TJX Cos., Inc. (The) | 8,566 | 383,243 | ||||||
Toll Brothers, Inc. | 1,050 | 34,577 | ||||||
TopBuild Corp.(a) (c) | 325 | 14,625 | ||||||
Tractor Supply Co. | 1,061 | 88,530 | ||||||
TRI Pointe Group, Inc.(a) (c) | 1,100 | 12,023 | ||||||
Tupperware Brands Corp. | 300 | 9,471 | ||||||
Ulta Beauty, Inc.(a) | 369 | 90,346 | ||||||
Under Armour, Inc. - Class A(a) (c) | 2,425 | 42,850 | ||||||
Universal Electronics, Inc.(a) | 200 | 5,056 | ||||||
Urban Outfitters, Inc.(a) | 800 | 26,560 | ||||||
Vail Resorts, Inc. | 190 | 40,056 | ||||||
Veoneer, Inc.(a) (c) | 648 | 15,273 | ||||||
VF Corp. | 2,375 | 169,432 | ||||||
Vista Outdoor, Inc.(a) | 400 | 4,540 | ||||||
Visteon Corp.(a) (c) | 261 | 15,733 | ||||||
Vitamin Shoppe, Inc.(a) (c) | 300 | 1,422 | ||||||
Wayfair, Inc. - Class A(a) (c) | 300 | 27,024 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 10.4% (Continued) | ||||||||
Weight Watchers International, Inc.(a) (c) | 296 | $ | 11,411 | |||||
Wendy's Co. (The) | 1,925 | 30,049 | ||||||
Whirlpool Corp. | 504 | 53,862 | ||||||
Williams-Sonoma, Inc.(c) | 500 | 25,225 | ||||||
Winnebago Industries, Inc. | 175 | 4,237 | ||||||
Wolverine World Wide, Inc.(c) | 725 | 23,120 | ||||||
Wyndham Destinations, Inc. | 620 | 22,221 | ||||||
Wyndham Hotels & Resorts, Inc. | 620 | 28,129 | ||||||
Wynn Resorts Ltd. | 621 | 61,423 | ||||||
Yum! Brands, Inc. | 2,289 | 210,405 | ||||||
Zumiez, Inc.(a) (c) | 300 | 5,751 | ||||||
17,217,439 | ||||||||
Consumer Staples - 6.9% | ||||||||
Alico, Inc.(c) | 200 | 5,900 | ||||||
Altria Group, Inc. | 11,691 | 577,418 | ||||||
Andersons, Inc. (The) | 75 | 2,242 | ||||||
Archer-Daniels-Midland Co. | 3,686 | 151,015 | ||||||
B&G Foods, Inc.(c) | 250 | 7,228 | ||||||
Boston Beer Co., Inc. (The) - Class A(a) | 100 | 24,084 | ||||||
Brown-Forman Corp. - Class B | 1,945 | 92,543 | ||||||
Bunge Ltd. | 1,050 | 56,112 | ||||||
Cal-Maine Foods, Inc.(c) | 18 | 761 | ||||||
Campbell Soup Co.(c) | 1,350 | 44,537 | ||||||
Casey's General Stores, Inc.(c) | 287 | 36,776 | ||||||
Church & Dwight Co., Inc. | 1,606 | 105,611 | ||||||
Clorox Co. (The) | 850 | 131,019 | ||||||
Coca-Cola Co. (The) | 25,460 | 1,205,530 | ||||||
Colgate-Palmolive Co. | 6,451 | 383,964 | ||||||
Conagra Brands, Inc. | 3,741 | 79,908 | ||||||
Constellation Brands, Inc. - Class A | 1,236 | 198,774 | ||||||
Costco Wholesale Corp. | 3,201 | 652,075 | ||||||
Coty, Inc. - Class A | 2,800 | 18,368 | ||||||
Darling Ingredients, Inc.(a) (c) | 975 | 18,759 | ||||||
Dean Foods Co.(c) | 567 | 2,160 | ||||||
e.l.f. Beauty, Inc.(a) (c) | 300 | 2,598 | ||||||
Edgewell Personal Care Co.(a) (c) | 446 | 16,658 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Staples - 6.9% (Continued) | ||||||||
Energizer Holdings, Inc.(c) | 592 | $ | 26,729 | |||||
Estée Lauder Cos., Inc. (The) - Class A | 1,451 | 188,776 | ||||||
Flowers Foods, Inc. | 1,580 | 29,183 | ||||||
Fresh Del Monte Produce, Inc. | 100 | 2,827 | ||||||
General Mills, Inc. | 3,975 | 154,787 | ||||||
Hain Celestial Group, Inc. (The)(a) (c) | 600 | 9,516 | ||||||
Herbalife Nutrition Ltd.(a) (c) | 1,300 | 76,635 | ||||||
Hershey Co. (The) | 1,099 | 117,791 | ||||||
Hormel Foods Corp.(c) | 1,875 | 80,025 | ||||||
Ingles Markets, Inc. - Class A(c) | 150 | 4,083 | ||||||
Ingredion, Inc. | 441 | 40,307 | ||||||
Inter Parfums, Inc. | 300 | 19,671 | ||||||
J & J Snack Foods Corp. | 70 | 10,121 | ||||||
J.M. Smucker Co. (The) | 852 | 79,653 | ||||||
Kellogg Co. | 1,903 | 108,490 | ||||||
Keurig Dr Pepper, Inc. | 1,258 | 32,255 | ||||||
Kimberly-Clark Corp. | 2,431 | 276,988 | ||||||
Kraft Heinz Co. (The) | 4,495 | 193,465 | ||||||
Kroger Co. (The) | 6,075 | 167,063 | ||||||
Lamb Weston Holdings, Inc. | 1,157 | 85,109 | ||||||
Lancaster Colony Corp. | 112 | 19,808 | ||||||
Mannatech, Inc. | 70 | 1,316 | ||||||
McCormick & Co., Inc.(c) | 677 | 94,265 | ||||||
MGP Ingredients, Inc.(c) | 200 | 11,410 | ||||||
Molson Coors Brewing Co. - Class B | 1,163 | 65,314 | ||||||
Mondelēz International, Inc. - Class A | 10,801 | 432,365 | ||||||
Monster Beverage Corp.(a) | 2,696 | 132,697 | ||||||
Nu Skin Enterprises, Inc. - Class A | 325 | 19,932 | ||||||
PepsiCo, Inc. | 9,119 | 1,007,467 | ||||||
Philip Morris International, Inc. | 10,726 | 716,068 | ||||||
Pilgrim's Pride Corp.(a) | 650 | 10,082 | ||||||
Post Holdings, Inc.(a) | 438 | 39,039 | ||||||
PriceSmart, Inc. | 115 | 6,797 | ||||||
Procter & Gamble Co. (The) | 16,340 | 1,501,972 | ||||||
Sanderson Farms, Inc.(c) | 143 | 14,198 | ||||||
SpartanNash Co. | 400 | 6,872 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Consumer Staples - 6.9% (Continued) | ||||||||
Spectrum Brands Holdings, Inc.(c) | 217 | $ | 9,168 | |||||
Sprouts Farmers Market, Inc.(a) | 300 | 7,053 | ||||||
Sysco Corp. | 4,000 | 250,640 | ||||||
Tootsie Roll Industries, Inc.(c) | 27 | 902 | ||||||
TreeHouse Foods, Inc.(a) (c) | 385 | 19,523 | ||||||
Tyson Foods, Inc. - Class A | 1,911 | 102,047 | ||||||
United Natural Foods, Inc.(a) (c) | 150 | 1,589 | ||||||
US Foods Holding Corp.(a) | 475 | 15,029 | ||||||
USANA Health Sciences, Inc.(a) | 118 | 13,892 | ||||||
Vector Group Ltd. | 894 | 8,699 | ||||||
Walgreens Boots Alliance, Inc. | 6,349 | 433,827 | ||||||
Walmart, Inc. | 10,639 | 991,022 | ||||||
WD-40 Co.(c) | 45 | 8,247 | ||||||
11,458,754 | ||||||||
Energy - 4.9% | ||||||||
Anadarko Petroleum Corp. | 3,889 | 170,494 | ||||||
Antero Resources Corp.(a) (c) | 800 | 7,512 | ||||||
Apache Corp.(c) | 2,913 | 76,466 | ||||||
Apergy Corp.(a) | 565 | 15,300 | ||||||
Arch Coal, Inc. - Class A(c) | 163 | 13,527 | ||||||
Archrock, Inc. | 812 | 6,082 | ||||||
Baker Hughes, a GE Co. | 2,795 | 60,093 | ||||||
BP Prudhoe Bay Royalty Trust | 300 | 6,492 | ||||||
Bristow Group, Inc.(a) (c) | 200 | 486 | ||||||
Cabot Oil & Gas Corp. | 3,325 | 74,314 | ||||||
California Resources Corp.(a) | 472 | 8,043 | ||||||
Callon Petroleum Co.(a) (c) | 1,500 | 9,735 | ||||||
CARBO Ceramics, Inc.(a) (c) | 150 | 522 | ||||||
Carrizo Oil & Gas, Inc.(a) (c) | 400 | 4,516 | ||||||
Cheniere Energy, Inc.(a) | 1,625 | 96,184 | ||||||
Chesapeake Energy Corp.(a) (c) | 6,875 | 14,438 | ||||||
Chevron Corp. | 13,683 | 1,488,573 | ||||||
Cimarex Energy Co. | 596 | 36,743 | ||||||
CNX Resources Corp.(a) | 1,650 | 18,843 | ||||||
Concho Resources, Inc.(a) | 1,020 | 104,846 | ||||||
ConocoPhillips | 8,992 | 560,650 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Energy - 4.9% (Continued) | ||||||||
CONSOL Energy, Inc.(a) | 206 | $ | 6,532 | |||||
Continental Resources, Inc.(a) | 830 | 33,358 | ||||||
Cross Timbers Royalty Trust | 200 | 2,232 | ||||||
Dawson Geophysical Co.(a) (c) | 81 | 274 | ||||||
Delek US Holdings, Inc.(c) | 301 | 9,786 | ||||||
Devon Energy Corp. | 3,766 | 84,886 | ||||||
Diamond Offshore Drilling, Inc.(a) (c) | 850 | 8,024 | ||||||
Diamondback Energy, Inc.(c) | 850 | 78,795 | ||||||
Dril-Quip, Inc.(a) (c) | 145 | 4,354 | ||||||
EOG Resources, Inc. | 3,898 | 339,944 | ||||||
EQT Corp. | 1,339 | 25,294 | ||||||
Equitrans Midstream Corp.(a) (c) | 1,071 | 21,441 | ||||||
Era Group, Inc.(a) | 300 | 2,622 | ||||||
Exterran Corp.(a) | 406 | 7,186 | ||||||
Exxon Mobil Corp. | 27,928 | 1,904,409 | ||||||
Forum Energy Technologies, Inc.(a) | 300 | 1,239 | ||||||
Geospace Technologies Corp.(a) | 226 | 2,330 | ||||||
Green Plains, Inc.(c) | 300 | 3,933 | ||||||
Gulf Island Fabrication, Inc.(a) (c) | 381 | 2,751 | ||||||
Gulfport Energy Corp.(a) (c) | 900 | 5,895 | ||||||
Halliburton Co. | 5,931 | 157,645 | ||||||
Helix Energy Solutions Group, Inc.(a) | 1,000 | 5,410 | ||||||
Helmerich & Payne, Inc.(c) | 550 | 26,367 | ||||||
Hess Corp. | 2,024 | 81,972 | ||||||
HighPoint Resources Corp.(a) (c) | 400 | 996 | ||||||
HollyFrontier Corp. | 1,158 | 59,197 | ||||||
Key Energy Services, Inc.(a) (c) | 925 | 1,915 | ||||||
Kinder Morgan, Inc. | 13,180 | 202,708 | ||||||
KLX Energy Services Holdings, Inc.(a) (c) | 126 | 2,955 | ||||||
Laredo Petroleum, Inc.(a) | 800 | 2,896 | ||||||
Marathon Oil Corp. | 5,647 | 80,978 | ||||||
Marathon Petroleum Corp. | 3,531 | 208,364 | ||||||
Matador Resources Co.(a) (c) | 375 | 5,824 | ||||||
Matrix Service Co.(a) | 450 | 8,073 | ||||||
McDermott International, Inc.(a) (c) | 525 | 3,434 | ||||||
Murphy Oil Corp.(c) | 1,025 | 23,975 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Energy - 4.9% (Continued) | ||||||||
Nabors Industries Ltd.(c) | 1,975 | $ | 3,950 | |||||
National Oilwell Varco, Inc. | 2,661 | 68,388 | ||||||
Newfield Exploration Co.(a) (c) | 1,225 | 17,959 | ||||||
Newpark Resources, Inc.(a) (c) | 875 | 6,011 | ||||||
Noble Energy, Inc. | 2,476 | 46,450 | ||||||
Oasis Petroleum, Inc.(a) | 1,375 | 7,604 | ||||||
Occidental Petroleum Corp. | 5,700 | 349,865 | ||||||
Oceaneering International, Inc.(a) (c) | 500 | 6,050 | ||||||
Oil States International, Inc.(a) | 200 | 2,856 | ||||||
ONEOK, Inc. | 1,225 | 66,089 | ||||||
Parsley Energy, Inc. - Class A(a) | 1,425 | 22,772 | ||||||
Patterson-UTI Energy, Inc. | 1,100 | 11,385 | ||||||
PBF Energy, Inc. - Class A | 625 | 20,419 | ||||||
PDC Energy, Inc.(a) | 375 | 11,160 | ||||||
Phillips 66 | 3,213 | 276,799 | ||||||
Pioneer Natural Resources Co. | 1,221 | 160,586 | ||||||
QEP Resources, Inc.(a) | 1,750 | 9,853 | ||||||
Range Resources Corp.(c) | 1,339 | 12,814 | ||||||
Renewable Energy Group, Inc.(a) | 114 | 2,930 | ||||||
Rowan Cos. plc - Class A(a) (c) | 900 | 7,551 | ||||||
RPC, Inc.(c) | 587 | 5,794 | ||||||
Schlumberger Ltd. | 9,396 | 339,007 | ||||||
SemGroup Corp. - Class A(c) | 450 | 6,201 | ||||||
Ship Finance International Ltd.(c) | 575 | 6,055 | ||||||
SM Energy Co.(c) | 450 | 6,966 | ||||||
Southwestern Energy Co.(a) | 3,325 | 11,338 | ||||||
SRC Energy, Inc.(a) (c) | 1,175 | 5,523 | ||||||
Superior Drilling Products, Inc.(a) (c) | 4,560 | 5,335 | ||||||
Superior Energy Services, Inc.(a) | 1,131 | 3,789 | ||||||
Targa Resources Corp. | 1,255 | 45,205 | ||||||
Teekay Corp.(c) | 775 | 2,589 | ||||||
Unit Corp.(a) (c) | 500 | 7,140 | ||||||
Valero Energy Corp. | 3,214 | 240,954 | ||||||
Whiting Petroleum Corp.(a) (c) | 480 | 10,891 | ||||||
Williams Cos., Inc. (The) | 5,250 | 115,763 | ||||||
World Fuel Services Corp. | 475 | 10,170 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Energy - 4.9% (Continued) | ||||||||
WPX Energy, Inc.(a) | 2,675 | $ | 30,361 | |||||
8,156,425 | ||||||||
Financials - 14.1% | ||||||||
Affiliated Managers Group, Inc. | 428 | 41,704 | ||||||
Aflac, Inc. | 3,970 | 180,873 | ||||||
AGNC Investment Corp. | 2,175 | 38,150 | ||||||
Alleghany Corp. | 127 | 79,162 | ||||||
Allstate Corp. (The) | 1,615 | 133,447 | ||||||
Ally Financial, Inc. | 3,625 | 82,143 | ||||||
American Equity Investment Life Holding Co. | 625 | 17,463 | ||||||
American Express Co. | 4,313 | 411,114 | ||||||
American Financial Group, Inc. | 446 | 40,376 | ||||||
American International Group, Inc. | 6,150 | 242,371 | ||||||
American National Insurance Co. | 181 | 23,030 | ||||||
Ameriprise Financial, Inc. | 1,035 | 108,023 | ||||||
Ameris Bancorp | 300 | 9,501 | ||||||
Annaly Capital Management, Inc. | 6,939 | 68,140 | ||||||
Anworth Mortgage Asset Corp. | 1,500 | 6,060 | ||||||
Apollo Commercial Real Estate Finance, Inc.(c) | 600 | 9,996 | ||||||
Apollo Investment Corp.(c) | 575 | 7,130 | ||||||
Arbor Realty Trust, Inc.(c) | 200 | 2,014 | ||||||
Arch Capital Group Ltd.(a) | 1,857 | 49,619 | ||||||
Ares Capital Corp.(c) | 3,355 | 52,271 | ||||||
Argo Group International Holdings Ltd. | 72 | 4,842 | ||||||
Arlington Asset Investment Corp. - Class A(c) | 4 | 29 | ||||||
Arthur J. Gallagher & Co. | 1,225 | 90,283 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 300 | 6,633 | ||||||
Ashford, Inc.(a) | 6 | 311 | ||||||
Aspen Insurance Holdings Ltd. | 350 | 14,697 | ||||||
Associated Banc-Corp | 900 | 17,811 | ||||||
Assurant, Inc. | 337 | 30,141 | ||||||
Assured Guaranty Ltd. | 775 | 29,667 | ||||||
Axis Capital Holdings Ltd. | 475 | 24,529 | ||||||
Axos Financial, Inc.(a) (c) | 372 | 9,367 | ||||||
Bancorp, Inc. (The)(a) | 50 | 398 | ||||||
BancorpSouth Bank | 675 | 17,645 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
Bank of America Corp. | 71,008 | $ | 1,749,636 | |||||
Bank of Hawaii Corp. | 303 | 20,398 | ||||||
Bank of New York Mellon Corp. (The) | 7,163 | 337,161 | ||||||
Bank of the Ozarks, Inc.(c) | 765 | 17,465 | ||||||
BankFinancial Corp. | 700 | 10,465 | ||||||
BankUnited, Inc. | 825 | 24,701 | ||||||
Banner Corp. | 300 | 16,044 | ||||||
Barings BDC, Inc.(c) | 350 | 3,154 | ||||||
BB&T Corp. | 5,840 | 252,988 | ||||||
Beneficial Bancorp, Inc. | 549 | 7,845 | ||||||
Berkley (W.R.) Corp. | 687 | 50,776 | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 14,686 | 2,998,587 | ||||||
Berkshire Hills Bancorp, Inc. | 300 | 8,091 | ||||||
BGC Partners, Inc. - Class A | 1,650 | 8,531 | ||||||
BlackRock, Inc. | 902 | 354,323 | ||||||
Blackstone Mortgage Trust, Inc. - Class A(c) | 600 | 19,116 | ||||||
Blucora, Inc.(a) | 250 | 6,660 | ||||||
BOK Financial Corp. | 296 | 21,706 | ||||||
Boston Private Financial Holdings, Inc. | 500 | 5,285 | ||||||
Bridge Bancorp, Inc. | 300 | 7,647 | ||||||
Brighthouse Financial, Inc.(a) (c) | 608 | 18,532 | ||||||
Brookline Bancorp, Inc. | 500 | 6,910 | ||||||
Brown & Brown, Inc. | 1,800 | 49,608 | ||||||
Camden National Corp. | 150 | 5,396 | ||||||
Capital City Bank Group, Inc.(c) | 350 | 8,124 | ||||||
Capital One Financial Corp. | 3,012 | 227,676 | ||||||
Capitol Federal Financial, Inc. | 1,000 | 12,770 | ||||||
Capstead Mortgage Corp.(c) | 700 | 4,669 | ||||||
Cathay General Bancorp(c) | 463 | 15,524 | ||||||
Cboe Global Markets, Inc. | 590 | 57,720 | ||||||
CenterState Bank Corp. | 367 | 7,722 | ||||||
Central Pacific Financial Corp.(c) | 300 | 7,305 | ||||||
Charles Schwab Corp. (The) | 8,589 | 356,700 | ||||||
Chemical Financial Corp. | 500 | 18,305 | ||||||
Chimera Investment Corp. | 1,455 | 25,928 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
Cincinnati Financial Corp. | 1,135 | $ | 87,872 | |||||
CIT Group, Inc. | 1,350 | 51,665 | ||||||
Citigroup, Inc. | 19,155 | 997,208 | ||||||
Citizens Financial Group, Inc. | 3,375 | 100,339 | ||||||
CME Group, Inc. | 2,138 | 402,200 | ||||||
CNA Financial Corp. | 300 | 13,245 | ||||||
CNO Financial Group, Inc. | 1,100 | 16,368 | ||||||
Cohen & Steers, Inc.(c) | 50 | 1,716 | ||||||
Columbia Banking System, Inc. | 276 | 10,016 | ||||||
Comerica, Inc. | 1,083 | 74,391 | ||||||
Commerce Bancshares, Inc.(c) | 758 | 42,728 | ||||||
Community Bank System, Inc.(c) | 200 | 11,660 | ||||||
Community Trust Bancorp, Inc.(c) | 110 | 4,357 | ||||||
Crawford & Co. - Class B | 200 | 1,800 | ||||||
Credit Acceptance Corp.(a) (c) | 112 | 42,757 | ||||||
Cullen/Frost Bankers, Inc.(c) | 332 | 29,196 | ||||||
CVB Financial Corp.(c) | 600 | 12,138 | ||||||
Discover Financial Services | 2,775 | 163,670 | ||||||
Donnelley Financial Solutions, Inc.(a) | 159 | 2,231 | ||||||
E*TRADE Financial Corp. | 2,078 | 91,183 | ||||||
Eagle Bancorp, Inc.(a) (c) | 300 | 14,613 | ||||||
East West Bancorp, Inc. | 1,025 | 44,618 | ||||||
Eaton Vance Corp. | 850 | 29,903 | ||||||
eHealth, Inc.(a) | 175 | 6,724 | ||||||
Employers Holdings, Inc. | 75 | 3,148 | ||||||
Encore Capital Group, Inc.(a) (c) | 200 | 4,700 | ||||||
Enova International, Inc.(a) (c) | 297 | 5,780 | ||||||
Enstar Group Ltd.(a) (c) | 120 | 20,108 | ||||||
Enterprise Financial Services Corp. | 50 | 1,882 | ||||||
Erie Indemnity Co. - Class A | 174 | 23,196 | ||||||
Evercore, Inc. - Class A | 350 | 25,046 | ||||||
Everest Re Group Ltd. | 226 | 49,214 | ||||||
Exantas Capital Corp.(c) | 50 | 501 | ||||||
EZCORP, Inc. - Class A(a) (c) | 1,000 | 7,730 | ||||||
F.N.B. Corp. | 2,460 | 24,206 | ||||||
FactSet Research Systems, Inc. | 250 | 50,033 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
FBL Financial Group, Inc. - Class A | 300 | $ | 19,695 | |||||
Federated Investors, Inc. - Class B(c) | 700 | 18,585 | ||||||
FedNat Holding Co. | 200 | 3,984 | ||||||
Fidelity National Financial, Inc. | 1,909 | 60,019 | ||||||
Fifth Third Bancorp | 5,276 | 124,144 | ||||||
Financial Institutions, Inc. | 200 | 5,140 | ||||||
First American Financial Corp. | 527 | 23,525 | ||||||
First Bancorp | 300 | 9,798 | ||||||
First BanCorp. | 1,366 | 11,748 | ||||||
First Busey Corp. | 325 | 7,976 | ||||||
First Citizens BancShares, Inc. - Class A | 50 | 18,853 | ||||||
First Commonwealth Financial Corp.(c) | 800 | 9,664 | ||||||
First Community Bancshares, Inc.(c) | 425 | 13,379 | ||||||
First Financial Bancorp(c) | 991 | 23,507 | ||||||
First Financial Bankshares, Inc.(c) | 300 | 17,307 | ||||||
First Financial Corp. | 100 | 4,015 | ||||||
First Hawaiian, Inc. | 300 | 6,753 | ||||||
First Horizon National Corp.(c) | 1,617 | 21,280 | ||||||
First Interstate BancSystem, Inc. - Class A | 300 | 10,968 | ||||||
First Merchants Corp.(c) | 425 | 14,565 | ||||||
First Midwest Bancorp, Inc. | 800 | 15,848 | ||||||
First Republic Bank | 1,013 | 88,030 | ||||||
FirstCash, Inc. | 221 | 15,989 | ||||||
Franklin Resources, Inc.(c) | 2,621 | 77,739 | ||||||
FS KKR Capital Corp.(c) | 1,925 | 9,972 | ||||||
Fulton Financial Corp. | 1,250 | 19,350 | ||||||
Glacier Bancorp, Inc.(c) | 550 | 21,791 | ||||||
Goldman Sachs Group, Inc. (The) | 2,765 | 461,892 | ||||||
Golub Capital BDC, Inc. | 475 | 7,833 | ||||||
Granite Point Mortgage Trust, Inc.(c) | 229 | 4,129 | ||||||
Great Western Bancorp, Inc. | 300 | 9,375 | ||||||
Green Dot Corp. - Class A(a) | 250 | 19,880 | ||||||
Greenhill & Co., Inc.(c) | 300 | 7,320 | ||||||
Guaranty Bancorp | 200 | 4,150 | ||||||
Hallmark Financial Services, Inc.(a) | 100 | 1,069 | ||||||
Hancock Whitney Corp. | 500 | 17,325 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
Hanmi Financial Corp. | 369 | $ | 7,269 | |||||
Hanover Insurance Group, Inc. (The) | 300 | 35,031 | ||||||
Hartford Financial Services Group, Inc. (The) | 2,375 | 105,569 | ||||||
Heartland Financial USA, Inc. | 300 | 13,185 | ||||||
Hercules Capital, Inc.(c) | 775 | 8,564 | ||||||
Heritage Commerce Corp. | 50 | 567 | ||||||
Hilltop Holdings, Inc. | 550 | 9,807 | ||||||
Home BancShares, Inc.(c) | 950 | 15,523 | ||||||
HomeStreet, Inc.(a) | 300 | 6,369 | ||||||
Hope Bancorp, Inc. | 1,092 | 12,951 | ||||||
Horace Mann Educators Corp. | 375 | 14,044 | ||||||
Huntington Bancshares, Inc. | 7,172 | 85,490 | ||||||
IBERIABANK Corp. | 375 | 24,105 | ||||||
Impac Mortgage Holdings, Inc.(a) (c) | 85 | 321 | ||||||
Independent Bank Corp.(c) | 300 | 21,093 | ||||||
Interactive Brokers Group, Inc. - Class A | 500 | 27,325 | ||||||
Intercontinental Exchange, Inc. | 4,000 | 301,320 | ||||||
International Bancshares Corp. | 400 | 13,760 | ||||||
INTL FCStone, Inc.(a) | 500 | 18,290 | ||||||
Invesco Ltd. | 2,975 | 49,802 | ||||||
Invesco Mortgage Capital, Inc.(c) | 625 | 9,050 | ||||||
Investment Technology Group, Inc. | 1,000 | 30,240 | ||||||
Investors Bancorp, Inc. | 1,325 | 13,780 | ||||||
Jefferies Financial Group, Inc. | 2,432 | 42,220 | ||||||
JPMorgan Chase & Co. | 23,132 | 2,258,145 | ||||||
Kearny Financial Corp.(c) | 828 | 10,615 | ||||||
Kemper Corp. | 300 | 19,914 | ||||||
KeyCorp | 7,726 | 114,190 | ||||||
Lakeland Financial Corp.(c) | 300 | 12,048 | ||||||
LegacyTexas Financial Group, Inc. | 375 | 12,034 | ||||||
Legg Mason, Inc. | 750 | 19,133 | ||||||
LendingTree, Inc.(a) (c) | 90 | 19,761 | ||||||
Lincoln National Corp. | 1,600 | 82,096 | ||||||
Loews Corp. | 1,955 | 88,992 | ||||||
LPL Financial Holdings, Inc. | 200 | 12,216 | ||||||
M&T Bank Corp. | 967 | 138,407 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
Maiden Holdings Ltd. | 675 | $ | 1,114 | |||||
Main Street Capital Corp.(c) | 475 | 16,060 | ||||||
Markel Corp.(a) | 138 | 143,251 | ||||||
MarketAxess Holdings, Inc. | 250 | 52,828 | ||||||
Marsh & McLennan Cos., Inc. | 3,129 | 249,537 | ||||||
MB Financial, Inc. | 540 | 21,400 | ||||||
MBIA, Inc.(a) (c) | 925 | 8,251 | ||||||
Mercury General Corp. | 300 | 15,513 | ||||||
Meta Financial Group, Inc.(c) | 300 | 5,817 | ||||||
MetLife, Inc. | 5,796 | 237,983 | ||||||
MFA Financial, Inc. | 2,250 | 15,030 | ||||||
MGIC Investment Corp.(a) | 1,500 | 15,690 | ||||||
Moody's Corp. | 1,218 | 170,569 | ||||||
Morgan Stanley | 10,300 | 408,394 | ||||||
Morningstar, Inc. | 207 | 22,737 | ||||||
MSCI, Inc. | 519 | 76,516 | ||||||
Nasdaq, Inc. | 725 | 59,138 | ||||||
National General Holdings Corp. | 525 | 12,710 | ||||||
Navient Corp. | 2,050 | 18,061 | ||||||
Navigators Group, Inc. (The) | 200 | 13,898 | ||||||
NBT Bancorp, Inc.(c) | 200 | 6,918 | ||||||
Nelnet, Inc. - Class A(c) | 25 | 1,309 | ||||||
New Mountain Finance Corp.(c) | 650 | 8,177 | ||||||
New Residential Investment Corp.(c) | 1,400 | 19,894 | ||||||
New York Community Bancorp, Inc.(c) | 3,062 | 28,814 | ||||||
Northern Trust Corp. | 1,738 | 145,279 | ||||||
Northwest Bancshares, Inc.(c) | 875 | 14,823 | ||||||
Oaktree Special Lending Corp.(c) | 1,750 | 7,403 | ||||||
OceanFirst Financial Corp. | 100 | 2,251 | ||||||
OFG Bancorp | 432 | 7,111 | ||||||
Old National Bancorp(c) | 950 | 14,630 | ||||||
Old Republic International Corp. | 1,661 | 34,167 | ||||||
Old Second Bancorp, Inc. | 400 | 5,200 | ||||||
OneMain Holdings, Inc.(a) | 300 | 7,287 | ||||||
Oritani Financial Corp.(c) | 400 | 5,900 | ||||||
Pacific Premier Bancorp, Inc.(a) | 300 | 7,656 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
PacWest Bancorp | 817 | $ | 27,190 | |||||
Park National Corp.(c) | 87 | 7,391 | ||||||
PennyMac Mortgage Investment Trust(c) | 450 | 8,379 | ||||||
People's United Financial, Inc. | 1,983 | 28,615 | ||||||
Pinnacle Financial Partners, Inc. | 559 | 25,770 | ||||||
PNC Financial Services Group, Inc. (The) | 3,404 | 397,961 | ||||||
Popular, Inc. | 782 | 36,926 | ||||||
PRA Group, Inc.(a) (c) | 300 | 7,311 | ||||||
Preferred Bank(c) | 200 | 8,670 | ||||||
Primerica, Inc.(c) | 300 | 29,313 | ||||||
Principal Financial Group, Inc. | 1,100 | 48,587 | ||||||
ProAssurance Corp. | 230 | 9,329 | ||||||
Progressive Corp. (The) | 3,875 | 233,778 | ||||||
Prospect Capital Corp.(c) | 2,650 | 16,722 | ||||||
Prosperity Bancshares, Inc. | 500 | 31,150 | ||||||
Provident Financial Services, Inc. | 600 | 14,478 | ||||||
Prudential Financial, Inc. | 2,801 | 228,422 | ||||||
Pzena Investment Management, Inc. - Class A(c) | 2,077 | 17,966 | ||||||
Radian Group, Inc. | 1,445 | 23,641 | ||||||
Raymond James Financial, Inc. | 925 | 68,829 | ||||||
Redwood Trust, Inc.(c) | 450 | 6,782 | ||||||
Regions Financial Corp. | 8,081 | 108,124 | ||||||
Reinsurance Group of America, Inc. | 454 | 63,664 | ||||||
RenaissanceRe Holdings Ltd. | 290 | 38,773 | ||||||
Renasant Corp. | 400 | 12,072 | ||||||
Republic Bancorp, Inc. - Class A | 315 | 12,197 | ||||||
RLI Corp. | 425 | 29,321 | ||||||
S&P Global, Inc. | 1,782 | 302,833 | ||||||
S&T Bancorp, Inc.(c) | 350 | 13,244 | ||||||
Sandy Spring Bancorp, Inc. | 300 | 9,402 | ||||||
Seacoast Banking Corp. of Florida(a) | 150 | 3,903 | ||||||
SEI Investments Co. | 975 | 45,045 | ||||||
Selective Insurance Group, Inc. | 300 | 18,282 | ||||||
