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 number811-07076
Wilshire Mutual Funds, Inc.
(Exact name of registrant as specified in charter)
Wilshire Mutual Funds, Inc.
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)
Jason A. Schwarz
Wilshire Associates Incorporated
1299 Ocean Avenue, Suite 700
Santa Monica, CA 90401-1085
(Name and address of agent for service)
(310) 451-3051
Registrant's telephone number, including area code
Date of fiscal year end:December 31, 2019
Date of reporting period:December 31, 2019
Item 1. Reports to Stockholders.
Wilshire Mutual Funds, Inc.
|
ANNUAL REPORT
Large Company Growth Portfolio Large Company Value Portfolio Small Company Growth Portfolio Small Company Value Portfolio Wilshire 5000 Indexsm Fund Wilshire International Equity Fund Wilshire Income Opportunities Fund
|
December 31, 2019
|
http://advisor.wilshire.com |
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolios or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Portfolios electronically by contacting the Portfolios at (866) 591-1568 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. You can inform the Portfolios that you wish to continue receiving paper copies of your shareholder reports by contacting the Portfolios at (866) 591-1568. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or at your financial intermediary.
Wilshire Mutual Funds, Inc.
Table of Contents |
Letter to Shareholders | 1 |
Commentary: | |
Large Company Growth Portfolio | 4 |
Large Company Value Portfolio | 8 |
Small Company Growth Portfolio | 12 |
Small Company Value Portfolio | 16 |
Wilshire 5000 IndexSM Fund | 20 |
Wilshire International Equity Fund | 24 |
Wilshire Income Opportunities Fund | 30 |
Disclosure of Fund Expenses | 34 |
Schedule of Investments/Condensed Schedules of Investments: | |
Large Company Growth Portfolio | 37 |
Large Company Value Portfolio | 39 |
Small Company Growth Portfolio | 41 |
Small Company Value Portfolio | 43 |
Wilshire 5000 IndexSM Fund | 45 |
Wilshire International Equity Fund | 47 |
Wilshire Income Opportunities Fund | 51 |
Statements of Assets and Liabilities | 107 |
Statements of Operations | 110 |
Statements of Changes in Net Assets | 112 |
Financial Highlights: | |
Large Company Growth Portfolio | 116 |
Large Company Value Portfolio | 118 |
Small Company Growth Portfolio | 120 |
Small Company Value Portfolio | 122 |
Wilshire 5000 IndexSM Fund | 124 |
Wilshire International Equity Fund | 126 |
Wilshire Income Opportunities Fund | 128 |
Notes to Financial Statements | 130 |
Report of Independent Registered Public Accounting Firm | 157 |
Additional Fund Information | 158 |
Tax Information | 162 |
Board Approval of Advisory Agreement | 164 |
Board Approval of Subadvisory Agreements | 171 |
This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.
Wilshire Mutual Funds, Inc. are distributed by Compass Distributors, LLC.
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) |
Dear Wilshire Mutual Fund Shareholder:
We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds (the “Funds”). This report covers the period from January 1, 2019 to December 31, 2019, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 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 up 9.08% for the fourth quarter of 2019 and 31.02% for the year. This marks the strongest year for U.S. equities since 2013. In January 2020, the U.S. and China has agreed to terms on a “Phase One” trade deal that will reduce U.S. tariffs and increase Chinese purchases of some U.S. products, easing 18-month trade tension between the world’s two biggest economies.
Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (+32.60%), and Financials (+31.60%) were the best performing sectors while Energy (+10.84%) and Health Care (+21.37%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks again led value equities during the quarter and extended the outperformance for the past twelve months.
International Equity Market
Equity markets outside of the U.S. produced very strong results in 2019, although they generally underperformed the U.S. equity market. News out of Britain was mixed, with notable economic weakness in the manufacturing and services sectors. However, consumer sentiment surveys improved after a fourth quarter election resulted in strong support for a pro-Brexit government. Conditions in Germany are quite similar, with signs of economic weakness but improving sentiment. Japan experienced its fourth consecutive quarter of expansion, while also beating forecasts, due mostly to capital expenditures and private consumption. Emerging Markets were up, in aggregate, for the quarter, but generally trailed developed markets for the year. China benefitted from good news on the trade front although the country’s economic growth has cooled to near 30-year lows.
Bond Market
The U.S. Treasury yield curve fell in the short portion of the curve, but rose across intermediate and long-term maturities. The largest increase occurred with the 20-year Treasury, which was up 31 basis points during the quarter. The 10-year Treasury yield ended the quarter at 1.92%, up 24 basis points from September. The Federal Open Market Committee decreased its overnight rate by 0.25% at the October meeting. The committee members are nearly unanimous about not changing rates during 2020 after being evenly split regarding future changes entering the fourth quarter. For the year, the Bloomberg Barclays U.S Aggregate Bond Index, Bloomberg Barclays Credit Index and Bloomberg Barclays Corporate High Yield Index returned 8.72%, 13.80% and 14.32%, respectively.
Fund Performance Review
The Large Company Growth Portfolio - Institutional Class returned 29.02%, underperforming the Russell 1000 Growth Index by 7.37%. The Large Company Value Portfolio - Institutional Class returned 23.99%, underperforming the Russell 1000 Value Index by 2.55%. The Small Company Growth Portfolio - Institutional Class returned 27.56%, underperforming the Russell 2000 Growth Index by 0.92%. The Small Company Value Portfolio - Institutional Class returned 21.60%, underperforming the Russell 2000 Value Index by 0.79%. The Wilshire 5000 Index Fund - Institutional Class returned 30.08%, underperforming the Wilshire 5000 Total Market Index by 0.94%. The Wilshire International Equity Fund -
1
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) - (Continued) |
Institutional Class returned 23.81%, outperforming the MSCI All Country World ex-U.S. Index by 2.30%. The Wilshire Income Opportunities Fund - Institutional Class returned 9.94%, outperforming the Bloomberg Barclays U.S. Universal Index by 0.65%. We are pleased with the Funds’ performance for 2019 and we are confident that each Fund is well positioned for future growth.
As always, we sincerely appreciate your continued support and confidence in Wilshire Associates.
Sincerely,
Jason Schwarz
President, Wilshire Mutual Funds
2
Wilshire Mutual Funds, Inc.
Letter to Shareholders (Unaudited) - (Continued) |
Past performance does not guarantee future results. The performance data quoted represent past performance and current returns may be lower or higher. Share prices and investment returns fluctuate and an investor’s shares may be worth more or less than original cost upon redemption. For periods less than one year, performance is cumulative. For performance data current to the most recent month-end please call 1-866-591-1568.
Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.
In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.
Investing involves risk including loss of principal. This report identifies each Portfolio’s investments on December 31, 2019. These holdings are subject to change. Not all investments in each Portfolio performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.
The MSCI EAFE Index is an equity index which captures large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
The Wilshire 5000 Total Market 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 12/31/19 | 28.61% |
Five Years Ended 12/31/19 | 11.93% |
Ten Years Ended 12/31/19 | 12.67% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 36.39% |
Five Years Ended 12/31/19 | 14.63% |
Ten Years Ended 12/31/19 | 15.22% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Large Company Growth Portfolio, Investment Class Shares and the Russell 1000® Growth Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
4
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 29.02% |
Five Years Ended 12/31/19 | 12.28% |
Ten Years Ended 12/31/19 | 13.04% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 36.39% |
Five Years Ended 12/31/19 | 14.63% |
Ten Years Ended 12/31/19 | 15.22% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Large Company Growth Portfolio, Institutional Class Shares and the Russell 1000® Growth Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
5
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM returned 31.02% for 2019. Global risk assets finished 2019 with strong positive momentum. Real Gross Domestic Product (GDP) grew 2.1% on an annualized basis in the third quarter. Consumer spending, which was up 3% annualized for the quarter, was the main contributor to growth. Consumers have accounted for much of the economic growth throughout 2019. Private investment was down for the second straight quarter due to a decrease in nonresidential spending on structures and equipment. Government spending was up, contributing 0.3% to overall growth.
Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (32.69%), and Financials (30.62%) were the best performing sectors while Energy (9.75%) and Health Care (22.13%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks again led value equities in the fourth quarter and extended outperformance for the past twelve months.
U.S. real estate securities were down during the fourth quarter but still produced strong results for the year. Global real estate securities were up for both periods, generating double-digit gains for the year. Commodity results were positive for the quarter as crude oil rose 12.9% to $61.06 per barrel. Master Limited Partnerships (MLPs) were down for the quarter (-4.08%) but produced positive results for 2019. Finally, gold prices were up and finished at approximately $1,523 per troy ounce, up +18.89% from last year.
The Wilshire Large Company Growth Portfolio - Institutional Class returned 29.02% in 2019, underperforming the Russell 1000 Growth Index return of 36.39% by 7.37%. Sector allocations to Health Care and Information Technology were detractive to performance. Stock selection within Health Care was the top detractor of relative performance. Conversely, stock selection within Consumer Discretionary aided to relative performance.
Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.
6
Large Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on the percent of Portfolio’s total investments in securities at value. |
7
Large Company Value Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 23.63% |
Five Years Ended 12/31/19 | 6.52% |
Ten Years Ended 12/31/19 | 10.17% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 26.54% |
Five Years Ended 12/31/19 | 8.29% |
Ten Years Ended 12/31/19 | 11.80% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Large Company Value Portfolio, Investment Class Shares and the Russell 1000® Value Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
8
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 23.99% |
Five Years Ended 12/31/19 | 6.77% |
Ten Years Ended 12/31/19 | 10.44% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 26.54% |
Five Years Ended 12/31/19 | 8.29% |
Ten Years Ended 12/31/19 | 11.80% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Large Company Value Portfolio, Institutional Class Shares and the Russell 1000® Value Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
9
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM returned 31.02% for 2019. Global risk assets finished 2019 with strong positive momentum. Real Gross Domestic Product (GDP) grew 2.1% on an annualized basis in the third quarter. Consumer spending, which was up 3% annualized for the quarter, was the main contributor to growth. Consumers have accounted for much of the economic growth throughout 2019. Private investment was down for the second straight quarter due to a decrease in nonresidential spending on structures and equipment. Government spending was up, contributing 0.3% to overall growth.
Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (32.69%), and Financials (30.62%) were the best performing sectors while Energy (9.75%) and Health Care (22.13%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks again led value equities in the fourth quarter and extended the outperformance for the past twelve months.
U.S. real estate securities were down during the fourth quarter but still produced strong results for the year. Global real estate securities were up for both periods, generating double-digit gains for the year. Commodity results were positive for the quarter as crude oil rose 12.9% to $61.06 per barrel. Master Limited Partnerships (MLPs) were down for the quarter (-4.08%) but produced positive results for 2019. Finally, gold prices were up and finished at approximately $1,523 per troy ounce, up +18.89% from last year.
The Wilshire Large Company Value Portfolio - Institutional Class returned 23.99% in 2019, underperforming the Russell 1000 Value Index return of 26.54% by 2.55%. Stock selection within Information Technology meaningfully detracted from performance. Overweight to the Industrials and Information Technology contributed positively to performance.
Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
10
Large Company Value Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on the percent of Portfolio’s total investments in securities at value. |
11
Small Company Growth Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 27.23% |
Five Years Ended 12/31/19 | 10.42% |
Ten Years Ended 12/31/19 | 13.11% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 28.48% |
Five Years Ended 12/31/19 | 9.34% |
Ten Years Ended 12/31/19 | 13.01% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Small Company Growth Portfolio, Investment Class Shares and the Russell 2000® Growth Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
12
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 27.56% |
Five Years Ended 12/31/19 | 10.71% |
Ten Years Ended 12/31/19 | 13.40% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 28.48% |
Five Years Ended 12/31/19 | 9.34% |
Ten Years Ended 12/31/19 | 13.01% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Small Company Growth Portfolio, Institutional Class Shares and the Russell 2000® Growth Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
13
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM returned 31.02% for 2019. Global risk assets finished 2019 with strong positive momentum. Real Gross Domestic Product (GDP) grew 2.1% on an annualized basis in the third quarter. Consumer spending, which was up 3% annualized for the quarter, was the main contributor to growth. Consumers have accounted for much of the economic growth throughout 2019. Private investment was down for the second straight quarter due to a decrease in nonresidential spending on structures and equipment. Government spending was up, contributing 0.3% to overall growth.
Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (32.69%), and Financials (30.62%) were the best performing sectors while Energy (9.75%) and Health Care (22.13%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks again led value equities in the fourth quarter and extended the outperformance for the past twelve months.
U.S. real estate securities were down during the fourth quarter but still produced strong results for the year. Global real estate securities were up for both periods, generating double-digit gains for the year. Commodity results were positive for the quarter as crude oil rose 12.9% to $61.06 per barrel. Master Limited Partnerships (MLPs) were down for the quarter (-4.08%) but produced positive results for 2019. Finally, gold prices were up and finished at approximately $1,523 per troy ounce, up +3.9% from last quarter.
The Wilshire Small Company Growth Portfolio - Institutional Class returned 27.56% in 2019, underperforming the Russell 2000 Growth Index return of 28.48% by 0.92%. Underweight exposure to Health Care along with overweight exposure to Consumer Staples, detracted from performance. Stock selection within Health Care detracted meaningfully from relative performance. Conversely, the Portfolio benefited from sector allocation to Information Technology as well as from strong stock selection within Communication Services and Information Technology.
Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
14
Small Company Growth Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on the percent of Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
15
Small Company Value Portfolio
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 21.32% |
Five Years Ended 12/31/19 | 5.77% |
Ten Years Ended 12/31/19 | 10.47% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 22.39% |
Five Years Ended 12/31/19 | 6.99% |
Ten Years Ended 12/31/19 | 10.56% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Small Company Value Portfolio, Investment Class Shares and the Russell 2000® Value Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
16
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 21.60% |
Five Years Ended 12/31/19 | 6.05% |
Ten Years Ended 12/31/19 | 10.78% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 22.39% |
Five Years Ended 12/31/19 | 6.99% |
Ten Years Ended 12/31/19 | 10.56% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Small Company Value Portfolio, Institutional Class Shares and the Russell 2000® Value Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(1) | The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
17
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
The Wilshire 5000 Total Market IndexSM returned 31.02% for 2019. Global risk assets finished 2019 with strong positive momentum. Real Gross Domestic Product (GDP) grew 2.1% on an annualized basis in the third quarter. Consumer spending, which was up 3% annualized for the quarter, was the main contributor to growth. Consumers have accounted for much of the economic growth throughout 2019. Private investment was down for the second straight quarter due to a decrease in nonresidential spending on structures and equipment. Government spending was up, contributing 0.3% to overall growth.
Sector returns for the Wilshire 5000 Total Market Index were all positive for 2019. Information Technology (+49.68%), Communication Services (32.69%), and Financials (30.62%) were the best performing sectors while Energy (9.75%) and Health Care (22.13%) were the laggards. For the year, large capitalization stocks outperformed small caps with the Wilshire U.S. Large-Cap IndexSM returning 31.51% versus 26.21% for the Wilshire U.S. Small-Cap IndexSM. Growth stocks again led value equities in the fourth quarter and extended the outperformance for the past twelve months.
U.S. real estate securities were down during the fourth quarter but still produced strong results for the year. Global real estate securities were up for both periods, generating double-digit gains for the year. Commodity results were positive for the quarter as crude oil rose 12.9% to $61.06 per barrel. Master Limited Partnerships (MLPs) were down for the quarter (-4.08%) but produced positive results for 2019. Finally, gold prices were up and finished at approximately $1,523 per troy ounce, up +18.89% from last year.
The Wilshire Small Company Value Portfolio - Institutional Class returned 21.60% in 2019, underperforming the Russell 2000 Value Index return of 22.39% by 0.79%. Stock selection within Real Estate and Energy weighted down relative performance. Conversely, stock selection within Financials and Materials, along with overweight exposure to Information Technology, contributed positively to performance.
Despite recent relative underperformance, we believe the Portfolio is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
18
Small Company Value Portfolio
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
19
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 29.74% |
Five Years Ended 12/31/19 | 10.64% |
Ten Years Ended 12/31/19 | 12.72% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 31.02% |
Five Years Ended 12/31/19 | 11.38% |
Ten Years Ended 12/31/19 | 13.44% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 IndexSM Fund, Investment Class Shares and the Wilshire 5000 IndexSM through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1) | The Wilshire 5000 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 12/31/19 | 30.08% |
Five Years Ended 12/31/19 | 10.95% |
Ten Years Ended 12/31/19 | 13.01% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 31.02% |
Five Years Ended 12/31/19 | 11.38% |
Ten Years Ended 12/31/19 | 13.44% |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 IndexSM Fund, Institutional Class Shares and the Wilshire 5000 IndexSM through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(1) | The Wilshire 5000 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) |
Outside of the United States, equities also performed well. The MSCI All Country World ex USA Index returning 21.51% for 2019. Globally, the economic data has also shown some signs of stability, as growth and inflation in Japan are picking up, economic growth in South Korea outperformed expectations, and German manufacturing showed some signs of potential bottoming. Furthermore, improvements in trade negotiations between the U.S and China, as well as Mexico, helped to improve sentiment in emerging markets. The MSCI Emerging Markets Index returned 18.42% for 2019.
The Wilshire 5000 Index Fund - Institutional Class returned 30.08% in 2019, underperforming the Wilshire 5000 Index return of 31.02% by 0.94%. Relative underperformance is attributable to Fund expenses and is well within the historical range.
22
Wilshire 5000 Indexsm Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
23
Wilshire International Equity Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 23.52% |
Five Years Ended 12/31/19 | 6.32% |
Ten Years Ended 12/31/19 | 6.45% |
MSCI ALL COUNTRY WORLD EX-U.S. INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 21.51% |
Five Years Ended 12/31/19 | 5.51% |
Ten Years Ended 12/31/19 | 4.97% |
On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.
* | During the ten years ended December 31, 2019, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the year ended December 31, 2019, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.08% of average net assets. |
(1) | The MSCI All Country World Ex-U.S. Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes. |
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 the MSCI All Country World Ex-U.S. Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
25
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/19 | 23.81% |
Five Years Ended 12/31/19 | 6.60% |
Ten Years Ended 12/31/19 | 6.70% |
MSCI ALL COUNTRY WORLD EX-U.S. INDEX(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 21.51% |
Five Years Ended 12/31/19 | 5.51% |
Ten Years Ended 12/31/19 | 4.97% |
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.
(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 the MSCI All Country World Ex-U.S. Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
27
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
Outside of the United States, equities also performed well. The MSCI All Country World ex USA Index returning 21.51% for 2019. Globally, the economic data has also shown some signs of stability, as growth and inflation in Japan are picking up, economic growth in South Korea outperformed expectations, and German manufacturing showed some signs of potential bottoming. Furthermore, improvements in trade negotiations between the U.S and China, as well as Mexico, helped to improve sentiment in emerging markets. The MSCI Emerging Markets Index returned 18.42% for 2019.
The Wilshire International Equity Fund - Institutional Class returned 23.81% in 2019, outperforming the MSCI All Country World ex USA Investable Market Index return of 21.51% by 2.30%. Strong stock selection within Industrials and Information Technology contributed to relative performance. Additionally, overweight to Information Technology aided performance. Conversely. performance was weighted down by stock selection within Communication Services as well as well as country selection in France.
We are pleased with the Fund’s relative outperformance for 2019 and believe that the Fund is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.
28
Wilshire International Equity Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements). |
29
Wilshire Income Opportunities Fund
Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
One Year Ended 12/31/19 | 9.58% |
Inception (03/30/16) through 12/31/19 | 4.85% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 9.29% |
Inception (03/30/16) through 12/31/19 | 3.71% |
(1) | The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. |
COMPARATIVE PERFORMANCE
Comparison of Change in Value of $10,000 Investment in Shares of Wilshire Income Opportunities Fund, Investment Class Shares and the Bloomberg Barclays U.S. Universal Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
30
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
One Year Ended 12/31/19 | 9.94% |
Inception (03/30/16) through 12/31/19 | 5.04% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
One Year Ended 12/31/19 | 9.29% |
Inception (03/30/16) through 12/31/19 | 3.71% |
(1) | 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 of Wilshire Income Opportunities Fund, Institutional Class Shares and the Bloomberg Barclays U.S. Universal Index through 12/31/19.
The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Advisor has a fee waiver arrangement in place to limit the Fund’s annual operating expenses.
31
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
The Bloomberg Barclays US Aggregate Bond Index returned 8.72% for 2019. The gradual steepening of global yield curves throughout the 4th quarter is indicative of improving sentiment and growth. That being said, the near-term outlook faces heightened uncertainty on concerns that the coronavirus could impact global economic growth. Given that investors continue to invest with a growing degree of calm and complacency, as volatility collapsed throughout the fourth quarter in both equities and fixed income, there is a growing probability of higher volatility ahead. The U.S. Treasury yield curve fell in the short portion of the curve, but rose across intermediate and long-term maturities. Credit spread narrowed within both investment grade and high yield markets. The Bloomberg Barclays Long Government/Credit Index and the Bloomberg Barclays US Corporate High Yield Index returned 19.59% and 14.32%, respectively. In terms of monetary policy, global central banks have continued to lead with a dovish tone, which has supported the rich valuations of government bonds and continues to be very supportive of risk assets.
The Wilshire Income Opportunities Fund - Institutional Class returned 9.94% for 2019, outperforming the Bloomberg Barclays U.S. Universal Index return of 9.29% by 0.65%. Exposures to emerging market debt, investment grade and high yield issues were positive contributors to performance. Allocations to bank loans as well as an underweight posture to duration weighted on relative performance.
We are pleased with the Fund’s relative outperformance for 2019 and believe that the Fund is well positioned going into 2020 as the market deals with ongoing macroeconomic and geopolitical issues.
32
Wilshire Income Opportunities Fund
Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of December 31, 2019)
† | Based on percent of the Fund’s total investments in securities at value. |
33
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited) |
All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the Portfolio. A Portfolio’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from July 1, 2019 to December 31, 2019.
The table on the next page illustrates the Portfolios’ costs in two ways:
Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee reductions, that you paid over the period. The “Ending Account Value” shown is derived from each Portfolio’s actual return for the period. The “Expense Ratio” column shows the period’s annualized expense ratio and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolios at the beginning of the period.
You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Portfolio in the first line under the heading entitled “Expenses Paid During Period.”
Hypothetical 5% Return: This section is intended to help you compare the Portfolios’ costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and assumed rate of return. It assumes that each Portfolio had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not each Portfolio’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Wilshire Mutual Funds, Inc. has no such charges, but these may be present in other funds to which you compare this data. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
34
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited) - (Continued)
For the Six Months Ended December 31, 2019 (Unaudited) |
Beginning | Ending | Net | Expenses | |
Large Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,067.10 | 1.30% | $ 6.78 |
Institutional Class | $ 1,000.00 | $ 1,068.80 | 0.98% | $ 5.11 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.65 | 1.30% | $ 6.62 |
Institutional Class | $ 1,000.00 | $ 1,020.27 | 0.98% | $ 4.99 |
Large Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,083.50 | 1.25% | $ 6.56 |
Institutional Class | $ 1,000.00 | $ 1,084.90 | 0.98% | $ 5.16 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.90 | 1.25% | $ 6.36 |
Institutional Class | $ 1,000.00 | $ 1,020.25 | 0.98% | $ 5.00 |
Small Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,055.50 | 1.35% | $ 6.99 |
Institutional Class | $ 1,000.00 | $ 1,056.70 | 1.10% | $ 5.70 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.40 | 1.35% | $ 6.87 |
Institutional Class | $ 1,000.00 | $ 1,019.66 | 1.10% | $ 5.60 |
Small Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,061.50 | 1.35% | $ 7.01 |
Institutional Class | $ 1,000.00 | $ 1,062.90 | 1.10% | $ 5.72 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.40 | 1.35% | $ 6.87 |
Institutional Class | $ 1,000.00 | $ 1,019.66 | 1.10% | $ 5.60 |
35
Wilshire Mutual Funds, Inc.
Disclosure of Fund Expenses (Unaudited) - (Continued)
For the Six Months Ended December 31, 2019 (Unaudited) |
Beginning | Ending | Net | Expenses | |
Wilshire 5000 IndexSM Fund | ||||
Based on Actual Fund Return | ||||
Investment Class . | $ 1,000.00 | $ 1,100.70 | 0.62% | $ 3.26 |
Institutional Class | $ 1,000.00 | $ 1,102.10 | 0.32% | $ 1.70 |
Based on Hypothetical 5% Return | ||||
Investment Class . | $ 1,000.00 | $ 1,022.10 | 0.62% | $ 3.14 |
Institutional Class | $ 1,000.00 | $ 1,023.59 | 0.32% | $ 1.63 |
Wilshire International Equity Fund | ||||
Based on Actual Fund Return | ||||
Investment Class . | $ 1,000.00 | $ 1,083.00 | 1.50% | $ 7.87 |
Institutional Class | $ 1,000.00 | $ 1,084.70 | 1.25% | $ 6.57 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,017.64 | 1.50% | $ 7.63 |
Institutional Class | $ 1,000.00 | $ 1,018.90 | 1.25% | $ 6.36 |
Wilshire Income Opportunities Fund | ||||
Based on Actual Fund Return | ||||
Investment Class . | $ 1,000.00 | $ 1,020.10 | 1.15% | $ 5.86 |
Institutional Class | $ 1,000.00 | $ 1,021.70 | 0.89% | $ 4.52 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,019.40 | 1.15% | $ 5.86 |
Institutional Class | $ 1,000.00 | $ 1,020.73 | 0.89% | $ 4.52 |
(1) | Annualized, based on each Portfolio’s most recent fiscal half-year expenses. |
(2) | Expenses are equal to each Portfolio’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
36
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 98.6% (a) | ||||||||
Communication Services — 11.4% | ||||||||
Activision Blizzard, Inc. | 39,983 | $ | 2,375,790 | |||||
Alphabet, Inc. - Class C (b) | 4,970 | 6,644,990 | ||||||
Alphabet, Inc. - Class A (b) | 2,539 | 3,400,711 | ||||||
Facebook, Inc. - Class A (b) | 52,116 | 10,696,809 | ||||||
Other Securities (c) | 863,060 | |||||||
23,981,360 | ||||||||
Consumer Discretionary — 17.7% | ||||||||
Alibaba Group Holding Ltd. - ADR (b) | 36,832 | 7,812,067 | ||||||
Amazon.com, Inc. (b) | 6,198 | 11,452,912 | ||||||
Burlington Stores, Inc. (b) | 11,694 | 2,666,583 | ||||||
Lululemon Athletica, Inc. (b) | 14,538 | 3,368,019 | ||||||
Starbucks Corp. | 27,298 | 2,400,040 | ||||||
Ulta Beauty, Inc. (b) | 6,168 | 1,561,368 | ||||||
Yum! Brands, Inc. | 15,852 | 1,596,772 | ||||||
Other Securities (c) | 6,368,935 | |||||||
37,226,696 | ||||||||
Consumer Staples — 6.1% | ||||||||
Danone SA - ADR | 104,494 | 1,723,106 | ||||||
Monster Beverage Corp. (b) | 50,988 | 3,240,287 | ||||||
The Coca-Cola Co. | 42,964 | 2,378,057 | ||||||
The Procter & Gamble Co. | 18,665 | 2,331,259 | ||||||
Other Securities (c) | 3,219,424 | |||||||
12,892,133 | ||||||||
Energy — 0.6% | ||||||||
Other Securities (c) | 1,262,521 | |||||||
Financials — 4.5% | ||||||||
CME Group, Inc. | 7,865 | 1,578,663 | ||||||
MSCI, Inc. | 6,888 | 1,778,344 | ||||||
SEI Investments Co. | 26,621 | 1,743,143 | ||||||
Other Securities (c) | 4,393,850 | |||||||
9,494,000 | ||||||||
Health Care — 16.6% | ||||||||
AbbVie, Inc. | 17,042 | 1,508,899 | ||||||
Amgen, Inc. | 8,843 | 2,131,782 | ||||||
Cerner Corp. | 21,704 | 1,592,856 | ||||||
Edwards Lifesciences Corp. (b) | 11,037 | 2,574,822 | ||||||
Illumina, Inc. (b) | 5,186 | 1,720,404 | ||||||
Merck & Co., Inc. | 20,788 | 1,890,669 | ||||||
Novartis AG - ADR | 17,630 | 1,669,385 | ||||||
Novo Nordisk A/S - ADR | 36,641 | 2,120,781 |
Shares | Value | |||||||
Regeneron Pharmaceuticals, Inc. (b) | 6,132 | $ | 2,302,443 | |||||
Roche Holding AG - ADR | 58,113 | 2,362,874 | ||||||
UnitedHealth Group, Inc. | 11,151 | 3,278,171 | ||||||
Veeva Systems, Inc. - Class A (b) | 16,947 | 2,383,765 | ||||||
Zoetis, Inc. | 21,900 | 2,898,465 | ||||||
Other Securities (c) | 6,674,687 | |||||||
35,110,003 | ||||||||
Industrials — 6.3% | ||||||||
CoStar Group, Inc. (b) | 4,733 | 2,831,754 | ||||||
Deere & Co. | 11,026 | 1,910,365 | ||||||
Expeditors International of Washington, Inc. | 25,667 | 2,002,539 | ||||||
Union Pacific Corp. | 10,995 | 1,987,786 | ||||||
Other Securities (c) | 4,580,108 | |||||||
13,312,552 | ||||||||
Information Technology — 34.1% | ||||||||
Apple, Inc. | 20,492 | 6,017,476 | ||||||
Autodesk, Inc. (b) | 18,789 | 3,447,030 | ||||||
Cisco Systems, Inc. | 53,143 | 2,548,738 | ||||||
EPAM Systems, Inc. (b) | 11,143 | 2,364,099 | ||||||
Keysight Technologies, Inc. (b) | 17,230 | 1,768,315 | ||||||
Microsoft Corp. | 52,596 | 8,294,389 | ||||||
NVIDIA Corp. | 27,700 | 6,517,810 | ||||||
Oracle Corp. | 82,303 | 4,360,413 | ||||||
PayPal Holdings, Inc. (b) | 27,102 | 2,931,623 | ||||||
Proofpoint, Inc. (b) | 13,283 | 1,524,623 | ||||||
QUALCOMM, Inc. | 35,081 | 3,095,197 | ||||||
salesforce.com, Inc. (b) | 14,432 | 2,347,220 | ||||||
ServiceNow, Inc. (b) | 12,764 | 3,603,532 | ||||||
Visa, Inc. - Class A | 61,416 | 11,540,066 | ||||||
Workday, Inc. - Class A (b) | 13,298 | 2,186,856 | ||||||
Other Securities (c) | 9,397,942 | |||||||
71,945,329 | ||||||||
Materials — 0.7% | ||||||||
Other Securities (c) | 1,378,491 | |||||||
Real Estate — 0.6% | ||||||||
Other Securities (c) | 1,288,284 | |||||||
Total Common Stocks (Cost $118,103,334) | $ | 207,891,369 | ||||||
See Notes to Financial Statements.
37
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
SHORT-TERM INVESTMENT — 1.4% | ||||||||
Money Market Fund — 1.4% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (d) | 3,000,468 | $ | 3,000,468 | |||||
Total Short-Term Investment (Cost $3,000,468) | 3,000,468 | |||||||
Total Investments at Value (Cost $121,103,802) — 100.0% | $ | 210,891,837 | ||||||
Other Assets in Excess of Liabilities — 0.0% (e) | 37,514 | |||||||
Net Assets — 100.0% | $ | 210,929,351 |
Percentages are stated as a percent of net assets.
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(d) | The rate shown is the 7-day effective yield as of December 31, 2019. |
(e) | Percentage rounds to less than 0.1%. |
See Notes to Financial Statements.
38
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 98.8% (a) | ||||||||
Communication Services — 5.7% | ||||||||
AT&T, Inc. | 94,550 | $ | 3,695,014 | |||||
Comcast Corp. - Class A | 46,764 | 2,102,977 | ||||||
The Interpublic Group of Cos., Inc. | 70,596 | 1,630,767 | ||||||
Verizon Communications, Inc. | 48,846 | 2,999,144 | ||||||
Other Securities (b) | 463,293 | |||||||
10,891,195 | ||||||||
Consumer Discretionary — 8.6% | ||||||||
Ford Motor Co. | 214,253 | 1,992,553 | ||||||
Lear Corp. | 15,454 | 2,120,289 | ||||||
Lowe’s Cos., Inc. | 13,031 | 1,560,592 | ||||||
Newell Brands, Inc. | 95,693 | 1,839,219 | ||||||
PVH Corp. | 18,813 | 1,978,187 | ||||||
Other Securities (b) | 7,003,930 | |||||||
16,494,770 | ||||||||
Consumer Staples — 3.5% | ||||||||
Other Securities (b) | 6,826,840 | |||||||
Energy — 10.3% | ||||||||
EOG Resources, Inc. | 20,157 | 1,688,351 | ||||||
Exxon Mobil Corp. | 29,287 | 2,043,648 | ||||||
Halliburton Co. | 101,394 | 2,481,111 | ||||||
National Oilwell Varco, Inc. | 81,943 | 2,052,672 | ||||||
Phillips 66 | 15,847 | 1,765,514 | ||||||
Valero Energy Corp. | 18,240 | 1,708,176 | ||||||
Other Securities (b) | 8,068,517 | |||||||
19,807,989 | ||||||||
Financials — 27.0% | ||||||||
American International Group, Inc. | 38,115 | 1,956,443 | ||||||
AXA Equitable Holdings, Inc. | 78,734 | 1,951,029 | ||||||
Bank of America Corp. | 104,630 | 3,685,069 | ||||||
Capital One Financial Corp. | 22,901 | 2,356,742 | ||||||
Chubb Ltd. | 12,208 | 1,900,297 | ||||||
Citigroup, Inc. | 37,793 | 3,019,283 | ||||||
JPMorgan Chase & Co. | 32,401 | 4,516,699 | ||||||
MetLife, Inc. | 36,121 | 1,841,087 | ||||||
Morgan Stanley | 43,205 | 2,208,640 | ||||||
New York Community Bancorp, Inc. | 154,795 | 1,860,636 | ||||||
Northern Trust Corp. | 17,312 | 1,839,227 | ||||||
U.S. Bancorp | 39,355 | 2,333,358 | ||||||
Voya Financial, Inc. | 26,156 | 1,594,993 |
Shares | Value | |||||||
Wells Fargo & Co. | 82,810 | $ | 4,455,178 | |||||
Other Securities (b) | 16,301,890 | |||||||
51,820,571 | ||||||||
Health Care — 13.6% | ||||||||
Amgen, Inc. | 8,539 | 2,058,497 | ||||||
Bristol-Myers Squibb Co. | 28,796 | 1,848,415 | ||||||
Cigna Corp. | 9,939 | 2,032,426 | ||||||
CVS Health Corp. | 47,003 | 3,491,853 | ||||||
Johnson & Johnson | 22,020 | 3,212,058 | ||||||
Medtronic PLC | 22,095 | 2,506,678 | ||||||
Pfizer, Inc. | 43,310 | 1,696,886 | ||||||
UnitedHealth Group, Inc. | 7,375 | 2,168,103 | ||||||
Other Securities (b) | 7,200,985 | |||||||
26,215,901 | ||||||||
Industrials — 10.1% | ||||||||
General Electric Co. | 445,188 | 4,968,298 | ||||||
Stanley Black & Decker, Inc. | 16,516 | 2,737,362 | ||||||
United Technologies Corp. | 13,346 | 1,998,697 | ||||||
Westinghouse Air Brake Technologies Corp. | 32,751 | 2,548,028 | ||||||
Other Securities (b) | 7,107,037 | |||||||
19,359,422 | ||||||||
Information Technology — 6.9% | ||||||||
Cognizant Technology Solutions Corp. - Class A | 25,602 | 1,587,836 | ||||||
Hewlett Packard Enterprise Co. | 114,735 | 1,819,697 | ||||||
Oracle Corp. | 63,509 | 3,364,707 | ||||||
Other Securities (b) | 6,531,043 | |||||||
13,303,283 | ||||||||
Materials — 3.3% | ||||||||
Other Securities (b) | 6,304,934 | |||||||
Real Estate — 3.3% | ||||||||
Healthpeak Properties, Inc. | 67,607 | 2,330,413 | ||||||
Simon Property Group, Inc. | 13,032 | 1,941,247 | ||||||
Other Securities (b) | 2,144,377 | |||||||
6,416,037 | ||||||||
Utilities — 6.5% | ||||||||
Dominion Energy, Inc. | 25,828 | 2,139,075 | ||||||
Edison International | 32,831 | 2,475,786 | ||||||
Entergy Corp. | 18,647 | 2,233,911 |
See Notes to Financial Statements.
39
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 98.8% (a) (Continued) | ||||||||
Utilities — 6.5% (Continued) | ||||||||
Exelon Corp. | 49,192 | $ | 2,242,663 | |||||
Other Securities (b) | 3,352,411 | |||||||
12,443,846 | ||||||||
Total Common Stocks (Cost $161,353,878) | $ | 189,884,788 | ||||||
SHORT-TERM INVESTMENT — 0.8% | ||||||||
Money Market Fund — 0.8% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (c) | 1,552,610 | $ | 1,552,610 | |||||
Total Short-Term Investment (Cost $1,552,610) | 1,552,610 | |||||||
Total Investments at Value (Cost $162,906,488) — 99.6% | $ | 191,437,398 | ||||||
Other Assets in Excess of Liabilities — 0.4% | 701,387 | |||||||
Net Assets — 100.0% | $ | 192,138,785 |
Percentages are stated as a percent of net assets.
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(c) | Rate listed is the 7-day effective yield as of December 31, 2019. |
See Notes to Financial Statements.
40
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 97.7% (a) | ||||||||
Communication Services — 1.4% | ||||||||
Cogent Communications Holdings, Inc. | 7,510 | $ | 494,233 | |||||
Other Securities (b) | 361,925 | |||||||
856,158 | ||||||||
Consumer Discretionary — 10.9% | ||||||||
BJ’s Restaurants, Inc. | 10,795 | 409,778 | ||||||
Career Education Corp. (c) | 15,460 | 284,309 | ||||||
Chegg, Inc. (c) | 26,961 | 1,022,092 | ||||||
Skyline Champion Corp. (c) | 39,745 | 1,259,917 | ||||||
Steven Madden Ltd. | 16,659 | 716,504 | ||||||
TopBuild Corp. (c) | 5,805 | 598,379 | ||||||
Other Securities (b) | 2,571,463 | |||||||
6,862,442 | ||||||||
Consumer Staples — 5.6% | ||||||||
Calavo Growers, Inc. | 4,328 | 392,074 | ||||||
Inter Parfums, Inc. | 18,490 | 1,344,408 | ||||||
J&J Snack Foods Corp. | 7,555 | 1,392,160 | ||||||
Other Securities (b) | 416,447 | |||||||
3,545,089 | ||||||||
Energy — 0.8% | ||||||||
Select Energy Services, Inc. - Class A (c) | 55,920 | 518,937 | ||||||
Other Securities (b) | 11,725 | |||||||
530,662 | ||||||||
Financials — 6.6% | ||||||||
Banc of California, Inc. | 41,405 | 711,338 | ||||||
CenterState Bank Corp. | 30,210 | 754,646 | ||||||
Goosehead Insurance, Inc. - Class A | 8,455 | 358,492 | ||||||
LendingTree, Inc. (c)(d) | 2,156 | 654,217 | ||||||
Other Securities (b) | 1,702,208 | |||||||
4,180,901 | ||||||||
Health Care — 26.7% | ||||||||
BioTelemetry, Inc. (c) | 17,940 | 830,622 | ||||||
CONMED Corp. | 7,430 | 830,897 | ||||||
Heska Corp. (c) | 5,000 | 479,700 | ||||||
Integer Holdings Corp. (c) | 9,035 | 726,685 | ||||||
LeMaitre Vascular, Inc. | 18,950 | 681,253 | ||||||
Medpace Holdings, Inc. (c) | 12,645 | 1,062,939 | ||||||
Mesa Laboratories, Inc. | 4,195 | 1,046,233 | ||||||
Neogen Corp. (c) | 11,485 | 749,511 | ||||||
NeoGenomics, Inc. (c) | 37,503 | 1,096,963 | ||||||
PRA Health Sciences, Inc. (c) | 11,730 | 1,303,790 |
Shares | Value | |||||||
Repligen Corp. (c) | 15,990 | $ | 1,479,075 | |||||
Tabula Rasa HealthCare, Inc. (c) | 17,055 | 830,237 | ||||||
Other Securities (b) | 5,705,679 | |||||||
16,823,584 | ||||||||
Industrials — 15.4% | ||||||||
Axon Enterprise, Inc. (c) | 11,655 | 854,078 | ||||||
Kratos Defense & Security Solutions, Inc. (c) | 53,740 | 967,857 | ||||||
Marten Transport Ltd. | 21,550 | 463,110 | ||||||
Mercury Systems, Inc. (c) | 10,270 | 709,760 | ||||||
Saia, Inc. (c) | 5,470 | 509,366 | ||||||
SiteOne Landscape Supply, Inc. (c) | 8,932 | 809,686 | ||||||
Tetra Tech, Inc. | 3,300 | 284,328 | ||||||
Other Securities (b) | 5,126,359 | |||||||
9,724,544 | ||||||||
Information Technology — 26.9% | ||||||||
Appfolio, Inc. - Class A (c) | 4,472 | 491,696 | ||||||
Box, Inc. - Class A (c) | 32,775 | 549,965 | ||||||
Cabot Microelectronics Corp. | 2,945 | 425,022 | ||||||
ENDAVA PLC - ADR (c) | 12,771 | 595,129 | ||||||
Evo Payments, Inc. - Class A (c) | 38,257 | 1,010,367 | ||||||
I3 Verticals, Inc. - Class A (c) | 19,980 | 564,435 | ||||||
j2 Global, Inc. | 3,030 | 283,941 | ||||||
MAXIMUS, Inc. | 17,703 | 1,316,926 | ||||||
Mimecast Ltd. (c) | 19,515 | 846,561 | ||||||
nLight, Inc. (c) | 18,250 | 370,110 | ||||||
Pegasystems, Inc. | 20,730 | 1,651,145 | ||||||
Qualys, Inc. (c) | 13,775 | 1,148,422 | ||||||
Silicon Laboratories, Inc. (c) | 7,500 | 869,850 | ||||||
WNS Holdings Ltd. - ADR (c) | 28,609 | 1,892,485 | ||||||
Workiva, Inc. (c) | 24,710 | 1,039,056 | ||||||
Other Securities (b) | 3,956,345 | |||||||
17,011,455 | ||||||||
Materials — 1.6% | ||||||||
Ferroglobe Representation & Warranty Insurance Trust (c)(e)(f) | 840 | — | ||||||
Quaker Chemical Corp. | 3,365 | 553,610 | ||||||
Other Securities (b) | 447,601 | |||||||
1,001,211 | ||||||||
Real Estate — 1.5% | ||||||||
Other Securities (b)(c)(d) | 968,875 | |||||||
See Notes to Financial Statements.
41
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 97.7% (a) (Continued) | ||||||||
Utilities — 0.3% | ||||||||
Other Securities (b) | $ | 170,357 | ||||||
Total Common Stocks (Cost $46,802,836) | $ | 61,675,278 | ||||||
SHORT-TERM INVESTMENT — 3.4% | ||||||||
Money Market Fund — 3.4% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (g)(h) | 2,146,652 | $ | 2,146,652 | |||||
Total Short-Term Investment (Cost $2,146,652) | 2,146,652 | |||||||
Total Investments at Value (Cost $48,949,488) — 101.1% | $ | 63,821,930 | ||||||
Liabilities in Excess of Other Assets — (1.1)% | (697,977 | ) | ||||||
Net Assets — 100.0% | $ | 63,123,953 |
Percentages are stated as a percent of net assets.
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(c) | Non-income producing security. |
(d) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $655,849 (Note 7). |
(e) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets (Note 2). |
(f) | Illiquid security. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets. |
(g) | The rate shown is the 7-day effective yield as of December 31, 2019. |
(h) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $670,000 (Note 7). |
See Notes to Financial Statements.
42
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 98.0% (a) | ||||||||
Communication Services — 2.2% | ||||||||
Live Nation Entertainment, Inc. (b) | 11,492 | $ | 821,333 | |||||
Other Securities (c) | 534,079 | |||||||
1,355,412 | ||||||||
Consumer Discretionary — 12.0% | ||||||||
Red Rock Resorts, Inc. - Class A | 25,755 | 616,832 | ||||||
Vail Resorts, Inc. | 3,138 | 752,587 | ||||||
Other Securities (c) | 5,853,483 | |||||||
7,222,902 | ||||||||
Consumer Staples — 3.4% | ||||||||
Cal-Maine Foods, Inc. | 11,197 | 478,672 | ||||||
Flowers Foods, Inc. | 12,110 | 263,271 | ||||||
Post Holdings, Inc. (b) | 3,365 | 367,122 | ||||||
Other Securities (c) | 944,277 | |||||||
2,053,342 | ||||||||
Energy — 5.8% | ||||||||
Cimarex Energy Co. | 5,179 | 271,846 | ||||||
WPX Energy, Inc. (b) | 19,702 | 270,705 | ||||||
Other Securities (c)(d) | 2,956,635 | |||||||
3,499,186 | ||||||||
Financials — 30.6% | ||||||||
Artisan Partners Asset Management, Inc. - Class A | 8,500 | 274,720 | ||||||
Bank OZK | 19,089 | 582,310 | ||||||
BankUnited, Inc. | 9,128 | 333,720 | ||||||
Brookline Bancorp, Inc. | 22,958 | 377,889 | ||||||
Cadence BanCorp | 22,728 | 412,059 | ||||||
Cathay General Bancorp | 9,741 | 370,645 | ||||||
Employers Holdings, Inc. | 7,120 | 297,260 | ||||||
Enstar Group Ltd. (b) | 2,636 | 545,283 | ||||||
Essent Group Ltd. | 6,620 | 344,174 | ||||||
First Defiance Financial Corp. | 12,302 | 387,390 | ||||||
Mr. Cooper Group, Inc. (b) | 20,125 | 251,764 | ||||||
National Western Life Group, Inc. - Class A | 845 | 245,794 | ||||||
ProAssurance Corp. | 10,170 | 367,544 | ||||||
Radian Group, Inc. | 17,296 | 435,167 | ||||||
RenaissanceRe Holdings Ltd. | 1,210 | 237,184 | ||||||
Sterling Bancorp | 32,625 | 687,735 | ||||||
Trustmark Corp. | 7,669 | 264,657 | ||||||
Other Securities (c) | 12,102,720 | |||||||
18,518,015 |
Shares | Value | |||||||
Health Care — 2.6% | ||||||||
Hanger, Inc. (b) | 8,998 | $ | 248,435 | |||||
Other Securities (c) | 1,290,153 | |||||||
1,538,588 | ||||||||
Industrials — 20.7% | ||||||||
Aircastle Ltd. | 10,140 | 324,581 | ||||||
Alaska Air Group, Inc. | 4,603 | 311,853 | ||||||
Allegiant Travel Co. | 2,414 | 420,133 | ||||||
Colfax Corp. (b) | 8,490 | 308,866 | ||||||
Continental Building Products, Inc. (b) | 12,280 | 447,360 | ||||||
Heidrick & Struggles International, Inc. | 9,689 | 314,892 | ||||||
Hub Group, Inc. - Class A (b) | 12,252 | 628,405 | ||||||
Hyster-Yale Materials Handling, Inc. | 4,041 | 238,257 | ||||||
Kirby Corp. (b) | 5,176 | 463,407 | ||||||
SPX FLOW, Inc. (b) | 7,395 | 361,394 | ||||||
Stericycle, Inc. (b) | 3,980 | 253,964 | ||||||
The Toro Co. | 3,076 | 245,065 | ||||||
Trinity Industries, Inc. | 10,639 | 235,654 | ||||||
WESCO International, Inc. (b) | 4,270 | 253,595 | ||||||
Other Securities (c) | 7,718,860 | |||||||
12,526,286 | ||||||||
Information Technology — 7.6% | ||||||||
Broadridge Financial Solutions, Inc. | 2,266 | 279,942 | ||||||
Cirrus Logic, Inc. (b) | 3,121 | 257,202 | ||||||
Insight Enterprises, Inc. (b) | 5,209 | 366,141 | ||||||
Sanmina Corp. (b) | 17,076 | 584,682 | ||||||
Other Securities (c)(d) | 3,116,149 | |||||||
4,604,116 | ||||||||
Materials — 3.3% | ||||||||
Ashland Global Holdings, Inc. | 3,415 | 261,350 | ||||||
Other Securities (c) | 1,711,875 | |||||||
1,973,225 | ||||||||
Real Estate — 6.0% | ||||||||
CubeSmart | 13,186 | 415,095 | ||||||
Office Properties Income Trust | 8,080 | 259,691 | ||||||
Pebblebrook Hotel Trust | 9,680 | 259,521 | ||||||
RLJ Lodging Trust | 13,690 | 242,587 | ||||||
Other Securities (c) | 2,470,198 | |||||||
3,647,092 |
See Notes to Financial Statements.
43
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 98.0% (a) (Continued) | ||||||||
Utilities — 3.8% | ||||||||
South Jersey Industries, Inc. | 10,022 | $ | 330,526 | |||||
Other Securities (c) | 1,942,496 | |||||||
2,273,022 | ||||||||
Total Common Stocks (Cost $55,638,370) | $ | 59,211,186 | ||||||
SHORT-TERM INVESTMENT — 1.8% | ||||||||
Money Market Fund — 1.8% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (e)(f) | 1,093,747 | $ | 1,093,747 | |||||
Total Short-Term Investment (Cost $1,093,747) | $ | 1,093,747 | ||||||
Total Investments at Value (Cost $56,732,117) — 99.8% | $ | 60,304,933 | ||||||
Other Assets in Excess of Liabilities — 0.2% | 127,760 | |||||||
Net Assets — 100.0% | $ | 60,432,693 |
Percentages are stated as a percent of net assets.
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(d) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $3,294 (Note 7). |
(e) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(f) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $3,592 (Note 7). |
See Notes to Financial Statements.
44
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 99.0% (a) | ||||||||
Communication Services — 9.4% | ||||||||
Actua Corp. (b)(c) | 100 | $ | 28 | |||||
Alphabet, Inc. - Class C (d) | 3,983 | 5,325,351 | ||||||
Ambassadors Group, Inc. (b)(c)(d) | 400 | — | ||||||
AT&T, Inc. | 47,618 | 1,860,911 | ||||||
Comcast Corp. - Class A | 27,208 | 1,223,544 | ||||||
Facebook, Inc. - Class A (d) | 14,909 | 3,060,072 | ||||||
Netflix, Inc. (d) | 2,752 | 890,465 | ||||||
The Walt Disney Co. | 10,226 | 1,478,986 | ||||||
Verizon Communications, Inc. | 26,033 | 1,598,426 | ||||||
Other Securities (e)(f) | 3,519,478 | |||||||
18,957,261 | ||||||||
Consumer Discretionary — 10.1% | ||||||||
Amazon.com, Inc. (d) | 2,898 | 5,355,040 | ||||||
McDonald’s Corp. | 4,938 | 975,798 | ||||||
NIKE, Inc. - Class B | 8,849 | 896,492 | ||||||
The Home Depot, Inc. | 7,074 | 1,544,820 | ||||||
Other Securities (e)(f) | 11,611,417 | |||||||
20,383,567 | ||||||||
Consumer Staples — 6.7% | ||||||||
Costco Wholesale Corp. | 2,971 | 873,236 | ||||||
PepsiCo, Inc. | 9,119 | 1,246,294 | ||||||
Philip Morris International, Inc. | 10,236 | 870,981 | ||||||
The Coca-Cola Co. | 25,840 | 1,430,244 | ||||||
The Procter & Gamble Co. | 16,180 | 2,020,882 | ||||||
Walmart, Inc. | 9,309 | 1,106,282 | ||||||
Other Securities (e) | 5,954,657 | |||||||
13,502,576 | ||||||||
Energy — 4.0% | ||||||||
Chevron Corp. | 12,173 | 1,466,968 | ||||||
Exxon Mobil Corp. | 27,418 | 1,913,228 | ||||||
Other Securities (e)(f) | 4,761,826 | |||||||
8,142,022 | ||||||||
Financials — 13.8% | ||||||||
Bank of America Corp. | 56,308 | 1,983,168 | ||||||
Berkshire Hathaway, Inc. - Class B (d) | 14,686 | 3,326,379 | ||||||
Citigroup, Inc. | 14,925 | 1,192,358 | ||||||
JPMorgan Chase & Co. | 20,082 | 2,799,431 | ||||||
Wells Fargo & Co. | 25,727 | 1,384,113 | ||||||
Other Securities (e)(f) | 17,265,011 | |||||||
27,950,460 |
Shares | Value | |||||||
Health Care — 13.5% | ||||||||
Abbott Laboratories | 11,795 | $ | 1,024,514 | |||||
AbbVie, Inc. | 9,790 | 866,807 | ||||||
Amgen, Inc. | 3,950 | 952,226 | ||||||
Bristol-Myers Squibb Co. | 15,801 | 1,014,266 | ||||||
Eli Lilly & Co. | 6,092 | 800,672 | ||||||
Johnson & Johnson | 16,915 | 2,467,391 | ||||||
Merck & Co, Inc. | 17,035 | 1,549,333 | ||||||
Pfizer, Inc. | 35,362 | 1,385,483 | ||||||
Thermo Fisher Scientific, Inc. | 2,721 | 883,971 | ||||||
UnitedHealth Group, Inc. | 6,246 | 1,836,199 | ||||||
Other Securities (e)(f) | 14,442,739 | |||||||
27,223,601 | ||||||||
Industrials — 9.6% | ||||||||
Honeywell International, Inc. | 4,552 | 805,704 | ||||||
The Boeing Co. | 3,688 | 1,201,403 | ||||||
Union Pacific Corp. | 4,657 | 841,939 | ||||||
United Technologies Corp. | 5,348 | 800,916 | ||||||
Other Securities (e) | 15,788,424 | |||||||
19,438,386 | ||||||||
Information Technology — 22.1% | ||||||||
Adobe, Inc. (d) | 3,131 | 1,032,635 | ||||||
Apple, Inc. | 29,423 | 8,640,064 | ||||||
Cisco Systems, Inc. | 27,368 | 1,312,569 | ||||||
Intel Corp. | 27,688 | 1,657,127 | ||||||
International Business Machines Corp. | 5,755 | 771,400 | ||||||
Mastercard, Inc. - Class A | 6,175 | 1,843,793 | ||||||
Microsoft Corp. | 49,522 | 7,809,619 | ||||||
NVIDIA Corp. | 3,787 | 891,081 | ||||||
Oracle Corp. | 15,650 | 829,137 | ||||||
PayPal Holdings, Inc. (d) | 7,725 | 835,613 | ||||||
salesforce.com, Inc. (d) | 5,259 | 855,324 | ||||||
Visa, Inc. - Class A | 11,316 | 2,126,276 | ||||||
Other Securities (e) | 16,162,806 | |||||||
44,767,444 | ||||||||
Materials — 2.4% | ||||||||
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d) | 500 | — | ||||||
Other Securities (e)(f) | 4,856,701 | |||||||
4,856,701 |
See Notes to Financial Statements.
45
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 99.0% (a) (Continued) | ||||||||
Real Estate — 4.2% | ||||||||
New York REIT Liquidating, LLC (b)(c)(d) | 130 | $ | 1,690 | |||||
Rayonier, Inc. (b)(c)(d) | 50,000 | — | ||||||
Other Securities (e)(f) | 8,518,824 | |||||||
8,520,514 | ||||||||
Utilities — 3.2% | ||||||||
Other Securities (e) | 6,519,156 | |||||||
Total Common Stocks (Cost $54,593,167) | $ | 200,261,688 | ||||||
RIGHTS — 0.0% (g) | ||||||||
AMR Corp., Escrow (b)(c)(d) | 3,275 | $ | 197 | |||||
Media General, Inc. - CVR (b)(c)(d) | 794 | 794 | ||||||
Schulman A, Inc. (b)(c)(d) | 81 | — | ||||||
Total Rights (Cost $0) | $ | 991 | ||||||
SHORT-TERM INVESTMENT — 0.0% (g) | ||||||||
Money Market Fund — 0.0% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (h)(i) | 133,729 | $ | 133,729 | |||||
Total Short-Term Investment (Cost $133,729) | $ | 133,729 | ||||||
Total Investments at Value (Cost $54,726,896) — 99.0% | $ | 200,396,408 | ||||||
Other Assets in Excess of Liabilities — 1.0% | 1,983,427 | |||||||
Net Assets — 100.0% | $ | 202,379,835 |
Percentages are stated as a percent of net assets.
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.
CVR — Contingent Value Right
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Illiquid security. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets. |
(c) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets. |
(d) | Non-income producing security. |
(e) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(f) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $124,705 (Note 7). |
(g) | Represents less than 0.1%. |
(h) | Rate listed is the 7-day effective yield. |
(i) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $127,929 (Note 7). |
See Notes to Financial Statements.
46
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 97.9% | ||||||||
Australia — 3.3% | ||||||||
CSL Ltd. (a) | 32,488 | $ | 6,298,836 | |||||
Other Securities (a)(b)(d) | 6,610,468 | |||||||
12,909,304 | ||||||||
Austria — 0.3% | ||||||||
Other Securities (a)(d) | 1,084,620 | |||||||
Belgium — 0.8% | ||||||||
Other Securities (a)(d) | 3,005,334 | |||||||
Bermuda — 0.1% | ||||||||
Other Securities (a)(d) | 526,009 | |||||||
Brazil — 1.0% | ||||||||
Other Securities (a)(d) | 4,057,791 | |||||||
Canada — 5.4% | ||||||||
Canadian Pacific Railway Ltd. | 18,653 | 4,755,582 | ||||||
Shopify, Inc. - Class A (c) | 13,447 | 5,346,258 | ||||||
Other Securities (a)(d) | 10,872,051 | |||||||
20,973,891 | ||||||||
Cayman Islands — 1.4% | ||||||||
Other Securities (a)(d) | 5,309,230 | |||||||
Chile — 0.0% (e) | ||||||||
Other Securities (a)(d) | 121,570 | |||||||
China — 1.0% | ||||||||
Other Securities (a)(d) | 4,049,126 | |||||||
Czech Republic — 0.4% | ||||||||
Other Securities (a)(d) | 1,428,352 | |||||||
Denmark — 2.7% | ||||||||
AP Moller - Maersk A/S - Series B (a) | 2,466 | 3,558,010 | ||||||
DSV Panalpina A/S (a) | 30,408 | 3,505,317 | ||||||
Other Securities (a)(d) | 3,451,739 | |||||||
10,515,066 | ||||||||
Finland — 0.4% | ||||||||
Other Securities (a)(d) | 1,617,444 |
Shares | Value | |||||||
France — 7.8% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 12,931 | $ | 6,025,277 | |||||
Pernod Ricard SA (a) | 17,554 | 3,141,086 | ||||||
Rexel SA (a) | 278,831 | 3,708,663 | ||||||
Schneider Electric SE (a) | 30,114 | 3,093,918 | ||||||
Other Securities (a)(d) | 14,516,621 | |||||||
30,485,565 | ||||||||
Germany — 3.8% | ||||||||
adidas AG (a) | 9,593 | 3,122,708 | ||||||
BASF SE (a) | 34,253 | 2,580,517 | ||||||
Volkswagen AG (a) | 14,910 | 2,887,856 | ||||||
Other Securities (a)(d) | 6,334,096 | |||||||
14,925,177 | ||||||||
Greece — 0.0% (e) | ||||||||
FF Group (b)(c)(f) | 2,880 | — | ||||||
Other Securities (a)(d) | 139,771 | |||||||
139,771 | ||||||||
Guernsey — 0.0% (e) | ||||||||
Other Securities (a)(d) | 35,931 | |||||||
Hong Kong — 5.0% | ||||||||
AIA Group Ltd. (a) | 437,665 | 4,603,346 | ||||||
China Resources Power Holdings Co. Ltd. (a) | 1,896,504 | 2,662,871 | ||||||
Lenovo Group Ltd. (a) | 3,489,000 | 2,343,050 | ||||||
Tencent Holdings Ltd. (a) | 89,805 | 4,326,460 | ||||||
Other Securities (a)(d) | 5,614,384 | |||||||
19,550,111 | ||||||||
Hungary — 0.1% | ||||||||
Other Securities (a)(d) | 216,750 | |||||||
India — 1.2% | ||||||||
HDFC Bank Ltd. - ADR | 62,537 | 3,962,970 | ||||||
Other Securities (a)(d) | 532,906 | |||||||
4,495,876 | ||||||||
Indonesia — 0.1% | ||||||||
Other Securities (a)(d) | 459,031 | |||||||
Ireland — 1.5% | ||||||||
Accenture PLC - Class A | 23,357 | 4,918,283 | ||||||
Other Securities (a)(d) | 1,038,878 | |||||||
5,957,161 | ||||||||
Isle Of Man — 0.0% (e) | ||||||||
Other Securities (a)(d) | 43,587 |
See Notes to Financial Statements.
47
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
Israel — 0.2% | ||||||||
Other Securities (a)(d) | $ | 668,037 | ||||||
Italy — 2.3% | ||||||||
EssilorLuxottica SA (a) | 18,816 | 2,858,728 | ||||||
Other Securities (a)(d) | 6,305,382 | |||||||
9,164,110 | ||||||||
Japan — 14.0% | ||||||||
Hitachi Metals Ltd. (a) | 241,200 | 3,550,396 | ||||||
Honda Motor Co. Ltd. (a) | 113,600 | 3,215,055 | ||||||
Inpex Corp. (a) | 231,400 | 2,397,242 | ||||||
Keyence Corp. (a) | 9,980 | 3,504,363 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 70,100 | 2,589,169 | ||||||
Other Securities (a)(d) | 39,484,779 | |||||||
54,741,004 | ||||||||
Jersey — 1.9% | ||||||||
Experian PLC (a) | 185,233 | 6,279,343 | ||||||
Other Securities (a)(d) | 1,031,830 | |||||||
7,311,173 | ||||||||
Luxembourg — 0.1% | ||||||||
Other Securities (a)(d) | 263,264 | |||||||
Malaysia — 0.2% | ||||||||
Other Securities (a)(d) | 753,601 | |||||||
Mexico — 0.9% | ||||||||
Wal-Mart de Mexico SAB de CV | 870,531 | 2,499,136 | ||||||
Other Securities (a)(d) | 824,663 | |||||||
3,323,799 | ||||||||
Netherlands — 3.0% | ||||||||
ASML Holding NV - ADR | 12,179 | 3,604,253 | ||||||
Other Securities (a)(d) | 7,960,437 | |||||||
11,564,690 | ||||||||
New Zealand — 0.1% | ||||||||
Other Securities (a)(d) | 527,015 | |||||||
Norway — 0.2% | ||||||||
Other Securities (a)(d) | 761,724 | |||||||
Philippines — 0.1% | ||||||||
Altus San Nicolas Corp. (b)(c)(f) | 1,826 | 364 | ||||||
Other Securities (a)(d) | 340,067 | |||||||
340,431 |
Shares | Value | |||||||
Poland — 0.1% | ||||||||
Other Securities (a)(d) | $ | 509,791 | ||||||
Portugal — 0.1% | ||||||||
Other Securities (a)(d) | 262,836 | |||||||
Republic of Korea — 2.3% | ||||||||
Other Securities (a)(d) | 8,771,871 | |||||||
Russian Federation — 0.9% | ||||||||
Other Securities (a)(d) | 3,654,953 | |||||||
Singapore — 1.2% | ||||||||
Other Securities (a)(d) | 4,804,917 | |||||||
South Africa — 0.4% | ||||||||
Other Securities (a)(d) | 1,615,339 | |||||||
Spain — 1.8% | ||||||||
Amadeus IT Group SA (a) | 37,979 | 3,110,371 | ||||||
Other Securities (a)(d) | 3,964,601 | |||||||
7,074,972 | ||||||||
Sweden — 2.6% | ||||||||
Atlas Copco AB - Class A (a) | 95,556 | 3,814,182 | ||||||
Other Securities (a)(d) | 6,463,300 | |||||||
10,277,482 | ||||||||
Switzerland — 8.4% | ||||||||
Alcon, Inc. (a)(c) | 56,431 | 3,196,343 | ||||||
Chubb Ltd. | 23,756 | 3,697,859 | ||||||
Geberit AG (a) | 6,002 | 3,368,811 | ||||||
Nestle SA (a) | 52,567 | 5,691,181 | ||||||
Roche Holding AG (a) | 14,875 | 4,834,417 | ||||||
Sika AG (a) | 17,600 | 3,305,201 | ||||||
UBS Group AG (a) | 193,590 | 2,442,987 | ||||||
Other Securities (a)(d) | 6,064,352 | |||||||
32,601,151 | ||||||||
Taiwan, Province of China — 5.5% | ||||||||
Hon Hai Precision Industry Co. Ltd. (a) | 1,012,400 | 3,071,131 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 337,000 | 3,729,859 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 79,034 | 4,591,875 |
See Notes to Financial Statements.
48
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
Shares | Value | |||||||
COMMON STOCKS — 97.9% (Continued) | ||||||||
Taiwan, Province of China — 5.5% (Continued) | ||||||||
Other Securities (a)(b)(d) | $ | 9,992,300 | ||||||
21,385,165 | ||||||||
Thailand — 0.2% | ||||||||
Other Securities (a)(d) | 807,894 | |||||||
Turkey — 0.5% | ||||||||
Other Securities (a)(d) | 1,767,744 | |||||||
United Kingdom — 11.2% | ||||||||
Compass Group PLC (a) | 168,148 | 4,214,115 | ||||||
HSBC Holdings PLC (a) | 299,694 | 2,346,153 | ||||||
John Wood Group PLC (a) | 515,317 | 2,733,109 | ||||||
Royal Bank of Scotland Group PLC (a) | 731,003 | 2,345,032 | ||||||
Smith & Nephew PLC (a) | 121,105 | 2,918,739 | ||||||
Travis Perkins PLC (a) | 124,883 | 2,652,666 | ||||||
Vodafone Group PLC (a) | 1,375,105 | 2,669,612 | ||||||
Other Securities (a)(d) | 23,845,895 | |||||||
43,725,321 | ||||||||
United States — 3.4% | ||||||||
Lululemon Athletica, Inc. (c) | 11,328 | 2,624,358 | ||||||
Mettler-Toledo International, Inc. (c) | 3,536 | 2,805,038 | ||||||
ResMed, Inc. | 26,588 | 4,120,342 | ||||||
TechnipFMC PLC | 118,575 | 2,542,248 | ||||||
Other Securities (a)(d) | 1,181,005 | |||||||
13,272,991 | ||||||||
Virgin Islands (UK) — 0.0% (e) | ||||||||
Other Securities (a)(d) | 33,555 | |||||||
Total Common Stocks (Cost $319,361,532) | $ | 381,891,527 | ||||||
PREFERRED STOCKS — 0.6% | ||||||||
Brazil — 0.2% | ||||||||
Other Securities (a)(d) | $ | 746,321 | ||||||
Colombia — 0.1% | ||||||||
Other Securities (a)(d) | 194,810 | |||||||
Germany — 0.0% (e) | ||||||||
Other Securities (a)(d) | 98,715 | |||||||
Shares | Value | |||||||
Republic of Korea — 0.3% | ||||||||
Other Securities (a)(d) | $ | 1,181,509 | ||||||
Total Preferred Stocks (Cost $2,305,302) | $ | 2,221,355 | ||||||
RIGHT — 0.0% (e) | ||||||||
Australia — 0.0% | ||||||||
Other Securities (a)(d) | $ | 78 | ||||||
Total Right (Cost $143) | $ | 78 | ||||||
SHORT-TERM INVESTMENT — 0.6% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (g) | 2,402,569 | $ | 2,402,569 | |||||
Total Short-Term Investment (Cost $2,402,569) | $ | 2,402,569 | ||||||
Total Investments at Value — 99.1% (Cost $324,069,546) | $ | 386,515,529 | ||||||
Other Assets in Excess of Liabilities — 0.9% | 3,589,749 | |||||||
Net Assets — 100.0% | $ | 390,105,278 |
Percentages are stated as a percent of net assets.
The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) on the SEC’s website at http://www.sec.gov; and (ii) on our website at http://advisor.wilshire.com.
ADR — American Depository Receipt
See Notes to Financial Statements.
49
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Condensed Schedule of Investments - (Continued) | December 31, 2019 |
(a) | Level 2 security (Note 2) |
(b) | Illiquid security. The total value of such securities is $197,893 as of December 31, 2019, representing 0.1% of net assets. |
(c) | Non-income producing security. |
(d) | Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as Level 3 investments, as of December 31, 2019. |
(e) | Represents less than 0.1%. |
(f) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $364 as of December 31, 2019, representing 0.0% of net assets. |
(g) | Rate listed is the 7-day effective yield as of December 31, 2019. |
See Notes to Financial Statements.
50
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments | December 31, 2019 |
Par Value | Value | |||||||||||
U.S. TREASURY OBLIGATIONS — 10.4% | ||||||||||||
U.S. Treasury Bonds — 3.3% | ||||||||||||
4.375%, due 02/15/38 | $ | 880,000 | $ | 1,170,400 | ||||||||
2.750%, due 11/15/42 | 1,195,000 | 1,275,662 | ||||||||||
3.125%, due 02/15/43 | 1,795,000 | 2,036,203 | ||||||||||
3.625%, due 08/15/43 | 500,000 | 613,359 | ||||||||||
3.750%, due 11/15/43 | 490,000 | 613,036 | ||||||||||
2.750%, due 11/15/47 | 1,390,000 | 1,490,558 | ||||||||||
3.000%, due 02/15/49 | 1,225,000 | 1,381,953 | ||||||||||
2.250%, due 08/15/49 | 1,170,000 | 1,135,448 | ||||||||||
9,716,619 | ||||||||||||
U.S. Treasury Notes — 6.6% | ||||||||||||
2.125%, due 01/31/21 | 8,000 | 8,040 | ||||||||||
2.750%, due 08/15/21 | 600,000 | 610,781 | ||||||||||
2.875%, due 10/15/21 | 1,370,000 | 1,400,397 | ||||||||||
1.750%, due 11/30/21 | 1,400,000 | 1,403,938 | ||||||||||
1.625%, due 12/31/21 | 580,600 | 581,235 | ||||||||||
2.500%, due 01/15/22 | 520,000 | 529,181 | ||||||||||
1.625%, due 12/15/22 | 120,000 | 120,056 | ||||||||||
2.625%, due 02/28/23 | 880,000 | 906,813 | ||||||||||
2.500%, due 03/31/23 | 950,000 | 975,828 | ||||||||||
2.750%, due 04/30/23 | 930,000 | 963,277 | ||||||||||
1.625%, due 05/31/23 | 570,000 | 569,733 | ||||||||||
2.375%, due 02/29/24 | 365,000 | 375,152 | ||||||||||
2.125%, due 09/30/24 | 980,000 | 998,987 | ||||||||||
2.250%, due 10/31/24 | 970,000 | 994,856 | ||||||||||
1.500%, due 11/30/24 | 38,900 | 38,566 | ||||||||||
1.750%, due 12/31/24 | 54,900 | 55,046 | ||||||||||
2.750%, due 02/28/25 | 510,000 | 535,978 | ||||||||||
3.000%, due 09/30/25 | 860,000 | 918,050 | ||||||||||
2.375%, due 04/30/26 | 185,000 | 191,359 | ||||||||||
2.000%, due 11/15/26 | 470,000 | 474,994 | ||||||||||
1.750%, due 12/31/26 | 448,000 | 445,480 | ||||||||||
2.375%, due 05/15/27 | 1,140,000 | 1,181,503 | ||||||||||
2.250%, due 08/15/27 | 970,000 | 996,675 | ||||||||||
2.250%, due 11/15/27 | 940,000 | 966,144 | ||||||||||
2.625%, due 02/15/29 | 455,000 | 482,158 | ||||||||||
2.375%, due 05/15/29 | 1,640,000 | 1,704,575 | ||||||||||
1.750%, due 11/15/29 | 1,268,000 | 1,248,782 | ||||||||||
19,677,584 |
Par Value | Value | |||||||||||
U.S. Treasury Inflation-Protected Notes — 0.5% | ||||||||||||
0.125%, due 10/15/24 | $ | 1,003,040 | $ | 1,008,682 | ||||||||
0.875%, due 01/15/29 | 387,288 | 411,494 | ||||||||||
1,420,176 | ||||||||||||
Total U.S. Treasury Obligations (Cost $29,602,732) | 30,814,379 | |||||||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7% | ||||||||||||
Federal Home Loan Mortgage Corp. — 2.7% | ||||||||||||
Series 2014-DN3, 5.792%, due 08/26/24 (1 Month U.S. LIBOR + 4.000%) (d) | 162,276 | 172,567 | ||||||||||
Series 2015-HQ1, 5.592%, due 03/25/25 (1 Month U.S. LIBOR + 3.800%) (d) | 168,807 | 172,806 | ||||||||||
Series 2015-DNA1, 3.642%, due 10/25/27 (1 Month U.S. LIBOR + 1.850%) (d) | 114,304 | 115,198 | ||||||||||
Series 2017-DNA2, 2.992%, due 10/25/29 (1 Month U.S. LIBOR + 1.200%) (d) | 131,066 | 131,343 | ||||||||||
Series 2017-DNA2, 5.242%, due 10/25/29 (1 Month U.S. LIBOR + 3.450%) (d) | 250,000 | 266,336 | ||||||||||
Series 2017-DNA3, 2.542%, due 03/25/30 (1 Month U.S. LIBOR + 0.750%) (d) | 386,554 | 386,700 | ||||||||||
Series 2989, 21.772%, due 08/15/34 (-7 x 1 Month U.S. LIBOR + 33.950%) (d) | 105,699 | 238,656 | ||||||||||
Series 4249, 3.382%, due 09/15/43 (-0.75 x 1 Month U.S. LIBOR + 4.650%) (d) | 1,248,471 | 1,166,741 | ||||||||||
Series 4355, 4.000%, due 05/15/44 | 4,359,673 | 4,917,686 | ||||||||||
Pool 5131, 3.500%, due 12/01/49 | 493,410 | 512,983 | ||||||||||
8,081,016 |
See Notes to Financial Statements.
51
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7% (Continued) | ||||||||||||
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.4% (d) | ||||||||||||
Series 2980, 4.960%, due 05/15/35 (6.700% - 1 Month U.S. LIBOR) | $ | 674,595 | $ | 86,525 | ||||||||
Series 3311, 4.670%, due 05/15/37 (6.410% - 1 Month U.S. LIBOR) | 2,286,772 | 483,247 | ||||||||||
Series 3359, 3.980%, due 08/15/37 (5.720% - 1 Month U.S. LIBOR) | 1,243,520 | 176,124 | ||||||||||
Series 4077, 4.260%, due 05/15/41 (6.000% - 1 Month U.S. LIBOR) | 1,061,784 | 159,054 | ||||||||||
Series 3966, 4.160%, due 12/15/41 (5.900% - 1 Month U.S. LIBOR) | 1,534,567 | 223,037 | ||||||||||
Series 4089, 4.260%, due 08/15/42 (6.000% - 1 Month U.S. LIBOR) | 1,130,552 | 157,891 | ||||||||||
1,285,878 | ||||||||||||
Federal National Mortgage Association — 2.7% | ||||||||||||
Series 1M2, 5.792%, due 05/27/25 (1 Month U.S. LIBOR + 4.000%) (d) | 488,125 | 515,948 | ||||||||||
Series 2015-C04, 7.342%, due 04/25/28 (1 Month U.S. LIBOR + 5.550%) (d) | 167,331 | 177,989 | ||||||||||
Series 2016-C04, 6.042%, due 01/25/29 (1 Month U.S. LIBOR + 4.250%) (d) | 300,000 | 318,413 | ||||||||||
Series 2016-C05, 6.242%, due 01/25/29 (1 Month U.S. LIBOR + 4.450%) (d) | 333,336 | 352,006 | ||||||||||
Series 2016-C06, 3.092%, due 04/25/29 (1 Month U.S. LIBOR + 1.300%) (d) | 95,615 | 95,785 |
Par Value | Value | |||||||||||
Series 2016-C07, 6.142%, due 05/25/29 (1 Month U.S. LIBOR + 4.350%) (d) | $ | 335,494 | $ | 352,762 | ||||||||
Series 2017-C03, 2.742%, due 10/25/29 (1 Month U.S. LIBOR + 0.950%) (d) | 209,552 | 209,812 | ||||||||||
Series 2017-C05, 2.342%, due 01/25/30 (1 Month U.S. LIBOR + 0.550%) (d) | 281 | 281 | ||||||||||
Series 2017-C07, 4.292%, due 05/28/30 (1 Month U.S. LIBOR + 2.500%) (d) | 496,785 | 503,321 | ||||||||||
Series 2018-C01, 4.042%, due 07/25/30 (1 Month U.S. LIBOR + 2.250%) (d) | 300,000 | 303,960 | ||||||||||
Series 2018-C03, 2.472%, due 10/25/30 (1 Month U.S. LIBOR + 0.680%) (d) | 169,048 | 169,093 | ||||||||||
Series 2018-C03, 3.942%, due 10/25/30 (1 Month U.S. LIBOR + 2.150%) (d) | 500,000 | 503,857 | ||||||||||
Series 2018-C04, 4.342%, due 12/26/30 (1 Month U.S. LIBOR + 2.550%) (d) | 500,000 | 508,778 | ||||||||||
Series 2018-C05, 4.142%, due 01/27/31 (1 Month U.S. LIBOR + 2.350%) (d) | 100,000 | 101,428 | ||||||||||
Series 2018-C06, 3.792%, due 03/25/31 (1 Month U.S. LIBOR + 2.000%) (d) | 569,425 | 569,975 | ||||||||||
Pool 1370, 3.000%, due 04/01/46 | 271,982 | 278,618 |
See Notes to Financial Statements.
52
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 7.7% (Continued) | ||||||||||||
Federal National Mortgage Association — 2.7% (Continued) | ||||||||||||
Series 2016-75, 3.000%, due 10/25/46 | $ | 1,403,419 | $ | 1,378,991 | ||||||||
Pool 1368, 3.000%, due 11/01/46 | 417,895 | 428,091 | ||||||||||
Pool 0030, 3.000%, due 02/01/49 | 247,385 | 253,189 | ||||||||||
Pool 2014, 3.000%, due 11/01/49 | 274,162 | 281,280 | ||||||||||
Pool 4860, 3.000%, due 12/01/49 | 659,050 | 672,041 | ||||||||||
7,975,618 | ||||||||||||
Federal National Mortgage Association Interest-Only Strips — 1.3% | ||||||||||||
Series 2014-63, 3.500%, due 06/25/33 | 4,883,500 | 347,497 | ||||||||||
Series 2007-50, 4.658%, due 06/25/37 (6.450% - 1 Month U.S. LIBOR) (d) | 3,917,767 | 671,327 | ||||||||||
Series 2009-78, 4.948%, due 10/25/39 (6.740% - 1 Month U.S. LIBOR) (d) | 5,394,547 | 1,222,501 | ||||||||||
Series 2011-124, 4.708%, due 12/25/41 (6.500% - 1 Month U.S. LIBOR) (d) | 1,233,783 | 204,586 | ||||||||||
Series 2012-20, 4.658%, due 03/25/42 (6.450% - 1 Month U.S. LIBOR) (d) | 1,205,059 | 203,475 | ||||||||||
Series 2012-76, 4.208%, due 07/25/42 (6.000% - 1 Month U.S. LIBOR) (d) | 573,057 | 97,581 | ||||||||||
Series 2014-28, 4.258%, due 05/25/44 (6.050% - 1 Month U.S. LIBOR) (d) | 4,066,678 | 648,393 | ||||||||||
Series 2017-53, 4.000%, due 07/25/47 | 1,032,610 | 127,347 | ||||||||||
Series 2008-22, 4.368%, due 04/25/48 (6.160% - 1 Month U.S. LIBOR) (d) | 2,453,462 | 473,872 | ||||||||||
3,996,579 |
Par Value | Value | |||||||||||
Government National Mortgage Association Interest-Only Strips — 0.6% | ||||||||||||
Series 2010-133, 4.330%, due 10/16/40 (6.070% - 1 Month U.S. LIBOR) (d) | $ | 4,668,560 | $ | 650,543 | ||||||||
Series 2014-102, 3.885%, due 02/20/44 (5.650% - 1 Month U.S. LIBOR) (d) | 4,893,592 | 640,561 | ||||||||||
Series 2018-083, 5.000%, due 01/20/48 | 2,720,034 | 379,568 | ||||||||||
1,670,672 | ||||||||||||
Total Agency Mortgage-Backed Obligations (Cost $21,842,446) | 23,009,763 | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% | ||||||||||||
Alternative Loan Trust 2006-HY11 | ||||||||||||
Series A-1, 1.912%, due 06/25/36 (1 Month U.S. LIBOR + 0.120%) (d) | 434,869 | 407,919 | ||||||||||
Alternative Loan Trust 2007-16CB | ||||||||||||
Series 2007-16CB, 6.250%, due 08/25/37 | 670,241 | 555,384 | ||||||||||
Alternative Loan Trust 2007-OA4 | ||||||||||||
Series 2007-OA4, 1.962%, due 05/25/47 (1 Month U.S. LIBOR + 0.170%) (d) | 442,186 | 412,304 | ||||||||||
Americold 2010 LLC | ||||||||||||
Series 2010-ART, 6.811%, due 01/14/29 (a) | 50,000 | 51,241 |
See Notes to Financial Statements.
53
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
Arroyo Mortgage Trust 2018-1 | ||||||||||||
Series 2018-1, 3.763%, due 04/25/48 (a) | $ | 132,375 | $ | 133,560 | ||||||||
Arroyo Mortgage Trust 2019-1 | ||||||||||||
Series 2019-1, 3.805%, due 01/25/49 (a) | 198,006 | 199,427 | ||||||||||
Arroyo Mortgage Trust 2019-2 | ||||||||||||
Series A1, 3.347%, due 04/25/49 (a) | 290,236 | 292,748 | ||||||||||
Arroyo Mortgage Trust 2019-3 | ||||||||||||
Series 2019-3, 2.962%, due 10/25/48 (a) | 160,663 | 159,211 | ||||||||||
BAMLL Commercial Mortgage Securities Trust 2019-BPR | ||||||||||||
Series 2019-BPR, 3.843%, due 11/05/32 (a) | 130,000 | 122,152 | ||||||||||
BBCMS 2019-BWAY Mortgage Trust | ||||||||||||
Series 2019-BWAY, 4.590%, due 11/15/34 (1 Month U.S. LIBOR + 2.850%) (a)(d) | 100,000 | 99,500 | ||||||||||
BCAPB LLC Trust 2007-AB1 | ||||||||||||
Series 2007-AB1, 4.847%, due 03/25/37 | 3,829,727 | 2,531,436 | ||||||||||
Bear Stearns ARM Trust 2004-10 | ||||||||||||
Series 2004-10, 4.030%, due 01/25/35 | 404,392 | 393,145 |
Par Value | Value | |||||||||||
Bear Stearns Commercial Mortgage Securities Trust 2007-TOP26 | ||||||||||||
Series A-J, 5.450%, due 01/12/45 | $ | 150,000 | $ | 128,010 | ||||||||
Benchmark 2018-B4 Mortgage Trust | ||||||||||||
Series 2018-B4, 2.813%, due 07/17/28 (a) | 500,000 | 446,345 | ||||||||||
BHMS 2018-ATLS | ||||||||||||
Series 2018-ATLS, 3.640%, due 07/16/35 (1 Month U.S. LIBOR + 1.900%) (a)(d) | 251,000 | 250,529 | ||||||||||
BHP Trust 2019-BXHP | ||||||||||||
Series 2019-BXHP, 3.511%, due 08/15/36 (1 Month U.S. LIBOR + 1.771%) (a)(d) | 183,000 | 181,977 | ||||||||||
BX Commercial Mortgage Trust 2018-BIOA | ||||||||||||
Series 2018-BIOA, 3.691%, due 03/16/37 (1 Month U.S. LIBOR + 1.951%) (a)(d) | 343,000 | 342,689 | ||||||||||
BX Commercial Mortgage Trust 2019-IMC | ||||||||||||
Series 2019-IMC, 4.640%, due 04/17/34 (1 Month U.S. LIBOR + 2.900%) (a)(d) | 123,000 | 123,649 |
See Notes to Financial Statements.
54
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
BX Commercial Mortgage Trust 2019-XL | ||||||||||||
Series 2019-XL, 2.660%, due 10/15/36 (1 Month U.S. LIBOR + 0.920%) (a)(d) | $ | 405,000 | $ | 405,253 | ||||||||
Series 2019-XL, 4.390%, due 10/15/36 (1 Month U.S. LIBOR + 2.650%) (a)(d) | 310,000 | 310,482 | ||||||||||
BX Trust 2018-GW | ||||||||||||
Series 2018-GW, 4.660%, due 05/15/37 (1 Month U.S. LIBOR + 2.920%) (a)(d) | 83,000 | 83,525 | ||||||||||
BX Trust 2019-CALM | ||||||||||||
Series 2019-CALM, 3.750%, due 11/15/32 (1 Month U.S. LIBOR + 2.000%) (a)(d) | 150,000 | 150,094 | ||||||||||
CFCRE Commercial Mortgage Trust 2011-C1 | ||||||||||||
Series 2011-C1, 6.089%, due 04/15/44 (a) | 156,795 | 145,680 | ||||||||||
Chase Home Lending Mortgage Trust 2019-ATR1 | ||||||||||||
Series A-3, 4.000%, due 04/25/49 (a) | 68,464 | 69,710 | ||||||||||
CHL Mortgage Pass-Through Trust 2007-HY5 | ||||||||||||
Series 2007-HY5, 3.755%, due 09/25/37 | 1,597,962 | 1,533,856 |
Par Value | Value | |||||||||||
CIM Trust 2016-1RR | ||||||||||||
Series 2016-1, 7.78%, due 08/26/55 (a) | $ | 1,000,000 | $ | 999,869 | ||||||||
CIM Trust 2018-INV1 | ||||||||||||
Series 2018-INV1, 4.000%, due 08/25/48 (a) | 500,000 | 506,436 | ||||||||||
CIM Trust 2019-INV2 | ||||||||||||
Series 2019-INV2, 4.000%, due 05/25/49 (a) | 157,815 | 159,057 | ||||||||||
Citigroup Commercial Mortgage Trust 2013-GC17 | ||||||||||||
Series D, 5.110%, due 11/13/46 (a) | 100,000 | 102,353 | ||||||||||
Citigroup Commercial Mortgage Trust 2016-P4 | ||||||||||||
Series 2016-P4, 3.973%, due 07/12/49 (a) | 500,000 | 473,065 | ||||||||||
Citigroup Commercial Mortgage Trust 2018-C6 | ||||||||||||
Series D, 5.067%, due 11/10/51 (a) | 380,000 | 400,622 | ||||||||||
COMM 2014-LC15 Mortgage Trust | ||||||||||||
Series 2014-LC15, 4.984%, due 04/12/47 (a) | 440,000 | 442,355 | ||||||||||
COMM 2015-CCRE26 Mortgage Trust | ||||||||||||
Series 2015-CCRE26, 3.484%, due 10/13/48 | 52,000 | 49,054 | ||||||||||
COMM 2016-CR28 Mortgage Trust | ||||||||||||
Series 2016-CCRE28, 3.896%, due 02/12/49 | 30,000 | 30,472 | ||||||||||
COMM 2016-GCT Mortgage Trust | ||||||||||||
Series 2016-GCT, 3.461%, due 08/10/29 (a) | 150,000 | 147,565 |
See Notes to Financial Statements.
55
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
Connecticut Avenue Securities Trust 2018-R07 | ||||||||||||
Series 2018-R07, 4.192%, due 04/25/31 (1 Month U.S. LIBOR + 2.400%) (a)(d) | $ | 376,668 | $ | 380,029 | ||||||||
Connecticut Avenue Securities Trust 2019-R02 | ||||||||||||
Series 2019-R02, 4.092%, due 08/25/31 (1 Month U.S. LIBOR + 2.300%) (a)(d) | 200,000 | 201,369 | ||||||||||
Connecticut Avenue Securities Trust 2019-R04 | ||||||||||||
Series 2019-R04, 3.892%, due 06/27/39 (1 Month U.S. LIBOR + 2.100%) (a)(d) | 190,000 | 191,136 | ||||||||||
Connecticut Avenue Securities Trust 2019-R06 | ||||||||||||
Series 2019-R06, 3.892%, due 09/25/39 (1 Month U.S. LIBOR + 2.100%) (a)(d) | 235,000 | 236,973 |
Par Value | Value | |||||||||||
Credit Suisse Mortgage Capital Certificates 2019-ICE4 | ||||||||||||
Series 2019-ICE4, 3.340%, due 05/15/36 (1 Month U.S. LIBOR + 1.600%) (a)(d) | $ | 165,000 | $ | 165,103 | ||||||||
Series 2019-ICE4, 3.890%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) (a)(d) | 189,000 | 189,295 | ||||||||||
CSMC Series 2019-NQM1 | ||||||||||||
Series 2019-NQM1, 2.656%, due 10/25/59 (a) | 135,000 | 134,894 | ||||||||||
CSMC Trust 2017-CHOP | ||||||||||||
Series 2017-CHOP, 5.040%, due 07/15/32 (1 Month U.S. LIBOR + 3.300%) (a)(d) | 169,000 | 169,109 | ||||||||||
CSMC Trust 2017-LSTK | ||||||||||||
Series 2017-LSTK, 3.331%, due 04/07/33 (a) | 170,000 | 169,020 | ||||||||||
CSWF 2018-TOP | ||||||||||||
Series 2018-TOP, 4.490%, due 08/15/35 (1 Month U.S. LIBOR + 2.750%) (a)(d) | 200,000 | 200,004 | ||||||||||
DBGS 2018-5BP Mortgage Trust | ||||||||||||
Series 2018-5BP, 4.190%, due 06/15/33 (1 Month U.S. LIBOR + 2.450%) (a)(d) | 140,000 | 139,495 |
See Notes to Financial Statements.
56
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
DBGS 2018-BIOD Mortgage Trust | ||||||||||||
Series 2018-BIOD, 2.628%, due 05/15/35 (1 Month U.S. LIBOR + 0.888%) (a)(d) | $ | 232,035 | $ | 231,165 | ||||||||
DBUBS 2011-LC1 Mortgage Trust | ||||||||||||
Series 2011-LC1, 5.702%, due 11/13/46 (a) | 230,000 | 235,847 | ||||||||||
DBUBS 2017-BRBK Mortgage Trust | ||||||||||||
Series 2017-BRBK, 3.530%, due 10/12/34 (a) | 320,000 | 318,791 | ||||||||||
Deephaven Residential Mortgage Trust 2018-3 | ||||||||||||
Series 2018-3, 4.357%, due 08/25/58 (a) | 500,000 | 502,805 | ||||||||||
Flagstar Mortgage Trust 2018-6RR | ||||||||||||
Series 2018-6RR, 5.022%, due 10/25/48 (a) | 489,283 | 541,639 | ||||||||||
Fontainebleau Miami Beach Trust 2019-FBLU | ||||||||||||
Series F, 4.095%, due 12/12/36 (a)(b) | 245,000 | 239,986 | ||||||||||
Series G, 4.095%, due 12/12/36 (a) | 125,000 | 120,574 | ||||||||||
GMAC Commercial Mortgage Securities Inc Series 2004-C3 Trust | ||||||||||||
Series 2004-C3, 5.142%, due 12/10/41 (a) | 45,357 | 45,614 |
Par Value | Value | |||||||||||
GPT 2018-GPP Mortgage Trust | ||||||||||||
Series 2018-GPP, 4.210%, due 06/15/33 (1 Month U.S. LIBOR + 2.470%) (a)(d) | $ | 500,000 | $ | 497,854 | ||||||||
Great Wolf Trust | ||||||||||||
Series 2019-WOLF, 4.853%, due 12/15/36 (1 Month U.S. LIBOR + 3.131%) (a)(d) | 124,000 | 123,807 | ||||||||||
GS Mortgage Securities Corp Trust 2018-LUAU | ||||||||||||
Series E, 4.290%, due 11/15/32 (1 Month U.S. LIBOR + 2.550%) (a)(d) | 150,000 | 150,377 | ||||||||||
GS Mortgage Securities Corp Trust 2018-RIVR | ||||||||||||
Series F, 3.840%, due 07/16/35 (1 Month U.S. LIBOR + 2.100%) (a)(d) | 1,000,000 | 989,504 | ||||||||||
Series G, 4.340%, due 07/16/35 (1 Month U.S. LIBOR + 2.600%) (a)(d) | 500,000 | 493,891 | ||||||||||
GS Mortgage Securities Corp Trust 2018-TWR | ||||||||||||
Series A, 2.640%, due 07/15/31 (1 Month U.S. LIBOR + 0.900%) (a)(d) | 215,000 | 214,216 | ||||||||||
GS Mortgage Securities Corp Trust 2019-SOHO | ||||||||||||
Series E, 3.614%, due 06/16/36 (1 Month U.S. LIBOR + 1.875%) (a)(d) | 188,000 | 187,605 |
See Notes to Financial Statements.
57
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
GS Mortgage Securities Trust 2016-GS4 | ||||||||||||
Series 2016-GS4, 3.233%, due 11/15/49 (a) | $ | 370,000 | $ | 346,198 | ||||||||
GSAA Home Equity Trust 2006-4 | ||||||||||||
Series 2006-4, 4.022%, due 03/25/36 | 616,167 | 499,732 | ||||||||||
GSAA Home Equity Trust 2007-7 | ||||||||||||
Series 2007-7, 2.062%, due 07/25/37 (1 Month U.S. LIBOR + 0.270%) (d) | 479,511 | 468,859 | ||||||||||
GSCG Trust 2019-600C | ||||||||||||
Series 2019-600C, 4.118%, due 09/06/34 (a) | 183,000 | 184,390 | ||||||||||
HPLY Trust 2019-HIT | ||||||||||||
Series 2019-HIT, 4.890%, due 11/17/36 (1 Month U.S. LIBOR + 3.150%) (a)(d) | 176,046 | 176,694 | ||||||||||
Hudson Yards 2019-55HY Mortgage Trust | ||||||||||||
Series F, 3.041%, due 12/12/41 (a) | 100,000 | 88,277 | ||||||||||
IMT Trust 2017-APTS | ||||||||||||
Series 2017-APTS, 3.890%, due 06/15/34 (1 Month U.S. LIBOR + 2.150%) (a)(d) | 182,000 | 181,775 | ||||||||||
Series 2017-APTS, 4.590%, due 06/15/34 (1 Month U.S. LIBOR + 2.850%) (a)(d) | 56,000 | 55,931 |
Par Value | Value | |||||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust 2018-PHH | ||||||||||||
Series C, 3.100%, due 06/15/35 (1 Month U.S. LIBOR + 1.360%) (a)(d) | $ | 45,000 | $ | 44,974 | ||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust 2019-MFP | ||||||||||||
Series E, 3.900%, due 07/15/36 (1 Month U.S. LIBOR + 2.160%) (a)(d) | 125,000 | 125,156 | ||||||||||
Jackson Park Trust 2019-LIC | ||||||||||||
Series 2019-LIC, 3.242%, due 10/14/39 (a) | 160,000 | 136,124 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2011-C5 | ||||||||||||
Series D, 5.418%, due 08/17/46 (a) | 268,000 | 274,131 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2013-C13 | ||||||||||||
Series E, 3.986%, due 01/18/46 (a) | 445,000 | 444,438 | ||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2018-LAQ | ||||||||||||
Series E, 4.740%, due 06/15/35 (1 Month U.S. LIBOR + 3.000%) (a)(d) | 24,261 | 24,276 |
See Notes to Financial Statements.
58
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
JP Morgan Chase Commercial Mortgage Securities Trust 2018-WPT | ||||||||||||
Series FLT, 5.364%, due 07/08/33 (a) | $ | 141,000 | $ | 148,990 | ||||||||
Series FLT, 5.364%, due 07/08/33 (a) | 1,400,000 | 1,440,228 | ||||||||||
JP Morgan Mortgage Trust 2018-6 | ||||||||||||
Series 2018-6, 3.962%, due 12/25/48 (a) | 386,542 | 397,131 | ||||||||||
JP Morgan Mortgage Trust 2018-8 | ||||||||||||
Series 2018-8, 4.210%, due 01/25/49 (a) | 487,691 | 516,065 | ||||||||||
JPMCC Re-REMIC Trust 2015-FRR2 | ||||||||||||
Series 2015-FRR2, 2.205%, due 12/28/46 (a) | 150,000 | 142,801 | ||||||||||
LSTAR Commercial Mortgage Trust 2016-4 | ||||||||||||
Series 2016-4, 4.556%, due 03/12/49 (a) | 274,000 | 266,990 | ||||||||||
Madison Avenue Trust 2013-650M | ||||||||||||
Series 2013-650M, 4.034%, due 10/15/32 (a) | 268,000 | 270,289 | ||||||||||
MBRT 2019-MBR | ||||||||||||
Series 2019-MBR, 4.309%, due 11/17/36 (1 Month U.S. LIBOR + 2.549%) (a)(d) | 100,000 | 99,544 |
Par Value | Value | |||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | ||||||||||||
Series 2013-C13, 3.707%, due 11/19/46 (a) | $ | 220,000 | $ | 207,473 | ||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C17 | ||||||||||||
Series 2014-C17, 4.498%, due 08/16/47 | 1,117,000 | 1,167,834 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20 | ||||||||||||
Series 2015-C20, 3.071%, due 02/15/48 (a) | 42,000 | 39,278 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 | ||||||||||||
Series 2015-C22, 4.235%, due 04/17/48 | 1,000,000 | 1,039,905 | ||||||||||
Morgan Stanley Capital I Trust 2018-SUN | ||||||||||||
Series 2018-SUN, 4.290%, due 07/16/35 (1 Month U.S. LIBOR + 2.550%) (a)(d) | 60,000 | 60,000 | ||||||||||
Series 2018-SUN, 4.790%, due 07/16/35 (1 Month U.S. LIBOR + 3.050%) (a)(d) | 40,000 | 40,150 | ||||||||||
Morgan Stanley Capital I Trust 2019-NUGS | ||||||||||||
Series F, 4.594%, due 12/15/36 (1 Month U.S. LIBOR + 2.844%) (a)(d) | 125,000 | 124,297 | ||||||||||
Morgan Stanley Capital I Trust 2019-PLND | ||||||||||||
Series E, 3.890%, due 05/15/36 (1 Month U.S. LIBOR + 2.150%) (a)(d) | 189,000 | 189,118 |
See Notes to Financial Statements.
59
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 12.4% (Continued) | ||||||||||||
MSCG Trust 2018-SELF | ||||||||||||
Series 2018-SELF, 4.790%, due 10/15/37 (1 Month U.S. LIBOR + 3.050%) (a)(d) | $ | 199,000 | $ | 199,742 | ||||||||
One Bryant Park Trust 2019-OBP | ||||||||||||
Series A, 2.516%, due 09/13/54 (a) | 225,000 | 218,886 | ||||||||||
PR Mortgage Loan Trust 2014-1 | ||||||||||||
Series 2014-1, 5.901%, due 10/25/49 (a)(b) | 1,765,826 | 1,712,784 | ||||||||||
RALI Series 2006-QS15 Trust | ||||||||||||
Series 2006-QS15, 6.500%, due 10/25/36 | 937,375 | 887,308 | ||||||||||
Tharaldson Hotel Portfolio Trust 2018-THPT | ||||||||||||
Series E, 4.890%, due 11/13/34 (1 Month U.S. LIBOR + 3.180%) (a)(d) | 113,411 | 113,627 | ||||||||||
Verus Securitization Trust 2018-1 | ||||||||||||
Series 2018-1, 3.801%, due 01/25/58 (a) | 500,000 | 498,360 | ||||||||||
Verus Securitization Trust 2018-2 | ||||||||||||
Series 2018-2, 4.426%, due 07/25/58 (a) | 900,000 | 911,184 | ||||||||||
Verus Securitization Trust 2018-3 | ||||||||||||
Series M-1, 4.595%, due 10/25/58 (a) | 300,000 | 305,207 |
Par Value | Value | |||||||||||
WaMu Mortgage Pass-Through Certificates Series 2007-HY3 Trust | ||||||||||||
Series 2007-HY3, 3.538%, due 03/25/37 | $ | 596,989 | $ | 560,950 | ||||||||
Wells Fargo Commercial Mortgage Trust 2010-C1 | ||||||||||||
Series F, 4.000%, due 11/18/43 (a) | 100,000 | 98,957 | ||||||||||
Wells Fargo Commercial Mortgage Trust 2016-C34 | ||||||||||||
Series C, 5.028%, due 06/17/49 | 141,000 | 153,605 | ||||||||||
Wells Fargo Commercial Mortgage Trust 2019-C49 | ||||||||||||
Series D, 3.000%, due 03/15/52 (a) | 1,090,000 | 950,859 | ||||||||||
Wells Fargo Mortgage Backed Securities 2019-2 Trust | ||||||||||||
Series 2019-2, 4.000%, due 04/25/49 (a) | 303,231 | 306,313 | ||||||||||
WFRBS Commercial Mortgage Trust 2013-C12 | ||||||||||||
Series 2013-C12, 3.500%, due 03/17/48 (a) | 900,000 | 790,087 | ||||||||||
Total Non-Agency Mortgage-Backed Obligations (Cost $36,665,393) | 36,819,693 | |||||||||||
See Notes to Financial Statements.
60
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.4% | ||||||||||||
BANK 2017-BNK8 | ||||||||||||
Series 2017-BNK8, 1.273%, due 11/17/50 (a) | $ | 7,050,000 | $ | 616,644 | ||||||||
BANK 2018-BNK11 | ||||||||||||
Series 2018-BNK11, 0.492%, due 03/17/61 | 11,687,997 | 407,604 | ||||||||||
BANK 2019-BNK17 | ||||||||||||
Series 2019-BNK17, 1.036%, due 04/17/52 | 3,423,814 | 275,780 | ||||||||||
Benchmark 2018-B4 Mortgage Trust | ||||||||||||
Series 2018-B4, 0.539%, due 06/16/28 | 7,874,313 | 270,058 | ||||||||||
Series 2018-B4, 1.750%, due 07/17/28 (a) | 7,000,000 | 881,823 | ||||||||||
Benchmark 2019-B10 Mortgage Trust | ||||||||||||
Series 2019-B10, 0.900%, due 03/17/62 (a) | 2,820,000 | 213,969 | ||||||||||
Series 2019-B10, 1.232%, due 03/17/62 | 3,544,875 | 317,612 | ||||||||||
CD 2016-CD1 Mortgage Trust | ||||||||||||
Series 2016-CD1, 1.409%, due 08/12/49 | 1,941,098 | 138,157 | ||||||||||
CD 2017-CD4 Mortgage Trust | ||||||||||||
Series 2017-CD4, 1.309%, due 05/12/50 | 1,735,992 | 121,800 | ||||||||||
CFCRE Commercial Mortgage Trust 2016-C4 | ||||||||||||
Series 2016-C4, 1.708%, due 05/10/58 | 760,980 | 64,001 | ||||||||||
CFCRE Commercial Mortgage Trust 2017-C8 | ||||||||||||
Series 2017-C8, 1.620%, due 06/17/50 | 1,382,261 | 117,616 |
Par Value | Value | |||||||||||
Citigroup Commercial Mortgage Trust 2016-C1 | ||||||||||||
Series XA, 1.884%, due 05/10/49 | $ | 807,100 | $ | 77,239 | ||||||||
Citigroup Commercial Mortgage Trust 2017-P8 | ||||||||||||
Series X-A, 0.917%, due 09/16/50 | 1,008,100 | 57,245 | ||||||||||
Citigroup Commercial Mortgage Trust 2019-C7 | ||||||||||||
Series X-A, 1.009%, due 12/16/2072 | 6,300,000 | 443,580 | ||||||||||
COMM 2012-LC4 Mortgage Trust | ||||||||||||
Series 2012-LC4, 2.103%, due 12/12/44 (a) | 13,043,459 | 439,061 | ||||||||||
COMM 2013-CCRE12 Mortgage Trust | ||||||||||||
Series 2013-CCRE12, 1.149%, due 10/15/46 | 3,318,837 | 120,839 | ||||||||||
COMM 2015-LC21 Mortgage Trust | ||||||||||||
Series 2015-LC21, 0.763%, due 07/10/48 | 1,786,964 | 50,165 | ||||||||||
CSAIL 2016-C6 Commercial Mortgage Trust | ||||||||||||
Series 2016-C6, 1.898%, due 01/15/49 | 752,709 | 64,920 | ||||||||||
CSAIL 2017-CX10 Commercial Mortgage Trust | ||||||||||||
Series 2017-CX10, 0.722%, due 11/17/50 | 5,570,158 | 250,167 | ||||||||||
CSAIL 2018-CX12 Commercial Mortgage Trust | ||||||||||||
Series 2018-CX12, 0.617%, due 08/17/51 | 4,766,819 | 204,796 |
See Notes to Financial Statements.
61
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.4% (Continued) | ||||||||||||
GS Mortgage Securities Corp II | ||||||||||||
Series 2013-GC10, 1.502%, due 02/10/46 | $ | 1,986,182 | $ | 76,998 | ||||||||
GS Mortgage Securities Trust 2011-GC3 | ||||||||||||
Series 2011-GC3, 0.656%, due 03/10/44 (a)(b) | 15,323,009 | 72,032 | ||||||||||
JPMBB Commercial Mortgage Securities Trust 2014-C19 | ||||||||||||
Series X-A, 0.752%, due 04/17/47 | 17,813,209 | 373,267 | ||||||||||
JPMDB Commercial Mortgage Securities Trust 2016-C2 | ||||||||||||
Series X-A, 1.673%, due 06/17/49 | 1,231,086 | 81,036 | ||||||||||
LSTAR Commercial Mortgage Trust 2016-4 | ||||||||||||
Series 2016-4, 1.844%, due 03/12/49 (a) | 1,405,798 | 82,912 | ||||||||||
LSTAR Commercial Mortgage Trust 2017-5 | ||||||||||||
Series 2017-5, 1.084%, due 03/11/50 (a) | 2,564,371 | 101,268 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13 | ||||||||||||
Series 2013-C13, 0.986%, due 11/19/46 | 5,297,097 | 162,483 | ||||||||||
Morgan Stanley Bank of America Merrill Lynch Trust 2014 C19 | ||||||||||||
Series 2014-C19, 1.003%, due 12/17/47 | 2,402,609 | 91,367 | ||||||||||
Morgan Stanley Capital I Trust 2016-UBS12 | ||||||||||||
Series X-A, 0.777%, due 12/17/49 | 3,153,429 | 119,428 |
Par Value | Value | |||||||||||
SG Commercial Mortgage Securities Trust 2016-C5 | ||||||||||||
Series 2016-C5, 1.980%, due 10/13/48 | $ | 1,155,043 | $ | 101,364 | ||||||||
UBS Commercial Mortgage Trust 2018-C8 | ||||||||||||
Series 2018-C8, 0.883%, due 02/17/51 | 1,375,572 | 79,055 | ||||||||||
Wells Fargo Commercial Mortgage Trust 2018-C45 | ||||||||||||
Series X-A, 0.835%, due 06/16/51 | 5,438,633 | 321,928 | ||||||||||
Wells Fargo Commercial Mortgage Trust 2018-C46 | ||||||||||||
Series X-A, 0.945%, due 08/17/51 | 3,520,718 | 200,328 | ||||||||||
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $6,902,706) | 6,996,542 | |||||||||||
ASSET BACKED SECURITIES — 7.9% | ||||||||||||
Ajax Mortgage Loan Trust 2018-A | ||||||||||||
Series 2018-A, 3.850%, due 04/25/58 (a) | 687,044 | 695,644 | ||||||||||
Ajax Mortgage Loan Trust 2018-C | ||||||||||||
Series 2018-C, 4.360%, due 09/25/65 (a) | 696,379 | 704,637 | ||||||||||
American Express Credit Account Master Trust | ||||||||||||
Series A, 2.870%, due 10/15/24 | 145,000 | 148,101 | ||||||||||
AMSR 2019-SFR1 Trust | ||||||||||||
Series 2019-SFR1, 2.774%, due 01/20/39 (a) | 310,000 | 308,906 |
See Notes to Financial Statements.
62
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
ASSET BACKED SECURITIES — 7.9% (Continued) | ||||||||||||
Applebee’s Funding LLC | ||||||||||||
Series 2019-1, 4.194%, due 06/05/49 (a) | $ | 150,000 | $ | 151,884 | ||||||||
Applebee’s Funding LLC | ||||||||||||
Series 2019-1, 4.723%, due 06/05/49 (a) | 100,000 | 102,625 | ||||||||||
Atrium IX | ||||||||||||
Series 2013-40R, 5.509%, due 05/28/30 (3 Month U.S. LIBOR + 3.600%) (a)(d) | 500,000 | 500,039 | ||||||||||
BA Credit Card Trust | ||||||||||||
Series 2017-1A, 1.950%, due 08/15/22 | 175,000 | 175,007 | ||||||||||
Carmax Auto Owner Trust 2019-3 | ||||||||||||
Series 2019-3, 2.850%, due 01/15/26 | 100,000 | 99,829 | ||||||||||
Castlelake Aircraft Structured Trust 2019-1 | ||||||||||||
Series 2091-1, 6.899%, due 04/15/39 (a) | 904,272 | 907,239 | ||||||||||
CIFC Funding 2015-V Ltd. | ||||||||||||
Series 2015-5R, 4.890%, due 10/25/27 (3 Month U.S. LIBOR + 2.950%) (a)(d) | 345,000 | 342,469 | ||||||||||
CIM Trust 2016-2RR | ||||||||||||
Series 2016-2, 8.226%, due 02/29/56 (a) | 1,000,000 | 992,262 | ||||||||||
CIM Trust 2016-3RR | ||||||||||||
Series 2016-3, 7.986%, due 02/29/56 (a) | 1,000,000 | 994,117 | ||||||||||
Citibank Credit Card Issuance Trust | ||||||||||||
Series 2017-A3, 1.920%, due 04/07/22 | 125,000 | 125,004 |
Par Value | Value | |||||||||||
Coinstar Funding LLC Series 2017-1 | ||||||||||||
Series 2017-1, 5.216%, due 04/25/47 (a) | $ | 78,000 | $ | 80,444 | ||||||||
Commonbond Student Loan Trust 2018-BGS | ||||||||||||
Series C, 4.120%, due 09/25/45 (a) | 45,443 | 46,623 | ||||||||||
Countrywide Asset-Backed Certificates | ||||||||||||
Series 2006-6, 1.962%, due 09/25/36 (1 Month U.S. LIBOR + 0.170%) (d) | 1,306,522 | 1,273,669 | ||||||||||
DB Master Finance LLC | ||||||||||||
Series 2017-1, 3.629%, due 11/20/47 (a) | 196,000 | 198,449 | ||||||||||
DB Master Finance LLC | ||||||||||||
Series 2019-1, 3.787%, due 05/20/49 (a) | 169,150 | 172,672 | ||||||||||
DB Master Finance LLC | ||||||||||||
Series 2019-1, 4.021%, due 05/20/49 (a) | 89,550 | 91,853 | ||||||||||
Domino’s Pizza Master Issuer LLC | ||||||||||||
Series 2017-1, 3.082%, due 07/25/47 (a) | 196,000 | 196,136 | ||||||||||
Domino’s Pizza Master Issuer LLC | ||||||||||||
Series 2017-1, 3.190%, due 07/25/47 (3 Month U.S. LIBOR + 1.250%) (a)(d) | 230,300 | 230,234 | ||||||||||
Dryden 33 Senior Loan Fund | ||||||||||||
Series FLT, 5.851%, due 04/16/29 (3 Month U.S. LIBOR + 3.850%) (a)(d) | 500,000 | 500,148 |
See Notes to Financial Statements.
63
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
ASSET BACKED SECURITIES — 7.9% (Continued) | ||||||||||||
Dryden 40 Senior Loan Fund | ||||||||||||
Series 2015-40R, 4.010%, due 08/15/31 (3 Month U.S. LIBOR + 2.100%) (a)(d) | $ | 500,000 | $ | 489,718 | ||||||||
Earnest Student Loan Program 2016-C LLC | ||||||||||||
Series 2016-C, 4.460%, due 01/26/37 (a) | 242,476 | 254,295 | ||||||||||
First Franklin Mortgage Loan Trust 2004-FF10 | ||||||||||||
Series M-1, 3.067%, due 07/25/34 (1 Month U.S. LIBOR + 1.275%) (d) | 383,121 | 376,660 | ||||||||||
FOCUS Brands Funding LLC | ||||||||||||
Series 2017-1, 5.093%, due 04/30/47 (a) | 151,125 | 158,391 | ||||||||||
Ford Credit Auto Owner Trust 2016-C | ||||||||||||
Series A-3, 1.220%, due 03/15/21 | 19,306 | 19,293 | ||||||||||
Greystone CRE Notes 2019-FL2 Ltd. | ||||||||||||
Series D, 4.662%, due 09/15/37 (1 Month U.S. LIBOR + 2.400%) (a)(b)(d) | 183,000 | 183,228 | ||||||||||
GSAA Home Equity Trust 2005-6 | ||||||||||||
Series 2005-6, 2.222%, due 06/25/35 (1 Month U.S. LIBOR + 0.430%) (d) | 1,300,000 | 1,275,537 | ||||||||||
Helios Issuer LLC | ||||||||||||
Series 2017-1, 4.940%, due 09/20/49 (a) | 1,058,133 | 1,102,308 |
Par Value | Value | |||||||||||
Home Partners of America 2018-1 Trust | ||||||||||||
Series 2018-1, 3.187%, due 07/17/37 (1 Month U.S. LIBOR + 1.450%) (a)(d) | $ | 135,000 | $ | 133,964 | ||||||||
Home Partners of America 2019-1 Trust | ||||||||||||
Series 2019-1, 3.157%, due 09/19/39 (a) | 99,039 | 99,877 | ||||||||||
Jack in the Box Funding LLC | ||||||||||||
Series 4.47600, 4.476%, due 08/25/49 (a) | 115,000 | 115,160 | ||||||||||
LCM XX LP | ||||||||||||
Series 2015-20R, 4.766%, due 10/20/27 (3 Month U.S. LIBOR + 2.800%) (a)(d) | 250,000 | 238,401 | ||||||||||
LCM XXII Ltd. | ||||||||||||
Series 2018-22R, 4.766%, due 10/20/28 (3 Month U.S. LIBOR + 2.800%) (a)(d) | 350,000 | 322,214 | ||||||||||
Marlette Funding Trust 2019-3 | ||||||||||||
Series 2019-3, 3.070%, due 09/17/29 (a) | 200,000 | 201,035 | ||||||||||
Mill City Mortgage Loan Trust 2018-3 | ||||||||||||
Series 2018-3, 3.500%, due 08/25/58 (a) | 219,717 | 224,845 | ||||||||||
Mill City Solar Loan 2019-2 Ltd. | ||||||||||||
Series 2019-2, 3.690%, due 07/20/43 (a) | 141,843 | 142,628 |
See Notes to Financial Statements.
64
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
ASSET BACKED SECURITIES — 7.9% (Continued) | ||||||||||||
Morgan Stanley ABS Capital I Inc Trust 2006-NC1 | ||||||||||||
Series 2006-NC1, 2.172%, due 12/25/35 (1 Month U.S. LIBOR + 0.380%) (d) | $ | 1,000,000 | $ | 972,363 | ||||||||
Mosaic Solar Loan Trust 2018-1 | ||||||||||||
Series 2018-1, 4.010%, due 06/22/43 (a) | 343,310 | 350,777 | ||||||||||
Mosaic Solar Loan Trust 2018-2-GS | ||||||||||||
Series 2018-2-GS, 4.200%, due 02/22/44 (a) | 366,719 | 380,187 | ||||||||||
Mosaic Solar Loan Trust 2018-2-GS | ||||||||||||
Series 2018-2-GS, 4.740%, due 02/22/44 (a) | 450,000 | 455,791 | ||||||||||
MVW Owner Trust 2018-1 | ||||||||||||
Series 2018-1, 3.450%, due 01/21/36 (a) | 85,294 | 87,677 | ||||||||||
NextGear Floorplan Master Owner Trust | ||||||||||||
Series A-2, 3.690%, due 10/16/23 (a) | 160,000 | 164,259 | ||||||||||
OHA Loan Funding 2013-1 Ltd. | ||||||||||||
Series FLT, 4.004%, due 07/23/31 (3 Month U.S. LIBOR + 2.070%) (a)(d) | 500,000 | 487,458 | ||||||||||
Oscar US Funding XI LLC | ||||||||||||
Series A-4, 2.680%, due 09/10/26 (a) | 150,000 | 151,341 | ||||||||||
PMTT4 | ||||||||||||
Series 2017-PM1, 0.000%, due 10/26/48 (a) | 707,902,174 | 861,800 |
Par Value | Value | |||||||||||
Santander Drive Auto Receivables Trust 2018-1 | ||||||||||||
Series 2018-1, 4.370%, due 05/15/25 (a) | $ | 750,000 | $ | 767,038 | ||||||||
Sofi Consumer Loan Program 2018-1 Trust | ||||||||||||
Series C, 3.970%, due 02/25/27 (a) | 250,000 | 255,197 | ||||||||||
Sofi Consumer Loan Program 2018-2 Trust | ||||||||||||
Series C, 4.250%, due 04/26/27 (a) | 215,000 | 220,943 | ||||||||||
Sofi Consumer Loan Program 2018-3 Trust | ||||||||||||
Series C, 4.670%, due 08/25/27 (a) | 150,000 | 155,562 | ||||||||||
SoFi Consumer Loan Program 2018-4 Trust | ||||||||||||
Series D, 4.760%, due 11/26/27 (a) | 500,000 | 515,256 | ||||||||||
Structured Asset Securities Corp Mortgage Loan Trust 2006-BC3 | ||||||||||||
Series A3, 1.952%, due 10/25/36 (1 Month U.S. LIBOR + 0.160%) (d) | 914,643 | 796,323 | ||||||||||
Sunrun Xanadu Issuer 2019-1 LLC | ||||||||||||
Series 2019-1, 3.980%, due 06/30/54 (a) | 141,292 | 143,112 | ||||||||||
Taco Bell Funding LLC | ||||||||||||
Series 2016-1, 4.970%, due 05/25/46 (a) | 422,175 | 442,329 | ||||||||||
Towd Point Mortgage Trust 2017-3 | ||||||||||||
Series 2017-3, 2.750%, due 06/25/57 (a) | 161,183 | 162,098 |
See Notes to Financial Statements.