ServisFirst Bancshares, Inc.(c) | 400 | 12,748 | ||||||
Signature Bank | 387 | 39,787 | ||||||
Simmons First National Corp. - Class A(c) | 438 | 10,569 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
SLM Corp.(a) | 2,500 | $ | 20,775 | |||||
Solar Capital Ltd. | 500 | 9,595 | ||||||
South State Corp. | 180 | 10,791 | ||||||
Southside Bancshares, Inc.(c) | 340 | 10,795 | ||||||
Starwood Property Trust, Inc. | 1,825 | 35,971 | ||||||
State Auto Financial Corp.(c) | 400 | 13,616 | ||||||
State Street Corp. | 2,476 | 156,161 | ||||||
Sterling Bancorp | 1,725 | 28,480 | ||||||
Stewart Information Services Corp. | 300 | 12,420 | ||||||
Stifel Financial Corp. | 340 | 14,083 | ||||||
Stock Yards Bancorp, Inc.(c) | 300 | 9,840 | ||||||
SunTrust Banks, Inc. | 3,030 | 152,832 | ||||||
SVB Financial Group(a) | 367 | 69,701 | ||||||
Synchrony Financial | 5,775 | 135,482 | ||||||
Synovus Financial Corp. | 947 | 30,295 | ||||||
T. Rowe Price Group, Inc. | 1,890 | 174,485 | ||||||
TCF Financial Corp. | 975 | 19,003 | ||||||
TD Ameritrade Holding Corp. | 2,053 | 100,515 | ||||||
Texas Capital Bancshares, Inc.(a) | 384 | 19,619 | ||||||
TFS Financial Corp.(c) | 525 | 8,468 | ||||||
Tompkins Financial Corp.(c) | 105 | 7,876 | ||||||
Torchmark Corp. | 566 | 42,184 | ||||||
TowneBank | 553 | 13,244 | ||||||
Travelers Cos., Inc. (The) | 1,672 | 200,222 | ||||||
TriCo Bancshares | 109 | 3,683 | ||||||
TrustCo Bank Corp.(c) | 1,208 | 8,287 | ||||||
Trustmark Corp.(c) | 425 | 12,083 | ||||||
Two Harbors Investment Corp. | 1,949 | 25,025 | ||||||
U.S. Bancorp | 10,204 | 466,322 | ||||||
UMB Financial Corp.(c) | 243 | 14,816 | ||||||
Umpqua Holdings Corp. | 1,500 | 23,850 | ||||||
Union Bankshares Corp.(c) | 275 | 7,763 | ||||||
United Bankshares, Inc.(c) | 553 | 17,204 | ||||||
United Community Banks, Inc.(c) | 474 | 10,172 | ||||||
United Community Financial Corp.(c) | 317 | 2,805 | ||||||
United Financial Bancorp, Inc. | 542 | 7,967 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Financials - 14.1% (Continued) | ||||||||
United Fire Group, Inc. | 300 | $ | 16,635 | |||||
United Security Bancshares(c) | 406 | 3,889 | ||||||
Unum Group | 1,407 | 41,338 | ||||||
Valley National Bancorp(c) | 1,750 | 15,540 | ||||||
Value Line, Inc. | 200 | 5,202 | ||||||
Virtus Investment Partners, Inc.(c) | 48 | 3,813 | ||||||
Voya Financial, Inc. | 1,275 | 51,179 | ||||||
Waddell & Reed Financial, Inc. - Class A(c) | 525 | 9,492 | ||||||
Washington Federal, Inc.(c) | 433 | 11,565 | ||||||
Washington Trust Bancorp, Inc. | 100 | 4,753 | ||||||
Webster Financial Corp. | 675 | 33,271 | ||||||
Wells Fargo & Co. | 31,447 | 1,449,077 | ||||||
WesBanco, Inc.(c) | 350 | 12,842 | ||||||
Westamerica Bancorp.(c) | 83 | 4,621 | ||||||
Western Alliance Bancorp.(a) | 850 | 33,567 | ||||||
Western New England Bancorp, Inc.(c) | 200 | 2,008 | ||||||
Wintrust Financial Corp. | 425 | 28,258 | ||||||
WisdomTree Investments, Inc.(c) | 750 | 4,988 | ||||||
World Acceptance Corp.(a) | 100 | 10,226 | ||||||
WSFS Financial Corp.(c) | 300 | 11,373 | ||||||
Zions Bancorp. | 1,480 | 60,295 | ||||||
23,509,225 | ||||||||
Health Care - 14.0% | ||||||||
Abbott Laboratories | 12,635 | 913,889 | ||||||
AbbVie, Inc. | 10,100 | 931,118 | ||||||
ABIOMED, Inc.(a) | 250 | 81,260 | ||||||
Acadia Healthcare Co., Inc.(a) (c) | 475 | 12,212 | ||||||
ACADIA Pharmaceuticals, Inc.(a) (c) | 625 | 10,106 | ||||||
Acorda Therapeutics, Inc.(a) (c) | 375 | 5,843 | ||||||
Aerie Pharmaceuticals, Inc.(a) (c) | 350 | 12,635 | ||||||
Agilent Technologies, Inc. | 2,196 | 148,142 | ||||||
Agios Pharmaceuticals, Inc.(a) (c) | 300 | 13,833 | ||||||
Akorn, Inc.(a) | 600 | 2,034 | ||||||
Alder Biopharmaceuticals, Inc.(a) (c) | 300 | 3,075 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 1,349 | 131,339 | ||||||
Align Technology, Inc.(a) | 454 | 95,081 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
Alkermes plc(a) (c) | 1,000 | $ | 29,510 | |||||
Allergan plc | 2,419 | 323,323 | ||||||
Allscripts Healthcare Solutions, Inc.(a) (c) | 1,225 | 11,809 | ||||||
Alnylam Pharmaceuticals, Inc.(a) (c) | 413 | 30,112 | ||||||
AMAG Pharmaceuticals, Inc.(a) (c) | 100 | 1,519 | ||||||
Amedisys, Inc.(a) | 201 | 23,539 | ||||||
AmerisourceBergen Corp. | 1,144 | 85,114 | ||||||
Amgen, Inc. | 3,950 | 768,946 | ||||||
Amicus Therapeutics, Inc.(a) (c) | 1,225 | 11,736 | ||||||
AMN Healthcare Services, Inc.(a) | 250 | 14,165 | ||||||
Amneal Pharmaceuticals, Inc.(a) (c) | 650 | 8,795 | ||||||
Anika Therapeutics, Inc.(a) | 100 | 3,361 | ||||||
Anixa Biosciences, Inc.(a) (c) | 3,590 | 14,145 | ||||||
Anthem, Inc. | 1,960 | 514,755 | ||||||
Aptevo Therapeutics, Inc.(a) (c) | 4,150 | 5,271 | ||||||
Array BioPharma, Inc.(a) (c) | 1,175 | 16,744 | ||||||
Assertio Therapeutics, Inc.(a) | 675 | 2,437 | ||||||
athenahealth, Inc.(a) | 192 | 25,331 | ||||||
Avanos Medical, Inc.(a) | 297 | 13,303 | ||||||
AxoGen, Inc.(a) | 550 | 11,237 | ||||||
Baxter International, Inc. | 3,963 | 260,845 | ||||||
Becton, Dickinson and Co. | 1,824 | 410,984 | ||||||
Biogen, Inc.(a) | 1,313 | 395,107 | ||||||
BioMarin Pharmaceutical, Inc.(a) | 978 | 83,277 | ||||||
Bio-Rad Laboratories, Inc. - Class A(a) | 99 | 22,990 | ||||||
Bio-Techne Corp. | 232 | 33,575 | ||||||
bluebird bio, Inc.(a) (c) | 168 | 16,666 | ||||||
Boston Scientific Corp.(a) | 7,964 | 281,448 | ||||||
Bristol-Myers Squibb Co. | 11,925 | 619,861 | ||||||
Brookdale Senior Living, Inc.(a) | 1,294 | 8,670 | ||||||
Bruker Corp. | 725 | 21,583 | ||||||
Cambrex Corp.(a) (c) | 350 | 13,216 | ||||||
Cantel Medical Corp.(c) | 200 | 14,890 | ||||||
Capital Senior Living Corp.(a) (c) | 100 | 680 | ||||||
Cardinal Health, Inc. | 2,048 | 91,341 | ||||||
Cardiovascular Systems, Inc.(a) | 325 | 9,259 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
CareDx, Inc.(a) | 790 | $ | 19,861 | |||||
Catalent, Inc.(a) | 550 | 17,149 | ||||||
Celgene Corp.(a) | 5,746 | 368,260 | ||||||
CEL-SCI Corp.(a) (c) | 4,780 | 13,719 | ||||||
Centene Corp.(a) | 1,333 | 153,695 | ||||||
Cerner Corp.(a) | 2,200 | 115,368 | ||||||
Champions Oncology, Inc.(a) (c) | 1,410 | 11,012 | ||||||
Charles River Laboratories International, Inc.(a) | 346 | 39,160 | ||||||
Chemed Corp. | 136 | 38,526 | ||||||
Chimerix, Inc.(a) | 300 | 771 | ||||||
Cigna Corp. | 2,747 | 521,721 | ||||||
Clovis Oncology, Inc.(a) (c) | 300 | 5,388 | ||||||
Codexis, Inc.(a) (c) | 1,187 | 19,823 | ||||||
Computer Programs & Systems, Inc.(c) | 100 | 2,510 | ||||||
CONMED Corp. | 300 | 19,260 | ||||||
Cooper Cos., Inc. (The) | 300 | 76,350 | ||||||
CVS Health Corp. | 9,008 | 590,203 | ||||||
Danaher Corp. | 4,019 | 414,438 | ||||||
DaVita, Inc.(a) | 1,033 | 53,158 | ||||||
DENTSPLY SIRONA, Inc. | 1,552 | 57,750 | ||||||
Dermira, Inc.(a) (c) | 300 | 2,157 | ||||||
DexCom, Inc.(a) | 298 | 35,700 | ||||||
Dynavax Technologies Corp.(a) (c) | 425 | 3,889 | ||||||
Edwards Lifesciences Corp.(a) | 1,473 | 225,619 | ||||||
Eli Lilly & Co. | 6,762 | 782,498 | ||||||
Emergent BioSolutions, Inc.(a) | 293 | 17,369 | ||||||
Encompass Health Corp. | 650 | 40,105 | ||||||
Endo International plc(a) | 922 | 6,731 | ||||||
Ensign Group, Inc. (The) | 300 | 11,637 | ||||||
Exact Sciences Corp.(a) (c) | 775 | 48,903 | ||||||
Exelixis, Inc.(a) | 1,875 | 36,881 | ||||||
Fate Therapeutics, Inc.(a) (c) | 1,270 | 16,294 | ||||||
FibroGen, Inc.(a) | 280 | 12,958 | ||||||
Galectin Therapeutics, Inc.(a) (c) | 3,690 | 12,657 | ||||||
Genomic Health, Inc.(a) | 200 | 12,882 | ||||||
Gilead Sciences, Inc. | 9,017 | 564,012 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
Haemonetics Corp.(a) | 250 | $ | 25,013 | |||||
Halozyme Therapeutics, Inc.(a) | 750 | 10,973 | ||||||
Hanger, Inc.(a) | 350 | 6,633 | ||||||
HCA Healthcare, Inc. | 2,203 | 274,163 | ||||||
Henry Schein, Inc.(a) (c) | 890 | 69,883 | ||||||
Hill-Rom Holdings, Inc. | 300 | 26,565 | ||||||
HMS Holdings Corp.(a) | 525 | 14,768 | ||||||
Hologic, Inc.(a) | 1,777 | 73,035 | ||||||
Horizon Pharma plc(a) | 1,125 | 21,983 | ||||||
HTG Molecular Diagnostics, Inc.(a) (c) | 4,810 | 12,217 | ||||||
Humana, Inc. | 848 | 242,935 | ||||||
ICU Medical, Inc.(a) | 100 | 22,963 | ||||||
IDEXX Laboratories, Inc.(a) | 599 | 111,426 | ||||||
Illumina, Inc.(a) | 752 | 225,547 | ||||||
Immunomedics, Inc.(a) (c) | 1,410 | 20,121 | ||||||
Incyte Corp.(a) | 1,343 | 85,401 | ||||||
Innoviva, Inc.(a) | 1,000 | 17,450 | ||||||
Insulet Corp.(a) (c) | 175 | 13,881 | ||||||
Integer Holdings Corp.(a) | 300 | 22,878 | ||||||
Integra LifeSciences Holdings Corp.(a) | 378 | 17,048 | ||||||
Intercept Pharmaceuticals, Inc.(a) (c) | 137 | 13,808 | ||||||
Intrexon Corp.(a) (c) | 400 | 2,616 | ||||||
IntriCon Corp.(a) (c) | 370 | 9,761 | ||||||
Intuitive Surgical, Inc.(a) | 495 | 237,065 | ||||||
Ionis Pharmaceuticals, Inc.(a) (c) | 700 | 37,842 | ||||||
IQVIA Holdings, Inc.(a) | 1,031 | 119,771 | ||||||
Ironwood Pharmaceuticals, Inc.(a) | 1,000 | 10,360 | ||||||
Johnson & Johnson | 17,555 | 2,265,472 | ||||||
Laboratory Corp. of America Holdings(a) | 670 | 84,661 | ||||||
Lannett Co., Inc.(a) | 300 | 1,488 | ||||||
LHC Group, Inc.(a) (c) | 100 | 9,388 | ||||||
Ligand Pharmaceuticals, Inc.(a) (c) | 164 | 22,255 | ||||||
Loxo Oncology, Inc.(a) | 120 | 16,808 | ||||||
Madrigal Pharmaceuticals, Inc.(a) (c) | 60 | 6,763 | ||||||
Magellan Health, Inc.(a) | 100 | 5,689 | ||||||
Marker Therapeutics, Inc.(a) (c) | 2,160 | 11,988 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
Masimo Corp.(a) | 300 | $ | 32,211 | |||||
McKesson Corp. | 1,508 | 166,589 | ||||||
Medical Transcription Billing Corp.(a) | 3,710 | 14,098 | ||||||
Medicines Co. (The)(a) (c) | 350 | 6,699 | ||||||
Medidata Solutions, Inc.(a) (c) | 125 | 8,428 | ||||||
MEDNAX, Inc.(a) | 600 | 19,800 | ||||||
Merck & Co., Inc. | 18,685 | 1,427,720 | ||||||
Meridian Bioscience, Inc. | 375 | 6,510 | ||||||
Mettler-Toledo International, Inc.(a) | 200 | 113,116 | ||||||
Molina Healthcare, Inc.(a) (c) | 300 | 34,866 | ||||||
Momenta Pharmaceuticals, Inc.(a) | 200 | 2,208 | ||||||
Myriad Genetics, Inc.(a) | 450 | 13,082 | ||||||
Natus Medical, Inc.(a) (c) | 75 | 2,552 | ||||||
Nektar Therapeutics(a) (c) | 650 | 21,366 | ||||||
Neogen Corp.(a) (c) | 466 | 26,562 | ||||||
Neurocrine Biosciences, Inc.(a) | 500 | 35,705 | ||||||
Nevro Corp.(a) | 162 | 6,300 | ||||||
NextGen Healthcare, Inc.(a) (c) | 575 | 8,711 | ||||||
NuVasive, Inc.(a) (c) | 290 | 14,372 | ||||||
Nuvectra Corp.(a) | 100 | 1,634 | ||||||
NxStage Medical, Inc.(a) | 450 | 12,879 | ||||||
Omnicell, Inc.(a) | 375 | 22,965 | ||||||
OPKO Health, Inc.(a) (c) | 3,000 | 9,030 | ||||||
Owens & Minor, Inc.(c) | 275 | 1,741 | ||||||
Pacira Pharmaceuticals, Inc.(a) | 75 | 3,227 | ||||||
Paratek Pharmaceuticals, Inc.(a) (c) | 6 | 31 | ||||||
Patterson Cos., Inc.(c) | 575 | 11,305 | ||||||
Penumbra, Inc.(a) (c) | 196 | 23,951 | ||||||
PerkinElmer, Inc. | 492 | 38,647 | ||||||
Pfizer, Inc. | 40,272 | 1,757,872 | ||||||
Portola Pharmaceuticals, Inc.(a) (c) | 300 | 5,856 | ||||||
PRA Health Sciences, Inc.(a) (c) | 300 | 27,588 | ||||||
Premier, Inc. - Class A(a) | 350 | 13,073 | ||||||
Prestige Consumer Healthcare, Inc.(a) (c) | 350 | 10,808 | ||||||
Progenics Pharmaceuticals, Inc.(a) | 800 | 3,360 | ||||||
Providence Service Corp. (The)(a) | 200 | 12,004 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
PTC Therapeutics, Inc.(a) | 470 | $ | 16,130 | |||||
Puma Biotechnology, Inc.(a) (c) | 254 | 5,169 | ||||||
Quest Diagnostics, Inc. | 877 | 73,028 | ||||||
Quidel Corp.(a) (c) | 300 | 14,646 | ||||||
Quorum Health Corp.(a) (c) | 208 | 601 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 469 | 175,172 | ||||||
Repligen Corp.(a) (c) | 300 | 15,822 | ||||||
ResMed, Inc. | 800 | 91,096 | ||||||
Sage Therapeutics, Inc.(a) (c) | 300 | 28,737 | ||||||
Sarepta Therapeutics, Inc.(a) (c) | 400 | 43,652 | ||||||
SeaSpine Holdings Corp.(a) | 100 | 1,824 | ||||||
Seattle Genetics, Inc.(a) | 625 | 35,413 | ||||||
Select Medical Holdings Corp.(a) | 725 | 11,129 | ||||||
Simulations Plus, Inc.(c) | 600 | 11,940 | ||||||
STAAR Surgical Co.(a) | 460 | 14,679 | ||||||
Stryker Corp. | 1,986 | 311,306 | ||||||
Syneos Health, Inc.(a) (c) | 300 | 11,805 | ||||||
Teleflex, Inc.(c) | 200 | 51,696 | ||||||
Tenet Healthcare Corp.(a) | 631 | 10,815 | ||||||
TESARO, Inc.(a) (c) | 174 | 12,920 | ||||||
TherapeuticsMD, Inc.(a) (c) | 1,275 | 4,858 | ||||||
Thermo Fisher Scientific, Inc. | 2,901 | 649,215 | ||||||
Ultragenyx Pharmaceutical, Inc.(a) (c) | 207 | 9,000 | ||||||
United Therapeutics Corp.(a) | 288 | 31,363 | ||||||
UnitedHealth Group, Inc. | 6,246 | 1,556,003 | ||||||
Universal Health Services, Inc. - Class B | 562 | 65,507 | ||||||
Varex Imaging Corp.(a) | 282 | 6,678 | ||||||
Varian Medical Systems, Inc.(a) | 607 | 68,779 | ||||||
Veeva Systems, Inc. - Class A(a) | 725 | 64,757 | ||||||
Vericel Corp.(a) | 1,410 | 24,534 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 1,349 | 223,543 | ||||||
Waters Corp.(a) | 544 | 102,626 | ||||||
WellCare Health Plans, Inc.(a) | 329 | 77,674 | ||||||
West Pharmaceutical Services, Inc.(c) | 505 | 49,505 | ||||||
Zafgen, Inc.(a) (c) | 1,780 | 8,811 | ||||||
Zimmer Biomet Holdings, Inc. | 1,472 | 152,676 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Health Care - 14.0% (Continued) | ||||||||
Zoetis, Inc. | 3,275 | $ | 280,144 | |||||
23,329,262 | ||||||||
Industrials - 9.9% | ||||||||
3M Co. | 4,146 | 789,979 | ||||||
A.O. Smith Corp. | 1,040 | 44,408 | ||||||
AAON, Inc.(c) | 225 | 7,889 | ||||||
AAR Corp.(c) | 300 | 11,202 | ||||||
ABM Industries, Inc.(c) | 500 | 16,055 | ||||||
ACCO Brands Corp. | 825 | 5,594 | ||||||
Acme United Corp.(c) | 300 | 4,275 | ||||||
Actuant Corp. - Class A | 290 | 6,087 | ||||||
Acuity Brands, Inc. | 275 | 31,611 | ||||||
AECOM(a) (c) | 977 | 25,891 | ||||||
Aerojet Rocketdyne Holdings, Inc.(a) (c) | 500 | 17,615 | ||||||
AGCO Corp. | 400 | 22,268 | ||||||
Air Lease Corp. | 600 | 18,126 | ||||||
Aircastle Ltd.(c) | 500 | 8,620 | ||||||
Alaska Air Group, Inc. | 834 | 50,749 | ||||||
Albany International Corp. - Class A | 100 | 6,243 | ||||||
Allegiant Travel Co. | 53 | 5,312 | ||||||
Allison Transmission Holdings, Inc. | 1,125 | 49,399 | ||||||
Altra Industrial Motion Corp. | 300 | 7,545 | ||||||
AMERCO | 100 | 32,811 | ||||||
American Airlines Group, Inc.(c) | 3,411 | 109,527 | ||||||
American Woodmark Corp.(a) (c) | 130 | 7,238 | ||||||
AMETEK, Inc. | 1,337 | 90,515 | ||||||
Apogee Enterprises, Inc.(c) | 200 | 5,970 | ||||||
Applied Industrial Technologies, Inc. | 375 | 20,228 | ||||||
ArcBest Corp.(c) | 300 | 10,278 | ||||||
Arconic, Inc. | 3,140 | 52,940 | ||||||
Arcosa, Inc.(a) | 350 | 9,692 | ||||||
Armstrong Flooring, Inc.(a) | 100 | 1,184 | ||||||
Armstrong World Industries, Inc. | 200 | 11,642 | ||||||
ASGN, Inc.(a) | 250 | 13,625 | ||||||
Astec Industries, Inc. | 200 | 6,038 | ||||||
Astronics Corp.(a) (c) | 300 | 9,135 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Astronics Corp. - Class B(a) | 155 | $ | 4,714 | |||||
Avis Budget Group, Inc.(a) (c) | 392 | 8,812 | ||||||
Axon Enterprise, Inc.(a) (c) | 325 | 14,219 | ||||||
AZZ, Inc. | 225 | 9,081 | ||||||
Barnes Group, Inc. | 300 | 16,086 | ||||||
Beacon Roofing Supply, Inc.(a) (c) | 500 | 15,860 | ||||||
BMC Stock Holdings, Inc.(a) | 475 | 7,353 | ||||||
Boeing Co. (The) | 4,038 | 1,302,254 | ||||||
Brady Corp. - Class A | 145 | 6,302 | ||||||
Briggs & Stratton Corp. | 150 | 1,962 | ||||||
Brink's Co. (The)(c) | 150 | 9,698 | ||||||
Builders FirstSource, Inc.(a) | 450 | 4,910 | ||||||
BWX Technologies, Inc. | 612 | 23,397 | ||||||
C.H. Robinson Worldwide, Inc. | 900 | 75,681 | ||||||
Carlisle Cos., Inc. | 423 | 42,520 | ||||||
Casella Waste Systems, Inc. - Class A(a) | 100 | 2,849 | ||||||
Caterpillar, Inc. | 4,331 | 550,339 | ||||||
CBIZ, Inc.(a) | 300 | 5,910 | ||||||
CECO Environmental Corp.(a) (c) | 400 | 2,700 | ||||||
Chart Industries, Inc.(a) (c) | 300 | 19,509 | ||||||
Cintas Corp.(c) | 701 | 117,760 | ||||||
CIRCOR International, Inc.(c) | 184 | 3,919 | ||||||
Clean Harbors, Inc.(a) | 400 | 19,740 | ||||||
Colfax Corp.(a) | 625 | 13,063 | ||||||
Columbus McKinnon Corp. | 400 | 12,056 | ||||||
Comfort Systems USA, Inc. | 300 | 13,104 | ||||||
Commercial Vehicle Group, Inc.(a) | 300 | 1,710 | ||||||
Copart, Inc.(a) | 1,400 | 66,891 | ||||||
CoStar Group, Inc.(a) | 225 | 75,902 | ||||||
Covanta Holding Corp.(c) | 850 | 11,407 | ||||||
Covenant Transportation Group, Inc. - Class A(a) | 100 | 1,920 | ||||||
Crane Co. | 325 | 23,459 | ||||||
CSX Corp. | 6,225 | 386,758 | ||||||
Cubic Corp. | 300 | 16,122 | ||||||
Cummins, Inc. | 1,277 | 170,658 | ||||||
Curtiss-Wright Corp. | 300 | 30,636 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Deere & Co. | 1,971 | $ | 294,013 | |||||
Delta Air Lines, Inc. | 4,290 | 214,071 | ||||||
Deluxe Corp. | 200 | 7,688 | ||||||
DMC Global, Inc.(c) | 400 | 14,048 | ||||||
Donaldson Co., Inc. | 925 | 40,136 | ||||||
Dover Corp. | 1,131 | 80,244 | ||||||
Dun & Bradstreet Corp. (The) | 213 | 30,404 | ||||||
DXP Enterprises, Inc.(a) | 100 | 2,784 | ||||||
Dycom Industries, Inc.(a) | 211 | 11,402 | ||||||
Eaton Corp. plc | 3,321 | 228,019 | ||||||
EMCOR Group, Inc. | 500 | 29,845 | ||||||
Emerson Electric Co. | 4,678 | 279,510 | ||||||
Encore Wire Corp.(c) | 200 | 10,036 | ||||||
Energy Recovery, Inc.(a) (c) | 500 | 3,365 | ||||||
EnerSys | 375 | 29,104 | ||||||
Engility Holdings, Inc.(a) | 179 | 5,094 | ||||||
Ennis, Inc. | 50 | 963 | ||||||
EnPro Industries, Inc. | 178 | 10,698 | ||||||
Equifax, Inc. | 795 | 74,038 | ||||||
ESCO Technologies, Inc. | 200 | 13,190 | ||||||
Esterline Technologies Corp.(a) | 190 | 23,076 | ||||||
Expeditors International of Washington, Inc. | 1,250 | 85,113 | ||||||
Exponent, Inc. | 540 | 27,383 | ||||||
Fastenal Co.(c) | 2,125 | 111,116 | ||||||
Federal Signal Corp. | 475 | 9,453 | ||||||
FedEx Corp. | 1,567 | 252,804 | ||||||
Flowserve Corp.(c) | 815 | 30,986 | ||||||
Fluor Corp. | 1,086 | 34,969 | ||||||
Forrester Research, Inc. | 255 | 11,399 | ||||||
Fortive Corp. | 1,835 | 124,156 | ||||||
Fortune Brands Home & Security, Inc. | 1,000 | 37,990 | ||||||
Forward Air Corp. | 300 | 16,455 | ||||||
Franklin Electric Co., Inc. | 275 | 11,792 | ||||||
FreightCar America, Inc.(a) (c) | 500 | 3,345 | ||||||
FTI Consulting, Inc.(a) (c) | 250 | 16,660 | ||||||
GATX Corp.(c) | 325 | 23,013 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
General Dynamics Corp. | 1,520 | $ | 238,959 | |||||
General Electric Co. | 57,876 | 438,121 | ||||||
Genesee & Wyoming, Inc. - Class A(a) | 285 | 21,096 | ||||||
Gibraltar Industries, Inc.(a) | 300 | 10,677 | ||||||
Gorman-Rupp Co. (The)(c) | 182 | 5,899 | ||||||
Graco, Inc. | 1,086 | 45,449 | ||||||
Granite Construction, Inc.(c) | 562 | 22,637 | ||||||
Great Lakes Dredge & Dock Corp.(a) | 1,500 | 9,930 | ||||||
Greenbrier Cos., Inc. (The)(c) | 200 | 7,908 | ||||||
Griffon Corp.(c) | 350 | 3,658 | ||||||
H&E Equipment Services, Inc. | 325 | 6,637 | ||||||
Harris Corp. | 892 | 120,108 | ||||||
Hawaiian Holdings, Inc.(c) | 325 | 8,583 | ||||||
HD Supply Holdings, Inc.(a) | 1,400 | 52,528 | ||||||
Healthcare Services Group, Inc.(c) | 375 | 15,068 | ||||||
Heartland Express, Inc.(c) | 325 | 5,948 | ||||||
HEICO Corp. - Class A | 682 | 42,966 | ||||||
Heidrick & Struggles International, Inc. | 200 | 6,238 | ||||||
Herc Holdings, Inc.(a) | 143 | 3,717 | ||||||
Herman Miller, Inc. | 300 | 9,075 | ||||||
Hertz Global Holdings, Inc.(a) (c) | 430 | 5,870 | ||||||
Hexcel Corp. | 750 | 43,005 | ||||||
Hillenbrand, Inc. | 325 | 12,327 | ||||||
HNI Corp.(c) | 100 | 3,543 | ||||||
Honeywell International, Inc. | 4,552 | 601,410 | ||||||
Hub Group, Inc. - Class A(a) | 50 | 1,854 | ||||||
Hubbell, Inc. | 338 | 33,577 | ||||||
Huntington Ingalls Industries, Inc. | 319 | 60,709 | ||||||
Hurco Cos., Inc. | 400 | 14,280 | ||||||
Huron Consulting Group, Inc.(a) | 200 | 10,262 | ||||||
Hyster-Yale Materials Handling, Inc. | 118 | 7,311 | ||||||
IDEX Corp. | 437 | 55,176 | ||||||
IES Holdings, Inc.(a) | 500 | 7,775 | ||||||
Illinois Tool Works, Inc. | 2,084 | 264,021 | ||||||
InnerWorkings, Inc.(a) | 500 | 1,870 | ||||||
Insperity, Inc. | 72 | 6,722 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Insteel Industries, Inc. | 300 | $ | 7,284 | |||||
Interface, Inc. | 500 | 7,125 | ||||||
ITT, Inc. | 600 | 28,962 | ||||||
J.B. Hunt Transport Services, Inc. | 670 | 62,337 | ||||||
Jacobs Engineering Group, Inc. | 850 | 49,690 | ||||||
JetBlue Airways Corp.(a) | 1,750 | 28,105 | ||||||
John Bean Technologies Corp.(c) | 151 | 10,843 | ||||||
Johnson Controls International plc | 3,150 | 93,397 | ||||||
Kaman Corp. | 300 | 16,827 | ||||||
Kansas City Southern | 759 | 72,447 | ||||||
KAR Auction Services, Inc. | 975 | 46,527 | ||||||
KBR, Inc. | 925 | 14,042 | ||||||
Kelly Services, Inc. - Class A | 400 | 8,192 | ||||||
Kennametal, Inc. | 475 | 15,808 | ||||||
Kforce, Inc. | 150 | 4,638 | ||||||
Kimball International, Inc. - Class B | 700 | 9,933 | ||||||
Kirby Corp.(a) | 300 | 20,208 | ||||||
Knight-Swift Transportation Holdings, Inc.(c) | 638 | 15,995 | ||||||
Knoll, Inc. | 500 | 8,240 | ||||||
Korn/Ferry International | 225 | 8,897 | ||||||
Kratos Defense & Security Solutions, Inc.(a) | 10 | 141 | ||||||
L3 Technologies, Inc.(c) | 512 | 88,914 | ||||||
Landstar System, Inc. | 300 | 28,701 | ||||||
Lennox International, Inc. | 257 | 56,247 | ||||||
Lincoln Electric Holdings, Inc. | 332 | 26,178 | ||||||
Lockheed Martin Corp. | 1,584 | 414,755 | ||||||
LSC Communications, Inc. | 159 | 1,113 | ||||||
LSI Industries, Inc. | 700 | 2,219 | ||||||
Manitowoc Co., Inc. (The)(a) (c) | 268 | 3,958 | ||||||
ManpowerGroup, Inc. | 413 | 26,762 | ||||||
Marten Transport Ltd. | 250 | 4,048 | ||||||
Masco Corp. | 2,050 | 59,941 | ||||||
MasTec, Inc.(a) (c) | 500 | 20,280 | ||||||
Matson, Inc.(c) | 325 | 10,407 | ||||||
Matthews International Corp. - Class A | 100 | 4,062 | ||||||
McGrath RentCorp | 300 | 15,444 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Mercury Systems, Inc.(a) | 400 | $ | 18,916 | |||||
Meritor, Inc.(a) | 550 | 9,301 | ||||||
Middleby Corp. (The)(a) (c) | 468 | 48,078 | ||||||
Mobile Mini, Inc. | 406 | 12,891 | ||||||
Moog, Inc. - Class A | 300 | 23,244 | ||||||
MSA Safety, Inc. | 228 | 21,494 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 245 | 18,845 | ||||||
Mueller Industries, Inc. | 300 | 7,008 | ||||||
Mueller Water Products, Inc. - Series A | 1,600 | 14,560 | ||||||
Navigant Consulting, Inc. | 400 | 9,620 | ||||||
Navistar International Corp.(a) | 625 | 16,219 | ||||||
NCI Building Systems, Inc.(a) | 500 | 3,625 | ||||||
Nordson Corp. | 318 | 37,953 | ||||||
Norfolk Southern Corp. | 2,084 | 311,640 | ||||||
Northrop Grumman Corp. | 1,137 | 278,451 | ||||||
NOW, Inc.(a) (c) | 649 | 7,554 | ||||||
nVent Electric plc | 1,425 | 32,006 | ||||||
Old Dominion Freight Line, Inc. | 500 | 61,745 | ||||||
Oshkosh Corp. | 350 | 21,459 | ||||||
Owens Corning | 800 | 35,184 | ||||||