65
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
ASSET BACKED SECURITIES — 7.9% (Continued) | ||||||||||||
Towd Point Mortgage Trust 2018-4 | ||||||||||||
Series 2018-4, 3.000%, due 06/25/58 (a) | $ | 223,544 | $ | 227,979 | ||||||||
Towd Point Mortgage Trust 2019-1 | ||||||||||||
Series 2019-1, 3.750%, due 03/25/58 (a) | 166,138 | 171,471 | ||||||||||
TPG Real Estate Finance 2018-FL2 Issuer Ltd. | ||||||||||||
Series 2018-FL2, 4.437%, due 11/18/37 (1 Month U.S. LIBOR + 2.700%) (a)(b)(d) | 125,000 | 125,387 | ||||||||||
Wendy’s Funding LLC | ||||||||||||
Series 2019-1, 3.783%, due 06/15/49 (a) | 99,500 | 101,547 | ||||||||||
Wingstop Funding 2018-1 LLC | ||||||||||||
Series 2018-1, 4.970%, due 12/05/48 (a) | 992,500 | 1,017,216 | ||||||||||
Total Asset Backed Securities (Cost $22,833,663) | 23,388,656 | |||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 2.8% | ||||||||||||
Annisa CLO Ltd. 2016-2 | ||||||||||||
Series 2016-R, 3.966%, due 07/21/31 (3 Month U.S. LIBOR + 2.000%) (a)(d) | 1,000,000 | 970,326 | ||||||||||
Apidos CLO XXIV | ||||||||||||
Series 2016-24R, 5.016%, due 10/21/30 (3 Month U.S. LIBOR + 3.050%) (a)(d) | 500,000 | 487,829 |
Par Value | Value | |||||||||||
Ares XLIX CLO Ltd. | ||||||||||||
Series 2018-49, 3.903%, due 07/22/30 (3 Month U.S. LIBOR + 1.950%) (a)(d) | $ | 1,000,000 | $ | 967,011 | ||||||||
Avery Point VI CLO Ltd. | ||||||||||||
Series 2015-6R, 2.941%, due 08/05/27 (3 Month U.S. LIBOR + 1.050%) (a)(d) | 500,000 | 498,748 | ||||||||||
BlueMountain CLO 2012-2 Ltd. | ||||||||||||
Series 2012-2R2, 4.799%, due 11/20/28 (3 Month U.S. LIBOR + 2.900%) (a)(d) | 350,000 | 337,906 | ||||||||||
Canyon Capital CLO 2014-1 Ltd. | ||||||||||||
Series 2014-1R, 4.686%, due 01/30/31 (3 Month U.S. LIBOR + 2.750%) (a)(d) | 250,000 | 227,320 | ||||||||||
Carlyle Global Market Strategies CLO 2015-3 Ltd. | ||||||||||||
Series C-R, 4.786%, due 07/28/28 (3 Month U.S. LIBOR + 2.850%) (a)(d) | 500,000 | 486,502 | ||||||||||
CFIP CLO 2017-1 Ltd. | ||||||||||||
Series 2017-1, 3.653%, due 01/18/30 (3 Month U.S. LIBOR + 1.650%) (a)(d) | 500,000 | 492,326 |
See Notes to Financial Statements.
66
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 2.8% (Continued) | ||||||||||||
Galaxy XXII CLO Ltd. | ||||||||||||
Series D-R, 5.101%, due 07/17/28 (3 Month U.S. LIBOR + 3.100%) (a)(d) | $ | 250,000 | $ | 248,122 | ||||||||
Galaxy XXIX CLO Ltd. | ||||||||||||
Series 2018-29, 4.310%, due 11/16/26 (3 Month U.S. LIBOR + 2.400%) (a)(d) | 250,000 | 241,243 | ||||||||||
Goldentree Loan Management US CLO 2 Ltd. | ||||||||||||
Series D, 4.616%, due 11/29/30 (3 Month U.S. LIBOR + 2.650%) (a)(d) | 500,000 | 478,255 | ||||||||||
Hayfin Kingsland VIII Ltd. | ||||||||||||
3.446%, due 04/20/31 (3 Month U.S. LIBOR + 1.480%) (a)(d) | 500,000 | 483,091 | ||||||||||
Newark BSL CLO 1 Ltd. | ||||||||||||
Series C, 5.936%, due 12/21/29 (3 Month U.S. LIBOR + 4.000%) (a)(d) | 500,000 | 500,042 | ||||||||||
Palmer Square CLO 2018-3 Ltd. | ||||||||||||
4.210%, due 08/15/26 (3 Month U.S. LIBOR + 2.300%) (a)(d) | 1,000,000 | 968,199 | ||||||||||
Westcott Park CLO Ltd. | ||||||||||||
Series LTD, 5.216%, due 07/20/28 (3 Month U.S. LIBOR + 3.250%) (a)(d) | 500,000 | 498,674 | ||||||||||
York CLO-6 Ltd. | ||||||||||||
Series 2019-6, 4.216%, due 07/22/32 (3 Month U.S. LIBOR + 2.050%) (a)(d) | 500,000 | 495,955 |
Par Value | Value | |||||||||||
Total Collateralized Loan Obligations (Cost $8,550,091) | 8,381,549 | |||||||||||
CORPORATE BONDS — 16.5% | ||||||||||||
Communication Services — 3.2% | ||||||||||||
AMC Networks, Inc. | ||||||||||||
4.750%, due 08/01/25 | $ | 25,000 | $ | 25,094 | ||||||||
AT&T, Inc. | ||||||||||||
5.250%, due 03/01/37 | 80,000 | 95,537 | ||||||||||
4.500%, due 03/09/48 | 99,000 | 108,750 | ||||||||||
Block Communications, Inc. | ||||||||||||
6.875%, due 02/15/25 (a) | 50,000 | 51,750 | ||||||||||
Cablevision Systems Corp. | ||||||||||||
5.875%, due 09/15/22 | 120,000 | 129,300 | ||||||||||
CCO Holdings LLC | ||||||||||||
5.750%, due 02/15/26 (a) | 270,000 | 283,838 | ||||||||||
5.125%, due 05/01/27 (a) | 395,000 | 416,725 | ||||||||||
5.000%, due 02/01/28 (a) | 110,000 | 115,362 | ||||||||||
4.750%, due 03/01/30 (a) | 105,000 | 106,838 | ||||||||||
Cengage Learning, Inc. | ||||||||||||
9.500%, due 06/15/24 (a) | 30,000 | 26,062 | ||||||||||
CenturyLink, Inc. | ||||||||||||
5.125%, due 12/15/26 (a) | 40,000 | 40,600 | ||||||||||
Charter Communications Operating LLC | ||||||||||||
4.908%, due 07/23/25 | 120,000 | 132,021 | ||||||||||
5.125%, due 07/01/49 | 345,000 | 374,365 | ||||||||||
Cincinnati Bell, Inc. | ||||||||||||
7.000%, due 07/15/24 (a) | 35,000 | 36,662 | ||||||||||
Clear Channel Worldwide Holdings, Inc. | ||||||||||||
9.250%, due 02/15/24 (a) | 18,000 | 19,935 | ||||||||||
Comcast Corp. | ||||||||||||
3.700%, due 04/15/24 | 90,000 | 95,744 |
See Notes to Financial Statements.
67
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Communication Services — 3.2% (Continued) | ||||||||||||
CommScope, Inc. | ||||||||||||
5.500%, due 03/01/24 (a) | $ | 45,000 | $ | 46,913 | ||||||||
CommScope Technologies LLC | ||||||||||||
6.000%, due 06/15/25 (a) | 25,000 | 25,000 | ||||||||||
CSC Holdings LLC | ||||||||||||
5.375%, due 02/01/28 (a) | 200,000 | 213,250 | ||||||||||
CSC Holdings LLC | ||||||||||||
5.250%, due 06/01/24 | 70,000 | 75,250 | ||||||||||
5.500%, due 04/15/27 (a) | 200,000 | 214,250 | ||||||||||
7.500%, due 04/01/28 (a) | 200,000 | 225,750 | ||||||||||
5.750%, due 01/15/30 (a) | 290,000 | 308,850 | ||||||||||
Cumulus Media New Holdings, Inc. | ||||||||||||
6.750%, due 07/01/26 (a) | 25,000 | 26,812 | ||||||||||
Diamond Sports Group LLC | ||||||||||||
5.375%, due 08/15/26 (a) | 415,000 | 419,150 | ||||||||||
6.625%, due 08/15/27 (a)(c) | 527,000 | 512,507 | ||||||||||
DISH DBS Corp. | ||||||||||||
5.875%, due 07/15/22 | 140,000 | 148,400 | ||||||||||
5.000%, due 03/15/23 | 50,000 | 51,187 | ||||||||||
5.875%, due 11/15/24 | 25,000 | 25,469 | ||||||||||
Embarq Corp. | ||||||||||||
7.995%, due 06/01/36 | 50,000 | 52,812 | ||||||||||
Entercom Media Corp. | ||||||||||||
7.250%, due 11/01/24 (a) | 25,000 | 26,375 | ||||||||||
Expedia Group, Inc. | ||||||||||||
5.000%, due 02/15/26 | 235,000 | 257,785 | ||||||||||
3.800%, due 02/15/28 | 240,000 | 244,641 | ||||||||||
3.250%, due 02/15/30 (a) | 195,000 | 187,472 | ||||||||||
DISH Network Corp. CV | ||||||||||||
3.375%, due 08/15/26 | 250,000 | 242,083 |
Par Value | Value | |||||||||||
Frontier Communications Corp. | ||||||||||||
11.000%, due 09/15/25 | $ | 10,000 | $ | 4,850 | ||||||||
8.000%, due 04/01/27 (a) | 45,000 | 47,025 | ||||||||||
GCI LLC | ||||||||||||
6.625%, due 06/15/24 (a) | 320,000 | 346,000 | ||||||||||
Gogo Intermediate Holdings LLC | ||||||||||||
9.875%, due 05/01/24 (a) | 55,000 | 58,300 | ||||||||||
GCI Liberty, Inc. CV | ||||||||||||
1.750%, due 09/30/46 (a) | 270,000 | 373,048 | ||||||||||
Gray Television, Inc. | ||||||||||||
7.000%, due 05/15/27 (a) | 125,000 | 139,062 | ||||||||||
GTT Communications, Inc. | ||||||||||||
7.875%, due 12/31/24 (a) | 30,000 | 22,500 | ||||||||||
HC2 Holdings, Inc. | ||||||||||||
11.500%, due 12/01/21 (a) | 130,000 | 122,525 | ||||||||||
Hughes Satellite Systems Corp. | ||||||||||||
6.625%, due 08/01/26 | 25,000 | 27,688 | ||||||||||
iHeartCommunications, Inc. | ||||||||||||
6.375%, due 05/01/26 | 15,000 | 16,275 | ||||||||||
8.375%, due 05/01/27 | 35,000 | 38,675 | ||||||||||
5.250%, due 08/15/27 (a) | 35,000 | 36,575 | ||||||||||
IAC Financeco 2, Inc. CV | ||||||||||||
0.875%, due 06/15/26 (a) | 250,000 | 279,895 | ||||||||||
Level 3 Financing, Inc. | ||||||||||||
5.250%, due 03/15/26 | 45,000 | 46,800 | ||||||||||
Liberty Interactive LLC | ||||||||||||
8.250%, due 02/01/30 | 65,000 | 64,187 | ||||||||||
Midcontinent Communications | ||||||||||||
5.375%, due 08/15/27 (a) | 20,000 | 21,150 |
See Notes to Financial Statements.
68
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Communication Services — 3.2% (Continued) | ||||||||||||
Netflix, Inc. | ||||||||||||
5.875%, due 11/15/28 | $ | 50,000 | $ | 55,312 | ||||||||
5.375%, due 11/15/29 (a) | 210,000 | 223,125 | ||||||||||
Nexstar Broadcasting, Inc. | ||||||||||||
5.625%, due 08/01/24 (a) | 50,000 | 52,125 | ||||||||||
5.625%, due 07/15/27 (a) | 25,000 | 26,313 | ||||||||||
Outfront Media Capital LLC | ||||||||||||
5.000%, due 08/15/27 (a) | 110,000 | 115,225 | ||||||||||
Plantronics, Inc. | ||||||||||||
5.500%, due 05/31/23 (a) | 25,000 | 24,438 | ||||||||||
Sinclair Television Group, Inc. | ||||||||||||
5.125%, due 02/15/27 (a) | 50,000 | 51,375 | ||||||||||
Sirius XM Radio, Inc. | ||||||||||||
4.625%, due 05/15/23 (a) | 115,000 | 116,869 | ||||||||||
4.625%, due 07/15/24 (a) | 15,000 | 15,675 | ||||||||||
5.375%, due 07/15/26 (a) | 145,000 | 153,881 | ||||||||||
5.000%, due 08/01/27 (a) | 25,000 | 26,375 | ||||||||||
5.500%, due 07/01/29 (a) | 30,000 | 32,400 | ||||||||||
Sprint Capital Corp. | ||||||||||||
6.875%, due 11/15/28 | 65,000 | 70,038 | ||||||||||
Sprint Corp. | ||||||||||||
7.125%, due 06/15/24 | 60,000 | 64,650 | ||||||||||
7.625%, due 03/01/26 | 25,000 | 27,563 | ||||||||||
TEGNA, Inc. | ||||||||||||
5.000%, due 09/15/29 (a) | 25,000 | 25,438 | ||||||||||
Terrier Media Buyer, Inc. | ||||||||||||
8.875%, due 12/15/27 (a) | 25,000 | 26,406 |
Par Value | Value | |||||||||||
The Interpublic Group of Cos., Inc. | ||||||||||||
4.650%, due 10/01/28 | $ | 55,000 | $ | 61,785 | ||||||||
5.400%, due 10/01/48 | 55,000 | 67,340 | ||||||||||
T-Mobile USA, Inc. | ||||||||||||
6.500%, due 01/15/26 | 160,000 | 170,800 | ||||||||||
5.375%, due 04/15/27 | 25,000 | 26,625 | ||||||||||
Townsquare Media, Inc. | ||||||||||||
6.500%, due 04/01/23 (a) | 10,000 | 10,150 | ||||||||||
Uber Technologies, Inc. | ||||||||||||
7.500%, due 09/15/27 (a) | 35,000 | 35,831 | ||||||||||
Verizon Communications, Inc. | ||||||||||||
3.376%, due 02/15/25 | 135,000 | 142,711 | ||||||||||
4.329%, due 09/21/28 | 344,000 | 389,942 | ||||||||||
4.016%, due 12/03/29 | 245,000 | 272,738 | ||||||||||
4.272%, due 01/15/36 | 75,000 | 84,509 | ||||||||||
ViacomCBS, Inc. | ||||||||||||
6.250%, due 02/28/57 (3 Month U.S. LIBOR + 3.899%) (d) | 50,000 | 55,000 | ||||||||||
9,431,733 | ||||||||||||
Consumer Discretionary — 1.5% | ||||||||||||
Allied Universal Holdco LLC | ||||||||||||
6.625%, due 07/15/26 (a) | 60,000 | 64,200 | ||||||||||
9.750%, due 07/15/27 (a) | 40,000 | 42,800 | ||||||||||
Allison Transmission, Inc. | ||||||||||||
5.875%, due 06/01/29 (a) | 15,000 | 16,500 | ||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||
5.875%, due 11/15/26 | 25,000 | 22,500 | ||||||||||
American Airlines Group, Inc. | ||||||||||||
5.000%, due 06/01/22 (a) | 110,000 | 115,819 | ||||||||||
Anheuser-Busch Cos. LLC | ||||||||||||
4.900%, due 02/01/46 | 50,000 | 59,207 |
See Notes to Financial Statements.
69
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Consumer Discretionary — 1.5% (Continued) | ||||||||||||
Anheuser-Busch InBev Worldwide, Inc. | ||||||||||||
4.600%, due 04/15/48 | $ | 100,000 | $ | 113,643 | ||||||||
Aramark Services, Inc. | ||||||||||||
5.125%, due 01/15/24 | 100,000 | 102,625 | ||||||||||
5.000%, due 04/01/25 (a) | 85,000 | 88,612 | ||||||||||
Asbury Automotive Group, Inc. | ||||||||||||
6.000%, due 12/15/24 | 50,000 | 51,625 | ||||||||||
Ashton Woods USA LLC | ||||||||||||
6.750%, due 08/01/25 (a) | 25,000 | 25,562 | ||||||||||
Beacon Roofing Supply, Inc. | ||||||||||||
4.875%, due 11/01/25 (a) | 60,000 | 60,150 | ||||||||||
Builders FirstSource, Inc. | ||||||||||||
5.625%, due 09/01/24 (a) | 57,000 | 59,352 | ||||||||||
6.750%, due 06/01/27 (a) | 25,000 | 27,406 | ||||||||||
Caesars Resort Collection LLC | ||||||||||||
5.250%, due 10/15/25 (a) | 75,000 | 77,625 | ||||||||||
Carvana Co. | ||||||||||||
8.875%, due 10/01/23 (a) | 30,000 | 31,575 | ||||||||||
CCM Merger, Inc. | ||||||||||||
6.000%, due 03/15/22 (a) | 50,000 | 51,062 | ||||||||||
Cedar Fair LP | ||||||||||||
5.250%, due 07/15/29 (a) | 25,000 | 26,937 | ||||||||||
Century Communities, Inc. | ||||||||||||
5.875%, due 07/15/25 | 50,000 | 52,187 | ||||||||||
Core & Main LP | ||||||||||||
6.125%, due 08/15/25 (a) | 25,000 | 25,937 | ||||||||||
Dana, Inc. | ||||||||||||
5.500%, due 12/15/24 | 50,000 | 51,437 |
Par Value | Value | |||||||||||
Eldorado Resorts, Inc. | ||||||||||||
6.000%, due 04/01/25 | $ | 45,000 | $ | 47,137 | ||||||||
Ford Motor Co. | ||||||||||||
7.450%, due 07/16/31 | 25,000 | 29,501 | ||||||||||
General Motors Financial Co., Inc. | ||||||||||||
3.033%, due 01/05/23 (3 Month U.S. LIBOR + 0.990%) (d) | 150,000 | 149,435 | ||||||||||
3.950%, due 04/13/24 | 40,000 | 41,807 | ||||||||||
Golden Entertainment, Inc. | ||||||||||||
7.625%, due 04/15/26 (a) | 35,000 | 37,144 | ||||||||||
Golden Nugget, Inc. | ||||||||||||
6.750%, due 10/15/24 (a) | 125,000 | 129,219 | ||||||||||
H&E Equipment Services, Inc. | ||||||||||||
5.625%, due 09/01/25 | 50,000 | 52,500 | ||||||||||
Hasbro, Inc. | ||||||||||||
3.500%, due 09/15/27 | 70,000 | 69,771 | ||||||||||
IAA, Inc. | ||||||||||||
5.500%, due 06/15/27 (a) | 25,000 | 26,563 | ||||||||||
Installed Building Products, Inc. | ||||||||||||
5.750%, due 02/01/28 (a) | 25,000 | 26,687 | ||||||||||
JetBlue 2019-1 Class AA Pass Through Trust | ||||||||||||
Series 2019-1, 2.750%, due 05/15/32 | 60,000 | 60,599 | ||||||||||
KFC Holding Co. | ||||||||||||
5.000%, due 06/01/24 (a) | 110,000 | 114,125 | ||||||||||
5.250%, due 06/01/26 (a) | 235,000 | 248,513 | ||||||||||
L Brands, Inc. | ||||||||||||
6.750%, due 07/01/36 | 25,000 | 21,937 | ||||||||||
Lennar Corp. | ||||||||||||
5.375%, due 10/01/22 | 25,000 | 26,687 | ||||||||||
5.250%, due 06/01/26 | 25,000 | 27,313 | ||||||||||
4.750%, due 11/29/27 | 370,000 | 398,675 |
See Notes to Financial Statements.
70
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Consumer Discretionary — 1.5% (Continued) | ||||||||||||
Live Nation Entertainment, Inc. | ||||||||||||
4.750%, due 10/15/27 (a) | $ | 25,000 | $ | 25,844 | ||||||||
LTF Merger Sub, Inc. | ||||||||||||
8.500%, due 06/15/23 (a) | 45,000 | 45,900 | ||||||||||
M/I Homes, Inc. | ||||||||||||
5.625%, due 08/01/25 | 50,000 | 52,500 | ||||||||||
Mattel, Inc. | ||||||||||||
5.875%, due 12/15/27 (a) | 25,000 | 26,313 | ||||||||||
Meritage Homes Corp. | ||||||||||||
6.000%, due 06/01/25 | 25,000 | 27,938 | ||||||||||
MGM Resorts International | ||||||||||||
6.000%, due 03/15/23 | 25,000 | 27,469 | ||||||||||
5.750%, due 06/15/25 | 25,000 | 28,000 | ||||||||||
Michaels Stores, Inc. | ||||||||||||
8.000%, due 07/15/27 (a) | 25,000 | 23,938 | ||||||||||
Molson Coors Brewing Co. | ||||||||||||
1.250%, due 07/15/24 | EUR | 150,000 | 172,962 | |||||||||
Murphy Oil USA, Inc. | ||||||||||||
5.625%, due 05/01/27 | $ | 25,000 | 26,906 | |||||||||
Navistar International Corp. | ||||||||||||
6.625%, due 11/01/25 (a) | 25,000 | 25,625 | ||||||||||
Penn National Gaming, Inc. | ||||||||||||
5.625%, due 01/15/27 (a) | 25,000 | 26,469 | ||||||||||
Performance Food Group, Inc. | ||||||||||||
5.500%, due 10/15/27 (a) | 70,000 | 74,550 | ||||||||||
PetSmart, Inc. | ||||||||||||
7.125%, due 03/15/23 (a) | 30,000 | 29,475 | ||||||||||
5.875%, due 06/01/25 (a) | 55,000 | 56,169 |
Par Value | Value | |||||||||||
Resideo Funding, Inc. | ||||||||||||
6.125%, due 11/01/26 (a) | $ | 50,000 | $ | 49,944 | ||||||||
Scientific Games International, Inc. | ||||||||||||
5.000%, due 10/15/25 (a) | 50,000 | 52,250 | ||||||||||
7.250%, due 11/15/29 (a) | 25,000 | 27,125 | ||||||||||
Six Flags Entertainment Corp. | ||||||||||||
5.500%, due 04/15/27 (a) | 25,000 | 26,594 | ||||||||||
Sonic Automotive, Inc. | ||||||||||||
6.125%, due 03/15/27 | 25,000 | 26,000 | ||||||||||
Speedway Motorsports LLC | ||||||||||||
4.875%, due 11/01/27 (a) | 25,000 | 25,281 | ||||||||||
Staples, Inc. | ||||||||||||
7.500%, due 04/15/26 (a) | 90,000 | 93,600 | ||||||||||
Station Casinos LLC | ||||||||||||
5.000%, due 10/01/25 (a) | 50,000 | 50,938 | ||||||||||
Taylor Morrison Communities, Inc. | ||||||||||||
5.750%, due 01/15/28 (a) | 25,000 | 27,250 | ||||||||||
The Home Depot, Inc. | ||||||||||||
3.900%, due 06/15/47 | 55,000 | 61,984 | ||||||||||
The Men’s Wearhouse, Inc. | ||||||||||||
7.000%, due 07/01/22 | 40,000 | 38,000 | ||||||||||
The William Carter Co. | ||||||||||||
5.625%, due 03/15/27 (a) | 25,000 | 26,875 | ||||||||||
Tempur Sealy International, Inc. | ||||||||||||
5.500%, due 06/15/26 | 119,000 | 125,248 | ||||||||||
United Airlines Holdings, Inc. | ||||||||||||
4.875%, due 01/15/25 | 25,000 | 26,502 | ||||||||||
WMG Acquisition Corp. | ||||||||||||
5.500%, due 04/15/26 (a) | 250,000 | 263,125 |
See Notes to Financial Statements.
71
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Consumer Discretionary — 1.5% (Continued) | ||||||||||||
Wolverine World Wide, Inc. | ||||||||||||
5.000%, due 09/01/26 (a) | $ | 25,000 | $ | 25,250 | ||||||||
Yum! Brands, Inc. | ||||||||||||
4.750%, due 01/15/30 (a) | 180,000 | 189,000 | ||||||||||
4,479,398 | ||||||||||||
Consumer Staples — 1.3% | ||||||||||||
Albertsons Cos., Inc. | ||||||||||||
4.625%, due 01/15/27 (a) | 35,000 | 34,912 | ||||||||||
5.875%, due 02/15/28 (a) | 65,000 | 68,900 | ||||||||||
Altria Group, Inc. | ||||||||||||
4.500%, due 05/02/43 | 100,000 | 101,510 | ||||||||||
5.950%, due 02/14/49 | 60,000 | 72,542 | ||||||||||
Avantor, Inc. | ||||||||||||
9.000%, due 10/01/25 (a) | 40,000 | 44,700 | ||||||||||
B&G Foods, Inc. | ||||||||||||
5.250%, due 04/01/25 | 65,000 | 66,950 | ||||||||||
5.250%, due 09/15/27 | 30,000 | 29,962 | ||||||||||
BAT Capital Corp. | ||||||||||||
4.540%, due 08/15/47 | 100,000 | 99,979 | ||||||||||
Bristol-Myers Squibb Co. | ||||||||||||
4.550%, due 02/20/48 (a) | 170,000 | 208,713 | ||||||||||
Cardtronics, Inc. | ||||||||||||
5.500%, due 05/01/25 (a) | 25,000 | 25,937 | ||||||||||
Chobani LLC | ||||||||||||
7.500%, due 04/15/25 (a) | 25,000 | 25,063 | ||||||||||
Constellation Brands, Inc. | ||||||||||||
3.150%, due 08/01/29 | 125,000 | 126,291 | ||||||||||
Cott Holdings, Inc. | ||||||||||||
5.500%, due 04/01/25 (a) | 85,000 | 88,612 | ||||||||||
Dollar Tree, Inc. | ||||||||||||
4.000%, due 05/15/25 | 120,000 | 128,258 |
Par Value | Value | |||||||||||
Eagle Holding Co II LLC | ||||||||||||
7.625%, due 05/15/22 (a) | $ | 25,000 | $ | 25,312 | ||||||||
7.750%, due 05/15/22 (a) | 40,000 | 40,600 | ||||||||||
Graham Holdings Co. | ||||||||||||
5.750%, due 06/01/26 (a) | 165,000 | 176,137 | ||||||||||
JBS USA LUX SA | ||||||||||||
5.875%, due 07/15/24 (a) | 10,000 | 10,300 | ||||||||||
5.750%, due 06/15/25 (a) | 5,000 | 5,175 | ||||||||||
KeHE Distributors LLC | ||||||||||||
8.625%, due 10/15/26 (a) | 25,000 | 26,250 | ||||||||||
Kronos Acquisition Holdings, Inc. | ||||||||||||
9.000%, due 08/15/23 (a) | 25,000 | 23,875 | ||||||||||
NBM US Holdings, Inc. | ||||||||||||
7.000%, due 05/14/26 (a) | 500,000 | 533,750 | ||||||||||
Pilgrim’s Pride Corp. | ||||||||||||
5.750%, due 03/15/25 (a) | 25,000 | 25,875 | ||||||||||
5.875%, due 09/30/27 (a) | 75,000 | 81,000 | ||||||||||
Post Holdings, Inc. | ||||||||||||
5.500%, due 03/01/25 (a) | 70,000 | 73,237 | ||||||||||
5.000%, due 08/15/26 (a) | 335,000 | 353,425 | ||||||||||
5.750%, due 03/01/27 (a) | 445,000 | 477,263 | ||||||||||
5.625%, due 01/15/28 (a) | 325,000 | 349,375 | ||||||||||
5.500%, due 12/15/29 (a) | 75,000 | 79,969 | ||||||||||
Simmons Foods, Inc. | ||||||||||||
5.750%, due 11/01/24 (a) | 25,000 | 25,063 | ||||||||||
Smithfield Foods, Inc. | ||||||||||||
4.250%, due 02/01/27 (a) | 115,000 | 119,002 |
See Notes to Financial Statements.
72
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Consumer Staples — 1.3% (Continued) | ||||||||||||
Spectrum Brands, Inc. | ||||||||||||
5.750%, due 07/15/25 | $ | 25,000 | $ | 26,125 | ||||||||
The Hertz Corp. | ||||||||||||
7.125%, due 08/01/26 (a) | 25,000 | 27,062 | ||||||||||
United Rentals North America, Inc. | ||||||||||||
4.625%, due 10/15/25 | 75,000 | 77,156 | ||||||||||
6.500%, due 12/15/26 | 35,000 | 38,412 | ||||||||||
5.250%, due 01/15/30 | 55,000 | 58,988 | ||||||||||
Verscend Escrow Corp. | ||||||||||||
9.750%, due 08/15/26 (a) | 92,000 | 100,050 | ||||||||||
3,875,730 | ||||||||||||
Energy — 2.7% | ||||||||||||
Antero Midstream Partners LP | ||||||||||||
5.750%, due 03/01/27 (a) | 20,000 | 17,500 | ||||||||||
Archrock Partners LP | ||||||||||||
6.250%, due 04/01/28 (a) | 10,000 | 10,288 | ||||||||||
Calfrac Holdings LP | ||||||||||||
8.500%, due 06/15/26 (a) | 25,000 | 10,312 | ||||||||||
Carrizo Oil & Gas, Inc. | ||||||||||||
6.250%, due 04/15/23 | 25,000 | 25,312 | ||||||||||
Cheniere Energy Partners LP | ||||||||||||
5.250%, due 10/01/25 | 25,000 | 26,031 | ||||||||||
5.625%, due 10/01/26 | 85,000 | 89,888 | ||||||||||
Chesapeake Energy Corp. | ||||||||||||
11.500%, due 01/01/25 | 17,000 | 16,065 | ||||||||||
CNOOC Finance 2015 USA LLC | ||||||||||||
3.500%, due 05/05/25 | 400,000 | 418,159 | ||||||||||
Continental Resources, Inc. | ||||||||||||
4.375%, due 01/15/28 | 330,000 | 350,625 | ||||||||||
Crestwood Midstream Partners LP | ||||||||||||
6.250%, due 04/01/23 | 25,000 | 25,500 |
Par Value | Value | |||||||||||
DCP Midstream Operating LP | ||||||||||||
5.375%, due 07/15/25 | $ | 360,000 | $ | 391,500 | ||||||||
DCP Midstream Operating LP | ||||||||||||
5.125%, due 05/15/29 | 200,000 | 207,500 | ||||||||||
Delek Logistics Partners LP | ||||||||||||
6.750%, due 05/15/25 | 75,000 | 75,375 | ||||||||||
Diamondback Energy, Inc. | ||||||||||||
2.875%, due 12/01/24 | 30,000 | 30,280 | ||||||||||
Endeavor Energy Resources LP | ||||||||||||
5.750%, due 01/30/28 (a) | 25,000 | 26,250 | ||||||||||
Energy Transfer Operating LP | ||||||||||||
4.750%, due 01/15/26 | 60,000 | 64,629 | ||||||||||
5.500%, due 06/01/27 | 80,000 | 89,840 | ||||||||||
6.000%, due 06/15/48 | 175,000 | 203,040 | ||||||||||
Enterprise Products Operating LLC | ||||||||||||
3.125%, due 07/31/29 | 450,000 | 461,905 | ||||||||||
Enviva Partners LP | ||||||||||||
6.500%, due 01/15/26 (a) | 25,000 | 26,736 | ||||||||||
EOG Resources, Inc. | ||||||||||||
4.150%, due 01/15/26 | 85,000 | 93,484 | ||||||||||
Gulfport Energy Corp. | ||||||||||||
6.375%, due 05/15/25 | 55,000 | 34,925 | ||||||||||
6.375%, due 01/15/26 | 25,000 | 15,500 | ||||||||||
Hess Midstream Operations LP | ||||||||||||
5.625%, due 02/15/26 (a) | 25,000 | 26,000 | ||||||||||
5.125%, due 06/15/28 (a) | 50,000 | 50,625 | ||||||||||
Hilcorp Energy I LP | ||||||||||||
6.250%, due 11/01/28 (a) | 35,000 | 33,250 | ||||||||||
Indigo Natural Resources LLC | ||||||||||||
6.875%, due 02/15/26 (a) | 95,000 | 89,537 |
See Notes to Financial Statements.
73
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Energy — 2.7% (Continued) | ||||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||
6.950%, due 01/15/38 | $ | 50,000 | $ | 66,048 | ||||||||
Kinder Morgan, Inc. | ||||||||||||
4.300%, due 06/01/25 | 85,000 | 92,095 | ||||||||||
5.200%, due 03/01/48 | 100,000 | 115,205 | ||||||||||
Magnolia Oil & Gas Operating LLC | ||||||||||||
6.000%, due 08/01/26 (a) | 75,000 | 77,062 | ||||||||||
Marathon Oil Corp. | ||||||||||||
4.400%, due 07/15/27 | 415,000 | 450,365 | ||||||||||
Marathon Petroleum Corp. | ||||||||||||
5.125%, due 12/15/26 | 60,000 | 67,772 | ||||||||||
Montage Resources Corp. | ||||||||||||
8.875%, due 07/15/23 | 25,000 | 23,000 | ||||||||||
Moss Creek Resources Holdings, Inc. | ||||||||||||
7.500%, due 01/15/26 (a) | 25,000 | 19,000 | ||||||||||
Murphy Oil Corp. | ||||||||||||
6.875%, due 08/15/24 | 219,000 | 230,690 | ||||||||||
5.750%, due 08/15/25 | 25,000 | 26,094 | ||||||||||
NRG Energy, Inc. CV | ||||||||||||
2.750%, due 06/01/48 | 200,000 | 227,280 | ||||||||||
Oasis Petroleum, Inc. | ||||||||||||
6.875%, due 03/15/22 | 35,000 | 33,950 | ||||||||||
Occidental Petroleum Corp. | ||||||||||||
2.900%, due 08/15/24 | 375,000 | 380,897 | ||||||||||
3.500%, due 08/15/29 | 315,000 | 321,191 | ||||||||||
Parsley Energy LLC | ||||||||||||
5.375%, due 01/15/25 (a) | 380,000 | 390,450 | ||||||||||
5.625%, due 10/15/27 (a) | 390,000 | 411,938 | ||||||||||
PBF Holding Co. LLC | ||||||||||||
7.250%, due 06/15/25 | 365,000 | 388,725 | ||||||||||
PBF Logistics LP | ||||||||||||
6.875%, due 05/15/23 | 25,000 | 25,781 |
Par Value | Value | |||||||||||
Peabody Energy Corp. | ||||||||||||
6.000%, due 03/31/22 (a) | $ | 45,000 | $ | 43,875 | ||||||||
QEP Resources, Inc. | ||||||||||||
5.625%, due 03/01/26 | 30,000 | 29,250 | ||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||
5.000%, due 03/15/27 | 140,000 | 154,175 | ||||||||||
SunCoke Energy Partners LP | ||||||||||||
7.500%, due 06/15/25 (a) | 50,000 | 47,875 | ||||||||||
Sunoco LP | ||||||||||||
5.500%, due 02/15/26 | 25,000 | 26,000 | ||||||||||
6.000%, due 04/15/27 | 35,000 | 37,363 | ||||||||||
Tallgrass Energy Partners LP | ||||||||||||
5.500%, due 01/15/28 (a) | 25,000 | 24,500 | ||||||||||
Targa Resources Partners LP | ||||||||||||
5.875%, due 04/15/26 | 190,000 | 201,875 | ||||||||||
6.500%, due 07/15/27 (a) | 5,000 | 5,475 | ||||||||||
6.875%, due 01/15/29 (a) | 20,000 | 22,150 | ||||||||||
5.500%, due 03/01/30 (a) | 90,000 | 92,475 | ||||||||||
The Williams Cos., Inc. | ||||||||||||
3.600%, due 03/15/22 | 235,000 | 241,473 | ||||||||||
4.300%, due 03/04/24 | 75,000 | 79,670 | ||||||||||
4.550%, due 06/24/24 | 307,000 | 331,023 | ||||||||||
USA Compression Partners LP | ||||||||||||
6.875%, due 09/01/27 | 95,000 | 98,919 | ||||||||||
Valero Energy Corp. | ||||||||||||
3.400%, due 09/15/26 | 90,000 | 94,313 | ||||||||||
Viper Energy Partners LP | ||||||||||||
5.375%, due 11/01/27 (a) | 25,000 | 26,062 | ||||||||||
WPX Energy, Inc. | ||||||||||||
5.750%, due 06/01/26 | 340,000 | 362,950 | ||||||||||
8,177,022 |
See Notes to Financial Statements.
74
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Financials — 3.0% | ||||||||||||
Air Lease Corp. | ||||||||||||
3.250%, due 03/01/25 | $ | 120,000 | $ | 123,423 | ||||||||
Alexandria Real Estate Equities, Inc. | ||||||||||||
4.000%, due 01/15/24 | 110,000 | 116,970 | ||||||||||
4.850%, due 04/15/49 | 25,000 | 30,322 | ||||||||||
Alliant Holdings Intermediate LLC | ||||||||||||
6.750%, due 10/15/27 (a) | 25,000 | 26,750 | ||||||||||
Ally Financial, Inc. | ||||||||||||
5.750%, due 11/20/25 | 50,000 | 55,937 | ||||||||||
American Express Co. | ||||||||||||
3.400%, due 02/22/24 | 115,000 | 120,127 | ||||||||||
American International Group, Inc. | ||||||||||||
4.750%, due 04/01/48 | 75,000 | 89,718 | ||||||||||
Athene Global Funding | ||||||||||||
3.000%, due 07/01/22 (a) | 120,000 | 121,971 | ||||||||||
AXA Equitable Holdings, Inc. | ||||||||||||
3.900%, due 04/20/23 | 180,000 | 188,493 | ||||||||||
Bank of America Corp. | ||||||||||||
3.419%, due 12/20/28 (3 Month U.S. LIBOR + 1.040%) (d) | 291,000 | 304,772 | ||||||||||
3.974%, due 02/07/30 (3 Month U.S. LIBOR + 1.210%) (d) | 145,000 | 157,822 | ||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||
2.375%, due 06/19/39 | GBP | 120,000 | 166,454 | |||||||||
Capital One Financial Corp. | ||||||||||||
2.656%, due 01/30/23 (3 Month U.S. LIBOR + 0.720%) (d) | $ | 185,000 | 185,334 | |||||||||
Chubb INA Holdings, Inc. | ||||||||||||
0.300%, due 12/15/24 | EUR | 160,000 | 179,231 |
Par Value | Value | |||||||||||
CIT Group, Inc. | ||||||||||||
5.250%, due 03/07/25 | $ | 25,000 | $ | 27,625 | ||||||||
5.800%, due 12/15/2165 (3 Month U.S. LIBOR + 3.972%) (d) | 35,000 | 35,875 | ||||||||||
Citigroup, Inc. | ||||||||||||
2.477%, due 05/04/21 (90 Day Australian Bank Bill Swap Rate + 1.550%) (d) | AUD | 245,000 | 173,852 | |||||||||
0.102%, due 03/21/23 (3 Month EURIBOR + 0.050%) (d) | EUR | 170,000 | 191,104 | |||||||||
3.004%, due 05/17/24 (3 Month U.S. LIBOR + 1.100%) (d) | $ | 115,000 | 116,573 | |||||||||
Crown Castle International Corp. | ||||||||||||
3.650%, due 09/01/27 | 55,000 | 57,948 | ||||||||||
3.800%, due 02/15/28 | 170,000 | 180,630 | ||||||||||
Discover Financial Services | ||||||||||||
4.100%, due 02/09/27 | 80,000 | 85,751 | ||||||||||
Equinix, Inc. | ||||||||||||
3.200%, due 11/18/29 | 105,000 | 105,312 | ||||||||||
ESH Hospitality, Inc. | ||||||||||||
5.250%, due 05/01/25 (a) | 270,000 | 279,112 | ||||||||||
Fidelity National Information Services, Inc. | ||||||||||||
1.500%, due 05/21/27 | EUR | 100,000 | 118,503 | |||||||||
1.000%, due 12/03/28 | EUR | 100,000 | 112,426 | |||||||||
First Maryland Capital II | ||||||||||||
2.759%, due 02/01/27 (3 Month U.S. LIBOR + 0.850%) (d) | $ | 250,000 | 236,644 | |||||||||
GTCR AP Finance, Inc. | ||||||||||||
8.000%, due 05/15/27 (a) | 30,000 | 31,163 |
See Notes to Financial Statements.
75
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Financials — 3.0% (Continued) | ||||||||||||
Icahn Enterprises LP | ||||||||||||
6.250%, due 05/15/26 | $ | 80,000 | $ | 85,200 | ||||||||
5.250%, due 05/15/27 (a) | 30,000 | 30,713 | ||||||||||
JPMorgan Chase & Co. | ||||||||||||
3.625%, due 12/01/27 | 135,000 | 141,749 | ||||||||||
Liberty Mutual Group, Inc. | ||||||||||||
3.951%, due 10/15/50 (a) | 60,000 | 63,028 | ||||||||||
Lions Gate Capital Holdings LLC | ||||||||||||
6.375%, due 02/01/24 (a) | 320,000 | 331,200 | ||||||||||
5.875%, due 11/01/24 (a) | 103,000 | 104,030 | ||||||||||
LPL Holdings, Inc. | ||||||||||||
4.625%, due 11/15/27 (a) | 25,000 | 25,500 | ||||||||||
MGIC Investment Corp. | ||||||||||||
5.750%, due 08/15/23 | 135,000 | 149,512 | ||||||||||
MGM Growth Properties Operating Partnership LP | ||||||||||||
5.625%, due 05/01/24 | 50,000 | 54,562 | ||||||||||
Morgan Stanley | ||||||||||||
3.737%, due 04/24/24 (3 Month U.S. LIBOR + 0.847%) (d) | 120,000 | 124,959 | ||||||||||
MPT Operating Partnership LP | ||||||||||||
5.250%, due 08/01/26 | 55,000 | 58,163 | ||||||||||
5.000%, due 10/15/27 | 50,000 | 53,125 | ||||||||||
Nationstar Mortgage Holdings, Inc. | ||||||||||||
8.125%, due 07/15/23 (a) | 45,000 | 47,531 | ||||||||||
NFP Corp. | ||||||||||||
6.875%, due 07/15/25 (a) | 80,000 | 80,100 | ||||||||||
Prudential Financial, Inc. | ||||||||||||
3.905%, due 12/07/47 | 60,000 | 64,046 |
Par Value | Value | |||||||||||
Public Storage | ||||||||||||
3.385%, due 05/01/29 | $ | 60,000 | $ | 63,451 | ||||||||
Quicken Loans, Inc. | ||||||||||||
5.250%, due 01/15/28 (a) | 50,000 | 51,759 | ||||||||||
Realogy Group LLC | ||||||||||||
5.250%, due 12/01/21 (a) | 25,000 | 25,313 | ||||||||||
Santander Holdings USA, Inc. | ||||||||||||
3.400%, due 01/18/23 | 120,000 | 122,993 | ||||||||||
Simon Property Group LP | ||||||||||||
2.450%, due 09/13/29 | 30,000 | 29,433 | ||||||||||
Springleaf Finance Corp. | ||||||||||||
7.125%, due 03/15/26 | 50,000 | 57,813 | ||||||||||
6.625%, due 01/15/28 | 40,000 | 44,900 | ||||||||||
5.375%, due 11/15/29 | 20,000 | 20,875 | ||||||||||
Synchrony Financial | ||||||||||||
3.950%, due 12/01/27 | 55,000 | 57,734 | ||||||||||
Synovus Financial Corp. | ||||||||||||
5.750%, due 12/15/25 (3 Month U.S. LIBOR + 4.182%) (d) | 300,000 | 308,235 | ||||||||||
Tempo Acquisition LLC | ||||||||||||
6.750%, due 06/01/25 (a) | 100,000 | 103,375 | ||||||||||
The Goldman Sachs Group, Inc. | ||||||||||||
3.625%, due 02/20/24 | 115,000 | 120,700 | ||||||||||
1.375%, due 05/15/24 | EUR | 150,000 | 174,215 | |||||||||
The PNC Financial Services Group, Inc. | ||||||||||||
3.500%, due 01/23/24 | $ | 95,000 | 99,710 | |||||||||
U.S. Bancorp | ||||||||||||
2.650%, due 05/23/22 | 155,000 | 157,681 | ||||||||||
3.375%, due 02/05/24 | 99,000 | 103,617 | ||||||||||
0.850%, due 06/07/24 | EUR | 545,000 | 628,838 | |||||||||
3.600%, due 09/11/24 | $ | 55,000 | 58,332 | |||||||||
3.150%, due 04/27/27 | 170,000 | 177,861 | ||||||||||
USB Capital IX | ||||||||||||
3.500%, due 04/15/42 (3 Month U.S. LIBOR + 1.020%) (d) | 405,000 | 352,350 |
See Notes to Financial Statements.
76
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Financials — 3.0% (Continued) | ||||||||||||
VICI Properties LP | ||||||||||||
4.625%, due 12/01/29 (a) | $ | 70,000 | $ | 72,975 | ||||||||
Wachovia Capital Trust III | ||||||||||||
5.570%, due 03/15/42 (3 Month U.S. LIBOR + 0.930%) (d) | 430,000 | 433,225 | ||||||||||
Wells Fargo & Co. | ||||||||||||
2.205%, due 07/27/21 (90 Day Australian Bank Bill Swap Rate + 1.320%) (d) | AUD | 200,000 | 141,687 | |||||||||
3.250%, due 04/27/22 | AUD | 200,000 | 145,438 | |||||||||
2.879%, due 10/30/30 (3 Month U.S. LIBOR + 1.170%) (d) | $ | 30,000 | 30,178 | |||||||||
4.750%, due 12/07/46 | 175,000 | 208,433 | ||||||||||
Willis North America, Inc. | ||||||||||||
4.500%, due 09/15/28 | 50,000 | 54,843 | ||||||||||
8,879,224 | ||||||||||||
Health Care — 1.2% | ||||||||||||
AbbVie, Inc. | ||||||||||||
2.600%, due 11/21/24 (a) | 60,000 | 60,406 | ||||||||||
2.950%, due 11/21/26 (a) | 330,000 | 334,593 | ||||||||||
4.700%, due 05/14/45 | 65,000 | 72,560 | ||||||||||
4.875%, due 11/14/48 | 100,000 | 114,813 | ||||||||||
Acadia Healthcare Co, Inc. | ||||||||||||
6.500%, due 03/01/24 | 25,000 | 25,937 | ||||||||||
AMN Healthcare, Inc. | ||||||||||||
4.625%, due 10/01/27 (a) | 25,000 | 25,120 | ||||||||||
Anthem, Inc. | ||||||||||||
2.375%, due 01/15/25 | 30,000 | 29,984 | ||||||||||
Anthem, Inc. CV | ||||||||||||
2.750%, due 10/15/42 | 47,000 | 197,767 |
Par Value | Value | |||||||||||
Bausch Health Americas, Inc. | ||||||||||||
8.500%, due 01/31/27 (a) | $ | 25,000 | $ | 28,500 | ||||||||
Catalent Pharma Solutions, Inc. | ||||||||||||
5.000%, due 07/15/27 (a) | 15,000 | 15,712 | ||||||||||
Centene Corp. | ||||||||||||
4.750%, due 01/15/25 | 50,000 | 51,750 | ||||||||||
4.250%, due 12/15/27 (a) | 20,000 | 20,600 | ||||||||||
4.625%, due 12/15/29 (a) | 15,000 | 15,787 | ||||||||||
Cigna Corp. | ||||||||||||
2.891%, due 07/15/23 (3 Month U.S. LIBOR + 0.890%) (d) | 95,000 | 95,488 | ||||||||||
4.900%, due 12/15/48 | 180,000 | 213,434 | ||||||||||
CommonSpirit Health | ||||||||||||
3.347%, due 10/01/29 | 110,000 | 110,652 | ||||||||||
CVS Health Corp. | ||||||||||||
5.050%, due 03/25/48 | 180,000 | 212,869 | ||||||||||
DaVita, Inc. | ||||||||||||
5.125%, due 07/15/24 | 35,000 | 35,875 | ||||||||||
HCA Healthcare, Inc. | ||||||||||||
6.250%, due 02/15/21 | 250,000 | 260,937 | ||||||||||
HCA, Inc. | ||||||||||||
5.000%, due 03/15/24 | 170,000 | 185,512 | ||||||||||
5.375%, due 02/01/25 | 300,000 | 331,500 | ||||||||||
5.375%, due 09/01/26 | 45,000 | 50,175 | ||||||||||
4.125%, due 06/15/29 | 55,000 | 58,300 | ||||||||||
Hill-Rom Holdings, Inc. | ||||||||||||
4.375%, due 09/15/27 (a) | 15,000 | 15,413 | ||||||||||
Molina Healthcare, Inc. | ||||||||||||
5.375%, due 11/15/22 | 25,000 | 26,625 | ||||||||||
MPH Acquisition Holdings LLC | ||||||||||||
7.125%, due 06/01/24 (a) | 90,000 | 87,300 | ||||||||||
Par Pharmaceutical, Inc. | ||||||||||||
7.500%, due 04/01/27 (a) | 30,000 | 30,000 |
See Notes to Financial Statements.
77
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Health Care — 1.2% (Continued) | ||||||||||||
Polaris Intermediate Corp. | ||||||||||||
8.500%, due 12/01/22 (a) | $ | 25,000 | $ | 23,281 | ||||||||
Select Medical Corp. | ||||||||||||
6.250%, due 08/15/26 (a) | 325,000 | 351,813 | ||||||||||
Teleflex, Inc. | ||||||||||||
4.625%, due 11/15/27 | 25,000 | 26,500 | ||||||||||
Tenet Healthcare Corp. | ||||||||||||
6.750%, due 06/15/23 | 25,000 | 27,500 | ||||||||||
5.125%, due 11/01/27 (a) | 60,000 | 63,150 | ||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||
0.750%, due 09/12/24 | EUR | 100,000 | 114,725 | |||||||||
0.500%, due 03/01/28 | EUR | 100,000 | 110,797 | |||||||||
Vizient, Inc. | ||||||||||||
6.250%, due 05/15/27 (a) | $ | 35,000 | 37,625 | |||||||||
WellCare Health Plans, Inc. | ||||||||||||
5.375%, due 08/15/26 (a) | 50,000 | 53,250 | ||||||||||
West Street Merger Sub, Inc. | ||||||||||||
6.375%, due 09/01/25 (a) | 65,000 | 64,675 | ||||||||||
3,580,925 | ||||||||||||
Industrials — 1.0% | ||||||||||||
Advanced Disposal Services, Inc. | ||||||||||||
5.625%, due 11/15/24 (a) | 50,000 | 52,187 | ||||||||||
AECOM | ||||||||||||
5.875%, due 10/15/24 | 235,000 | 259,675 | ||||||||||
5.125%, due 03/15/27 | 400,000 | 429,500 | ||||||||||
Amsted Industries, Inc. | ||||||||||||
5.625%, due 07/01/27 (a) | 25,000 | 26,500 | ||||||||||
BMC East LLC | ||||||||||||
5.500%, due 10/01/24 (a) | 25,000 | 25,937 |
Par Value | Value | |||||||||||
BNSF Funding Trust I | ||||||||||||
6.613%, due 12/15/55 (3 Month U.S. LIBOR + 2.350%) (d) | $ | 107,000 | $ | 117,647 | ||||||||
Clean Harbors, Inc. | ||||||||||||
5.125%, due 07/15/29 (a) | 25,000 | 26,625 | ||||||||||
Colfax Corp. | ||||||||||||
6.000%, due 02/15/24 (a) | 20,000 | 21,275 | ||||||||||
6.375%, due 02/15/26 (a) | 60,000 | 65,400 | ||||||||||
Crown Americas LLC | ||||||||||||
4.500%, due 01/15/23 | 190,000 | 199,500 | ||||||||||
Crown Cork & Seal Co, Inc. | ||||||||||||
7.375%, due 12/15/26 | 175,000 | 208,469 | ||||||||||
CSX Corp. | ||||||||||||
3.800%, due 11/01/46 | 60,000 | 62,193 | ||||||||||
Delta Air Lines, Inc. | ||||||||||||
3.625%, due 03/15/22 | 115,000 | 117,793 | ||||||||||
FedEx Corp. | ||||||||||||
4.950%, due 10/17/48 | 210,000 | 228,207 | ||||||||||
Flex Acquisition Co, Inc. | ||||||||||||
6.875%, due 01/15/25 (a) | 45,000 | 45,338 | ||||||||||
FXI Holdings, Inc. | ||||||||||||
7.875%, due 11/01/24 (a) | 35,000 | 33,600 | ||||||||||
Gates Global LLC | ||||||||||||
6.250%, due 01/15/26 (a) | 30,000 | 30,450 | ||||||||||
General Electric Co. | ||||||||||||
5.875%, due 01/14/38 | 25,000 | 30,134 | ||||||||||
Granite Holdings US Acquisition Co. | ||||||||||||
11.000%, due 10/01/27 (a) | 25,000 | 25,500 | ||||||||||
Itron, Inc. | ||||||||||||
5.000%, due 01/15/26 (a) | 50,000 | 51,937 | ||||||||||
John Deere Capital Corp. | ||||||||||||
3.450%, due 01/10/24 | 80,000 | 84,245 | ||||||||||
2.600%, due 03/07/24 | 40,000 | 40,864 |
See Notes to Financial Statements.
78
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Industrials — 1.0% (Continued) | ||||||||||||
Lockheed Martin Corp. | ||||||||||||
4.700%, due 05/15/46 | $ | 95,000 | $ | 119,938 | ||||||||
Mauser Packaging Solutions Holding Co. | ||||||||||||
7.250%, due 04/15/25 (a) | 25,000 | 24,750 | ||||||||||
MTS Systems Corp. | ||||||||||||
5.750%, due 08/15/27 (a) | 25,000 | 26,188 | ||||||||||
Owens Corning | ||||||||||||
3.950%, due 08/15/29 | 105,000 | 108,862 | ||||||||||
4.400%, due 01/30/48 | 70,000 | 67,655 | ||||||||||
Packaging Corp of America | ||||||||||||
3.000%, due 12/15/29 | 40,000 | 40,145 | ||||||||||
Penske Truck Leasing Co LP | ||||||||||||
4.200%, due 04/01/27 (a) | 60,000 | 64,037 | ||||||||||
PGT Escrow Issuer, Inc. | ||||||||||||
6.750%, due 08/01/26 (a) | 50,000 | 53,500 | ||||||||||
SSL Robotics LLC | ||||||||||||
9.750%, due 12/31/23 (a) | 25,000 | 27,188 | ||||||||||
Stevens Holding Co, Inc. | ||||||||||||
6.125%, due 10/01/26 (a) | 25,000 | 27,313 | ||||||||||
TransDigm, Inc. | ||||||||||||
6.500%, due 05/15/25 | 25,000 | 26,031 | ||||||||||
6.250%, due 03/15/26 (a) | 50,000 | 54,125 | ||||||||||
6.375%, due 06/15/26 | 15,000 | 15,881 | ||||||||||
5.500%, due 11/15/27 (a) | 35,000 | 35,438 | ||||||||||
Waste Management, Inc. | ||||||||||||
4.000%, due 07/15/39 | 45,000 | 50,259 | ||||||||||
WRKCo, Inc. | ||||||||||||
3.750%, due 03/15/25 | 65,000 | 68,469 | ||||||||||
Zekelman Industries, Inc. | ||||||||||||
9.875%, due 06/15/23 (a) | 11,000 | 11,591 | ||||||||||
3,004,346 |
Par Value | Value | |||||||||||
Information Technology — 0.9% | ||||||||||||
Apple, Inc. | ||||||||||||
0.875%, due 05/24/25 | EUR | 115,000 | $ | 134,386 | ||||||||
Ascend Learning LLC | ||||||||||||
6.875%, due 08/01/25 (a) | $ | 25,000 | 26,250 | |||||||||
Banff Merger Sub, Inc. | ||||||||||||
9.750%, due 09/01/26 (a) | 245,000 | 248,675 | ||||||||||
Broadcom, Inc. | ||||||||||||
4.750%, due 04/15/29 (a) | 311,000 | 339,525 | ||||||||||
CDK Global, Inc. | ||||||||||||
5.250%, due 05/15/29 (a) | 20,000 | 21,350 | ||||||||||
CDW LLC | ||||||||||||
5.000%, due 09/01/25 | 35,000 | 36,575 | ||||||||||
Change Healthcare Holdings LLC | ||||||||||||
5.750%, due 03/01/25 (a) | 50,000 | 51,625 | ||||||||||
Dell International LLC | ||||||||||||
7.125%, due 06/15/24 (a) | 25,000 | 26,406 | ||||||||||
5.300%, due 10/01/29 (a) | 280,000 | 314,828 | ||||||||||
8.100%, due 07/15/36 (a) | 111,000 | 145,574 | ||||||||||
8.350%, due 07/15/46 (a) | 317,000 | 434,450 | ||||||||||
Donnelley Financial Solutions, Inc. | ||||||||||||
8.250%, due 10/15/24 | 25,000 | 25,594 | ||||||||||
Fiserv, Inc. | ||||||||||||
1.125%, due 07/01/27 | EUR | 100,000 | 115,261 | |||||||||
3.500%, due 07/01/29 | $ | 350,000 | 367,958 | |||||||||
Genesys Telecommunications Laboratories, Inc. | ||||||||||||
10.000%, due 11/30/24 (a) | 60,000 | 64,875 | ||||||||||
MSCI, Inc. | ||||||||||||
5.750%, due 08/15/25 (a) | 25,000 | 26,219 |
See Notes to Financial Statements.
79
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Information Technology — 0.9% (Continued) | ||||||||||||
Refinitiv US Holdings, Inc. | ||||||||||||
6.250%, due 05/15/26 (a) | $ | 80,000 | $ | 87,300 | ||||||||
RP Crown Parent LLC | ||||||||||||
7.375%, due 10/15/24 (a) | 25,000 | 26,000 | ||||||||||
SS&C Technologies, Inc. | ||||||||||||
5.500%, due 09/30/27 (a) | 160,000 | 170,800 | ||||||||||
The Dun & Bradstreet Corp. | ||||||||||||
6.875%, due 08/15/26 (a) | 40,000 | 44,150 | ||||||||||
ViaSat, Inc. | ||||||||||||
5.625%, due 09/15/25 (a) | 25,000 | 25,750 | ||||||||||
5.625%, due 04/15/27 (a) | 5,000 | 5,350 | ||||||||||
2,738,901 | ||||||||||||
Materials — 0.9% | ||||||||||||
Aruba Investments, Inc. | ||||||||||||
8.750%, due 02/15/23 (a) | 25,000 | 24,875 | ||||||||||
Ball Corp. | ||||||||||||
4.375%, due 12/15/20 | 85,000 | 86,700 | ||||||||||
4.000%, due 11/15/23 | 360,000 | 378,450 | ||||||||||
5.250%, due 07/01/25 | 275,000 | 306,281 | ||||||||||
4.875%, due 03/15/26 | 185,000 | 200,956 | ||||||||||
Berry Global, Inc. | ||||||||||||
5.625%, due 07/15/27 (a) | 205,000 | 220,375 | ||||||||||
Cleveland-Cliffs, Inc. | ||||||||||||
5.750%, due 03/01/25 | 25,000 | 24,687 | ||||||||||
Compass Minerals International, Inc. | ||||||||||||
6.750%, due 12/01/27 (a) | 25,000 | 26,500 | ||||||||||
Ecolab, Inc. | ||||||||||||
1.000%, due 01/15/24 | EUR | 150,000 | 174,495 | |||||||||
Freeport-McMoRan, Inc. | ||||||||||||
4.550%, due 11/14/24 | $ | 25,000 | 26,469 | |||||||||
5.400%, due 11/14/34 | 400,000 | 418,000 | ||||||||||
5.450%, due 03/15/43 | 400,000 | 414,000 |
Par Value | Value | |||||||||||
Koppers, Inc. | ||||||||||||
6.000%, due 02/15/25 (a) | $ | 50,000 | $ | 52,375 | ||||||||
Novelis Corp. | ||||||||||||
5.875%, due 09/30/26 (a) | 50,000 | 53,313 | ||||||||||
Olin Corp. | ||||||||||||
5.125%, due 09/15/27 | 25,000 | 26,156 | ||||||||||
Owens-Brockway Glass Container, Inc. | ||||||||||||
5.875%, due 08/15/23 (a) | 50,000 | 53,375 | ||||||||||
Reynolds Group Issuer, Inc. | ||||||||||||
5.125%, due 07/15/23 (a) | 25,000 | 25,594 | ||||||||||
Schweitzer-Mauduit International, Inc. | ||||||||||||
6.875%, due 10/01/26 (a) | 25,000 | 27,000 | ||||||||||
Sealed Air Corp. | ||||||||||||
5.500%, due 09/15/25 (a) | 25,000 | 27,500 | ||||||||||
Standard Industries, Inc. | ||||||||||||
5.000%, due 02/15/27 (a) | 50,000 | 52,125 | ||||||||||
Summit Materials LLC | ||||||||||||
5.125%, due 06/01/25 (a) | 25,000 | 25,719 | ||||||||||
Tronox, Inc. | ||||||||||||
6.500%, due 04/15/26 (a) | 25,000 | 25,688 | ||||||||||
Univar Solutions USA, Inc. | ||||||||||||
5.125%, due 12/01/27 (a) | 25,000 | 26,094 | ||||||||||
2,696,727 | ||||||||||||
Real Estate — 0.2% | ||||||||||||
American Tower Corp. | ||||||||||||
1.950%, due 05/22/26 | EUR | 100,000 | 120,619 | |||||||||
3.950%, due 03/15/29 | $ | 60,000 | 64,551 | |||||||||
SBA Communications Corp. | ||||||||||||
4.875%, due 09/01/24 | 250,000 | 260,000 |
See Notes to Financial Statements.
80
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
CORPORATE BONDS — 16.5% (Continued) | ||||||||||||
Real Estate — 0.2% (Continued) | ||||||||||||
Welltower, Inc. | ||||||||||||
3.950%, due 09/01/23 | $ | 115,000 | $ | 121,298 | ||||||||
566,468 | ||||||||||||
Utilities — 0.6% | ||||||||||||
Calpine Corp. | ||||||||||||
5.750%, due 01/15/25 | 25,000 | 25,688 | ||||||||||
5.250%, due 06/01/26 (a) | 65,000 | 67,681 | ||||||||||
4.500%, due 02/15/28 (a) | 20,000 | 20,200 | ||||||||||
5.125%, due 03/15/28 (a) | 40,000 | 40,800 | ||||||||||
Dominion Energy, Inc. | ||||||||||||
4.650%, due 06/15/25 (5 Year CMT Rate + 2.993%) (d) | 180,000 | 183,600 | ||||||||||
Duke Energy Corp. | ||||||||||||
4.875%, due 03/16/25 (5 Year CMT Rate + 3.388%) (d) | 150,000 | 157,125 | ||||||||||
Georgia Power Co. | ||||||||||||
2.200%, due 09/15/24 | 55,000 | 54,045 | ||||||||||
Mississippi Power Co. | ||||||||||||
4.250%, due 03/15/42 | 130,000 | 138,534 | ||||||||||
Monongahela Power Co. | ||||||||||||
5.400%, due 12/15/43 (a) | 65,000 | 83,438 | ||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||
5.650%, due 05/01/2079 (3 Month U.S. LIBOR + 3.156%) (d) | 110,000 | 122,238 | ||||||||||
NRG Energy, Inc. | ||||||||||||
6.625%, due 01/15/27 | 255,000 | 277,312 | ||||||||||
5.750%, due 01/15/28 | 65,000 | 70,688 | ||||||||||
Southern California Edison Co. | ||||||||||||
4.000%, due 04/01/47 | 30,000 | 31,339 | ||||||||||
The Brooklyn Union Gas Co. | ||||||||||||
4.487%, due 03/04/49 (a) | 45,000 | 51,646 |
Par Value | Value | |||||||||||
Vistra Operations Co LLC | ||||||||||||
3.550%, due 07/15/24 (a) | $ | 255,000 | $ | 258,188 | ||||||||
Vistra Operations Co LLC | ||||||||||||
5.625%, due 02/15/27 (a) | 25,000 | 26,281 | ||||||||||
1,608,803 | ||||||||||||
Total Corporate Bonds (Cost $46,609,837) | 49,039,277 | |||||||||||
FOREIGN BONDS — 23.2% | ||||||||||||
Argentina — 0.4% | ||||||||||||
Banco Macro SA | ||||||||||||
6.750%, due 11/04/26 (5 Year USD Swap Rate + 5.463%) (d) | 550,000 | 429,000 | ||||||||||
International Bank for Reconstruction & Development | ||||||||||||
2.500%, due 03/12/20 | AUD | 280,000 | 197,023 | |||||||||
2.800%, due 01/13/21 | AUD | 410,000 | 292,519 | |||||||||
Pampa Energia SA | ||||||||||||
7.500%, due 01/24/27 | $ | 150,000 | 128,250 | |||||||||
1,046,792 | ||||||||||||
Australia — 0.1% | ||||||||||||
Commonwealth Bank of Australia | ||||||||||||
3.900%, due 07/12/47 (a) | 55,000 | 59,336 | ||||||||||
Queensland Treasury Corp. | ||||||||||||
6.250%, due 02/21/20 | AUD | 175,000 | 123,658 | |||||||||
5.500%, due 06/21/21 | AUD | 335,000 | 250,263 | |||||||||
433,257 | ||||||||||||
Austria — 0.2% | ||||||||||||
Asian Development Bank | ||||||||||||
5.000%, due 03/09/22 | AUD | 110,000 | 83,457 | |||||||||
JBS Investments II GmbH | ||||||||||||
5.750%, due 01/15/28 (a) | $ | 300,000 | 315,750 | |||||||||
Republic of Austria Government Bond | ||||||||||||
0.500%, due 02/20/29 (a) | EUR | 230,000 | 268,957 | |||||||||
668,164 |
See Notes to Financial Statements.
81
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Bermuda — 0.5% | ||||||||||||
Digicel Group Two Ltd. | ||||||||||||
9.125%, due 04/01/24 (a)(b) | $ | 608,591 | $ | 91,289 | ||||||||
Geopark Ltd. | ||||||||||||
6.500%, due 09/21/24 | 600,000 | 626,250 | ||||||||||
IHS Markit Ltd. | ||||||||||||
4.750%, due 08/01/28 | 135,000 | 150,187 | ||||||||||
Inkia Energy Ltd. | ||||||||||||
5.875%, due 11/09/27 | 400,000 | 418,000 | ||||||||||
Viking Cruises Ltd. | ||||||||||||
5.875%, due 09/15/27 (a) | 110,000 | 117,288 | ||||||||||
1,403,014 | ||||||||||||
Brazil — 1.3% | ||||||||||||
Banco Bradesco SA | ||||||||||||
5.750%, due 03/01/22 | 200,000 | 210,910 | ||||||||||
Banco BTG Pactual SA | ||||||||||||
7.750%, due 02/15/29 (5 Year CMT Rate + 5.257%) (a)(d) | 600,000 | 635,552 | ||||||||||
Banco do Brasil SA | ||||||||||||
6.250%, due 04/15/2167 (10 Year CMT Rate + 4.398%) (d) | 500,000 | 508,750 | ||||||||||
Natura Cosmeticos SA | ||||||||||||
5.375%, due 02/01/23 (a) | 200,000 | 208,500 | ||||||||||
Notas do Tesouro Nacional | ||||||||||||
10.000%, due 01/01/21 | BRL | 1,865,000 | 487,325 | |||||||||
10.000%, due 01/01/23 | BRL | 4,560,000 | 1,260,345 | |||||||||
10.000%, due 01/01/27 | BRL | 2,000,000 | 586,264 | |||||||||
3,897,646 | ||||||||||||
Britain — 0.2% | ||||||||||||
United Kingdom Gilt | ||||||||||||
3.750%, due 09/07/20 | GBP | 90,000 | 121,706 | |||||||||
Vedanta Resources Finance II PLC | ||||||||||||
9.250%, due 04/23/26 (a) | $ | 200,000 | 198,750 |
Par Value | Value | |||||||||||
Vedanta Resources Ltd. | ||||||||||||
6.125%, due 08/09/24 | $ | 400,000 | $ | 365,000 | ||||||||
685,456 | ||||||||||||
British Virgin — 0.5% | ||||||||||||
CNPC General Capital Ltd. | ||||||||||||
3.400%, due 04/16/23 | 200,000 | 205,889 | ||||||||||
Radiant Access Ltd. | ||||||||||||
4.600%, due 05/18/2168 | 400,000 | 400,000 | ||||||||||
Sinopec Capital 2013 Ltd. | ||||||||||||
3.125%, due 04/24/23 | 300,000 | 305,289 | ||||||||||
Star Energy Geothermal Wayang Windu Ltd. | ||||||||||||
6.750%, due 04/24/33 | 552,000 | 588,570 | ||||||||||
1,499,748 | ||||||||||||
Canada — 2.9% | ||||||||||||
1011778 BC ULC | ||||||||||||
4.250%, due 05/15/24 (a) | 325,000 | 333,125 | ||||||||||
5.000%, due 10/15/25 (a) | 432,000 | 448,200 | ||||||||||
3.875%, due 01/15/28 (a) | 265,000 | 266,325 | ||||||||||
ATS Automation Tooling Systems, Inc. | ||||||||||||
6.500%, due 06/15/23 (a) | 50,000 | 51,625 | ||||||||||
Bank of Montreal | ||||||||||||
3.803%, due 12/15/32 (5 Year USD Swap Rate + 1.432%) (d) | 55,000 | 57,406 | ||||||||||
Bausch Health Cos, Inc. | ||||||||||||
5.875%, due 05/15/23 (a) | 145,000 | 146,269 | ||||||||||
6.125%, due 04/15/25 (a) | 195,000 | 201,337 | ||||||||||
5.500%, due 11/01/25 (a) | 115,000 | 120,175 | ||||||||||
9.000%, due 12/15/25 (a) | 95,000 | 107,944 | ||||||||||
5.750%, due 08/15/27 (a) | 40,000 | 43,450 |
See Notes to Financial Statements.
82
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Canada — 2.9% (Continued) | ||||||||||||
7.000%, due 01/15/28 (a) | $ | 40,000 | $ | 44,100 | ||||||||
5.000%, due 01/30/28 (a) | 85,000 | 87,125 | ||||||||||
7.250%, due 05/30/29 (a) | 40,000 | 45,650 | ||||||||||
5.250%, due 01/30/30 (a) | 180,000 | 186,300 | ||||||||||
Bombardier, Inc. | ||||||||||||
8.750%, due 12/01/21 (a) | 25,000 | 27,406 | ||||||||||
6.000%, due 10/15/22 (a) | 40,000 | 40,100 | ||||||||||
Canacol Energy Ltd. | ||||||||||||
7.250%, due 05/03/25 (a) | 200,000 | 209,750 | ||||||||||
7.250%, due 05/03/25 | 400,000 | 419,500 | ||||||||||
Canadian Government Bond | ||||||||||||
0.750%, due 09/01/20 | CAD | 625,000 | 478,288 | |||||||||
0.500%, due 03/01/22 | CAD | 605,000 | 454,145 | |||||||||
2.250%, due 03/01/24 | CAD | 1,086,000 | 855,177 | |||||||||
1.500%, due 09/01/24 | CAD | 585,000 | 446,759 | |||||||||
Cascades Inc./Cascades USA, Inc. | ||||||||||||
5.375%, due 01/15/28 (a) | $ | 25,000 | 25,473 | |||||||||
Cenovus Energy, Inc. | ||||||||||||
5.250%, due 06/15/37 | 175,000 | 192,334 | ||||||||||
5.400%, due 06/15/47 | 60,000 | 70,048 | ||||||||||
Enbridge, Inc. | ||||||||||||
4.250%, due 12/01/26 | 390,000 | 428,384 | ||||||||||
Garda World Security Corp. | ||||||||||||
8.750%, due 05/15/25 (a) | 70,000 | 72,450 | ||||||||||
GFL Environmental, Inc. | ||||||||||||
5.125%, due 12/15/26 (a) | 50,000 | 52,563 | ||||||||||
8.500%, due 05/01/27 (a) | 45,000 | 49,275 |
Par Value | Value | |||||||||||
Masonite International Corp. | ||||||||||||
5.375%, due 02/01/28 (a) | $ | 10,000 | $ | 10,575 | ||||||||
MDC Partners, Inc. | ||||||||||||
6.500%, due 05/01/24 (a) | 25,000 | 22,625 | ||||||||||
MEG Energy Corp. | ||||||||||||
7.000%, due 03/31/24 (a) | 20,000 | 20,150 | ||||||||||
National Bank of Canada | ||||||||||||
2.150%, due 10/07/22 (a) | 250,000 | 249,806 | ||||||||||
Norbord, Inc. | ||||||||||||
5.750%, due 07/15/27 (a) | 25,000 | 26,000 | ||||||||||
Nutrien Ltd. | ||||||||||||
4.200%, due 04/01/29 | 55,000 | 60,463 | ||||||||||
Open Text Corp. | ||||||||||||
5.875%, due 06/01/26 (a) | 50,000 | 53,375 | ||||||||||
Parkland Fuel Corp. | ||||||||||||
5.875%, due 07/15/27 (a) | 45,000 | 48,431 | ||||||||||
Province of British Columbia Canada | ||||||||||||
6.600%, due 01/09/20 (a) | INR | 9,200,000 | 128,892 | |||||||||
Province of Ontario Canada | ||||||||||||
3.500%, due 06/02/24 | CAD | 715,000 | 584,697 | |||||||||
2.900%, due 06/02/28 | CAD | 220,000 | 177,232 | |||||||||
3.450%, due 06/02/45 | CAD | 195,000 | 176,442 | |||||||||
Province of Quebec Canada | ||||||||||||
3.000%, due 09/01/23 | CAD | 525,000 | 419,268 | |||||||||
Stoneway Capital Corp. | ||||||||||||
10.000%, due 03/01/27 | $ | 309,954 | 193,721 | |||||||||
Teck Resources Ltd. | ||||||||||||
5.200%, due 03/01/42 | 25,000 | 25,667 | ||||||||||
Telesat LLC | ||||||||||||
6.500%, due 10/15/27 (a) | 40,000 | 41,600 | ||||||||||
Tervita Corp. | ||||||||||||
7.625%, due 12/01/21 (a) | 100,000 | 101,000 |
See Notes to Financial Statements.
83
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Canada — 2.9% (Continued) | ||||||||||||
The Bank of Nova Scotia | ||||||||||||
3.400%, due 02/11/24 | $ | 115,000 | $ | 120,170 | ||||||||
TransCanada PipeLines Ltd. | ||||||||||||
4.250%, due 05/15/28 | 85,000 | 94,029 | ||||||||||
Transcanada Trust | ||||||||||||
5.500%, due 09/15/2079 (3 Month U.S. LIBOR + 4.154%) (d) | 148,000 | 153,758 | ||||||||||
Vermilion Energy, Inc. | ||||||||||||
5.625%, due 03/15/25 (a) | 50,000 | 47,188 | ||||||||||
8,715,772 | ||||||||||||
Cayman Islands — 1.0% | ||||||||||||
Avolon Holdings Funding Ltd. | ||||||||||||
5.250%, due 05/15/24 (a) | 60,000 | 65,475 | ||||||||||
3.950%, due 07/01/24 (a) | 115,000 | 119,786 | ||||||||||
Comunicaciones Celulares SA Via Comcel Trust | ||||||||||||
6.875%, due 02/06/24 | 200,000 | 205,750 | ||||||||||
Cosan Overseas Ltd. | ||||||||||||
8.250%, due 02/05/50 | 200,000 | 207,500 | ||||||||||
CSN Islands XII Corp. | ||||||||||||
7.000%, due 03/23/2167 | 500,000 | 460,625 | ||||||||||
Energuate Trust | ||||||||||||
5.875%, due 05/03/27 | 200,000 | 206,500 | ||||||||||
Global Aircraft Leasing Co. Ltd. | ||||||||||||
6.500%, due 09/15/24 (a) | 55,000 | 57,406 | ||||||||||
Gran Tierra Energy International Holdings Ltd. | ||||||||||||
6.250%, due 02/15/25 | 400,000 | 360,500 | ||||||||||
Guanay Finance Ltd. | ||||||||||||
6.000%, due 12/15/20 | 224,502 | 225,624 | ||||||||||
Industrial Senior Trust | ||||||||||||
5.500%, due 11/01/22 | 100,000 | 104,594 |
Par Value | Value | |||||||||||
Latam Finance Ltd. | ||||||||||||
6.875%, due 04/11/24 | $ | 200,000 | $ | 211,000 | ||||||||
7.000%, due 03/01/26 (a) | 200,000 | 216,500 | ||||||||||
SPARC EM SPC Panama Metro Line 2 SP | ||||||||||||
0.000%, due 12/05/22 (a) | 126,824 | 121,752 | ||||||||||
0.000%, due 12/05/22 | 126,824 | 121,751 | ||||||||||
Tecnoglass, Inc. | ||||||||||||
8.200%, due 01/31/22 | 200,000 | 215,000 | ||||||||||
Transocean Guardian Ltd. | ||||||||||||
5.875%, due 01/15/24 (a) | 13,350 | 13,650 | ||||||||||
Transocean Poseidon Ltd. | ||||||||||||
6.875%, due 02/01/27 (a) | 75,000 | 79,313 | ||||||||||
Transocean, Inc. | ||||||||||||
7.250%, due 11/01/25 (a) | 30,000 | 29,400 | ||||||||||
3,022,126 | ||||||||||||
Chile — 0.9% | ||||||||||||
AES Gener SA | ||||||||||||
7.125%, due 03/26/2079 (5 Year USD Swap Rate + 4.644%) (a)(d) | 400,000 | 420,500 | ||||||||||
7.125%, due 03/26/2079 (5 Year USD Swap Rate + 4.644%) (d) | 200,000 | 210,250 | ||||||||||
Colbun SA | ||||||||||||
3.950%, due 10/11/27 | 200,000 | 207,884 | ||||||||||
Empresa Electrica Angamos SA | ||||||||||||
4.875%, due 05/25/29 | 165,200 | 170,281 | ||||||||||
Empresa Electrica Guacolda SA | ||||||||||||
4.560%, due 04/30/25 | 400,000 | 365,248 | ||||||||||
Empresa Nacional de Telecomunicaciones SA | ||||||||||||
4.750%, due 08/01/26 | 400,000 | 424,000 | ||||||||||
Engie Energia Chile SA | ||||||||||||
4.500%, due 01/29/25 | 200,000 | 211,536 | ||||||||||
GNL Quintero SA | ||||||||||||
4.634%, due 07/31/29 | 200,000 | 212,417 |
See Notes to Financial Statements.
84
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Chile — 0.9% (Continued) | ||||||||||||
Inversiones CMPC SA | ||||||||||||
4.750%, due 09/15/24 | $ | 200,000 | $ | 212,270 | ||||||||
Sociedad Quimica y Minera de Chile SA | ||||||||||||
4.375%, due 01/28/25 | 200,000 | 209,990 | ||||||||||
2,644,376 | ||||||||||||
Colombia — 0.8% | ||||||||||||
Banco Bilbao Vizcaya Argentaria Colombia SA | ||||||||||||
4.875%, due 04/21/25 | 200,000 | 214,656 | ||||||||||
Bancolombia SA | ||||||||||||
4.875%, due 10/18/27 (5 Year CMT Rate + 2.929%) (d) | 200,000 | 204,000 | ||||||||||
4.625%, due 12/18/29 (5 Year CMT Rate + 2.944%) (d) | 200,000 | 203,250 | ||||||||||
Colombia Telecomunicaciones SA ESP | ||||||||||||
8.500%, due 12/29/49 (5 Year USD Swap Rate + 6.958%) (d) | 200,000 | 202,250 | ||||||||||
Colombian TES | ||||||||||||
11.000%, due 07/24/20 | COP | 565,100,000 | 178,291 | |||||||||
7.000%, due 05/04/22 | COP | 1,855,000,000 | 588,694 | |||||||||
10.000%, due 07/24/24 | COP | 1,187,000,000 | 427,915 | |||||||||
Fideicomiso PA Pacifico Tres | ||||||||||||
8.250%, due 01/15/35 | $ | 200,000 | 229,000 | |||||||||
2,248,056 | ||||||||||||
Dominican Republic — 0.2% | ||||||||||||
Banco de Reservas de la Republica Dominicana | ||||||||||||
7.000%, due 02/01/23 | 300,000 | 314,250 | ||||||||||
Dominican Republic International Bond | ||||||||||||
6.400%, due 06/05/49 (a) | 150,000 | 164,437 | ||||||||||
478,687 |
Par Value | Value | |||||||||||
Finland — 0.1% | ||||||||||||
Finland Government Bond | ||||||||||||
0.500%, due 09/15/28 (a) | EUR | 195,000 | $ | 228,394 | ||||||||
Germany — 0.3% | ||||||||||||
Kreditanstalt fuer Wiederaufbau | ||||||||||||
6.000%, due 08/20/20 | AUD | 240,000 | 173,589 | |||||||||
0.375%, due 03/15/23 | EUR | 150,000 | 172,220 | |||||||||
2.125%, due 08/15/23 | EUR | 260,000 | 317,774 | |||||||||
0.000%, due 09/15/23 | EUR | 80,000 | 90,854 | |||||||||
754,437 | ||||||||||||
Hungary — 0.1% | ||||||||||||
Hungary Government International Bond | ||||||||||||
6.375%, due 03/29/21 | $ | 290,000 | 305,955 | |||||||||
India — 0.4% | ||||||||||||
Adani Green Energy UP Ltd. | ||||||||||||
6.250%, due 12/10/24 (a) | 200,000 | 215,000 | ||||||||||
Adani Ports & Special Economic Zone Ltd. | ||||||||||||
3.950%, due 01/19/22 | 200,000 | 204,376 | ||||||||||
Bharat Petroleum Corp Ltd. | ||||||||||||
4.000%, due 05/08/25 | 300,000 | 307,806 | ||||||||||
Indian Oil Corp Ltd. | ||||||||||||
5.750%, due 08/01/23 | 300,000 | 326,388 | ||||||||||
NTPC Ltd. | ||||||||||||
7.250%, due 05/03/22 | INR | 20,000,000 | 276,793 | |||||||||
1,330,363 | ||||||||||||
Indonesia — 1.6% | ||||||||||||
Indonesia Government International Bond | ||||||||||||
2.625%, due 06/14/23 (a) | EUR | 150,000 | 180,207 | |||||||||
2.150%, due 07/18/24 (a) | EUR | 150,000 | 178,761 |
See Notes to Financial Statements.
85
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Indonesia — 1.6% (Continued) | ||||||||||||
Indonesia Treasury Bond | ||||||||||||
8.250%, due 07/15/21 | IDR | 402,000,000 | $ | 29,991 | ||||||||
5.625%, due 05/15/23 | IDR | 395,000,000 | 27,844 | |||||||||
8.375%, due 03/15/24 | IDR | 2,879,000,000 | 221,340 | |||||||||
6.500%, due 06/15/25 | IDR | 1,482,000,000 | 107,458 | |||||||||
8.375%, due 09/15/26 | IDR | 1,606,000,000 | 124,165 | |||||||||
7.000%, due 05/15/27 | IDR | 3,499,000,000 | 252,019 | |||||||||
6.125%, due 05/15/28 | IDR | 4,089,000,000 | 277,401 | |||||||||
9.000%, due 03/15/29 | IDR | 1,457,000,000 | 117,599 | |||||||||
8.250%, due 05/15/29 | IDR | 283,000,000 | 22,031 | |||||||||
7.000%, due 09/15/30 | IDR | 3,142,000,000 | 225,129 | |||||||||
8.750%, due 05/15/31 | IDR | 3,000,000,000 | 239,654 | |||||||||
6.625%, due 05/15/33 | IDR | 419,000,000 | 27,788 | |||||||||
7.500%, due 06/15/35 | IDR | 1,015,000,000 | 73,267 | |||||||||
7.500%, due 05/15/38 | IDR | 1,447,000,000 | 102,877 | |||||||||
8.375%, due 04/15/39 | IDR | 4,932,000,000 | 378,360 | |||||||||
International Bank for Reconstruction & Development | ||||||||||||
7.450%, due 08/20/21 | IDR | 2,760,000,000 | 203,452 | |||||||||
Jasa Marga Persero Tbk PT | ||||||||||||
7.500%, due 12/11/20 (a) | IDR | 1,500,000,000 | 106,105 | |||||||||
Pelabuhan Indonesia II PT | ||||||||||||
4.250%, due 05/05/25 (a) | $ | 200,000 | 212,000 | |||||||||
Pertamina Persero PT | ||||||||||||
4.300%, due 05/20/23 (a) | 200,000 | 210,750 | ||||||||||
4.300%, due 05/20/23 | 200,000 | 210,750 | ||||||||||
Perusahaan Listrik Negara PT | ||||||||||||
4.125%, due 05/15/27 (a) | 250,000 | 263,437 | ||||||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||||||
3.750%, due 03/01/23 | 600,000 | 623,250 | ||||||||||
4.150%, due 03/29/27 (a) | 400,000 | 430,000 | ||||||||||
4,845,635 |
Par Value | Value | |||||||||||
Ireland — 0.8% | ||||||||||||
C&W Senior Financing DAC | ||||||||||||
6.875%, due 09/15/27 | $ | 800,000 | $ | 853,000 | ||||||||
Ireland Government Bond | ||||||||||||
3.900%, due 03/20/23 | EUR | 400,000 | 510,824 | |||||||||
3.400%, due 03/18/24 | EUR | 550,000 | 714,291 | |||||||||
LCPR Senior Secured Financing DAC | ||||||||||||
6.750%, due 10/15/27 (a) | $ | 255,000 | 271,575 | |||||||||
2,349,690 | ||||||||||||
Isle Of Man — 0.1% | ||||||||||||
Gohl Capital Ltd. | ||||||||||||
4.250%, due 01/24/27 | 200,000 | 209,216 | ||||||||||
Israel — 0.3% | ||||||||||||
Delek & Avner Tamar Bond Ltd. | ||||||||||||
5.082%, due 12/30/23 (a) | 100,000 | 103,727 | ||||||||||
5.412%, due 12/30/25 (a) | 100,000 | 104,898 | ||||||||||
Israel Electric Corp Ltd. | ||||||||||||
6.875%, due 06/21/23 (a) | 200,000 | 227,566 | ||||||||||
5.000%, due 11/12/24 (a) | 400,000 | 440,060 | ||||||||||
876,251 | ||||||||||||
Japan — 0.4% | ||||||||||||
Japan Government Five Year Bond | ||||||||||||
0.100%, due 12/20/23 | JPY | 99,800,000 | 927,165 | |||||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||||||
2.647%, due 03/02/23 (3 Month U.S. LIBOR + 0.740%) (d) | $ | 115,000 | 115,281 | |||||||||
Sony Corp. | ||||||||||||
0.000%, due 09/30/22 | JPY | 20,000,000 | 274,642 | |||||||||
1,317,088 | ||||||||||||
Jersey — 0.0% (f) | ||||||||||||
Walnut Bidco PLC | ||||||||||||
6.750%, due 08/01/24 (a) | EUR | 105,000 | 125,787 |
See Notes to Financial Statements.
86
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Liberia — 0.0% (f) | ||||||||||||
Royal Caribbean Cruises Ltd. | ||||||||||||
3.700%, due 03/15/28 | $ | 65,000 | $ | 67,194 | ||||||||
Luxembourg — 1.5% | ||||||||||||
Allergan Funding SCS | ||||||||||||
1.250%, due 06/01/24 | EUR | 100,000 | 116,830 | |||||||||
2.625%, due 11/15/28 | EUR | 100,000 | 129,059 | |||||||||
Altice Financing SA | ||||||||||||
7.500%, due 05/15/26 (a) | $ | 200,000 | 215,000 | |||||||||
Becton Dickinson Euro Finance Sarl | ||||||||||||
1.208%, due 06/04/26 | EUR | 145,000 | 166,551 | |||||||||
Camelot Finance SA | ||||||||||||
4.500%, due 11/01/26 (a) | $ | 70,000 | 71,837 | |||||||||
CSN Resources SA | ||||||||||||
7.625%, due 04/17/26 (a) | 200,000 | 212,750 | ||||||||||
DH Europe Finance II Sarl | ||||||||||||
0.450%, due 03/18/28 | EUR | 310,000 | 343,382 | |||||||||
European Financial Stability Facility | ||||||||||||
0.500%, due 01/20/23 | EUR | 150,000 | 172,554 | |||||||||
1.875%, due 05/23/23 | EUR | 185,000 | 223,021 | |||||||||
0.125%, due 10/17/23 | EUR | 280,000 | 319,106 | |||||||||
European Investment Bank | ||||||||||||
1.500%, due 05/12/22 | NOK | 1,920,000 | 217,863 | |||||||||
Gilex Holding Sarl | ||||||||||||
8.500%, due 05/02/23 (a) | $ | 150,000 | 161,625 | |||||||||
8.500%, due 05/02/23 | 150,000 | 161,625 | ||||||||||
Intelsat Jackson Holdings SA | ||||||||||||
8.500%, due 10/15/24 (a) | 75,000 | 68,437 | ||||||||||
Millicom International Cellular SA | ||||||||||||
6.625%, due 10/15/26 (a) | 200,000 | 218,750 |
Par Value | Value | |||||||||||
5.125%, due 01/15/28 | $ | 200,000 | $ | 208,250 | ||||||||
Minerva Luxembourg SA | ||||||||||||
6.500%, due 09/20/26 | 600,000 | 636,966 | ||||||||||
5.875%, due 01/19/28 | 200,000 | 210,000 | ||||||||||
Swiss Insured Brazil Power Finance Sarl | ||||||||||||
9.850%, due 07/16/32 (a) | BRL | 1,490,000 | 430,588 | |||||||||
Telecom Italia Capital SA | ||||||||||||
6.375%, due 11/15/33 | $ | 25,000 | 27,688 | |||||||||
4,311,882 | ||||||||||||
Malaysia — 0.6% | ||||||||||||
Malayan Banking Bhd | ||||||||||||
2.704%, due 08/16/24 (3 Month U.S. LIBOR + 0.800%) (d) | 200,000 | 199,996 | ||||||||||
Malaysia Government Bond | ||||||||||||
4.160%, due 07/15/21 | MYR | 1,045,000 | 259,841 | |||||||||
3.620%, due 11/30/21 | MYR | 400,000 | 98,857 | |||||||||
4.059%, due 09/30/24 | MYR | 1,375,000 | 348,344 | |||||||||
3.882%, due 03/14/25 | MYR | 430,000 | 108,313 | |||||||||
3.899%, due 11/16/27 | MYR | 600,000 | 151,960 | |||||||||
3.733%, due 06/15/28 | MYR | 400,000 | 100,253 | |||||||||
3.844%, due 04/15/33 | MYR | 980,000 | 243,815 | |||||||||
4.642%, due 11/07/33 | MYR | 475,000 | 128,175 | |||||||||
3.828%, due 07/05/34 | MYR | 360,000 | 90,079 | |||||||||
1,729,633 | ||||||||||||
Mauritius — 0.2% | ||||||||||||
Network i2i Ltd. | ||||||||||||
5.650%, due 10/15/2168 (5 Year CMT Rate + 4.277%) (a)(d) | $ | 200,000 | 197,750 | |||||||||
UPL Corp Ltd. | ||||||||||||
3.250%, due 10/13/21 | 200,000 | 200,848 | ||||||||||
4.500%, due 03/08/28 | 200,000 | 202,694 | ||||||||||
601,292 | ||||||||||||
Mexico — 1.3% | ||||||||||||
Banco Actinver SA | ||||||||||||
9.500%, due 12/18/34 (a) | MXN | 3,000,000 | 156,152 |
See Notes to Financial Statements.
87
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Mexico — 1.3% (Continued) | ||||||||||||
Banco Mercantil del Norte SA | ||||||||||||
6.875%, due 01/06/2167 (5 Year CMT Rate + 5.035%) (d) | $ | 400,000 | $ | 417,000 | ||||||||
7.625%, due 01/06/2167 (10 Year CMT Rate + 5.353%) (d) | 400,000 | 424,444 | ||||||||||
BBVA Bancomer SA | ||||||||||||
5.125%, due 01/18/33 (5 Year CMT Rate + 2.650%) (d) | 700,000 | 702,625 | ||||||||||
Cometa Energia SA de C.V. | ||||||||||||
6.375%, due 04/24/35 | 581,400 | 626,720 | ||||||||||
Credito Real S.A.B. de C.V. | ||||||||||||
9.125%, due 05/29/2163 (5 Year CMT Rate + 7.026%) (d) | 200,000 | 211,000 | ||||||||||
Docuformas S.A.P.I. de C.V. | ||||||||||||
10.250%, due 07/24/24 (a) | 200,000 | 202,750 | ||||||||||
Grupo Bimbo S.A.B. de C.V. | ||||||||||||
5.950%, due 01/17/2168 (5 Year CMT Rate + 3.280%) (d) | 200,000 | 212,500 | ||||||||||
Mexico Generadora de Energia S.A. de R.L. | ||||||||||||
5.500%, due 12/06/32 | 164,064 | 178,361 | ||||||||||
Unifin Financiera S.A.B. de C.V. | ||||||||||||
8.875%, due 07/29/25 (5 Year CMT Rate + 6.308%) (d) | 800,000 | 737,000 | ||||||||||
3,868,552 |
Par Value | Value | |||||||||||
Mongolia — 0.3% | ||||||||||||
Ardagh Packaging Finance PLC | ||||||||||||
5.250%, due 08/15/27 (a) | $ | 200,000 | $ | 209,750 | ||||||||
JBS USA LUX SA | ||||||||||||
6.750%, due 02/15/28 (a) | 104,000 | 114,660 | ||||||||||
JBS USA LUX SA | ||||||||||||
6.500%, due 04/15/29 (a) | 45,000 | 49,950 | ||||||||||
NXP BV | ||||||||||||
3.875%, due 06/18/26 (a) | 340,000 | 359,550 | ||||||||||
Panther BF Aggregator 2 LP | ||||||||||||
6.250%, due 05/15/26 (a) | 45,000 | 48,600 | ||||||||||
782,510 | ||||||||||||
Netherlands — 1.3% | ||||||||||||
AES Andres BV | ||||||||||||
7.950%, due 05/11/26 (a) | 500,000 | 532,500 | ||||||||||
BMW Finance NV | ||||||||||||
1.000%, due 11/14/24 | EUR | 75,000 | 87,343 | |||||||||
BNG Bank NV | ||||||||||||
0.250%, due 02/22/23 | EUR | 150,000 | 171,087 | |||||||||
0.250%, due 06/07/24 | EUR | 120,000 | 137,476 | |||||||||
Greenko Dutch BV | ||||||||||||
5.250%, due 07/24/24 (a) | $ | 200,000 | 203,250 | |||||||||
Minejesa Capital BV | ||||||||||||
4.625%, due 08/10/30 | 400,000 | 414,252 | ||||||||||
5.625%, due 08/10/37 | 200,000 | 217,560 | ||||||||||
Petrobras Global Finance BV | ||||||||||||
5.999%, due 01/27/28 | 110,000 | 125,538 | ||||||||||
5.750%, due 02/01/29 | 290,000 | 326,250 | ||||||||||
5.093%, due 01/15/30 (a) | 442,000 | 475,150 | ||||||||||
6.900%, due 03/19/49 | 195,000 | 229,125 | ||||||||||
Syngenta Finance NV | ||||||||||||
5.676%, due 04/24/48 | 600,000 | 622,578 |
See Notes to Financial Statements.
88
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Netherlands — 1.3% (Continued) | ||||||||||||
VTR Finance BV | ||||||||||||
6.875%, due 01/15/24 | $ | 600,000 | $ | 611,250 | ||||||||
4,153,359 | ||||||||||||
New Zealand — 0.3% | ||||||||||||
International Bank for Reconstruction & Development | ||||||||||||
3.500%, due 01/22/21 | NZD | 150,000 | 103,126 | |||||||||
4.625%, due 10/06/21 | NZD | 270,000 | 191,545 | |||||||||
3.375%, due 01/25/22 | NZD | 370,000 | 258,214 | |||||||||
Nordic Investment Bank | ||||||||||||
4.125%, due 03/19/20 | NZD | 240,000 | 162,440 | |||||||||
1.500%, due 01/24/22 | NOK | 1,000,000 | 113,267 | |||||||||
828,592 | ||||||||||||
Norway — 0.6% | ||||||||||||
Aker BP ASA | ||||||||||||
4.750%, due 06/15/24 (a) | $ | 155,000 | 161,394 | |||||||||
Nordea Eiendomskreditt AS | ||||||||||||
2.170%, due 06/21/23 (3 Month NIBOR + 0.300%) (d) | NOK | 1,000,000 | 114,257 | |||||||||
2.210%, due 06/19/24 (3 Month NIBOR + 0.340%) (d) | NOK | 1,000,000 | 114,269 | |||||||||
Norway Government Bond | ||||||||||||
3.750%, due 05/25/21 (a) | NOK | 7,180,000 | 844,985 | |||||||||
2.000%, due 05/24/23 (a) | NOK | 3,600,000 | 417,928 | |||||||||
1,652,833 | ||||||||||||
Panama — 0.2% | ||||||||||||
Aeropuerto Internacional de Tocumen SA | ||||||||||||
5.625%, due 05/18/36 | $ | 200,000 | 235,250 | |||||||||
Cable Onda SA | ||||||||||||
4.500%, due 01/30/30 (a) | 200,000 | 211,000 |
Par Value | Value | |||||||||||
Empresa de Transmision Electrica SA | ||||||||||||
5.125%, due 05/02/49 (a) | $ | 200,000 | $ | 229,000 | ||||||||
675,250 | ||||||||||||
Paraguay — 0.1% | ||||||||||||
Telefonica Celular del Paraguay SA | ||||||||||||
5.875%, due 04/15/27 (a) | 200,000 | 206,717 | ||||||||||
Peru — 0.3% | ||||||||||||
Orazul Energy Egenor SCA | ||||||||||||
5.625%, due 04/28/27 | 200,000 | 205,814 | ||||||||||
Peru Government Bond | ||||||||||||
6.150%, due 08/12/32 (a) | PEN | 526,000 | 180,888 | |||||||||
6.850%, due 02/12/42 | PEN | 525,000 | 191,399 | |||||||||
Petroleos del Peru SA | ||||||||||||
5.625%, due 06/19/47 (a) | $ | 200,000 | 232,042 | |||||||||
Scotiabank Peru SAA | ||||||||||||
4.500%, due 12/13/27 (3 Month U.S. LIBOR + 3.856%) (d) | 80,000 | 82,813 | ||||||||||
892,956 | ||||||||||||
Philippines — 0.8% | ||||||||||||
BDO Unibank, Inc. | ||||||||||||
2.950%, due 03/06/23 | 300,000 | 303,813 | ||||||||||
Philippine Government Bond | ||||||||||||
3.375%, due 08/20/20 | PHP | 1,390,000 | 27,391 | |||||||||
3.500%, due 03/20/21 | PHP | 6,900,000 | 135,833 | |||||||||
6.500%, due 04/28/21 | PHP | 8,830,000 | 180,455 | |||||||||
5.500%, due 03/08/23 | PHP | 4,250,000 | 88,009 | |||||||||
3.500%, due 04/21/23 | PHP | 10,820,000 | 211,283 | |||||||||
6.250%, due 03/12/24 | PHP | 7,090,000 | 152,793 | |||||||||
8.000%, due 07/19/31 | PHP | 11,320,000 | 291,319 | |||||||||
Philippine Government International Bond | ||||||||||||
4.950%, due 01/15/21 | PHP | 10,000,000 | 198,912 | |||||||||
0.875%, due 05/17/27 | EUR | 285,000 | 325,242 | |||||||||
6.250%, due 01/14/36 | PHP | 15,000,000 | 357,794 |
See Notes to Financial Statements.
89
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
Philippines — 0.8% (Continued) | ||||||||||||
Union Bank of the Philippines | ||||||||||||
3.369%, due 11/29/22 | $ | 200,000 | $ | 204,618 | ||||||||
2,477,462 | ||||||||||||
Portugal — 0.4% | ||||||||||||
Portugal Government International Bond | ||||||||||||
5.125%, due 10/15/24 (a) | 345,000 | 386,831 | ||||||||||
Portugal Obrigacoes do Tesouro OT | ||||||||||||
3.850%, due 04/15/21 (a) | EUR | 385,000 | 456,174 | |||||||||
2.125%, due 10/17/28 (a) | EUR | 370,000 | 476,912 | |||||||||
1,319,917 | ||||||||||||
Puerto Rico — 0.1% | ||||||||||||
Popular, Inc. | ||||||||||||
6.125%, due 09/14/23 | $ | 290,000 | 313,450 | |||||||||
Qatar — 0.1% | ||||||||||||
Qatar Government International Bond | ||||||||||||
4.000%, due 03/14/29 (a) | 200,000 | 223,128 | ||||||||||
Saudi Arabia — 0.3% | ||||||||||||
Saudi Arabian Oil Co. | ||||||||||||
3.500%, due 04/16/29 (a) | 400,000 | 413,060 | ||||||||||
4.250%, due 04/16/39 (a) | 200,000 | 214,186 | ||||||||||
4.375%, due 04/16/49 (a) | 200,000 | 218,134 | ||||||||||
845,380 | ||||||||||||
Singapore — 1.3% | ||||||||||||
BOC Aviation Ltd. | ||||||||||||
2.750%, due 09/18/22 (a) | 200,000 | 200,560 | ||||||||||
DBS Group Holdings Ltd. | ||||||||||||
3.600%, due 12/29/49 (5 Year USD Swap Rate + 2.390%) (d) | 500,000 | 499,330 |
Par Value | Value | |||||||||||
Indika Energy Capital III Ltd. | ||||||||||||
5.875%, due 11/09/24 (a) | $ | 200,000 | $ | 194,250 | ||||||||
LLPL Capital Ltd. | ||||||||||||
6.875%, due 02/04/39 (a) | 296,460 | 345,005 | ||||||||||
Medco Oak Tree Ltd. | ||||||||||||
7.375%, due 05/14/26 (a) | 220,000 | 224,950 | ||||||||||
ONGC Videsh Vankorneft Ltd. | ||||||||||||
3.750%, due 07/27/26 | 500,000 | 512,820 | ||||||||||
Singapore Government Bond | ||||||||||||
3.250%, due 09/01/20 | SGD | 1,075,000 | 808,046 | |||||||||
1.750%, due 04/01/22 | SGD | 450,000 | 336,191 | |||||||||
United Overseas Bank Ltd. | ||||||||||||
3.875%, due 10/19/2167 (5 Year USD Swap Rate + 1.794%) (d) | $ | 700,000 | 711,690 | |||||||||
3,832,842 | ||||||||||||
Spain — 0.2% | ||||||||||||
AI Candelaria Spain SLU | ||||||||||||
7.500%, due 12/15/28 (a) | 250,000 | 280,312 | ||||||||||
7.500%, due 12/15/28 | 250,000 | 280,313 | ||||||||||
560,625 | ||||||||||||
Sweden — 0.1% | ||||||||||||
Sweden Government International Bond | ||||||||||||
0.125%, due 04/24/23 (a) | EUR | 325,000 | 370,464 | |||||||||
Thailand — 0.1% | ||||||||||||
Export Import Bank of Thailand | ||||||||||||
2.760%, due 05/23/24 (3 Month U.S. LIBOR + 0.850%) (d) | $ | 200,000 | 200,498 |
See Notes to Financial Statements.
90
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
FOREIGN BONDS — 23.2% (Continued) | ||||||||||||
United Kingdom — 0.0% (f) | ||||||||||||
Connect Finco SARL | ||||||||||||
6.750%, due 10/01/26 (a) | $ | 80,000 | $ | 84,600 | ||||||||
Total Foreign Bonds (Cost $66,710,501) | 69,085,046 | |||||||||||
BANK LOANS — 5.2% (d) | ||||||||||||
1011778 BC ULC | ||||||||||||
3.549%, due 11/13/26 (1 Month U.S. LIBOR + 1.750%) | 685,615 | 687,240 | ||||||||||
Access CIG LLC | ||||||||||||
5.513%, due 02/27/25 (1 Month U.S. LIBOR + 3.500%) | 44,886 | 44,923 | ||||||||||
Acrisure LLC | ||||||||||||
6.195%, due 11/22/23 (3 Month U.S. LIBOR + 4.250%) | 136,733 | 137,332 | ||||||||||
Albertson’s LLC | ||||||||||||
4.549%, due 11/17/25 (1 Month U.S. LIBOR + 2.750%) | 28,336 | 28,627 | ||||||||||
Aldevron LLC | ||||||||||||
6.195%, due 10/13/26 (3 Month U.S. LIBOR + 4.250%) | 140,000 | 141,750 | ||||||||||
Aleris International, Inc. | ||||||||||||
6.549%, due 02/27/23 (1 Month U.S. LIBOR + 4.750%) | 105,910 | 106,174 | ||||||||||
AlixPartners LLP | ||||||||||||
4.549%, due 04/04/24 (1 Month U.S. LIBOR + 2.750%) | 297,331 | 299,491 | ||||||||||
Allied Universal Holdco LLC | ||||||||||||
6.049%, due 07/10/26 (1 Month U.S. LIBOR + 4.250%) | 109,189 | 109,985 | ||||||||||
6.055%, due 07/10/26 (1 Month U.S. LIBOR + 4.250%) | 10,811 | 10,890 |
Par Value | Value | |||||||||||
Alterra Mountain Co. | ||||||||||||
4.549%, due 09/30/24 (1 Month U.S. LIBOR + 2.750%) | $ | 164,710 | $ | 166,357 | ||||||||
American Airlines, Inc. | ||||||||||||
3.740%, due 12/14/23 (1 Month U.S. LIBOR + 2.000%) | 220,363 | 221,435 | ||||||||||
American Tire Distributors, Inc. | ||||||||||||
9.299%, due 09/01/21 (1 Month U.S. LIBOR + 7.500%) | 30,465 | 27,342 | ||||||||||
Applied Systems, Inc. | ||||||||||||
5.195%, due 09/19/24 (3 Month U.S. LIBOR + 3.250%) | 65,666 | 65,989 | ||||||||||
Ascend Learning LLC | ||||||||||||
4.799%, due 07/29/24 (1 Month U.S. LIBOR + 3.000%) | 109,440 | 110,295 | ||||||||||
AssuredPartners, Inc. | ||||||||||||
5.299%, due 10/22/24 (1 Month U.S. LIBOR + 3.500%) | 167,647 | 168,422 | ||||||||||
Auris Luxembourg III Sarl | ||||||||||||
5.549%, due 07/25/25 (1 Month U.S. LIBOR + 3.750%) | 178,650 | 179,842 | ||||||||||
Avaya, Inc. | ||||||||||||
5.990%, due 12/16/24 (1 Month U.S. LIBOR + 4.250%) | 40,000 | 39,370 | ||||||||||
Bausch Health Americas, Inc. | ||||||||||||
4.490%, due 11/27/25 (1 Month U.S. LIBOR + 2.750%) | 114,750 | 115,503 | ||||||||||
Berry Global, Inc. | ||||||||||||
4.215%, due 07/01/26 (1 Month U.S. LIBOR + 2.500%) | 498,747 | 499,840 | ||||||||||
4.215%, due 07/01/26 (1 Month U.S. LIBOR + 2.500%) | 159,200 | 159,549 |
See Notes to Financial Statements.
91
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
BANK LOANS — 5.2% (d) (Continued) | ||||||||||||
BJ’s Wholesale Club, Inc. | ||||||||||||
4.491%, due 02/02/24 (1 Month U.S. LIBOR + 2.750%) | $ | 94,555 | $ | 95,323 | ||||||||
Blackhawk Network Holdings, Inc. | ||||||||||||
4.799%, due 06/16/25 (1 Month U.S. LIBOR + 3.000%) | 109,627 | 109,833 | ||||||||||
Blackstone CQP Holdco LP | ||||||||||||
5.408%, due 09/30/24 (3 Month U.S. LIBOR + 3.500%) | 119,400 | 120,193 | ||||||||||
Buckeye Partners LP | ||||||||||||
4.441%, due 11/30/26 (1 Month U.S. LIBOR + 2.750%) | 75,000 | 75,771 | ||||||||||
Caesars Resort Collection LLC | ||||||||||||
4.549%, due 12/23/24 (1 Month U.S. LIBOR + 2.750%) | 174,555 | 175,119 | ||||||||||
Calpine Corporation T/L B9 | ||||||||||||
4.200%, due 04/06/26 (3 Month U.S. LIBOR + 2.250%) | 298,500 | 300,664 | ||||||||||
Canyon Valor Companies, Inc. | ||||||||||||
4.549%, due 06/16/23 (1 Month U.S. LIBOR + 2.750%) | 218,907 | 219,660 | ||||||||||
Capri Acquisitions Bidco Ltd. | ||||||||||||
4.927%, due 11/01/24 (3 Month U.S. LIBOR + 3.000%) | 230,181 | 228,426 | ||||||||||
Catalent Pharma Solutions, Inc. | ||||||||||||
4.049%, due 05/18/26 (1 Month U.S. LIBOR + 2.250%) | 113,100 | 113,736 |
Par Value | Value | |||||||||||
Cengage Learning, Inc. | ||||||||||||
6.049%, due 06/07/23 (3 Month U.S. LIBOR + 2.000%) | $ | 44,884 | $ | 43,036 | ||||||||
CenturyLink, Inc. | ||||||||||||
4.549%, due 01/31/25 (1 Month U.S. LIBOR + 2.750%) | 497,462 | 500,260 | ||||||||||
4.549%, due 01/31/25 (1 Month U.S. LIBOR + 2.750%) | 139,760 | 140,547 | ||||||||||
Change Healthcare Holdings LLC | ||||||||||||
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%) | 33,595 | 33,763 | ||||||||||
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%) | 33,130 | 33,295 | ||||||||||
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%) | 21,552 | 21,660 | ||||||||||
4.299%, due 03/01/24 (1 Month U.S. LIBOR + 2.500%) | 17,557 | 17,645 | ||||||||||
Charter Communications Operating LLC | ||||||||||||
3.550%, due 02/01/27 (1 Month U.S. LIBOR + 1.750%) | 497,484 | 501,218 | ||||||||||
CHG Healthcare Services, Inc. | ||||||||||||
4.799%, due 06/07/23 (1 Month U.S. LIBOR + 3.000%) | 64,403 | 64,926 | ||||||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||||||
5.299%, due 08/07/26 (1 Month U.S. LIBOR + 3.500%) | 9,975 | 10,047 | ||||||||||
Cornerstone Building Brands, Inc. | ||||||||||||
5.486%, due 04/12/25 (1 Month U.S. LIBOR + 3.750%) | 58,325 | 58,380 |
See Notes to Financial Statements.
92
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
BANK LOANS — 5.2% (d) (Continued) | ||||||||||||
CSC Holdings LLC | ||||||||||||
4.240%, due 04/15/27 (1 Month U.S. LIBOR + 2.500%) | $ | 154,613 | $ | 155,546 | ||||||||
Cvent, Inc. | ||||||||||||
5.549%, due 11/29/23 (1 Month U.S. LIBOR + 3.750%) | 114,514 | 114,600 | ||||||||||
Dcert Buyer, Inc. | ||||||||||||
5.799%, due 10/16/26 (1 Month U.S. LIBOR + 4.000%) | 90,000 | 90,450 | ||||||||||
Deerfield Dakota Holding LLC | ||||||||||||
5.049%, due 02/13/25 (3 Month U.S. LIBOR + 3.250%) | 44,886 | 44,842 | ||||||||||
Dell International LLC | ||||||||||||
3.800%, due 09/19/25 (1 Month U.S. LIBOR + 2.000%) | 482,234 | 486,214 | ||||||||||
3.800%, due 09/19/25 (1 Month U.S. LIBOR + 2.000%) | 90,000 | 90,743 | ||||||||||
Diamond BC B.V. | ||||||||||||
4.927%, due 09/06/24 (3 Month U.S. LIBOR + 3.000%) | 39,898 | 39,190 | ||||||||||
Edgewater Generation LLC | ||||||||||||
5.549%, due 12/12/25 (1 Month U.S. LIBOR + 3.750%) | 22,099 | 21,257 | ||||||||||
EG Finco Ltd. | ||||||||||||
5.961%, due 02/07/25 (3 Month U.S. LIBOR + 4.000%) | 83,513 | 83,348 | ||||||||||
Envision Healthcare Corp. | ||||||||||||
5.549%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%) | 44,480 | 38,160 | ||||||||||
Equinox Holdings, Inc. | ||||||||||||
4.799%, due 03/08/24 (1 Month U.S. LIBOR + 3.000%) | 217,431 | 218,635 |
Par Value | Value | |||||||||||
EW Scripps Co. | ||||||||||||
4.299%, due 05/01/26 (1 Month U.S. LIBOR + 2.500%) | $ | 89,326 | $ | 89,815 | ||||||||
Filtration Group Corp. | ||||||||||||
4.799%, due 03/31/25 (1 Month U.S. LIBOR + 3.000%) | 218,640 | 219,826 | ||||||||||
Finastra USA, Inc. | ||||||||||||
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%) | 156,139 | 155,380 | ||||||||||
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%) | 31,896 | 31,741 | ||||||||||
5.696%, due 06/13/24 (6 Month U.S. LIBOR + 3.500%) | 29,026 | 28,885 | ||||||||||
Flex Acquisition Company, Inc. | ||||||||||||
4.905%, due 12/29/23 (3 Month U.S. LIBOR + 3.000%) | 54,683 | 54,376 | ||||||||||
Forest City Enterprises LP | ||||||||||||
5.299%, due 12/08/25 (1 Month U.S. LIBOR + 3.500%) | 118,800 | 119,617 | ||||||||||
Genesee & Wyoming, Inc. | ||||||||||||
3.906%, due 11/06/26 (3 Month U.S. LIBOR + 2.000%) | 80,000 | 80,871 | ||||||||||
Gentiva Health Services, Inc. | ||||||||||||
5.563%, due 07/02/25 (1 Month U.S. LIBOR + 3.750%) | 217,640 | 219,069 | ||||||||||
GOBP Holdings, Inc. | ||||||||||||
5.240%, due 10/22/25 (1 Month U.S. LIBOR + 3.500%) | 101,559 | 102,998 | ||||||||||
GrafTech Finance, Inc. | ||||||||||||
5.299%, due 02/12/25 (3 Month U.S. LIBOR + 3.500%) | 49,018 | 48,957 |
See Notes to Financial Statements.
93
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
BANK LOANS — 5.2% (d) (Continued) | ||||||||||||
Greeneden US Holdings II LLC | ||||||||||||
5.049%, due 02/01/23 (1 Month U.S. LIBOR + 3.250%) | $ | 96,428 | $ | 96,880 | ||||||||
5.049%, due 02/01/23 (1 Month U.S. LIBOR + 3.250%) | 41,326 | 41,520 | ||||||||||
H-Food Holdings LLC | ||||||||||||
5.487%, due 05/17/25 (3 Month U.S. LIBOR + 3.688%) | 24,937 | 24,762 | ||||||||||
Hyland Software, Inc. | ||||||||||||
5.299%, due 07/01/24 (1 Month U.S. LIBOR + 3.500%) | 299,687 | 301,817 | ||||||||||
Informatica LLC | ||||||||||||
5.049%, due 08/05/22 (1 Month U.S. LIBOR + 3.250%) | 113,738 | 114,367 | ||||||||||
Intelsat Jackson Holdings SA | ||||||||||||
5.682%, due 11/30/23 (6 Month U.S. LIBOR + 3.750%) | 115,382 | 115,783 | ||||||||||
ION Trading Finance Ltd. | ||||||||||||
6.064%, due 11/21/24 (3 Month U.S. LIBOR + 4.000%) | 24,936 | 23,939 | ||||||||||
IRB Holding Corp. | ||||||||||||
5.216%, due 02/05/25 (3 Month U.S. LIBOR + 3.250%) | 154,081 | 155,269 | ||||||||||
Iron Mountain, Inc. | ||||||||||||
3.549%, due 01/02/26 (1 Month U.S. LIBOR + 1.750%) | 69,646 | 69,580 | ||||||||||
JBS USA LUX SA | ||||||||||||
3.799%, due 05/29/26 (1 Month U.S. LIBOR + 2.000%) | 148,875 | 150,426 | ||||||||||
Kestrel Bidco, Inc. | ||||||||||||
4.718%, due 08/07/26 (1 Month U.S. LIBOR + 3.000%) | 105,000 | 106,078 |
Par Value | Value | |||||||||||
Kronos, Inc. | ||||||||||||
4.909%, due 11/01/23 (3 Month U.S. LIBOR + 3.000%) | $ | 59,856 | $ | 60,240 | ||||||||
Level 3 Financing, Inc. | ||||||||||||
3.549%, due 03/01/27 (1 Month U.S. LIBOR + 1.750%) | 337,328 | 338,910 | ||||||||||
Life Time, Inc. | ||||||||||||
4.659%, due 06/10/22 (3 Month U.S. LIBOR + 2.750%) | 59,371 | 59,622 | ||||||||||
Lower Cadence Holdings LLC | ||||||||||||
5.799%, due 05/22/26 (1 Month U.S. LIBOR + 4.000%) | 113,991 | 113,065 | ||||||||||
Mavis Tire Express Services Corp. | ||||||||||||
5.049%, due 02/20/25 (1 Month U.S. LIBOR + 3.250%) | 35,396 | 34,600 | ||||||||||
5.049%, due 03/20/25 (1 Month U.S. LIBOR + 3.250%) | 4,511 | 4,409 | ||||||||||
Messer Industries USA, Inc. | ||||||||||||
4.445%, due 10/01/25 (3 Month U.S. LIBOR + 2.500%) | 19,326 | 19,456 | ||||||||||
Mitchell International, Inc. | ||||||||||||
5.049%, due 11/29/24 (1 Month U.S. LIBOR + 3.250%) | 54,860 | 54,526 | ||||||||||
MLN US Holdco LLC | ||||||||||||
6.191%, due 07/11/25 (1 Month U.S. LIBOR + 4.500%) | 24,937 | 23,669 | ||||||||||
MPH Acquisition Holdings LLC | ||||||||||||
4.695%, due 06/07/23 (3 Month U.S. LIBOR + 2.750%) | 48,134 | 47,575 |
See Notes to Financial Statements.
94
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
BANK LOANS — 5.2% (d) (Continued) | ||||||||||||
Nexstar Broadcasting, Inc. | ||||||||||||
4.452%, due 06/19/26 (1 Month U.S. LIBOR + 2.750%) | $ | 215,000 | $ | 216,503 | ||||||||
Option Care Health, Inc. | ||||||||||||
6.299%, due 05/22/26 (1 Month U.S. LIBOR + 4.500%) | 105,000 | 104,716 | ||||||||||
Panther BF Aggregator 2 LP | ||||||||||||
5.305%, due 04/30/26 (3 Month U.S. LIBOR + 3.500%) | 498,750 | 501,401 | ||||||||||
5.305%, due 04/30/26 (3 Month U.S. LIBOR + 3.500%) | 41,012 | 41,230 | ||||||||||
PetSmart, Inc. | ||||||||||||
5.740%, due 03/10/22 (1 Month U.S. LIBOR + 4.000%) | 65,000 | 64,435 | ||||||||||
Project Alpha Intermediate Holding, Inc. | ||||||||||||
5.490%, due 04/26/24 (6 Month U.S. LIBOR + 3.500%) | 117,123 | 117,563 | ||||||||||
Radiology Partners, Inc. | ||||||||||||
6.618%, due 07/09/25 (12 Month U.S. LIBOR + 4.750%) | 56,829 | 57,208 | ||||||||||
6.710%, due 07/09/25 (6 Month U.S. LIBOR + 4.750%) | 48,725 | 49,050 | ||||||||||
Refinitiv US Holdings, Inc. | ||||||||||||
5.049%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%) | 116,940 | 118,080 | ||||||||||
RentPath LLC | ||||||||||||
6.660%, due 12/17/21 (3 Month U.S. LIBOR + 4.750%) | 53,705 | 29,904 |
Par Value | Value | |||||||||||
Science Applications International Corp. | ||||||||||||
3.549%, due 11/05/25 (1 Month U.S. LIBOR + 1.750%) | $ | 123,750 | $ | 124,311 | ||||||||
Scientific Games International, Inc. | ||||||||||||
4.452%, due 08/14/24 (1 Month U.S. LIBOR + 2.750%) | 47,946 | 48,142 | ||||||||||
4.549%, due 08/14/24 (1 Month U.S. LIBOR + 2.750%) | 11,618 | 11,666 | ||||||||||
Securus Technologies Holdings LLC | ||||||||||||
6.299%, due 06/20/24 (1 Month U.S. LIBOR + 4.500%) | 68,752 | 51,517 | ||||||||||
Sedgwick Claims Management Services, Inc. | ||||||||||||
5.799%, due 08/07/26 (1 Month U.S. LIBOR + 4.000%) | 29,850 | 30,161 | ||||||||||
SolarWinds Holdings, Inc. | ||||||||||||
4.549%, due 02/05/24 (1 Month U.S. LIBOR + 2.750%) | 210,306 | 211,968 | ||||||||||
Solera LLC | ||||||||||||
4.549%, due 03/03/23 (1 Month U.S. LIBOR + 2.750%) | 215,184 | 215,874 | ||||||||||
Sophia LP | ||||||||||||
5.195%, due 09/30/22 (3 Month U.S. LIBOR + 3.250%) | 215,621 | 216,392 | ||||||||||
Sotera Health Holdings LLC | ||||||||||||
6.289%, due 11/20/26 (3 Month U.S. LIBOR + 4.500%) | 85,000 | 85,452 | ||||||||||
Sprint Communications, Inc. | ||||||||||||
4.813%, due 02/02/24 (1 Month U.S. LIBOR + 3.000%) | 497,484 | 496,136 |
See Notes to Financial Statements.