PACCAR, Inc. | 2,205 | 125,994 | ||||||
Parker-Hannifin Corp. | 877 | 130,796 | ||||||
Pentair plc | 1,425 | 53,837 | ||||||
Perma-Pipe International Holdings, Inc.(a) | 300 | 2,625 | ||||||
Pitney Bowes, Inc. | 1,375 | 8,126 | ||||||
Primoris Services Corp. | 475 | 9,087 | ||||||
Quanex Building Products Corp. | 1,000 | 13,590 | ||||||
Quanta Services, Inc. | 1,050 | 31,605 | ||||||
R.R. Donnelley & Sons Co.(c) | 425 | 1,683 | ||||||
Raven Industries, Inc. | 275 | 9,952 | ||||||
Raytheon Co. | 1,951 | 299,186 | ||||||
RBC Bearings, Inc.(a) | 165 | 21,632 | ||||||
Regal Beloit Corp. | 100 | 7,005 | ||||||
Republic Services, Inc. | 1,233 | 88,886 | ||||||
Resideo Technologies, Inc.(a) | 758 | 15,577 | ||||||
Resources Connection, Inc. | 200 | 2,840 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Rexnord Corp.(a) | 325 | $ | 7,459 | |||||
Robert Half International, Inc. | 1,000 | 57,200 | ||||||
Rockwell Automation, Inc. | 970 | 145,966 | ||||||
Rollins, Inc. | 1,350 | 48,735 | ||||||
Roper Technologies, Inc. | 634 | 168,974 | ||||||
Rush Enterprises, Inc. - Class A | 75 | 2,586 | ||||||
Ryder System, Inc. | 405 | 19,501 | ||||||
Saia, Inc.(a) | 225 | 12,560 | ||||||
Simpson Manufacturing Co., Inc. | 100 | 5,413 | ||||||
SkyWest, Inc.(c) | 375 | 16,676 | ||||||
Snap-on, Inc. | 362 | 52,595 | ||||||
Southwest Airlines Co. | 3,524 | 163,796 | ||||||
Spartan Motors, Inc. | 75 | 542 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 700 | 50,463 | ||||||
Spirit Airlines, Inc.(a) | 475 | 27,512 | ||||||
SPX Corp.(a) | 312 | 8,739 | ||||||
SPX FLOW, Inc.(a) | 312 | 9,491 | ||||||
Standex International Corp.(c) | 50 | 3,359 | ||||||
Stanley Black & Decker, Inc. | 1,020 | 122,135 | ||||||
Steelcase, Inc. - Class A | 875 | 12,976 | ||||||
Stericycle, Inc.(a) (c) | 575 | 21,097 | ||||||
Systemax, Inc. | 600 | 14,334 | ||||||
Team, Inc.(a) (c) | 164 | 2,403 | ||||||
Teledyne Technologies, Inc.(a) | 211 | 43,692 | ||||||
Terex Corp. | 825 | 22,745 | ||||||
Tetra Tech, Inc. | 418 | 21,640 | ||||||
Textainer Group Holdings Ltd.(a) | 700 | 6,972 | ||||||
Textron, Inc. | 1,375 | 63,236 | ||||||
Thomson Reuters Corp.(a) (c) | 2,110 | 101,934 | ||||||
Timken Co. (The) | 375 | 13,995 | ||||||
Titan International, Inc. | 312 | 1,454 | ||||||
Toro Co. (The) | 528 | 29,505 | ||||||
TransDigm Group, Inc.(a) | 298 | 101,338 | ||||||
TransUnion | 650 | 36,920 | ||||||
Trex Co., Inc.(a) | 450 | 26,712 | ||||||
Trinity Industries, Inc. | 1,050 | 21,620 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Industrials - 9.9% (Continued) | ||||||||
Triumph Group, Inc.(c) | 256 | $ | 2,944 | |||||
TrueBlue, Inc.(a) | 300 | 6,675 | ||||||
Tutor Perini Corp.(a) (c) | 200 | 3,194 | ||||||
Twin Disc, Inc.(a) | 400 | 5,900 | ||||||
Ultralife Corp.(a) | 200 | 1,350 | ||||||
UniFirst Corp. | 86 | 12,304 | ||||||
Union Pacific Corp. | 5,337 | 737,733 | ||||||
United Continental Holdings, Inc.(a) | 1,851 | 154,984 | ||||||
United Parcel Service, Inc. - Class B | 4,100 | 399,872 | ||||||
United Rentals, Inc.(a) | 542 | 55,571 | ||||||
United Technologies Corp. | 5,348 | 569,455 | ||||||
Univar, Inc.(a) | 575 | 10,201 | ||||||
Universal Forest Products, Inc. | 399 | 10,358 | ||||||
US Ecology, Inc. | 200 | 12,596 | ||||||
USG Corp. | 775 | 33,062 | ||||||
Valmont Industries, Inc. | 159 | 17,641 | ||||||
Vectrus, Inc.(a) | 122 | 2,633 | ||||||
Verisk Analytics, Inc.(a) | 1,124 | 122,560 | ||||||
Veritiv Corp.(a) | 97 | 2,422 | ||||||
Viad Corp. | 100 | 5,009 | ||||||
Vicor Corp.(a) (c) | 300 | 11,337 | ||||||
W.W. Grainger, Inc.(c) | 423 | 119,438 | ||||||
Wabash National Corp. | 50 | 654 | ||||||
WABCO Holdings, Inc.(a) | 303 | 32,524 | ||||||
WageWorks, Inc.(a) | 300 | 8,148 | ||||||
Waste Management, Inc. | 2,145 | 190,883 | ||||||
Watsco, Inc.(c) | 214 | 29,776 | ||||||
Watts Water Technologies, Inc. - Class A | 300 | 19,359 | ||||||
Welbilt, Inc.(a) (c) | 1,075 | 11,943 | ||||||
Werner Enterprises, Inc.(c) | 250 | 7,385 | ||||||
WESCO International, Inc.(a) | 300 | 14,400 | ||||||
Westinghouse Air Brake Technologies Corp.(c) | 559 | 39,270 | ||||||
Woodward, Inc. | 500 | 37,145 | ||||||
XPO Logistics, Inc.(a) | 655 | 37,361 | ||||||
Xylem, Inc. | 1,300 | 86,736 | ||||||
16,386,207 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% | ||||||||
2U, Inc.(a) (c) | 325 | $ | 16,159 | |||||
3D Systems Corp.(a) | 848 | 8,624 | ||||||
8x8, Inc.(a) | 1,000 | 18,040 | ||||||
ACI Worldwide, Inc.(a) (c) | 560 | 15,495 | ||||||
Adobe, Inc.(a) | 3,131 | 708,357 | ||||||
Advanced Energy Industries, Inc.(a) | 300 | 12,879 | ||||||
Advanced Micro Devices, Inc.(a) (c) | 5,945 | 109,745 | ||||||
Agilysys, Inc.(a) | 500 | 7,170 | ||||||
Akamai Technologies, Inc.(a) | 984 | 60,103 | ||||||
Alliance Data Systems Corp. | 408 | 61,233 | ||||||
Ambarella, Inc.(a) (c) | 300 | 10,494 | ||||||
Amkor Technology, Inc.(a) | 1,050 | 6,888 | ||||||
Amphenol Corp. - Class A | 1,600 | 129,631 | ||||||
Amtech Systems, Inc.(a) (c) | 4,002 | 18,129 | ||||||
Analog Devices, Inc. | 2,429 | 208,481 | ||||||
Anixter International, Inc.(a) | 167 | 9,070 | ||||||
ANSYS, Inc.(a) | 500 | 71,470 | ||||||
Apple, Inc. | 33,263 | 5,246,907 | ||||||
Applied Materials, Inc. | 7,908 | 258,908 | ||||||
Apptio, Inc. - Class A(a) (c) | 580 | 22,017 | ||||||
Arista Networks, Inc.(a) | 320 | 67,424 | ||||||
ARRIS International plc(a) | 1,229 | 37,571 | ||||||
Arrow Electronics, Inc.(a) | 500 | 34,475 | ||||||
Aspen Technology, Inc.(a) | 325 | 26,709 | ||||||
Autodesk, Inc.(a) | 1,475 | 189,700 | ||||||
Automatic Data Processing, Inc. | 3,274 | 429,287 | ||||||
Avnet, Inc. | 900 | 32,490 | ||||||
AVX Corp. | 375 | 5,719 | ||||||
AXT, Inc.(a) (c) | 4,230 | 18,401 | ||||||
Badger Meter, Inc.(c) | 300 | 14,763 | ||||||
Bel Fuse, Inc. - Class B | 300 | 5,526 | ||||||
Belden, Inc.(c) | 100 | 4,177 | ||||||
Benchmark Electronics, Inc. | 475 | 10,061 | ||||||
Black Knight, Inc.(a) | 585 | 26,360 | ||||||
Blackbaud, Inc. | 200 | 12,580 | ||||||
Booz Allen Hamilton Holding Corp. | 1,000 | 45,070 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
Bottomline Technologies (de), Inc.(a) | 375 | $ | 18,000 | |||||
Broadcom, Inc. | 1,140 | 289,879 | ||||||
Broadridge Financial Solutions, Inc. | 775 | 74,594 | ||||||
Brooks Automation, Inc. | 106 | 2,775 | ||||||
Cabot Microelectronics Corp. | 100 | 9,535 | ||||||
CACI International, Inc. - Class A(a) | 99 | 14,259 | ||||||
Cadence Design Systems, Inc.(a) | 1,902 | 82,699 | ||||||
CalAmp Corp.(a) (c) | 400 | 5,204 | ||||||
Calix, Inc.(a) | 175 | 1,706 | ||||||
Cardtronics plc - Class A(a) (c) | 175 | 4,550 | ||||||
CDW Corp. | 1,025 | 83,076 | ||||||
Ciena Corp.(a) (c) | 997 | 33,808 | ||||||
Cirrus Logic, Inc.(a) (c) | 400 | 13,272 | ||||||
Cisco Systems, Inc. | 31,758 | 1,376,073 | ||||||
Citrix Systems, Inc. | 1,118 | 114,550 | ||||||
Cognex Corp. | 1,150 | 44,471 | ||||||
Cognizant Technology Solutions Corp. - Class A | 4,298 | 272,837 | ||||||
Coherent, Inc.(a) (c) | 200 | 21,142 | ||||||
CommScope Holding Co., Inc.(a) | 1,150 | 18,849 | ||||||
CommVault Systems, Inc.(a) | 375 | 22,159 | ||||||
Comtech Telecommunications Corp. | 100 | 2,434 | ||||||
Conduent, Inc.(a) | 1,399 | 14,871 | ||||||
CoreLogic, Inc.(a) | 677 | 22,625 | ||||||
Cornerstone OnDemand, Inc.(a) | 500 | 25,215 | ||||||
Corning, Inc. | 6,669 | 201,469 | ||||||
Coupa Software, Inc.(a) | 290 | 18,229 | ||||||
Cray, Inc.(a) | 425 | 9,176 | ||||||
Cree, Inc.(a) (c) | 625 | 26,734 | ||||||
CSG Systems International, Inc. | 78 | 2,478 | ||||||
CTS Corp. | 100 | 2,589 | ||||||
Cypress Semiconductor Corp. | 1,625 | 20,670 | ||||||
Daktronics, Inc. | 800 | 5,920 | ||||||
Diebold Nixdorf, Inc.(c) | 650 | 1,619 | ||||||
Diodes, Inc.(a) (c) | 300 | 9,678 | ||||||
Dolby Laboratories, Inc. - Class A | 300 | 18,552 | ||||||
DXC Technology Co. | 1,978 | 105,170 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
Ebix, Inc.(c) | 31 | $ | 1,319 | |||||
EchoStar Corp. - Class A(a) | 400 | 14,688 | ||||||
eGain Corp.(a) | 2,700 | 17,739 | ||||||
Electro Scientific Industries, Inc.(a) (c) | 100 | 2,996 | ||||||
Electronics For Imaging, Inc.(a) | 404 | 10,019 | ||||||
Ellie Mae, Inc.(a) (c) | 219 | 13,760 | ||||||
EMCORE Corp.(a) (c) | 125 | 525 | ||||||
Entegris, Inc. | 1,011 | 28,202 | ||||||
Envestnet, Inc.(a) (c) | 375 | 18,446 | ||||||
EPAM Systems, Inc.(a) | 300 | 34,803 | ||||||
Euronet Worldwide, Inc.(a) | 349 | 35,731 | ||||||
Everspin Technologies, Inc.(a) (c) | 2,680 | 15,035 | ||||||
ExlService Holdings, Inc.(a) | 300 | 15,786 | ||||||
F5 Networks, Inc.(a) | 433 | 70,159 | ||||||
Fair Isaac Corp.(a) | 146 | 27,302 | ||||||
FARO Technologies, Inc.(a) | 200 | 8,128 | ||||||
Fidelity National Information Services, Inc. | 2,344 | 240,377 | ||||||
Finisar Corp.(a) | 775 | 16,740 | ||||||
FireEye, Inc.(a) | 600 | 9,726 | ||||||
First Data Corp. - Class A(a) | 1,825 | 30,861 | ||||||
First Solar, Inc.(a) (c) | 400 | 16,982 | ||||||
Fiserv, Inc.(a) | 2,396 | 176,082 | ||||||
Fitbit, Inc. - Class A(a) (c) | 425 | 2,112 | ||||||
Five9, Inc.(a) | 570 | 24,920 | ||||||
FleetCor Technologies, Inc.(a) | 628 | 116,632 | ||||||
FLIR Systems, Inc. | 1,025 | 44,629 | ||||||
FormFactor, Inc.(a) | 480 | 6,763 | ||||||
Fortinet, Inc.(a) | 1,075 | 75,712 | ||||||
Gartner, Inc.(a) | 581 | 74,275 | ||||||
Genpact Ltd. | 1,125 | 30,364 | ||||||
Global Payments, Inc. | 950 | 97,974 | ||||||
Guidewire Software, Inc.(a) | 300 | 24,069 | ||||||
Hewlett Packard Enterprise Co. | 12,277 | 162,179 | ||||||
HP, Inc. | 12,352 | 252,722 | ||||||
HubSpot, Inc.(a) | 300 | 37,719 | ||||||
I.D. Systems, Inc.(a) | 100 | 559 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
II-VI, Inc.(a) | 375 | $ | 12,173 | |||||
Infinera Corp.(a) (c) | 600 | 2,394 | ||||||
Inphi Corp.(a) (c) | 300 | 9,645 | ||||||
Insight Enterprises, Inc.(a) | 200 | 8,150 | ||||||
Integrated Device Technology, Inc.(a) (c) | 985 | 47,704 | ||||||
Intel Corp. | 34,918 | 1,638,701 | ||||||
InterDigital, Inc. | 246 | 16,342 | ||||||
International Business Machines Corp. | 6,425 | 730,330 | ||||||
inTEST Corp.(a) | 2,450 | 15,019 | ||||||
Intuit, Inc. | 1,589 | 312,795 | ||||||
IPG Photonics Corp.(a) (c) | 281 | 31,834 | ||||||
Itron, Inc.(a) (c) | 200 | 9,458 | ||||||
j2 Global, Inc.(c) | 325 | 22,549 | ||||||
Jabil, Inc. | 1,025 | 25,410 | ||||||
Jack Henry & Associates, Inc. | 486 | 61,489 | ||||||
Juniper Networks, Inc. | 2,190 | 58,933 | ||||||
Key Tronic Corp.(a) (c) | 600 | 3,390 | ||||||
Keysight Technologies, Inc.(a) | 1,298 | 80,580 | ||||||
Kimball Electronics, Inc.(a) | 525 | 8,132 | ||||||
KLA-Tencor Corp. | 956 | 85,552 | ||||||
Knowles Corp.(a) | 458 | 6,096 | ||||||
Kulicke & Soffa Industries, Inc. | 400 | 8,108 | ||||||
Lam Research Corp. | 1,116 | 151,966 | ||||||
Lantronix, Inc.(a) (c) | 5,150 | 15,141 | ||||||
Lattice Semiconductor Corp.(a) (c) | 200 | 1,384 | ||||||
Leidos Holdings, Inc. | 931 | 49,082 | ||||||
Limelight Networks, Inc.(a) (c) | 3,770 | 8,822 | ||||||
Littelfuse, Inc. | 118 | 20,235 | ||||||
LiveRamp Holdings, Inc.(a) (c) | 475 | 18,349 | ||||||
LogMeIn, Inc.(c) | 356 | 29,039 | ||||||
Lumentum Holdings, Inc.(a) (c) | 424 | 17,812 | ||||||
MACOM Technology Solutions Holdings, Inc.(a) (c) | 463 | 6,718 | ||||||
Manhattan Associates, Inc.(a) | 350 | 14,830 | ||||||
Marvell Technology Group Ltd. | 4,389 | 71,058 | ||||||
Mastercard, Inc. - Class A | 6,945 | 1,310,174 | ||||||
Maxim Integrated Products, Inc. | 1,775 | 90,259 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
MAXIMUS, Inc. | 425 | $ | 27,663 | |||||
MaxLinear, Inc.(a) | 475 | 8,360 | ||||||
Methode Electronics, Inc. | 100 | 2,329 | ||||||
Microchip Technology, Inc.(c) | 1,574 | 113,202 | ||||||
Micron Technology, Inc.(a) | 7,002 | 222,173 | ||||||
Microsoft Corp. | 51,522 | 5,233,089 | ||||||
MicroStrategy, Inc. - Class A(a) | 100 | 12,775 | ||||||
Mitek Systems, Inc.(a) | 2,920 | 31,565 | ||||||
MKS Instruments, Inc. | 300 | 19,383 | ||||||
MoneyGram International, Inc.(a) | 662 | 1,324 | ||||||
Monolithic Power Systems, Inc.(c) | 200 | 23,250 | ||||||
Monotype Imaging Holdings, Inc. | 350 | 5,432 | ||||||
Motorola Solutions, Inc. | 1,132 | 130,225 | ||||||
Nanometrics, Inc.(a) | 200 | 5,466 | ||||||
Napco Security Technologies, Inc.(a) (c) | 900 | 14,175 | ||||||
National Instruments Corp. | 812 | 36,849 | ||||||
NCR Corp.(a) (c) | 925 | 21,349 | ||||||
NetApp, Inc. | 1,775 | 105,914 | ||||||
NETGEAR, Inc.(a) (c) | 50 | 2,602 | ||||||
NetScout Systems, Inc.(a) (c) | 700 | 16,541 | ||||||
New Relic, Inc.(a) | 230 | 18,623 | ||||||
NIC, Inc. | 375 | 4,680 | ||||||
Nuance Communications, Inc.(a) | 2,175 | 28,775 | ||||||
Nutanix, Inc. - Class A(a) | 470 | 19,547 | ||||||
NVE Corp. | 100 | 8,754 | ||||||
NVIDIA Corp. | 3,787 | 505,565 | ||||||
ON Semiconductor Corp.(a) | 2,730 | 45,072 | ||||||
OneSpan, Inc.(a) | 450 | 5,828 | ||||||
Oracle Corp. | 23,530 | 1,062,379 | ||||||
OSI Systems, Inc.(a) (c) | 100 | 7,330 | ||||||
Palo Alto Networks, Inc.(a) | 719 | 135,424 | ||||||
PAR Technology Corp.(a) (c) | 100 | 2,175 | ||||||
Park Electrochemical Corp.(c) | 600 | 10,842 | ||||||
Paychex, Inc. | 2,150 | 140,073 | ||||||
Paycom Software, Inc.(a) (c) | 300 | 36,735 | ||||||
Paylocity Holding Corp.(a) | 300 | 18,063 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
PayPal Holdings, Inc.(a) | 7,725 | $ | 649,595 | |||||
PCM, Inc.(a) (c) | 400 | 7,044 | ||||||
Pegasystems, Inc. | 300 | 14,349 | ||||||
Perspecta, Inc. | 989 | 17,031 | ||||||
PFSweb, Inc.(a) (c) | 8 | 41 | ||||||
Plantronics, Inc. | 300 | 9,930 | ||||||
Plexus Corp.(a) | 300 | 15,324 | ||||||
Power Integrations, Inc.(c) | 300 | 18,294 | ||||||
PRGX Global, Inc.(a) (c) | 220 | 2,083 | ||||||
Progress Software Corp. | 200 | 7,098 | ||||||
Proofpoint, Inc.(a) | 316 | 26,484 | ||||||
PROS Holdings, Inc.(a) | 300 | 9,420 | ||||||
PTC, Inc.(a) | 865 | 71,709 | ||||||
QUALCOMM, Inc. | 10,805 | 614,912 | ||||||
Qualys, Inc.(a) (c) | 300 | 22,422 | ||||||
Rambus, Inc.(a) | 500 | 3,835 | ||||||
Rapid7, Inc.(a) | 540 | 16,826 | ||||||
RealPage, Inc.(a) | 325 | 15,662 | ||||||
Red Hat, Inc.(a) | 978 | 171,776 | ||||||
RF Industries Ltd.(c) | 2,570 | 18,658 | ||||||
Rudolph Technologies, Inc.(a) (c) | 340 | 6,960 | ||||||
Sabre Corp. | 1,400 | 30,296 | ||||||
salesforce.com, inc.(a) | 4,179 | 572,398 | ||||||
Sanmina Corp.(a) | 333 | 8,012 | ||||||
Science Applications International Corp. | 260 | 16,562 | ||||||
Semtech Corp.(a) | 300 | 13,761 | ||||||
ServiceNow, Inc.(a) | 1,203 | 214,194 | ||||||
SharpSpring, Inc.(a) (c) | 1,870 | 23,805 | ||||||
Silicon Laboratories, Inc.(a) | 200 | 15,762 | ||||||
Skyworks Solutions, Inc. | 1,099 | 73,655 | ||||||
Snap, Inc. - Class A(a) (c) | 3,880 | 21,379 | ||||||
Splunk, Inc.(a) | 918 | 96,252 | ||||||
Square, Inc. - Class A(a) | 1,090 | 61,138 | ||||||
SS&C Technologies Holdings, Inc. | 1,325 | 59,771 | ||||||
SunPower Corp.(a) (c) | 1,300 | 6,461 | ||||||
Super Micro Computer, Inc.(a) (c) | 375 | 5,175 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
Sykes Enterprises, Inc.(a) | 102 | $ | 2,522 | |||||
Symantec Corp. | 3,483 | 65,811 | ||||||
Synaptics, Inc.(a) | 333 | 12,391 | ||||||
Synchronoss Technologies, Inc.(a) (c) | 325 | 1,996 | ||||||
SYNNEX Corp. | 229 | 18,512 | ||||||
Synopsys, Inc.(a) | 1,117 | 94,096 | ||||||
Tech Data Corp.(a) | 211 | 17,262 | ||||||
Teradata Corp.(a) | 1,025 | 39,319 | ||||||
Teradyne, Inc. | 1,075 | 33,734 | ||||||
TESSCO Technologies, Inc. | 100 | 1,200 | ||||||
Texas Instruments, Inc. | 6,205 | 586,372 | ||||||
TiVo Corp. | 878 | 8,262 | ||||||
Total System Services, Inc. | 1,337 | 108,685 | ||||||
Trade Desk, Inc. (The) - Class A(a) (c) | 140 | 16,248 | ||||||
Trimble, Inc.(a) | 1,334 | 43,902 | ||||||
TTM Technologies, Inc.(a) (c) | 488 | 4,748 | ||||||
Twilio, Inc. - Class A(a) (c) | 260 | 23,218 | ||||||
Tyler Technologies, Inc.(a) | 192 | 35,677 | ||||||
Ultimate Software Group, Inc. (The)(a) | 165 | 40,404 | ||||||
Unisys Corp.(a) (c) | 427 | 4,966 | ||||||
Universal Display Corp. | 270 | 25,264 | ||||||
USA Technologies, Inc.(a) | 2,980 | 11,592 | ||||||
Veeco Instruments, Inc.(a) | 400 | 2,964 | ||||||
Verint Systems, Inc.(a) | 375 | 15,866 | ||||||
VeriSign, Inc.(a) | 516 | 76,518 | ||||||
Versum Materials, Inc. | 821 | 22,758 | ||||||
ViaSat, Inc.(a) (c) | 350 | 20,633 | ||||||
Viavi Solutions, Inc.(a) | 1,328 | 13,346 | ||||||
Virtusa Corp.(a) (c) | 400 | 17,036 | ||||||
Visa, Inc. - Class A(c) | 11,316 | 1,493,032 | ||||||
Vishay Intertechnology, Inc. | 806 | 14,516 | ||||||
Vishay Precision Group, Inc.(a) | 129 | 3,900 | ||||||
VMware, Inc. - Class A(c) | 594 | 81,455 | ||||||
Western Digital Corp. | 2,020 | 74,679 | ||||||
Western Union Co. (The) | 2,454 | 41,865 | ||||||
WEX, Inc.(a) | 214 | 29,973 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Information Technology - 19.3% (Continued) | ||||||||
Workday, Inc. - Class A(a) | 195 | $ | 31,138 | |||||
Worldpay, Inc. - Class A(a) | 525 | 40,126 | ||||||
Xerox Corp. | 1,748 | 34,540 | ||||||
Xilinx, Inc. | 1,575 | 134,143 | ||||||
Xperi Corp. | 400 | 7,356 | ||||||
Zebra Technologies Corp. - Class A(a) | 225 | 35,827 | ||||||
Zendesk, Inc.(a) | 550 | 32,104 | ||||||
32,148,229 | ||||||||
Materials - 2.7% | ||||||||
AdvanSix, Inc.(a) | 250 | 6,085 | ||||||
Air Products & Chemicals, Inc. | 1,460 | 233,673 | ||||||
AK Steel Holding Corp.(a) (c) | 1,875 | 4,219 | ||||||
Albemarle Corp.(c) | 745 | 57,417 | ||||||
Alcoa Corp.(a) | 1,163 | 30,913 | ||||||
Allegheny Technologies, Inc.(a) (c) | 775 | 16,872 | ||||||
American Vanguard Corp. | 400 | 6,076 | ||||||
AptarGroup, Inc. | 286 | 26,904 | ||||||
Ashland Global Holdings, Inc. | 467 | 33,138 | ||||||
Avery Dennison Corp. | 590 | 53,000 | ||||||
Axalta Coating Systems Ltd.(a) | 675 | 15,809 | ||||||
Balchem Corp. | 201 | 15,748 | ||||||
Ball Corp. | 1,960 | 90,121 | ||||||
Bemis Co., Inc. | 550 | 25,245 | ||||||
Berry Global Group, Inc.(a) | 900 | 42,777 | ||||||
Cabot Corp. | 400 | 17,176 | ||||||
Carpenter Technology Corp. | 200 | 7,122 | ||||||
Celanese Corp. | 945 | 85,022 | ||||||
Century Aluminum Co.(a) (c) | 600 | 4,386 | ||||||
CF Industries Holdings, Inc. | 1,670 | 72,662 | ||||||
Chemours Co. (The) | 1,289 | 36,376 | ||||||
Cleveland-Cliffs, Inc.(a) (c) | 1,400 | 10,766 | ||||||
Coeur Mining, Inc.(a) (c) | 1,110 | 4,962 | ||||||
Commercial Metals Co. | 775 | 12,416 | ||||||
Compass Minerals International, Inc.(c) | 100 | 4,169 | ||||||
Core Molding Technologies, Inc.(c) | 200 | 1,422 | ||||||
Crown Holdings, Inc.(a) (c) | 900 | 37,413 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Materials - 2.7% (Continued) | ||||||||
DowDuPont, Inc. | 15,951 | $ | 853,058 | |||||
Eagle Materials, Inc. | 333 | 20,323 | ||||||
Eastman Chemical Co. | 990 | 72,379 | ||||||
Ecolab, Inc. | 1,764 | 259,925 | ||||||
Ferro Corp.(a) (g) | 575 | 9,016 | ||||||
FMC Corp. | 875 | 64,715 | ||||||
Freeport-McMoRan, Inc. | 8,769 | 90,408 | ||||||
GCP Applied Technologies, Inc.(a) (c) | 427 | 10,483 | ||||||
Graphic Packaging Holding Co.(c) | 1,325 | 14,098 | ||||||
Greif, Inc. - Class A | 300 | 11,133 | ||||||
H.B. Fuller Co. | 150 | 6,401 | ||||||
Huntsman Corp. | 1,575 | 30,382 | ||||||
Ingevity Corp.(a) | 393 | 32,890 | ||||||
International Flavors & Fragrances, Inc. | 471 | 63,241 | ||||||
International Paper Co. | 2,867 | 115,711 | ||||||
Kaiser Aluminum Corp. | 138 | 12,322 | ||||||
Kraton Corp.(a) | 300 | 6,552 | ||||||
Linde plc | 1,869 | 291,639 | ||||||
Louisiana-Pacific Corp. | 825 | 18,332 | ||||||
LSB Industries, Inc.(a) | 300 | 1,656 | ||||||
Martin Marietta Materials, Inc.(c) | 444 | 76,310 | ||||||
Minerals Technologies, Inc. | 250 | 12,835 | ||||||
Mosaic Co. (The) | 2,625 | 76,676 | ||||||
Myers Industries, Inc.(c) | 200 | 3,022 | ||||||
Neenah, Inc.(c) | 120 | 7,070 | ||||||
Newmont Mining Corp. | 3,650 | 126,472 | ||||||
Nucor Corp. | 2,045 | 105,951 | ||||||
Olin Corp. | 1,020 | 20,512 | ||||||
Owens-Illinois, Inc.(a) | 1,300 | 22,412 | ||||||
P.H. Glatfelter Co.(c) | 325 | 3,172 | ||||||
Packaging Corp. of America | 575 | 47,990 | ||||||
PolyOne Corp. | 483 | 13,814 | ||||||
PPG Industries, Inc. | 1,799 | 183,912 | ||||||
Quaker Chemical Corp.(c) | 100 | 17,771 | ||||||
Rayonier Advanced Materials, Inc.(c) | 500 | 5,325 | ||||||
Reliance Steel & Aluminum Co. | 549 | 39,072 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Materials - 2.7% (Continued) | ||||||||
Royal Gold, Inc.(c) | 491 | $ | 42,054 | |||||
RPM International, Inc. | 1,000 | 58,780 | ||||||
Schweitzer-Mauduit International, Inc. | 300 | 7,515 | ||||||
Scotts Miracle-Gro Co. (The) | 296 | 18,192 | ||||||
Sealed Air Corp.(c) | 1,250 | 43,550 | ||||||
Sensient Technologies Corp.(c) | 335 | 18,710 | ||||||
Sherwin-Williams Co. (The) | 623 | 245,126 | ||||||
Silgan Holdings, Inc. | 150 | 3,543 | ||||||
Sonoco Products Co. | 725 | 38,519 | ||||||
Southern Copper Corp. | 747 | 22,985 | ||||||
Steel Dynamics, Inc. | 1,550 | 46,562 | ||||||
Stepan Co.(c) | 148 | 10,952 | ||||||
Summit Materials, Inc. - Class A(a) (c) | 571 | 7,080 | ||||||
SunCoke Energy, Inc.(a) | 564 | 4,822 | ||||||
TimkenSteel Corp.(a) (c) | 400 | 3,496 | ||||||
Tredegar Corp.(c) | 671 | 10,642 | ||||||
Trinseo S.A. | 300 | 13,734 | ||||||
UFP Technologies, Inc.(a) (c) | 500 | 15,020 | ||||||
United States Lime & Minerals, Inc. | 50 | 3,550 | ||||||
United States Steel Corp.(c) | 1,350 | 24,624 | ||||||
Valvoline, Inc.(c) | 1,282 | 24,807 | ||||||
Vulcan Materials Co. | 855 | 84,475 | ||||||
W.R. Grace & Co. | 427 | 27,717 | ||||||
Westlake Chemical Corp. | 202 | 13,366 | ||||||
WestRock Co. | 1,534 | 57,924 | ||||||
Worthington Industries, Inc.(c) | 225 | 7,839 | ||||||
4,554,453 | ||||||||
Real Estate - 4.1% | ||||||||
Acadia Realty Trust | 676 | 16,062 | ||||||
Agree Realty Corp. | 300 | 17,736 | ||||||
Alexander & Baldwin, Inc.(a) (c) | 213 | 3,915 | ||||||
Alexandria Real Estate Equities, Inc. | 601 | 69,259 | ||||||
American Assets Trust, Inc. | 425 | 17,072 | ||||||
American Campus Communities, Inc. | 982 | 40,645 | ||||||
American Homes 4 Rent - Class A(c) | 1,700 | 33,745 | ||||||
American Tower Corp. | 2,896 | 458,117 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Real Estate - 4.1% (Continued) | ||||||||
Apartment Investment & Management Co. - Class A | 1,381 | $ | 60,598 | |||||
Apple Hospitality REIT, Inc. | 1,975 | 28,164 | ||||||
Ashford Hospitality Trust, Inc.(c) | 544 | 2,176 | ||||||
AvalonBay Communities, Inc. | 1,099 | 191,281 | ||||||
Boston Properties, Inc. | 1,243 | 139,900 | ||||||
Braemar Hotels & Resorts, Inc. | 130 | 1,161 | ||||||
Brandywine Realty Trust | 1,413 | 18,185 | ||||||
Brixmor Property Group, Inc. | 2,275 | 33,420 | ||||||
Camden Property Trust | 725 | 63,836 | ||||||
CareTrust REIT, Inc. | 403 | 7,439 | ||||||
CBL & Associates Properties, Inc.(c) | 1,205 | 2,314 | ||||||
CBRE Group, Inc. - Class A(a) | 2,425 | 97,098 | ||||||
Cedar Realty Trust, Inc. | 650 | 2,041 | ||||||
Chatham Lodging Trust | 425 | 7,514 | ||||||