95
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Par Value | Value | |||||||||||
BANK LOANS — 5.2% (d) (Continued) | ||||||||||||
Starfruit US Holdco LLC | ||||||||||||
4.960%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%) | $ | 75,296 | $ | 75,453 | ||||||||
4.960%, due 10/01/25 (1 Month U.S. LIBOR + 3.250%) | 14,642 | 14,672 | ||||||||||
The Edelman Financial Center LLC | ||||||||||||
5.035%, due 07/21/25 (1 Month U.S. LIBOR + 3.250%) | 74,337 | 74,887 | ||||||||||
TKC Holdings, Inc. | ||||||||||||
5.550%, due 02/01/23 (1 Month U.S. LIBOR + 3.750%) | 293,097 | 273,313 | ||||||||||
TransDigm, Inc. | ||||||||||||
4.299%, due 06/09/23 (1 Month U.S. LIBOR + 2.500%) | 185,465 | 186,373 | ||||||||||
Travelport Finance Luxembourg Sarl | ||||||||||||
6.945%, due 03/18/26 (3 Month U.S. LIBOR + 5.000%) | 34,913 | 32,748 | ||||||||||
Uber Technologies, Inc. | ||||||||||||
5.658%, due 03/26/25 (3 Month U.S. LIBOR + 4.000%) | 64,835 | 64,905 | ||||||||||
UFC Holdings LLC | ||||||||||||
5.050%, due 04/30/26 (1 Month U.S. LIBOR + 3.250%) | 79,385 | 80,019 | ||||||||||
US Foods, Inc. | ||||||||||||
3.799%, due 09/14/26 (1 Month U.S. LIBOR + 2.000%) | 214,463 | 215,703 | ||||||||||
Verscend Holding Corp. | ||||||||||||
6.299%, due 08/27/25 (1 Month U.S. LIBOR + 4.500%) | 179,341 | 180,984 | ||||||||||
Vertafore, Inc. | ||||||||||||
5.049%, due 06/04/25 (1 Month U.S. LIBOR + 3.250%) | 117,805 | 116,700 |
Par Value | Value | |||||||||||
VICI Properties 1 LLC | ||||||||||||
3.785%, due 12/20/24 (1 Month U.S. LIBOR + 2.000%) | $ | 215,000 | $ | 216,313 | ||||||||
Virgin Media Bristol LLC | ||||||||||||
4.176%, due 01/31/28 (1 Month U.S. LIBOR + 2.500%) | 210,945 | 212,541 | ||||||||||
VVC Holding Corp. | ||||||||||||
6.401%, due 02/11/26 (3 Month U.S. LIBOR + 4.500%) | 113,744 | 114,502 | ||||||||||
Web.com Group, Inc. | ||||||||||||
5.495%, due 10/10/25 (1 Month U.S. LIBOR + 3.750%) | 35,728 | 35,749 | ||||||||||
WP CPP Holdings LLC | ||||||||||||
5.680%, due 04/30/25 (3 Month U.S. LIBOR + 3.750%) | 110,000 | 109,174 | ||||||||||
Total Bank Loans (Cost $15,427,993) | 15,470,616 |
Shares | ||||||||
COMMON STOCKS — 0.3% | ||||||||
Financials — 0.2% | ||||||||
The Bank of New York Mellon Corp. | 4,520 | 227,492 | ||||||
US Bancorp | 4,531 | 268,643 | ||||||
496,135 | ||||||||
Industrials — 0.0% (f) | ||||||||
HC2 Holdings, Inc. (e) | 10,600 | 23,002 | ||||||
Real Estate — 0.1% | ||||||||
Crown Castle International Corp. (e) | 200 | 256,348 | ||||||
Total Common Stocks (Cost $740,857) | 775,485 | |||||||
PREFERRED STOCKS — 1.2% | ||||||||
American Electric Power Co, Inc. CV, 6.125% | 6,650 | 359,964 | ||||||
Becton Dickinson and Co. CV, 6.125% | 6,600 | 432,036 | ||||||
Broadcom, Inc. CV, 8.000% | 190 | 223,814 |
See Notes to Financial Statements.
96
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
Shares | Value | |||||||
PREFERRED STOCKS — 1.2% (Continued) | ||||||||
Dominion Energy, Inc. CV, 7.250% | 4,200 | $ | 449,358 | |||||
DTE Energy Co. CV, 6.250% | 5,500 | 281,930 | ||||||
Fortive Corp. CV, 5.000% | 460 | 447,470 | ||||||
South Jersey Industries, Inc. CV, 7.250% | 2,800 | 145,348 | ||||||
Stanley Black & Decker, Inc. CV, 5.250% | 2,100 | 228,816 | ||||||
The Southern Co. CV, 6.750% | 7,700 | 415,030 | ||||||
US Bancorp, 5.500% | 6,900 | 189,198 | ||||||
US Bancorp, 3.500% | 375 | 330,000 | ||||||
Wells Fargo & Co., 5.850% | 7,300 | 199,947 | ||||||
Total Preferred Stocks (Cost $3,578,069) | 3,702,911 |
Contracts | Notional | |||||||||||
PURCHASED OTC OPTIONS — 0.0% (f) | ||||||||||||
Currency Call Options — 0.0% (f) | ||||||||||||
Japanese Yen, 2/26/2020 at 108.5 (b) | 945,000 | $ | 945,000 | 7,385 | ||||||||
Mexican Peso, 2/20/2020 at 21.25 (b) | 1,170,000 | 1,170,000 | 206 | |||||||||
Mexican Peso, 9/11/2020 at 22.50 (b) | 1,200,000 | 1,200,000 | 4,462 | |||||||||
3,315,000 | 12,053 | |||||||||||
Currency Put Options — 0.0% (f) | ||||||||||||
Japanese Yen, 2/26/2020 at 97.00 (b) | 1,417,500 | 1,417,500 | 161 | |||||||||
Total Purchased Options (Cost $59,196) | 4,732,500 | 12,214 |
Shares | Value | |||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 4.2% | ||||||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | 352,485 | $ | 3,464,929 | |||||
Voya Floating Rate Fund - Class P | 949,060 | 9,006,580 | ||||||
Total Affiliated Registered Investment Companies (Cost $12,462,037) | 12,471,509 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENT — 5.0% | ||||||||
Money Market Fund — 4.8% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (g)(h) | $ | 14,447,742 | 14,447,742 | |||||
U.S. Treasury Bill — 0.2% | ||||||||
1.554%, due 09/10/20 (i) | 490,000 | 484,752 | ||||||
Total Short-Term Investment (Cost $14,932,462) | 14,932,494 | |||||||
Total Investments at Value — 99.2% (Cost $286,917,983) | $ | 294,900,134 | ||||||
Other Assets in Excess of Liabilities — 0.8% | 2,449,372 | |||||||
Net Assets — 100.0% | $ | 297,349,506 |
CV | Convertible Security |
(a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other ‘‘qualified institutional buyers.’’ As of December 31, 2019, the value of these investments was $94,480,354, or 31.8% of total net assets. |
(b) | Illiquid security. The total value of such securities is $2,436,920 as of December 31, 2019, representing 0.8% of net assets. |
(c) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $512,507 (Note 7). |
(d) | Variable rate security. The rate listed is as of December 31, 2019. |
See Notes to Financial Statements.
97
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Investments - (continued) | December 31, 2019 |
(e) | Non-income producing security. |
(f) | Represents less than 0.1% |
(g) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(h) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $537,540 (Note 7). |
(i) | Rate listed is yield to maturity based on purchase price. |
CMT — Constant Maturity U.S. Treasury.
LIBOR — London Interbank Offered Rate.
EURIBOR — Euro Interbank Offered Rate.
NIBOR — Norwegian Interbank Offered Rate.
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
COP | Columbian Peso |
EUR | Euro |
GBP | British Pound |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
JPY | Japanese Yen |
MXN | Mexican Peso |
MYR | Malaysian Ringgit |
NOK | Norwegian Krone |
NZD | New Zealand Dollar |
PEN | Peruvian Sol |
PHP | Philippine Peso |
SGD | Singapore Dollar |
See Notes to Financial Statements.
98
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Futures Contracts | December 31, 2019 |
FUTURES CONTRACTS | Contracts | Expiration | Notional | Value/ | ||||||
2-Year U.S. Treasury Note Future | 65 | 03/31/2020 | $ | 14,007,500 | $ | (1,346 | ) | |||
5-Year U.S. Treasury Note Future | 314 | 03/31/2020 | 37,243,344 | (118,001 | ) | |||||
U.S. Treasury Long Bond Future | 6 | 03/20/2020 | 935,437 | (13,261 | ) | |||||
Total Futures Contracts | $ | 52,186,281 | $ | (132,608 | ) |
FUTURES CONTRACTS SOLD SHORT | Contracts | Expiration | Notional | Value/ | ||||||
Euro BTP Italian Government Bond Future | 2 | 03/06/2020 | $ | 319,596 | $ | 604 | ||||
10-Year U.S. Treasury Note Future | 32 | 03/20/2020 | 4,109,500 | 8,730 | ||||||
Ultra 10-Year U.S. Treasury Bond Future | 14 | 03/20/2020 | 1,969,844 | 7,956 | ||||||
Ultra Long-Term U.S. Treasury Bond Future | 12 | 03/20/2020 | 2,179,875 | 67,386 | ||||||
Total Futures Contracts Sold Short | $ | 8,578,815 | $ | 84,676 |
See Notes to Financial Statements.
99
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2019 |
Counterparty | Settlement | Fund | Amount Of | Fund | Amount Of | Unrealized | ||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | AUD | 1,160,000 | CAD | 1,042,617 | $ | 11,857 | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | AUD | 720,000 | USD | 495,446 | 10,360 | ||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | CAD | 521,791 | AUD | 580,000 | (5,553 | ) | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | CAD | 1,215,397 | NZD | 1,446,250 | (38,090 | ) | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | GBP | 272,500 | CAD | 474,521 | (4,096 | ) | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | NZD | 320,623 | AUD | 299,617 | 5,496 | ||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | NZD | 1,135,000 | USD | 743,515 | 21,051 | ||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | USD | 2,070,453 | AUD | 3,024,991 | (54,629 | ) | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | USD | 1,052,555 | NZD | 1,635,120 | (48,904 | ) | |||||||||||||||||
Australia and New Zealand Banking Group Ltd. | 2/12/2020 | USD | 1,861,380 | SGD | 2,564,395 | (45,971 | ) | |||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | AUD | 1,026,691 | USD | 713,000 | 7,796 | ||||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | EUR | 574,479 | USD | 639,000 | 6,092 | ||||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | JPY | 109,457,917 | USD | 1,011,695 | (3,326 | ) | |||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | NZD | 935,430 | USD | 624,000 | 5,886 | ||||||||||||||||||
Barclays Capital, Inc. | 2/7/2020 | USD | 4,948 | COP | 16,491,043 | (61 | ) | |||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | USD | 477,000 | GBP | 366,270 | (8,407 | ) | |||||||||||||||||
Barclays Capital, Inc. | 2/7/2020 | USD | 370,958 | PEN | 1,241,432 | (3,260 | ) | |||||||||||||||||
Barclays Capital, Inc. | 1/17/2020 | USD | 370,000 | SEK | 3,454,338 | 878 | ||||||||||||||||||
BMO Capital Markets | 2/12/2020 | CAD | 460,682 | USD | 350,562 | 4,272 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | AUD | 1,377,272 | USD | 944,000 | 22,924 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | CAD | 1,529,473 | USD | 1,154,298 | 23,647 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | CHF | 933,040 | USD | 951,000 | 14,304 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | EUR | 639,077 | USD | 710,000 | 7,630 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | GBP | 962,146 | USD | 1,267,000 | 8,102 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | NZD | 583,092 | USD | 384,000 | 8,634 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | SEK | 8,821,870 | USD | 942,000 | 683 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 2,497,000 | CAD | 3,274,777 | (25,115 | ) | |||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 1,411,000 | CHF | 1,381,724 | (18,504 | ) | |||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 929,000 | GBP | 709,003 | (10,619 | ) | |||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 365,000 | JPY | 39,565,562 | 507 | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 1,050,000 | NOK | 9,255,363 | (4,313 | ) | |||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 210,000 | NZD | 311,951 | (57 | ) |
See Notes to Financial Statements.
100
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2019 |
Counterparty | Settlement | Fund | Amount Of | Fund | Amount Of | Unrealized | ||||||||||||||||||
Brown Brothers Harriman & Co. | 1/17/2020 | USD | 453,000 | SEK | 4,259,856 | $ | (2,197 | ) | ||||||||||||||||
CIBC, Toronto | 2/12/2020 | CAD | 649,620 | AUD | 720,000 | (5,446 | ) | |||||||||||||||||
CIBC, Toronto | 2/12/2020 | USD | 755,000 | CAD | 993,312 | (10,083 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | AUD | 1,675,000 | JPY | 122,506,903 | 46,470 | ||||||||||||||||||
Citigroup | 2/12/2020 | EUR | 1,591,815 | USD | 1,771,964 | 18,419 | ||||||||||||||||||
Citigroup | 1/17/2020 | GBP | 178,506 | USD | 236,000 | 568 | ||||||||||||||||||
Citigroup | 2/12/2020 | JPY | 61,480,265 | USD | 575,000 | (7,791 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | MXN | 18,015,682 | USD | 909,506 | 37,092 | ||||||||||||||||||
Citigroup | 2/7/2020 | PLN | 17,194 | USD | 4,481 | 51 | ||||||||||||||||||
Citigroup | 2/12/2020 | USD | 397,062 | AUD | 580,000 | (10,393 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | USD | 615,580 | BRL | 2,528,422 | (12,038 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | USD | 1,536,340 | EUR | 1,372,886 | (7,804 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | USD | 1,115,442 | GBP | 853,505 | (16,496 | ) | |||||||||||||||||
Citigroup | 2/12/2020 | USD | 576,667 | JPY | 62,245,400 | 2,399 | ||||||||||||||||||
Citigroup | 2/12/2020 | USD | 1,043,057 | MXN | 20,544,642 | (36,421 | ) | |||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | AUD | 468,774 | EUR | 288,750 | 4,548 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | AUD | 933,192 | USD | 632,443 | 23,133 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | CAD | 1,434,522 | GBP | 815,000 | 24,047 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | CAD | 486,008 | NZD | 578,750 | (15,521 | ) | |||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | EUR | 1,409,000 | CAD | 2,074,721 | (13,260 | ) | |||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | EUR | 477,235 | USD | 530,829 | 5,937 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | GBP | 515,614 | EUR | 575,000 | 37,092 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | GBP | 290,000 | USD | 364,936 | 19,669 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | MXN | 9,864,155 | USD | 500,723 | 17,568 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | NOK | 7,844,035 | CAD | 1,155,000 | 3,999 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | NZD | 1,445,000 | CAD | 1,214,494 | 37,943 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | SGD | 1,094,317 | USD | 805,000 | 8,933 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | USD | 1,081,092 | EUR | 967,091 | (6,636 | ) | |||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | USD | 393,939 | GBP | 291,495 | 7,351 | ||||||||||||||||||
Goldman Sachs Bank, USA | 2/12/2020 | USD | 384,359 | MXN | 7,567,853 | (13,279 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | AUD | 706,384 | USD | 478,543 | 17,698 | ||||||||||||||||||
HSBC Bank, USA | 2/12/2020 | EUR | 869,590 | GBP | 774,058 | (48,509 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | EUR | 500,030 | USD | 556,261 | 6,144 | ||||||||||||||||||
HSBC Bank, USA | 2/12/2020 | GBP | 1,140,000 | USD | 1,459,916 | 51,978 | ||||||||||||||||||
HSBC Bank, USA | 2/12/2020 | JPY | 246,400,196 | USD | 2,316,667 | (43,412 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 1,385,939 | AUD | 2,018,564 | (32,121 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 529,995 | CAD | 705,365 | (13,301 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 109,527 | EUR | 99,060 | (1,890 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 1,233,110 | GBP | 959,243 | (39,061 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 576,667 | JPY | 62,270,774 | 2,165 | ||||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 711,470 | NZD | 1,085,000 | (19,414 | ) | |||||||||||||||||
HSBC Bank, USA | 2/12/2020 | USD | 405,000 | SGD | 549,911 | (4,014 | ) |
See Notes to Financial Statements.
101
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2019 |
Counterparty | Settlement | Fund | Amount Of | Fund | Amount Of | Unrealized | ||||||||||||||||||
JPMChase, New York | 2/12/2020 | EUR | 2,050,063 | USD | 2,282,168 | $ | 23,624 | |||||||||||||||||
JPMChase, New York | 2/12/2020 | GBP | 867,500 | USD | 1,116,053 | 34,445 | ||||||||||||||||||
JPMChase, New York | 1/17/2020 | SEK | 27,569,832 | USD | 2,902,074 | 43,967 | ||||||||||||||||||
JPMChase, New York | 2/7/2020 | USD | 606,720 | BRL | 2,443,702 | (7 | ) | |||||||||||||||||
JPMChase, New York | 2/7/2020 | USD | 383,935 | IDR | 5,410,034,100 | (4,381 | ) | |||||||||||||||||
JPMChase, New York | 2/12/2020 | USD | 133,660 | EUR | 120,000 | (1,309 | ) | |||||||||||||||||
JPMChase, New York | 2/12/2020 | USD | 743,426 | GBP | 575,000 | (19,152 | ) | |||||||||||||||||
JPMChase, New York | 2/12/2020 | USD | 288,750 | NOK | 2,643,848 | (12,447 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | CAD | 869,678 | EUR | 590,000 | 6,258 | ||||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | CAD | 287,500 | NOK | 1,944,052 | (31 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | EUR | 236,397 | USD | 262,589 | 3,297 | ||||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | GBP | 255,096 | EUR | 292,500 | 9,327 | ||||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | MXN | 4,118,887 | USD | 211,060 | 5,358 | ||||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | USD | 2,320,000 | CAD | 3,057,667 | (35,122 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | USD | 7,817,456 | EUR | 6,996,616 | (51,925 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | USD | 377,803 | GBP | 291,250 | (8,459 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | USD | 211,060 | MXN | 4,094,045 | (4,053 | ) | |||||||||||||||||
Morgan Stanley Capital | 2/12/2020 | USD | 1,501,442 | SGD | 2,059,571 | (30,430 | ) | |||||||||||||||||
Morgan Stanley Capital | 1/17/2020 | AUD | 316,134 | USD | 218,000 | 3,944 | ||||||||||||||||||
Morgan Stanley Capital | 1/17/2020 | CHF | 1,566,558 | USD | 1,587,350 | 33,379 | ||||||||||||||||||
Morgan Stanley Capital | 1/17/2020 | EUR | 266,011 | USD | 295,000 | 3,708 | ||||||||||||||||||
Morgan Stanley Capital | 1/17/2020 | SEK | 5,958,178 | USD | 633,000 | 3,676 | ||||||||||||||||||
Morgan Stanley Capital | 1/17/2020 | USD | 1,376,000 | CHF | 1,347,355 | (17,946 | ) | |||||||||||||||||
National Australia Bank | 2/12/2020 | AUD | 135,000 | USD | 92,983 | 1,856 | ||||||||||||||||||
National Australia Bank | 2/12/2020 | NZD | 870,000 | CAD | 722,117 | 29,855 | ||||||||||||||||||
National Australia Bank | 2/12/2020 | USD | 615,043 | NZD | 958,373 | (30,543 | ) | |||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | AUD | 468,212 | EUR | 288,750 | 4,153 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | CAD | 477,611 | GBP | 272,500 | 6,477 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | CAD | 735,249 | JPY | 59,715,392 | 15,388 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | CAD | 993,112 | USD | 755,000 | 9,929 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | EUR | 351,000 | CAD | 517,837 | (4,072 | ) | |||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | GBP | 1,087,500 | CAD | 1,906,306 | (26,036 | ) | |||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | GBP | 1,165,000 | USD | 1,511,669 | 33,381 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | NZD | 352,750 | AUD | 329,710 | 5,997 | ||||||||||||||||||
Royal Bank of Canada, Toronto | 2/12/2020 | USD | 3,170,431 | CAD | 4,169,549 | (41,101 | ) | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | EUR | 577,500 | AUD | 931,863 | (5,103 | ) | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | GBP | 940,000 | USD | 1,255,154 | (8,504 | ) | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | JPY | 163,207,796 | USD | 1,515,000 | (9,267 | ) |
See Notes to Financial Statements.
102
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2019 |
Counterparty | Settlement | Fund | Amount Of | Fund | Amount Of | Unrealized | ||||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | SGD | 117,148 | USD | 86,172 | $ | 961 | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | USD | 1,988,848 | EUR | 1,785,000 | (18,819 | ) | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | USD | 753,447 | GBP | 581,250 | (17,421 | ) | |||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | USD | 580,000 | JPY | 61,722,150 | 10,560 | ||||||||||||||||||
Standard Chartered Securities N.A. | 2/12/2020 | USD | 400,000 | SGD | 552,092 | (10,636 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | AUD | 649,176 | USD | 446,000 | 9,759 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | BRL | 2,528,422 | USD | 611,216 | 16,401 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | CAD | 1,724,188 | EUR | 1,170,000 | 12,081 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | CAD | 867,500 | NOK | 5,851,960 | 1,502 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | CAD | 245,537 | NZD | 290,000 | (6,230 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | CHF | 1,753,037 | USD | 1,807,000 | 6,655 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | EUR | 7,063,847 | USD | 7,871,000 | 61,104 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | EUR | 365,000 | GBP | 316,448 | (9,149 | ) | |||||||||||||||||
State Street Bank, Boston | 2/12/2020 | EUR | 382,519 | USD | 424,295 | 5,940 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | GBP | 639,041 | USD | 839,000 | 7,901 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | GBP | 670,394 | USD | 848,015 | 41,077 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | JPY | 76,252,502 | USD | 701,000 | 1,468 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | JPY | 122,162,796 | USD | 1,153,333 | (26,276 | ) | |||||||||||||||||
State Street Bank, Boston | 2/12/2020 | MXN | 20,466,469 | USD | 1,030,280 | 45,090 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | NOK | 23,498,514 | USD | 2,576,312 | 100,492 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | NZD | 779,415 | USD | 510,747 | 14,084 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | NZD | 817,666 | USD | 516,759 | 34,043 | ||||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 2,158,578 | AUD | 3,132,946 | (40,928 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 2,238,000 | CAD | 2,946,438 | (31,241 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 253,000 | CHF | 248,793 | (4,397 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 6,332,206 | EUR | 5,685,085 | (51,665 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 1,931,885 | GBP | 1,477,343 | (25,992 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 1,196,000 | JPY | 130,092,784 | (2,466 | ) | |||||||||||||||||
State Street Bank, Boston | 1/17/2020 | USD | 2,502,000 | SEK | 23,397,510 | 1,803 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | USD | 1,012,803 | EUR | 903,540 | (3,447 | ) | |||||||||||||||||
State Street Bank, Boston | 2/12/2020 | USD | 374,621 | GBP | 290,000 | (9,983 | ) | |||||||||||||||||
State Street Bank, Boston | 2/12/2020 | USD | 760,000 | JPY | 80,612,440 | 16,281 | ||||||||||||||||||
State Street Bank, Boston | 2/12/2020 | USD | 2,156,230 | MXN | 42,437,247 | (73,549 | ) | |||||||||||||||||
State Street Bank, Boston | 2/12/2020 | USD | 1,492,258 | NOK | 13,311,986 | (24,291 | ) | |||||||||||||||||
TD Securities | 2/12/2020 | CAD | 518,530 | USD | 390,000 | 9,390 | ||||||||||||||||||
TD Securities | 2/12/2020 | EUR | 292,500 | GBP | 253,915 | (7,761 | ) | |||||||||||||||||
TD Securities | 2/12/2020 | USD | 415,665 | CAD | 550,469 | (8,325 | ) |
See Notes to Financial Statements.
103
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Forward Foreign Currency Contracts | December 31, 2019 |
Counterparty | Settlement | Fund | Amount Of | Fund | Amount Of | Unrealized | ||||||||||||||||||
UBS AG, Stamford | 2/12/2020 | CAD | 233,653 | USD | 176,273 | $ | 3,695 | |||||||||||||||||
UBS AG, Stamford | 2/12/2020 | EUR | 580,000 | USD | 650,351 | 2,000 | ||||||||||||||||||
UBS AG, Stamford | 2/12/2020 | GBP | 267,645 | USD | 350,880 | 4,077 | ||||||||||||||||||
UBS AG, Stamford | 2/12/2020 | NOK | 5,932,616 | USD | 646,596 | 29,268 | ||||||||||||||||||
UBS AG, Stamford | 2/12/2020 | USD | 382,311 | EUR | 344,796 | (5,496 | ) | |||||||||||||||||
UBS AG, Stamford | 2/12/2020 | USD | 380,482 | NOK | 3,482,717 | (16,282 | ) | |||||||||||||||||
UBS AG, Stamford | 2/12/2020 | USD | 223,882 | SGD | 308,712 | (5,733 | ) | |||||||||||||||||
$ | (92,993 | ) |
AUD — Australian Dollar
BRL — Brazillian Real
CAD — Canadian Dollar
CHF — Swiss Franc
EUR — Euro
GBP — British Pound
JPY — Japanese Yen
MXN — Mexican Peso
NOK — Norwegian Krone
NZD — New Zealand Dollar
PLN — Polish Zloty
SEK — Sedish Krona
SGD — Singpore Dollar
USD — U.S. Dollar
See Notes to Financial Statements.
104
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule Of Written Options | December 31, 2019 |
WRITTEN OPTIONS | Counterparty | Contracts | Notional | Value | |||||||||
Currency Put Options | |||||||||||||
Japanese Yen, 2/26/2020 at 100 (a) | BNP Paribas | 1,417,500 | $ | 1,417,500 | $ | (413 | ) | ||||||
Total Written Options (Premiums Received $11,592) | $ | 1,417,500 | $ | (413 | ) |
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule of Interest Rate Swaptions Purchased | December 31, 2019 |
Counterparty | Description | Exercise | Expiration | Notional | Value | Unrealized | |||||||||||||||
Calls | |||||||||||||||||||||
Bank of America, N.A. | Interest Rate, 3MO LIBOR | 5.295 | % | 02/27/2020 | $ | 4,947,000 | $ | (15,282 | ) | $ | (15,282 | ) | |||||||||
Bank of America, N.A. | Interest Rate, 3MO LIBOR | 5.270 | % | 02/24/2020 | 5,187,000 | (14,688 | ) | (14,688 | ) | ||||||||||||
Barclays Capital, Inc. | Interest Rate, 3MO LIBOR | 5.020 | % | 03/16/2020 | 2,737,000 | (1,544 | ) | (1,544 | ) | ||||||||||||
Total Interest Rate Swaptions Purchased | $ | (31,514 | ) |
LIBOR — London Interbank Offered Rate.
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule Of Credit Default Swaps | December 31, 2019 |
Counterparty | Reference | Protection | Pay | Termination | Payment | Notional | Value | Upfront | Unrealized | ||||||||||||
Morgan Stanley Capital | North American High Yield CDX Index | Sell | (5.000)% | 12/20/2024 | Quarterly | $ | 1,532,520 | $ | 168,124 | $ | 98,046 | $ | 70,078 | ||||||||
Morgan Stanley Capital | iTraxx Europe Index | Buy | 5.000% | 12/20/2024 | Quarterly | EUR | 3,833,000 | (595,721 | ) | (536,276 | ) | (59,445 | ) | ||||||||
Total Credit Default Swap Contracts | $ | (427,597 | ) | $ | (438,230 | ) | $ | 10,633 |
EUR — Euro
See Notes to Financial Statements.
105
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule Of Centrally Cleared | December 31, 2019 |
Counterparty | Pay (Receive) | Pay (Receive) | Termination | Payment | Notional | Value | Unrealized | |||||||||
Morgan Stanley Capital | (3MO LIBOR) | 1.533% | 08/09/2029 | Quarterly | $ | 1,417,000 | $ | 39,369 | $ | 39,369 | ||||||
Morgan Stanley Capital | (3MO LIBOR) | 1.816% | 08/05/2029 | Quarterly | 1,515,000 | 2,560 | 2,560 | |||||||||
Total Interest Rate Swap Contracts | $ | 41,929 |
LIBOR — London Interbank Offered Rate.
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Schedule Of Over the Counter | December 31, 2019 |
Counterparty | Description | Termination | Strike | Notional | Value | Unrealized | |||||||||
Morgan Stanley Capital | USD/CAD | 01/08/2020 | 4.100 | $ | 9,000 | $ | 8,974 | $ | 8,974 | ||||||
Citibank N.A. | USD/CAD | 01/09/2020 | 4.050 | 9,000 | 8,986 | 8,986 | |||||||||
Citibank N.A. | USD/JPY | 01/27/2020 | 5.800 | 9,000 | 8,897 | 8,897 | |||||||||
Total Exchange Rate Volatility Swaps | $ | 26,857 | $ | 26,857 |
CAD — Canadian Dollar
JPY — Japanese Yen
See Notes to Financial Statements.
106
Wilshire Mutual Funds, Inc.
Statements of Assets and Liabilities
December 31, 2019 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at value* (Note 2) | $ | 210,891,837 | $ | 191,437,398 | $ | 63,821,930 | $ | 60,304,933 | $ | 200,396,408 | $ | 386,515,529 | $ | 282,428,625 | ||||||||||||||
Investments in affiliated securities, at value (Note 5) | — | — | — | — | — | — | 12,471,509 | |||||||||||||||||||||
Cash | — | 2,542 | — | 767 | — | — | 457 | |||||||||||||||||||||
Foreign currency, at value | — | — | — | — | — | 162,212 | 181,529 | |||||||||||||||||||||
Margin deposits for futures contracts | — | — | — | — | — | — | 187,700 | |||||||||||||||||||||
Margin deposits for swap contracts | �� | — | — | — | — | — | — | 857,575 | ||||||||||||||||||||
Receivable for capital shares sold | 237,236 | 241,286 | 49,747 | 131,591 | 55,433 | 204,916 | 692,769 | |||||||||||||||||||||
Receivable for investment securities sold | 400,201 | 602,846 | 23,822 | 52,507 | 2,527,751 | 2,628,061 | 1,453,297 | |||||||||||||||||||||
Swap premium paid | — | — | — | — | — | — | 98,046 | |||||||||||||||||||||
Unrealized appreciation on foreign forward currency contracts (Note 6) | — | — | — | — | — | — | 1,246,974 | |||||||||||||||||||||
Unrealized appreciation on swaps | — | — | — | — | — | — | 138,864 | |||||||||||||||||||||
Net variation margin receivable on futures contracts | — | — | — | — | — | — | 12,253 | |||||||||||||||||||||
Securities lending income receivable | — | — | 5 | 5 | 21 | — | 29 | |||||||||||||||||||||
Dividends and interest receivable | 93,107 | 203,891 | 27,105 | 82,160 | 210,714 | 755,312 | 2,650,414 | |||||||||||||||||||||
Foreign withholding tax reclaims receivable | 9,950 | 9,162 | — | — | 552 | 1,096,362 | — | |||||||||||||||||||||
Other assets | 25,556 | 24,783 | 17,257 | 17,250 | 30,043 | 46,598 | 42,239 | |||||||||||||||||||||
Total Assets | 211,657,887 | 192,521,908 | 63,939,866 | 60,589,213 | 203,220,922 | 391,408,990 | 302,462,280 |
See Notes to Financial Statements.
107
Wilshire Mutual Funds, Inc.
Statements of Assets and Liabilities - (Continued)
December 31, 2019 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Options written, at value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 413 | ||||||||||||||
Swap premium received | — | — | — | — | — | — | 536,276 | |||||||||||||||||||||
Unrealized depreciation on swaps | — | — | — | — | — | — | 59,445 | |||||||||||||||||||||
Payable to custodian | — | — | — | — | 501,754 | 130,388 | — | |||||||||||||||||||||
Payable upon return of securities loaned (Note 7) | — | — | 670,000 | 3,592 | 127,929 | — | 537,540 | |||||||||||||||||||||
Payable for capital shares redeemed | 51,647 | 24,424 | 48,033 | 8,828 | 82,384 | 415,221 | 45,152 | |||||||||||||||||||||
Payable for investment securities purchased | 443,743 | 159,148 | — | 49,816 | — | 198,566 | 2,250,861 | |||||||||||||||||||||
Unrealized depreciation on swaption contracts | — | — | — | — | — | — | 31,514 | |||||||||||||||||||||
Unrealized depreciation on foreign forward currency contracts (Note 6) | — | — | — | — | — | — | 1,339,967 | |||||||||||||||||||||
Investment advisory fees payable (Note 3) | 135,999 | 122,405 | 46,286 | 44,228 | 17,002 | 251,326 | 156,948 | |||||||||||||||||||||
Distribution fees payable (Note 4) | 6,624 | — | 1,009 | 548 | 16,628 | — | — | |||||||||||||||||||||
Shareholder service fees payable (Note 4) | 26,489 | 15,964 | 7,609 | 7,337 | 3,308 | 25,035 | 29,159 | |||||||||||||||||||||
Administration fees payable | 10,340 | 9,799 | 4,575 | 4,455 | 11,919 | 20,503 | 15,755 | |||||||||||||||||||||
Foreign withholding tax payable | — | 1,720 | — | — | 26 | 105,195 | — | |||||||||||||||||||||
Accrued expenses and other payables | 53,694 | 49,663 | 38,401 | 37,716 | 80,137 | 157,478 | 109,744 | |||||||||||||||||||||
Total Liabilities | 728,536 | 383,123 | 815,913 | 156,520 | 841,087 | 1,303,712 | 5,112,774 | |||||||||||||||||||||
NET ASSETS | $ | 210,929,351 | $ | 192,138,785 | $ | 63,123,953 | $ | 60,432,693 | $ | 202,379,835 | $ | 390,105,278 | $ | 297,349,506 | ||||||||||||||
* Includes value of securities on loan | $ | — | $ | — | $ | 655,849 | $ | 3,294 | $ | 124,705 | $ | — | $ | 512,507 |
See Notes to Financial Statements.
108
Wilshire Mutual Funds, Inc.
Statements of Assets and Liabilities - (Continued)
December 31, 2019 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 117,957,483 | $ | 163,814,277 | $ | 47,898,958 | $ | 55,974,445 | $ | 56,023,919 | $ | 330,068,258 | $ | 290,894,574 | ||||||||||||||
Accumulated earnings | 92,971,868 | 28,324,508 | 15,224,995 | 4,458,248 | 146,355,916 | 60,037,020 | 6,454,932 | |||||||||||||||||||||
NET ASSETS | $ | 210,929,351 | $ | 192,138,785 | $ | 63,123,953 | $ | 60,432,693 | $ | 202,379,835 | $ | 390,105,278 | $ | 297,349,506 | ||||||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||||||||||||||
INVESTMENT CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Investment Class | $ | 64,470,260 | $ | 6,069,647 | $ | 9,822,539 | $ | 5,354,751 | $ | 162,113,996 | $ | 2,611,966 | $ | 1,912,756 | ||||||||||||||
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 1,658,027 | 301,787 | 362,639 | 245,081 | 7,068,752 | 229,708 | 183,515 | |||||||||||||||||||||
Net asset value, offering and redemption price per share (a) | $ | 38.88 | $ | 20.11 | $ | 27.09 | $ | 21.85 | $ | 22.93 | $ | 11.37 | $ | 10.42 | ||||||||||||||
INSTITUTIONAL CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Institutional Class | $ | 146,459,091 | $ | 186,069,138 | $ | 53,301,414 | $ | 55,077,942 | $ | 40,265,839 | $ | 387,493,312 | $ | 295,436,750 | ||||||||||||||
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 3,406,739 | 9,368,308 | 1,794,809 | 2,466,525 | 1,755,703 | 34,635,179 | 28,488,451 | |||||||||||||||||||||
Net asset value, offering and redemption price per share (a) | $ | 42.99 | $ | 19.86 | $ | 29.70 | $ | 22.33 | $ | 22.93 | $ | 11.19 | $ | 10.37 | ||||||||||||||
Investments in unaffiliated securities, at cost (Note 2) | $ | 121,103,802 | $ | 162,906,488 | $ | 48,949,488 | $ | 56,732,117 | $ | 54,726,896 | $ | 324,069,546 | $ | 274,455,946 | ||||||||||||||
Investments in affiliated securities, at cost (Note 5) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 12,462,037 | ||||||||||||||
Cash collateral for securities on loan, at cost | $ | — | $ | — | $ | 670,000 | $ | 3,592 | $ | 127,929 | $ | — | $ | 537,540 | ||||||||||||||
Foreign currency, at cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 156,031 | $ | 179,657 | ||||||||||||||
Premiums received for options written | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,592 |
† | For Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share). |
(a) | For Wilshire International Equity Fund, a redemption fee may apply to redemptions of shares held for sixty days or less, subject to certain exceptions (Note 2). |
See Notes to Financial Statements.
109
Wilshire Mutual Funds, Inc.
Statements of Operations
For the Year Ended December 31, 2019 |
LARGE | LARGE | SMALL | SMALL | WILSHIRE | WILSHIRE | WILSHIRE | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividend income from unaffiliated investments | $ | 1,910,397 | $ | 5,456,791 | $ | 380,099 | $ | 1,153,457 | $ | 3,641,245 | $ | 10,960,302 | $ | 362,468 | ||||||||||||||
Income distributions from affiliated investments (Note 5) | — | — | — | — | — | — | 921,504 | |||||||||||||||||||||
Interest | 11,658 | 8,806 | 3,414 | 1,222 | 5,885 | 22,044 | 12,884,789 | |||||||||||||||||||||
Income from securities lending (Note 7) | 63,402 | 10,344 | 21,544 | 9,797 | 39,830 | 30,292 | 16,132 | |||||||||||||||||||||
Foreign taxes withheld | (26,464 | ) | (35,123 | ) | — | (140 | ) | (94 | ) | (1,102,058 | ) | (47,431 | ) | |||||||||||||||
Total income | 1,958,993 | 5,440,818 | 405,057 | 1,164,336 | 3,686,866 | 9,910,580 | 14,137,462 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fee (Note 3) | 1,586,280 | 1,424,837 | 519,683 | 493,386 | 188,872 | 3,749,994 | 1,850,941 | |||||||||||||||||||||
Shareholder Service fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 80,020 | 3,916 | 8,577 | 5,200 | 97,625 | 4,086 | 2,574 | |||||||||||||||||||||
Institutional Class | 82,213 | 87,240 | 34,687 | 38,423 | 9,582 | 141,363 | 167,596 | |||||||||||||||||||||
Distribution (12b-1) fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 157,253 | 14,078 | 24,045 | 12,764 | 379,146 | 7,242 | 4,534 | |||||||||||||||||||||
Administration and accounting fees (Note 3) | 98,664 | 90,237 | 37,802 | 36,580 | 93,833 | 170,645 | 145,900 | |||||||||||||||||||||
Transfer agent fees (Note 3) | 75,587 | 49,595 | 52,515 | 50,323 | 52,192 | 97,300 | 45,078 | |||||||||||||||||||||
Registration and filing fees | 36,504 | 38,807 | 34,693 | 35,261 | 37,803 | 41,144 | 41,856 | |||||||||||||||||||||
Custodian fees (Note 3) | 46,330 | 41,363 | 13,400 | 12,670 | 40,616 | 104,505 | 67,607 | |||||||||||||||||||||
Pricing costs | 6,432 | 7,201 | 9,307 | 8,472 | 35,571 | 172,277 | 216,362 | |||||||||||||||||||||
Professional fees | 39,128 | 37,238 | 26,306 | 26,020 | 37,171 | 55,677 | 68,701 | |||||||||||||||||||||
Directors’ fees and expenses (Note 3) | 40,215 | 35,994 | 11,674 | 11,095 | 35,701 | 70,849 | 60,699 | |||||||||||||||||||||
Printing expense | 34,500 | 28,772 | 19,517 | 19,311 | 21,045 | 53,278 | 37,405 | |||||||||||||||||||||
Insurance expense | 10,990 | 9,914 | 2,951 | 2,846 | 8,900 | 19,378 | 15,472 | |||||||||||||||||||||
Interest expense (Note 2) | 4,841 | 4,465 | 578 | 522 | 78 | 18,477 | 7,576 | |||||||||||||||||||||
Other | 12,895 | 13,188 | 6,949 | 7,772 | 16,771 | 132,365 | 126,152 | |||||||||||||||||||||
Total expenses | 2,311,852 | 1,886,845 | 802,684 | 760,645 | 1,054,906 | 4,838,580 | 2,858,453 | |||||||||||||||||||||
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3) | 1,594 | — | 1,081 | 1,316 | — | 9,292 | — | |||||||||||||||||||||
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3) | (12,196 | ) | — | (106,613 | ) | (110,173 | ) | — | (131,671 | ) | (1,342 | ) | ||||||||||||||||
Fees paid indirectly (Note 4) | (2,913 | ) | (5,037 | ) | (8,192 | ) | (7,544 | ) | — | (5,154 | ) | — | ||||||||||||||||
Net expenses | 2,298,337 | 1,881,808 | 688,960 | 644,244 | 1,054,906 | 4,711,047 | 2,857,111 | |||||||||||||||||||||
Net investment income (loss) | (339,344 | ) | 3,559,010 | (283,903 | ) | 520,092 | 2,631,960 | 5,199,533 | 11,280,351 |
See Notes to Financial Statements.
110
Wilshire Mutual Funds, Inc.
Statements of Operations - (Continued)
For the Year Ended December 31, 2019 |
LARGE | 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 | $ | 20,142,826 | $ | 8,139,204 | $ | 2,328,547 | $ | 1,618,602 | $ | 8,422,576 | $ | 2,646,866 | $ | (821,273 | ) | |||||||||||||
Sale of affiliated investment company shares | — | — | — | — | — | — | (258,579 | ) | ||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | 783,068 | |||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | 863,710 | |||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | 13,086 | |||||||||||||||||||||
Swaption contracts | — | — | — | — | — | — | (356,275 | ) | ||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | (550,237 | ) | ||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | 556,898 | (1,067 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 34,474,002 | 29,829,191 | 12,291,832 | 8,882,880 | 37,385,574 | 73,511,232 | 17,016,742 | |||||||||||||||||||||
Investments in affiliated investment company shares | — | — | — | — | — | — | 746,139 | |||||||||||||||||||||
Futures contracts | — | — | — | — | — | — | (144,746 | ) | ||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | — | (299,898 | ) | ||||||||||||||||||||
Swaption contracts | — | — | — | — | — | — | (31,514 | ) | ||||||||||||||||||||
Option contracts written | — | — | — | — | — | — | 11,179 | |||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | 959,471 | |||||||||||||||||||||
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | — | — | — | — | — | 13,604 | 20,602 | |||||||||||||||||||||
Net realized and unrealized gains on investments and foreign currency transactions | 54,616,828 | 37,968,395 | 14,620,379 | 10,501,482 | 45,808,150 | 76,728,600 | 17,950,408 | |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 54,277,484 | $ | 41,527,405 | $ | 14,336,476 | $ | 11,021,574 | $ | 48,440,110 | $ | 81,928,133 | $ | 29,230,759 |
See Notes to Financial Statements.
111
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets |
LARGE COMPANY | LARGE COMPANY | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (339,344 | ) | $ | (601,788 | ) | $ | 3,559,010 | $ | 3,740,941 | ||||||
Net realized gains on investments and foreign currency transactions | 20,142,826 | 25,974,339 | 8,139,204 | 9,938,112 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 34,474,002 | (28,195,505 | ) | 29,829,191 | (38,506,539 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 54,277,484 | (2,822,954 | ) | 41,527,405 | (24,827,486 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (5,944,837 | ) | (8,482,489 | ) | (337,008 | ) | (424,524 | ) | ||||||||
Institutional Class shares | (12,601,642 | ) | (20,828,265 | ) | (11,094,059 | ) | (15,990,332 | ) | ||||||||
Total distributions to shareholders | (18,546,479 | ) | (29,310,754 | ) | (11,431,067 | ) | (16,414,856 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 686,416 | 2,252,835 | 421,496 | 620,461 | ||||||||||||
Shares issued as reinvestment of distributions | 5,836,404 | 8,313,397 | 329,791 | 412,505 | ||||||||||||
Redemption fees (Note 2) | — | — | — | — | ||||||||||||
Shares redeemed | (8,354,574 | ) | (8,669,710 | ) | (670,072 | ) | (1,323,295 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | (1,831,754 | ) | 1,896,522 | 81,215 | (290,329 | ) | ||||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 9,855,634 | 74,083,600 | 12,864,976 | 134,075,440 | ||||||||||||
Shares issued as reinvestment of distributions | 10,719,273 | 16,422,748 | 9,409,983 | 12,737,140 | ||||||||||||
Redemption fees (Note 2) | — | — | — | — | ||||||||||||
Shares redeemed | (48,244,561 | ) | (90,407,735 | ) | (48,003,488 | ) | (76,059,960 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | (27,669,654 | ) | 98,613 | (25,728,529 | ) | 70,752,620 | ||||||||||
Net increase (decrease) in net assets | 6,229,597 | (30,138,573 | ) | 4,449,024 | 29,219,949 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 204,699,754 | 234,838,327 | 187,689,761 | 158,469,812 | ||||||||||||
End of year | $ | 210,929,351 | $ | 204,699,754 | $ | 192,138,785 | $ | 187,689,761 |
See Notes to Financial Statements.
112
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
SMALL COMPANY | SMALL COMPANY | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (283,903 | ) | $ | (240,048 | ) | $ | 520,092 | $ | 272,242 | ||||||
Net realized gains on investments and foreign currency transactions | 2,328,547 | 1,672,145 | 1,618,602 | 1,531,328 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 12,291,832 | (7,310,302 | ) | 8,882,880 | (13,059,180 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 14,336,476 | (5,878,205 | ) | 11,021,574 | (11,255,610 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (186,475 | ) | (522,031 | ) | (35,071 | ) | (291,975 | ) | ||||||||
Institutional Class shares | (924,937 | ) | (2,569,642 | ) | (495,908 | ) | (2,927,272 | ) | ||||||||
Total distributions to shareholders | (1,111,412 | ) | (3,091,673 | ) | (530,979 | ) | (3,219,247 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 1,246,005 | 1,798,054 | 679,171 | 748,289 | ||||||||||||
Shares issued as reinvestment of distributions | 179,882 | 484,890 | 34,254 | 283,145 | ||||||||||||
Redemption fees (Note 2) | — | — | — | — | ||||||||||||
Shares redeemed | (1,811,572 | ) | (4,319,410 | ) | (1,100,900 | ) | (1,293,114 | ) | ||||||||
Net decrease in net assets from Investment Class share transactions | (385,685 | ) | (2,036,466 | ) | (387,475 | ) | (261,680 | ) | ||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 5,921,182 | 27,211,535 | 6,828,448 | 34,701,944 | ||||||||||||
Shares issued as reinvestment of distributions | 722,175 | 2,113,320 | 392,381 | 2,450,563 | ||||||||||||
Redemption fees (Note 2) | — | — | — | — | ||||||||||||
Shares redeemed | (9,123,701 | ) | (13,538,044 | ) | (8,631,383 | ) | (10,900,194 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | (2,480,344 | ) | 15,786,811 | (1,410,554 | ) | 26,252,313 | ||||||||||
Net increase in net assets | 10,359,035 | 4,780,467 | 8,692,566 | 11,515,776 | ||||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 52,764,918 | 47,984,451 | 51,740,127 | 40,224,351 | ||||||||||||
End of year | $ | 63,123,953 | $ | 52,764,918 | $ | 60,432,693 | $ | 51,740,127 |
See Notes to Financial Statements.
113
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
WILSHIRE 5000 | WILSHIRE INTERNATIONAL | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 2,631,960 | $ | 2,764,503 | $ | 5,199,533 | $ | 5,271,940 | ||||||||
Net realized gains on investments and foreign currency transactions | 8,422,576 | 6,686,319 | 3,203,764 | 16,191,912 | ||||||||||||
Long-term capital gain distributions from regulated investment companies | — | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 37,385,574 | (18,868,145 | ) | 73,524,836 | (77,244,693 | ) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 48,440,110 | (9,417,323 | ) | 81,928,133 | (55,780,841 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||||||||||
Investment Class shares | (7,922,684 | ) | (7,653,094 | ) | (32,308 | ) | (131,992 | ) | ||||||||
Institutional Class shares | (2,090,482 | ) | (1,953,310 | ) | (6,473,039 | ) | (19,598,049 | ) | ||||||||
Total distributions to shareholders | (10,013,166 | ) | (9,606,404 | ) | (6,505,347 | ) | (19,730,041 | ) | ||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 8,508,397 | 15,029,035 | 826,011 | 1,204,559 | ||||||||||||
Shares issued as reinvestment of distributions | 7,573,348 | 7,336,674 | 31,053 | 125,874 | ||||||||||||
Redemption fees (Note 2) | — | — | 12 | 160 | ||||||||||||
Shares redeemed | (19,096,998 | ) | (22,235,511 | ) | (1,597,668 | ) | (2,195,013 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | (3,015,253 | ) | 130,198 | (740,592 | ) | (864,420 | ) | |||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 1,993,561 | 2,772,314 | 34,938,751 | 193,084,996 | ||||||||||||
Shares issued as reinvestment of distributions | 1,625,890 | 1,508,386 | 5,712,008 | 15,327,740 | ||||||||||||
Redemption fees (Note 2) | — | — | 1,085 | 2,476 | ||||||||||||
Shares redeemed | (2,958,372 | ) | (3,487,814 | ) | (111,700,307 | ) | (100,880,391 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | 661,079 | 792,886 | (71,048,463 | ) | 107,534,821 | |||||||||||
Net increase (decrease) in net assets | 36,072,770 | (18,100,643 | ) | 3,633,731 | 31,159,519 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of year | 166,307,065 | 184,407,708 | 386,471,547 | 355,312,028 | ||||||||||||
End of year | $ | 202,379,835 | $ | 166,307,065 | $ | 390,105,278 | $ | 386,471,547 |
See Notes to Financial Statements.
114
Wilshire Mutual Funds, Inc.
Statements of Changes in Net Assets - (Continued) |
WILSHIRE INCOME | ||||||||
Year Ended | Year Ended | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 11,280,351 | $ | 11,096,338 | ||||
Net realized gains (losses) on investments and foreign currency transactions | (327,567 | ) | (1,718,164 | ) | ||||
Long-term capital gain distributions from regulated investment companies | — | 35 | ||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 18,277,975 | (10,976,703 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 29,230,759 | (1,598,494 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10) | ||||||||
Investment Class shares | (67,099 | ) | (55,546 | ) | ||||
Institutional Class shares | (12,291,570 | ) | (10,726,134 | ) | ||||
Total distributions to shareholders | (12,358,669 | ) | (10,781,680 | ) | ||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8): | ||||||||
Investment Class shares: | ||||||||
Shares sold | 692,417 | 890,690 | ||||||
Shares issued as reinvestment of distributions | 64,651 | 51,573 | ||||||
Redemption fees (Note 2) | — | — | ||||||
Shares redeemed | (804,326 | ) | (5,398,236 | ) | ||||
Net decrease in net assets from Investment Class share transactions | (47,258 | ) | (4,455,973 | ) | ||||
Institutional Class shares: | ||||||||
Shares sold | 29,953,178 | 87,947,585 | ||||||
Shares issued as reinvestment of distributions | 12,206,181 | 10,662,683 | ||||||
Redemption fees (Note 2) | — | — | ||||||
Shares redeemed | (75,699,762 | ) | (84,345,512 | ) | ||||
Net increase (decrease) in net assets from Institutional Class share transactions | (33,540,403 | ) | 14,264,756 | |||||
Net decrease in net assets | (16,715,571 | ) | (2,571,391 | ) | ||||
NET ASSETS: | ||||||||
Beginning of year | 314,065,077 | 316,636,468 | ||||||
End of year | $ | 297,349,506 | $ | 314,065,077 |
See Notes to Financial Statements.
115
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 33.33 | $ | 39.53 | $ | 33.93 | $ | 36.82 | $ | 38.66 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (a) | (0.15 | ) | (0.20 | ) | (0.08 | ) | 0.04 | (0.14 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments | 9.61 | (0.35 | ) | 9.24 | 1.26 | 2.53 | ||||||||||||||
Total from investment operations | 9.46 | (0.55 | ) | 9.16 | 1.30 | 2.39 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | — | — | — | (0.01 | ) | — | ||||||||||||||
From realized capital gains | (3.91 | ) | (5.65 | ) | (3.56 | ) | (4.18 | ) | (4.23 | ) | ||||||||||
Total distributions | (3.91 | ) | (5.65 | ) | (3.56 | ) | (4.19 | ) | (4.23 | ) | ||||||||||
Net asset value, end of period | $ | 38.88 | $ | 33.33 | $ | 39.53 | $ | 33.93 | $ | 36.82 | ||||||||||
Total return (b) | 28.61 | % | (1.90 | %) | 26.93 | % | 3.33 | % | 6.18 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 64,470 | $ | 56,671 | $ | 64,130 | $ | 62,634 | $ | 107,381 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.30 | %(d) | 1.31 | % | 1.30 | % | 1.32 | % | 1.33 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.32 | % | 1.31 | % | 1.30 | % | 1.32 | % | 1.34 | % | ||||||||||
Net investment income (loss) | (0.37 | %) | (0.48 | %) | (0.21 | %) | 0.10 | % | (0.34 | %) | ||||||||||
Portfolio turnover rate | 43 | % | 69 | % | 51 | % | 75 | % | 104 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.32%, 1.31%, 1.30%, 1.32% and 1.34% for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4). |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.30% for the year ended December 31, 2019 (Note 3). |
See Notes to Financial Statements.
116
Wilshire Mutual Funds, Inc.
Large Company Growth Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 36.41 | $ | 42.53 | $ | 36.19 | $ | 39.04 | $ | 40.62 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (a) | (0.03 | ) | (0.07 | ) | 0.05 | 0.15 | (0.01 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 10.52 | (0.40 | ) | 9.87 | 1.34 | 2.66 | ||||||||||||||
Total from investment operations | 10.49 | (0.47 | ) | 9.92 | 1.49 | 2.65 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | — | — | (0.02 | ) | (0.16 | ) | — | |||||||||||||
From realized capital gains | (3.91 | ) | (5.65 | ) | (3.56 | ) | (4.18 | ) | (4.23 | ) | ||||||||||
Total distributions | (3.91 | ) | (5.65 | ) | (3.58 | ) | (4.34 | ) | (4.23 | ) | ||||||||||
Net asset value, end of period | $ | 42.99 | $ | 36.41 | $ | 42.53 | $ | 36.19 | $ | 39.04 | ||||||||||
Total return (b) | 29.02 | % | (1.58 | %) | 27.35 | % | 3.61 | % | 6.52 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 146,459 | $ | 148,029 | $ | 170,708 | $ | 152,167 | $ | 122,219 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.00 | % | 0.98 | % | 0.98 | % | 1.04 | % | 1.01 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.00 | % | 0.99 | % | 0.98 | % | 1.04 | % | 1.02 | % | ||||||||||
Net investment income (loss) | (0.07 | %) | (0.16 | %) | 0.11 | % | 0.37 | % | (0.02 | %) | ||||||||||
Portfolio turnover rate | 43 | % | 69 | % | 51 | % | 75 | % | 104 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.00%, 0.99%, 0.98%, 1.04% and 1.02% for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively (Note 4). |
See Notes to Financial Statements.
117
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 17.22 | $ | 21.18 | $ | 20.40 | $ | 18.62 | $ | 21.19 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.31 | 0.29 | 0.30 | 0.37 | 0.20 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 3.74 | (2.73 | ) | 2.67 | 2.56 | (1.33 | ) | |||||||||||||
Total from investment operations | 4.05 | (2.44 | ) | 2.97 | 2.93 | (1.13 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.32 | ) | (0.29 | ) | (0.30 | ) | (0.14 | ) | (0.19 | ) | ||||||||||
From realized capital gains | (0.84 | ) | (1.23 | ) | (1.89 | ) | (1.01 | ) | (1.25 | ) | ||||||||||
Total distributions | (1.16 | ) | (1.52 | ) | (2.19 | ) | (1.15 | ) | (1.44 | ) | ||||||||||
Net asset value, end of period | $ | 20.11 | $ | 17.22 | $ | 21.18 | $ | 20.40 | $ | 18.62 | ||||||||||
Total return (b) | 23.63 | % | (11.71 | %) | 14.64 | % | 15.73 | % | (5.33 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 6,070 | $ | 5,137 | $ | 6,547 | $ | 10,112 | $ | 52,864 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.26 | % | 1.24 | % | 1.26 | % | 1.26 | % | 1.27 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.26 | % | 1.24 | % | 1.26 | % | 1.27 | % | 1.29 | % | ||||||||||
Net investment income | 1.61 | % | 1.40 | % | 1.38 | % | 1.87 | % | 0.96 | % | ||||||||||
Portfolio turnover rate | 48 | % | 65 | % | 39 | % | 174 | % | 55 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.26%, 1.24%, 1.26%, 1.26%, and 1.27% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4). |
See Notes to Financial Statements.
118
Wilshire Mutual Funds, Inc.
Large Company Value Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 17.01 | $ | 20.95 | $ | 20.20 | $ | 18.67 | $ | 21.24 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.36 | 0.35 | 0.36 | 0.40 | 0.26 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 3.71 | (2.71 | ) | 2.65 | 2.55 | (1.33 | ) | |||||||||||||
Total from investment operations | 4.07 | (2.36 | ) | 3.01 | 2.95 | (1.07 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.38 | ) | (0.35 | ) | (0.37 | ) | (0.41 | ) | (0.25 | ) | ||||||||||
From realized capital gains | (0.84 | ) | (1.23 | ) | (1.89 | ) | (1.01 | ) | (1.25 | ) | ||||||||||
Total distributions | (1.22 | ) | (1.58 | ) | (2.26 | ) | (1.42 | ) | (1.50 | ) | ||||||||||
Net asset value, end of period | $ | 19.86 | $ | 17.01 | $ | 20.95 | $ | 20.20 | $ | 18.67 | ||||||||||
Total return (b) | 23.99 | % | (11.47 | %) | 14.99 | % | 15.78 | % | (5.07 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 186,069 | $ | 182,553 | $ | 151,923 | $ | 175,497 | $ | 53,343 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.98 | % | 0.97 | % | 0.98 | % | 1.04 | % | 1.01 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 0.98 | % | 0.97 | % | 0.98 | % | 1.05 | % | 1.02 | % | ||||||||||
Net investment income | 1.88 | % | 1.70 | % | 1.67 | % | 2.09 | % | 1.23 | % | ||||||||||
Portfolio turnover rate | 48 | % | 65 | % | 39 | % | 174 | % | 55 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.98%, 0.97%, 0.98%, 1.04%, and 1.01% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4). |
See Notes to Financial Statements.