Chesapeake Lodging Trust(c) | 625 | 15,219 | ||||||
Colony Capital, Inc. | 3,575 | 16,731 | ||||||
Columbia Property Trust, Inc. | 1,075 | 20,801 | ||||||
CoreCivic, Inc. | 799 | 14,246 | ||||||
CoreSite Realty Corp. | 300 | 26,169 | ||||||
Corporate Office Properties Trust | 850 | 17,876 | ||||||
Cousins Properties, Inc. | 3,356 | 26,512 | ||||||
Crown Castle International Corp. | 2,435 | 264,513 | ||||||
CubeSmart | 1,412 | 40,510 | ||||||
CyrusOne, Inc.(c) | 725 | 38,338 | ||||||
DiamondRock Hospitality Co. | 1,727 | 15,681 | ||||||
Digital Realty Trust, Inc.(c) | 1,631 | 173,783 | ||||||
Douglas Emmett, Inc. | 1,300 | 44,369 | ||||||
Duke Realty Corp. | 2,726 | 70,603 | ||||||
EastGroup Properties, Inc. | 262 | 24,033 | ||||||
Empire State Realty Trust, Inc. - Class A | 775 | 11,028 | ||||||
EPR Properties | 422 | 27,021 | ||||||
Equinix, Inc. | 530 | 186,857 | ||||||
Equity Commonwealth | 993 | 29,800 | ||||||
Equity LifeStyle Properties, Inc. | 739 | 71,779 | ||||||
Equity Residential | 2,904 | 191,693 | ||||||
Essex Property Trust, Inc. | 472 | 115,739 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Real Estate - 4.1% (Continued) | ||||||||
Extra Space Storage, Inc. | 989 | $ | 89,485 | |||||
Federal Realty Investment Trust | 520 | 61,381 | ||||||
First Industrial Realty Trust, Inc. | 1,025 | 29,582 | ||||||
Four Corners Property Trust, Inc. | 444 | 11,633 | ||||||
Franklin Street Properties Corp. | 950 | 5,919 | ||||||
Front Yard Residential Corp. | 33 | 288 | ||||||
Gaming and Leisure Properties, Inc. | 1,217 | 39,321 | ||||||
Getty Realty Corp. | 402 | 11,823 | ||||||
HCP, Inc. | 3,775 | 105,436 | ||||||
Healthcare Realty Trust, Inc.(c) | 875 | 24,885 | ||||||
Healthcare Trust of America, Inc. - Class A | 1,025 | 25,943 | ||||||
Hersha Hospitality Trust | 550 | 9,647 | ||||||
HFF, Inc. - Class A | 75 | 2,487 | ||||||
Highwoods Properties, Inc. | 800 | 30,952 | ||||||
Hospitality Properties Trust | 1,325 | 31,641 | ||||||
Host Hotels & Resorts, Inc. | 5,974 | 99,587 | ||||||
Howard Hughes Corp. (The)(a) | 321 | 31,336 | ||||||
Hudson Pacific Properties, Inc. | 1,225 | 35,599 | ||||||
Industrial Logistics Properties Trust | 176 | 3,460 | ||||||
Investors Real Estate Trust | 180 | 8,833 | ||||||
Invitation Homes, Inc. | 871 | 17,490 | ||||||
Iron Mountain, Inc. | 1,372 | 44,467 | ||||||
JBG SMITH Properties | 764 | 26,595 | ||||||
Jones Lang LaSalle, Inc. | 284 | 35,954 | ||||||
Kennedy-Wilson Holdings, Inc.(c) | 925 | 16,807 | ||||||
Kilroy Realty Corp. | 700 | 44,016 | ||||||
Kimco Realty Corp.(c) | 3,350 | 49,078 | ||||||
Kite Realty Group Trust(c) | 725 | 10,215 | ||||||
Lamar Advertising Co. - Class A | 400 | 27,672 | ||||||
Lexington Realty Trust | 1,125 | 9,236 | ||||||
Liberty Property Trust | 1,225 | 51,303 | ||||||
Life Storage, Inc. | 350 | 32,547 | ||||||
LTC Properties, Inc. | 50 | 2,084 | ||||||
Macerich Co. (The) | 803 | 34,754 | ||||||
Mack-Cali Realty Corp.(c) | 725 | 14,203 | ||||||
Medical Properties Trust, Inc. | 1,500 | 24,120 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Real Estate - 4.1% (Continued) | ||||||||
Mid-America Apartment Communities, Inc. | 859 | $ | 82,206 | |||||
National Health Investors, Inc. | 325 | 24,551 | ||||||
National Retail Properties, Inc. | 900 | 43,659 | ||||||
New Senior Investment Group, Inc. | 695 | 2,863 | ||||||
New York REIT Liquidating, LLC(a) (c) (g) | 130 | 1,820 | ||||||
Newmark Group, Inc. - Class A(c) | 765 | 6,135 | ||||||
NorthStar Realty Europe Corp. | 542 | 7,881 | ||||||
Office Properties Income Trust(c) | 550 | 3,779 | ||||||
Omega Healthcare Investors, Inc.(c) | 1,200 | 42,180 | ||||||
Outfront Media, Inc. | 336 | 6,088 | ||||||
Paramount Group, Inc. | 1,800 | 22,608 | ||||||
Park Hotels & Resorts, Inc. | 227 | 5,897 | ||||||
Pebblebrook Hotel Trust(c) | 1,188 | 33,632 | ||||||
Pennsylvania Real Estate Investment Trust(c) | 775 | 4,604 | ||||||
Physicians Realty Trust | 900 | 14,427 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 1,275 | 21,726 | ||||||
PotlatchDeltic Corp.(c) | 298 | 9,429 | ||||||
Prologis, Inc. | 4,883 | 286,729 | ||||||
PS Business Parks, Inc. | 200 | 26,200 | ||||||
Public Storage | 1,249 | 252,809 | ||||||
Rafael Holdings, Inc. - Class B(a) | 8 | 63 | ||||||
Rayonier, Inc. | 826 | 22,872 | ||||||
Realty Income Corp.(c) | 1,700 | 107,168 | ||||||
Regency Centers Corp. | 1,182 | 69,360 | ||||||
Retail Opportunity Investments Corp.(c) | 725 | 11,513 | ||||||
Retail Properties of America, Inc. - Class A | 2,075 | 22,514 | ||||||
Retail Value, Inc. | 141 | 3,608 | ||||||
RLJ Lodging Trust | 1,633 | 26,781 | ||||||
RMR Group, Inc. (The) - Class A | 71 | 3,769 | ||||||
RPT Realty(c) | 1,000 | 11,950 | ||||||
Ryman Hospitality Properties, Inc. | 525 | 35,012 | ||||||
Sabra Health Care REIT, Inc. | 1,436 | 23,665 | ||||||
SBA Communications Corp.(a) | 920 | 148,939 | ||||||
Select Income REIT | 350 | 2,576 | ||||||
Senior Housing Properties Trust | 2,075 | 24,319 | ||||||
Simon Property Group, Inc. | 2,553 | 428,877 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Real Estate - 4.1% (Continued) | ||||||||
SITE Centers Corp. | 1,410 | $ | 15,609 | |||||
SL Green Realty Corp. | 776 | 61,366 | ||||||
Spirit MTA REIT | 300 | 2,139 | ||||||
Spirit Realty Capital, Inc. | 600 | 21,150 | ||||||
St. Joe Co. (The)(a) (c) | 500 | 6,585 | ||||||
STAG Industrial, Inc. | 450 | 11,196 | ||||||
STORE Capital Corp. | 675 | 19,109 | ||||||
Summit Hotel Properties, Inc. | 975 | 9,487 | ||||||
Sun Communities, Inc.(c) | 500 | 50,855 | ||||||
Sunstone Hotel Investors, Inc. | 1,840 | 23,938 | ||||||
Tanger Factory Outlet Centers, Inc.(c) | 775 | 15,671 | ||||||
Taubman Centers, Inc. | 500 | 22,745 | ||||||
Tejon Ranch Co.(a) (c) | 50 | 829 | ||||||
Terreno Realty Corp. | 275 | 9,672 | ||||||
UDR, Inc. | 2,028 | 80,349 | ||||||
Uniti Group, Inc.(c) | 1,228 | 19,120 | ||||||
Universal Health Realty Income Trust | 200 | 12,274 | ||||||
Urban Edge Properties | 811 | 13,479 | ||||||
Urstadt Biddle Properties, Inc. - Class A | 500 | 9,610 | ||||||
Ventas, Inc. | 2,665 | 156,142 | ||||||
VEREIT, Inc. | 6,175 | 44,151 | ||||||
Vornado Realty Trust | 1,528 | 94,782 | ||||||
Washington Prime Group, Inc.(c) | 1,617 | 7,859 | ||||||
Washington Real Estate Investment Trust | 450 | 10,350 | ||||||
Weingarten Realty Investors | 1,050 | 26,051 | ||||||
Welltower, Inc. | 2,820 | 195,736 | ||||||
Weyerhaeuser Co. | 5,677 | 124,099 | ||||||
Xenia Hotel & Resorts, Inc. | 900 | 15,480 | ||||||
6,776,800 | ||||||||
Utilities - 3.1% | ||||||||
AES Corp. | 4,360 | 63,046 | ||||||
ALLETE, Inc. | 425 | 32,394 | ||||||
Alliant Energy Corp. | 1,375 | 58,094 | ||||||
Ameren Corp. | 1,625 | 105,999 | ||||||
American Electric Power Co., Inc. | 3,355 | 250,752 | ||||||
American States Water Co. | 100 | 6,704 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Utilities - 3.1% (Continued) | ||||||||
American Water Works Co., Inc. | 1,190 | $ | 108,016 | |||||
Aqua America, Inc. | 1,326 | 45,336 | ||||||
Atmos Energy Corp. | 760 | 70,467 | ||||||
Avangrid, Inc.(c) | 550 | 27,550 | ||||||
Avista Corp. | 250 | 10,620 | ||||||
Black Hills Corp.(c) | 300 | 18,834 | ||||||
California Water Service Group(c) | 225 | 10,724 | ||||||
CenterPoint Energy, Inc. | 2,900 | 81,867 | ||||||
CMS Energy Corp. | 1,800 | 89,370 | ||||||
Consolidated Edison, Inc. | 2,169 | 165,842 | ||||||
Dominion Energy, Inc. | 4,096 | 292,699 | ||||||
DTE Energy Co. | 1,023 | 112,837 | ||||||
Duke Energy Corp. | 4,412 | 380,755 | ||||||
Edison International | 2,291 | 130,060 | ||||||
El Paso Electric Co. | 100 | 5,013 | ||||||
Entergy Corp. | 1,150 | 98,981 | ||||||
Evergy, Inc. | 1,715 | 97,361 | ||||||
Eversource Energy | 2,092 | 136,064 | ||||||
Exelon Corp. | 4,631 | 208,858 | ||||||
FirstEnergy Corp. | 3,030 | 113,777 | ||||||
Genie Energy Ltd. - Class B | 16 | 96 | ||||||
Hawaiian Electric Industries, Inc. | 800 | 29,296 | ||||||
IDACORP, Inc. | 313 | 29,128 | ||||||
MDU Resources Group, Inc. | 1,075 | 25,628 | ||||||
MGE Energy, Inc. | 150 | 8,994 | ||||||
National Fuel Gas Co.(c) | 650 | 33,267 | ||||||
New Jersey Resources Corp.(c) | 500 | 22,835 | ||||||
NextEra Energy, Inc. | 3,223 | 560,221 | ||||||
NiSource, Inc. | 2,140 | 54,249 | ||||||
Northwest Natural Holding Co. | 300 | 18,138 | ||||||
NorthWestern Corp.(c) | 400 | 23,776 | ||||||
NRG Energy, Inc. | 1,852 | 73,339 | ||||||
OGE Energy Corp.(c) | 1,175 | 46,048 | ||||||
ONE Gas, Inc. | 287 | 22,845 | ||||||
Ormat Technologies, Inc.(c) | 175 | 9,153 | ||||||
Otter Tail Corp.(c) | 350 | 17,374 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.5% (Continued) | Shares | Value | ||||||
Utilities - 3.1% (Continued) | ||||||||
PG&E Corp.(a) | 3,350 | $ | 79,563 | |||||
Pinnacle West Capital Corp. | 716 | 61,003 | ||||||
PNM Resources, Inc. | 400 | 16,436 | ||||||
Portland General Electric Co. | 500 | 22,925 | ||||||
PPL Corp. | 4,700 | 133,151 | ||||||
Public Service Enterprise Group, Inc. | 3,600 | 187,380 | ||||||
SCANA Corp. | 779 | 37,221 | ||||||
Sempra Energy(c) | 1,737 | 187,926 | ||||||
South Jersey Industries, Inc. | 650 | 18,070 | ||||||
Southern Co. (The) | 6,540 | 287,236 | ||||||
Southwest Gas Holdings, Inc. | 325 | 24,863 | ||||||
Spire, Inc. | 350 | 25,928 | ||||||
UGI Corp. | 1,275 | 68,021 | ||||||
Vectren Corp. | 508 | 36,566 | ||||||
Vistra Energy Corp.(a) | 7 | 160 | ||||||
WEC Energy Group, Inc. | 2,039 | 141,221 | ||||||
Xcel Energy, Inc. | 3,600 | 177,372 | ||||||
5,201,449 | ||||||||
Total Common Stocks(Cost $55,514,315) | $ | 163,794,552 |
RIGHTS - 0.0%(d) | Shares | Value | ||||||
AMR Corp., Escrow(a) (b) (g) | 3,275 | $ | 3,701 | |||||
Media General, Inc. - CVR(a) (b) (c) (g) | 794 | 0 | ||||||
Schulman A, Inc.(a) (b) (g) | 81 | 0 | ||||||
Total Rights(Cost $0) | �� | $ | 3,701 |
WILSHIRE 5000 INDEX FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
MONEY MARKET FUNDS - 2.0% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 2,338,237 | $ | 2,338,237 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e) (f) | 957,550 | 957,550 | ||||||
Total Money Market Funds(Cost $3,295,787) | $ | 3,295,787 | ||||||
Total Investments at Value - 100.5%(Cost $58,810,102) | $ | 167,094,040 | ||||||
Liabilities in Excess of Other Assets - (0.5%) | (786,975 | ) | ||||||
Net Assets - 100.0% | $ | 166,307,065 |
(a) | Non-income producing security. |
(b) | 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 $3,764 as of December 31, 2018, representing 0.0%(d)of net assets. |
(c) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $10,560,346. |
(d) | Percentage rounds to less than 0.1%. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $957,550. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $9,893,259. |
(g) | Illiquid security. The total value of such securities is $14,600 at December 31, 2018, representing 0.0%(d) of net assets. |
CVR - Contingent Value Right.
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 96.9% | Shares | Value | ||||||
Communication Services - 11.4% | ||||||||
Activision Blizzard, Inc. | 32,999 | $ | 1,536,764 | |||||
Alphabet, Inc. - Class A(a) | 3,999 | 4,178,795 | ||||||
Alphabet, Inc. - Class C(a) | 7,483 | 7,749,470 | ||||||
Electronic Arts, Inc.(a) | 380 | 29,986 | ||||||
Facebook, Inc. - Class A(a) | 66,005 | 8,652,595 | ||||||
Netflix, Inc.(a) | 1,920 | 513,907 | ||||||
TripAdvisor, Inc.(a) | 570 | 30,746 | ||||||
Twitter, Inc.(a) | 3,180 | 91,393 | ||||||
Walt Disney Co. (The) | 5,768 | 632,461 | ||||||
23,416,117 | ||||||||
Consumer Discretionary - 18.9% | ||||||||
Advance Auto Parts, Inc. | 308 | 48,498 | ||||||
Alibaba Group Holding Ltd. - ADR(a) | 46,128 | 6,322,764 | ||||||
Amazon.com, Inc.(a) | 8,361 | 12,557,970 | ||||||
AutoZone, Inc.(a) | 320 | 268,269 | ||||||
Booking Holdings, Inc.(a) | 1,718 | 2,959,118 | ||||||
Brunswick Corp. | 670 | 31,122 | ||||||
Burlington Stores, Inc.(a) | 13,130 | 2,135,857 | ||||||
Chipotle Mexican Grill, Inc.(a) | 340 | 146,809 | ||||||
Choice Hotels International, Inc.(b) | 3,970 | 284,173 | ||||||
Dollar General Corp. | 970 | 104,838 | ||||||
Domino's Pizza, Inc. | 107 | 26,535 | ||||||
Expedia Group, Inc. | 910 | 102,512 | ||||||
GrubHub, Inc.(a) (b) | 20,813 | 1,598,647 | ||||||
H&R Block, Inc. | 690 | 17,505 | ||||||
Home Depot, Inc. (The) | 10,126 | 1,739,849 | ||||||
L Brands, Inc. | 270 | 6,931 | ||||||
Las Vegas Sands Corp. | 1,840 | 95,772 | ||||||
Lowe's Cos., Inc. | 6,990 | 645,596 | ||||||
McDonald's Corp. | 2,810 | 498,972 | ||||||
NIKE, Inc. - Class B | 10,330 | 765,866 | ||||||
O'Reilly Automotive, Inc.(a) | 906 | 311,963 | ||||||
Pool Corp. | 1,061 | 157,718 | ||||||
Starbucks Corp. | 45,761 | 2,947,008 | ||||||
TJX Cos., Inc. (The) | 4,080 | 182,539 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 18.9% (Continued) | ||||||||
Tractor Supply Co. | 2,272 | $ | 189,576 | |||||
Ulta Beauty, Inc.(a) | 8,380 | 2,051,759 | ||||||
Urban Outfitters, Inc.(a) | 400 | 13,280 | ||||||
Yum China Holdings, Inc. | 29,704 | 995,975 | ||||||
Yum! Brands, Inc. | 16,985 | 1,561,261 | ||||||
38,768,682 | ||||||||
Consumer Staples - 7.9% | ||||||||
Altria Group, Inc. | 13,680 | 675,655 | ||||||
Coca-Cola Co. (The) | 58,896 | 2,788,726 | ||||||
Colgate-Palmolive Co. | 27,308 | 1,625,372 | ||||||
Constellation Brands, Inc. - Class A | 970 | 155,995 | ||||||
Costco Wholesale Corp. | 4,590 | 935,029 | ||||||
Danone S.A. - ADR | 144,987 | 2,026,918 | ||||||
Kimberly-Clark Corp. | 1,090 | 124,195 | ||||||
Monster Beverage Corp.(a) | 94,897 | 4,670,831 | ||||||
Nu Skin Enterprises, Inc. - Class A | 3,460 | 212,202 | ||||||
PepsiCo, Inc. | 6,880 | 760,102 | ||||||
Procter & Gamble Co. (The) | 23,573 | 2,166,830 | ||||||
16,141,855 | ||||||||
Energy - 0.6% | ||||||||
ONEOK, Inc. | 1,580 | 85,241 | ||||||
Schlumberger Ltd. | 32,636 | 1,177,507 | ||||||
1,262,748 | ||||||||
Financials - 4.6% | ||||||||
American Express Co. | 8,664 | 825,852 | ||||||
BGC Partners, Inc. - Class A | 2,140 | 11,064 | ||||||
Capital One Financial Corp. | 610 | 46,110 | ||||||
Cboe Global Markets, Inc. | 782 | 76,503 | ||||||
Charles Schwab Corp. (The) | 28,097 | 1,166,868 | ||||||
East West Bancorp, Inc. | 510 | 22,200 | ||||||
Eaton Vance Corp. | 5,190 | 182,584 | ||||||
Erie Indemnity Co. - Class A | 3,525 | 469,918 | ||||||
Evercore, Inc. - Class A | 920 | 65,835 | ||||||
FactSet Research Systems, Inc. | 6,383 | 1,277,430 | ||||||
First Republic Bank | 16,486 | 1,432,633 | ||||||
MarketAxess Holdings, Inc. | 7,478 | 1,580,177 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Financials - 4.6% (Continued) | ||||||||
SEI Investments Co. | 33,230 | $ | 1,535,226 | |||||
State Street Corp. | 1,690 | 106,588 | ||||||
Synovus Financial Corp. | 5,150 | 164,749 | ||||||
T. Rowe Price Group, Inc. | 1,810 | 167,099 | ||||||
Western Alliance Bancorp.(a) | 6,240 | 246,418 | ||||||
9,377,254 | ||||||||
Health Care - 19.1% | ||||||||
AbbVie, Inc. | 8,572 | 790,253 | ||||||
ABIOMED, Inc.(a) | 6,433 | 2,090,983 | ||||||
Agilent Technologies, Inc. | 1,540 | 103,888 | ||||||
Alexion Pharmaceuticals, Inc.(a) | 18,128 | 1,764,942 | ||||||
Align Technology, Inc.(a) | 8,942 | 1,872,723 | ||||||
Amgen, Inc. | 10,923 | 2,126,380 | ||||||
Boston Scientific Corp.(a) | 14,260 | 503,948 | ||||||
Bristol-Myers Squibb Co. | 14,444 | 750,799 | ||||||
Bruker Corp. | 3,310 | 98,539 | ||||||
Canopy Growth Corp.(a) (b) | 22,791 | 612,394 | ||||||
Cantel Medical Corp.(b) | 3,334 | 248,216 | ||||||
Celgene Corp.(a) | 156 | 9,998 | ||||||
Cerner Corp.(a) | 37,638 | 1,973,737 | ||||||
Chemed Corp. | 100 | 28,328 | ||||||
DexCom, Inc.(a) | 2,026 | 242,715 | ||||||
Edwards Lifesciences Corp.(a) | 15,102 | 2,313,174 | ||||||
Eli Lilly & Co. | 4,125 | 477,345 | ||||||
Gilead Sciences, Inc. | 6,690 | 418,460 | ||||||
Humana, Inc. | 960 | 275,021 | ||||||
ICU Medical, Inc.(a) | 230 | 52,815 | ||||||
IDEXX Laboratories, Inc.(a) | 910 | 169,278 | ||||||
Illumina, Inc.(a) | 7,614 | 2,283,667 | ||||||
Intuitive Surgical, Inc.(a) | 1,010 | 483,709 | ||||||
IQVIA Holdings, Inc.(a) | 890 | 103,391 | ||||||
Johnson & Johnson | 4,390 | 566,530 | ||||||
Masimo Corp.(a) | 405 | 43,485 | ||||||
Merck & Co., Inc. | 15,442 | 1,179,923 | ||||||
Mettler-Toledo International, Inc.(a) | 150 | 84,837 | ||||||
Novartis AG - ADR | 15,626 | 1,340,867 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Health Care - 19.1% (Continued) | ||||||||
Novo Nordisk A/S - ADR | 45,737 | $ | 2,107,104 | |||||
Penumbra, Inc.(a) (b) | 10 | 1,222 | ||||||
Regeneron Pharmaceuticals, Inc.(a) | 6,730 | 2,513,655 | ||||||
ResMed, Inc. | 3,109 | 354,022 | ||||||
Stryker Corp. | 3,480 | 545,490 | ||||||
Thermo Fisher Scientific, Inc. | 1,110 | 248,407 | ||||||
UnitedHealth Group, Inc. | 21,329 | 5,313,480 | ||||||
Varian Medical Systems, Inc.(a) | 12,217 | 1,384,308 | ||||||
Veeva Systems, Inc. - Class A(a) | 440 | 39,301 | ||||||
Vertex Pharmaceuticals, Inc.(a) | 810 | 134,225 | ||||||
Waters Corp.(a) | 840 | 158,466 | ||||||
West Pharmaceutical Services, Inc.(b) | 270 | 26,468 | ||||||
Zoetis, Inc. | 38,157 | 3,263,949 | ||||||
39,100,442 | ||||||||
Industrials - 6.6% | ||||||||
3M Co. | 2,945 | 561,141 | ||||||
AMETEK, Inc. | 1,194 | 80,834 | ||||||
Boeing Co. (The) | 1,820 | 586,950 | ||||||
C.H. Robinson Worldwide, Inc. | 1,340 | 112,681 | ||||||
CSX Corp. | 33,434 | 2,077,254 | ||||||
Curtiss-Wright Corp. | 6,040 | 616,804 | ||||||
Deere & Co. | 13,771 | 2,054,220 | ||||||
Emerson Electric Co. | 3,650 | 218,087 | ||||||
Equifax, Inc. | 620 | 57,741 | ||||||
Expeditors International of Washington, Inc. | 32,039 | 2,181,535 | ||||||
HD Supply Holdings, Inc.(a) | 5,490 | 205,985 | ||||||
Hexcel Corp. | 3,420 | 196,103 | ||||||
Honeywell International, Inc. | 4,060 | 536,407 | ||||||
Illinois Tool Works, Inc. | 600 | 76,014 | ||||||
J.B. Hunt Transport Services, Inc. | 4,490 | 417,750 | ||||||
Lockheed Martin Corp. | 2,020 | 528,917 | ||||||
Raytheon Co. | 1,750 | 268,363 | ||||||
Rollins, Inc. | 465 | 16,787 | ||||||
Roper Technologies, Inc. | 460 | 122,599 | ||||||
Union Pacific Corp. | 720 | 99,526 | ||||||
United Parcel Service, Inc. - Class B | 9,280 | 905,078 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Industrials - 6.6% (Continued) | ||||||||
Waste Management, Inc. | 2,890 | $ | 257,181 | |||||
XPO Logistics, Inc.(a) | 24,837 | 1,416,702 | ||||||
13,594,659 | ||||||||
Information Technology - 26.1% | ||||||||
Accenture plc - Class A | 1,284 | 181,057 | ||||||
Adobe, Inc.(a) | 2,840 | 642,522 | ||||||
Advanced Micro Devices, Inc.(a) (b) | 470 | 8,676 | ||||||
Akamai Technologies, Inc.(a) | 350 | 21,378 | ||||||
Amphenol Corp. - Class A | 360 | 29,167 | ||||||
Analog Devices, Inc. | 878 | 75,359 | ||||||
ANSYS, Inc.(a) | 20 | 2,859 | ||||||
Apple, Inc. | 22,832 | 3,601,520 | ||||||
Arista Networks, Inc.(a) | 330 | 69,531 | ||||||
Autodesk, Inc.(a) | 22,968 | 2,953,914 | ||||||
Automatic Data Processing, Inc. | 6,723 | 881,520 | ||||||
Black Knight, Inc.(a) | 6,390 | 287,933 | ||||||
Cadence Design Systems, Inc.(a) | 8,400 | 365,232 | ||||||
CDK Global, Inc. | 1,037 | 49,652 | ||||||
CDW Corp. | 700 | 56,735 | ||||||
Cisco Systems, Inc. | 49,320 | 2,137,036 | ||||||
Citrix Systems, Inc. | 3,569 | 365,680 | ||||||
Cognex Corp. | 1,040 | 40,217 | ||||||
Cognizant Technology Solutions Corp. - Class A | 2,200 | 139,656 | ||||||
Cypress Semiconductor Corp. | 1,050 | 13,356 | ||||||
Fair Isaac Corp.(a) | 330 | 61,710 | ||||||
Fidelity National Information Services, Inc. | 1,139 | 116,804 | ||||||
Fiserv, Inc.(a) | 1,070 | 78,634 | ||||||
Global Payments, Inc. | 750 | 77,348 | ||||||
International Business Machines Corp. | 3,230 | 367,154 | ||||||
Intuit, Inc. | 2,240 | 440,944 | ||||||
Jack Henry & Associates, Inc. | 1,908 | 241,400 | ||||||
Keysight Technologies, Inc.(a) | 26,302 | 1,632,828 | ||||||
Mastercard, Inc. - Class A | 5,477 | 1,033,236 | ||||||
Maxim Integrated Products, Inc. | 1,110 | 56,444 | ||||||
Microsoft Corp. | 63,858 | 6,486,056 | ||||||
MKS Instruments, Inc. | 859 | 55,500 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Information Technology - 26.1% (Continued) | ||||||||
Monolithic Power Systems, Inc.(b) | 430 | $ | 49,988 | |||||
NetApp, Inc. | 560 | 33,415 | ||||||
NVIDIA Corp. | 15,368 | 2,051,627 | ||||||
Oracle Corp. | 98,817 | 4,461,587 | ||||||
Palo Alto Networks, Inc.(a) | 2,380 | 448,273 | ||||||
Paychex, Inc. | 100 | 6,515 | ||||||
PayPal Holdings, Inc.(a) | 34,666 | 2,915,064 | ||||||
PTC, Inc.(a) | 21,101 | 1,749,273 | ||||||
Pure Storage, Inc. - Class A(a) | 256 | 4,116 | ||||||
QUALCOMM, Inc. | 36,115 | 2,055,304 | ||||||
Red Hat, Inc.(a) | 770 | 135,243 | ||||||
salesforce.com, inc.(a) | 23,593 | 3,231,532 | ||||||
ServiceNow, Inc.(a) | 12,690 | 2,259,455 | ||||||
Splunk, Inc.(a) | 308 | 32,294 | ||||||
Texas Instruments, Inc. | 4,885 | 461,633 | ||||||
Total System Services, Inc. | 2,700 | 219,483 | ||||||
Tyler Technologies, Inc.(a) | 1,190 | 221,126 | ||||||
Ultimate Software Group, Inc. (The)(a) | 100 | 24,487 | ||||||
VeriSign, Inc.(a) | 470 | 69,696 | ||||||
Versum Materials, Inc. | 6,330 | 175,468 | ||||||
Visa, Inc. - Class A(b) | 76,663 | 10,114,917 | ||||||
Western Union Co. (The) | 890 | 15,183 | ||||||
Workday, Inc. - Class A(a) | 121 | 19,321 | ||||||
53,326,058 | ||||||||
Materials - 0.3% | ||||||||
Axalta Coating Systems Ltd.(a) | 1,590 | 37,238 | ||||||
Linde plc | 1,793 | 279,779 | ||||||
LyondellBasell Industries N.V. - Class A | 910 | 75,676 | ||||||
W.R. Grace & Co. | 2,350 | 152,539 | ||||||
545,232 | ||||||||
Real Estate - 1.4% | ||||||||
American Tower Corp. | 780 | 123,388 | ||||||
Crown Castle International Corp. | 2,978 | 323,500 | ||||||
Equity LifeStyle Properties, Inc. | 1,040 | 101,015 | ||||||
Extra Space Storage, Inc. | 3,140 | 284,107 | ||||||
Life Storage, Inc. | 1,630 | 151,574 |
LARGE COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 96.9% (Continued) | Shares | Value | ||||||
Real Estate - 1.4% (Continued) | ||||||||
Newmark Group, Inc. - Class A(b) | 992 | $ | 7,956 | |||||
Public Storage | 3,290 | 665,929 | ||||||
SBA Communications Corp.(a) | 680 | 110,085 | ||||||
Simon Property Group, Inc. | 5,420 | 910,506 | ||||||
Taubman Centers, Inc. | 3,130 | 142,384 | ||||||
2,820,444 | ||||||||
Total Common Stocks(Cost $143,039,458) | $ | 198,353,491 |
MONEY MARKET FUNDS - 2.3% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(c) | 4,066,045 | $ | 4,066,045 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(c) (d) | 635,600 | 635,600 | ||||||
Total Money Market Funds(Cost $4,701,645) | $ | 4,701,645 | ||||||
Total Investments at Value - 99.2%(Cost $147,741,103) | $ | 203,055,136 | ||||||
Other Assets in Excess of Liabilities - 0.8% | 1,644,618 | |||||||
Net Assets - 100.0% | $ | 204,699,754 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $12,871,935. |
(c) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $635,600. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $12,439,570. |
ADR - American Depositary Receipt.
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 97.7% | Shares | Value | ||||||
Communication Services - 5.6% | ||||||||
AT&T, Inc. | 96,059 | $ | 2,741,524 | |||||
Cinemark Holdings, Inc. | 640 | 22,912 | ||||||
Comcast Corp. - Class A | 21,209 | 722,166 | ||||||
DISH Network Corp. - Class A(a) | 4,000 | 99,880 | ||||||
Interpublic Group of Cos., Inc. (The) | 67,809 | 1,398,899 | ||||||
John Wiley & Sons, Inc. - Class A | 515 | 24,190 | ||||||
Liberty Media Corp. - Liberty SiriusXM - Series A(a) | 6,700 | 246,560 | ||||||
Liberty Media Corp. - Liberty SiriusXM - Series C(a) | 7,710 | 285,116 | ||||||
News Corp. - Class A | 56,516 | 641,457 | ||||||
Omnicom Group, Inc.(b) | 18,937 | 1,386,946 | ||||||
Verizon Communications, Inc. | 51,770 | 2,910,509 | ||||||
Walt Disney Co. (The) | 550 | 60,308 | ||||||
10,540,467 | ||||||||
Consumer Discretionary - 5.0% | ||||||||
Adient plc(b) | 3,375 | 50,828 | ||||||
Advance Auto Parts, Inc. | 570 | 89,752 | ||||||
AutoZone, Inc.(a) | 150 | 125,751 | ||||||
Best Buy Co., Inc. | 160 | 8,474 | ||||||
Brunswick Corp. | 3,610 | 167,685 | ||||||
Choice Hotels International, Inc.(b) | 3,452 | 247,094 | ||||||
Columbia Sportswear Co. | 40 | 3,364 | ||||||
Dollar General Corp. | 1,175 | 126,994 | ||||||
Ford Motor Co. | 261,519 | 2,000,620 | ||||||
Gildan Activewear, Inc.(b) | 13,027 | 395,499 | ||||||
H&R Block, Inc. | 8,105 | 205,624 | ||||||
L Brands, Inc. | 1,250 | 32,088 | ||||||
Las Vegas Sands Corp. | 90 | 4,685 | ||||||
Lear Corp. | 15,266 | 1,875,580 | ||||||
Lowe's Cos., Inc. | 7,012 | 647,628 | ||||||
McDonald's Corp. | 4,680 | 831,028 | ||||||
Newell Brands, Inc.(b) | 74,431 | 1,383,672 | ||||||
Target Corp. | 1,135 | 75,012 | ||||||
Whirlpool Corp. | 6,193 | 661,846 | ||||||
Yum China Holdings, Inc. | 7,300 | 244,769 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 5.0% (Continued) | ||||||||
Yum! Brands, Inc. | 3,245 | $ | 298,280 | |||||
9,476,273 | ||||||||
Consumer Staples - 5.8% | ||||||||
Altria Group, Inc. | 24,097 | 1,190,151 | ||||||
Brown-Forman Corp. - Class B | 1,020 | 48,532 | ||||||
Coca-Cola Co. (The) | 6,163 | 291,818 | ||||||
Colgate-Palmolive Co. | 6,225 | 370,512 | ||||||
Kellogg Co. | 12,014 | 684,917 | ||||||
Kraft Heinz Co. (The) | 1,250 | 53,800 | ||||||
Lamb Weston Holdings, Inc. | 2,430 | 178,751 | ||||||
Mondelēz International, Inc. - Class A | 6,430 | 257,393 | ||||||
Nu Skin Enterprises, Inc. - Class A | 5,470 | 335,475 | ||||||
PepsiCo, Inc. | 1,409 | 155,666 | ||||||
Philip Morris International, Inc. | 28,966 | 1,933,770 | ||||||
Procter & Gamble Co. (The) | 13,968 | 1,283,939 | ||||||
Tyson Foods, Inc. - Class A | 11,944 | 637,810 | ||||||
Walgreens Boots Alliance, Inc. | 1,570 | 107,278 | ||||||
Walmart, Inc. | 35,350 | 3,292,853 | ||||||
10,822,665 | ||||||||
Energy - 10.9% | ||||||||
Baker Hughes, a GE Co. | 12,296 | 264,364 | ||||||
BP plc - ADR | 45,608 | 1,729,455 | ||||||
Cenovus Energy, Inc.(b) | 99,684 | 700,779 | ||||||
Chevron Corp. | 20,032 | 2,179,281 | ||||||
ConocoPhillips | 30,230 | 1,884,841 | ||||||
Exxon Mobil Corp. | 46,743 | 3,187,404 | ||||||
Halliburton Co. | 26,208 | 696,609 | ||||||
Kinder Morgan, Inc. | 9,570 | 147,187 | ||||||
National Oilwell Varco, Inc. | 33,172 | 852,520 | ||||||
Occidental Petroleum Corp. | 27,155 | 1,666,774 | ||||||
ONEOK, Inc. | 3,815 | 205,819 | ||||||
Phillips 66 | 25,444 | 2,192,001 | ||||||
Pioneer Natural Resources Co. | 136 | 17,887 | ||||||
Royal Dutch Shell plc - Class A - ADR | 49,289 | 2,872,070 | ||||||
Schlumberger Ltd. | 42,839 | 1,545,631 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Energy - 10.9% (Continued) | ||||||||
Williams Cos., Inc. (The) | 11,320 | $ | 249,606 | |||||
20,392,228 | ||||||||
Financials - 26.0% | ||||||||
Affiliated Managers Group, Inc. | 1,140 | 111,082 | ||||||
AGNC Investment Corp. | 4,710 | 82,613 | ||||||
Allstate Corp. (The) | 3,906 | 322,753 | ||||||
Ally Financial, Inc. | 2,800 | 63,448 | ||||||
American Express Co. | 18,030 | 1,718,620 | ||||||
American Financial Group, Inc. | 571 | 51,693 | ||||||
American International Group, Inc. | 56,149 | 2,212,832 | ||||||
American National Insurance Co. | 985 | 125,331 | ||||||
Arthur J. Gallagher & Co. | 4,030 | 297,011 | ||||||
Assured Guaranty Ltd. | 4,890 | 187,189 | ||||||
AXA Equitable Holdings, Inc. | 85,529 | 1,422,347 | ||||||
Axis Capital Holdings Ltd. | 25,884 | 1,336,650 | ||||||
Bank of America Corp. | 190,403 | 4,691,530 | ||||||
Bank of Hawaii Corp.(b) | 1,305 | 87,853 | ||||||
Bank of New York Mellon Corp. (The) | 660 | 31,066 | ||||||
BankUnited, Inc. | 4,610 | 138,023 | ||||||
Berkshire Hathaway, Inc. - Class B(a) | 4,086 | 834,279 | ||||||
BGC Partners, Inc. - Class A | 1,540 | 7,962 | ||||||
BlackRock, Inc. | 398 | 156,342 | ||||||
Capital One Financial Corp. | 30,418 | 2,299,296 | ||||||
Cboe Global Markets, Inc. | 1,700 | 166,311 | ||||||
Citigroup, Inc. | 37,721 | 1,963,755 | ||||||
CME Group, Inc. | 3,978 | 748,341 | ||||||
Commerce Bancshares, Inc.(b) | 2,434 | 137,205 | ||||||
East West Bancorp, Inc. | 1,060 | 46,142 | ||||||
Fidelity National Financial, Inc. | 1,890 | 59,422 | ||||||
Fifth Third Bancorp | 35,612 | 837,950 | ||||||
First American Financial Corp. | 5 | 223 | ||||||
First Hawaiian, Inc. | 670 | 15,082 | ||||||
Franklin Resources, Inc.(b) | 34,310 | 1,017,635 | ||||||
Fulton Financial Corp. | 286 | 4,427 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Financials - 26.0% (Continued) | ||||||||
Genworth Financial, Inc. - Class A(a) (b) | 420 | $ | 1,957 | |||||
Goldman Sachs Group, Inc. (The) | 7,316 | 1,222,138 | ||||||
Hanover Insurance Group, Inc. (The) | 6,950 | 811,552 | ||||||
Intercontinental Exchange, Inc. | 465 | 35,028 | ||||||
Invesco Ltd. | 15,118 | 253,075 | ||||||
Jefferies Financial Group, Inc. | 7,510 | 130,374 | ||||||
JPMorgan Chase & Co. | 54,381 | 5,308,673 | ||||||
KeyCorp | 44,483 | 657,459 | ||||||
KKR & Co., Inc. - Class A(b) | 36,561 | 717,692 | ||||||
Loews Corp. | 25,118 | 1,143,371 | ||||||
Markel Corp.(a) | 200 | 207,610 | ||||||
Mercury General Corp. | 386 | 19,960 | ||||||
MetLife, Inc. | 53,335 | 2,189,935 | ||||||
MFA Financial, Inc. | 55,180 | 368,603 | ||||||
Morgan Stanley | 49,273 | 1,953,675 | ||||||
New Residential Investment Corp.(b) | 10,550 | 149,916 | ||||||
New York Community Bancorp, Inc.(b) | 800 | 7,528 | ||||||
PacWest Bancorp | 110 | 3,661 | ||||||
PNC Financial Services Group, Inc. (The) | 104 | 12,159 | ||||||
ProAssurance Corp. | 2,643 | 107,200 | ||||||
Starwood Property Trust, Inc. | 2,220 | 43,756 | ||||||
State Street Corp. | 29,724 | 1,874,693 | ||||||
Synovus Financial Corp. | 12,095 | 386,919 | ||||||
T. Rowe Price Group, Inc. | 1,725 | 159,252 | ||||||
U.S. Bancorp | 49,901 | 2,280,476 | ||||||
UBS Group AG(b) | 28,654 | 354,737 | ||||||
Umpqua Holdings Corp. | 21,850 | 347,415 | ||||||
Voya Financial, Inc. | 36,758 | 1,475,466 | ||||||
Webster Financial Corp. | 2,860 | 140,969 | ||||||
Wells Fargo & Co. | 107,746 | 4,964,936 | ||||||
Western Alliance Bancorp.(a) | 5,605 | 221,341 | ||||||
48,725,939 | ||||||||
Health Care - 14.5% | ||||||||
Abbott Laboratories | 7,490 | 541,752 | ||||||
Agilent Technologies, Inc. | 2,610 | 176,071 | ||||||
Allergan plc | 2,730 | 364,892 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Health Care - 14.5% (Continued) | ||||||||
Alnylam Pharmaceuticals, Inc.(a) (b) | 159 | $ | 11,593 | |||||
Amgen, Inc. | 8,237 | 1,603,496 | ||||||
Anthem, Inc. | 1,358 | 356,652 | ||||||
Baxter International, Inc. | 4,420 | 290,924 | ||||||
Becton, Dickinson and Co. | 490 | 110,407 | ||||||
Boston Scientific Corp.(a) | 5,370 | 189,776 | ||||||
Bristol-Myers Squibb Co. | 11,660 | 606,087 | ||||||
Bruker Corp. | 4,990 | 148,552 | ||||||
Cardinal Health, Inc. | 38,483 | 1,716,342 | ||||||
Cerner Corp.(a) | 10,150 | 532,266 | ||||||
Cigna Corp. | 4,538 | 861,785 | ||||||
CVS Health Corp. | 43,816 | 2,870,823 | ||||||
Danaher Corp. | 1,895 | 195,412 | ||||||
DENTSPLY SIRONA, Inc. | 30 | 1,116 | ||||||
Eli Lilly & Co. | 210 | 24,301 | ||||||
Gilead Sciences, Inc. | 2,670 | 167,009 | ||||||
Hill-Rom Holdings, Inc. | 440 | 38,962 | ||||||
Hologic, Inc.(a) | 5,051 | 207,596 | ||||||
Humana, Inc. | 370 | 105,998 | ||||||
Johnson & Johnson | 25,244 | 3,257,738 | ||||||
McKesson Corp. | 10,073 | 1,112,764 | ||||||
Medtronic plc | 8,049 | 732,137 | ||||||
Merck & Co., Inc. | 32,954 | 2,518,015 | ||||||
Mylan N.V.(a) | 70,325 | 1,926,905 | ||||||
Pfizer, Inc. | 102,580 | 4,477,617 | ||||||
QIAGEN N.V.(a) | 158 | 5,443 | ||||||
Quest Diagnostics, Inc. | 550 | 45,799 | ||||||
Sanofi - ADR | 34,250 | 1,486,793 | ||||||
Thermo Fisher Scientific, Inc. | 2,529 | 565,965 | ||||||
Zimmer Biomet Holdings, Inc. | 530 | 54,972 | ||||||
27,305,960 | ||||||||
Industrials - 9.5% | ||||||||
3M Co. | 160 | 30,486 | ||||||
AMETEK, Inc. | 4,475 | 302,957 | ||||||
CSX Corp. | 520 | 32,308 | ||||||
Curtiss-Wright Corp. | 7,520 | 767,942 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Industrials - 9.5% (Continued) | ||||||||
Dover Corp. | 18,907 | $ | 1,341,452 | |||||
Emerson Electric Co. | 1,710 | 102,173 | ||||||
Equifax, Inc. | 630 | 58,672 | ||||||
General Electric Co. | 555,938 | 4,208,452 | ||||||
HD Supply Holdings, Inc.(a) | 600 | 22,512 | ||||||
Hexcel Corp. | 5,920 | 339,453 | ||||||
Honeywell International, Inc. | 3,420 | 451,850 | ||||||
IDEX Corp. | 380 | 47,979 | ||||||
Johnson Controls International plc | 58,019 | 1,720,263 | ||||||
L3 Technologies, Inc. | 1,761 | 305,815 | ||||||
Lockheed Martin Corp. | 1,130 | 295,879 | ||||||
Parker-Hannifin Corp. | 4,830 | 720,346 | ||||||
Raytheon Co. | 1,102 | 168,992 | ||||||
Republic Services, Inc. | 2,195 | 158,238 | ||||||
Roper Technologies, Inc. | 1,249 | 332,883 | ||||||
Southwest Airlines Co. | 25,542 | 1,187,192 | ||||||
Stanley Black & Decker, Inc. | 22,277 | 2,667,448 | ||||||
United Technologies Corp. | 19,944 | 2,123,637 | ||||||
Waste Management, Inc. | 4,515 | 401,789 | ||||||
17,788,718 | ||||||||
Information Technology - 8.6% | ||||||||
Akamai Technologies, Inc.(a) | 330 | 20,156 | ||||||
Analog Devices, Inc. | 2,830 | 242,899 | ||||||
Apple, Inc. | 104 | 16,405 | ||||||
Cisco Systems, Inc. | 38,682 | 1,676,091 | ||||||
Cognizant Technology Solutions Corp. - Class A | 27,165 | 1,724,435 | ||||||
Fidelity National Information Services, Inc. | 5,650 | 579,408 | ||||||
Hewlett Packard Enterprise Co. | 129,143 | 1,705,979 | ||||||
Intel Corp. | 13,617 | 639,046 | ||||||
International Business Machines Corp. | 12,591 | 1,431,219 | ||||||
Juniper Networks, Inc. | 26,069 | 701,517 | ||||||
Microsoft Corp. | 10,264 | 1,042,514 | ||||||
Motorola Solutions, Inc. | 100 | 11,504 | ||||||
Oracle Corp. | 101,242 | 4,571,076 | ||||||
QUALCOMM, Inc. | 30,279 | 1,723,178 | ||||||
Teradata Corp.(a) | 790 | 30,304 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Information Technology - 8.6% (Continued) | ||||||||
Western Union Co. (The) | 1,370 | $ | 23,372 | |||||
16,139,103 | ||||||||
Materials - 2.3% | ||||||||
Air Products & Chemicals, Inc. | 704 | 112,675 | ||||||
AptarGroup, Inc. | 16 | 1,505 | ||||||
Axalta Coating Systems Ltd.(a) | 1,910 | 44,732 | ||||||
Bemis Co., Inc. | 1,246 | 57,191 | ||||||
Cabot Corp. | 3,170 | 136,120 | ||||||
DowDuPont, Inc. | 36,164 | 1,934,050 | ||||||
Linde plc | 11,316 | 1,765,749 | ||||||
LyondellBasell Industries N.V. - Class A | 1,210 | 100,624 | ||||||
Sealed Air Corp.(b) | 640 | 22,298 | ||||||
Sonoco Products Co. | 3,098 | 164,597 | ||||||
4,339,541 | ||||||||
Real Estate - 3.2% | ||||||||
Apple Hospitality REIT, Inc. | 10,890 | 155,291 | ||||||
AvalonBay Communities, Inc. | 720 | 125,316 | ||||||
Boston Properties, Inc. | 1,434 | 161,397 | ||||||
Brandywine Realty Trust | 16,086 | 207,027 | ||||||
Brixmor Property Group, Inc. | 13,210 | 194,055 | ||||||
Camden Property Trust | 970 | 85,409 | ||||||
Crown Castle International Corp. | 470 | 51,056 | ||||||
CubeSmart | 1,890 | 54,224 | ||||||
Duke Realty Corp. | 14,830 | 384,097 | ||||||
Equity Residential | 4,620 | 304,966 | ||||||
Extra Space Storage, Inc. | 330 | 29,858 | ||||||
Federal Realty Investment Trust | 220 | 25,969 | ||||||
HCP, Inc. | 65,324 | 1,824,498 | ||||||
Highwoods Properties, Inc. | 2,420 | 93,630 | ||||||
Host Hotels & Resorts, Inc. | 3,790 | 63,179 | ||||||
Howard Hughes Corp. (The)(a) | 695 | 67,846 | ||||||
Mid-America Apartment Communities, Inc. | 1,300 | 124,410 | ||||||
Newmark Group, Inc. - Class A | 714 | 5,726 | ||||||
Prologis, Inc. | 6,380 | 374,634 | ||||||
Retail Properties of America, Inc. - Class A | 4,860 | 52,731 | ||||||
Simon Property Group, Inc. | 3,030 | 509,010 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Real Estate - 3.2% (Continued) | ||||||||
SL Green Realty Corp. | 620 | $ | 49,030 | |||||
UDR, Inc. | 2,750 | 108,955 | ||||||
Ventas, Inc. | 9,080 | 531,997 | ||||||
Vornado Realty Trust | 3,600 | 223,308 | ||||||
W.P. Carey, Inc. | 80 | 5,227 | ||||||
Weingarten Realty Investors | 5,044 | 125,142 | ||||||
Weyerhaeuser Co. | 1,660 | 36,288 | ||||||
5,974,276 | ||||||||
Utilities - 6.3% | ||||||||
Aqua America, Inc. | 3,225 | 110,263 | ||||||
Avangrid, Inc.(b) | 17,686 | 885,892 | ||||||
CenterPoint Energy, Inc. | 213 | 6,013 | ||||||
Dominion Energy, Inc. | 31,321 | 2,238,199 | ||||||
DTE Energy Co. | 367 | 40,480 | ||||||
Duke Energy Corp. | 2,252 | 194,348 | ||||||
Edison International | 32,525 | 1,846,444 | ||||||
Entergy Corp. | 31,183 | 2,683,920 | ||||||
Exelon Corp. | 50,805 | 2,291,305 | ||||||
MDU Resources Group, Inc. | 21,260 | 506,838 | ||||||
National Fuel Gas Co.(b) | 835 | 42,735 | ||||||
NextEra Energy, Inc. | 140 | 24,335 | ||||||
PPL Corp. | 8,090 | 229,190 | ||||||
Southern Co. (The) | 12,460 | 547,243 | ||||||
Vectren Corp. | 1,146 | 82,489 | ||||||
WEC Energy Group, Inc. | 1,060 | 73,416 | ||||||
11,803,110 | ||||||||
Total Common Stocks(Cost $184,606,541) | $ | 183,308,280 |
LARGE COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
MONEY MARKET FUNDS - 0.7% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(c) | 1,246,189 | $ | 1,246,189 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(c) (d) | 191,261 | 191,261 | ||||||
Total Money Market Funds(Cost $1,437,450) | $ | 1,437,450 | ||||||
Total Investments at Value - 98.4%(Cost $186,043,991) | $ | 184,745,730 | ||||||
Other Assets in Excess of Liabilities - 1.6% | 2,944,031 | |||||||
Net Assets - 100.0% | $ | 187,689,761 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $6,351,183. |
(c) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $191,261. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $6,265,914. |
ADR - American Depositary Receipt.
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 98.1% | Shares | Value | ||||||
Communication Services - 3.1% | ||||||||
Boingo Wireless, Inc.(a) | 2,660 | $ | 54,716 | |||||
Care.com, Inc.(a) | 5,450 | 105,240 | ||||||
CarGurus, Inc.(a) | 3,460 | 116,705 | ||||||
Cogent Communications Holdings, Inc. | 17,856 | 807,270 | ||||||
Entravision Communications Corp. - Class A(b) | 1,195 | 3,477 | ||||||
IMAX Corp.(a) | 5,750 | 108,158 | ||||||
Liberty Media Corp. - Liberty Braves - Series C(a) | 120 | 2,987 | ||||||
Ooma, Inc.(a) | 370 | 5,136 | ||||||
QuinStreet, Inc.(a) | 3,040 | 49,339 | ||||||
Shenandoah Telecommunications Co. | 3,740 | 165,495 | ||||||
TechTarget, Inc.(a) | 5,290 | 64,591 | ||||||
Vonage Holdings Corp.(a) | 5,295 | 46,225 | ||||||
World Wrestling Entertainment, Inc. - Class A | 560 | 41,843 | ||||||
Yelp, Inc.(a) (b) | 913 | 31,946 | ||||||
1,603,128 | ||||||||
Consumer Discretionary - 9.3% | ||||||||
American Eagle Outfitters, Inc. | 9,290 | 179,576 | ||||||
American Public Education, Inc.(a) | 370 | 10,530 | ||||||
BJ's Restaurants, Inc. | 1,575 | 79,648 | ||||||
Boot Barn Holdings, Inc.(a) | 900 | 15,327 | ||||||
Callaway Golf Co. | 2,677 | 40,958 | ||||||
Career Education Corp.(a) | 2,570 | 29,349 | ||||||
Cavco Industries, Inc.(a) | 2,459 | 320,604 | ||||||
Chegg, Inc.(a) | 13,590 | 386,229 | ||||||
Churchill Downs, Inc. | 50 | 12,197 | ||||||
Columbia Sportswear Co. | 150 | 12,614 | ||||||
Crocs, Inc.(a) | 475 | 12,341 | ||||||
Culp, Inc. | 226 | 4,271 | ||||||
Dana, Inc. | 340 | 4,634 | ||||||
Dave & Buster's Entertainment, Inc. | 100 | 4,456 | ||||||
Deckers Outdoor Corp.(a) (b) | 765 | 97,882 | ||||||
Denny's Corp.(a) | 1,064 | 17,247 | ||||||
Etsy, Inc.(a) | 3,040 | 144,612 | ||||||
Fiesta Restaurant Group, Inc.(a) | 710 | 11,012 | ||||||
Five Below, Inc.(a) | 1,498 | 153,275 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 9.3% (Continued) | ||||||||
Fox Factory Holding Corp.(a) | 45 | $ | 2,649 | |||||
Grand Canyon Education, Inc.(a) | 449 | 43,167 | ||||||
Groupon, Inc.(a) (b) | 9,290 | 29,728 | ||||||
Helen of Troy Ltd.(a) | 430 | 56,407 | ||||||
Hudson Ltd. - Class A(a) | 210 | 3,602 | ||||||
Jack in the Box, Inc. | 905 | 70,255 | ||||||
La-Z-Boy, Inc. | 2,395 | 66,365 | ||||||
Lindblad Expeditions Holdings, Inc.(a) (b) | 1,890 | 25,439 | ||||||
Malibu Boats, Inc. - Class A(a) | 10,555 | 367,314 | ||||||
MasterCraft Boat Holdings, Inc.(a) | 1,885 | 35,250 | ||||||
Monarch Casino & Resort, Inc.(a) (b) | 10 | 381 | ||||||
Monro, Inc. | 750 | 51,563 | ||||||
Movado Group, Inc. | 290 | 9,170 | ||||||
National Vision Holdings, Inc.(a) | 100 | 2,817 | ||||||
Nutrisystem, Inc. | 5 | 219 | ||||||
Oxford Industries, Inc.(b) | 6,745 | 479,164 | ||||||
PetMed Express, Inc.(b) | 2,710 | 63,035 | ||||||
Planet Fitness, Inc. - Class A(a) | 2,575 | 138,073 | ||||||
Potbelly Corp.(a) (b) | 8,850 | 71,243 | ||||||
RCI Hospitality Holdings, Inc. | 570 | 12,728 | ||||||
Ruth's Hospitality Group, Inc. | 4,175 | 94,898 | ||||||
SeaWorld Entertainment, Inc.(a) | 70 | 1,546 | ||||||
Shake Shack, Inc. - Class A(a) (b) | 270 | 12,263 | ||||||
Shutterfly, Inc.(a) (b) | 100 | 4,026 | ||||||
Shutterstock, Inc. | 850 | 30,609 | ||||||
Stamps.com, Inc.(a) (b) | 651 | 101,322 | ||||||
Steven Madden Ltd. | 28,349 | 857,840 | ||||||
Strategic Education, Inc. | 520 | 58,978 | ||||||
Texas Roadhouse, Inc. | 1,270 | 75,819 | ||||||
Tile Shop Holdings, Inc.(b) | 7,130 | 39,072 | ||||||
Tilly's, Inc. - Class A | 1,020 | 11,077 | ||||||
TopBuild Corp.(a) | 7,840 | 352,800 | ||||||
Wingstop, Inc. | 1,315 | 84,410 | ||||||
Winmark Corp. | 455 | 72,345 | ||||||
Wolverine World Wide, Inc.(b) | 1,345 | 42,892 | ||||||
4,905,228 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Consumer Staples - 6.5% | ||||||||
Calavo Growers, Inc.(b) | 11,766 | $ | 858,447 | |||||
Craft Brew Alliance, Inc.(a) | 330 | 4,722 | ||||||
Inter Parfums, Inc. | 20,459 | 1,341,497 | ||||||
J & J Snack Foods Corp. | 6,410 | 926,822 | ||||||
Limoneira Co.(b) | 1,250 | 24,438 | ||||||
Medifast, Inc. | 655 | 81,888 | ||||||
USANA Health Sciences, Inc.(a) | 1,100 | 129,503 | ||||||
Vector Group Ltd. | 8,169 | 79,484 | ||||||
3,446,801 | ||||||||
Energy - 1.8% | ||||||||
Adams Resources & Energy, Inc. | 50 | 1,936 | ||||||
Callon Petroleum Co.(a) (b) | 35,005 | 227,182 | ||||||
CONSOL Energy, Inc.(a) | 970 | 30,759 | ||||||
Nine Energy Services, Inc.(a) | 110 | 2,479 | ||||||
Panhandle Oil and Gas, Inc. - Class A | 2,637 | 40,874 | ||||||
RigNet, Inc.(a) | 925 | 11,693 | ||||||
SRC Energy, Inc.(a) | 4 | 19 | ||||||
TETRA Technologies, Inc.(a) | 3,140 | 5,275 | ||||||
WildHorse Resource Development Corp.(a) (b) | 45,922 | 647,958 | ||||||
968,175 | ||||||||
Financials - 7.3% | ||||||||
Ambac Financial Group, Inc.(a) (b) | 340 | 5,862 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 3,690 | 81,586 | ||||||
Banc of California, Inc.(b) | 62,253 | 828,588 | ||||||
Blucora, Inc.(a) | 540 | 14,386 | ||||||
BrightSphere Investment Group plc | 7,450 | 79,566 | ||||||
Cadence Bancorp. | 7,090 | 118,970 | ||||||
Customers Bancorp, Inc.(a) | 4,400 | 80,080 | ||||||
Eagle Bancorp, Inc.(a) | 2,608 | 127,036 | ||||||
Essent Group Ltd.(a) | 5,600 | 191,408 | ||||||
Evercore, Inc. - Class A | 680 | 48,661 | ||||||
Federated Investors, Inc. - Class B(b) | 2,490 | 66,110 | ||||||
FedNat Holding Co. | 2,410 | 48,007 | ||||||
First Financial Bankshares, Inc.(b) | 680 | 39,229 | ||||||
FirstCash, Inc. | 390 | 28,216 | ||||||
Glacier Bancorp, Inc.(b) | 1,060 | 41,997 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Financials - 7.3% (Continued) | ||||||||
Goosehead Insurance, Inc. - Class A(a) (b) | 6,508 | $ | 171,094 | |||||
Granite Point Mortgage Trust, Inc.(b) | 1,600 | 28,848 | ||||||
Hallmark Financial Services, Inc.(a) | 100 | 1,069 | ||||||
Hamilton Lane, Inc. - Class A(b) | 1,340 | 49,580 | ||||||
Heritage Commerce Corp. | 2,360 | 26,762 | ||||||
Home BancShares, Inc.(b) | 7,350 | 120,099 | ||||||
Kemper Corp. | 1,460 | 96,915 | ||||||
Kingstone Cos., Inc. | 190 | 3,361 | ||||||
Kinsale Capital Group, Inc. | 410 | 22,780 | ||||||
Lakeland Financial Corp.(b) | 1,180 | 47,389 | ||||||
LegacyTexas Financial Group, Inc. | 13,510 | 433,536 | ||||||
LendingTree, Inc.(a) (b) | 1,405 | 308,496 | ||||||
Meridian Bancorp, Inc. | 3,300 | 47,256 | ||||||
Meta Financial Group, Inc. | 615 | 11,925 | ||||||
Moelis & Co. - Class A | 3,300 | 113,453 | ||||||
Navigators Group, Inc. (The) | 740 | 51,423 | ||||||
NMI Holdings, Inc. - Class A(a) | 2,460 | 43,911 | ||||||
On Deck Capital, Inc.(a) | 10,720 | 63,248 | ||||||
Piper Jaffray Cos. | 140 | 9,218 | ||||||
Pzena Investment Management, Inc. - Class A | 1,795 | 15,527 | ||||||
Regional Management Corp.(a) | 335 | 8,057 | ||||||
RLI Corp. | 1,240 | 85,548 | ||||||
ServisFirst Bancshares, Inc.(b) | 315 | 10,039 | ||||||
Silvercrest Asset Management Group, Inc. - Class A | 441 | 5,834 | ||||||
Stock Yards Bancorp, Inc. | 1,880 | 61,664 | ||||||
United Community Banks, Inc. | 1,920 | 41,203 | ||||||
Washington Trust Bancorp, Inc. | 1,210 | 57,511 | ||||||
WisdomTree Investments, Inc. | 10,920 | 72,618 | ||||||
WSFS Financial Corp. | 1,390 | 52,695 | ||||||
3,860,761 | ||||||||
Health Care – 26.9% | ||||||||
Acceleron Pharma, Inc.(a) (b) | 140 | 6,097 | ||||||
Aclaris Therapeutics, Inc.(a) (b) | 820 | 6,060 | ||||||
Addus HomeCare Corp.(a) | 870 | 59,056 | ||||||
Aimmune Therapeutics, Inc.(a) (b) | 215 | 5,143 | ||||||
Albireo Pharma, Inc.(a) | 240 | 5,887 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Health Care - 27.0% (Continued) | ||||||||
Amedisys, Inc.(a) | 1,105 | $ | 129,407 | |||||
American Renal Associates Holdings, Inc.(a) | 220 | 2,534 | ||||||
Amicus Therapeutics, Inc.(a) (b) | 880 | 8,430 | ||||||
AnaptysBio, Inc.(a) (b) | 595 | 37,955 | ||||||
Array BioPharma, Inc.(a) (b) | 2,615 | 37,264 | ||||||
Assembly Biosciences, Inc.(a) | 240 | 5,429 | ||||||
Audentes Therapeutics, Inc.(a) | 240 | 5,117 | ||||||
BioSpecifics Technologies Corp.(a) | 550 | 33,330 | ||||||
BioTelemetry, Inc.(a) (b) | 13,960 | 833,692 | ||||||
bluebird bio, Inc.(a) | 235 | 23,312 | ||||||
Blueprint Medicines Corp.(a) | 1,143 | 61,619 | ||||||
Calithera Biosciences, Inc.(a) (b) | 480 | 1,925 | ||||||
Cambrex Corp.(a) (b) | 19,725 | 744,816 | ||||||
Cantel Medical Corp.(b) | 10,825 | 805,922 | ||||||
Cardiovascular Systems, Inc.(a) | 1,650 | 47,009 | ||||||
Catalyst Pharmaceutical, Inc.(a) (b) | 2,770 | 5,318 | ||||||
Cerus Corp.(a) (b) | 2,430 | 12,320 | ||||||
Chemed Corp. | 364 | 103,114 | ||||||
ChemoCentryx, Inc.(a) | 1,555 | 16,965 | ||||||
Coherus Biosciences, Inc.(a) (b) | 460 | 4,163 | ||||||
Concert Pharmaceuticals, Inc.(a) | 480 | 6,024 | ||||||
CONMED Corp. | 1,530 | 98,226 | ||||||
CorVel Corp.(a) | 3,034 | 187,258 | ||||||
Cutera, Inc.(a) | 540 | 9,191 | ||||||
CytomX Therapeutics, Inc.(a) (b) | 1,315 | 19,857 | ||||||
Eagle Pharmaceuticals, Inc.(a) (b) | 930 | 37,470 | ||||||
Editas Medicine, Inc.(a) (b) | 470 | 10,693 | ||||||
Emergent BioSolutions, Inc.(a) | 1,190 | 70,543 | ||||||
Enanta Pharmaceuticals, Inc.(a) (b) | 270 | 19,124 | ||||||
Ensign Group, Inc. (The) | 970 | 37,626 | ||||||
Enzo Biochem, Inc.(a) | 9,610 | 26,716 | ||||||
Exact Sciences Corp.(a) (b) | 8 | 505 | ||||||
FibroGen, Inc.(a) | 2,125 | 98,345 | ||||||
FONAR Corp.(a) (b) | 420 | 8,501 | ||||||
G1 Therapeutics, Inc.(a) | 280 | 5,362 | ||||||
Genomic Health, Inc.(a) | 2,045 | 131,717 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Health Care - 27.0% (Continued) | ||||||||
Global Blood Therapeutics, Inc.(a) (b) | 1,960 | $ | 80,458 | |||||
Globus Medical, Inc. - Class A(a) | 3,980 | 172,254 | ||||||
Haemonetics Corp.(a) | 2,075 | 207,604 | ||||||
Halozyme Therapeutics, Inc.(a) | 14,295 | 209,135 | ||||||
HealthEquity, Inc.(a) | 1,380 | 82,317 | ||||||
HealthStream, Inc. | 4,240 | 102,396 | ||||||
Heron Therapeutics, Inc.(a) (b) | 1,350 | 35,019 | ||||||
Heska Corp.(a) | 5,255 | 452,456 | ||||||
HMS Holdings Corp.(a) | 3,430 | 96,486 | ||||||
ImmunoGen, Inc.(a) | 5,565 | 26,712 | ||||||
Innoviva, Inc.(a) | 810 | 14,135 | ||||||
Inogen, Inc.(a) (b) | 835 | 103,682 | ||||||
Insmed, Inc.(a) (b) | 1,655 | 21,714 | ||||||