119
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 21.71 | $ | 25.05 | $ | 24.41 | $ | 22.64 | $ | 23.44 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss (a) | (0.17 | ) | (0.17 | ) | (0.19 | ) | (0.15 | ) | (0.15 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 6.07 | (1.75 | ) | 3.51 | 4.80 | 0.70 | ||||||||||||||
Total from investment operations | 5.90 | (1.92 | ) | 3.32 | 4.65 | 0.55 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From realized capital gains | (0.52 | ) | (1.42 | ) | (2.68 | ) | (2.88 | ) | (1.35 | ) | ||||||||||
Net asset value, end of period | $ | 27.09 | $ | 21.71 | $ | 25.05 | $ | 24.41 | $ | 22.64 | ||||||||||
Total return (b) | 27.23 | % | (7.87 | %) | 13.66 | % | 20.44 | % | 2.29 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 9,823 | $ | 8,162 | $ | 11,386 | $ | 8,633 | $ | 12,642 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.35 | %(d) | 1.35 | % | 1.48 | % | 1.51 | % | 1.46 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.54 | % | 1.54 | % | 1.64 | % | 1.60 | % | 1.64 | % | ||||||||||
Net investment loss | (0.67 | %) | (0.65 | %) | (0.75 | %) | (0.57 | %) | (0.59 | %) | ||||||||||
Portfolio turnover rate | 67 | % | 92 | % | 110 | % | 114 | % | 63 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.53%, 1.54%, 1.60%, 1.64% and 1.56% for the periods ended December 31, 2019, 2018, 2016, and 2015, respectively (Note 4). |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.35% for the year ended December 31, 2019 (Note 3). |
See Notes to Financial Statements.
120
Wilshire Mutual Funds, Inc.
Small Company Growth Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 23.70 | $ | 27.14 | $ | 26.18 | $ | 24.04 | $ | 24.75 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment loss (a) | (0.12 | ) | (0.11 | ) | (0.14 | ) | (0.08 | ) | (0.07 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 6.64 | (1.91 | ) | 3.78 | 5.10 | 0.71 | ||||||||||||||
Total from investment operations | 6.52 | (2.02 | ) | 3.64 | 5.02 | 0.64 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From realized capital gains | (0.52 | ) | (1.42 | ) | (2.68 | ) | (2.88 | ) | (1.35 | ) | ||||||||||
Net asset value, end of period | $ | 29.70 | $ | 23.70 | $ | 27.14 | $ | 26.18 | $ | 24.04 | ||||||||||
Total return (b) | 27.56 | % | (7.63 | %) | 13.96 | % | 20.79 | % | 2.53 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 53,301 | $ | 44,603 | $ | 36,599 | $ | 28,454 | $ | 14,414 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.10 | %(d) | 1.10 | % | 1.23 | % | 1.27 | % | 1.19 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.27 | % | 1.27 | % | 1.34 | % | 1.33 | % | 1.36 | % | ||||||||||
Net investment loss | (0.43 | %) | (0.37 | %) | (0.47 | %) | (0.32 | %) | (0.28 | %) | ||||||||||
Portfolio turnover rate | 67 | % | 92 | % | 110 | % | 114 | % | 63 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.26%, 1.27%, 1.33%, 1.33% and 1.35% for the periods ended December 31, 2019, 2018, 2016, and 2015, respectively (Note 4). |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3). |
See Notes to Financial Statements.
121
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 18.13 | $ | 22.99 | $ | 23.75 | $ | 20.74 | $ | 22.86 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (loss) (a) | 0.14 | 0.05 | (0.05 | ) | 0.10 | 0.01 | ||||||||||||||
Net realized and unrealized gains (losses) on investments | 3.72 | (3.77 | ) | 2.09 | 4.99 | (0.89 | ) | |||||||||||||
Total from investment operations | 3.86 | (3.72 | ) | 2.04 | 5.09 | (0.88 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.14 | ) | (0.05 | ) | — | (0.09 | ) | (0.00 | )(b) | |||||||||||
From capital gains | — | (1.09 | ) | (2.80 | ) | (1.99 | ) | (1.24 | ) | |||||||||||
Total distributions | (0.14 | ) | (1.14 | ) | (2.80 | ) | (2.08 | ) | (1.24 | ) | ||||||||||
Net asset value, end of period | $ | 21.85 | $ | 18.13 | $ | 22.99 | $ | 23.75 | $ | 20.74 | ||||||||||
Total return (c) | 21.32 | % | (16.35 | %) | 8.65 | % | 24.86 | % | (3.83 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 5,355 | $ | 4,792 | $ | 6,305 | $ | 9,097 | $ | 14,287 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.35 | % | 1.35 | % | 1.45 | % | 1.51 | % | 1.49 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d) | 1.56 | % | 1.57 | % | 1.69 | % | 1.60 | % | 1.67 | % | ||||||||||
Net investment income (loss) | 0.69 | % | 0.21 | % | (0.25 | %) | 0.48 | % | 0.06 | % | ||||||||||
Portfolio turnover rate | 168 | % | 74 | % | 88 | % | 99 | % | 49 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.55%, 1.58%, 1.67%, 1.59%, and 1.67% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4). |
See Notes to Financial Statements.
122
Wilshire Mutual Funds, Inc.
Small Company Value Portfolio
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 18.53 | $ | 23.49 | $ | 24.14 | $ | 21.08 | $ | 23.21 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.19 | 0.11 | 0.01 | 0.16 | 0.08 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 3.81 | (3.88 | ) | 2.14 | 5.08 | (0.90 | ) | |||||||||||||
Total from investment operations | 4.00 | (3.77 | ) | 2.15 | 5.24 | (0.82 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.20 | ) | (0.10 | ) | — | (0.19 | ) | (0.07 | ) | |||||||||||
From realized capital gains | — | (1.09 | ) | (2.80 | ) | (1.99 | ) | (1.24 | ) | |||||||||||
Total distributions | (0.20 | ) | (1.19 | ) | (2.80 | ) | (2.18 | ) | (1.31 | ) | ||||||||||
Net asset value, end of period | $ | 22.33 | $ | 18.53 | $ | 23.49 | $ | 24.14 | $ | 21.08 | ||||||||||
Total return (b) | 21.60 | % | (16.17 | %) | 8.97 | % | 25.16 | % | (3.52 | %) | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 55,078 | $ | 46,948 | $ | 33,919 | $ | 31,698 | $ | 13,727 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.10 | %(d) | 1.10 | % | 1.19 | % | 1.27 | % | 1.18 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (c) | 1.28 | % | 1.26 | % | 1.37 | % | 1.33 | % | 1.36 | % | ||||||||||
Net investment income | 0.92 | % | 0.53 | % | 0.07 | % | 0.73 | % | 0.36 | % | ||||||||||
Portfolio turnover rate | 168 | % | 74 | % | 88 | % | 99 | % | 49 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.27%, 1.27%, 1.35%, 1.32%, and 1.35% for the periods ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively (Note 4). |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3). |
See Notes to Financial Statements.
123
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 18.58 | $ | 20.83 | $ | 18.86 | $ | 17.78 | $ | 18.01 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.31 | 0.31 | 0.29 | 0.27 | 0.24 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.20 | (1.45 | ) | 3.52 | 1.96 | (0.22 | ) | |||||||||||||
Total from investment operations | 5.51 | (1.14 | ) | 3.81 | 2.23 | 0.02 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.30 | ) | (0.30 | ) | (0.27 | ) | (0.39 | ) | (0.25 | ) | ||||||||||
From realized capital gains | (0.86 | ) | (0.81 | ) | (1.57 | ) | (0.76 | ) | — | |||||||||||
Total distributions | (1.16 | ) | (1.11 | ) | (1.84 | ) | (1.15 | ) | (0.25 | ) | ||||||||||
Net asset value, end of period | $ | 22.93 | $ | 18.58 | $ | 20.83 | $ | 18.86 | $ | 17.78 | ||||||||||
Total return (b) | 29.74 | % | (5.60 | %) | 20.20 | % | 12.51 | % | 0.08 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 162,114 | $ | 134,197 | $ | 149,342 | $ | 132,669 | $ | 159,709 | ||||||||||
Operating expenses | 0.62 | % | 0.60 | % | 0.62 | % | 0.67 | %(c) | 0.64 | %(c) | ||||||||||
Net investment income | 1.34 | % | 1.42 | % | 1.39 | % | 1.49 | % | 1.35 | % | ||||||||||
Portfolio turnover rate | 3 | % | 1 | % | 3 | % | 5 | % | 6 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.67% and 0.64% for the years ended December 31, 2016 and 2015, respectively (Note 4). |
See Notes to Financial Statements.
124
Wilshire Mutual Funds, Inc.
Wilshire 5000 Indexsm Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 18.58 | $ | 20.83 | $ | 18.85 | $ | 17.78 | $ | 18.00 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.37 | 0.37 | 0.35 | 0.33 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | 5.20 | (1.46 | ) | 3.53 | 1.95 | (0.22 | ) | |||||||||||||
Total from investment operations | 5.57 | (1.09 | ) | 3.88 | 2.28 | 0.07 | ||||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.36 | ) | (0.35 | ) | (0.33 | ) | (0.45 | ) | (0.29 | ) | ||||||||||
From realized capital gains | (0.86 | ) | (0.81 | ) | (1.57 | ) | (0.76 | ) | — | |||||||||||
Total distributions | (1.22 | ) | (1.16 | ) | (1.90 | ) | (1.21 | ) | (0.29 | ) | ||||||||||
Net asset value, end of period | $ | 22.93 | $ | 18.58 | $ | 20.83 | $ | 18.85 | $ | 17.78 | ||||||||||
Total return (b) | 30.08 | % | (5.32 | %) | 20.57 | % | 12.81 | % | 0.36 | % | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 40,266 | $ | 32,110 | $ | 35,066 | $ | 40,860 | $ | 59,065 | ||||||||||
Operating expenses | 0.33 | % | 0.33 | % | 0.33 | % | 0.36 | %(c) | 0.41 | %(c) | ||||||||||
Net investment income | 1.61 | % | 1.70 | % | 1.67 | % | 1.80 | % | 1.59 | % | ||||||||||
Portfolio turnover rate | 3 | % | 1 | % | 3 | % | 5 | % | 6 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.36% and 0.41% for the years ended December 31, 2016 and 2015, respectively (Note 4). |
See Notes to Financial Statements.
125
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 9.32 | $ | 11.19 | $ | 8.92 | $ | 8.90 | $ | 9.06 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.12 | 0.10 | 0.08 | 0.10 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 2.07 | (1.51 | ) | 2.20 | 0.07 | (0.23 | ) | |||||||||||||
Total from investment operations | 2.19 | (1.41 | ) | 2.28 | 0.17 | (0.14 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.14 | ) | (0.04 | ) | (0.01 | ) | (0.15 | ) | (0.02 | ) | ||||||||||
From realized capital gains | — | (0.42 | ) | — | — | — | ||||||||||||||
Total distributions | (0.14 | ) | (0.46 | ) | (0.01 | ) | (0.15 | ) | (0.02 | ) | ||||||||||
Redemption fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||
Net asset value, end of period | $ | 11.37 | $ | 9.32 | $ | 11.19 | $ | 8.92 | $ | 8.90 | ||||||||||
Total return (c) | 23.52 | % | (12.66 | %) | 25.54 | % | 1.88 | % | (1.55 | )% | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 2,612 | $ | 2,789 | $ | 4,176 | $ | 11,290 | $ | 3,438 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.50% | 1.51 | %(d) | 1.51 | %(d) | 1.52 | % | 1.50 | % | |||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.63 | %(e) | 1.59 | % | 1.55 | % | 1.65 | % | 1.75 | % | ||||||||||
Net investment income | 1.21 | % | 1.02 | % | 0.87 | % | 1.19 | % | 0.99 | % | ||||||||||
Portfolio turnover rate | 54 | % | 96 | % | 62 | % | 79 | % | 84 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.50% and 1.50% for the years ended December 31, 2018 and 2017, respectively (Note 3). |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.63% (Note 4). |
See Notes to Financial Statements.
126
Wilshire Mutual Funds, Inc.
Wilshire International Equity Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Net asset value, beginning of period | $ | 9.19 | $ | 11.04 | $ | 8.81 | $ | 8.78 | $ | 8.99 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||
Net investment income (a) | 0.14 | 0.13 | 0.10 | 0.12 | 0.09 | |||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 2.05 | (1.49 | ) | 2.18 | 0.07 | (0.21 | ) | |||||||||||||
Total from investment operations | 2.19 | (1.36 | ) | 2.28 | 0.19 | (0.12 | ) | |||||||||||||
Less distributions: | ||||||||||||||||||||
From net investment income | (0.19 | ) | (0.07 | ) | (0.05 | ) | (0.16 | ) | (0.09 | ) | ||||||||||
From realized capital gains | — | (0.42 | ) | — | — | — | ||||||||||||||
Total distributions | (0.19 | ) | (0.49 | ) | (0.05 | ) | (0.16 | ) | (0.09 | ) | ||||||||||
Redemption fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | ||||||||||
Net asset value, end of period | $ | 11.19 | $ | 9.19 | $ | 11.04 | $ | 8.81 | $ | 8.78 | ||||||||||
Total return (c) | 23.81 | % | (12.39 | %) | 25.92 | % | 2.16 | % | (1.37 | )% | ||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 387,493 | $ | 383,682 | $ | 351,136 | $ | 258,311 | $ | 176,937 | ||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.25 | %(d) | 1.27 | %(d) | 1.26 | %(f) | 1.27 | % | 1.25 | % | ||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.29 | %(e) | 1.25 | % | 1.26 | % | 1.32 | % | 1.29 | % | ||||||||||
Net investment income | 1.39 | % | 1.28 | % | 1.02 | % | 1.44 | % | 1.00 | % | ||||||||||
Portfolio turnover rate | 54 | % | 96 | % | 62 | % | 79 | % | 84 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(d) | The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.25% (Note 3). |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.28% (Note 4). |
(f) | The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.25% for the year ended December 31, 2017. |
See Notes to Financial Statements.
127
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||
Investment Class Shares | ||||||||||||||||
Year | Year | Year | Period | |||||||||||||
Net asset value, beginning of period | $ | 9.88 | $ | 10.25 | $ | 10.14 | $ | 10.00 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (a) | 0.35 | 0.32 | 0.35 | 0.21 | ||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 0.58 | (0.39 | ) | 0.22 | 0.18 | |||||||||||
Total from investment operations | 0.93 | (0.07 | ) | 0.57 | 0.39 | |||||||||||
Less distributions: | ||||||||||||||||
From net investment income | (0.39 | ) | (0.30 | ) | (0.42 | ) | (0.18 | ) | ||||||||
From realized capital gains | — | — | (0.04 | ) | (0.07 | ) | ||||||||||
Total distributions | (0.39 | ) | (0.30 | ) | (0.46 | ) | (0.25 | ) | ||||||||
Net asset value, end of period | $ | 10.42 | $ | 9.88 | $ | 10.25 | $ | 10.14 | ||||||||
Total return (b) | 9.58 | % | (0.65 | %) | 5.60 | % | 3.92 | %(c) | ||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,913 | $ | 1,864 | $ | 6,409 | $ | 1,102 | ||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (d) | 1.18 | %(g) | 1.16 | % | 1.17 | %(f) | 1.15 | %(e) | ||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d) | 1.26 | % | 1.20 | % | 1.23 | % | 1.26 | %(e) | ||||||||
Net investment income | 3.37 | % | 3.02 | % | 3.28 | % | 2.83 | %(e) | ||||||||
Portfolio turnover rate | 89 | % | 177 | % | 88 | % | 74 | %(c) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | Annualized. |
(f) | Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017. |
(g) | The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.15% for the year ended December 31, 2019. |
See Notes to Financial Statements.
128
Wilshire Mutual Funds, Inc.
Wilshire Income Opportunities Fund
Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||
Institutional Class Shares | ||||||||||||||||
Year | Year | Year | Period | |||||||||||||
Net asset value, beginning of period | $ | 9.83 | $ | 10.22 | $ | 10.10 | $ | 10.00 | ||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income (a) | 0.38 | 0.35 | 0.37 | 0.25 | ||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 0.58 | (0.40 | ) | 0.22 | 0.13 | |||||||||||
Total from investment operations | 0.96 | (0.05 | ) | 0.59 | 0.38 | |||||||||||
Less distributions: | ||||||||||||||||
From net investment income | (0.42 | ) | (0.34 | ) | (0.43 | ) | (0.21 | ) | ||||||||
From realized capital gains | — | — | (0.04 | ) | (0.07 | ) | ||||||||||
Total distributions | (0.42 | ) | (0.34 | ) | (0.47 | ) | (0.28 | ) | ||||||||
Net asset value, end of period | $ | 10.37 | $ | 9.83 | $ | 10.22 | $ | 10.10 | ||||||||
Total return (b) | 9.94 | % | (0.43 | %) | 5.84 | % | 3.82 | %(c) | ||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||
Net assets, end of period (in 000’s) | $ | 295,437 | $ | 312,201 | $ | 310,227 | $ | 396,797 | ||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly (d) | 0.92 | %(g) | 0.90 | % | 0.92 | %(f) | 0.86 | %(e) | ||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly (d) | 0.92 | % | 0.90 | % | 0.92 | %(f) | 0.86 | %(e) | ||||||||
Net investment income | 3.66 | % | 3.48 | % | 3.49 | % | 3.11 | %(e) | ||||||||
Portfolio turnover rate | 89 | % | 177 | % | 88 | % | 74 | %(c) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | Annualized. |
(f) | Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017. |
(g) | The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 0.89% for the year ended December 31, 2019. |
See Notes to Financial Statements.
129
Wilshire Mutual Funds, Inc.
Notes to Financial Statements
December 31, 2019 |
1. Organization.
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 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.
130
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
2. Significant Accounting Policies.
The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Portfolios follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”
Use of estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material.
Security valuation – Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single
131
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.
Wilshire International Equity Fund uses ICE Data Services (“ICE”) as a third-party pricing agent. ICE provides a daily fair value for foreign securities in Wilshire International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE. These factors are used to value Wilshire International Equity Fund’s securities without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Company’s administrator and may request that a meeting of the Pricing Committee be held.
In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows:
● | Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date; |
● | Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and |
● | Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the year ended December 31, 2019, there have been no significant changes to the Portfolios’ fair value methodologies.
The following is a summary of the inputs used to value the Portfolios’ investments as of December 31, 2019:
Large Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 207,891,369 | $ | — | $ | — | $ | 207,891,369 | ||||||||
Money Market Fund | 3,000,468 | — | — | 3,000,468 | ||||||||||||
Total | $ | 210,891,837 | $ | — | $ | — | $ | 210,891,837 |
132
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
Large Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 189,884,788 | $ | — | $ | — | $ | 189,884,788 | ||||||||
Money Market Fund | 1,552,610 | — | — | 1,552,610 | ||||||||||||
Total | $ | 191,437,398 | $ | — | $ | — | $ | 191,437,398 |
Small Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 61,675,278 | $ | — | $ | — | * | $ | 61,675,278 | |||||||
Money Market Fund | 2,146,652 | — | — | 2,146,652 | ||||||||||||
Total | $ | 63,821,930 | $ | — | $ | — | $ | 63,821,930 |
Small Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 59,211,186 | $ | — | $ | — | $ | 59,211,186 | ||||||||
Money Market Fund | 1,093,747 | — | — | 1,093,747 | ||||||||||||
Total | $ | 60,304,933 | $ | — | $ | — | $ | 60,304,933 |
Wilshire 5000 IndexSM Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 200,259,970 | $ | — | $ | 1,718 | * | $ | 200,261,688 | |||||||
Rights | — | — | 991 | * | 991 | |||||||||||
Money Market Fund | 133,729 | — | — | 133,729 | ||||||||||||
Total | $ | 200,393,699 | $ | — | $ | 2,709 | $ | 200,396,408 |
* | Includes securities that have been fair valued at $0. |
Wilshire International Equity Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 66,147,274 | $ | 315,743,889 | $ | 364 | $ | 381,891,527 | ||||||||
Preferred Stocks | 194,810 | 2,026,545 | — | 2,221,355 | ||||||||||||
Right | — | 78 | — | 78 | ||||||||||||
Money Market Fund | 2,402,569 | — | — | 2,402,569 | ||||||||||||
Total | $ | 68,744,653 | $ | 317,770,512 | $ | 364 | $ | 386,515,529 |
133
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
Wilshire Income Opportunities Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 30,814,379 | $ | — | $ | 30,814,379 | ||||||||
Agency Mortgage-Backed Obligations | — | 23,009,763 | — | 23,009,763 | ||||||||||||
Non-Agency Mortgage-Backed Obligations | — | 36,819,693 | — | 36,819,693 | ||||||||||||
Non-Agency Mortgage-Backed Obligations Interest-Only Strips | — | 6,996,542 | — | 6,996,542 | ||||||||||||
Asset-Backed Securities | — | 23,388,656 | — | 23,388,656 | ||||||||||||
Collateralized Loan Obligations | — | 8,381,549 | — | 8,381,549 | ||||||||||||
Corporate Bonds | — | 49,039,277 | — | 49,039,277 | ||||||||||||
Foreign Bonds | — | 69,085,046 | — | 69,085,046 | ||||||||||||
Bank Loans | — | 15,470,616 | — | 15,470,616 | ||||||||||||
Common Stocks | 775,485 | — | 775,485 | |||||||||||||
Preferred Stocks | 3,702,911 | — | — | 3,702,911 | ||||||||||||
Purchased OTC Options | — | 12,214 | — | 12,214 | ||||||||||||
Affiliated Registered Investment Companies | 12,471,509 | — | — | 12,471,509 | ||||||||||||
Money Market Fund | 14,447,742 | — | — | 14,447,742 | ||||||||||||
U.S. Treasury Bill | — | 484,752 | — | 484,752 | ||||||||||||
Total | $ | 31,397,647 | $ | 263,502,487 | $ | — | $ | 294,900,134 | ||||||||
Other Financial Instruments** | ||||||||||||||||
Asset | ||||||||||||||||
Unrealized appreciation on forward currency contracts | $ | — | $ | 1,246,974 | $ | — | $ | 1,246,974 | ||||||||
Unrealized appreciation on futures contracts | 84,676 | — | — | 84,676 | ||||||||||||
Unrealized appreciation on swap contracts | — | 138,864 | — | 138,864 | ||||||||||||
Total Assets | $ | 84,676 | $ | 1,385,838 | $ | — | $ | 1,470,514 | ||||||||
Liabilities | ||||||||||||||||
Written Options | $ | — | $ | (413 | ) | $ | — | $ | (413 | ) | ||||||
Unrealized depreciation on forward currency contracts | — | (1,339,967 | ) | — | (1,339,967 | ) | ||||||||||
Unrealized depreciation on futures contracts | (132,608 | ) | — | — | (132,608 | ) | ||||||||||
Unrealized depreciation on swap contracts | — | (59,445 | ) | — | (59,445 | ) | ||||||||||
Unrealized depreciation on swaption contracts | — | (31,514 | ) | — | (31,514 | ) | ||||||||||
Total Liabilities | $ | (132,608 | ) | $ | (1,431,339 | ) | $ | — | $ | (1,563,947 | ) |
** | Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Refer to the Portfolios’ Condensed Schedules of Investments for a listing of the securities by industry or sector type. Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2019. Small Company Growth Portfolio
134
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Wilshire 5000 IndexSM Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $1,718 and $991, respectively. Wilshire International Equity Fund held common stocks, that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $364. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.
Option Transactions – Wilshire Income Opportunities Fund may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When the Portfolio writes a covered call or put option, an amount equal to the premium received is included as a liability in the Portfolio’s Statement of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Portfolio has no control over whether the underlying securities are subsequently sold (call) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When the Portfolio purchases a call or put option, an amount equal to the premium paid is included as an investment in the Portfolio’s Statement of Assets and Liabilities and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.
The long and short average monthly notional value of option contracts purchased and written for Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $2,690,417 and $472,500, respectively.
The long and short average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the year ended December 31, 2019 was $34,747,500 and 4,958,333, respectively.
Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect
135
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. Net periodic interest payments to be received or paid are accrued and settled daily and are recorded as realized gain (loss) on the Statements of Operations. Interest rate swaps are marked-to-market daily and the change is recorded as an unrealized gain (loss) on swap contracts on the Statements of Operations. The average monthly notional value of interest rate swaps for Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $4,948,833.
Credit Default Swaps – During the year ended December 31, 2019, Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where the Fund is selling protection, the notional amount approximates the maximum loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. The average monthly notional value of credit default swaps for the Wilshire Income Opportunies Fund during the year ended December 31, 2019 was $5,479,360.
Futures Contracts – During the year ended December 31, 2019, Wilshire Income Opportunities Fund held futures contracts. The Portfolio may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. With futures, there is minimal counterparty credit risk to the Portfolio since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Portfolio deposits and maintains as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The long and short average monthly notional amount of futures contracts during the year ended December 31, 2019, was $46,735,700 for long contracts and $6,721,001 for short contracts.
Investment transactions and investment income – Investment transactions are recorded on a trade-date basis. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on
136
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
fixed income securities purchased are accreted or amortized using the effective interest method. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. Distributions received on investments that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. Withholding taxes on foreign dividends have been provided for in accordance with the Company’s understanding of the applicable country’s tax rules and rates. Settlement on bank loan transactions may be in excess of seven business days.
Borrowing costs – From time to time, the Portfolios may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Portfolios will incur borrowing costs charged by the custodian. These borrowing costs are shown as interest expense on the Statements of Operations.
Foreign taxes – The Portfolios may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Portfolios invest.
Mortgage, asset-backed and collateralized loan securities – Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations (“CLOs”), which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolio’s return and result in losses to the Portfolio if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations (“CMOs”). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.
Investments in CLOs may be subject to certain tax provisions that could result in the Portfolio incurring tax or recognizing income prior to receiving cash distributions related to such income. CLOs that fail to comply with certain U.S. tax disclosure requirements may be subject to withholding requirements that could adversely affect cash flows and investment results. Any unrealized losses the Portfolio experiences with respect to its CLO investments may be an indication of future realized losses.
Stripped Mortgage-Backed Securities (“SMBS”) – Wilshire Income Opportunities Fund may invest in SMBS. SMBS are derivative multi-class mortgage-backed securities which are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity
137
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.
Loan participations and assignments – Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations. The Portfolio currently holds $3,498 in unfunded loan commitments.
Foreign currency transactions – The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:
● | fair value of investment securities, other assets and liabilities at the daily rates of exchange and |
● | purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions. |
The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Net realized and unrealized gains (losses) from foreign currency related transactions include gains and losses between trade and settlement dates on investment transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.
Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses
138
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. The average monthly notional value of interest forward foreign currency contracts purchased and sold for Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $72,997,058 and $84,000,777, respectively.
Centrally Cleared Swaps – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statements of Assets and Liabilities as “Variation Margin on Derivative Instruments” and settled daily against the Portfolio’s margin account. Because the Portfolio’s margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the CFTC, or the applicable regulator. The Customer Account Agreements and related addendums governing the Company’s cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.
Over-the-Counter (“OTC”) Derivative Contracts – To reduce counterparty risk for OTC transactions, Wilshire Income Opportunities Fund has entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolio to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables for certain OTC positions for each individual counterparty. In addition, the Portfolio may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Portfolio. For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA master agreement or other similar agreement, the collateral requirements are typically calculated by netting the mark-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio or the counterparty.
For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Futures Contracts and Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.
The average monthly notional value of over the counter exchange rate volatility swaps for the Wilshire Income Opportunities Fund during the year ended December 31, 2019 was $4,500.
139
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
The following table presents, by derivative type, Wilshire Income Opportunities Fund’s OTC financial derivative instruments net of the related collateral pledged by counterparty at December 31, 2019. Collateral pledged may exceed the amount stated below.
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||||||||||||||
Counterparty | Forward | Purchased | Volatility | Total | Forward | Written | Swaptions | Total | Net | Collateral | Net | |||||||||||||||||||||||||||||||||
Australia and New Zealand Banking Group Ltd. | $ | 48,764 | $ | — | $ | — | $ | 48,764 | $ | (197,243 | ) | $ | — | $ | — | $ | (197,243 | ) | $ | (148,479 | ) | $ | — | $ | (148,479 | ) | ||||||||||||||||||
Bank of America, NA | — | — | — | — | — | — | (29,970 | ) | (29,970 | ) | (29,970 | ) | — | (29,970 | ) | |||||||||||||||||||||||||||||
BNP Paribas | — | 7,546 | — | 7,546 | — | (413 | ) | — | (413 | ) | 7,133 | — | 7,133 | |||||||||||||||||||||||||||||||
BMO Capital Markets | 4,272 | — | — | 4,272 | — | — | — | — | 4,272 | — | 4,272 | |||||||||||||||||||||||||||||||||
Brown Brothers Harriman & Co. | 86,431 | — | — | 86,431 | (60,805 | ) | — | — | (60,805 | ) | 25,626 | — | 25,626 | |||||||||||||||||||||||||||||||
Barclays Capital, Inc. | 20,652 | — | — | 20,652 | (15,054 | ) | — | (1,544 | ) | (16,598 | ) | 4,054 | — | 4,054 | ||||||||||||||||||||||||||||||
CIBC, Toronto | — | — | — | — | (15,529 | ) | — | — | (15,529 | ) | (15,529 | ) | — | (15,529 | ) | |||||||||||||||||||||||||||||
Citigroup | 104,999 | 4,668 | 17,883 | 127,550 | (90,943 | ) | — | — | (90,943 | ) | 36,607 | — | 36,607 | |||||||||||||||||||||||||||||||
Goldman Sachs Bank, USA | 190,220 | — | — | 190,220 | (48,696 | ) | — | — | (48,696 | ) | 141,524 | — | 141,524 | |||||||||||||||||||||||||||||||
HSBC Bank, USA | 77,985 | — | — | 77,985 | (201,722 | ) | — | — | (201,722 | ) | (123,737 | ) | — | (123,737 | ) | |||||||||||||||||||||||||||||
JPMChase, New York | 102,036 | — | — | 102,036 | (37,296 | ) | — | — | (37,296 | ) | 64,740 | — | 64,740 | |||||||||||||||||||||||||||||||
Morgan Stanley Capital | 68,947 | — | 8,974 | 77,921 | (147,966 | ) | — | — | (147,966 | ) | (70,045 | ) | — | (70,045 | ) | |||||||||||||||||||||||||||||
National Australia Bank | 31,711 | — | — | 31,711 | (30,543 | ) | — | — | (30,543 | ) | 1,168 | — | 1,168 | |||||||||||||||||||||||||||||||
Royal Bank of Canada, Toronto | 75,325 | — | — | 75,325 | (71,209 | ) | — | — | (71,209 | ) | 4,116 | — | 4,116 | |||||||||||||||||||||||||||||||
Standard Chartered Securities N.A. | 11,521 | — | — | 11,521 | (69,750 | ) | — | — | (69,750 | ) | (58,229 | ) | — | (58,229 | ) | |||||||||||||||||||||||||||||
State Street Bank, Boston | 375,681 | — | — | 375,681 | (309,614 | ) | — | — | (309,614 | ) | 66,067 | — | 66,067 | |||||||||||||||||||||||||||||||
TD Securities, Toronto | 9,390 | — | — | 9,390 | (16,086 | ) | — | — | (16,086 | ) | (6,696 | ) | — | (6,696 | ) | |||||||||||||||||||||||||||||
UBS AG, Stamford | 39,040 | — | — | 39,040 | (27,511 | ) | — | — | (27,511 | ) | 11,529 | — | 11,529 | |||||||||||||||||||||||||||||||
Total | $ | 1,246,974 | $ | 12,214 | $ | 26,857 | $ | 1,286,045 | $ | (1,339,967 | ) | $ | (413 | ) | $ | (31,514 | ) | $ | (1,371,894 | ) | $ | (85,849 | ) | $ | — | $ | (85,849 | ) |
Expense policy – Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of a Portfolio other than distribution and service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis.
Expenses that are attributable to both the Company and the Wilshire Variable Insurance Trust (an affiliated investment company) are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of each Class of each Portfolio’s shares.
140
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
Investments in REITs – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.
Master Limited Partnerships (“MLPs”) – Each Portfolio may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management.
Distributions to shareholders – Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid at least once a year. The Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders at least once a year. Additional distributions of net investment income and net realized capital gains may be made at the discretion of the Board in order to avoid the application of a 4% non-deductible Federal excise tax.
Redemption fees – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the years ended December 31, 2019 and December 31, 2018, Wilshire International Equity Fund collected $1,097 and $2,636, respectively, in redemption fees.
New Accounting Pronouncements – In March 2017, FASB issued ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”). The amendments in the ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Effective January 1, 2019, the Funds adopted ASU 2017-08 and the adoption did not have a material impact on the financial statements.
141
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
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 Large Company Growth Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2020. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.
During the year ended December 31, 2019, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:
Portfolio | Fees Reductions/ | Fees Recouped | ||||||
Large Company Growth Portfolio | $ | 12,196 | $ | 1,594 | ||||
Small Company Growth Portfolio | 106,613 | 1,081 | ||||||
Small Company Value Portfolio | 110,173 | 1,316 | ||||||
International Equity Fund | 131,671 | 9,292 | ||||||
Wilshire Income Opportunities Fund . | 1,342 | — |
142
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
As of December 31, 2019, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $10,602, $264,946, $262,320, $136,867 and $5,295, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:
Portfolio | January 1 – | January 1 – | January 1 – | |||||||||
Large Company Growth Portfolio | $ | — | $ | — | $ | 10,602 | ||||||
Small Company Growth Portfolio | 53,561 | 104,772 | 106,613 | |||||||||
Small Company Value Portfolio | 55,407 | 96,740 | 110,173 | |||||||||
International Equity Fund | 2,177 | 3,019 | 131,671 | |||||||||
Wilshire Income Opportunities Fund | 3,021 | 932 | 1,342 |
The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine® Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”), Manulife Asset Management (US) LLC (“Manulife”), Lazard Asset Management LLC (“Lazard”), Hotchkis & Wiley Capital Management, LLC (“H&W”), and Diamond Hill Capital Management, Inc. (“Diamond Hill”) (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, Loomis Sayles and NewBridge each manage a portion of Large Company Growth Portfolio. L.A. Capital, Pzena and BHMS each manage a portion of Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of Small Company Growth Portfolio. L.A. Capital, H&W and Diamond Hill each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 IndexSM Fund. L.A. Capital, Pzena, Lazard and WCM each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.
The Sub-Advisers are subject to the Adviser’s oversight. The fees of the Sub-Advisers are paid by the Adviser.
The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the year ended December 31, 2019, there were no such transactions by the Portfolios.
DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. U.S. Bank N.A. serves as the Company’s custodian. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the “Administrator”) serves as the Company’s administrator and accounting agent and Compass Distributors, LLC, serves as the Company’s principal underwriter effective November 25, 2019.
143
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
Ultimus Fund Solutions, LLC served as the Company’s administrator and accounting agent, Ultimus Fund Distributors, LLC served as the Fund’s principal underwriter, and the Northern Trust Company served as the Company’s custodian until November 24, 2019.
Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. During the fiscal year ended December 31, 2019, certain officers of the Company were employees of Ultimus Fund Solutions, the Company’s former administrator. Those officers resigned effective with the Company’s engagement of U.S. Bancorp Fund Services, LLC as administrator. The Company does not pay any remuneration to its officers. The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $48,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: an in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a telephonic Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a telephonic Committee meeting fee of $500.
Certain officers and an interested Director of the Company may also be officers or employees of the Adviser, Administrator, or their affiliates. Prior to November 25, 2019, certain employees of Ultimus Fund Solutions, LLC served as officers of the Company. They receive no fees for serving as officers or as an interested Trustee of the Trust.
4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.
The Board has adopted a shareholder services and distribution plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. During the year ended December 31, 2019, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio.
144
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% of the average daily net assets of Investment Class Shares and Institutional Class Shares, respectively. For the year ended December 31, 2019, the shareholder service provider fees were as follows (as a percent of average net assets of each class):
Portfolio | Investment Class | Institutional Class |
Large Company Growth Portfolio | 0.127% | 0.055% |
Large Company Value Portfolio | 0.070% | 0.047% |
Small Company Growth Portfolio | 0.089% | 0.067% |
Small Company Value Portfolio | 0.102% | 0.073% |
Wilshire 5000 IndexSM Fund | 0.064% | 0.026% |
Wilshire International Equity Fund | 0.141% | 0.038% |
Wilshire Income Opportunities Fund | 0.142% | 0.055% |
Fees paid indirectly – The Company has a brokerage commission recapture program with Cowen and Company, LLC (“Cowen”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to Cowen are used to reduce the Portfolios’ expenses. Under such program, Cowen, as introducing broker, retains a portion of the Portfolios’ commissions.
Such commissions rebated to the Portfolios during the year ended December 31, 2019 were as follows:
Large Company Growth Portfolio | $ | 2,913 | ||
Large Company Value Portfolio | 5,037 | |||
Small Company Growth Portfolio | 8,192 | |||
Small Company Value Portfolio | 7,544 | |||
Wilshire 5000 IndexSM Fund | — | |||
Wilshire International Equity Fund | 5,154 | |||
Wilshire Income Opportunities Fund | — |
For the year ended December 31, 2019, Cowen retained the following commissions:
Large Company Growth Portfolio | $ | 613 | ||
Large Company Value Portfolio | 1,153 | |||
Small Company Growth Portfolio | 1,189 | |||
Small Company Value Portfolio | 1,187 | |||
Wilshire 5000 IndexSM Fund | — | |||
Wilshire International Equity Fund | 907 | |||
Wilshire Income Opportunities Fund | — |
145
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
5. Investment Transactions.
During the year ended December 31, 2019, aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:
Portfolio | Purchases | Sales and | ||||||
Large Company Growth Portfolio | $ | 88,958,430 | $ | 133,975,108 | ||||
Large Company Value Portfolio | 90,362,345 | 121,710,792 | ||||||
Small Company Growth Portfolio | 39,619,862 | 44,265,735 | ||||||
Small Company Value Portfolio | 95,067,354 | 96,651,539 | ||||||
Wilshire 5000 IndexSM Fund | 4,866,657 | 14,008,559 | ||||||
Wilshire International Equity Fund | 198,543,923 | 269,156,682 | ||||||
Wilshire Income Opportunities Fund | 180,658,676 | 219,226,583 |
Purchases and sales and maturities of long-term U.S. Government securities during the year ended December 31, 2019 were:
Portfolio | Purchases | Sales and | ||||||
Wilshire Income Opportunities Fund | $ | 79,360,812 | $ | 73,502,214 |
Due to Voya managing a portion of Wilshire Income Opportunities Fund during the year ended December 31, 2019, certain securities held by such Portfolio are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Wilshire Income Opportunities Fund during the year ended December 31, 2019 and the value of such investments as of December 31, 2019 were as follows:
Counterparty | Value as of | Purchases | Proceeds | Realized | Change in | Value as of | Income | |||||||||||||||||||||
Voya Emerging Markets Hard Currency Debt Fund - Class P | $ | 3,001,354 | $ | 182,113 | $ | — | $ | — | $ | 281,462 | $ | 3,464,929 | $ | 167,115 | ||||||||||||||
Voya Floating Rate Fund - Class P | 12,807,636 | 4,276,597 | (8,169,502 | ) | (274,454 | ) | 366,303 | 9,006,580 | 702,224 | |||||||||||||||||||
Voya High Yield Bond Fund - Class P | 1,550,927 | 60,157 | (1,725,333 | ) | 15,875 | 98,374 | — | 52,165 | ||||||||||||||||||||
$ | 17,359,917 | $ | 4,518,867 | $ | (9,894,835 | ) | $ | (258,579 | ) | $ | 746,139 | $ | 12,471,509 | $ | 921,504 |
6. Derivative Transactions.
Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund and Wilshire International Equity Fund did not hold any derivative instruments as of or during the year ended December 31, 2019.
146
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
At December 31, 2019, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:
Derivative Assets | Derivative Liabilities | ||||||||||
Risk | Derivative Type | Statements of Assets | Fair Value | Statements of Assets | Fair Value | ||||||
Interest Rate | Futures contracts* | Net variation margin receivable on futures contracts | $ | 84,676 | N/A | $ | (132,608 | ) | |||
Centrally cleared interest rate swaps | Unrealized appreciation on swap contracts | 41,929 | N/A | — | |||||||
Interest rate swaptions | N/A | — | Unrealized depreciation on swaption contracts | (31,514 | ) | ||||||
Credit | Credit default swap contracts | Unrealized appreciation on swap contracts | 70,078 | Unrealized depreciation on swaps contracts | (59,445 | ) | |||||
Currency | Forward foreign currency exchange contracts | Unrealized appreciation on foreign forward currency contracts | 1,246,974 | Unrealized depreciation on foreign forward currency contracts | (1,339,967 | ) | |||||
OTC volatility foreign exchange swaps | Unrealized appreciation on swap contracts | 26,857 | N/A | — | |||||||
OTC currency options | Investments in unaffiliated securities, at value | 12,214 | Options written, at value | (413 | ) |
* | Includes cumulative appreciation (depreciation) as reported on the Schedule of Futures Contracts and Schedule of Futures Contracts Sold Short. For futures contracts, only current day’s variation margin in reported within the Statements of Assets and Liabilities. |
147
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
For the year ended December 31, 2019, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:
Statements of Operations | ||||||||||
Risk | Derivative Type | Location | Net Realized | Net Change in | ||||||
Interest Rate | Futures contracts | Futures contracts | $ | 783,068 | $ | (144,746 | ) | |||
Interest Rate | Swaptions | Swaption contracts | (356,275 | ) | (31,514 | ) | ||||
Interest Rate | Swap contracts | Swap contracts | (40,398 | ) | 41,929 | |||||
Credit Default | Swap contracts | Swap contracts | (504,441 | ) | 890,685 | |||||
Currency | Forward foreign currency exchange contracts | Forward foreign currency contracts | 863,710 | (299,898 | ) | |||||
Currency | Written Options | Option contracts written | 13,086 | 11,179 | ||||||
Currency | Purchased Options | Unaffiliated investments | (17,599 | ) | (46,982 | ) | ||||
Currency | Swap contracts | Swap contracts | (5,398 | ) | 26,857 |
7. Securities Lending.
Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. U.S. Bank N.A., the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. Prior to November 25, 2019, Northern Trust Company was the Portfolio’s custodian and acted as the securities lending agent. The
148
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
value of the securities on loan and the cash collateral at December 31, 2019 are shown on the Statements of Assets and Liabilities. Shares of the First American Government Obligations Fund – Class X were purchased with proceeds from cash collateral received from securities on loan.
The following table is a summary of the Portfolios’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of December 31, 2019:
Portfolio | Value of | Value of Cash | ||||||
Large Company Growth Portfolio | $ | — | $ | — | ||||
Large Company Value Portfolio | — | — | ||||||
Small Company Growth Portfolio | 655,849 | 655,849 | ||||||
Small Company Value Portfolio | 3,294 | 3,294 | ||||||
Wilshire 5000 IndexSM Fund | 124,705 | 124,705 | ||||||
Wilshire International Equity Fund | — | — | ||||||
Wilshire Income Opportunities Fund | 512,507 | 512,507 |
* | The amount of collateral reflected in the table above does not include any over collateralization received by the Portfolios. |
8. Capital Share Transactions.
Transactions in shares of the Portfolios are summarized below:
LARGE COMPANY | 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 | 17,352 | 53,223 | 21,735 | 29,422 | 51,338 | 67,784 | 33,323 | 32,714 | ||||||||||||||||||||||||
Shares issued as reinvestment of distributions | 152,946 | 240,411 | 16,376 | 23,016 | 6,778 | 21,579 | 1,571 | 15,059 | ||||||||||||||||||||||||
Shares redeemed | (212,802 | ) | (215,382 | ) | (34,716 | ) | (63,077 | ) | (71,466 | ) | (167,868 | ) | (54,132 | ) | (57,676 | ) | ||||||||||||||||
Net increase (decrease) in Investment Class shares outstanding | (42,504 | ) | 78,252 | 3,395 | (10,639 | ) | (13,350 | ) | (78,505 | ) | (19,238 | ) | (9,903 | ) | ||||||||||||||||||
Shares outstanding at beginning of year | 1,700,531 | 1,622,279 | 298,392 | 309,031 | 375,989 | 454,494 | 264,319 | 274,222 | ||||||||||||||||||||||||
Shares outstanding at end of year | 1,658,027 | 1,700,531 | 301,787 | 298,392 | 362,639 | 375,989 | 245,081 | 264,319 | ||||||||||||||||||||||||
149
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
LARGE COMPANY | LARGE COMPANY | SMALL COMPANY | SMALL COMPANY | |||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||
Institutional Class shares: | ||||||||||||||||||||||||||||||||
Shares sold | 232,393 | 1,659,401 | 673,699 | 6,469,168 | 215,350 | 933,681 | 326,769 | 1,441,980 | ||||||||||||||||||||||||
Shares issued as reinvestment of distributions | 254,132 | 434,809 | 472,350 | 718,766 | 24,817 | 86,153 | 17,611 | 127,502 | ||||||||||||||||||||||||
Shares redeemed | (1,145,618 | ) | (2,042,180 | ) | (2,511,462 | ) | (3,704,924 | ) | (327,233 | ) | (486,281 | ) | (410,950 | ) | (480,681 | ) | ||||||||||||||||
Net increase (decrease) in Institutional Class shares outstanding | (659,093 | ) | 52,030 | (1,365,413 | ) | 3,483,010 | (87,066 | ) | 533,553 | (66,570 | ) | 1,088,801 | ||||||||||||||||||||
Shares outstanding at beginning of year | 4,065,832 | 4,013,802 | 10,733,721 | 7,250,711 | 1,881,875 | 1,348,322 | 2,533,095 | 1,444,294 | ||||||||||||||||||||||||
Shares outstanding at end of year | 3,406,739 | 4,065,832 | 9,368,308 | 10,733,721 | 1,794,809 | 1,881,875 | 2,466,525 | 2,533,095 |
WILSHIRE 5000 | WILSHIRE INTERNATIONAL | WILSHIRE INCOME | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||||||||||
Investment Class shares: | ||||||||||||||||||||||||
Shares sold | 396,564 | 716,562 | 79,760 | 109,186 | 66,725 | 86,963 | ||||||||||||||||||
Shares issued as reinvestment of distributions | 331,886 | 381,135 | 2,724 | 13,328 | 6,200 | 5,241 | ||||||||||||||||||
Shares redeemed | (880,750 | ) | (1,047,065 | ) | (152,014 | ) | (196,470 | ) | (78,106 | ) | (528,689 | ) | ||||||||||||
Net increase (decrease) in Investment Class shares outstanding | (152,300 | ) | 50,632 | (69,530 | ) | (73,956 | ) | (5,181 | ) | (436,485 | ) | |||||||||||||
Shares outstanding at beginning of year | 7,221,052 | 7,170,420 | 299,238 | 373,194 | 188,696 | 625,181 | ||||||||||||||||||
Shares outstanding at end of year | 7,068,752 | 7,221,052 | 229,708 | 299,238 | 183,515 | 188,696 | ||||||||||||||||||
Institutional Class shares: | ||||||||||||||||||||||||
Shares sold | 92,501 | 130,658 | 3,387,005 | 17,699,282 | 2,899,800 | 8,602,933 | ||||||||||||||||||
Shares issued as reinvestment of distributions | 70,887 | 77,552 | 509,092 | 1,645,158 | 1,176,240 | 1,089,140 | ||||||||||||||||||
Shares redeemed | (136,021 | ) | (163,444 | ) | (11,022,296 | ) | (9,383,097 | ) | (7,346,457 | ) | (8,273,742 | ) | ||||||||||||
Net increase (decrease) in Institutional Class shares outstanding | 27,367 | 44,766 | (7,126,199 | ) | 9,961,343 | (3,270,417 | ) | 1,418,331 | ||||||||||||||||
Shares outstanding at beginning of year | 1,728,336 | 1,683,570 | 41,761,378 | 31,800,035 | 31,758,868 | 30,340,537 | ||||||||||||||||||
Shares outstanding at end of year | 1,755,703 | 1,728,336 | 34,635,179 | 41,761,378 | 28,488,451 | 31,758,868 |
150
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
9. Significant Shareholders.
On December 31, 2019, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.
Portfolio | |
Large Company Growth Portfolio (3 omnibus shareholders) | 63% |
Large Company Value Portfolio (3 omnibus shareholder) | 69% |
Small Company Growth Portfolio (3 omnibus shareholders) | 58% |
Small Company Value Portfolio (4 omnibus shareholders) | 75% |
Wilshire 5000 IndexSM Fund (3 omnibus shareholders) | 56% |
Wilshire International Equity Fund (3 omnibus shareholders) | 74% |
Wilshire Income Opportunities Fund (2 omnibus shareholders) | 65% |
As of December 31, 2019, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:
Portfolio | |
Large Company Growth Portfolio | 23% |
Large Company Value Portfolio | 35% |
Small Company Growth Portfolio | 25% |
Small Company Value Portfolio | 26% |
Wilshire 5000 IndexSM Fund | 0% |
Wilshire International Equity Fund | 46% |
Wilshire Income Opportunities Fund | 41% |
10. Tax Information.
No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and net realized gains. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.
The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including,
151
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
but not limited to, examination by tax authorities of returns filed in the last 3 years and on-going analysis of and changes to tax laws, regulations and interpretations thereof. The Portfolios identify their major tax jurisdiction as U.S. Federal.
The federal tax cost of portfolio securities and unrealized appreciation and depreciation and the components of accumulated earnings (losses) for income tax purposes as of December 31, 2019 for each Portfolio are as follows:
Large | Large | Small | Small | Wilshire | Wilshire | Wilshire | ||||||||||||||||||||||
Tax cost of portfolio investments | $ | 122,388,863 | $ | 165,046,503 | $ | 49,288,727 | $ | 56,738,396 | $ | 56,088,027 | $ | 325,700,748 | $ | 286,980,600 | ||||||||||||||
Gross unrealized appreciation | 91,787,507 | 35,734,212 | 16,150,906 | 4,742,192 | 148,739,844 | 77,431,880 | 13,194,808 | |||||||||||||||||||||
Gross unrealized depreciation | (3,284,533 | ) | (9,343,317 | ) | (1,617,703 | ) | (1,175,655 | ) | (4,431,463 | ) | (16,617,099 | ) | (5,275,274 | ) | ||||||||||||||
Net unrealized appreciation | 88,502,974 | 26,390,895 | 14,533,203 | 3,566,537 | 144,308,381 | 60,814,781 | 7,919,534 | |||||||||||||||||||||
Undistributed ordinary income | — | — | — | — | — | 411,602 | 85,415 | |||||||||||||||||||||
Undistributed long-term capital gain | 4,468,894 | 1,933,593 | 691,792 | 891,711 | 2,047,535 | — | — | |||||||||||||||||||||
Total distributable earnings | 4,468,894 | 1,933,593 | 691,792 | 891,711 | 2,047,535 | 411,602 | 85,415 | |||||||||||||||||||||
Accumulated other gains (losses) | — | 20 | — | — | — | (1,189,363 | ) | (1,550,017 | ) | |||||||||||||||||||
Accumulated earnings | 92,971,868 | 28,324,508 | 15,224,995 | 4,458,248 | 146,355,916 | 60,037,020 | 6,454,932 |
The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, material debt modifications, royalty trust basis adjustments, and investment in passive foreign investment companies.
152
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
The tax character of distributions declared during the periods ended December 31, 2019 and December 31, 2018 was as follows:
Portfolio | 2019 | 2019 | 2018 | 2018 | ||||||||||||
Large Company Growth Fund | $ | — | $ | 18,546,479 | $ | 2,240,277 | $ | 27,070,477 | ||||||||
Large Company Value Portfolio | 3,559,414 | 7,871,653 | 4,328,602 | 12,086,254 | ||||||||||||
Small Company Growth Portfolio | — | 1,111,412 | 281,539 | 2,810,134 | ||||||||||||
Small Company Value Portfolio | 520,092 | 10,887 | 905,824 | 2,313,423 | ||||||||||||
Wilshire 5000 Index Fund | 2,724,287 | 7,288,879 | 2,704,449 | 6,901,955 | ||||||||||||
Wilshire International Equity Fund | 6,505,347 | — | 6,145,911 | 13,584,130 | ||||||||||||
Wilshire Income Opportunity Fund | 12,358,669 | — | 10,781,680 | — |
As of December 31, 2019, the Wilshire Income Opportunities Fund and the Wilshire International Equity Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:
Portfolio | Short-Term Loss | Long-Term Loss | Total | |||||||||
Wilshire Income Opportunities Fund | $ | 722,358 | $ | 711,121 | $ | 1,433,479 | ||||||
Wilshire International Equity Fund | $ | 844,411 | $ | — | $ | 844,411 |
These CLCFs may be utilized in the current and futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
For the year ended December 31, 2019, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences in the recognition of capital gains or losses under income tax regulations and GAAP:
Large | Large | Small | Small | Wilshire | Wilshire | Wilshire | ||||||||||||||||||||||
Accumulated earnings (deficit) | $ | 339,343 | $ | — | $ | 283,903 | $ | — | $ | — | $ | 40,322 | $ | (3 | ) | |||||||||||||
Paid-in capital | $ | (339,343 | ) | $ | — | $ | (283,903 | ) | $ | — | $ | — | $ | (40,322 | ) | $ | 3 |
Such reclassifications, primarily related to net operating losses, are the result of permanent differences between financial statement and income tax reporting requirements and had no effect on each Portfolio’s net assets or NAV per share.
153
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
11. Indemnifications.
In the normal course of business, the Company, on behalf of the Portfolios, enters into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
12. Certain Investment Risks.
Asset-backed securities (“ABS”) risk – Investors in ABS, including mortgage-backed securities (“MBS”) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.
Collateralized debt obligation (“CDO”) risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.
Forward contracts risk – There may be an imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of Wilshire Income Opportunities Fund’s NAV. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.
Interest rate risk – For debt securities, interest rate risk is the possibility that the market price will fall because of changing interest rates. In general, debt securities’ market prices rise or fall inversely to changes in interest rates. If interest rates rise, bond market prices generally fall; if interest rates fall, bond market prices generally rise. In addition, for a given change in interest rates, the market price of longer-maturity bonds fluctuates more (gaining or losing more in value) than shorter-maturity bonds. There may be less governmental intervention in influencing interest rates in the near future. If so, it could cause an increase in interest rates, which would have a negative impact on the market prices of fixed income securities and could negatively affect a Portfolio’s NAV.
154
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
Credit risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.
Counterparty credit risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio’s Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.
Foreign security risk – Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in foreign countries. The market values of the Portfolios’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline.
Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments in a specific country, industry or region.
Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.
Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For
155
Wilshire Mutual Funds, Inc.
Notes to Financial Statements - (Continued)
December 31, 2019 |
instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of December 31, 2019, Large Company Growth Portfolio had 34.1% of the value of its net assets invested in stocks within the Information Technology sector; Large Company Value Portfolio had 27.0% of the value of its net assets invested in stocks within the Financials sector; Small Company Growth Portfolio had 26.7% and 26.9% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; and Small Company Value Portfolio had 30.6% of the value of its net assets invested in stocks within the Financials sector.
A more complete description of risks is included in each Portfolio’s prospectus and Statement of Additional Information.
13. Contingencies.
Wilshire 5000 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. On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the dismissal. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.
14. Subsequent Event Evaluation.
The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to these financial statements except as follows:
As it relates to the contingency described in Note 13 to the financial statements, the Second Circuit in the Tribune proceeding denied a motion for a rehearing filed by the plaintiff on February 6, 2020. On February 13, 2020, the Second Circuit in the Deutsche Bank case issued a judgment mandate affirming the district court’s dismissal. The plaintiffs may now petition the Supreme Court for a writ of certiorari if they desire. See Note 13 for additional information.
156
Wilshire Mutual Funds, Inc.
Report of Independent Registered Public Accounting Firm |
To the Shareholders and Board of Directors of
Wilshire Mutual Funds, Inc.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the condensed schedules of investments, of Wilshire Mutual Funds, Inc. comprising Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, and Wilshire International Equity Fund, and the statement of assets and liabilities, including the schedules of investments, futures contracts, forward foreign currency contracts, written options, interest rate swaptions purchased, credit default swaps, centrally cleared interest rate swaps and over the counter exchange rate volatility swaps of Wilshire Income Opportunities Fund (the “Funds”) as of December 31, 2019, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, including the related notes, and the financial highlights for each of the three years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the each of the Funds as of December 31, 2019, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
The Funds’ financial highlights for the years ended December 31, 2016, and prior, were audited by other auditors whose report dated February 28, 2017, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the custodian, counterparties and brokers or by other appropriate auditing procedures where replies from brokers or counterparties were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2017.
COHEN & COMPANY, LTD.
Cleveland, Ohio
February 28, 2020
157
Wilshire Mutual Funds, Inc.
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, 71 | Director | Since 2002 | Retired; formerly Vice President, University Medical Foundation, (2006 to 2018); formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC | 8 | Wilshire Variable Insurance Trust (1 Fund) |
Edward Gubman, 69 | Director | Since 2011 | Retired; formerly Founder and Principal, Strategic Talent Solutions (2004 to 2009); Consultant, Gubman Consulting (2001 to 2003); Account Manager and Global Practice Leader, Hewitt Associates (1983 to 2000) | 8 | Wilshire Variable Insurance Trust (1 Fund) |
Suanne K. Luhn, 65 | Director | Since 2008 | Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006) | 8 | Wilshire Variable Insurance Trust (1 Fund) |
George J. Zock, 69 | Director, Chairperson of the Board | Since 2006 | Independent Consultant; Consultant, Horace Mann Service Corporation (2004 to 2005); Executive Vice President, Horace Mann Life Insurance Company and Horace Mann Service Corporation (1997 to 2003) | 8 | Wilshire Variable Insurance Trust (1 Fund); Armed Forces Insurance Exchange |
158
Wilshire Mutual Funds, Inc.
Additional Fund Information (Unaudited) - (Continued) |
Name and Age | Position | Term of | Principal | Number of | Other Directorships |
Elizabeth A. Levy-Navarro, 56 | Director | Since 2019 | Independent Corporate Advisor (since 2018); Chief Executive Officer, Orrington Strategies (since 2002); Partner, Practice Leader, and Operating Committee Member for a division of Nielsen Holdings (1993-2002). | 8 | Wilshire Variable Insurance Trust (1 Fund) |
INTERESTED DIRECTOR and PRESIDENT | |||||
Jason Schwarz(2), 45 | Director and President | Director since 2018/ President since 2012 | President, Wilshire Funds Management (since 2014); President, Wilshire Analytics (Since 2017); Managing Director, Head of Wilshire Funds Management’s Client Service, Sales, Marketing and Distribution functions (2005-2014). | 8 | Wilshire Variable Insurance Trust (1 Fund) |
OFFICERS | |||||
Benkai Bouey, 49 | Chief Compliance Officer | Since 2015 | Chief Compliance Officer, Wilshire Associates Incorporated. (since 2012); Attorney, Benkai Bouey, Attorney at Law (2010-2013); Client Relationship Manager, Horizon Asset Management, Inc. (2008 to 2010) | N/A | N/A |
Reena S. Lalji, 48 | Secretary | Since 2009 | Managing Director and General Counsel, Wilshire Associates Incorporated (since 2009); Senior Counsel, Royal Bank of Canada (2003 to 2008) | N/A | N/A |
Nathan R. Palmer, 44 | Vice President | Since 2011 | Managing Director, Wilshire Funds Management (since 2011); Senior Investment Management Associate, Convergent Wealth Advisors (2009 to 2010); Director of Public Markets, Investment Office, California Institute of Technology (2008 to 2009). Treasury Manager, Retirement Investments, Intel Corporation (2004 to 2008) | N/A | N/A |
159
Wilshire Mutual Funds, Inc.