Insulet Corp.(a) (b) | 110 | 8,725 | ||||||
Integer Holdings Corp.(a) | 1,440 | 109,814 | ||||||
Intercept Pharmaceuticals, Inc.(a) (b) | 90 | 9,071 | ||||||
Intersect ENT, Inc.(a) | 1,440 | 40,579 | ||||||
Intra-Cellular Therapies, Inc.(a) | 1,380 | 15,718 | ||||||
IntriCon Corp.(a) (b) | 150 | 3,957 | ||||||
Iovance Biotherapeutics, Inc.(a) (b) | 50 | 443 | ||||||
iRhythm Technologies, Inc.(a) (b) | 1,150 | 79,902 | ||||||
Ironwood Pharmaceuticals, Inc.(a) (b) | 522 | 5,408 | ||||||
Kala Pharmaceuticals, Inc.(a) (b) | 260 | 1,271 | ||||||
Karyopharm Therapeutics, Inc.(a) (b) | 4,560 | 42,727 | ||||||
Kura Oncology, Inc.(a) | 510 | 7,160 | ||||||
LeMaitre Vascular, Inc.(b) | 16,253 | 384,221 | ||||||
LHC Group, Inc.(a) (b) | 955 | 89,655 | ||||||
Ligand Pharmaceuticals, Inc.(a) (b) | 500 | 67,850 | ||||||
LivaNova plc(a) | 1,190 | 108,849 | ||||||
Loxo Oncology, Inc.(a) | 550 | 77,039 | ||||||
Luminex Corp. | 2,700 | 62,397 | ||||||
MacroGenics, Inc.(a) | 3,930 | 49,911 | ||||||
Masimo Corp.(a) | 990 | 106,296 | ||||||
Medidata Solutions, Inc.(a) (b) | 12,444 | 838,975 | ||||||
Medpace Holdings, Inc.(a) | 8,503 | 450,064 | ||||||
Meridian Bioscience, Inc. | 6,190 | 107,458 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Health Care - 27.0% (Continued) | ||||||||
Merit Medical Systems, Inc.(a) | 900 | $ | 50,229 | |||||
Mirati Therapeutics, Inc.(a) (b) | 120 | 5,090 | ||||||
MyoKardia, Inc.(a) (b) | 100 | 4,886 | ||||||
Myriad Genetics, Inc.(a) | 3,320 | 96,512 | ||||||
NanoString Technologies, Inc.(a) | 740 | 10,974 | ||||||
Natera, Inc.(a) | 111 | 1,550 | ||||||
Natus Medical, Inc.(a) | 1,340 | 45,600 | ||||||
Neogen Corp.(a) (b) | 9,431 | 537,568 | ||||||
NeoGenomics, Inc.(a) | 36,652 | 462,182 | ||||||
Nevro Corp.(a) | 1,860 | 72,335 | ||||||
NextGen Healthcare, Inc.(a) | 2,560 | 38,784 | ||||||
NovoCure Ltd.(a) | 387 | 12,957 | ||||||
NuVasive, Inc.(a) | 820 | 40,639 | ||||||
Omnicell, Inc.(a) | 400 | 24,496 | ||||||
OraSure Technologies, Inc.(a) | 5,718 | 66,786 | ||||||
Orthofix Medical, Inc.(a) | 660 | 34,643 | ||||||
Oxford Immunotec Global plc(a) | 2,070 | 26,455 | ||||||
Pacira Pharmaceuticals, Inc.(a) | 810 | 34,846 | ||||||
Penumbra, Inc.(a) (b) | 120 | 14,664 | ||||||
Phibro Animal Health Corp. - Class A | 2,460 | 79,114 | ||||||
Pieris Pharmaceuticals, Inc.(a) | 2,060 | 5,480 | ||||||
Portola Pharmaceuticals, Inc.(a) (b) | 30 | 586 | ||||||
PRA Health Sciences, Inc.(a) | 12,703 | 1,168,167 | ||||||
Providence Service Corp. (The)(a) | 1,570 | 94,231 | ||||||
PTC Therapeutics, Inc.(a) | 530 | 18,190 | ||||||
Quidel Corp.(a) | 750 | 36,615 | ||||||
RadNet, Inc.(a) (b) | 1,410 | 14,340 | ||||||
REGENXBIO, Inc.(a) | 748 | 31,379 | ||||||
Repligen Corp.(a) (b) | 17,710 | 934,024 | ||||||
Revance Therapeutics, Inc.(a) | 2,040 | 41,065 | ||||||
Rigel Pharmaceuticals, Inc.(a) (b) | 11,320 | 26,036 | ||||||
RTI Surgical, Inc.(a) | 4,420 | 16,354 | ||||||
Simulations Plus, Inc.(b) | 1,840 | 36,616 | ||||||
STAAR Surgical Co.(a) | 2,220 | 70,840 | ||||||
Stemline Therapeutics, Inc.(a) | 1,490 | 14,155 | ||||||
Supernus Pharmaceuticals, Inc.(a) (b) | 11,785 | 391,498 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Health Care - 27.0% (Continued) | ||||||||
Surmodics, Inc.(a) | 920 | $ | 43,479 | |||||
Syros Pharmaceuticals, Inc.(a) (b) | 3,480 | 19,384 | ||||||
Tabula Rasa HealthCare, Inc.(a) (b) | 11,545 | 736,109 | ||||||
Tactile Systems Technology, Inc.(a) (b) | 10,228 | 465,885 | ||||||
Tandem Diabetes Care, Inc.(a) | 70 | 2,658 | ||||||
Tivity Health, Inc.(a) | 1,345 | 33,369 | ||||||
Ultragenyx Pharmaceutical, Inc.(a) (b) | 1,235 | 53,698 | ||||||
Vanda Pharmaceuticals, Inc.(a) | 4,035 | 105,435 | ||||||
Veracyte, Inc.(a) | 780 | 9,812 | ||||||
Vericel Corp.(a) | 2,920 | 50,808 | ||||||
Vocera Communications, Inc.(a) | 160 | 6,296 | ||||||
Wright Medical Group N.V.(a) (b) | 1,790 | 48,724 | ||||||
Xencor, Inc.(a) | 363 | 13,126 | ||||||
Zafgen, Inc.(a) | 700 | 3,465 | ||||||
14,193,034 | ||||||||
Industrials - 13.3% | ||||||||
Advanced Drainage Systems, Inc.(b) | 2,060 | 49,955 | ||||||
Aerojet Rocketdyne Holdings, Inc.(a) (b) | 415 | 14,620 | ||||||
AeroVironment, Inc.(a) | 1,050 | 71,348 | ||||||
Albany International Corp. - Class A | 1,600 | 99,888 | ||||||
Allied Motion Technologies, Inc. | 550 | 24,580 | ||||||
Altra Industrial Motion Corp. | 6,370 | 160,206 | ||||||
Applied Industrial Technologies, Inc. | 1,170 | 63,110 | ||||||
ASGN, Inc.(a) | 1,430 | 77,935 | ||||||
Astronics Corp.(a) (b) | 40 | 1,218 | ||||||
Atkore International Group, Inc.(a) | 1,554 | 30,831 | ||||||
Axon Enterprise, Inc.(a) (b) | 8,160 | 357,000 | ||||||
AZZ, Inc. | 1,740 | 70,226 | ||||||
Barnes Group, Inc. | 3,020 | 161,931 | ||||||
Barrett Business Services, Inc. | 985 | 56,391 | ||||||
Brady Corp. - Class A | 1,235 | 53,673 | ||||||
Brink's Co. (The)(b) | 1,510 | 97,622 | ||||||
Casella Waste Systems, Inc. - Class A(a) | 1,560 | 44,444 | ||||||
Cimpress N.V.(a) (b) | 860 | 88,941 | ||||||
Comfort Systems USA, Inc. | 2,830 | 123,614 | ||||||
Continental Building Products, Inc.(a) | 3,600 | 91,620 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Industrials - 13.3% (Continued) | ||||||||
CRA International, Inc. | 520 | $ | 22,126 | |||||
CSW Industrials, Inc.(a) | 680 | 32,878 | ||||||
Echo Global Logistics, Inc.(a) | 450 | 9,149 | ||||||
EMCOR Group, Inc. | 1,050 | 62,675 | ||||||
EnerSys | 1,215 | 94,296 | ||||||
Exponent, Inc. | 2,636 | 133,671 | ||||||
Federal Signal Corp. | 3,240 | 64,476 | ||||||
Forward Air Corp. | 1,785 | 97,907 | ||||||
Franklin Electric Co., Inc. | 2,350 | 100,768 | ||||||
Generac Holdings, Inc.(a) | 2,285 | 113,565 | ||||||
Gorman-Rupp Co. (The) | 507 | 16,432 | ||||||
Harsco Corp.(a) | 346 | 6,872 | ||||||
Healthcare Services Group, Inc.(b) | 145 | 5,826 | ||||||
Heidrick & Struggles International, Inc. | 450 | 14,036 | ||||||
Heritage-Crystal Clean, Inc.(a) | 365 | 8,399 | ||||||
Herman Miller, Inc. | 1,445 | 43,711 | ||||||
Hillenbrand, Inc. | 1,190 | 45,137 | ||||||
HNI Corp. | 3,300 | 116,919 | ||||||
Insperity, Inc. | 1,252 | 116,886 | ||||||
Insteel Industries, Inc. | 5,201 | 126,279 | ||||||
Interface, Inc. | 4,717 | 67,217 | ||||||
Kadant, Inc. | 238 | 19,387 | ||||||
Kennametal, Inc. | 3,825 | 127,296 | ||||||
Kforce, Inc. | 380 | 11,750 | ||||||
Kimball International, Inc. - Class B | 2,075 | 29,444 | ||||||
Knoll, Inc. | 25,502 | 420,273 | ||||||
Korn/Ferry International | 1,720 | 68,009 | ||||||
Marten Transport Ltd. | 38,095 | 616,758 | ||||||
Masonite International Corp.(a) | 260 | 11,656 | ||||||
McGrath RentCorp | 110 | 5,663 | ||||||
Mercury Systems, Inc.(a) (b) | 20,635 | 975,829 | ||||||
Milacron Holdings Corp.(a) | 80 | 951 | ||||||
Mistras Group, Inc.(a) | 520 | 7,478 | ||||||
Mueller Industries, Inc. | 2,428 | 56,718 | ||||||
Mueller Water Products, Inc. - Series A | 7,510 | 68,341 | ||||||
MYR Group, Inc.(a) | 331 | 9,324 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Industrials - 13.3% (Continued) | ||||||||
NCI Building Systems, Inc.(a) | 111 | $ | 805 | |||||
PGT Innovations, Inc.(a) | 70 | 1,110 | ||||||
Proto Labs, Inc.(a) | 550 | 62,035 | ||||||
Raven Industries, Inc. | 3,860 | 139,693 | ||||||
Resources Connection, Inc. | 2,040 | 28,968 | ||||||
Saia, Inc.(a) | 11,301 | 630,822 | ||||||
Simpson Manufacturing Co., Inc. | 1,330 | 71,993 | ||||||
SiteOne Landscape Supply, Inc.(a) (b) | 7,715 | 426,408 | ||||||
Standex International Corp. | 595 | 39,972 | ||||||
Tennant Co. | 570 | 29,703 | ||||||
Trex Co., Inc.(a) | 710 | 42,146 | ||||||
Vectrus, Inc.(a) | 705 | 15,214 | ||||||
Watts Water Technologies, Inc. - Class A | 60 | 3,872 | ||||||
Woodward, Inc. | 655 | 48,660 | ||||||
7,008,656 | ||||||||
Information Technology - 26.2% | ||||||||
8x8, Inc.(a) | 650 | 11,726 | ||||||
A10 Networks, Inc.(a) (b) | 2,495 | 15,569 | ||||||
Acacia Communications, Inc.(a) | 830 | 31,540 | ||||||
ACI Worldwide, Inc.(a) | 670 | 18,539 | ||||||
ADTRAN, Inc. | 20 | 215 | ||||||
Advanced Energy Industries, Inc.(a) | 140 | 6,010 | ||||||
Aerohive Networks, Inc.(a) | 440 | 1,434 | ||||||
Altair Engineering, Inc. - Class A(a) | 2,230 | 61,503 | ||||||
Alteryx, Inc. - Class A(a) (b) | 870 | 51,739 | ||||||
AppFolio, Inc. - Class A(a) (b) | 220 | 13,028 | ||||||
Badger Meter, Inc.(b) | 1,080 | 53,147 | ||||||
BlackLine, Inc.(a) | 260 | 10,647 | ||||||
Bottomline Technologies (de), Inc.(a) | 910 | 43,680 | ||||||
Box, Inc. - Class A(a) | 31,693 | 534,978 | ||||||
Brightcove, Inc.(a) | 2,040 | 14,362 | ||||||
Cabot Microelectronics Corp. | 7,422 | 707,687 | ||||||
CalAmp Corp.(a) (b) | 2,500 | 32,525 | ||||||
Cardtronics plc - Class A(a) | 2,290 | 59,540 | ||||||
Cass Information Systems, Inc. | 733 | 38,790 | ||||||
ChannelAdvisor Corp.(a) | 735 | 8,342 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Information Technology - 26.2% (Continued) | ||||||||
Cirrus Logic, Inc.(a) | 331 | $ | 10,983 | |||||
Cloudera, Inc.(a) (b) | 1,623 | 17,950 | ||||||
CommVault Systems, Inc.(a) | 1,797 | 106,185 | ||||||
Control4 Corp.(a) | 360 | 6,336 | ||||||
Cornerstone OnDemand, Inc.(a) | 2,208 | 111,349 | ||||||
Coupa Software, Inc.(a) | 1,430 | 89,890 | ||||||
CSG Systems International, Inc. | 1,610 | 51,150 | ||||||
Diodes, Inc.(a) (b) | 2,790 | 90,005 | ||||||
Ellie Mae, Inc.(a) (b) | 850 | 53,406 | ||||||
Entegris, Inc. | 3,325 | 92,751 | ||||||
Envestnet, Inc.(a) | 1,755 | 86,328 | ||||||
ePlus, Inc.(a) | 15 | 1,068 | ||||||
EVERTEC, Inc. | 1,135 | 32,575 | ||||||
EVO Payments, Inc. - Class A(a) | 27,395 | 675,835 | ||||||
ExlService Holdings, Inc.(a) | 773 | 40,675 | ||||||
Fair Isaac Corp.(a) | 559 | 104,533 | ||||||
FARO Technologies, Inc.(a) | 1,070 | 43,485 | ||||||
Five9, Inc.(a) | 2,430 | 106,240 | ||||||
ForeScout Technologies, Inc.(a) | 860 | 22,351 | ||||||
Hortonworks, Inc.(a) | 4,235 | 61,069 | ||||||
HubSpot, Inc.(a) | 810 | 101,841 | ||||||
Immersion Corp.(a) (b) | 1,510 | 13,530 | ||||||
Information Services Group, Inc.(a) | 2,325 | 9,858 | ||||||
Integrated Device Technology, Inc.(a) | 9,574 | 463,669 | ||||||
InterDigital, Inc. | 350 | 23,251 | ||||||
j2 Global, Inc. | 3,030 | 210,221 | ||||||
Limelight Networks, Inc.(a) | 10,510 | 24,593 | ||||||
Littelfuse, Inc. | 100 | 17,148 | ||||||
LivePerson, Inc.(a) | 460 | 8,676 | ||||||
MAXIMUS, Inc. | 13,245 | 862,117 | ||||||
Mesa Laboratories, Inc. | 3,760 | 783,545 | ||||||
Methode Electronics, Inc. | 4,425 | 103,058 | ||||||
Mimecast Ltd.(a) | 17,515 | 589,029 | ||||||
MINDBODY, Inc. - Class A(a) | 20,289 | 738,520 | ||||||
MKS Instruments, Inc. | 125 | 8,076 | ||||||
Model N, Inc.(a) | 1,970 | �� | 26,063 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Information Technology - 26.2% (Continued) | ||||||||
Monotype Imaging Holdings, Inc. | 8,750 | $ | 135,800 | |||||
Nanometrics, Inc.(a) | 1,505 | 41,132 | ||||||
New Relic, Inc.(a) | 1,955 | 158,296 | ||||||
NIC, Inc. | 10,645 | 132,850 | ||||||
NVE Corp. | 1,037 | 90,779 | ||||||
Okta, Inc.(a) | 40 | 2,552 | ||||||
OSI Systems, Inc.(a) (b) | 430 | 31,519 | ||||||
Park Electrochemical Corp. | 3,180 | 57,463 | ||||||
Paylocity Holding Corp.(a) | 790 | 47,566 | ||||||
Pegasystems, Inc. | 30,461 | 1,456,950 | ||||||
Perficient, Inc.(a) | 1,220 | 27,157 | ||||||
Progress Software Corp. | 4,480 | 158,995 | ||||||
Proofpoint, Inc.(a) | 45 | 3,771 | ||||||
PROS Holdings, Inc.(a) | 300 | 9,420 | ||||||
Pure Storage, Inc. - Class A(a) | 1,390 | 22,351 | ||||||
QAD, Inc. - Class A | 180 | 7,079 | ||||||
Qualys, Inc.(a) (b) | 15,940 | 1,191,356 | ||||||
Quantenna Communications, Inc.(a) | 3,040 | 43,624 | ||||||
Rapid7, Inc.(a) | 1,175 | 36,613 | ||||||
RingCentral, Inc. - Class A(a) | 145 | 11,954 | ||||||
Rogers Corp.(a) | 195 | 19,317 | ||||||
Rudolph Technologies, Inc.(a) (b) | 850 | 17,400 | ||||||
SailPoint Technology Holdings, Inc.(a) | 3,960 | 93,020 | ||||||
Science Applications International Corp. | 1,760 | 112,112 | ||||||
Semtech Corp.(a) | 1,410 | 64,677 | ||||||
SendGrid, Inc.(a) | 2,000 | 86,340 | ||||||
Silicon Laboratories, Inc.(a) | 7,720 | 608,413 | ||||||
SPS Commerce, Inc.(a) | 1,125 | 92,678 | ||||||
Trade Desk, Inc. (The) - Class A(a) (b) | 480 | 55,709 | ||||||
TTEC Holdings, Inc.(b) | 693 | 19,799 | ||||||
Twilio, Inc. - Class A(a) | 70 | 6,251 | ||||||
Varonis Systems, Inc.(a) | 260 | 13,754 | ||||||
Virtusa Corp.(a) | 810 | 34,498 | ||||||
Vishay Precision Group, Inc.(a) | 50 | 1,512 | ||||||
WNS Holdings Ltd. - ADR(a) | 25,670 | 1,059,143 | ||||||
Workiva, Inc.(a) | 7,250 | 260,203 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Information Technology - 26.2% (Continued) | ||||||||
Yext, Inc.(a) | 780 | $ | 11,583 | |||||
Zix Corp.(a) | 11,703 | 67,058 | ||||||
13,793,054 | ||||||||
Materials - 1.5% | ||||||||
Ingevity Corp.(a) | 665 | 55,654 | ||||||
Kaiser Aluminum Corp. | 285 | 25,448 | ||||||
Louisiana-Pacific Corp. | 3,985 | 88,546 | ||||||
Myers Industries, Inc. | 2,965 | 44,801 | ||||||
Neenah, Inc. | 79 | 4,655 | ||||||
Quaker Chemical Corp.(b) | 3,325 | 590,886 | ||||||
809,990 | ||||||||
Real Estate - 1.9% | ||||||||
CareTrust REIT, Inc. | 1,910 | 35,259 | ||||||
City Office REIT, Inc. | 2,820 | 28,905 | ||||||
EastGroup Properties, Inc. | 1,533 | 140,622 | ||||||
First Industrial Realty Trust, Inc. | 4,730 | 136,508 | ||||||
Monmouth Real Estate Investment Corp. | 5,960 | 73,904 | ||||||
National Health Investors, Inc. | 1,630 | 123,130 | ||||||
NexPoint Residential Trust, Inc.(b) | 360 | 12,618 | ||||||
PotlatchDeltic Corp.(b) | 1,483 | 46,922 | ||||||
QTS Realty Trust, Inc. - Class A | 151 | 5,595 | ||||||
RE/MAX Holdings, Inc. - Class A | 870 | 26,752 | ||||||
RMR Group, Inc. (The) - Class A | 360 | 19,109 | ||||||
Ryman Hospitality Properties, Inc. | 2,990 | 199,403 | ||||||
Tanger Factory Outlet Centers, Inc.(b) | 790 | 15,974 | ||||||
Terreno Realty Corp. | 120 | 4,220 | ||||||
Urban Edge Properties | 8,480 | 140,938 | ||||||
1,009,859 |
SMALL COMPANY GROWTH PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 98.1% (Continued) | Shares | Value | ||||||
Utilities - 0.3% | ||||||||
American States Water Co. | 970 | $ | 65,029 | |||||
SJW Group | 490 | 27,254 | ||||||
York Water Co. (The)(b) | 1,800 | 57,708 | ||||||
149,991 | ||||||||
Total Common Stocks(Cost $49,168,066) | $ | 51,748,677 |
MONEY MARKET FUNDS - 2.1% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(c) | 703,438 | $ | 703,438 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(c) (d) | 414,659 | 414,659 | ||||||
Total Money Market Funds(Cost $1,118,097) | $ | 1,118,097 | ||||||
Total Investments at Value - 100.2%(Cost $50,286,163) | $ | 52,866,774 | ||||||
Liabilities in Excess of Other Assets - (0.2%) | (101,856 | ) | ||||||
Net Assets - 100.0% | $ | 52,764,918 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $11,335,374. |
(c) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $414,659. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,097,295. |
ADR - American Depositary Receipt.
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 97.4% | Shares | Value | ||||||
Communication Services - 1.0% | ||||||||
Gannett Co., Inc.(a) | 4,090 | $ | 34,888 | |||||
MSG Networks, Inc. - Class A(b) | 6,030 | 142,067 | ||||||
National CineMedia, Inc.(a) | 8,200 | 53,136 | ||||||
New Media Investment Group, Inc. | 9,655 | 111,708 | ||||||
QuinStreet, Inc.(b) | 1,820 | 29,539 | ||||||
Reading International, Inc. - Class A(b) | 9,930 | 144,382 | ||||||
Saga Communications, Inc. - Class A | 161 | 5,350 | ||||||
Spok Holdings, Inc. | 1,470 | 19,492 | ||||||
540,562 | ||||||||
Consumer Discretionary - 8.1% | ||||||||
Abercrombie & Fitch Co. - Class A(a) | 20 | 401 | ||||||
American Eagle Outfitters, Inc. | 8,472 | 163,763 | ||||||
American Outdoor Brands Corp.(b) | 1,780 | 22,891 | ||||||
American Public Education, Inc.(b) | 1,464 | 41,665 | ||||||
Bassett Furniture Industries, Inc.(a) | 3,230 | 64,729 | ||||||
Callaway Golf Co. | 200 | 3,060 | ||||||
Cato Corp. (The) - Class A | 2,700 | 38,529 | ||||||
Chico's FAS, Inc.(a) | 2,394 | 13,454 | ||||||
Citi Trends, Inc. | 2,000 | 40,780 | ||||||
Columbia Sportswear Co. | 1,145 | 96,283 | ||||||
Core-Mark Holding Co., Inc. | 1,270 | 29,528 | ||||||
DSW, Inc. - Class A | 5,801 | 143,285 | ||||||
Ethan Allen Interiors, Inc. | 5,620 | 98,856 | ||||||
Express, Inc.(a) (b) | 3,260 | 16,659 | ||||||
Fiesta Restaurant Group, Inc.(b) | 640 | 9,926 | ||||||
Flexsteel Industries, Inc. | 879 | 19,408 | ||||||
Guess?, Inc. | 2,290 | 47,563 | ||||||
Haverty Furniture Cos., Inc. | 2,090 | 39,250 | ||||||
Helen of Troy Ltd.(b) | 1,485 | 194,802 | ||||||
Hooker Furniture Corp. | 26,077 | 686,868 | ||||||
Jack in the Box, Inc.(a) | 1,795 | 139,346 | ||||||
K12, Inc.(b) | 1,216 | 30,145 | ||||||
La-Z-Boy, Inc. | 3,387 | 93,854 | ||||||
Leaf Group Ltd.(b) | 1,490 | 10,207 | ||||||
Movado Group, Inc.(a) | 2,271 | 71,809 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 8.1% (Continued) | ||||||||
Office Depot, Inc. | 7,425 | $ | 19,157 | |||||
Shiloh Industries, Inc.(b) | 739 | 4,308 | ||||||
Signet Jewelers Ltd.(a) | 1,930 | 61,316 | ||||||
Standard Motor Products, Inc. | 1,031 | 49,931 | ||||||
Stoneridge, Inc.(b) | 16,848 | 415,304 | ||||||
Strategic Education, Inc. | 362 | 41,058 | ||||||
Superior Industries International, Inc.(a) | 1,130 | 5,435 | ||||||
Taylor Morrison Home Corp. - Class A(b) | 44,330 | 704,848 | ||||||
Tile Shop Holdings, Inc. | 8,370 | 45,868 | ||||||
Tilly's, Inc. - Class A | 2,497 | 27,117 | ||||||
TRI Pointe Group, Inc.(a) (b) | 54,601 | 596,789 | ||||||
Vera Bradley, Inc.(b) | 6,610 | 56,648 | ||||||
Vista Outdoor, Inc.(b) | 2,710 | 30,758 | ||||||
Wingstop, Inc. | 500 | 32,095 | ||||||
4,207,693 | ||||||||
Consumer Staples - 2.1% | ||||||||
Cal-Maine Foods, Inc.(a) | 2,150 | 90,945 | ||||||
Landec Corp.(a) (b) | 64,355 | 761,963 | ||||||
Limoneira Co.(a) | 2,490 | 48,680 | ||||||
Natural Grocers by Vitamin Cottage, Inc.(b) | 1,690 | 25,908 | ||||||
Sanderson Farms, Inc.(a) | 160 | 15,886 | ||||||
Vector Group Ltd.(a) | 14,349 | 139,616 | ||||||
1,082,998 | ||||||||
Energy - 4.6% | ||||||||
Archrock, Inc. | 11,923 | 89,302 | ||||||
Carrizo Oil & Gas, Inc.(a) (b) | 52,350 | 591,031 | ||||||
Centennial Resource Development, Inc. - Class A(a) (b) | 48,520 | 534,689 | ||||||
CONSOL Energy, Inc.(b) | 1,970 | 62,469 | ||||||
Denbury Resources, Inc.(a) (b) | 4,170 | 7,131 | ||||||
Earthstone Energy, Inc. - Class A(b) | 1,190 | 5,379 | ||||||
FTS International, Inc.(a) (b) | 8,050 | 57,236 | ||||||
Golar LNG Ltd. | 540 | 11,750 | ||||||
Hallador Energy Co. | 3,810 | 19,317 | ||||||
KLX Energy Services Holdings, Inc.(b) | 182 | 4,268 | ||||||
Midstates Petroleum Co., Inc.(b) | 5,964 | 44,790 | ||||||
NACCO Industries, Inc. - Class A | 1,980 | 67,122 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Energy - 4.6% (Continued) | ||||||||
Natural Gas Services Group, Inc.(b) | 2,250 | $ | 36,990 | |||||
Oasis Petroleum, Inc.(b) | 3,193 | 17,657 | ||||||
Overseas Shipholding Group, Inc. - Class A(b) | 26,392 | 43,811 | ||||||
Panhandle Oil and Gas, Inc. - Class A | 4,020 | 62,310 | ||||||
PDC Energy, Inc.(b) | 17,926 | 533,478 | ||||||
Peabody Energy Corp. | 210 | 6,401 | ||||||
PHI, Inc.(a) (b) | 5,421 | 10,029 | ||||||
SandRidge Energy, Inc.(b) | 971 | 7,389 | ||||||
SEACOR Holdings, Inc.(b) | 1,850 | 68,450 | ||||||
Ship Finance International Ltd.(a) | 4,630 | 48,754 | ||||||
Talos Energy, Inc.(b) | 2,010 | 32,803 | ||||||
TETRA Technologies, Inc.(b) | 1,020 | 1,714 | ||||||
Transocean Ltd.(a) (b) | 241 | 1,673 | ||||||
2,365,943 | ||||||||
Financials - 31.7% | ||||||||
AG Mortgage Investment Trust, Inc. | 4,520 | 72,004 | ||||||
Ambac Financial Group, Inc.(a) (b) | 2,260 | 38,962 | ||||||
American Equity Investment Life Holding Co. | 4,860 | 135,788 | ||||||
Ameris Bancorp | 24,420 | 773,381 | ||||||
AMERISAFE, Inc. | 1,010 | 57,257 | ||||||
Ares Commercial Real Estate Corp.(a) | 6,250 | 81,500 | ||||||
Argo Group International Holdings Ltd. | 394 | 26,497 | ||||||
ARMOUR Residential REIT, Inc. | 3,920 | 80,360 | ||||||
Arrow Financial Corp. | 569 | 18,219 | ||||||
Aspen Insurance Holdings Ltd. | 27,590 | 1,158,504 | ||||||
Associated Banc-Corp. | 1,148 | 22,719 | ||||||
B. Riley Financial, Inc.(a) | 7,450 | 105,791 | ||||||
Bancorp, Inc. (The)(b) | 4,940 | 39,322 | ||||||
Bank of N.T. Butterfield & Son Ltd. (The) | 22,840 | 716,034 | ||||||
BankUnited, Inc. | 18,405 | 551,046 | ||||||
Banner Corp. | 1,310 | 70,059 | ||||||
Beneficial Bancorp, Inc. | 1,479 | 21,135 | ||||||
Berkshire Hills Bancorp, Inc. | 314 | 8,469 | ||||||
Blucora, Inc.(b) | 1,160 | 30,902 | ||||||
Blue Hills Bancorp, Inc. | 1,210 | 25,821 | ||||||
Boston Private Financial Holdings, Inc. | 670 | 7,082 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Financials - 31.7% (Continued) | ||||||||
BrightSphere Investment Group plc | 7,490 | $ | 79,993 | |||||
Brookline Bancorp, Inc. | 430 | 5,943 | ||||||
Cadence Bancorp. | 9,080 | 152,362 | ||||||
Capitol Federal Financial, Inc. | 11,744 | 149,971 | ||||||
Capstead Mortgage Corp.(a) | 1,250 | 8,338 | ||||||
Carolina Financial Corp. | 1,220 | 36,100 | ||||||
Cathay General Bancorp | 6,441 | 215,967 | ||||||
CenterState Bank Corp. | 2,925 | 61,542 | ||||||
Central Pacific Financial Corp. | 329 | 8,011 | ||||||
Chemical Financial Corp. | 3,025 | 110,745 | ||||||
City Holding Co.(a) | 824 | 55,694 | ||||||
CNO Financial Group, Inc. | 4,728 | 70,353 | ||||||
Columbia Banking System, Inc. | 870 | 31,572 | ||||||
Community Bank System, Inc.(a) | 1,150 | 67,045 | ||||||
Customers Bancorp, Inc.(b) | 3,500 | 63,700 | ||||||
CVB Financial Corp. | 19,110 | 386,595 | ||||||
Dime Community Bancshares, Inc. | 1,364 | 23,161 | ||||||
Donegal Group, Inc. - Class A | 2,490 | 33,976 | ||||||
Dynex Capital, Inc. | 2,720 | 15,558 | ||||||
Eagle Bancorp, Inc.(b) | 3,608 | 175,746 | ||||||
Employers Holdings, Inc. | 1,723 | 72,314 | ||||||
Enterprise Financial Services Corp. | 1,732 | 65,175 | ||||||
Essent Group Ltd.(b) | 9,750 | 333,255 | ||||||
Exantas Capital Corp.(a) | 18,621 | 186,581 | ||||||
FBL Financial Group, Inc. - Class A | 1,212 | 79,568 | ||||||
Federated Investors, Inc. - Class B(a) | 3,620 | 96,111 | ||||||
FedNat Holding Co. | 2,377 | 47,350 | ||||||
First Business Financial Services, Inc. | 480 | 9,365 | ||||||
First Citizens BancShares, Inc. - Class A | 341 | 128,574 | ||||||
First Financial Corp. | 1,011 | 40,592 | ||||||
First Horizon National Corp.(a) | 45,337 | 596,635 | ||||||
First Merchants Corp. | 3,050 | 104,524 | ||||||
First Midwest Bancorp, Inc. | 630 | 12,480 | ||||||
Genworth Financial, Inc. - Class A(a) (b) | 30,810 | 143,575 | ||||||
Glacier Bancorp, Inc.(a) | 2,457 | 97,346 | ||||||
Global Indemnity Ltd.(a) | 1,839 | 66,627 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Financials - 31.7% (Continued) | ||||||||
Great Ajax Corp.(a) | 583 | $ | 7,025 | |||||
Great Western Bancorp, Inc. | 5,820 | 181,875 | ||||||
Hallmark Financial Services, Inc.(b) | 6,086 | 65,059 | ||||||
Hancock Whitney Corp. | 1,716 | 59,459 | ||||||
HCI Group, Inc.(a) | 570 | 28,962 | ||||||
Heritage Commerce Corp. | 1,580 | 17,917 | ||||||
Home BancShares, Inc.(a) | 11,590 | 189,381 | ||||||
HomeStreet, Inc.(b) | 33,685 | 715,132 | ||||||
Hope Bancorp, Inc. | 8,550 | 101,403 | ||||||
IBERIABANK Corp. | 170 | 10,928 | ||||||
Independent Bank Corp. | 1,808 | 38,004 | ||||||
International Bancshares Corp. | 670 | 23,048 | ||||||
Invesco Mortgage Capital, Inc. | 1,740 | 25,195 | ||||||
Investors Bancorp, Inc. | 3,350 | 34,840 | ||||||
Kemper Corp. | 2,830 | 187,855 | ||||||
KKR Real Estate Finance Trust, Inc. | 6,210 | 118,922 | ||||||
LegacyTexas Financial Group, Inc. | 3,225 | 103,490 | ||||||
Mercantile Bank Corp. | 1,498 | 42,333 | ||||||
Meridian Bancorp, Inc. | 13,055 | 186,948 | ||||||
MGIC Investment Corp.(b) | 26,235 | 274,418 | ||||||
Mr. Cooper Group, Inc.(a) (b) | 3,938 | 45,956 | ||||||
MutualFirst Financial, Inc. | 840 | 22,319 | ||||||
National Bank Holdings Corp. - Class A | 1,915 | 59,116 | ||||||
National Western Life Group, Inc. - Class A | 595 | 178,917 | ||||||
Navigators Group, Inc. (The) | 1,882 | 130,780 | ||||||
NBT Bancorp, Inc.(a) | 2,028 | 70,149 | ||||||
NMI Holdings, Inc. - Class A(b) | 5,319 | 94,944 | ||||||
Northfield Bancorp, Inc.(a) | 3,392 | 45,962 | ||||||
Northrim BanCorp, Inc. | 1,360 | 44,703 | ||||||
OFG Bancorp | 408 | 6,716 | ||||||
On Deck Capital, Inc.(b) | 9,210 | 54,339 | ||||||
Oritani Financial Corp.(a) | 6,440 | 94,990 | ||||||
Orrstown Financial Services, Inc. | 1,040 | 18,938 | ||||||
PacWest Bancorp | 13,350 | 444,288 | ||||||
PennyMac Mortgage Investment Trust(a) | 5,230 | 97,383 | ||||||
ProAssurance Corp. | 7,970 | 323,263 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Financials - 31.7% (Continued) | ||||||||
Protective Insurance Corp. - Class B | 2,733 | $ | 45,504 | |||||
Provident Financial Services, Inc. | 1,340 | 32,334 | ||||||
Pzena Investment Management, Inc. - Class A | 7,016 | 60,688 | ||||||
Radian Group, Inc. | 25,596 | 418,751 | ||||||
RenaissanceRe Holdings Ltd. | 6,595 | 881,752 | ||||||
Renasant Corp. | 8,190 | 247,174 | ||||||
Republic Bancorp, Inc. - Class A | 2,233 | 86,462 | ||||||
RLI Corp. | 800 | 55,192 | ||||||
S&T Bancorp, Inc.(a) | 1,687 | 63,836 | ||||||
Safeguard Scientifics, Inc.(a) (b) | 1,280 | 11,034 | ||||||
Selective Insurance Group, Inc. | 330 | 20,110 | ||||||
Stock Yards Bancorp, Inc. | 3,470 | 113,816 | ||||||
Texas Capital Bancshares, Inc.(b) | 7,880 | 402,589 | ||||||
Third Point Reinsurance Ltd.(b) | 13,153 | 126,795 | ||||||
TowneBank | 3,160 | 75,682 | ||||||
TPG RE Finance Trust, Inc. | 570 | 10,420 | ||||||
TriState Capital Holdings, Inc.(b) | 2,080 | 40,477 | ||||||
TrustCo Bank Corp.(a) | 8,390 | 57,555 | ||||||
Umpqua Holdings Corp. | 1,130 | 17,967 | ||||||
United Bankshares, Inc.(a) | 6,390 | 198,793 | ||||||
United Community Banks, Inc.(a) | 3,210 | 68,887 | ||||||
United Fire Group, Inc.(a) | 1,452 | 80,513 | ||||||
Univest Corp. of Pennsylvania | 1,200 | 25,884 | ||||||
Washington Federal, Inc.(a) | 4,810 | 128,475 | ||||||
Washington Trust Bancorp, Inc. | 610 | 28,993 | ||||||
Waterstone Financial, Inc. | 2,630 | 44,079 | ||||||
WesBanco, Inc.(a) | 1,520 | 55,769 | ||||||
Western Alliance Bancorp.(b) | 22,375 | 883,588 | ||||||
Wintrust Financial Corp. | 683 | 45,413 | ||||||
WSFS Financial Corp. | 1,320 | 50,041 | ||||||
16,396,826 | ||||||||
Health Care - 3.6% | ||||||||
American Renal Associates Holdings, Inc.(b) | 290 | 3,341 | ||||||
Anika Therapeutics, Inc.(b) | 1,590 | 53,440 | ||||||
Avanos Medical, Inc.(b) | 1,393 | 62,392 | ||||||
bluebird bio, Inc.(b) | 61 | 6,051 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Health Care - 3.6% (Continued) | ||||||||
Cambrex Corp.(b) | 560 | $ | 21,146 | |||||
Cerus Corp.(a) (b) | 2,980 | 15,109 | ||||||
Concert Pharmaceuticals, Inc.(b) | 1,357 | 17,031 | ||||||
CONMED Corp. | 3,420 | 219,564 | ||||||
FONAR Corp.(b) | 1,350 | 27,324 | ||||||
Haemonetics Corp.(b) | 829 | 82,941 | ||||||
HMS Holdings Corp.(b) | 3,430 | 96,486 | ||||||
Integer Holdings Corp.(b) | 1,585 | 120,872 | ||||||
Intra-Cellular Therapies, Inc.(b) | 2,600 | 29,614 | ||||||
LivaNova plc(b) | 5,830 | 533,269 | ||||||
Luminex Corp. | 2,980 | 68,868 | ||||||
MacroGenics, Inc.(b) | 760 | 9,652 | ||||||
Meridian Bioscience, Inc. | 6,391 | 110,948 | ||||||
NanoString Technologies, Inc.(b) | 1,070 | 15,868 | ||||||
National HealthCare Corp.(a) | 1,103 | 86,530 | ||||||
NextGen Healthcare, Inc.(b) | 6,850 | 103,777 | ||||||
OraSure Technologies, Inc.(b) | 10,320 | 120,538 | ||||||
Orthofix Medical, Inc.(b) | 400 | 20,996 | ||||||
Revance Therapeutics, Inc.(b) | 870 | 17,513 | ||||||
RTI Surgical, Inc.(b) | 4,148 | 15,348 | ||||||
1,858,618 | ||||||||
Industrials - 14.2% | ||||||||
AeroVironment, Inc.(a) (b) | 495 | 33,635 | ||||||
Alamo Group, Inc. | 5,340 | 412,889 | ||||||
Albany International Corp. - Class A | 7,165 | 447,311 | ||||||
Altra Industrial Motion Corp. | 2,030 | 51,055 | ||||||
Apogee Enterprises, Inc.(a) | 11,790 | 351,931 | ||||||
Applied Industrial Technologies, Inc. | 1,165 | 62,840 | ||||||
Astronics Corp.(a) (b) | 12,745 | 388,086 | ||||||
AZZ, Inc. | 3,990 | 161,036 | ||||||
Barnes Group, Inc. | 7,515 | 402,954 | ||||||
BMC Stock Holdings, Inc.(b) | 33,150 | 513,162 | ||||||
Brady Corp. - Class A | 1,731 | 75,229 | ||||||
Casella Waste Systems, Inc. - Class A(b) | 1,560 | 44,444 | ||||||
Comfort Systems USA, Inc. | 2,503 | 109,331 | ||||||
CSW Industrials, Inc.(b) | 2,593 | 125,372 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Industrials - 14.2% (Continued) | ||||||||
Curtiss-Wright Corp. | 830 | $ | 84,760 | |||||
DXP Enterprises, Inc.(b) | 430 | 11,971 | ||||||
Echo Global Logistics, Inc.(b) | 620 | 12,605 | ||||||
EMCOR Group, Inc. | 1,752 | 104,577 | ||||||
Encore Wire Corp. | 890 | 44,660 | ||||||
EnerSys | 10,597 | 822,434 | ||||||
Ennis, Inc. | 4,002 | 77,039 | ||||||
Exponent, Inc. | 1,136 | 57,607 | ||||||
Federal Signal Corp. | 2,340 | 46,566 | ||||||
Franklin Electric Co., Inc. | 3,050 | 130,784 | ||||||
FTI Consulting, Inc.(b) | 1,735 | 115,620 | ||||||
Gencor Industries, Inc.(b) | 1,314 | 14,415 | ||||||
GP Strategies Corp.(b) | 19,105 | 240,913 | ||||||
Graham Corp. | 2,354 | 53,765 | ||||||
Heidrick & Struggles International, Inc. | 219 | 6,831 | ||||||
Heritage-Crystal Clean, Inc.(b) | 2,530 | 58,215 | ||||||
Herman Miller, Inc. | 1,830 | 55,358 | ||||||
HNI Corp. | 8,140 | 288,399 | ||||||
Huron Consulting Group, Inc.(b) | 640 | 32,838 | ||||||
ICF International, Inc. | 1,310 | 84,862 | ||||||
Insteel Industries, Inc. | 1,460 | 35,449 | ||||||
Interface, Inc. | 2,098 | 29,897 | ||||||
Kennametal, Inc. | 2,846 | 94,715 | ||||||
Kimball International, Inc. - Class B | 2,268 | 32,183 | ||||||
Knight-Swift Transportation Holdings, Inc.(a) | 21,690 | 543,768 | ||||||
Mercury Systems, Inc.(b) | 600 | 28,374 | ||||||
Milacron Holdings Corp.(b) | 4,150 | 49,344 | ||||||
Moog, Inc. - Class A | 682 | 52,841 | ||||||
Mueller Water Products, Inc. - Series A | 4,520 | 41,132 | ||||||
Quanta Services, Inc. | 21,435 | 645,193 | ||||||
Resources Connection, Inc. | 100 | 1,420 | ||||||
SP Plus Corp.(b) | 1,505 | 44,458 | ||||||
SPX FLOW, Inc.(b) | 386 | 11,742 | ||||||
Tetra Tech, Inc. | 230 | 11,907 | ||||||
TriMas Corp.(b) | 3,080 | 84,053 | ||||||
TrueBlue, Inc.(b) | 626 | 13,929 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Industrials - 14.2% (Continued) | ||||||||
Vectrus, Inc.(b) | 940 | $ | 20,285 | |||||
Watts Water Technologies, Inc. - Class A | 980 | 63,239 | ||||||
7,327,423 | ||||||||
Information Technology - 12.6% | ||||||||
Acacia Communications, Inc.(b) | 1,640 | 62,320 | ||||||
ADTRAN, Inc. | 3,246 | 34,862 | ||||||
Advanced Energy Industries, Inc.(b) | 420 | 18,031 | ||||||
Anixter International, Inc.(b) | 420 | 22,810 | ||||||
AVX Corp. | 4,540 | 69,235 | ||||||
Cabot Microelectronics Corp. | 1,064 | 101,452 | ||||||
CACI International, Inc. - Class A(b) | 181 | 26,069 | ||||||
Cardtronics plc - Class A(a) (b) | 830 | 21,580 | ||||||
Casa Systems, Inc.(b) | 2,100 | 27,573 | ||||||
CEVA, Inc.(b) | 660 | 14,579 | ||||||
Cirrus Logic, Inc.(b) | 1,371 | 45,490 | ||||||
Coherent, Inc.(a) (b) | 5,289 | 559,101 | ||||||
Comtech Telecommunications Corp. | 3,550 | 86,408 | ||||||
Control4 Corp.(b) | 475 | 8,360 | ||||||
CSG Systems International, Inc. | 770 | 24,463 | ||||||
CTS Corp. | 5,610 | 145,243 | ||||||
Digi International, Inc.(b) | 2,067 | 20,856 | ||||||
Diodes, Inc.(a) (b) | 5,215 | 168,236 | ||||||
Electronics For Imaging, Inc.(b) | 770 | 19,096 | ||||||
Entegris, Inc. | 20,570 | 573,800 | ||||||
Euronet Worldwide, Inc.(b) | 2,820 | 288,712 | ||||||
Fabrinet(a) (b) | 2,580 | 132,380 | ||||||
FARO Technologies, Inc.(b) | 1,370 | 55,677 | ||||||
ForeScout Technologies, Inc.(b) | 1,060 | 27,549 | ||||||
Integrated Device Technology, Inc.(a) (b) | 13,940 | 675,114 | ||||||
InterDigital, Inc. | 1,080 | 71,744 | ||||||
KEMET Corp. | 1,396 | 24,486 | ||||||
Knowles Corp.(b) | 6,690 | 89,044 | ||||||
Lattice Semiconductor Corp.(a) (b) | 25,880 | 179,090 | ||||||
Mellanox Technologies Ltd.(b) | 9,000 | 831,419 | ||||||
Methode Electronics, Inc. | 20,345 | 473,835 | ||||||
MicroStrategy, Inc. - Class A(b) | 830 | 106,033 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Information Technology - 12.6% (Continued) | ||||||||
Monotype Imaging Holdings, Inc. | 13,130 | $ | 203,778 | |||||
Nanometrics, Inc.(b) | 1,333 | 36,431 | ||||||
NVE Corp. | 1,288 | 112,752 | ||||||
OSI Systems, Inc.(a) (b) | 1,260 | 92,358 | ||||||
Park Electrochemical Corp. | 6,030 | 108,962 | ||||||
Perficient, Inc.(b) | 6,890 | 153,371 | ||||||
Perspecta, Inc. | 2,970 | 51,143 | ||||||
Plexus Corp.(b) | 1,365 | 69,724 | ||||||
Progress Software Corp. | 3,693 | 131,065 | ||||||
Ribbon Communications, Inc.(b) | 3,220 | 15,520 | ||||||
Rogers Corp.(b) | 719 | 71,224 | ||||||
Sanmina Corp.(b) | 1,324 | 31,855 | ||||||
Semtech Corp.(b) | 940 | 43,118 | ||||||
Sykes Enterprises, Inc.(b) | 2,901 | 71,742 | ||||||
Verint Systems, Inc.(b) | 5,565 | 235,454 | ||||||
Viavi Solutions, Inc.(b) | 560 | 5,628 | ||||||
Virtusa Corp.(b) | 430 | 18,314 | ||||||
Vishay Intertechnology, Inc. | 1,497 | 26,961 | ||||||
Vishay Precision Group, Inc.(b) | 580 | 17,533 | ||||||
Workiva, Inc.(b) | 630 | 22,611 | ||||||
6,524,191 | ||||||||
Materials - 5.7% | ||||||||
Bemis Co., Inc.(a) | 13,719 | 629,701 | ||||||
Boise Cascade Co. | 8,675 | 206,899 | ||||||
FutureFuel Corp. | 2,659 | 42,172 | ||||||
Greif, Inc. - Class A | 405 | 15,030 | ||||||
Innophos Holdings, Inc. | 1,293 | 31,717 | ||||||
Kaiser Aluminum Corp. | 5,367 | 479,219 | ||||||
Louisiana-Pacific Corp. | 14,737 | 327,456 | ||||||
Materion Corp. | 4,648 | 209,114 | ||||||
Neenah, Inc. | 5,640 | 332,309 | ||||||
Olympic Steel, Inc.(a) | 581 | 8,291 | ||||||
P.H. Glatfelter Co.(a) | 52,160 | 509,081 | ||||||
Schnitzer Steel Industries, Inc. - Class A | 545 | 11,745 | ||||||
Sensient Technologies Corp.(a) | 542 | 30,271 | ||||||
SunCoke Energy, Inc.(b) | 1,880 | 16,074 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Materials - 5.7% (Continued) | ||||||||
Tredegar Corp.(a) | 2,550 | $ | 40,443 | |||||
UFP Technologies, Inc.(b) | 1,391 | 41,786 | ||||||
2,931,308 | ||||||||
Real Estate - 10.9% | ||||||||
Alexander & Baldwin, Inc.(a) (b) | 3,310 | 60,838 | ||||||
American Assets Trust, Inc. | 6,180 | 248,251 | ||||||
Brandywine Realty Trust | 31,703 | 408,017 | ||||||
CareTrust REIT, Inc. | 800 | 14,768 | ||||||
CatchMark Timber Trust, Inc. - Class A | 5,172 | 36,721 | ||||||
Chatham Lodging Trust | 5,190 | 91,759 | ||||||
Chesapeake Lodging Trust | 4,090 | 99,592 | ||||||
City Office REIT, Inc. | 16,750 | 171,688 | ||||||
CoreCivic, Inc. | 8,410 | 149,950 | ||||||
Cousins Properties, Inc. | 5,460 | 43,134 | ||||||
DiamondRock Hospitality Co. | 10,010 | 90,891 | ||||||
First Industrial Realty Trust, Inc. | 10,160 | 293,217 | ||||||
Franklin Street Properties Corp. | 3,830 | 23,861 | ||||||
Gladstone Commercial Corp. | 1,130 | 20,250 | ||||||
Hersha Hospitality Trust | 3,370 | 59,110 | ||||||
InfraREIT, Inc. | 2,530 | 53,181 | ||||||
Investors Real Estate Trust | 1,973 | 96,815 | ||||||
Kite Realty Group Trust(a) | 1,940 | 27,335 | ||||||
LTC Properties, Inc. | 4,265 | 177,765 | ||||||
Mack-Cali Realty Corp.(a) | 980 | 19,198 | ||||||
Monmouth Real Estate Investment Corp. | 15,560 | 192,944 | ||||||
National Health Investors, Inc. | 2,361 | 178,350 | ||||||
NexPoint Residential Trust, Inc. | 2,490 | 87,275 | ||||||
NorthStar Realty Europe Corp. | 3,550 | 51,617 | ||||||
Pebblebrook Hotel Trust | 6,780 | 191,942 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 17,760 | 302,629 | ||||||
PotlatchDeltic Corp.(a) | 7,864 | 248,816 | ||||||
PS Business Parks, Inc. | 344 | 45,064 | ||||||
RE/MAX Holdings, Inc. - Class A | 3,677 | 113,068 | ||||||
RLJ Lodging Trust | 13,000 | 213,200 | ||||||
RPT Realty(a) | 64,110 | 766,114 | ||||||
Sabra Health Care REIT, Inc. | 6,020 | 99,210 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.4% (Continued) | Shares | Value | ||||||
Real Estate - 10.9% (Continued) | ||||||||
St. Joe Co. (The)(a) (b) | 7,580 | $ | 99,829 | |||||
Summit Hotel Properties, Inc. | 7,040 | 68,499 | ||||||
Sunstone Hotel Investors, Inc. | 9,320 | 121,253 | ||||||
Tejon Ranch Co.(a) (b) | 990 | 16,414 | ||||||
Terreno Realty Corp. | 6,550 | 230,364 | ||||||
TIER REIT, Inc. | 650 | 13,410 | ||||||
Urban Edge Properties | 8,000 | 132,960 | ||||||
Washington Prime Group, Inc.(a) | 7,280 | 35,381 | ||||||
Washington Real Estate Investment Trust | 2,900 | 66,700 | ||||||
Xenia Hotel & Resorts, Inc. | 9,220 | 158,584 | ||||||
5,619,964 | ||||||||
Utilities - 2.9% | ||||||||
ALLETE, Inc. | 1,250 | 95,275 | ||||||
American States Water Co.(a) | 2,652 | 177,790 | ||||||
Artesian Resources Corp. - Class A | 5,299 | 184,776 | ||||||
Consolidated Water Co. Ltd. | 332 | 3,871 | ||||||
El Paso Electric Co. | 1,290 | 64,668 | ||||||
IDACORP, Inc. | 1,648 | 153,363 | ||||||
MGE Energy, Inc. | 1,081 | 64,817 | ||||||
New Jersey Resources Corp.(a) | 2,490 | 113,718 | ||||||
ONE Gas, Inc. | 3,862 | 307,416 | ||||||
Otter Tail Corp. | 745 | 36,982 | ||||||
PNM Resources, Inc. | 460 | 18,901 | ||||||
Portland General Electric Co. | 2,185 | 100,182 | ||||||
SJW Group | 1,820 | 101,228 | ||||||
York Water Co. (The) | 2,894 | 92,782 | ||||||
1,515,769 | ||||||||
Total Common Stocks(Cost $55,681,360) | $ | 50,371,295 |
SMALL COMPANY VALUE PORTFOLIO | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
MONEY MARKET FUNDS - 2.3% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(c) | 1,081,512 | $ | 1,081,512 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(c) (d) | 130,515 | 130,515 | ||||||
Total Money Market Funds(Cost $1,212,027) | $ | 1,212,027 | ||||||
Total Investments at Value - 99.7%(Cost $56,893,387) | $ | 51,583,322 | ||||||
Other Assets in Excess of Liabilities - 0.3% | 156,805 | |||||||
Net Assets - 100.0% | $ | 51,740,127 |
(a) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $7,696,489. |
(b) | Non-income producing security. |
(c) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $130,515. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,789,908. |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2018 | ||||||||
COMMON STOCKS - 97.7% | Shares | Value | ||||||
Australia - 2.9% | ||||||||
Alumina Ltd.(a) | 69,247 | $ | 112,171 | |||||
Amcor Ltd.(a) (b) | 8,884 | 82,957 | ||||||
ASX Ltd.(a) | 4,790 | 202,408 | ||||||
Aurizon Holdings Ltd.(a) | 28,389 | 85,653 | ||||||
BHP Billiton Ltd.(a) | 265 | 6,406 | ||||||
Caltex Australia Ltd.(a) | 2,815 | 50,507 | ||||||
CIMIC Group Ltd.(a) | 7,297 | 223,150 | ||||||
Cochlear Ltd.(a) | 2,684 | 328,878 | ||||||
Commonwealth Bank of Australia(a) | 774 | 39,481 | ||||||
Computershare Ltd.(a) | 16,166 | 195,927 | ||||||
CSL Ltd.(a) | 47,500 | 6,204,564 | ||||||
Goodman Group(a) | 10,218 | 76,544 | ||||||
GPT Group (The)(a) | 18,702 | 70,379 | ||||||
Incitec Pivot Ltd.(a) | 846 | 1,956 | ||||||
Insurance Australia Group Ltd.(a) | 49,669 | 244,986 | ||||||
Macquarie Group Ltd.(a) | 6,318 | 483,950 | ||||||
Medibank Private Ltd.(a) | 96,554 | 174,806 | ||||||
Newcrest Mining Ltd.(a) | 14,077 | 216,357 | ||||||
QBE Insurance Group Ltd.(a) | 3,277 | 23,335 | ||||||
Ramsay Health Care Ltd.(a) | 1,417 | 57,641 | ||||||
Scentre Group Ltd. REIT(a) | 4,640 | 12,757 | ||||||
South32 Ltd.(a) | 11,501 | 27,360 | ||||||
Stockland Corp. Ltd.(a) | 14,070 | 34,906 | ||||||
Telstra Corp. Ltd.(a) | 92,872 | 186,388 | ||||||
Wesfarmers Ltd.(a) | 5,847 | 132,841 | ||||||
Westpac Banking Corp.(a) | 55,203 | 975,464 | ||||||
Woolworths Group Ltd.(a) | 40,987 | 850,263 | ||||||
11,102,035 | ||||||||
Belgium - 0.6% | ||||||||
Anheuser-Busch InBev S.A./N.V.(a) | 8,274 | 545,015 | ||||||
KBC Group N.V.(a) | 23,626 | 1,519,882 | ||||||
UCB S.A.(a) | 3,455 | 282,157 | ||||||
2,347,054 | ||||||||
Bermuda - 0.1% | ||||||||
CK Infrastructure Holdings Ltd.(a) | 17,000 | 128,650 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Bermuda - 0.1% (Continued) | ||||||||
Hongkong Land Holdings Ltd.(a) | 46,100 | $ | 290,621 | |||||
419,271 | ||||||||
Brazil - 0.7% | ||||||||
Ambev S.A.(a) | 126,500 | 501,843 | ||||||
Banco Santander Brasil S.A.(a) | 42,300 | 465,699 | ||||||
BB Seguridade Participacoes S.A.(a) | 52,900 | 377,046 | ||||||
CCR S.A.(a) | 7,200 | 20,790 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo(a) | 25,200 | 204,731 | ||||||
Embraer S.A.(a) | 2,700 | 15,112 | ||||||
Engie Brasil Energia S.A.(a) | 875 | 7,451 | ||||||
Kroton Educacional S.A.(a) | 7,400 | 16,925 | ||||||
Lojas Renner S.A.(a) | 2,900 | 31,675 | ||||||
Raia Drogasil S.A.(a) | 20,046 | 295,612 | ||||||
Suzano Papel e Celulose S.A.(a) | 2,800 | 27,570 | ||||||
Vale S.A.(a) | 51,396 | 674,539 | ||||||
2,638,993 | ||||||||
Canada - 4.2% | ||||||||
Bank of Montreal | 2,700 | 176,422 | ||||||
Brookfield Asset Management, Inc. - Class A | 3,400 | 130,323 | ||||||
CAE, Inc. | 1,000 | 18,381 | ||||||
Canadian Imperial Bank of Commerce | 1,400 | 104,289 | ||||||
Canadian National Railway Co. | 4,400 | 325,927 | ||||||
Canadian Pacific Railway Ltd.(b) | 28,666 | 5,091,656 | ||||||
CCL Industries, Inc. - Class B | 1,400 | 51,344 | ||||||
CI Financial Corp. | 15,400 | 194,957 | ||||||
Constellation Software, Inc. | 200 | 128,040 | ||||||
Dollarama, Inc. | 86,889 | 2,066,906 | ||||||
Empire Co. Ltd. - Class A | 15,400 | 325,266 | ||||||
First Quantum Minerals Ltd. | 700 | 5,662 | ||||||
Franco-Nevada Corp. | 2,100 | 147,279 | ||||||
George Weston Ltd. | 81 | 5,344 | ||||||
H&R Real Estate Investment Trust | 5,900 | 89,258 | ||||||
IGM Financial, Inc. | 10,400 | 236,422 | ||||||
Imperial Oil Ltd. | 4,400 | 111,501 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 300 | 9,576 | ||||||
Inter Pipeline Ltd. | 9,200 | 130,352 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Canada - 4.2% (Continued) | ||||||||
Loblaw Cos. Ltd. | 600 | $ | 26,862 | |||||
Manulife Financial Corp. | 16,800 | 238,403 | ||||||
PrairieSky Royalty Ltd. | 26,300 | 340,460 | ||||||
RioCan Real Estate Investment Trust | 14,200 | 247,593 | ||||||
Rogers Communications, Inc. - Class B | 2,800 | 143,510 | ||||||
Royal Bank of Canada | 11,100 | 759,853 | ||||||
Shaw Communications, Inc. - Class B | 12,000 | 217,234 | ||||||
Shopify, Inc. - Class A(b) (c) | 32,706 | 4,528,146 | ||||||
Suncor Energy, Inc. | 13,600 | 379,908 | ||||||
Teck Resources Ltd. - Class B | 300 | 6,459 | ||||||
Thomson Reuters Corp. | 2,600 | 125,583 | ||||||
16,362,916 | ||||||||
Cayman Islands - 2.1% | ||||||||
Baidu, Inc. - ADR(c) | 6,274 | 995,056 | ||||||
China Medical System Holdings Ltd.(a) | 40,000 | 37,340 | ||||||
CK Asset Holdings Ltd.(a) | 77,500 | 567,031 | ||||||
CK Hutchison Holdings Ltd.(a) | 29,000 | 278,346 | ||||||
Hengan International Group Co. Ltd.(a) | 19,500 | 141,576 | ||||||
Tencent Holdings Ltd.(a) | 149,555 | 5,994,171 | ||||||
Tingyi (Cayman Islands) Holding Corp.(a) | 186,000 | 249,109 | ||||||
8,262,629 | ||||||||
Chile - 0.2% | ||||||||
Aguas Andinas S.A. - Class A(a) | 291,275 | 160,292 | ||||||
Cia Cervecerias Unidas S.A.(a) | 2,344 | 30,180 | ||||||
Colbun S.A.(a) | 527,139 | 106,406 | ||||||
Empresas COPEC S.A.(a) | 16,696 | 200,960 | ||||||
Enel Americas S.A.(a) | 708,243 | 125,306 | ||||||
S.A.C.I. Falabella(a) | 3,433 | 25,166 | ||||||
648,310 | ||||||||
China - 0.8% | ||||||||
China Construction Bank Corp. - H Shares(a) | 603,000 | 493,765 | ||||||
China Life Insurance Co. Ltd. - H Shares(a) | 308,000 | 651,336 | ||||||
China Merchants Bank Co. Ltd. - H Shares(a) | 11,500 | 41,995 | ||||||
China Pacific Insurance Co. Ltd. - H Shares(a) | 28,200 | 91,127 | ||||||
China Petroleum & Chemical Corp. - H Shares(a) | 192,000 | 136,858 | ||||||
China Railway Group Ltd. - H Shares(a) | 87,000 | 79,272 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
China - 0.8% (Continued) | ||||||||
China Shenhua Energy Co. Ltd. - H Shares(a) | 58,000 | $ | 126,494 | |||||
Industrial & Commercial Bank of China Ltd. - H Shares(a) | 969,000 | 689,206 | ||||||
PetroChina Co. Ltd. - H Shares(a) | 654,000 | 405,802 | ||||||
PICC Property & Casualty Co. Ltd. - H Shares(a) | 6,000 | 6,122 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd. - H Shares(a) | 400,000 | 175,094 | ||||||
2,897,071 | ||||||||
Colombia - 0.0% (d) | ||||||||
Grupo de Inversiones Suramericana S.A. | 9,749 | 96,424 | ||||||
Czech Republic - 0.4% | ||||||||
CEZ A/S(a) | 64,772 | 1,543,967 | ||||||
Komercní banka, a.s.(a) | 88 | 3,323 | ||||||
1,547,290 | ||||||||
Denmark - 3.1% | ||||||||
A.P. Moller-Maerska A/S - Series B(a) (b) | 3,259 | 4,099,280 | ||||||
Carlsberg A/S - Series B(a) | 460 | 48,931 | ||||||
Chr. Hansen Holding A/S(a) | 43,495 | 3,860,606 | ||||||
Danske Bank A/S(a) | 80,487 | 1,597,736 | ||||||
DSV A/S(a) | 5,553 | 366,705 | ||||||
Genmab A/S(a) (c) | 1,121 | 184,301 | ||||||
Novo Nordisk A/S - Class B(a) | 33,509 | 1,538,850 | ||||||
Novozymes A/S - Class B(a) | 10,382 | 463,857 | ||||||
12,160,266 | ||||||||
Finland - 0.5% | ||||||||
Fortum OYJ(a) | 2,957 | 64,719 | ||||||
Neste OYJ(a) | 3,429 | 265,449 | ||||||
Nordea Bank Abp(a) | 32,359 | 272,394 | ||||||
Sampo OYJ - A Shares(a) | 17,477 | 774,478 | ||||||
UPM-Kymmene OYJ(a) | 21,612 | 547,014 | ||||||
1,924,054 | ||||||||
France - 9.3% | ||||||||
Accor S.A.(a) | 1,511 | 64,246 | ||||||
Bureau Veritas S.A.(a) | 18,926 | 385,614 | ||||||
Credit Agricole S.A.(a) | 145,911 | 1,570,160 | ||||||
Dassault Aviation S.A.(a) | 311 | 431,239 | ||||||
Dassault Systemes S.A.(a) | 226 | 26,841 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
France - 9.3% (Continued) | ||||||||
Eiffage S.A.(a) | 457 | $ | 38,204 | |||||
Engie S.A.(a) | 14,747 | 211,857 | ||||||
Essilor International Cie Generale d'Optique S.A.(a) | 34,137 | 4,326,595 | ||||||
EssilorLuxottica | 18,816 | 2,342,030 | ||||||
Hermes International S.A.(a) | 1,280 | 711,029 | ||||||
Kering S.A.(a) | 499 | 233,737 | ||||||
L'Oréal(a) | 4,341 | 993,202 | ||||||
LVMH Moet Hennessy Louis Vuitton SE(a) | 18,568 | 5,435,585 | ||||||
Pernod Ricard S.A.(a) | 25,838 | 4,240,017 | ||||||
Publicis Groupe S.A.(a) | 51,547 | 2,940,731 | ||||||
Rexel S.A.(a) | 352,121 | 3,750,360 | ||||||
Sanofi S.A.(a) | 14,112 | 1,224,062 | ||||||
Schneider Electric SE(a) | 48,111 | 3,263,022 | ||||||
SCOR SE(a) | 42,428 | 1,907,170 | ||||||
Total S.A.(a) | 26,500 | 1,397,571 | ||||||
Unibail-Rodamco SE and WFD Unibail-Rodamco N.V.(a) | 1,855 | 287,015 | ||||||
Vinci S.A.(a) | 867 | 71,286 | ||||||
35,851,573 | ||||||||
Germany - 3.2% | ||||||||
adidas AG(a) | 20,008 | 4,180,930 | ||||||
Allianz SE(a) | 4,807 | 965,871 | ||||||
BASF SE(a) | 6,358 | 442,803 | ||||||
Bayer AG(a) | 5,500 | 382,470 | ||||||
Beiersdorf AG(a) | 1,523 | 158,833 | ||||||
Brenntag AG(a) | 669 | 29,198 | ||||||
Deutsche Telekom AG(a) | 49,395 | 839,448 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(a) | 1,024 | 73,277 | ||||||
Hannover Rueck SE(a) | 2,393 | 322,465 | ||||||
SAP SE(a) | 1,721 | 170,787 | ||||||
Siemens AG(a) | 8,405 | 937,894 | ||||||
Volkswagon AG(a) | 23,820 | 3,810,110 | ||||||
12,314,086 | ||||||||
Greece - 0.0% (d) | ||||||||
FF Group(c) | 2,880 | 15,837 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Hong Kong - 4.8% | ||||||||
AIA Group Ltd.(a) | 567,570 | $ | 4,714,663 | |||||
China Merchants Holdings Ltd.(a) (b) | 166,000 | 298,468 | ||||||
China Mobile Ltd.(a) | 255,000 | 2,467,513 | ||||||
China Resources Power Holdings Co. Ltd.(a) | 1,740,504 | 3,347,720 | ||||||
China Travel International Investment Hong Kong Ltd.(a) | 222,000 | 59,243 | ||||||
China Unicom(a) | 6,000 | 6,392 | ||||||
CITIC Ltd.(a) | 545,000 | 855,196 | ||||||
CNOOC Ltd.(a) | 306,000 | 471,335 | ||||||
Fosun International Ltd.(a) | 271,500 | 395,666 | ||||||
Galaxy Entertainment Group Ltd.(a) | 10,000 | 63,166 | ||||||
Greentown China Holdings Ltd.(a) | 60,000 | 45,121 | ||||||
Hang Lung Properties Ltd.(a) | 23,000 | 43,716 | ||||||
Hang Seng Bank Ltd.(a) | 5,600 | 125,446 | ||||||
Henderson Land Development Co. Ltd.(a) | 78,000 | 388,208 | ||||||
HKT Trust and HKT Ltd.(a) | 88,000 | 126,766 | ||||||
Hong Kong Exchanges & Clearing Ltd.(a) | 6,000 | 173,450 | ||||||
Lenovo Group Ltd.(a) | 6,108,000 | 4,126,154 | ||||||
Metallurgical Corp. of China Ltd.(a) | 14,000 | 3,361 | ||||||
MGM China Holdings(a) | 7,200 | 12,020 | ||||||
Power Assets Holdings Ltd.(a) | 62,500 | 434,209 | ||||||
Shanghai Industrial Holdings Ltd.(a) | 60,000 | 121,300 | ||||||
Shui On Land Ltd.(a) | 450,000 | 100,202 | ||||||
Wharf Holdings Ltd. (The)(a) | 13,000 | 33,892 | ||||||
18,413,207 | ||||||||
Hungary - 0.1% | ||||||||
MOL Hungarian Oil & Gas plc(a) | 10,617 | 116,499 | ||||||
OTP Bank plc(a) | 2,020 | 81,623 | ||||||
198,122 | ||||||||
India - 1.4% | ||||||||
Ashok Leyland Ltd.(a) | 23,533 | 34,631 | ||||||
Bharat Forge Ltd.(a) | 1,824 | 13,325 | ||||||
Bharti Infratel Ltd.(a) | 1,011 | 3,762 | ||||||
Coal India Ltd.(a) | 34,243 | 118,442 | ||||||
Container Corp. of India Ltd.(a) | 10,330 | 102,054 | ||||||
GAIL India Ltd.(a) | 27,067 | 140,122 | ||||||
HDFC Bank Ltd. - ADR | 48,057 | 4,978,226 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
India - 1.4% (Continued) | ||||||||
Tata Steel Ltd.(a) | 4,283 | $ | 32,041 | |||||
Zee Entertainment Enterprises Ltd.(a) | 1,208 | 8,267 | ||||||
5,430,870 | ||||||||
Indonesia - 0.2% | ||||||||
Bumi Serpong Damai Tbk PT(a) (c) | 123,800 | 10,822 | ||||||
Hanjaya Mandala Sampoerna Tbk PT(a) | 985,100 | 254,496 | ||||||
Jasa Marga (Persero) Tbk PT(a) | 273,900 | 81,503 | ||||||