Additional Fund Information (Unaudited) - (Continued) |
Name and Age | Position | Term of | Principal | Number of | Other Directorships |
Michael Wauters, 53 | Treasurer | Since 2009 | Chief Financial Officer, Wilshire Associates Incorporated (since 2012); Controller, Wilshire Associates Incorporated (2009 to 2012); Assistant Vice President- Financial Operations, Pacific Life Insurance Company (2000 to 2009) | N/A | N/A |
Josh Emanuel, 40 | Vice President | Since 2015 | Managing Director, Wilshire Associates Incorporated (since 2015); Chief Investment Officer, Wilshire Funds Management (since 2015); Chief Investment Officer, The Elements Financial Group, LLC (2010-2015) | N/A | N/A |
(1) | Each Director serves until the next shareholders’ meeting (and until the election and qualification of a successor), or until death, resignation, removal or retirement which takes effect no later than May 1 following his or her 75th birthday. Officers are elected by the Board on an annual basis to serve until their successors have been elected and qualified. |
(2) | Mr. Schwarz is considered an Interested Director because he is an officer of Wilshire. |
The Statement of Additional Information includes additional information about Directors and is available free of charge by calling the Funds toll free at 1-866-591-1568.
160
Wilshire Mutual Funds, Inc.
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 (866) 591-1568, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at www.sec.gov.
Information on Form N-PORT
The Company files its complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at www.sec.gov.
Householding Policy
In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling (866) 591-1568. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.
161
Wilshire Mutual Funds, Inc.
Tax Information (Unaudited) |
For the year ended December 31, 2019, the Portfolios designated the following long-term capital gain distributions:
Portfolio | Amount | |||
Large Company Growth Fund | $ | 18,546,479 | ||
Large Company Value Portfolio | $ | 7,871,653 | ||
Small Company Growth Portfolio | $ | 1,111,412 | ||
Small Company Value Portfolio | $ | 10,887 | ||
Wilshire 5000 Index Fund | $ | 7,288,879 | ||
Wilshire Income Opportunity Fund | $ | — | ||
Wilshire International Equity Fund | $ | — |
Of the distributions made by the following Portfolios, the corresponding percentages represent the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:
Portfolio | Percentage |
Large Company Growth Fund | 0.00% |
Large Company Value Portfolio | 100.00% |
Small Company Growth Portfolio | 0.00% |
Small Company Value Portfolio | 100.00% |
Wilshire 5000 Index Fund | 100.00% |
Wilshire Income Opportunity Fund | 1.55% |
Wilshire International Equity Fund | 1.18% |
Pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios designate the following percentages of their income dividends distributed in 2019 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.
Portfolio | Percentage |
Large Company Growth Fund | 0.00% |
Large Company Value Portfolio | 100.00% |
Small Company Growth Portfolio | 0.00% |
Small Company Value Portfolio | 100.00% |
Wilshire 5000 Index Fund | 100.00% |
Wilshire Income Opportunity Fund | 1.55% |
Wilshire International Equity Fund | 100.00% |
162
Wilshire Mutual Funds, Inc.
Tax Information (Unaudited) - (Continued) |
Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designate the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S. withholding tax when paid to foreign investors.
Portfolio | Percentage |
Large Company Growth Fund | 0.00% |
Large Company Value Portfolio | 0.00% |
Small Company Growth Portfolio | 0.00% |
Small Company Value Portfolio | 0.00% |
Wilshire 5000 Index Fund | 0.00% |
Wilshire Income Opportunity Fund | 0.00% |
Wilshire International Equity Fund | 0.00% |
Foreign Tax Credit Pass Through
The Portfolios intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Wilshire International Equity Fund’s foreign source income per share was $0.28 and the foreign tax expense per share was $0.03 per share. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2019. These shareholders will receive more detailed information along with their 2019 Form 1099-DIV.
163
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, 2019, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of the investment advisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser to each Fund, and the Company, with respect to each of the Funds (the “Advisory Agreement”).
The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested person[s],” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.
The Board approved the renewal of the Advisory Agreement following an extensive process that concluded at the Board’s November 5, 2019 meeting (the “November Meeting”). As required by the 1940 Act, the approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of their review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and advised them of the relevant legal standards.
Information Requested and Received
At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting information regarding the Advisory Agreement to be provided to the Directors in advance of the November Meeting.
In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendation to approve the Advisory Agreement. In particular, the Directors received information from the Adviser as to each Fund describing: (i) the nature, extent and quality of services provided; (ii) the financial condition of the Adviser and its ability to provide the contracted-for services under the Advisory Agreement; (iii) the investment performance of the Fund as provided by the Adviser based upon data gathered
164
Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) - (continued) |
from the Morningstar Direct database (“Morningstar”), along with a comparison to its benchmark index: (iv) the costs of services provided and estimated profits realized by the Adviser; (v) the extent to which economies of scale are realized as the Fund grows; (vi) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vii) comparisons of amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (viii) fall-out benefits realized by the Adviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.
Factors Considered
In connection with its deliberations regarding the proposed renewal of the Advisory Agreement, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by the Adviser under the Advisory Agreement; comparative fees as provided by the Adviser; the profits realized by the Adviser; the extent to which the Adviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by the Adviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Adviser were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which also met on November 5, 2019 to review data on the Adviser’s performance. Recognizing that the evaluation process with respect to the services provided by the Adviser is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.
In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor as all-important or controlling and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.
Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Advisory Agreement, the Board concluded that it was in the best interests of each Fund to approve the renewal of the Advisory Agreement.
Nature, Extent and Quality of Services
With respect to the nature, extent and quality of services provided by the Adviser, the Board considered the functions currently performed by the Adviser, noting that the Adviser performs certain administrative functions on behalf of the Funds. The Board considered the experience and skills of the senior management leading Fund operations, the experience and skills of the key personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. In evaluating the services provided by the Adviser, the Board
165
Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) - (continued) |
took into account each Fund’s portfolio management structure, whereby the Adviser identifies, evaluates and oversees managers it believes are “best-in-class” to act as sub-adviser(s) to the Fund. Thus, the Board considered the capabilities and expertise of the Adviser’s personnel responsible for implementing the multi-manager portfolio construction methodology and considered the information provided by the Adviser regarding investment oversight and risk management processes.
The Board considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. In addition, the Board considered the regular reports it receives from the Funds’ Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also took into account information regarding the Adviser’s disaster recovery and contingency plans and data protection safeguards, among other things.
The Board considered the Adviser’s financial condition, and considered the financial support provided by the Adviser to each of Small Company Growth Portfolio, Small Company Value Portfolio, Large Company Growth Portfolio, Wilshire Income Opportunities Fund and Wilshire International Equity Fund pursuant to expense limitation agreements. In this connection, the Board reviewed, among other things, the Adviser’s audited consolidated financial statements as of December 31, 2018, as well as information regarding the firm’s business plans. The Board also noted the Adviser’s commitment to ensuring that sufficient resources will continue to be available in the future for servicing the Funds.
In connection with its evaluation of the quality of services provided by the Adviser, the Board reviewed information on the performance of the Investment Class shares of each actively managed Fund—i.e., each of the Funds, with the exception of the Wilshire 5000 Index Fund (the “Index Fund”)—for the annualized one-, three-, five- and ten-year periods ended September 30, 2019, as applicable, in comparison to each Fund’s benchmark and a peer group of funds determined by Wilshire based upon the Morningstar database for the same periods.
With respect to the Index Fund, the Board took into account that, unlike the other Funds, its investment objective is to replicate as closely as possible the performance of an index, the Wilshire 5000 Index. In this regard, the Board noted that, in view of the distinctive investment objective of the Index Fund and the expectations of shareholders, the investment performance of the Index Fund in absolute terms was not of the relevance that normally attaches to the performance of actively managed Funds. Of greater relevance to the Board was the extent to which the Index Fund’s performance tracked its benchmark, and thus the Board focused its attention on the tracking error data provided by Wilshire—which was provided for the one-, three-, five- and ten-year periods ended September 30, 2019—and how the Index Fund compared to its peers in this respect. The Board noted that the Index Fund’s peer group consisted of other large cap funds (growth, blend and value) that passively replicate domestic equity benchmarks.
In general, the Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the responsibilities of the Adviser, as disclosed in the Fund’s prospectus. As to the Adviser’s performance, the Board made the observations and considered the factors noted below.
166
Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) - (continued) |
Large Company Growth Portfolio
● | The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for all periods reviewed, ranking in the fourth, fifth, third and fourth quintiles, respectively, of its peer group for the one-, three-, five- and ten-year periods (the first quintile being the best performers and the fifth quintile being the worst performers). In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including individual manager performance. |
Large Company Value Portfolio
● | The Fund’s annualized return for each period was below the Fund’s benchmark performance. In addition, the Fund underperformed its peer group median for all periods reviewed, ranking in the fourth quintile of its peer group. In assessing the Fund’s performance data, the Board took into account the Adviser’s explanation of the factors that detracted from performance, including individual manager performance. |
Small Company Growth Portfolio
● | The Fund’s annualized returns for the one-, five- and ten-year periods were above the Fund’s benchmark performance, and the Fund underperformed its benchmark for the three-year period by one basis point. The Fund also outperformed its peer group median for the one-, five- and ten-year periods, ranking in the third, second and first quintiles, respectively, of its peer group. The Fund underperformed its peer group median for the three-year period, ranking in the fourth quintile of its peer group. |
Small Company Value Portfolio
● | Although the Fund’s annualized returns for the one-, three- and five-year periods were below the Fund’s benchmark performance, the Fund outperformed its benchmark for the ten-year period. Although the Fund underperformed its peer group median for the one- and three-year periods, ranking in the third and fourth quintiles of its peer group, respectively, the Fund outperformed its peer group median for the five- and ten-year periods, ranking in the first and second quintiles of its peer group, respectively. |
Index Fund
● | The Index Fund’s tracking error was above its peer group median—i.e., the Index Fund tracked its index less closely than the median of its peer group—for all periods reviewed, ranking in the fifth, fifth, fourth and fourth quintiles of its peer group, respectively, for the one-, three-, five- and ten-year periods. The Board also noted that, although the Index Fund underperformed its index for all periods reviewed, these results were attributable primarily to the Index Fund’s expenses. The Board determined that the Index Fund tracked its index within an acceptable range. |
167
Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) - (continued) |
Wilshire Income Opportunities Fund
● | The Board took into account the Fund’s limited operating history and considered the available performance metrics. Although the Fund’s annualized return for the one-year period ended September 30, 2019 was below the Fund’s benchmark performance, the Fund’s annualized return for the three-year period exceeded its benchmark. In addition, the Fund’s performance for the one- and three-year periods exceeded its peer group median, ranking in the second and third quintiles of its peer group, respectively. |
Wilshire International Equity Fund
● | The Board noted that the Fund changed its investment mandate from a domestic large cap core fund to an international large cap fund in April 2013 and changed its benchmark to the MSCI ACW ex-U.S. Index at the same time, so annualized peer returns and performance relative to the Index are not comparable for the ten-year period. Consequently, the Board focused on more recent performance metrics, noting that the Fund’s performance for the three- and five-year periods exceeded its benchmark. In addition, the Fund’s performance for the one-, three- and five-year periods exceeded its peer group median, ranking in the second quintile of its peer group for the one- and three-year periods and in the first quintile for the five-year period. |
In evaluating each Fund’s performance metrics, the Board took into account its discussions with management regarding the factors that contributed to or detracted from performance, as the case may be, and considered the Adviser’s overall track record and reputation. After reviewing the foregoing and related factors, the Board concluded that (i) each Fund’s performance was acceptable or (ii) it was satisfied with the Adviser’s responses relating to investment performance.
In addition, based on the foregoing, the Board concluded that the Adviser and its personnel were qualified to continue to serve the Funds in such capacity and that it was satisfied with the nature, extent and quality of the services provided by the Adviser to each Fund.
Comparative Fees
The Board compared each Fund’s actual management fee paid and total expense ratio for Investment Class shares to the applicable peer group of funds, as well as each Fund’s size relative to its peers. In considering the comparative fee and expense data provided by the Adviser, the Board made the following observations:
Large Company Growth Portfolio
● | Although each of the Fund’s total expense ratio and actual management fee paid was above the peer group median, ranking in the fourth quintile (the first quintile being the lowest and the fifth quintile being the highest), the actual management fee paid was five basis points above the peer group median, which the Board concluded was competitive. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group. The Board also took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
168
Wilshire Mutual Funds, Inc.
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 ten basis points above the peer group median, ranked in the fourth quintile, which the Board concluded was competitive. With respect to the Fund’s total expense ratio, the Board considered the Fund’s size relative to its peer group. |
Small Company Growth Portfolio
● | Although the Fund’s total expense ratio was above the peer group median, ranking in the fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the first quintile. With respect to the Fund’s total expense ratio, the Board considered the Fund’s small size relative to its peer group. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
Small Company Value Portfolio
● | 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 fourth quintile, the Fund’s actual management fee paid was below the peer group median and ranked in the second quintile. In addition, the Board took into account that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
Wilshire International Equity Fund
● | Each of the Fund’s total expense ratio and actual management fee paid was above the peer group median, each ranking in the fifth quintile of its peer group. In assessing the reasonableness of the Fund’s management fee, the Board took into account the Fund’s strong investment performance. The Board also considered that the Adviser has entered into an expense limitation agreement with respect to the Fund. |
As part of its evaluation of each Fund’s management fee, the Board considered how such fees compared to the Fund(s) with similar investment styles, to the extent applicable. The Board noted that the Adviser had not identified any other registered investment companies that it advises pursuant to similar investment strategies.
169
Wilshire Mutual Funds, Inc.
Board Approval of Advisory Agreement
(Unaudited) - (continued) |
Based upon all of the above, the Board concluded that the management fee for each Fund was reasonable.
Costs of Services Provided and Profitability to Wilshire
With respect to the costs of services provided and profitability realized by Wilshire from its relationship with the Funds, the Board reviewed a profitability analysis and data from Wilshire, setting forth, among other things, gross revenues received by Wilshire, expenses allocated to the Company and the operating margin/profitability rate. In the course of its review of Wilshire’s profitability, the Board took into account the methods used by Wilshire to determine expenses and profit. The Board considered all of the foregoing in evaluating the costs of services provided, the profitability to Wilshire and the profitability rates presented, and it concluded that the profits realized by Wilshire were not unreasonable in comparison with the costs of providing investment advisory services to the Funds.
Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale and whether there is potential for realization of economies of scale. The Board considered whether economies of scale in the provision of services to the Funds were being passed along to the shareholders. The Board noted the Adviser’s statements, including that the Adviser believes its management fees are appropriate and that, where possible, the Adviser has utilized common service providers across multiple funds in the complex in order to negotiate lower fees on behalf of the Funds.
As part of its assessment of economies of scale, the Board also considered that economies of scale may be shared through a number of means, including expense limitations, management fees set at competitive rates pre-assuming future asset growth, and/or management fee breakpoints—i.e., a tiered fee schedule based on asset size. Thus, the Board considered the size of each Fund and the management fee it is charged, as well as the Adviser’s agreement to limit the expenses of certain Funds. The Board also took into account that each Fund’s advisory fee schedule included a breakpoint at an asset level that had not yet been reached.
Based upon all of the above, the Board concluded that the management fee for each Fund reflects an appropriate recognition of any economies of scale.
Fall-Out Benefits
The Board considered the Adviser’s statement that benefits from its relationship with the Funds were limited to the advisory fees paid. The Board determined that the advisory fees were reasonable in light of any fall-out benefits.
Conclusion
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement continue to be fair and reasonable and that the continuation of the Advisory Agreement is in the best interests of each Fund.
170
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) |
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, and it was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series:
● Large Company Growth Portfolio | ● Large Company Value Portfolio |
● Small Company Growth Portfolio | ● Small Company Value Portfolio |
● Wilshire 5000 Index Fund | ● Wilshire Income Opportunities Fund |
● Wilshire International Equity Fund |
(Each of the foregoing series may be referred to herein as a “Fund” and collectively as the “Funds.”)
During the six months ended December 31, 2019, the Board of Directors of the Company (the “Board,” with the members of the Board referred to individually as the “Directors”) approved the renewal for an additional one-year term of each subadvisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”), the investment adviser for each Fund, and each of the following subadvisers, with respect to the applicable Fund(s):
Subadviser | Fund(s) |
Barrow, Hanley, Mewhinney & Strauss, LLC (“BHMS”) | Large Company Value Portfolio |
DoubleLine Capital LP (“DoubleLine”) | Wilshire Income Opportunities Fund |
Loomis, Sayles & Company L.P. (“Loomis Sayles”) | Large Company Growth Portfolio |
Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) | Large Company Growth Portfolio |
Manulife Asset Management (US) LLC (“Manulife”) | Wilshire Income Opportunities Fund |
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 |
Voya Investment Management Co. LLC (“Voya”) | Wilshire Income Opportunities Fund |
WCM Investment Management, LLC (“WCM”) | Wilshire International Equity Fund |
(In the following text, the subadvisers are referred to collectively as “Subadvisers” or individually, as a “Subadviser,” and the subadvisory agreements between Wilshire and the Subadvisers are referred to collectively as the “Subadvisory Agreements” or individually, as a “Subadvisory Agreement.”)
171
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Each of the Subadvisory Agreements continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Directors who are not “interested person[s],” as defined by the 1940 Act, of the Funds (the “Independent Directors”) casting votes in person at a meeting called for such purpose.
The Board approved the renewal of each of the Subadvisory Agreements following an extensive process that concluded at the Board’s August 27-28, 2019 meeting (the “August Meeting”). As required by the 1940 Act, each approval was confirmed by the separate vote of the Independent Directors, casting votes in person at a meeting called for such purpose. As part of its review process, the Independent Directors were represented by independent legal counsel (“Independent Legal Counsel”), from whom the Independent Directors received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Independent Directors various key aspects of the Directors’ legal responsibilities relating to the proposed renewal of the Subadvisory Agreements and advised the Independent Directors of the relevant legal standards.
Information Requested and Received
At the direction of the Independent Directors, Independent Legal Counsel sent a memorandum to the Adviser requesting that information regarding the proposed Subadvisory Agreements be provided to the Directors in advance of the August Meeting.
In response to the request for information, the Directors received information from the Adviser regarding the factors underlying its recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser as to each Fund it managed, describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of the Subadviser in connection with the Fund; (iii) the financial condition of the Subadviser; (iv) the extent to which economies of scale are realized as a Fund grows; (v) whether fee levels reflect any possible economies of scale for the benefit of Fund shareholders; (vi) where applicable, comparisons of services rendered and amounts paid by other registered investment companies and any comparable advisory clients; and (vii) benefits realized by the Subadviser from its relationship with the Fund. The Independent Directors also received a memorandum from Independent Legal Counsel describing their duties in connection with advisory contract proposals, and they were assisted in their review by Independent Legal Counsel.
Factors Considered
In connection with its deliberations regarding the proposed renewal of the Subadvisory Agreements, the Board considered such information and factors as it believed to be relevant in the exercise of its business judgment. As described below, the Board considered the nature, extent and quality of the services performed by each Subadviser under the subadvisory arrangements (including the performance of each Fund or portion thereof); comparative fees as provided by each Subadviser; the profits realized by each Subadviser; the extent to which each Subadviser realizes economies of scale as a Fund grows; and whether any fall-out benefits are being realized by each Subadviser. The Board also took into account the various materials received from the Adviser, its discussions with management and the guidance provided by Independent Legal Counsel in private sessions at which no representatives of the Subadvisers were present. In addition, as a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent
172
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Directors), which met on August 27, 2019 to review data on each Subadviser’s performance. Recognizing that the evaluation process with respect to the services provided by each of the Subadvisers is an ongoing one, the Board also considered information reviewed by the Board during the year at other Board and Board committee meetings. The Board considered the foregoing information and all materials provided in the context of its accumulated experience governing the Funds and weighed the factors and standards discussed with Independent Legal Counsel.
In deciding to approve each of the Subadvisory Agreements, the Board did not identify any single factor as all-important or controlling, and each Director, in the exercise of his or her business judgment, may attribute different weights to the various factors. The Board based its decision on the totality of the circumstances and relevant factors. This summary discusses the material factors and the conclusions with respect thereto that formed the basis for the Board’s approval and does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.
Based upon its evaluation of all materials provided, and its determination that it had received sufficient information to make an informed business decision with respect to the Subadvisory Agreements, the Board concluded that it was in the best interests of each Fund to approve the renewal of each of the Subadvisory Agreements.
Nature, Extent and Quality of Services
As to each Subadvisory Agreement and Subadviser, the Board considered the nature, extent and quality of services provided. The Board considered the firm’s overall reputation; the track record and qualifications of the Subadviser; its investment approach and methodologies; the education, experience and skills of the Subadviser’s investment personnel responsible for the day-to-day portfolio management of the applicable Fund or portion thereof; and the resources made available to such personnel, as well as information regarding how the Subadviser compensates such personnel. The Board also considered each Subadviser’s compliance with investment policies and general legal compliance, in addition to information regarding each firm’s disaster recovery and contingency planning and policies with respect to portfolio execution, trading and proxy voting. The Board noted that it had received a copy of each Subadviser’s Form ADV, including the brochure (Part 2A), which provides additional information about other products the firm manages and the ownership structure of the firm, among other things. The Board also considered the analysis provided by the Adviser, including the metrics used by the Adviser to evaluate each Subadviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place. Also important to the Board’s analysis was the Adviser’s recommendation that each Subadvisory Agreement for each Fund be renewed for an additional term.
In connection with its evaluation of the quality of services provided by each Subadviser, the Board reviewed information comparing each Subadviser’s gross investment performance for each applicable Fund, or portion thereof, to a relevant benchmark (except for LA Capital with respect to the Wilshire 5000 Index Fund, for which the Subadviser’s net performance was compared to the benchmark) for various periods ended June 30, 2019. The Board considered performance results in light of each Fund’s investment objective, strategies and risks, and the investment approach employed by the Fund’s Subadviser(s), as disclosed in the Fund’s prospectus. As to each Subadviser’s performance with respect to the applicable Fund or portion of such Fund, the Board made the observations and considered the factors noted below:
173
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Large Company Growth Portfolio
● | LA Capital. The Subadviser outperformed for the quarter-to-date, one-year and ten-year periods ended June 30, 2019 and underperformed for the three- and five-year periods ended June 30, 2019. The Board noted the information provided regarding the Subadviser’s portfolio management processes. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided. |
● | Loomis Sayles. The Subadviser outperformed for the quarter-to-date, year-to-date, one-year and three-year periods ended June 30, 2019. Longer-term performance was not considered since the Subadviser began managing its portion of the Fund on August 31, 2015. |
● | NewBridge. The Subadviser underperformed for all periods reviewed. The Board noted the information provided regarding the Subadviser’s portfolio construction approach. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor performance. |
Large Company Value Portfolio
● | BHMS. The Subadviser outperformed for the year-to-date and three-year periods ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. Longer-term performance was not considered because the Subadviser began managing its portion of the Fund in June 2016. The Board noted the information provided regarding the Subadviser’s investment program for its portion of the Fund. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor the Subadviser’s performance. |
● | LA Capital. With the exception of the ten-year period ended June 30, 2019, the Subadviser underperformed for all periods reviewed. For the ten-year period ended June 30, 2019, the Subadviser’s performance was the same as the benchmark. The Board considered the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser and that performance is in line with expectations. |
● | Pzena. The Subadviser outperformed for the quarter-to-date, three-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. The Board noted the information provided regarding the Subadviser’s investment program for its portion of the Fund. The Board also considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that it is satisfied with the level of services provided by the Subadviser but will continue to closely monitor the Subadviser’s performance. |
Small Company Growth Portfolio
● | LA Capital. The Subadviser outperformed for the one-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019. |
● | Ranger. The Subadviser outperformed for all periods reviewed. |
174
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Small Company Value Portfolio
● | LA Capital. The Subadviser outperformed for the quarter-to-date, year-to-date, one-year, five-year and ten-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019. |
Wilshire 5000 Index Fund
● | LA Capital. The Subadviser underperformed for all periods reviewed. The Board noted that the Fund’s investment objective is to replicate as closely as possible the performance of the Wilshire 5000 Index (the “Index”) before the deduction of the Fund’s expenses. The Subadviser seeks to track the performance of the Index by partially replicating the holdings of the Index, as well as optimizing the portfolio’s exposures to certain factors. In this connection, the Board considered the Adviser’s assessment of the nature, extent and quality of services provided by the Subadviser, including the Adviser’s statement that the Subadviser’s performance is in line with expectations. The Board also took into account the fact that the Adviser is satisfied with the level of services provided by the Subadviser to the Fund. |
Wilshire Income Opportunities Fund
● | DoubleLine. The Subadviser outperformed for all periods reviewed. |
● | Manulife. The Subadviser outperformed for the year-to-date period ended June 30, 2019 and underperformed for the one-year period ended June 30, 2019. The Board noted that the Subadviser began managing its portion of the Fund in June 2018 and determined that performance was too new to judge. |
● | Voya. The Subadviser outperformed for all periods reviewed. |
Wilshire International Equity Fund
● | LA Capital. The Subadviser outperformed for the quarter-to-date, year-to-date and one-year periods ended June 30, 2019 and underperformed for the three-year period ended June 30, 2019. |
● | Pzena. The Subadviser underperformed for the one-year period ended June 30, 2019. The Board noted that the Subadviser began managing its portion of the Fund in June 2018 and determined that performance was too new to judge. |
● | WCM. The Subadviser outperformed for all periods reviewed. |
With respect to each Subadviser’s resources and the ability of the Subadviser to carry out its responsibilities under the applicable Subadvisory Agreement, the Board considered the information provided regarding the Subadviser’s financial condition and available resources.
After reviewing and considering the foregoing and related factors, the Board concluded that, overall, it was satisfied with the nature, extent and quality of services provided, and expected to be provided, by each Subadviser to each Fund pursuant to the applicable Subadvisory Agreement.
175
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Subadvisory Fees
The Board considered each Fund’s subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rates were negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.
With respect to the Subadvisers’ reported fees for “Other Clients” with comparable investment policies and services, in cases in which the fees charged to the Adviser by the Subadviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.
Based upon all of the above, the Board determined that the subadvisory fees for each Fund were reasonable.
Profitability to the Subadvisers
The Board noted that the Adviser compensates each Subadviser from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and each Subadviser. In addition, the Board noted that the revenues to the various Subadvisers were limited due to the current size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.
Economies of Scale
The Board considered whether there are economies of scale with respect to the subadvisory services provided to each Fund and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate for each Fund under the Subadvisory Agreement is reasonable in relation to the asset size of such Fund. The Board concluded that the fee schedule for each Fund reflects an appropriate recognition of any economies of scale.
Fall-Out Benefits
The Board also considered the character and amount of other incidental benefits received by each Subadviser. The Board considered each Subadviser’s soft dollar practices, as applicable. The Board concluded that, taking into account the benefits arising from these practices, the fees charged under each Subadvisory Agreement were reasonable.
Conclusion
Based upon all of the information considered and the conclusions reached, the Board determined that the terms of each Subadvisory Agreement are fair and reasonable and that the approval of each Subadvisory Agreement is in the best interests of each Fund.
176
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
On November 5, 2019, the Board of Directors (the “Board” and each individually, a “Director”) of Wilshire Mutual Funds, Inc. (the “Company”) approved new subadvisory agreements between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and each of Diamond Hill Capital Management Inc. (“Diamond Hill” or a “Subadviser”) and Hotchkis & Wiley Capital Management, LLC (“Hotchkis & Wiley” or a “Subadviser”) pursuant to which each Subadviser serves as a new subadviser to the Small Company Value Portfolio (the “Fund”) effective December 24, 2019 (each, a “Subadvisory Agreement” and collectively, the “Subadvisory Agreements”).
At the meeting on November 5, 2019, in connection with the review of Wilshire’s proposed Subadvisory Agreements with the Subadvisers, the Board evaluated information provided by Wilshire and the Subadvisers in accordance with Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”).
The information that follows outlines the Board’s considerations associated with its approval of each Subadvisory Agreement. In connection with its deliberations regarding the approval of these relationships, the Board considered such information and factors as it believed to be relevant. As described below, with respect to each Subadviser, the Board considered the nature, extent and quality of the services to be performed by the Subadviser under the proposed subadvisory arrangement; comparative fees as provided by the Subadviser; the profits to be realized by the Subadviser; the extent to which the Subadviser would realize economies of scale as the Fund grows; and whether any fall-out benefits would be realized by the Subadviser. In considering these matters, the Board was advised with respect to relevant legal standards by independent legal counsel. In addition, the Directors who are not “interested persons” of the Company as defined in the 1940 Act (the “Independent Directors”) discussed the approval of the Subadvisory Agreements with management and in private sessions with independent legal counsel at which no representatives of the Subadvisers were present.
As required by the 1940 Act, each approval was confirmed by a separate vote of the Independent Directors. In deciding to approve the Subadvisory Agreements, the Board did not identify any single factor as controlling and this summary does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.
Information Received
The Board, including all the Independent Directors, considered the approval of the Subadvisory Agreements at the Board’s November 5, 2019 meeting. The Directors received information from the Adviser regarding the factors underlying its recommendations to approve each Subadvisory Agreement. The Directors also received information from each Subadviser describing: (i) the nature, extent and quality of services to be provided; (ii) the financial condition of the Subadviser; (iii) the extent to which economies of scale may be realized as the Fund grows; (iv) whether fee levels reflect any possible economies of scale for the benefit of the Fund’s shareholders; (v) comparisons of services rendered and amounts paid by any comparable advisory clients; and (vi) benefits to be realized by the Subadviser from its relationship with the Fund. The Independent Directors were assisted in their review by independent legal counsel.
177
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
As part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is composed solely of Independent Directors), which also met on November 5, 2019 to review data on each Subadviser’s performance for managing investment products similar to the Fund. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of the Fund to approve each Subadvisory Agreement.
Nature, Extent and Quality of Services
As to each Subadviser, the Board considered the nature, extent and quality of services to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser would provide reasonable services and recommended that each Subadvisory Agreement be approved.
The Board reviewed information comparing each Subadviser’s annualized gross investment performance for managing investment products with an investment strategy similar to the one to be employed by the Subadviser for the Fund to the Russell 2000 Value Index (the Fund’s benchmark index) for the one-, three-, five- and ten-year periods ended June 30, 2019. The Board noted that Diamond Hill outperformed the benchmark index for all periods reviewed, and Hotchkis & Wiley outperformed the benchmark index for the three-, five- and ten-year periods ended June 30, 2019.
Subadvisory Fees
The Board considered each Subadviser’s proposed subadvisory fee. The Board evaluated the competitiveness of the subadvisory fee based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rate was negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates each Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.
With respect to each Subadviser’s reported fees for “Other Clients” with comparable investment policies and services, the Board determined that the subadvisory fees to be charged to the Adviser were competitive.
Based upon all of the above, the Board determined that the subadvisory fees were reasonable.
Profitability to the Subadvisers
The Board noted that the Adviser compensates the Subadvisers from its own advisory fees and that the fees were negotiated at arm’s length between the Adviser and the Subadvisers. In addition, the Board noted that the revenues to the Subadvisers would be limited due to the current size of the Fund. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.
178
Wilshire Mutual Funds, Inc.
Board Approval of Subadvisory Agreements
(Unaudited) - (continued) |
Economies of Scale
The Board considered whether there may be economies of scale with respect to the subadvisory services to be provided to the Fund and whether the subadvisory fees reflect such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate under each Subadvisory Agreement is reasonable in relation to the asset size of the Fund. The Board concluded that the fee schedule for each Subadviser reflects an appropriate recognition of any economies of scale.
Fall-Out Benefits
The Board also considered the character and amount of other incidental benefits to be received by the Subadvisers. The Board considered each Subadviser’s soft dollar practices. The Board concluded that, taking into account any such other benefits, the subadvisory fees to be charged under the Subadvisory Agreements were reasonable.
Conclusion
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 the Fund.
179
[This page intentionally left blank]
[This page intentionally left blank]
Wilshire Mutual Funds
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
1-888-200-6796
http://advisor.wilshire.com
Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.
Item 3. Audit Committee Financial Expert.
The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Mr. Roger A. Formisano is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. “Other services” were not provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 12/31/2019 | FYE 12/31/2018 | |
Audit Fees | 129,500 | 112,500 |
Audit-Related Fees | 17,508 | 0 |
Tax Fees | 29,000 | 29,000 |
All Other Fees | 0 | 0 |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Cohen & Co. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 12/31/2019 | FYE 12/31/2018 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
Non-Audit Related Fees | FYE 12/31/2019 | FYE 12/31/2018 |
Registrant | 29,000 | 29,000 |
Registrant’s Investment Adviser | 0 | 0 |
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
Item 6. Investments.
(a) | The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 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 MUTUAL FUNDS, INC. | ||||||||
LARGE COMPANY GROWTH PORTFOLIO | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 98.6% (a) | ||||||||
Communication Services - 11.4% | ||||||||
Activision Blizzard, Inc. | 39,983 | $ | 2,375,790 | |||||
Alphabet, Inc. - Class C (b) | 4,970 | 6,644,990 | ||||||
Alphabet, Inc. - Class A (b) | 2,539 | 3,400,711 | ||||||
Charter Communications, Inc. - Class A (b) | 180 | 87,314 | ||||||
Comcast Corp. - Class A | 2,135 | 96,011 | ||||||
Facebook, Inc. - Class A (b) | 52,116 | 10,696,809 | ||||||
Netflix, Inc. (b) | 366 | 118,427 | ||||||
Nexstar Media Group, Inc. - Class A | 500 | 58,625 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 4,540 | 151,364 | ||||||
Spotify Technology SA (b) | 630 | 94,216 | ||||||
Take-Two Interactive Software, Inc. (b) | 2,100 | 257,103 | ||||||
23,981,360 | ||||||||
Consumer Discretionary - 17.7% | ||||||||
Alibaba Group Holding Ltd. - ADR (b) | 36,832 | 7,812,067 | ||||||
Amazon.com, Inc. (b) | 6,198 | 11,452,912 | ||||||
AutoZone, Inc. (b) | 530 | 631,394 | ||||||
Booking Holdings, Inc. (b) | 10 | 20,537 | ||||||
Burlington Stores, Inc. (b) | 11,694 | 2,666,583 | ||||||
Carter's, Inc. | 88 | 9,622 | ||||||
Chipotle Mexican Grill, Inc. (b) | 70 | 58,598 | ||||||
Dollar General Corp. | 290 | 45,234 | ||||||
Domino's Pizza, Inc. | 547 | 160,698 | ||||||
Dunkin' Brands Group, Inc. | 410 | 30,972 | ||||||
Five Below, Inc. (b) | 260 | 33,244 | ||||||
Grand Canyon Education, Inc. (b) | 220 | 21,074 | ||||||
H&R Block, Inc. | 8,670 | 203,572 | ||||||
Hilton Worldwide Holdings, Inc. | 1,980 | 219,602 | ||||||
Lowe's Cos., Inc. | 4,220 | 505,387 | ||||||
Lululemon Athletica, Inc. (b) | 14,538 | 3,368,019 | ||||||
NIKE, Inc. - Class B | 6,410 | 649,397 | ||||||
Nordstrom, Inc. | 410 | 16,781 | ||||||
NVR, Inc. (b) | 135 | 514,135 | ||||||
O'Reilly Automotive, Inc. (b) | 36 | 15,777 | ||||||
Planet Fitness, Inc. - Class A (b) | 300 | 22,404 | ||||||
Pool Corp. | 1,061 | 225,335 | ||||||
Skechers U.S.A., Inc. - Class A (b) | 590 | 25,482 | ||||||
Starbucks Corp. | 27,298 | 2,400,040 | ||||||
Target Corp. | 4,320 | 553,867 | ||||||
Tesla, Inc. (b) | 112 | 46,853 | ||||||
The Home Depot, Inc. | 2,011 | 439,162 | ||||||
The TJX Cos., Inc. | 7,150 | 436,579 | ||||||
Tractor Supply Co. | 1,330 | 124,275 | ||||||
Ulta Beauty, Inc. (b) | 6,168 | 1,561,368 | ||||||
Williams-Sonoma, Inc. | 350 | 25,704 | ||||||
Wyndham Destinations, Inc. | 160 | 8,270 | ||||||
Yum China Holdings, Inc. | 27,598 | 1,324,980 | ||||||
Yum! Brands, Inc. | 15,852 | 1,596,772 | ||||||
37,226,696 | ||||||||
Consumer Staples - 6.1% | ||||||||
Colgate-Palmolive Co. | 18,631 | 1,282,558 | ||||||
Costco Wholesale Corp. | 2,240 | 658,381 | ||||||
Danone SA - ADR | 104,494 | 1,723,106 | ||||||
The Estee Lauder Cos., Inc. - Class A | 2,030 | 419,276 | ||||||
Herbalife Nutrition Ltd. (b) | 530 | 25,265 | ||||||
Monster Beverage Corp. (b) | 50,988 | 3,240,287 | ||||||
PepsiCo, Inc. | 4,090 | 558,980 | ||||||
Sprouts Farmers Market, Inc. (b) | 14,210 | 274,964 | ||||||
The Coca-Cola Co. | 42,964 | 2,378,057 | ||||||
The Procter & Gamble Co. | 18,665 | 2,331,259 | ||||||
12,892,133 | ||||||||
Energy - 0.6% | ||||||||
Schlumberger Ltd. | 31,406 | 1,262,521 | ||||||
Financials - 4.5% | ||||||||
American Express Co. | 298 | 37,098 | ||||||
Aon PLC | 140 | 29,161 | ||||||
CME Group, Inc. | 7,865 | 1,578,663 | ||||||
Eaton Vance Corp. | 4,580 | 213,840 | ||||||
Evercore, Inc. - Class A | 6,730 | 503,135 | ||||||
FactSet Research Systems, Inc. | 4,759 | 1,276,840 | ||||||
Kemper Corp. | 2,270 | 175,925 | ||||||
LPL Financial Holdings, Inc. | 610 | 56,272 | ||||||
Moody's Corp. | 1,620 | 384,604 | ||||||
MSCI, Inc. | 6,888 | 1,778,344 | ||||||
OneMain Holdings, Inc. | 810 | 34,141 | ||||||
S&P Global, Inc. | 2,600 | 709,930 | ||||||
SEI Investments Co. | 26,621 | 1,743,143 | ||||||
Synchrony Financial | 12,360 | 445,084 | ||||||
Western Alliance Bancorp | 9,260 | 527,820 | ||||||
9,494,000 | ||||||||
Health Care - 16.6% | ||||||||
Abbott Laboratories | 2,920 | 253,631 | ||||||
AbbVie, Inc. | 17,042 | 1,508,899 | ||||||
Alcon, Inc. (b) | 193 | 10,918 | ||||||
Align Technology, Inc. (b) | 500 | 139,520 | ||||||
Amgen, Inc. | 8,843 | 2,131,782 | ||||||
Biogen, Inc. (b) | 1,130 | 335,305 | ||||||
Boston Scientific Corp. (b) | 8,336 | 376,954 | ||||||
Bristol-Myers Squibb Co. | 770 | 49,426 | ||||||
Bruker Corp. | 5,180 | 264,025 | ||||||
Cerner Corp. | 21,704 | 1,592,856 | ||||||
Chemed Corp. | 820 | 360,193 | ||||||
DexCom, Inc. (b) | 860 | 188,116 | ||||||
Edwards Lifesciences Corp. (b) | 11,037 | 2,574,822 | ||||||
Eli Lilly & Co. | 3,715 | 488,262 | ||||||
HCA Healthcare, Inc. | 2,540 | 375,437 | ||||||
IDEXX Laboratories, Inc. (b) | 160 | 41,781 | ||||||
Illumina, Inc. (b) | 5,186 | 1,720,404 | ||||||
Incyte Corp. (b) | 5,270 | 460,176 | ||||||
Intuitive Surgical, Inc. (b) | 960 | 567,504 | ||||||
Johnson & Johnson | 3,710 | 541,178 | ||||||
Merck & Co., Inc. | 20,788 | 1,890,669 | ||||||
Novartis AG - ADR | 17,630 | 1,669,385 | ||||||
Novo Nordisk A/S - ADR | 36,641 | 2,120,781 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 6,132 | 2,302,443 | ||||||
Roche Holding AG - ADR | 58,113 | 2,362,874 | ||||||
Stryker Corp. | 1,070 | 224,636 | ||||||
Thermo Fisher Scientific, Inc. | 1,110 | 360,606 | ||||||
UnitedHealth Group, Inc. | 11,151 | 3,278,171 | ||||||
Varian Medical Systems, Inc. (b) | 8,558 | 1,215,322 | ||||||
Veeva Systems, Inc. - Class A (b) | 16,947 | 2,383,765 | ||||||
Vertex Pharmaceuticals, Inc. (b) | 1,260 | 275,877 | ||||||
West Pharmaceutical Services, Inc. | 970 | 145,820 | ||||||
Zoetis, Inc. | 21,900 | 2,898,465 | ||||||
35,110,003 | ||||||||
Industrials - 6.3% | ||||||||
AMETEK, Inc. | 194 | 19,349 | ||||||
Armstrong World Industries, Inc. | 679 | 63,806 | ||||||
The Boeing Co. | 300 | 97,728 | ||||||
Copart, Inc. (b) | 470 | 42,742 | ||||||
CoStar Group, Inc. (b) | 4,733 | 2,831,754 | ||||||
Curtiss-Wright Corp. | 6,040 | 850,976 | ||||||
Deere & Co. | 11,026 | 1,910,365 | ||||||
Expeditors International of Washington, Inc. | 25,667 | 2,002,539 | ||||||
HEICO Corp. - Class A | 20 | 1,791 | ||||||
HEICO Corp. | 2,360 | 269,394 | ||||||
Hexcel Corp. | 6,810 | 499,241 | ||||||
Honeywell International, Inc. | 2,860 | 506,220 | ||||||
Illinois Tool Works, Inc. | 590 | 105,982 | ||||||
L3Harris Technologies, Inc. | 650 | 128,615 | ||||||
Landstar System, Inc. | 1,850 | 210,659 | ||||||
Lockheed Martin Corp. | 1,220 | 475,044 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 2,470 | 193,821 | ||||||
Quanta Services, Inc. | 2,760 | 112,360 | ||||||
Rockwell Automation, Inc. | 4,340 | 879,588 | ||||||
Rollins, Inc. | 465 | 15,419 | ||||||
Union Pacific Corp. | 10,995 | 1,987,786 | ||||||
United Airlines Holdings, Inc. (b) | 950 | 83,685 | ||||||
Woodward, Inc. | 200 | 23,688 | ||||||
13,312,552 | ||||||||
Information Technology - 34.1% | ||||||||
Accenture PLC - Class A | 2,274 | 478,836 | ||||||
Adobe, Inc. (b) | 1,760 | 580,466 | ||||||
Akamai Technologies, Inc. (b) | 1,580 | 136,480 | ||||||
Analog Devices, Inc. | 128 | 15,212 | ||||||
ANSYS, Inc. (b) | 750 | 193,057 | ||||||
Apple, Inc. | 20,492 | 6,017,476 | ||||||
Applied Materials, Inc. | 1,080 | 65,923 | ||||||
Atlassian Corp PLC - Class A (b) | 350 | 42,119 | ||||||
Autodesk, Inc. (b) | 18,789 | 3,447,030 | ||||||
Automatic Data Processing, Inc. | 5,038 | 858,979 | ||||||
Booz Allen Hamilton Holding Corp. | 680 | 48,368 | ||||||
Broadcom, Inc. | 1,245 | 393,445 | ||||||
Cadence Design Systems, Inc. (b) | 5,000 | 346,800 | ||||||
CDW Corp. | 780 | 111,415 | ||||||
Cisco Systems, Inc. | 53,143 | 2,548,738 | ||||||