Perusahaan Gas Negara Perser Tbk(a) | 54,800 | 8,088 | ||||||
United Tractors Tbk PT(a) | 235,900 | 448,627 | ||||||
803,536 | ||||||||
Ireland - 3.1% | ||||||||
Accenture plc - Class A | 35,899 | 5,062,117 | ||||||
DCC plc(a) | 1,471 | 112,227 | ||||||
ICON plc(c) | 28,946 | 3,740,113 | ||||||
Ryanair Holdings plc - ADR(c) | 24,434 | 1,743,122 | ||||||
Willis Towers Watson plc | 9,802 | 1,488,532 | ||||||
12,146,111 | ||||||||
Israel - 0.1% | ||||||||
Check Point Software Technologies Ltd.(b) (c) | 2,826 | 290,089 | ||||||
Nice Ltd.(a) (c) | 586 | 63,481 | ||||||
Teva Pharmaceutical Industries Ltd. - ADR(b) (c) | 9,300 | 143,406 | ||||||
496,976 | ||||||||
Italy - 2.1% | ||||||||
Assicurazioni Generali SpA(a) | 3,575 | 59,745 | ||||||
Atlantia SpA(a) | 2,926 | 60,546 | ||||||
Enel SpA(a) | 432,924 | 2,509,453 | ||||||
Eni SpA(a) | 71,146 | 1,123,768 | ||||||
Intesa Sanpaolo SpA(a) | 94,313 | 209,973 | ||||||
Mediobanca Banca di Credito Finanziario SpA(a) | 21,133 | 178,793 | ||||||
Saipem SpA(a) (c) | 511,502 | 1,916,553 | ||||||
Snam SpA(a) | 167,410 | 732,890 | ||||||
Terna Rete Elettrica Nazionale SpA(a) | 85,593 | 486,034 | ||||||
Unicredit SpA(a) | 66,986 | 758,650 | ||||||
8,036,405 | ||||||||
Japan - 13.0% | ||||||||
Ajinomoto Co., Inc.(a) | 3,700 | 65,743 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Japan - 13.0% (Continued) | ||||||||
Asahi Group Holdings Ltd.(a) | 700 | $ | 27,126 | |||||
Astellas Pharma, Inc.(a) | 35,900 | 458,660 | ||||||
Benesse Holdings, Inc.(a) | 600 | 15,262 | ||||||
Bridgestone Corp.(a) | 2,700 | 103,583 | ||||||
Calbee, Inc.(a) | 900 | 28,110 | ||||||
Canon, Inc.(a) | 7,500 | 206,358 | ||||||
Central Japan Railway Co.(a) | 1,600 | 337,564 | ||||||
Chubu Electric Power Co., Inc.(a) | 1,400 | 19,892 | ||||||
Chugai Pharmaceutical Co. Ltd.(a) | 2,100 | 121,793 | ||||||
Daifuku Co. Ltd.(a) | 2,000 | 90,677 | ||||||
Dai-ichi Life Holdings, Inc.(a) | 64,000 | 993,852 | ||||||
Daikin Industries Ltd.(a) | 4,100 | 435,627 | ||||||
Dentsu, Inc.(a) | 4,500 | 200,964 | ||||||
East Japan Railway Co.(a) | 5,100 | 450,362 | ||||||
Eisai Co. Ltd.(a) | 7,100 | 549,656 | ||||||
Fast Retailing Co. Ltd.(a) | 1,300 | 663,933 | ||||||
Fujitsu Ltd.(a) | 72,500 | 4,519,165 | ||||||
Hamamatsu Photonics K.K.(a) | 2,000 | 67,022 | ||||||
Hitachi Metals Ltd.(a) | 259,200 | 2,695,695 | ||||||
Honda Motor Co.(a) | 151,600 | 3,993,731 | ||||||
Hoshizaki Corp.(a) | 700 | 42,473 | ||||||
Hoya Corp.(a) | 300 | 18,089 | ||||||
Iida Group Holdings Co. Ltd.(a) (b) | 83,900 | 1,453,176 | ||||||
INPEX Corp.(a) | 400,400 | 3,547,710 | ||||||
Isetan Mitsukoshi Holdings Ltd.(a) | 5,500 | 60,765 | ||||||
Isuzu Motors Ltd.(a) | 122,300 | 1,715,437 | ||||||
Japan Airport Terminal Co. Ltd.(a) | 6,000 | 207,407 | ||||||
Japan Exchange Group, Inc.(a) | 11,900 | 191,937 | ||||||
Japan Post Bank Co. Ltd.(a) | 16,400 | 180,552 | ||||||
Japan Post Holdings Co. Ltd.(a) | 48,900 | 564,575 | ||||||
Japan Real Estate Investment Corp.(a) | 29 | 162,818 | ||||||
Japan Retail Fund Investment Corp.(a) | 8 | 15,964 | ||||||
Japan Tobacco, Inc.(a) | 5,800 | 137,808 | ||||||
Kansai Electric Power Co., Inc. (The)(a) | 23,400 | 350,908 | ||||||
KDDI Corp.(a) | 3,000 | 71,682 | ||||||
Keikyu Corp.(a) | 26,200 | 428,124 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Japan - 13.0% (Continued) | ||||||||
Keyence Corp.(a) | 10,130 | $ | 5,119,934 | |||||
Kintetsu Group Holdings Co.(a) | 1,300 | 56,486 | ||||||
Kirin Holdings Co. Ltd.(a) | 15,800 | 329,440 | ||||||
Kuboto Corp.(a) | 13,200 | 187,613 | ||||||
Kurita Water Industries Ltd.(a) | 7,500 | 181,574 | ||||||
Kyocera Corp.(a) | 300 | 14,995 | ||||||
Kyowa Hakko Kirin Co. Ltd.(a) | 700 | 13,227 | ||||||
Kyushu Electric Power Co., Inc.(a) | 21,700 | 258,384 | ||||||
Marubeni Corp.(a) | 74,000 | 519,198 | ||||||
McDonald's Holdings Co. Japan Ltd.(a) | 2,500 | 106,190 | ||||||
Mebuki Financial Group, Inc.(a) | 87,200 | 230,598 | ||||||
Mitsubishi Corp.(a) | 15,500 | 424,937 | ||||||
Mitsubishi UFJ Financial Group, Inc.(a) | 352,500 | 1,729,870 | ||||||
Mitsui & Co., Ltd.(a) | 109,400 | 1,680,670 | ||||||
Mitsui Fudosan Co. Ltd.(a) | 1,800 | 39,980 | ||||||
Mizuho Financial Group, Inc.(a) | 579,600 | 896,738 | ||||||
MS&AD Insurance Group Holdings, Inc.(a) | 36,400 | 1,034,633 | ||||||
Murata Manufacturing Co. Ltd.(a) | 900 | 121,270 | ||||||
Nidec Corp.(a) | 1,900 | 214,969 | ||||||
Nippon Building Fund, Inc.(a) | 16 | 100,745 | ||||||
Nomura Research Institute Ltd.(a) | 3,067 | 113,727 | ||||||
NTT Data Corp.(a) | 2,800 | 30,602 | ||||||
NTT DoCoMo, Inc.(a) | 26,800 | 602,147 | ||||||
Olympus Corp.(a) | 7,100 | 217,142 | ||||||
Ono Pharmaceutical Co. Ltd.(a) | 4,500 | 91,889 | ||||||
Osaka Gas Co. Ltd.(a) | 11,000 | 200,653 | ||||||
Park24 Co. Ltd.(a) | 300 | 6,606 | ||||||
Persol Holdings Co. Ltd.(a) | 7,000 | 103,830 | ||||||
Rakuten, Inc.(a) | 3,700 | 24,821 | ||||||
Recruit Holdings Co. Ltd.(a) | 5,000 | 120,788 | ||||||
Renesas Electronics Corp.(a) (c) | 10,100 | 45,871 | ||||||
Resona Holdings, Inc.(a) | 4,900 | 23,502 | ||||||
Sankyo Co. Ltd.(a) | 6,300 | 239,581 | ||||||
Secom Co. Ltd.(a) | 800 | 66,357 | ||||||
Seibu Holdings, Inc.(a) | 21,400 | 372,203 | ||||||
Seven & i Holdings Co. Ltd.(a) | 16,200 | 703,941 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Japan - 13.0% (Continued) | ||||||||
Shimadzu Corp.(a) | 600 | $ | 11,831 | |||||
Shimano, Inc.(a) | 5,500 | 775,285 | ||||||
Shin-Etsu Chemical Co. Ltd.(a) | 4,400 | 338,049 | ||||||
Shionogi & Co. Ltd.(a) | 10,800 | 616,387 | ||||||
Shiseido Co. Ltd.(a) | 3,800 | 237,975 | ||||||
Sumitomo Corp.(a) | 35,600 | 505,097 | ||||||
Sumitomo Mitsui Financial Group, Inc.(a) | 96,100 | 3,167,798 | ||||||
Sumitomo Mitsui Trust Holdings, Inc.(a) | 10,300 | 375,078 | ||||||
Sundrug Co. Ltd.(a) | 2,100 | 62,533 | ||||||
Suzuki Motor Corp.(a) | 3,100 | 156,268 | ||||||
Takeda Pharmaceutical Co. Ltd.(a) (b) | 26,100 | 884,605 | ||||||
Tohoku Electric Power Co., Inc.(a) | 16,400 | 215,911 | ||||||
Tokyo Gas Co. Ltd.(a) | 23,900 | 604,455 | ||||||
Trend Micro, Inc.(a) | 3,400 | 183,712 | ||||||
Unicharm Corp.(a) | 9,300 | 300,767 | ||||||
United Urban Investment Corp.(a) | 77 | 119,246 | ||||||
USS Co. Ltd.(a) | 7,300 | 122,477 | ||||||
Yahoo Japan Corp.(a) | 5,800 | 14,428 | ||||||
Yakult Honsha Co. Ltd.(a) | 500 | 35,000 | ||||||
Yamato Holdings Co. Ltd.(a) | 8,700 | 238,514 | ||||||
50,384,727 | ||||||||
Jersey - 2.0% | ||||||||
Experian plc(a) | 263,029 | 6,377,386 | ||||||
Glencore plc(a) (c) | 45,827 | 170,416 | ||||||
WPP plc(a) | 100,001 | 1,088,491 | ||||||
7,636,293 | ||||||||
Korea (Republic of) - 3.0% | ||||||||
BNK Financial Group, Inc.(a) | 18,737 | 123,333 | ||||||
CJ Corp.(a) | 102 | 11,151 | ||||||
Daelim Industrial Co. Ltd.(a) | 1,250 | 115,097 | ||||||
Doosan Bobcat, Inc.(a) (c) | 4,468 | 126,790 | ||||||
Hana Financial Group, Inc.(a) | 62,936 | 2,051,563 | ||||||
Hanwha Corp.(a) | 597 | 16,808 | ||||||
Hanwha Life Insurance Co. Ltd.(a) | 31,538 | 119,674 | ||||||
Hotel Shilla Co. Ltd.(a) | 2,483 | 170,706 | ||||||
Hyundai Mobis Co. Ltd.(a) | 880 | 150,486 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Korea (Republic of) - 3.0% (Continued) | ||||||||
Hyundai Motor Co. Ltd.(a) | 23,006 | $ | 1,451,478 | |||||
Industrial Bank of Korea(a) | 16,766 | 211,638 | ||||||
KB Financial Group, Inc.(a) | 4,604 | 192,506 | ||||||
Kia Motors Corp.(a) | 7,470 | 225,678 | ||||||
KT&G Corp.(a) | 1,952 | 178,132 | ||||||
LG Corp.(a) | 2,556 | 160,445 | ||||||
LG Household & Health Care Ltd.(a) (c) | 47 | 46,558 | ||||||
Lotte Chemical Corp.(a) (c) | 502 | 125,100 | ||||||
POSCO(a) | 8,123 | 1,780,843 | ||||||
Samsung C&T Corp.(a) | 3,469 | 329,113 | ||||||
Samsung Electronics Co. Ltd.(a) | 38,690 | 1,349,963 | ||||||
Samsung Life Insurance Co., Ltd.(a) | 85 | 6,234 | ||||||
Samsung SDS Co. Ltd.(a) | 560 | 102,721 | ||||||
Samsung Securities Co. Ltd.(a) | 664 | 18,821 | ||||||
Shinhan Financial Group Co. Ltd.(a) | 47,349 | 1,682,671 | ||||||
SK Hynix, Inc.(a) | 10,930 | 597,236 | ||||||
SK Innovation Co. Ltd.(a) | 2,528 | 406,713 | ||||||
11,751,458 | ||||||||
Malaysia - 0.5% | ||||||||
Genting Berhad(a) | 213,100 | 314,307 | ||||||
Genting Malaysia Berhad(a) | 613,400 | 447,781 | ||||||
Hartalega Holdings Berhad(a) | 23,100 | 34,272 | ||||||
Maylasia Airports Holdings Berhad(a) | 36,300 | 73,514 | ||||||
Petronas Chemicals Group Berhad(a) | 189,400 | 425,379 | ||||||
Petronas Dagangan Berhad(a) | 18,600 | 119,020 | ||||||
Petronas Gas Berhad(a) | 86,100 | 399,923 | ||||||
1,814,196 | ||||||||
Mexico - 1.1% | ||||||||
Alfa S.A.B. de C.V. | 90,500 | 107,728 | ||||||
America Movil S.A.B. de C.V. | 388,200 | 276,390 | ||||||
ARCA Continental S.A.B. de C.V. | 6,200 | 34,677 | ||||||
Grupo Financiero Inbursa S.A.B. de C.V. | 289,000 | 417,259 | ||||||
Promotora y Operadora de Infraestructura S.A.B. de C.V. | 5,110 | 48,849 | ||||||
Wal-Mart de Mexico S.A.B. de C.V. | 1,358,775 | 3,456,147 | ||||||
4,341,050 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Netherlands - 3.4% | ||||||||
ASML Holding N.V.(a) | 6,396 | $ | 1,001,870 | |||||
ASML Holding N.V. - ADR | 15,505 | 2,412,888 | ||||||
Core Laboratories N.V.(b) | 29,216 | 1,743,027 | ||||||
Heineken N.V.(a) | 1,802 | 159,253 | ||||||
ING Groep N.V.(a) | 238,131 | 2,561,159 | ||||||
Koninklijke Ahold Delhaize N.V.(a) | 20,158 | 509,172 | ||||||
Koninklijke KPN N.V.(a) | 368,812 | 1,077,164 | ||||||
Koninklijke Philips N.V.(a) | 5,043 | 176,783 | ||||||
Mylan N.V.(c) | 108,727 | 2,979,120 | ||||||
Qaigen N.V.(a) (c) | 1,091 | 37,276 | ||||||
Randstad Holding N.V.(a) | 5,807 | 266,217 | ||||||
Unilever N.V.(a) | 2,236 | 121,114 | ||||||
13,045,043 | ||||||||
New Zealand - 0.0% (d) | ||||||||
Fisher & Paykel Healthcare Corp. Ltd.(a) | 13,119 | 114,647 | ||||||
Norway - 0.3% | ||||||||
DNB ASA(a) | 31,567 | 506,651 | ||||||
Equinor ASA(a) | 5,183 | 109,931 | ||||||
Orkla ASA(a) | 38,416 | 300,763 | ||||||
TELENOR ASA(a) | 10,717 | 208,106 | ||||||
1,125,451 | ||||||||
Philippines - 0.2% | ||||||||
Aboitiz Power Corp.(a) | 180,300 | 120,686 | ||||||
Ayala Land, Inc.(a) | 285,500 | 221,534 | ||||||
Manila Electric Co.(a) | 27,050 | 196,248 | ||||||
PLDT, Inc.(a) | 1,210 | 26,084 | ||||||
Robinsons Land Corp.(a) | 106,400 | 41,096 | ||||||
SM Prime Holdings, Inc.(a) | 10,700 | 7,305 | ||||||
612,953 | ||||||||
Poland - 0.2% | ||||||||
Bank Polska Kasa Opieki S.A.(a) | 10,113 | 294,809 | ||||||
Cyfrowy Polsat S.A.(a) (c) | 8,747 | 52,916 | ||||||
LPP S.A.(a) | 54 | 113,523 | ||||||
Polskie Gornictwo Naftowe I Gazownictwo S.A.(a) | 64,850 | 119,895 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Poland - 0.2% (Continued) | ||||||||
Powszechna Kasa Oszczednosci Bank Polski S.A.(a) | 17,313 | $ | 182,870 | |||||
764,013 | ||||||||
Portugal - 0.0% (d) | ||||||||
Galp Energia SGPS S.A.(a) | 1,870 | 29,441 | ||||||
Jeronimo Martins SGPS S.A.(a) | 9,723 | 115,208 | ||||||
144,649 | ||||||||
Russia - 1.4% | ||||||||
Alrosa PJSC | 4,300 | 6,045 | ||||||
Inter RAO UES PJSC | 3,806,000 | 212,534 | ||||||
LUKOIL PJSC - ADR | 9,762 | 696,421 | ||||||
MMC Norilsk Nickel PJSC | 2,582 | 485,240 | ||||||
MMC Norilsk Nickel PJSC - ADR(a) | 42,294 | 793,670 | ||||||
Mobile TeleSystems PJSC - ADR | 28,000 | 196,000 | ||||||
Moscow Exchange MICEX-RTS PJSC | 169,030 | 195,121 | ||||||
Novolipetsk Steel PJSC | 154,660 | 349,062 | ||||||
Rosneft Oil Co. PJSC - GDR(a) | 245,078 | 1,512,277 | ||||||
Severstal PJSC | 27,020 | 364,229 | ||||||
Tatneft PJSC | 39,670 | 420,752 | ||||||
5,231,351 | ||||||||
Singapore - 1.1% | ||||||||
DBS Group Holdings Ltd.(a) | 84,600 | 1,471,214 | ||||||
Singapore Exchange Ltd.(a) | 52,700 | 276,197 | ||||||
Singapore Telecommunications Ltd.(a) | 86,500 | 186,172 | ||||||
Wilmar International Ltd.(a) (b) | 1,054,100 | 2,413,994 | ||||||
Yangzijiang Shipbuildings Holdings Ltd.(a) | 26,100 | 23,982 | ||||||
4,371,559 | ||||||||
South Africa - 0.2% | ||||||||
Aspen Pharmacare Holdings Ltd.(a) | 19,783 | 184,910 | ||||||
Kumba Iron Ore Ltd.(a) | 1,816 | 35,673 | ||||||
MMI Holdings Ltd.(a) | 116,733 | 138,453 | ||||||
Mondi Ltd.(a) | 533 | 11,468 | ||||||
Mr. Price Group Ltd.(a) | 886 | 15,120 | ||||||
Resilient REIT Ltd.(a) | 7,446 | 29,625 | ||||||
Standard Bank Group Ltd.(a) | 9,610 | 119,262 | ||||||
Vodacom Group Ltd.(a) | 1,105 | 10,151 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
South Africa - 0.2% (Continued) | ||||||||
Woolworths Holdings Ltd.(a) | 44,576 | $ | 170,522 | |||||
715,184 | ||||||||
Spain - 2.3% | ||||||||
ACS Actividades de Construccion y Servicios S.A.(a) | 1,773 | 68,619 | ||||||
Amadeus IT Group S.A.(a) | 37,346 | 2,598,120 | ||||||
Banco Bilbao Vizcaya Argentaria S.A.(a) | 47,122 | 250,272 | ||||||
Bankia S.A.(a) (b) | 387,600 | 1,133,905 | ||||||
Bankinter S.A.(a) | 26,074 | 209,195 | ||||||
CaixaBank S.A.(a) | 87,066 | 315,265 | ||||||
Enagas S.A.(a) | 9,733 | 263,070 | ||||||
Endesa S.A.(a) | 35,279 | 813,456 | ||||||
Iberdrola S.A.(a) | 33,669 | 270,324 | ||||||
Industria de Diseno Textil S.A.(a) | 83,741 | 2,137,196 | ||||||
Red Electrica Corp. S.A.(a) | 9,675 | 215,728 | ||||||
Repsol S.A.(a) | 36,486 | 586,514 | ||||||
Telefonica S.A.(a) | 18,115 | 152,462 | ||||||
9,014,126 | ||||||||
Sweden - 2.4% | ||||||||
Alfa Laval AB(a) | 8,954 | 192,479 | ||||||
Atlas Copco AB - Class A(a) | 96,364 | 2,298,968 | ||||||
Hexagon AB - B Shares(a) | 81,763 | 3,779,558 | ||||||
Investor AB - B Shares(a) | 9,996 | 424,757 | ||||||
Sandvik AB(a) | 3,345 | 47,926 | ||||||
Swedish Match AB(a) | 13,811 | 543,683 | ||||||
Tele2 AB - B Shares(a) | 15,824 | 201,808 | ||||||
Telefonaktiebolaget LM Ericsson - B Shares(a) | 158,878 | 1,406,329 | ||||||
Volvo AB - B Shares(a) | 22,981 | 300,903 | ||||||
9,196,411 | ||||||||
Switzerland - 9.0% | ||||||||
ABB Ltd.(a) | 55,226 | 1,054,601 | ||||||
Adecco Group AG(a) | 3,964 | 186,318 | ||||||
Chubb Ltd. | 36,508 | 4,716,104 | ||||||
Cie Financiere Richemont S.A.(a) | 9,513 | 613,470 | ||||||
Coca-Cola HBC AG(a) (c) | 3,570 | 111,751 | ||||||
Credit Suisse Group AG(a) (c) | 157,464 | 1,721,348 | ||||||
EMS-Chemie Holding AG(a) | 696 | 331,378 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Switzerland - 9.0% (Continued) | ||||||||
Geberit AG(a) | 7,472 | $ | 2,909,751 | |||||
Givaudan S.A.(a) | 95 | 220,274 | ||||||
Nestlé S.A.(a) | 86,736 | 7,039,735 | ||||||
Novartis AG(a) | 22,581 | 1,933,933 | ||||||
Partners Group Holding AG(a) (b) | 1,860 | 1,131,525 | ||||||
Roche Holdings AG(a) | 25,511 | 6,333,333 | ||||||
SGS S.A.(a) | 397 | 893,656 | ||||||
Sika AG(a) | 21,710 | 2,757,681 | ||||||
Swatch Group AG (The) - Bearer Shares(a) | 832 | 242,826 | ||||||
Swatch Group AG (The) - Registered Shares(a) | 178 | 10,296 | ||||||
Swiss Prime Site AG(a) (c) | 2,831 | 229,314 | ||||||
Swiss Re AG(a) | 3,093 | 284,557 | ||||||
UBS Group AG - Registered Shares(a) (c) | 154,898 | 1,932,080 | ||||||
34,653,931 | ||||||||
Taiwan - 4.0% | ||||||||
Catcher Technology Co. Ltd.(a) | 66,000 | 485,245 | ||||||
Cathay Financial Holding Co. Ltd.(a) | 75,000 | 115,289 | ||||||
China Development Financial Holdings Corp.(a) | 861,000 | 273,783 | ||||||
China Life Insurance Co. Ltd.(a) | 353,976 | 322,537 | ||||||
Chunghwa Telecom Co. Ltd.(a) | 7,000 | 25,664 | ||||||
Compal Electronics, Inc.(a) | 1,294,000 | 736,925 | ||||||
E.Sun Financial Holding Co. Ltd.(a) | 777,904 | 510,991 | ||||||
Eva Airways Corp.(a) | 144,900 | 74,760 | ||||||
First Financial Holding Co. Ltd.(a) | 256,540 | 167,825 | ||||||
Formosa Chemicals & Fibre Corp.(a) | 120,000 | 412,228 | ||||||
Formosa Petrochemical Corp.(a) | 129,000 | 459,659 | ||||||
Formosa Plastics Corp.(a) | 4,000 | 13,203 | ||||||
Foxconn Technology Co. Ltd.(a) | 16,301 | 32,320 | ||||||
Giant Manufacturing Co. Ltd.(a) | 5,000 | 23,565 | ||||||
Hiwin Technologies Corp.(a) | 12,360 | 89,542 | ||||||
Hon Hai Precision Industry Co. Ltd.(a) | 1,082,400 | 2,501,411 | ||||||
Hotai Motor Co. Ltd.(a) | 9,000 | 74,895 | ||||||
MediaTek, Inc.(a) | 36,000 | 269,042 | ||||||
Nan Ya Plastics Corp.(a) | 225,000 | 555,648 | ||||||
Nien Made Enterprise Co. Ltd.(a) | 8,000 | 61,536 | ||||||
Ruentex Industries Ltd.(a) | 22,000 | 56,492 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
Taiwan - 4.0% (Continued) | ||||||||
Shin Kong Financial Holding Co. Ltd.(a) | 223,168 | $ | 65,534 | |||||
Standard Foods Corp.(a) | 83,000 | 134,681 | ||||||
Taiwan Business Bank(a) | 256,880 | 86,848 | ||||||
Taiwan Cement Corp.(a) | 67,100 | 77,769 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd.(a) | 388,000 | 2,829,048 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 121,472 | 4,483,532 | ||||||
Uni-President Enterprises Corp.(a) | 76,000 | 173,133 | ||||||
Vanguard International Semiconductor Corp.(a) | 127,000 | 247,351 | ||||||
15,360,456 | ||||||||
Thailand - 0.4% | ||||||||
Advanced Info Service plc - NVDR(a) | 75,900 | 405,235 | ||||||
Airports of Thailand pcl - NVDR(a) | 276,500 | 549,843 | ||||||
Bumrungrad Hospital pcl - NVDR(a) | 2,500 | 14,488 | ||||||
Glow Energy plc - NVDR(a) | 65,100 | 179,214 | ||||||
Kasikornbank pcl - NVDR(a) | 37,400 | 214,199 | ||||||
PTT Global Chemical pcl - NVDR(a) | 4,800 | 10,589 | ||||||
PTT plc - NVDR(a) | 5,600 | 7,951 | ||||||
Siam Cement plc (The) - NVDR(a) | 1,600 | 21,580 | ||||||
Siam Commercial Bank pcl (The) - NVDR(a) | 4,300 | 17,771 | ||||||
Thai Oil pcl - NVDR(a) | 33,300 | 68,139 | ||||||
1,489,009 | ||||||||
Turkey - 0.4% | ||||||||
Akbank Turk A/S(a) | 962,091 | 1,241,111 | ||||||
BIM Birlesik Magazalar A/S(a) | 8,082 | 132,843 | ||||||
1,373,954 | ||||||||
United Arab Emirates - 0.0% (d) | ||||||||
Damac Properties Dubai Co.(a) | 29,546 | 12,112 | ||||||
DP World Ltd.(a) | 2,044 | 34,920 | ||||||
Emaar Properties PJSC(a) | 40,717 | 45,777 | ||||||
92,809 | ||||||||
United Kingdom - 10.7% | ||||||||
Admiral Group plc(a) | 8,058 | 210,298 | ||||||
Associated British Foods plc(a) | 6,635 | 172,876 | ||||||
AstraZeneca plc(a) | 2,122 | 158,425 | ||||||
Aviva plc(a) | 298,253 | 1,427,675 | ||||||
Barclays plc(a) | 976,357 | 1,868,344 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
United Kingdom - 10.7% (Continued) | ||||||||
Barratt Developments plc(a) | 16,857 | $ | 99,452 | |||||
BHP Billiton plc(a) | 22,873 | 483,410 | ||||||
BP plc(a) | 55,782 | 352,695 | ||||||
British American Tobacco plc(a) | 14,844 | 472,400 | ||||||
BT Group plc(a) | 11,424 | 34,742 | ||||||
Bunzl plc(a) | 4,829 | 145,854 | ||||||
Burberry Group plc(a) | 1,982 | 43,530 | ||||||
Centrica plc(a) | 31,354 | 54,094 | ||||||
Coca-Cola European Partners plc | 14,800 | 678,580 | ||||||
Compass Group plc(a) | 241,015 | 5,072,961 | ||||||
Croda International plc(a) | 10,493 | 626,755 | ||||||
Diageo plc(a) | 26,650 | 952,480 | ||||||
Direct Line Insurance Group plc(a) | 13,242 | 53,837 | ||||||
easyJet plc(a) | 20,491 | 288,783 | ||||||
GlaxoSmithKline plc(a) | 31,516 | 600,732 | ||||||
HSBC Holdings plc(a) | 383,835 | 3,167,062 | ||||||
Imperial Brands plc(a) | 41,741 | 1,266,855 | ||||||
Informa plc(a) | 2,701 | 21,684 | ||||||
InterContinental Hotels Group plc(a) | 4,878 | 263,909 | ||||||
J Sainsbury plc(a) | 386,343 | 1,306,249 | ||||||
John Wood Group plc(a) | 511,679 | 3,292,665 | ||||||
Legal & General Group plc(a) | 18,182 | 53,580 | ||||||
Lloyds Banking Group plc(a) | 290,399 | 191,420 | ||||||
Mondi plc(a) | 7,532 | 156,901 | ||||||
Next plc(a) | 2,533 | 128,994 | ||||||
Persimmon plc(a) | 1,766 | 43,496 | ||||||
Prudential plc(a) | 10,820 | 193,239 | ||||||
Reckitt Benckiser Group plc(a) | 9,678 | 741,228 | ||||||
RELX plc(a) | 5,181 | 106,852 | ||||||
Royal Bank of Scotland Group plc(a) | 829,606 | 2,301,756 | ||||||
Royal Dutch Shell plc - A Shares(a) | 79,433 | 2,340,984 | ||||||
Smith & Nephew plc(a) | 13,556 | 253,792 | ||||||
Standard Chartered plc(a) | 302,070 | 2,347,976 | ||||||
Taylor Wimpey plc(a) | 5,973 | 10,388 | ||||||
Tesco plc(a) | 1,338,624 | 3,246,918 | ||||||
Travis Perkins plc(a) | 264,491 | 3,606,451 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
COMMON STOCKS - 97.7% (Continued) | Shares | Value | ||||||
United Kingdom - 10.7% (Continued) | ||||||||
Unilever plc(a) | 2,689 | $ | 141,203 | |||||
Vodafone Group plc(a) | 1,264,161 | 2,458,303 | ||||||
41,439,828 | ||||||||
United States - 2.2% | ||||||||
Mettler-Toledo International, Inc.(c) | 7,711 | 4,361,187 | ||||||
News Corp. - Class A | 102,576 | 1,164,238 | ||||||
ResMed, Inc. | 26,275 | 2,991,934 | ||||||
Southern Copper Corp. | 4,558 | 140,250 | ||||||
8,657,609 | ||||||||
Total Common Stocks (Cost $388,955,311) | $ | 377,443,743 |
PREFERRED STOCKS - 0.1% | Shares | Value | ||||||
Brazil - 0.1% | ||||||||
Banco Bradesco S.A.(a) | 10,520 | $ | 104,844 | |||||
Braskem S.A. - Series A(a) | 1,900 | 23,232 | ||||||
Petroleo Brasileiro S.A.(a) | 10,600 | 61,897 | ||||||
Telefonica Brasil S.A.(a) | 25,100 | 299,662 | ||||||
489,635 | ||||||||
Colombia - 0.0% (d) | ||||||||
Grupo Aval Acciones y Valores S.A. | 404,206 | 124,342 | ||||||
Germany - 0.0% (d) | ||||||||
FUCHS PETROLUB SE(a) | 950 | 39,270 | ||||||
Korea (Republic of) - 0.0% (d) | ||||||||
CJ Corp.(c) | 15 | 504 | ||||||
Total Preferred Stocks(Cost $604,284) | $ | 653,751 |
RIGHTS - 0.0%(d) | Shares | Value | ||||||
Taiwan - 0.0% (d) | ||||||||
Eva Airways Corp.(a) (c) | 7,935 | $ | 726 | |||||
Taiwan Cement Corp.(a)(c) | 2,101 | 0 | ||||||
Total Rights(Cost $0) | $ | 726 |
WILSHIRE INTERNATIONAL EQUITY FUND | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
MONEY MARKET FUNDS - 2.1% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.25%(e) | 6,314,238 | $ | 6,314,238 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.65%(e) (f) | 1,764,828 | 1,764,828 | ||||||
Total Money Market Funds(Cost $8,079,066) | $ | 8,079,066 | ||||||
Total Investments at Value - 99.9%(Cost $397,638,661) | $ | 386,177,286 | ||||||
Other Assets in Excess of Liabilities - 0.1% | 294,261 | |||||||
Net Assets - 100.0% | $ | 386,471,547 |
(a) | Level 2 security. |
(b) | This security or a partial position of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 was $15,331,206. |
(c) | Non-income producing security. |
(d) | Percentage rounds to less than 0.1%. |
(e) | The rate shown is the 7-day effective yield as of December 31, 2018. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2018 was $1,764,828. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $14,048,848. |
ADR - American Depositary Receipt.
NVDR - Non-voting Depositary Receipt.
GDR - Global Depositary Receipt.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To 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 Board of Directors of Wilshire Mutual Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the condensed schedules of investments, of Wilshire Mutual Funds, Inc. comprising Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund (six of the seven Funds constituting the Wilshire Funds, Inc., hereafter referred to as the “Funds”) and the schedules of investments (included in Item 6 of Form N-CSR) as of December 31, 2018, and the related statements of operations for the year then ended, the statements of changes in net assets, and the financial highlights for each of the two years in the period then ended (included in Item 1 of Form N-CSR), including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial highlights for the years ended December 31, 2016, and prior, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2017.
COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2019
(b) | Not applicable |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last disclosed such procedures in the definitive proxy statement filed with the SEC on March 29, 2011.
Item 11. | Controls and Procedures. |
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable
Item 13. | Exhibits. |
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable
(a)(4) Change in the registrant’s independent public accountants. Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
Exhibit 99.CODE ETH | Code of Ethics |
Exhibit 99.CERT | Certifications required by Rule 30a-2(a) under the Act |
Exhibit 99.906CERT | Certifications required by Rule 30a-2(b) under the Act |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Wilshire Mutual Funds, Inc. | ||
By (Signature and Title)* | /s/ Jason A. Schwarz | ||
Jason A. Schwarz, President and Principal Executive Officer | |||
Date | March 8, 2019 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
By (Signature and Title)* | /s/ Jason A. Schwarz | ||
Jason A. Schwarz, President and Principal Executive Officer | |||
Date | March 8, 2019 | ||
By (Signature and Title)* | /s/ Michael Wauters | ||
Michael Wauters, Treasurer, Principal Financial Officer and Principal Accounting Officer | |||
Date | March 8, 2019 |
* | Print the name and title of each signing officer under his or her signature. |