Dropbox, Inc. - Class A (b) | 1,010 | 18,089 | ||||||
Entegris, Inc. | 1,130 | 56,602 | ||||||
EPAM Systems, Inc. (b) | 11,143 | 2,364,099 | ||||||
Fair Isaac Corp. (b) | 230 | 86,176 | ||||||
Fidelity National Information Services, Inc. | 164 | 22,811 | ||||||
Fiserv, Inc. (b) | 570 | 65,909 | ||||||
FleetCor Technologies, Inc. (b) | 490 | 140,983 | ||||||
Fortinet, Inc. (b) | 2,384 | 254,516 | ||||||
Global Payments, Inc. | 560 | 102,234 | ||||||
GoDaddy, Inc. - Class A (b) | 4,050 | 275,076 | ||||||
Intuit, Inc. | 1,400 | 366,702 | ||||||
Jabil, Inc. | 14,931 | 617,098 | ||||||
Keysight Technologies, Inc. (b) | 17,230 | 1,768,315 | ||||||
Lam Research Corp. | 1,800 | 526,320 | ||||||
Manhattan Associates, Inc. (b) | 1,390 | 110,852 | ||||||
Mastercard, Inc. - Class A | 4,257 | 1,271,098 | ||||||
Microsoft Corp. | 52,596 | 8,294,389 | ||||||
Monolithic Power Systems, Inc. | 630 | 112,153 | ||||||
Motorola Solutions, Inc. | 580 | 93,461 | ||||||
NCR Corp. (b) | 3,170 | 111,457 | ||||||
NetApp, Inc. | 2,640 | 164,340 | ||||||
NVIDIA Corp. | 27,700 | 6,517,810 | ||||||
Oracle Corp. | 82,303 | 4,360,413 | ||||||
Paychex, Inc. | 1,460 | 124,188 | ||||||
Paycom Software, Inc. (b) | 360 | 95,314 | ||||||
PayPal Holdings, Inc. (b) | 27,102 | 2,931,623 | ||||||
Proofpoint, Inc. (b) | 13,283 | 1,524,623 | ||||||
QUALCOMM, Inc. | 35,081 | 3,095,197 | ||||||
RingCentral, Inc. - Class A (b) | 410 | 69,155 | ||||||
Sabre Corp. | 550 | 12,342 | ||||||
salesforce.com, Inc. (b) | 14,432 | 2,347,220 | ||||||
ServiceNow, Inc. (b) | 12,764 | 3,603,532 | ||||||
Teradyne, Inc. | 7,050 | 480,740 | ||||||
Texas Instruments, Inc. | 2,445 | 313,669 | ||||||
Universal Display Corp. | 1,360 | 280,255 | ||||||
VeriSign, Inc. (b) | 1,844 | 355,302 | ||||||
Visa, Inc. - Class A | 61,416 | 11,540,066 | ||||||
Workday, Inc. - Class A (b) | 13,298 | 2,186,856 | ||||||
71,945,329 | ||||||||
Materials - 0.7% | ||||||||
Eagle Materials, Inc. | 2,040 | 184,947 | ||||||
NewMarket Corp. | 530 | 257,856 | ||||||
The Sherwin-Williams Co. | 110 | 64,189 | ||||||
The Scotts Miracle-Gro Co. | 7,150 | 759,187 | ||||||
Vulcan Materials Co. | 780 | 112,312 | ||||||
1,378,491 | ||||||||
Real Estate - 0.6% | ||||||||
American Tower Corp. | 3,440 | 790,581 | ||||||
CBRE Group, Inc. - Class A (b) | 610 | 37,387 | ||||||
Crown Castle International Corp. | 700 | 99,505 | ||||||
Equinix, Inc. | 30 | 17,511 | ||||||
Life Storage, Inc. | 1,630 | 176,496 | ||||||
Simon Property Group, Inc. | 550 | 81,928 | ||||||
Taubman Centers, Inc. | 2,730 | 84,876 | ||||||
1,288,284 | ||||||||
Total Common Stocks (Cost $118,103,334) | $ | 207,891,369 | ||||||
SHORT-TERM INVESTMENT - 1.4% | ||||||||
Money Market Fund - 1.4% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (c) | 3,000,468 | $ | 3,000,468 | |||||
Total Short-Term Investment (Cost $3,000,468) | $ | 3,000,468 | ||||||
Total Investments at Value (Cost $121,103,802) - 100.0% | $ | 210,891,837 | ||||||
Other Assets in Excess of Liabilities - 0.0% (d) | 37,514 | |||||||
Net Assets - 100.0% | $ | 210,929,351 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(d) | Percentage rounds to less than 0.1%. |
WILSHIRE MUTUAL FUNDS, INC. | ||||||||
LARGE COMPANY VALUE PORTFOLIO | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 98.8% (a) | ||||||||
Communication Services - 5.7% | ||||||||
AT&T, Inc. | 94,550 | $ | 3,695,014 | |||||
CenturyLink, Inc. | 6,210 | 82,034 | ||||||
Comcast Corp. - Class A | 46,764 | 2,102,977 | ||||||
Discovery, Inc. - Class A (b) | 620 | 20,299 | ||||||
Discovery, Inc. - Class C (b) | 3,820 | 116,472 | ||||||
Lions Gate Entertainment Corp. - Class B (b) | 1,900 | 18,867 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 1,920 | 64,013 | ||||||
Take-Two Interactive Software, Inc. (b) | 1,320 | 161,608 | ||||||
The Interpublic Group of Cos., Inc. | 70,596 | 1,630,767 | ||||||
Verizon Communications, Inc. | 48,846 | 2,999,144 | ||||||
10,891,195 | ||||||||
Consumer Discretionary - 8.6% | ||||||||
Aptiv PLC | 960 | 91,171 | ||||||
AutoNation, Inc. (b) | 180 | 8,753 | ||||||
AutoZone, Inc. (b) | 210 | 250,175 | ||||||
Best Buy Co., Inc. | 1,010 | 88,678 | ||||||
Ford Motor Co. | 214,253 | 1,992,553 | ||||||
Garmin Ltd. | 4,460 | 435,118 | ||||||
General Motors Co. | 680 | 24,888 | ||||||
Gentex Corp. | 820 | 23,764 | ||||||
Gildan Activewear, Inc. | 40,315 | 1,190,502 | ||||||
Grand Canyon Education, Inc. (b) | 330 | 31,611 | ||||||
H&R Block, Inc. | 9,365 | 219,890 | ||||||
L Brands, Inc. | 2,160 | 39,139 | ||||||
Lear Corp. | 15,454 | 2,120,289 | ||||||
Lowe's Cos., Inc. | 13,031 | 1,560,592 | ||||||
McDonald's Corp. | 260 | 51,379 | ||||||
Mohawk Industries, Inc. (b) | 10,078 | 1,374,438 | ||||||
Newell Brands, Inc. | 95,693 | 1,839,219 | ||||||
PulteGroup, Inc. | 770 | 29,876 | ||||||
PVH Corp. | 18,813 | 1,978,187 | ||||||
Skechers U.S.A., Inc. - Class A (b) | 5,280 | 228,043 | ||||||
Target Corp. | 5,300 | 679,513 | ||||||
The Home Depot, Inc. | 1,670 | 364,695 | ||||||
Whirlpool Corp. | 6,366 | 939,176 | ||||||
Williams-Sonoma, Inc. | 1,710 | 125,582 | ||||||
Yum China Holdings, Inc. | 7,662 | 367,853 | ||||||
Yum! Brands, Inc. | 4,365 | 439,686 | ||||||
16,494,770 | ||||||||
Consumer Staples - 3.5% | ||||||||
Colgate-Palmolive Co. | 5,765 | 396,863 | ||||||
Coty, Inc. - Class A | 3,210 | 36,112 | ||||||
Flowers Foods, Inc. | 4,560 | 99,134 | ||||||
General Mills, Inc. | 180 | 9,641 | ||||||
Kellogg Co. | 3,729 | 257,898 | ||||||
Kimberly-Clark Corp. | 2,342 | 322,142 | ||||||
Molson Coors Brewing Co. - Class B | 23,160 | 1,248,324 | ||||||
Mondelez International, Inc. - Class A | 1,670 | 91,984 | ||||||
Philip Morris International, Inc. | 10,050 | 855,154 | ||||||
Pilgrim's Pride Corp. (b) | 2,340 | 76,553 | ||||||
Spectrum Brands Holdings, Inc. | 104 | 6,686 | ||||||
Sprouts Farmers Market, Inc. (b) | 8,700 | 168,345 | ||||||
The Coca-Cola Co. | 6,453 | 357,174 | ||||||
The Kraft Heinz Co. | 120 | 3,856 | ||||||
The Procter & Gamble Co. | 11,278 | 1,408,622 | ||||||
Walmart, Inc. | 12,524 | 1,488,352 | ||||||
6,826,840 | ||||||||
Energy - 10.3% | ||||||||
Baker Hughes Co. | 44,274 | 1,134,743 | ||||||
BP PLC - ADR | 31,126 | 1,174,695 | ||||||
Cenovus Energy, Inc. | 84,013 | 852,732 | ||||||
Chevron Corp. | 5,449 | 656,659 | ||||||
ConocoPhillips | 7,310 | 475,369 | ||||||
EOG Resources, Inc. | 20,157 | 1,688,351 | ||||||
Exxon Mobil Corp. | 29,287 | 2,043,648 | ||||||
Halliburton Co. | 101,394 | 2,481,111 | ||||||
Hess Corp. | 13,988 | 934,538 | ||||||
HollyFrontier Corp. | 560 | 28,398 | ||||||
National Oilwell Varco, Inc. | 81,943 | 2,052,672 | ||||||
Occidental Petroleum Corp. | 1,500 | 61,815 | ||||||
ONEOK, Inc. | 2,035 | 153,989 | ||||||
Parsley Energy, Inc. - Class A | 330 | 6,240 | ||||||
Phillips 66 | 15,847 | 1,765,514 | ||||||
Royal Dutch Shell PLC - ADR | 22,295 | 1,314,959 | ||||||
Schlumberger Ltd. | 31,701 | 1,274,380 | ||||||
Valero Energy Corp. | 18,240 | 1,708,176 | ||||||
19,807,989 | ||||||||
Financials - 27.0% | ||||||||
American Express Co. | 10,274 | 1,279,010 | ||||||
American International Group, Inc. | 38,115 | 1,956,443 | ||||||
American National Insurance Co. | 985 | 115,915 | ||||||
Arthur J Gallagher & Co. | 900 | 85,707 | ||||||
Assured Guaranty Ltd. | 3,050 | 149,511 | ||||||
AXA Equitable Holdings, Inc. | 78,734 | 1,951,029 | ||||||
Axis Capital Holdings Ltd. | 11,681 | 694,319 | ||||||
Bank of America Corp. | 104,630 | 3,685,069 | ||||||
Bank of Hawaii Corp. | 1,305 | 124,184 | ||||||
Bank OZK | 1,380 | 42,097 | ||||||
BankUnited, Inc. | 1,990 | 72,754 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 6,676 | 1,512,114 | ||||||
BlackRock, Inc. | 378 | 190,021 | ||||||
Brighthouse Financial, Inc. (b) | 2,450 | 96,113 | ||||||
Brown & Brown, Inc. | 3,660 | 144,497 | ||||||
Capital One Financial Corp. | 22,901 | 2,356,742 | ||||||
Chubb Ltd. | 12,208 | 1,900,297 | ||||||
Cincinnati Financial Corp. | 1,320 | 138,798 | ||||||
CIT Group, Inc. | 700 | 31,941 | ||||||
Citigroup, Inc. | 37,793 | 3,019,283 | ||||||
Eaton Vance Corp. | 2,570 | 119,993 | ||||||
Erie Indemnity Co. - Class A | 10 | 1,660 | ||||||
Evercore, Inc. - Class A | 6,790 | 507,620 | ||||||
Fidelity National Financial, Inc. | 6,910 | 313,368 | ||||||
Fifth Third Bancorp | 28,382 | 872,463 | ||||||
First American Financial Corp. | 3,855 | 224,824 | ||||||
First Hawaiian, Inc. | 7,100 | 204,835 | ||||||
First Horizon National Corp. | 41,780 | 691,877 | ||||||
FNB Corp. | 14,370 | 182,499 | ||||||
Fulton Financial Corp. | 286 | 4,985 | ||||||
Genworth Financial, Inc. - Class A (b) | 420 | 1,848 | ||||||
Intercontinental Exchange, Inc. | 2,315 | 214,253 | ||||||
Invesco Ltd. | 15,118 | 271,822 | ||||||
JPMorgan Chase & Co. | 32,401 | 4,516,699 | ||||||
Kemper Corp. | 4,857 | 376,417 | ||||||
KeyCorp | 44,483 | 900,336 | ||||||
KKR & Co, Inc. - Class A | 25,237 | 736,163 | ||||||
Legg Mason, Inc. | 2,760 | 99,112 | ||||||
MetLife, Inc. | 36,121 | 1,841,087 | ||||||
MGIC Investment Corp. | 45,630 | 646,577 | ||||||
Morgan Stanley | 43,205 | 2,208,640 | ||||||
Navient Corp. | 19,500 | 266,760 | ||||||
New York Community Bancorp, Inc. | 154,795 | 1,860,636 | ||||||
Northern Trust Corp. | 17,312 | 1,839,227 | ||||||
OneMain Holdings, Inc. | 8,060 | 339,729 | ||||||
PacWest Bancorp | 100 | 3,827 | ||||||
Popular, Inc. | 10,660 | 626,275 | ||||||
Primerica, Inc. | 650 | 84,864 | ||||||
State Street Corp. | 3,300 | 261,030 | ||||||
Sterling Bancorp | 10,720 | 225,978 | ||||||
Synchrony Financial | 19,410 | 698,954 | ||||||
T Rowe Price Group, Inc. | 825 | 100,518 | ||||||
The Bank of New York Mellon Corp. | 150 | 7,549 | ||||||
The Goldman Sachs Group, Inc. | 5,590 | 1,285,309 | ||||||
The Hanover Insurance Group, Inc. | 1,990 | 271,973 | ||||||
UBS Group AG | 28,654 | 360,467 | ||||||
U.S. Bancorp | 39,355 | 2,333,358 | ||||||
Voya Financial, Inc. | 26,156 | 1,594,993 | ||||||
Webster Financial Corp. | 320 | 17,075 | ||||||
Wells Fargo & Co. | 82,810 | 4,455,178 | ||||||
Western Alliance Bancorp | 12,095 | 689,415 | ||||||
Wintrust Financial Corp. | 205 | 14,534 | ||||||
51,820,571 | ||||||||
Health Care - 13.6% | ||||||||
Abbott Laboratories | 7,490 | 650,582 | ||||||
Amgen, Inc. | 8,539 | 2,058,497 | ||||||
Anthem, Inc. | 748 | 225,919 | ||||||
Becton Dickinson and Co. | 490 | 133,265 | ||||||
Biogen, Inc. (b) | 1,910 | 566,754 | ||||||
Boston Scientific Corp. (b) | 1,323 | 59,826 | ||||||
Bristol-Myers Squibb Co. | 28,796 | 1,848,415 | ||||||
Bruker Corp. | 3,230 | 164,633 | ||||||
Cardinal Health, Inc. | 15,326 | 775,189 | ||||||
Cigna Corp. | 9,939 | 2,032,426 | ||||||
CVS Health Corp. | 47,003 | 3,491,853 | ||||||
Eli Lilly & Co. | 210 | 27,600 | ||||||
Gilead Sciences, Inc. | 3,850 | 250,173 | ||||||
HCA Healthcare, Inc. | 2,430 | 359,178 | ||||||
IQVIA Holdings, Inc. (b) | 50 | 7,726 | ||||||
Johnson & Johnson | 22,020 | 3,212,058 | ||||||
McKesson Corp. | 10,612 | 1,467,852 | ||||||
Medtronic PLC | 22,095 | 2,506,678 | ||||||
Merck & Co, Inc. | 8,474 | 770,710 | ||||||
Mylan NV (b) | 58,659 | 1,179,046 | ||||||
Pfizer, Inc. | 43,310 | 1,696,886 | ||||||
Premier, Inc. - Class A (b) | 1,830 | 69,320 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 140 | 52,567 | ||||||
Teleflex, Inc. | 10 | 3,764 | ||||||
Thermo Fisher Scientific, Inc. | 1,033 | 335,591 | ||||||
UnitedHealth Group, Inc. | 7,375 | 2,168,103 | ||||||
West Pharmaceutical Services, Inc. | 395 | 59,380 | ||||||
Zimmer Biomet Holdings, Inc. | 280 | 41,910 | ||||||
26,215,901 | ||||||||
Industrials - 10.1% | ||||||||
3M Co. | 580 | 102,324 | ||||||
AECOM (b) | 190 | 8,195 | ||||||
AMETEK, Inc. | 1,585 | 158,088 | ||||||
Clean Harbors, Inc. (b) | 1,370 | 117,477 | ||||||
Copa Holdings SA - Class A | 2,571 | 277,874 | ||||||
Curtiss-Wright Corp. | 7,400 | 1,042,586 | ||||||
Dover Corp. | 3,825 | 440,869 | ||||||
General Dynamics Corp. | 6,251 | 1,102,364 | ||||||
General Electric Co. | 445,188 | 4,968,298 | ||||||
GrafTech International Ltd. | 3,000 | 34,860 | ||||||
Hexcel Corp. | 6,550 | 480,180 | ||||||
Honeywell International, Inc. | 3,770 | 667,290 | ||||||
IDEX Corp. | 90 | 15,480 | ||||||
ITT, Inc. | 3,860 | 285,293 | ||||||
Johnson Controls International PLC | 8,830 | 359,469 | ||||||
MSC Industrial Direct Co, Inc. - Class A | 2,360 | 185,189 | ||||||
nVent Electric PLC | 2,430 | 62,159 | ||||||
Oshkosh Corp. | 460 | 43,539 | ||||||
Parker-Hannifin Corp. | 4,183 | 860,945 | ||||||
Quanta Services, Inc. | 5,000 | 203,550 | ||||||
Raytheon Co. | 32 | 7,032 | ||||||
Republic Services, Inc. | 2,095 | 187,775 | ||||||
Roper Technologies, Inc. | 469 | 166,134 | ||||||
Stanley Black & Decker, Inc. | 16,516 | 2,737,362 | ||||||
The Timken Co. | 420 | 23,650 | ||||||
Union Pacific Corp. | 20 | 3,616 | ||||||
United Airlines Holdings, Inc. (b) | 1,680 | 147,991 | ||||||
United Technologies Corp. | 13,346 | 1,998,697 | ||||||
Watsco, Inc. | 210 | 37,831 | ||||||
Westinghouse Air Brake Technologies Corp. | 32,751 | 2,548,028 | ||||||
Woodward, Inc. | 720 | 85,277 | ||||||
19,359,422 | ||||||||
Information Technology - 6.9% | ||||||||
Akamai Technologies, Inc. (b) | 600 | 51,828 | ||||||
Analog Devices, Inc. | 2,810 | 333,941 | ||||||
Apple, Inc. | 104 | 30,540 | ||||||
Applied Materials, Inc. | 830 | 50,663 | ||||||
Broadcom, Inc. | 160 | 50,563 | ||||||
Cerence, Inc. (b) | 591 | 13,374 | ||||||
Ciena Corp. (b) | 2,510 | 107,152 | ||||||
Cisco Systems, Inc. | 9,792 | 469,624 | ||||||
Cognizant Technology Solutions Corp. - Class A | 25,602 | 1,587,836 | ||||||
Cypress Semiconductor Corp. | 1,540 | 35,928 | ||||||
Fidelity National Information Services, Inc. | 410 | 57,027 | ||||||
First Solar, Inc. (b) | 1,590 | 88,976 | ||||||
Hewlett Packard Enterprise Co. | 114,735 | 1,819,697 | ||||||
HP, Inc. | 2,600 | 53,430 | ||||||
Intel Corp. | 20,877 | 1,249,489 | ||||||
International Business Machines Corp. | 550 | 73,722 | ||||||
Jabil, Inc. | 15,420 | 637,309 | ||||||
Juniper Networks, Inc. | 25,935 | 638,779 | ||||||
Keysight Technologies, Inc. (b) | 730 | 74,920 | ||||||
Lam Research Corp. | 740 | 216,376 | ||||||
Leidos Holdings, Inc. | 50 | 4,895 | ||||||
LogMeIn, Inc. | 1,100 | 94,314 | ||||||
Micron Technology, Inc. (b) | 1,500 | 80,670 | ||||||
Microsoft Corp. | 1,710 | 269,667 | ||||||
Motorola Solutions, Inc. | 300 | 48,342 | ||||||
Nuance Communications, Inc. (b) | 4,730 | 84,336 | ||||||
Oracle Corp. | 63,509 | 3,364,707 | ||||||
Qorvo, Inc. (b) | 810 | 94,146 | ||||||
QUALCOMM, Inc. | 11,284 | 995,587 | ||||||
SYNNEX Corp. | 1,500 | 193,200 | ||||||
Teradyne, Inc. | 3,160 | 215,480 | ||||||
VeriSign, Inc. (b) | 1,125 | 216,765 | ||||||
13,303,283 | ||||||||
Materials - 3.3% | ||||||||
Air Products & Chemicals, Inc. | 470 | 110,445 | ||||||
Alcoa Corp. (b) | 430 | 9,249 | ||||||
Amcor PLC | 5,514 | 59,772 | ||||||
CF Industries Holdings, Inc. | 1,590 | 75,907 | ||||||
Corteva, Inc. | 47,931 | 1,416,840 | ||||||
Domtar Corp. | 770 | 29,445 | ||||||
Dow, Inc. | 1,420 | 77,716 | ||||||
DuPont de Nemours, Inc. | 24,115 | 1,548,183 | ||||||
Eagle Materials, Inc. | 2,380 | 215,771 | ||||||
Ecolab, Inc. | 420 | 81,056 | ||||||
FMC Corp. | 10 | 998 | ||||||
Graphic Packaging Holding Co. | 3,730 | 62,104 | ||||||
Linde PLC | 7,181 | 1,528,835 | ||||||
Martin Marietta Materials, Inc. | 60 | 16,778 | ||||||
NewMarket Corp. | 570 | 277,316 | ||||||
Reliance Steel & Aluminum Co. | 875 | 104,790 | ||||||
Sealed Air Corp. | 460 | 18,322 | ||||||
Sonoco Products Co. | 3,098 | 191,209 | ||||||
Southern Copper Corp. | 260 | 11,045 | ||||||
The Scotts Miracle-Gro Co. | 220 | 23,360 | ||||||
Valvoline, Inc. | 10,310 | 220,737 | ||||||
Vulcan Materials Co. | 1,563 | 225,056 | ||||||
6,304,934 | ||||||||
Real Estate - 3.3% | ||||||||
Apple Hospitality REIT, Inc. | 1,030 | 16,737 | ||||||
AvalonBay Communities, Inc. | 200 | 41,940 | ||||||
Boston Properties, Inc. | 754 | 103,946 | ||||||
Brookfield Property REIT, Inc. - Class A | 60 | 1,107 | ||||||
Columbia Property Trust, Inc. | 450 | 9,409 | ||||||
Corporate Office Properties Trust | 560 | 16,453 | ||||||
Crown Castle International Corp. | 970 | 137,886 | ||||||
CubeSmart | 2,740 | 86,255 | ||||||
Equity Commonwealth | 880 | 28,890 | ||||||
Healthcare Trust of America, Inc. - Class A | 2,790 | 84,481 | ||||||
Healthpeak Properties, Inc. | 67,607 | 2,330,413 | ||||||
Highwoods Properties, Inc. | 5,630 | 275,363 | ||||||
Life Storage, Inc. | 2,160 | 233,885 | ||||||
Newmark Group, Inc. - Class A | 714 | 9,607 | ||||||
Outfront Media, Inc. | 9,590 | 257,204 | ||||||
Paramount Group, Inc. | 25,090 | 349,253 | ||||||
Prologis, Inc. | 210 | 18,719 | ||||||
Public Storage | 550 | 117,128 | ||||||
Retail Properties of America, Inc. - Class A | 4,860 | 65,124 | ||||||
Senior Housing Properties Trust | 440 | 3,714 | ||||||
Service Properties Trust | 6,550 | 159,362 | ||||||
Simon Property Group, Inc. | 13,032 | 1,941,247 | ||||||
UDR, Inc. | 870 | 40,629 | ||||||
Weingarten Realty Investors | 2,794 | 87,285 | ||||||
6,416,037 | ||||||||
Utilities - 6.5% | ||||||||
Avangrid, Inc. | 15,169 | 776,046 | ||||||
Dominion Energy, Inc. | 25,828 | 2,139,075 | ||||||
DTE Energy Co. | 367 | 47,662 | ||||||
Duke Energy Corp. | 1,212 | 110,547 | ||||||
Edison International | 32,831 | 2,475,786 | ||||||
Entergy Corp. | 18,647 | 2,233,911 | ||||||
Exelon Corp. | 49,192 | 2,242,663 | ||||||
Hawaiian Electric Industries, Inc. | 170 | 7,966 | ||||||
IDACORP, Inc. | 2,160 | 230,688 | ||||||
MDU Resources Group, Inc. | 20,640 | 613,214 | ||||||
National Fuel Gas Co. | 3,245 | 151,022 | ||||||
NextEra Energy, Inc. | 960 | 232,474 | ||||||
NRG Energy, Inc. | 20,340 | 808,515 | ||||||
Vistra Energy Corp. | 16,280 | 374,277 | ||||||
12,443,846 | ||||||||
Total Common Stocks (Cost $161,353,878) | $ | 189,884,788 | ||||||
SHORT-TERM INVESTMENT - 0.8% | ||||||||
Money Market Fund - 0.8% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (c) | 1,552,610 | $ | 1,552,610 | |||||
Total Short-Term Investment (Cost $1,552,610) | $ | 1,552,610 | ||||||
Total Investments at Value (Cost $162,906,488) - 99.6% | $ | 191,437,398 | ||||||
Other Assets in Excess of Liabilities - 0.4% | 701,387 | |||||||
Net Assets - 100.0% | $ | 192,138,785 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | Rate listed is the 7-day effective yield as of December 31, 2019. |
WILSHIRE MUTUAL FUNDS, INC. | ||||||||
SMALL COMPANY GROWTH PORTFOLIO | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 97.7% (a) | ||||||||
Communication Services - 1.4% | ||||||||
Cargurus, Inc. (b) | 2,070 | $ | 72,823 | |||||
Cogent Communications Holdings, Inc. | 7,510 | 494,233 | ||||||
Liberty TripAdvisor Holdings, Inc. - Class A (b) | 2,320 | 17,052 | ||||||
National CineMedia, Inc. | 3,290 | 23,984 | ||||||
Shenandoah Telecommunications Co. | 1,122 | 46,686 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 670 | 22,338 | ||||||
TechTarget, Inc. (b) | 3,960 | 103,356 | ||||||
Yelp, Inc. (b) | 2,173 | 75,686 | ||||||
856,158 | ||||||||
Consumer Discretionary - 10.9% | ||||||||
1-800-Flowers.com, Inc. - Class A (b) | 910 | 13,195 | ||||||
Aaron's, Inc. | 540 | 30,839 | ||||||
American Eagle Outfitters, Inc. | 5,820 | 85,554 | ||||||
BJ's Restaurants, Inc. | 10,795 | 409,778 | ||||||
Boyd Gaming Corp. | 1,730 | 51,796 | ||||||
Career Education Corp. (b) | 15,460 | 284,309 | ||||||
Cavco Industries, Inc. (b) | 275 | 53,729 | ||||||
Chegg, Inc. (b) | 26,961 | 1,022,092 | ||||||
Core-Mark Holding Co, Inc. | 175 | 4,758 | ||||||
Cracker Barrel Old Country Store, Inc. | 250 | 38,435 | ||||||
Crocs, Inc. (b) | 6,276 | 262,902 | ||||||
Deckers Outdoor Corp. (b) | 965 | 162,950 | ||||||
Denny's Corp. (b) | 220 | 4,374 | ||||||
Designer Brands, Inc. - Class A | 2,290 | 36,045 | ||||||
Dine Brands Global, Inc. | 1,810 | 151,171 | ||||||
Fox Factory Holding Corp. (b) | 1,335 | 92,876 | ||||||
Gentherm, Inc. (b) | 830 | 36,844 | ||||||
Grand Canyon Education, Inc. (b) | 259 | 24,810 | ||||||
Hibbett Sports, Inc. (b) | 550 | 15,422 | ||||||
Hudson Ltd. - Class A (b) | 210 | 3,221 | ||||||
Installed Building Products, Inc. (b) | 1,720 | 118,456 | ||||||
Jack in the Box, Inc. | 965 | 75,299 | ||||||
KB Home | 130 | 4,455 | ||||||
Kontoor Brands, Inc. | 1,157 | 48,582 | ||||||
Lithia Motors, Inc. - Class A | 430 | 63,210 | ||||||
Malibu Boats, Inc. - Class A (b) | 3,510 | 143,734 | ||||||
Monro, Inc. | 20 | 1,564 | ||||||
Murphy USA, Inc. (b) | 430 | 50,310 | ||||||
National Vision Holdings, Inc. (b) | 1,920 | 62,266 | ||||||
RCI Hospitality Holdings, Inc. | 570 | 11,685 | ||||||
Rent-A-Center, Inc. | 5,502 | 158,678 | ||||||
RH (b) | 210 | 44,835 | ||||||
The Rubicon Project, Inc. (b) | 570 | 4,651 | ||||||
Ruth's Hospitality Group, Inc. | 4,175 | 90,869 | ||||||
Scientific Games Corp. (b) | 1,210 | 32,404 | ||||||
SeaWorld Entertainment, Inc. (b) | 4,055 | 128,584 | ||||||
Skyline Champion Corp. (b) | 39,745 | 1,259,917 | ||||||
Sleep Number Corp. (b) | 1,079 | 53,130 | ||||||
Standard Motor Products, Inc. | 30 | 1,597 | ||||||
Steven Madden Ltd. | 16,659 | 716,504 | ||||||
Strategic Education, Inc. | 660 | 104,874 | ||||||
Texas Roadhouse, Inc. | 1,130 | 63,642 | ||||||
The Habit Restaurants, Inc. - Class A (b) | 3,080 | 32,124 | ||||||
TopBuild Corp. (b) | 5,805 | 598,379 | ||||||
Universal Electronics, Inc. (b) | 316 | 16,514 | ||||||
Wingstop, Inc. | 975 | 84,074 | ||||||
Winmark Corp. | 455 | 90,227 | ||||||
Winnebago Industries, Inc. | 120 | 6,358 | ||||||
WW International, Inc. (b) | 110 | 4,203 | ||||||
Zumiez, Inc. (b) | 180 | 6,217 | ||||||
6,862,442 | ||||||||
Consumer Staples - 5.6% | ||||||||
BJ's Wholesale Club Holdings, Inc. (b) | 1,880 | 42,751 | ||||||
The Boston Beer Co., Inc. - Class A (b) | 80 | 30,228 | ||||||
Calavo Growers, Inc. | 4,328 | 392,074 | ||||||
Coca-Cola Consolidated, Inc. | 10 | 2,840 | ||||||
Inter Parfums, Inc. | 18,490 | 1,344,408 | ||||||
J&J Snack Foods Corp. | 7,555 | 1,392,160 | ||||||
Lifevantage Corp. (b) | 6,360 | 99,280 | ||||||
Performance Food Group Co. (b) | 2,730 | 140,540 | ||||||
Sanderson Farms, Inc. | 60 | 10,573 | ||||||
Vector Group Ltd. | 6,739 | 90,235 | ||||||
3,545,089 | ||||||||
Energy - 0.8% | ||||||||
CVR Energy, Inc. | 290 | 11,725 | ||||||
Select Energy Services, Inc. - Class A (b) | 55,920 | 518,937 | ||||||
530,662 | ||||||||
Financials - 6.6% | ||||||||
Artisan Partners Asset Management, Inc. - Class A | 3,080 | 99,545 | ||||||
Axos Financial, Inc. (b) | 1,240 | 37,547 | ||||||
Banc of California, Inc. | 41,405 | 711,338 | ||||||
CenterState Bank Corp. | 30,210 | 754,646 | ||||||
Curo Group Holdings Corp. (b) | 5,288 | 64,408 | ||||||
Enova International, Inc. (b) | 8,470 | 203,788 | ||||||
Essent Group Ltd. | 4,180 | 217,318 | ||||||
Evercore, Inc. - Class A | 680 | 50,837 | ||||||
Federated Investors, Inc. - Class B | 1,950 | 63,550 | ||||||
FedNat Holding Co. | 320 | 5,322 | ||||||
First Financial Bankshares, Inc. | 700 | 24,570 | ||||||
FirstCash, Inc. | 290 | 23,383 | ||||||
Glacier Bancorp, Inc. | 1,060 | 48,749 | ||||||
Goosehead Insurance, Inc. - Class A | 8,455 | 358,492 | ||||||
Hallmark Financial Services, Inc. (b) | 100 | 1,757 | ||||||
Kemper Corp. | 400 | 31,000 | ||||||
Lakeland Financial Corp. | 1,180 | 57,737 | ||||||
LendingTree, Inc. (b)(c) | 2,156 | 654,217 | ||||||
Meta Financial Group, Inc. | 1,880 | 68,639 | ||||||
Moelis & Co. - Class A | 235 | 7,501 | ||||||
National General Holdings Corp. | 4,100 | 90,610 | ||||||
NMI Holdings, Inc. - Class A (b) | 7,550 | 250,509 | ||||||
Piper Jaffray Cos | 140 | 11,192 | ||||||
Primerica, Inc. | 150 | 19,584 | ||||||
Prosperity Bancshares, Inc. | 751 | 53,989 | ||||||
Pzena Investment Management, Inc. - Class A | 1,795 | 15,473 | ||||||
RLI Corp. | 1,240 | 111,625 | ||||||
Silvercrest Asset Management Group, Inc. - Class A | 441 | 5,548 | ||||||
Stock Yards Bancorp, Inc. | 1,880 | 77,193 | ||||||
United Community Banks, Inc. | 1,970 | 60,834 | ||||||
4,180,901 | ||||||||
Health Care - 26.7% | ||||||||
ACADIA Pharmaceuticals, Inc. (b) | 2,650 | 113,367 | ||||||
Acceleron Pharma, Inc. (b) | 860 | 45,597 | ||||||
Addus HomeCare Corp. (b) | 870 | 84,581 | ||||||
Amedisys, Inc. (b) | 1,105 | 184,447 | ||||||
American Renal Associates Holdings, Inc. (b) | 370 | 3,837 | ||||||
Amicus Therapeutics, Inc. (b) | 6,921 | 67,411 | ||||||
AMN Healthcare Services, Inc. (b) | 720 | 44,863 | ||||||
ArQule, Inc. (b) | 600 | 11,976 | ||||||
Arrowhead Pharmaceuticals, Inc. (b) | 3,914 | 248,265 | ||||||
Avid Bioservices, Inc. (b) | 1,100 | 8,437 | ||||||
BioCryst Pharmaceuticals, Inc. (b) | 4,220 | 14,559 | ||||||
BioDelivery Sciences International, Inc. (b) | 14,080 | 88,986 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd. (b) | 510 | 27,764 | ||||||
BioSpecifics Technologies Corp. (b) | 90 | 5,125 | ||||||
BioTelemetry, Inc. (b) | 17,940 | 830,622 | ||||||
Blueprint Medicines Corp. (b) | 1,053 | 84,356 | ||||||
CareDx, Inc. (b) | 1,610 | 34,728 | ||||||
Catalyst Pharmaceuticals, Inc. (b) | 6,570 | 24,637 | ||||||
Chemed Corp. | 264 | 115,965 | ||||||
ChemoCentryx, Inc. (b) | 980 | 38,759 | ||||||
Coherus Biosciences, Inc. (b) | 5,450 | 98,127 | ||||||
CONMED Corp. | 7,430 | 830,897 | ||||||
Constellation Pharmaceuticals, Inc. (b) | 70 | 3,298 | ||||||
Corcept Therapeutics, Inc. (b) | 670 | 8,107 | ||||||
CorVel Corp. (b) | 524 | 45,777 | ||||||
Deciphera Pharmaceuticals, Inc. (b) | 50 | 3,112 | ||||||
Dicerna Pharmaceuticals, Inc. (b) | 1,400 | 30,842 | ||||||
Eagle Pharmaceuticals, Inc. (b) | 1,650 | 99,132 | ||||||
Editas Medicine, Inc. (b) | 2,458 | 72,781 | ||||||
Eiger BioPharmaceuticals, Inc. (b) | 1,572 | 23,423 | ||||||
Emergent BioSolutions, Inc. (b) | 1,040 | 56,108 | ||||||
Enanta Pharmaceuticals, Inc. (b) | 2,350 | 145,183 | ||||||
The Ensign Group, Inc. | 540 | 24,500 | ||||||
Esperion Therapeutics, Inc. (b) | 2,610 | 155,634 | ||||||
Exact Sciences Corp. (b) | 763 | 70,562 | ||||||
Fate Therapeutics, Inc. (b) | 480 | 9,394 | ||||||
FibroGen, Inc. (b) | 20 | 858 | ||||||
Forty Seven, Inc. (b) | 290 | 11,417 | ||||||
G1 Therapeutics, Inc. (b) | 729 | 19,267 | ||||||
GenMark Diagnostics, Inc. (b) | 5,140 | 24,723 | ||||||
Global Blood Therapeutics, Inc. (b) | 990 | 78,695 | ||||||
Globus Medical, Inc. - Class A (b) | 2,440 | 143,667 | ||||||
Haemonetics Corp. (b) | 1,545 | 177,520 | ||||||
Halozyme Therapeutics, Inc. (b) | 4,765 | 84,483 | ||||||
Hanger, Inc. (b) | 2,787 | 76,949 | ||||||
HealthEquity, Inc. (b) | 2,920 | 216,284 | ||||||
HealthStream, Inc. (b) | 500 | 13,600 | ||||||
Heska Corp. (b) | 5,000 | 479,700 | ||||||
HMS Holdings Corp. (b) | 6,354 | 188,078 | ||||||
Horizon Therapeutics PLC (b) | 840 | 30,408 | ||||||
ImmunoGen, Inc. (b) | 6,730 | 34,357 | ||||||
Immunomedics, Inc. (b) | 566 | 11,977 | ||||||
Inovalon Holdings, Inc. - Class A (b) | 6,940 | 130,611 | ||||||
Insmed, Inc. (b) | 1,655 | 39,521 | ||||||
Inspire Medical Systems, Inc. (b) | 250 | 18,552 | ||||||
Integer Holdings Corp. (b) | 9,035 | 726,685 | ||||||
Intercept Pharmaceuticals, Inc. (b) | 1,019 | 126,274 | ||||||
Iovance Biotherapeutics, Inc. (b) | 1,520 | 42,074 | ||||||
Ironwood Pharmaceuticals, Inc. (b) | 7,111 | 94,647 | ||||||
Karyopharm Therapeutics, Inc. (b) | 670 | 12,844 | ||||||
Kiniksa Pharmaceuticals Ltd. - Class A (b) | 610 | 6,747 | ||||||
Kura Oncology, Inc. (b) | 510 | 7,013 | ||||||
Lantheus Holdings, Inc. (b) | 9,330 | 191,358 | ||||||
LeMaitre Vascular, Inc. | 18,950 | 681,253 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 70 | 7,300 | ||||||
LivaNova PLC (b) | 1,090 | 82,219 | ||||||
Madrigal Pharmaceuticals, Inc. (b) | 120 | 10,933 | ||||||
Medpace Holdings, Inc. (b) | 12,645 | 1,062,939 | ||||||
Mesa Laboratories, Inc. | 4,195 | 1,046,233 | ||||||
Natera, Inc. (b) | 1,101 | 37,093 | ||||||
Neogen Corp. (b) | 11,485 | 749,511 | ||||||
NeoGenomics, Inc. (b) | 37,503 | 1,096,963 | ||||||
Nevro Corp. (b) | 670 | 78,752 | ||||||
Novocure Ltd. (b) | 1,407 | 118,568 | ||||||
NuVasive, Inc. (b) | 820 | 63,419 | ||||||
Omnicell, Inc. (b) | 2,140 | 174,881 | ||||||
Pacira BioSciences, Inc. (b) | 260 | 11,778 | ||||||
The Pennant Group, Inc. (b) | 270 | 8,929 | ||||||
Portola Pharmaceuticals, Inc. (b) | 1,430 | 34,148 | ||||||
PRA Health Sciences, Inc. (b) | 11,730 | 1,303,790 | ||||||
PTC Therapeutics, Inc. (b) | 290 | 13,929 | ||||||
Puma Biotechnology, Inc. (b) | 3,240 | 28,350 | ||||||
R1 RCM, Inc. (b) | 5,520 | 71,650 | ||||||
Radius Health, Inc. (b) | 1,750 | 35,280 | ||||||
Repligen Corp. (b) | 15,990 | 1,479,075 | ||||||
Rigel Pharmaceuticals, Inc. (b) | 12,710 | 27,199 | ||||||
Rocket Pharmaceuticals, Inc. (b) | 90 | 2,048 | ||||||
Select Medical Holdings Corp. (b) | 2,185 | 50,998 | ||||||
Spectrum Pharmaceuticals, Inc. (b) | 650 | 2,366 | ||||||
STAAR Surgical Co. (b) | 2,220 | 78,077 | ||||||
Stemline Therapeutics, Inc. (b) | 2,590 | 27,532 | ||||||
Supernus Pharmaceuticals, Inc. (b) | 1,090 | 25,855 | ||||||
Surgery Partners, Inc. (b) | 760 | 11,898 | ||||||
Syros Pharmaceuticals, Inc. (b) | 340 | 2,349 | ||||||
Tabula Rasa HealthCare, Inc. (b) | 17,055 | 830,237 | ||||||
Tactile Systems Technology, Inc. (b) | 2,370 | 159,999 | ||||||
Tandem Diabetes Care, Inc. (b) | 700 | 41,727 | ||||||
Teladoc Health, Inc. (b) | 90 | 7,535 | ||||||
Tenet Healthcare Corp. (b) | 2,496 | 94,923 | ||||||
Tivity Health, Inc. (b) | 720 | 14,648 | ||||||
Ultragenyx Pharmaceutical, Inc. (b) | 405 | 17,298 | ||||||
US Physical Therapy, Inc. | 720 | 82,332 | ||||||
Vanda Pharmaceuticals, Inc. (b) | 14,307 | 234,778 | ||||||
Voyager Therapeutics, Inc. (b) | 2,980 | 41,571 | ||||||
Xencor, Inc. (b) | 3,773 | 129,753 | ||||||
16,823,584 | ||||||||
Industrials - 15.4% | ||||||||
Advanced Drainage Systems, Inc. | 2,060 | 80,010 | ||||||
Aerojet Rocketdyne Holdings, Inc. (b) | 4,910 | 224,191 | ||||||
AeroVironment, Inc. (b) | 1,750 | 108,045 | ||||||
Albany International Corp. - Class A | 1,600 | 121,472 | ||||||
Allegiant Travel Co. | 90 | 15,664 | ||||||
Allied Motion Technologies, Inc. | 550 | 26,675 | ||||||
ASGN, Inc. (b) | 1,950 | 138,392 | ||||||
Astronics Corp. (b) | 420 | 11,739 | ||||||
Atkore International Group, Inc. (b) | 3,254 | 131,657 | ||||||
Avis Budget Group, Inc. (b) | 438 | 14,121 | ||||||
Axon Enterprise, Inc. (b) | 11,655 | 854,078 | ||||||
AZZ, Inc. | 850 | 39,058 | ||||||
Barnes Group, Inc. | 650 | 40,274 | ||||||
Barrett Business Services, Inc. | 985 | 89,103 | ||||||
BG Staffing, Inc. | 740 | 16,199 | ||||||
Brady Corp. - Class A | 1,155 | 66,135 | ||||||
The Brink's Co. | 1,510 | 136,927 | ||||||
Builders FirstSource, Inc. (b) | 10,110 | 256,895 | ||||||
CECO Environmental Corp. (b) | 950 | 7,277 | ||||||
Chart Industries, Inc. (b) | 410 | 27,671 | ||||||
Cimpress PLC (b) | 700 | 88,039 | ||||||
Comfort Systems USA, Inc. | 934 | 46,560 | ||||||
Continental Building Products, Inc. (b) | 4,610 | 167,942 | ||||||
CRA International, Inc. | 520 | 28,324 | ||||||
CSW Industrials, Inc. | 1,830 | 140,910 | ||||||
Deluxe Corp. | 1,210 | 60,403 | ||||||
Douglas Dynamics, Inc. | 500 | 27,500 | ||||||
Ducommun, Inc. (b) | 180 | 9,095 | ||||||
DXP Enterprises, Inc. (b) | 90 | 3,583 | ||||||
EMCOR Group, Inc. | 2,940 | 253,722 | ||||||
Exponent, Inc. | 2,566 | 177,080 | ||||||
Federal Signal Corp. | 3,980 | 128,355 | ||||||
Forward Air Corp. | 1,345 | 94,083 | ||||||
Foundation Building Materials, Inc. (b) | 2,080 | 40,248 | ||||||
Franklin Electric Co., Inc. | 2,350 | 134,702 | ||||||
FTI Consulting, Inc. (b) | 1,359 | 150,387 | ||||||
Generac Holdings, Inc. (b) | 1,355 | 136,299 | ||||||
The Gorman-Rupp Co. | 507 | 19,013 | ||||||
Great Lakes Dredge & Dock Corp. (b) | 12,080 | 136,866 | ||||||
H&E Equipment Services, Inc. | 2,005 | 67,027 | ||||||
Harsco Corp. (b) | 1,520 | 34,975 | ||||||
Heidrick & Struggles International, Inc. | 960 | 31,200 | ||||||
Heritage-Crystal Clean, Inc. (b) | 365 | 11,450 | ||||||
Herman Miller, Inc. | 2,235 | 93,088 | ||||||
Hillenbrand, Inc. | 2,680 | 89,271 | ||||||
John Bean Technologies Corp. | 1,510 | 170,117 | ||||||
Kforce, Inc. | 380 | 15,086 | ||||||
Kimball International, Inc. - Class B | 2,075 | 42,890 | ||||||
Korn Ferry | 2,080 | 88,192 | ||||||
Kratos Defense & Security Solutions, Inc. (b) | 53,740 | 967,857 | ||||||
LB Foster Co. - Class A (b) | 300 | 5,814 | ||||||
Marten Transport Ltd. | 21,550 | 463,110 | ||||||
Masonite International Corp. (b) | 110 | 7,943 | ||||||
MasTec, Inc. (b) | 3,410 | 218,786 | ||||||
McGrath RentCorp | 110 | 8,419 | ||||||
Mercury Systems, Inc. (b) | 10,270 | 709,760 | ||||||
Mobile Mini, Inc. | 100 | 3,791 | ||||||
MRC Global, Inc. (b) | 210 | 2,864 | ||||||
MSA Safety, Inc. | 730 | 92,243 | ||||||
Mueller Industries, Inc. | 3,118 | 98,997 | ||||||
MYR Group, Inc. (b) | 331 | 10,787 | ||||||
Navistar International Corp. (b) | 130 | 3,762 | ||||||
Park Aerospace Corp. | 1,930 | 31,401 | ||||||
Rexnord Corp. (b) | 1,870 | 60,999 | ||||||
Saia, Inc. (b) | 5,470 | 509,366 | ||||||
Simpson Manufacturing Co., Inc. | 920 | 73,812 | ||||||
SiteOne Landscape Supply, Inc. (b) | 8,932 | 809,686 | ||||||
Tennant Co. | 570 | 44,414 | ||||||
Tetra Tech, Inc. | 3,300 | 284,328 | ||||||
Trex Co, Inc. (b) | 1,047 | 94,104 | ||||||
TriNet Group, Inc. (b) | 2,317 | 131,165 | ||||||
Triumph Group, Inc. | 1,910 | 48,266 | ||||||
Universal Forest Products, Inc. | 2,280 | 108,756 | ||||||
Vectrus, Inc. (b) | 705 | 36,138 | ||||||
Watts Water Technologies, Inc. - Class A | 60 | 5,986 | ||||||
9,724,544 | ||||||||
Information Technology - 26.9% | ||||||||
Acacia Communications, Inc. (b) | 1,650 | 111,887 | ||||||
ACI Worldwide, Inc. (b) | 2,620 | 99,259 | ||||||
Advanced Energy Industries, Inc. (b) | 860 | 61,232 | ||||||
Alarm.com Holdings, Inc. (b) | 340 | 14,610 | ||||||
Alteryx, Inc. - Class A (b) | 40 | 4,003 | ||||||
Ambarella, Inc. (b) | 1,390 | 84,178 | ||||||
Appfolio, Inc. - Class A (b) | 4,472 | 491,696 | ||||||
Badger Meter, Inc. | 1,080 | 70,124 | ||||||
Blackbaud, Inc. | 890 | 70,844 | ||||||
Blackline, Inc. (b) | 620 | 31,967 | ||||||
Box, Inc. - Class A (b) | 32,775 | 549,965 | ||||||
Cabot Microelectronics Corp. | 2,945 | 425,022 | ||||||
Cardtronics PLC - Class A (b) | 2,470 | 110,286 | ||||||
Cass Information Systems, Inc. | 733 | 42,324 | ||||||
Cision Ltd. (b) | 260 | 2,592 | ||||||
CommVault Systems, Inc. (b) | 1,107 | 49,417 | ||||||
Cornerstone OnDemand, Inc. (b) | 2,208 | 129,278 | ||||||
CSG Systems International, Inc. | 1,510 | 78,188 | ||||||
Diodes, Inc. (b) | 2,000 | 112,740 | ||||||
ENDAVA PLC (b) | 12,771 | 595,129 | ||||||
Enphase Energy, Inc. (b) | 3,680 | 96,158 | ||||||
ePlus, Inc. (b) | 15 | 1,264 | ||||||
EVERTEC, Inc. | 4,325 | 147,223 | ||||||
Evo Payments, Inc. (b) | 38,257 | 1,010,367 | ||||||
ExlService Holdings, Inc. (b) | 773 | 53,693 | ||||||
Five9, Inc. (b) | 2,840 | 186,247 | ||||||
I3 Verticals, Inc. - Class A (b) | 19,980 | 564,435 | ||||||
Inphi Corp. (b) | 1,250 | 92,525 | ||||||
Insight Enterprises, Inc. (b) | 3,868 | 271,882 | ||||||
Itron, Inc. (b) | 120 | 10,074 | ||||||
j2 Global, Inc. | 3,030 | 283,941 | ||||||
Lattice Semiconductor Corp. (b) | 6,270 | 120,008 | ||||||
MAXIMUS, Inc. | 17,703 | 1,316,926 | ||||||
Mimecast Ltd. (b) | 19,515 | 846,561 | ||||||
NIC, Inc. | 5,492 | 122,746 | ||||||
nLight, Inc. (b) | 18,250 | 370,110 | ||||||
NVE Corp. | 1,037 | 74,042 | ||||||
Onto Innovation, Inc. (b) | 875 | 31,973 | ||||||
OSI Systems, Inc. (b) | 1,210 | 121,895 | ||||||
Paylocity Holding Corp. (b) | 200 | 24,164 | ||||||
Pegasystems, Inc. | 20,730 | 1,651,145 | ||||||
Perficient, Inc. (b) | 2,730 | 125,771 | ||||||
Perspecta, Inc. | 1,730 | 45,741 | ||||||
Power Integrations, Inc. | 430 | 42,531 | ||||||
Progress Software Corp. | 5,130 | 213,152 | ||||||
PROS Holdings, Inc. (b) | 206 | 12,344 | ||||||
QAD, Inc. - Class A | 180 | 9,167 | ||||||
Qualys, Inc. (b) | 13,775 | 1,148,422 | ||||||
Rimini Street, Inc. (b) | 2,380 | 9,234 | ||||||
Rogers Corp. (b) | 625 | �� | 77,956 | |||||
Sanmina Corp. (b) | 3,490 | 119,498 | ||||||
Science Applications International Corp. | 1,760 | 153,155 | ||||||
Semtech Corp. (b) | 1,820 | 96,278 | ||||||
Silicon Laboratories, Inc. (b) | 7,500 | 869,850 | ||||||
SPS Commerce, Inc. (b) | 4,970 | 275,437 | ||||||
Telenav, Inc. (b) | 2,840 | 13,802 | ||||||
TTEC Holdings, Inc. | 693 | 27,457 | ||||||
Unisys Corp. (b) | 4,698 | 55,718 | ||||||
Upland Software, Inc. (b) | 580 | 20,712 | ||||||
Verint Systems, Inc. (b) | 3,290 | 182,134 | ||||||
Viavi Solutions, Inc. (b) | 1,690 | 25,350 | ||||||
Vishay Precision Group, Inc. (b) | 50 | 1,700 | ||||||
WNS Holdings Ltd. - ADR (b) | 28,609 | 1,892,485 | ||||||
Workiva, Inc. (b) | 24,710 | 1,039,056 | ||||||
Xperi Corp. | 1,210 | 22,385 | ||||||
17,011,455 | ||||||||
Materials - 1.6% | ||||||||
Balchem Corp. | 533 | 54,169 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (b)(d)(e) | 840 | – | ||||||
Ingevity Corp. (b) | 665 | 58,107 | ||||||
Innospec, Inc. | 1,150 | 118,956 | ||||||
Materion Corp. | 1,724 | 102,492 | ||||||
Myers Industries, Inc. | 1,025 | 17,097 | ||||||
Neenah, Inc. | 79 | 5,564 | ||||||
OMNOVA Solutions, Inc. (b) | 780 | 7,886 | ||||||
PolyOne Corp. | 1,190 | 43,780 | ||||||
Quaker Chemical Corp. | 3,365 | 553,610 | ||||||
Ryerson Holding Corp. (b) | 870 | 10,292 | ||||||
Verso Corp. - Class A (b) | 570 | 10,277 | ||||||
Worthington Industries, Inc. | 450 | 18,981 | ||||||
1,001,211 | ||||||||
Real Estate - 1.5% | ||||||||
Cushman & Wakefield PLC (b) | 1,350 | 27,594 | ||||||
EastGroup Properties, Inc. | 1,397 | 185,340 | ||||||
First Industrial Realty Trust, Inc. | 2,250 | 93,397 | ||||||
The GEO Group, Inc. | 5,183 | 86,090 | ||||||
Monmouth Real Estate Investment Corp. | 1,420 | 20,562 | ||||||
National Health Investors, Inc. | 280 | 22,814 | ||||||
Newmark Group, Inc. - Class A | 3,080 | 41,441 | ||||||
New Senior Investment Group, Inc. | 410 | 3,136 | ||||||
PS Business Parks, Inc. | 1,040 | 171,465 | ||||||
The RMR Group, Inc. - Class A | 2,870 | 130,987 | ||||||
Ryman Hospitality Properties, Inc. | 2,050 | 177,653 | ||||||
Tanger Factory Outlet Centers, Inc. (c) | 570 | 8,396 | ||||||
968,875 | ||||||||
Utilities - 0.3% | ||||||||
American States Water Co. | 800 | 69,312 | ||||||
Otter Tail Corp. | 1,580 | 81,038 | ||||||
TerraForm Power, Inc. - Class A | 1,300 | 20,007 | ||||||
170,357 | ||||||||
Total Common Stocks (Cost $46,802,836) | $ | 61,675,278 | ||||||
SHORT-TERM INVESTMENT- 3.4% | ||||||||
Money Market Fund - 3.4% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (f)(g) | 2,146,652 | $ | 2,146,652 | |||||
Total Short-Term Investment (Cost $2,146,652) | $ | 2,146,652 | ||||||
Total Investments at Value (Cost $48,949,488) - 101.1% | $ | 63,821,930 | ||||||
Liabilities in Excess of Other Assets - (1.1%) | (697,977 | ) | ||||||
Net Assets - 100.0% | $ | 63,123,953 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $655,849. |
(d) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets. |
(e) | Illiquid security. The total value of such securities is $0 as of December 31, 2019, representing 0.0% of net assets. |
(f) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(g) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $670,000. |
WILSHIRE MUTUAL FUNDS, INC. | ||||||||
SMALL COMPANY VALUE PORTFOLIO | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 98.0% (a) | ||||||||
Communication Services - 2.2% | ||||||||
Cars.com, Inc. (b) | 200 | $ | 2,444 | |||||
Cincinnati Bell, Inc. (b) | 3,313 | 34,687 | ||||||
Consolidated Communications Holdings, Inc. | 1,225 | 4,753 | ||||||
Emerald Expositions Events, Inc. | 5,800 | 61,190 | ||||||
Entercom Communications Corp. - Class A | 8,740 | 40,554 | ||||||
Entravision Communications Corp. - Class A | 16,980 | 44,488 | ||||||
Gannett Co., Inc. | 1,695 | 10,814 | ||||||
IDT Corp. - Class B (b) | 2,100 | 15,141 | ||||||
Lee Enterprises, Inc. (b) | 9,990 | 14,186 | ||||||
Liberty Latin America Ltd. - Class A (b) | 118 | 2,277 | ||||||
Liberty Latin America Ltd. - Class C (b) | 401 | 7,803 | ||||||
Live Nation Entertainment, Inc. (b) | 11,492 | 821,333 | ||||||
Meredith Corp. | 1,100 | 35,717 | ||||||
MSG Networks, Inc. - Class A (b) | 4,840 | 84,216 | ||||||
National CineMedia, Inc. | 14,482 | 105,574 | ||||||
Saga Communications, Inc. - Class A | 61 | 1,854 | ||||||
Scholastic Corp. | 1,190 | 45,756 | ||||||
TEGNA, Inc. | 1,200 | 20,028 | ||||||
WideOpenWest, Inc. (b) | 350 | 2,597 | ||||||
1,355,412 | ||||||||
Consumer Discretionary - 12.0% | ||||||||
Aaron's, Inc. | 3,181 | 181,667 | ||||||
Adient PLC (b) | 3,450 | 73,312 | ||||||
Adtalem Global Education, Inc. (b) | 750 | 26,227 | ||||||
American Axle & Manufacturing Holdings, Inc. (b) | 170 | 1,829 | ||||||
American Eagle Outfitters, Inc. | 9,522 | 139,973 | ||||||
Asbury Automotive Group, Inc. (b) | 300 | 33,537 | ||||||
Beazer Homes USA, Inc. (b) | 1,430 | 20,206 | ||||||
Bed Bath & Beyond, Inc. | 1,100 | 19,030 | ||||||
Big Lots, Inc. | 1,130 | 32,454 | ||||||
Boyd Gaming Corp. | 50 | 1,497 | ||||||
Brinker International, Inc. | 900 | 37,800 | ||||||
Caleres, Inc. | 1,100 | 26,125 | ||||||
Camping World Holdings, Inc. - Class A | 2,800 | 41,272 | ||||||
Carriage Services, Inc. | 470 | 12,032 | ||||||
Carter's, Inc. | 1,776 | 194,188 | ||||||
Century Communities, Inc. (b) | 6,788 | 185,652 | ||||||
Chico's FAS, Inc. | 2,074 | 7,902 | ||||||
Chuy's Holdings, Inc. (b) | 260 | 6,739 | ||||||
Citi Trends, Inc. | 1,600 | 36,992 | ||||||
Cooper Tire & Rubber Co. | 2,700 | 77,625 | ||||||
Designer Brands, Inc. - Class A | 5,938 | 93,464 | ||||||
Dillard's, Inc. - Class A | 300 | 22,044 | ||||||
Dine Brands Global, Inc. | 1,560 | 130,291 | ||||||
Duluth Holdings, Inc. - Class B (b) | 2,000 | 21,060 | ||||||
Ethan Allen Interiors, Inc. | 7,010 | 133,611 | ||||||
Express, Inc. (b) | 1,100 | 5,357 | ||||||
Flexsteel Industries, Inc. | 1,000 | 19,920 | ||||||
Fossil Group, Inc. (b) | 8,750 | 68,950 | ||||||
Funko, Inc. - Class A (b) | 5,200 | 89,232 | ||||||
Genesco, Inc. (b) | 3,279 | 157,130 | ||||||
G-III Apparel Group Ltd. (b) | 2,160 | 72,360 | ||||||
Green Brick Partners, Inc. (b) | 19,560 | 224,549 | ||||||
Group 1 Automotive, Inc. | 800 | 80,000 | ||||||
Guess?, Inc. | 1,480 | 33,122 | ||||||
Hamilton Beach Brands Holding Co. - Class A | 1,000 | 19,100 | ||||||
Haverty Furniture Cos., Inc. | 2,900 | 58,464 | ||||||
Helen of Troy Ltd. (b) | 225 | 40,453 | ||||||
Hibbett Sports, Inc. (b) | 6,148 | 172,390 | ||||||
Hilton Grand Vacations, Inc. (b) | 2,300 | 79,097 | ||||||
Hooker Furniture Corp. | 3,100 | 79,639 | ||||||
iRobot Corp. (b) | 800 | 40,504 | ||||||
Jack in the Box, Inc. | 1,385 | 108,072 | ||||||
Johnson Outdoors, Inc. - Class A | 800 | 61,360 | ||||||
KB Home | 3,210 | 110,007 | ||||||
La-Z-Boy, Inc. | 1,900 | 59,812 | ||||||
LGI Homes, Inc. (b) | 900 | 63,585 | ||||||
Lithia Motors, Inc. - Class A | 410 | 60,270 | ||||||
M/I Homes, Inc. (b) | 2,840 | 111,754 | ||||||
Meritage Homes Corp. (b) | 2,895 | 176,913 | ||||||
Motorcar Parts of America, Inc. (b) | 2,700 | 59,481 | ||||||
Movado Group, Inc. | 3,600 | 78,264 | ||||||
Murphy USA, Inc. (b) | 947 | 110,799 | ||||||
Office Depot, Inc. | 30,615 | 83,885 | ||||||
Penn National Gaming, Inc. (b) | 430 | 10,991 | ||||||
PetMed Express, Inc. | 2,600 | 61,152 | ||||||
Red Rock Resorts, Inc. - Class A | 25,755 | 616,832 | ||||||
Regis Corp. (b) | 1,200 | 21,444 | ||||||
Rent-A-Center, Inc. | 3,950 | 113,918 | ||||||
RH (b) | 290 | 61,915 | ||||||
Rocky Brands, Inc. | 700 | 20,601 | ||||||
Sally Beauty Holdings, Inc. (b) | 4,288 | 78,256 | ||||||
Signet Jewelers Ltd. | 2,778 | 60,394 | ||||||
Sleep Number Corp. (b) | 110 | 5,416 | ||||||
Sonic Automotive, Inc. - Class A | 2,600 | 80,600 | ||||||
Sportsman's Warehouse Holdings, Inc. (b) | 5,000 | 40,150 | ||||||
Standard Motor Products, Inc. | 1,981 | 105,429 | ||||||
Strategic Education, Inc. | 362 | 57,522 | ||||||
Taylor Morrison Home Corp. - Class A (b) | 5,535 | 120,995 | ||||||
The Children's Place, Inc. | 1,000 | 62,520 | ||||||
The Goodyear Tire & Rubber Co. | 4,900 | 76,219 | ||||||
The Habit Restaurants, Inc. - Class A (b) | 6,984 | 72,843 | ||||||
The Michaels Cos., Inc. (b) | 2,850 | 23,056 | ||||||
Thor Industries, Inc. | 800 | 59,432 | ||||||
Tilly's, Inc. - Class A | 6,477 | 79,343 | ||||||
TRI Pointe Group, Inc. (b) | 6,880 | 107,190 | ||||||
Tupperware Brands Corp. | 4,700 | 40,326 | ||||||
Twin River Worldwide Holdings, Inc. | 3,100 | 79,515 | ||||||
Unifi, Inc. (b) | 800 | 20,208 | ||||||
Universal Electronics, Inc. (b) | 300 | 15,678 | ||||||
Urban Outfitters, Inc. (b) | 1,400 | 38,878 | ||||||
Vail Resorts, Inc. | 3,138 | 752,587 | ||||||
Vera Bradley, Inc. (b) | 5,520 | 65,136 | ||||||
Visteon Corp. (b) | 200 | 17,318 | ||||||
Wingstop, Inc. | 320 | 27,594 | ||||||
Winnebago Industries, Inc. | 170 | 9,007 | ||||||
Wolverine World Wide, Inc. | 1,601 | 54,018 | ||||||
WW International, Inc. (b) | 2,132 | 81,464 | ||||||
ZAGG, Inc. (b) | 10,200 | 82,722 | ||||||
Zumiez, Inc. (b) | 3,510 | 121,235 | ||||||
7,222,902 | ||||||||
Consumer Staples - 3.4% | ||||||||
B&G Foods, Inc. | 6,409 | 114,913 | ||||||
BJ's Wholesale Club Holdings, Inc. (b) | 1,920 | 43,661 | ||||||
Cal-Maine Foods, Inc. | 11,197 | 478,672 | ||||||
Edgewell Personal Care Co. (b) | 150 | 4,644 | ||||||
Energizer Holdings, Inc. | 1,200 | 60,264 | ||||||
Flowers Foods, Inc. | 12,110 | 263,271 | ||||||
Hostess Brands, Inc. (b) | 3,120 | 45,365 | ||||||
Ingles Markets, Inc. - Class A | 600 | 28,506 | ||||||
Inter Parfums, Inc. | 150 | 10,906 | ||||||
Lancaster Colony Corp. | 90 | 14,409 | ||||||
Medifast, Inc. | 400 | 43,832 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 10,260 | 101,266 | ||||||
Nu Skin Enterprises, Inc. - Class A | 2,000 | 81,960 | ||||||
Post Holdings, Inc. (b) | 3,365 | 367,122 | ||||||
SpartanNash Co. | 450 | 6,408 | ||||||
Universal Corp. | 2,830 | 161,480 | ||||||
USANA Health Sciences, Inc. (b) | 1,000 | 78,550 | ||||||
Vector Group Ltd. | 8,116 | 108,673 | ||||||
Village Super Market, Inc. - Class A | 1,700 | 39,440 | ||||||
2,053,342 | ||||||||
Energy - 5.8% | ||||||||
Altus Midstream Co. - Class A (b) | 22,800 | 65,208 | ||||||
Apergy Corp. (b) | 2,600 | 87,828 | ||||||
Berry Petroleum Corp. | 9,570 | 90,245 | ||||||
Bonanza Creek Energy, Inc. (b) | 5,390 | 125,803 | ||||||
Cactus, Inc. - Class A | 1,800 | 61,776 | ||||||
California Resources Corp. (b) | 640 | 5,779 | ||||||
Callon Petroleum Co. (b) | 12,700 | 61,341 | ||||||
Centennial Resource Development, Inc. - Class A (b) | 18,300 | 84,546 | ||||||
Cimarex Energy Co. | 5,179 | 271,846 | ||||||
CNX Midstream Partners LP | 3,900 | 64,194 | ||||||
CONSOL Energy, Inc. (b) | 1,570 | 22,781 | ||||||
CVR Energy, Inc. | 1,940 | 78,434 | ||||||
Delek US Holdings, Inc. | 2,360 | 79,131 | ||||||
Denbury Resources, Inc. (b) | 1,770 | 2,496 | ||||||
Dorian LPG Ltd. (b) | 1,840 | 28,483 | ||||||
Earthstone Energy, Inc. - Class A (b) | 14,860 | 94,064 | ||||||
Forum Energy Technologies, Inc. (b) | 11,720 | 19,690 | ||||||
Frank's International NV (b) | 14,600 | 75,482 | ||||||
FTS International, Inc. (b) | 2,070 | 2,153 | ||||||
Gulfport Energy Corp. (b) | 3,450 | 10,488 | ||||||
Hallador Energy Co. | 3,110 | 9,237 | ||||||
Helix Energy Solutions Group, Inc. (b) | 730 | 7,030 | ||||||
Hoegh LNG Partners LP | 1,300 | 20,319 | ||||||
Kosmos Energy Ltd. | 14,500 | 82,650 | ||||||
Laredo Petroleum, Inc. (b) | 34,720 | 99,646 | ||||||
Liberty Oilfield Services, Inc. - Class A | 7,200 | 80,064 | ||||||
Magnolia Oil & Gas Corp. - Class A (b) | 6,400 | 80,512 | ||||||
Matrix Service Co. (b) | 2,600 | 59,488 | ||||||
McDermott International, Inc. (b)(c) | 830 | 562 | ||||||
Nabors Industries Ltd. | 8,780 | 25,286 | ||||||
Newpark Resources, Inc. (b) | 9,700 | 60,819 | ||||||
NexTier Oilfield Solutions, Inc. (b) | 22,200 | 148,740 | ||||||
Nine Energy Service, Inc. (b) | 2,800 | 21,896 | ||||||
Noble Midstream Partners LP | 2,300 | 61,088 | ||||||
Nordic American Tankers Ltd. | 2,070 | 10,184 | ||||||
Oasis Midstream Partners LP | 3,600 | 59,724 | ||||||
Oasis Petroleum, Inc. (b) | 3,123 | 10,181 | ||||||
Oil States International, Inc. (b) | 330 | 5,382 | ||||||
Par Pacific Holdings, Inc. (b) | 1,700 | 39,508 | ||||||
PBF Energy, Inc. - Class A | 1,900 | 59,603 | ||||||
PDC Energy, Inc. (b) | 2,280 | 59,668 | ||||||
ProPetro Holding Corp. (b) | 7,300 | 82,125 | ||||||
Range Resources Corp. | 12,100 | 58,685 | ||||||
Renewable Energy Group, Inc. (b) | 2,400 | 64,680 | ||||||
REX American Resources Corp. (b) | 900 | 73,764 | ||||||
Ring Energy, Inc. (b) | 6,030 | 15,919 | ||||||
RPC, Inc. | 12,100 | 63,404 | ||||||
SandRidge Energy, Inc. (b) | 1,525 | 6,466 | ||||||
Scorpio Tankers, Inc. | 20 | 787 | ||||||
SEACOR Holdings, Inc. (b) | 1,860 | 80,259 | ||||||
Select Energy Services, Inc. - Class A (b) | 4,300 | 39,904 | ||||||
SilverBow Resources, Inc. (b) | 760 | 7,524 | ||||||
SM Energy Co. | 650 | 7,306 | ||||||
Solaris Oilfield Infrastructure, Inc. - Class A | 5,600 | 78,400 | ||||||
Southwestern Energy Co. (b) | 10,270 | 24,853 | ||||||
SRC Energy, Inc. (b) | 20,300 | 83,636 | ||||||
Talos Energy, Inc. (b) | 1,410 | 42,511 | ||||||
Teekay Tankers Ltd. - Class A (b) | 332 | 7,958 | ||||||
Transocean Ltd. (b) | 241 | 1,658 | ||||||
W&T Offshore, Inc. (b) | 15,200 | 84,512 | ||||||
World Fuel Services Corp. | 1,630 | 70,775 | ||||||
WPX Energy, Inc. (b) | 19,702 | 270,705 | ||||||
3,499,186 | ||||||||
Financials - 30.6% | ||||||||
1st Source Corp. | 800 | 41,504 | ||||||
AllianceBernstein Holding LP | 1,300 | 39,338 | ||||||
Amalgamated Bank - Class A | 2,000 | 38,900 | ||||||
Ambac Financial Group, Inc. (b) | 3,800 | 81,966 | ||||||
American Equity Investment Life Holding Co. | 2,700 | 80,811 | ||||||
AMERISAFE, Inc. | 810 | 53,484 | ||||||
Argo Group International Holdings Ltd. | 600 | 39,450 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 8,500 | 274,720 | ||||||
Associated Banc-Corp | 4,748 | 104,646 | ||||||
Assured Guaranty Ltd. | 1,901 | 93,187 | ||||||
BancFirst Corp. | 3,370 | 210,423 | ||||||
Bank OZK | 19,089 | 582,310 | ||||||
BankUnited, Inc. | 9,128 | 333,720 | ||||||
Bar Harbor Bankshares | 1,500 | 38,085 | ||||||
Berkshire Hills Bancorp, Inc. | 664 | 21,832 | ||||||
BOK Financial Corp. | 2,571 | 224,705 | ||||||
Boston Private Financial Holdings, Inc. | 7,300 | 87,819 | ||||||
Bridge Bancorp, Inc. | 1,800 | 60,354 | ||||||
Bridgewater Bancshares, Inc. (b) | 1,500 | 20,670 | ||||||
Brightsphere Investment Group, Inc. | 4,000 | 40,880 | ||||||
Brookline Bancorp, Inc. | 22,958 | 377,889 | ||||||
Brown & Brown, Inc. | 5,297 | 209,125 | ||||||
Bryn Mawr Bank Corp. | 1,000 | 41,240 | ||||||
Cadence BanCorp | 22,728 | 412,059 | ||||||
Camden National Corp. | 900 | 41,454 | ||||||
Capitol Federal Financial, Inc. | 1,400 | 19,222 | ||||||
Carolina Financial Corp. | 2,020 | 87,325 | ||||||
Cathay General Bancorp | 9,741 | 370,645 | ||||||
City Holding Co. | 1,124 | 92,112 | ||||||
CNO Financial Group, Inc. | 4,200 | 76,146 | ||||||
Colony Credit Real Estate, Inc. | 5,800 | 76,328 | ||||||
Columbia Banking System, Inc. | 1,520 | 61,841 | ||||||
Community Bank System, Inc. | 1,560 | 110,666 | ||||||
Community Trust Bancorp, Inc. | 1,300 | 60,632 | ||||||
ConnectOne Bancorp, Inc. | 2,300 | 59,156 | ||||||
Cowen, Inc. - Class A (b) | 3,800 | 59,850 | ||||||
CrossFirst Bankshares, Inc. (b) | 1,400 | 20,188 | ||||||
Customers Bancorp, Inc. (b) | 3,300 | 78,573 | ||||||
CVB Financial Corp. | 7,300 | 157,534 | ||||||
Dime Community Bancshares, Inc. | 4,874 | 101,818 | ||||||
Donegal Group, Inc. - Class A | 2,695 | 39,940 | ||||||
Eagle Bancorp, Inc. | 1,600 | 77,808 | ||||||
Employers Holdings, Inc. | 7,120 | 297,260 | ||||||
Enova International, Inc. (b) | 8,675 | 208,720 | ||||||
Enstar Group Ltd. (b) | 2,636 | 545,283 | ||||||
Enterprise Financial Services Corp. | 1,432 | 69,037 | ||||||
Equity Bancshares, Inc. - Class A (b) | 2,500 | 77,175 | ||||||
Essent Group Ltd. | 6,620 | 344,174 | ||||||
Evercore, Inc. - Class A | 500 | 37,380 | ||||||
FB Financial Corp. | 500 | 19,795 | ||||||
FBL Financial Group, Inc. - Class A | 1,012 | 59,637 | ||||||
Federal Agricultural Mortgage Corp. - Class C | 500 | 41,750 | ||||||
Federated Investors, Inc. - Class B | 2,470 | 80,497 | ||||||
FedNat Holding Co. | 200 | 3,326 | ||||||
FGL Holdings | 6,100 | 64,965 | ||||||
Financial Institutions, Inc. | 1,200 | 38,520 | ||||||
First BanCorp | 19,710 | 208,729 | ||||||
First Business Financial Services, Inc. | 800 | 21,064 | ||||||
First Citizens BancShares, Inc. - Class A | 31 | 16,498 | ||||||
First Commonwealth Financial Corp. | 60 | 871 | ||||||
First Community Bankshares, Inc. | 2,978 | 92,378 | ||||||
First Defiance Financial Corp. | 12,302 | 387,390 | ||||||
First Financial Bancorp | 1,500 | 38,160 | ||||||
First Financial Corp. | 2,111 | 96,515 | ||||||
First Hawaiian, Inc. | 2,700 | 77,895 | ||||||
First Internet Bancorp | 1,600 | 37,936 | ||||||
First Merchants Corp. | 1,520 | 63,217 | ||||||
First Mid Bancshares, Inc. | 1,100 | 38,775 | ||||||
First Midwest Bancorp, Inc. | 4,750 | 109,535 | ||||||
Flushing Financial Corp. | 3,700 | 79,938 | ||||||
FNB Corp. | 4,700 | 59,690 | ||||||
Franklin Financial Network, Inc. | 1,700 | 58,361 | ||||||
FS Bancorp, Inc. | 300 | 19,137 | ||||||
Fulton Financial Corp. | 11,030 | 192,253 | ||||||
GAIN Capital Holdings, Inc. | 4,800 | 18,960 | ||||||
GAMCO Investors, Inc. - Class A | 1,100 | 21,439 | ||||||
Genworth Financial, Inc. - Class A (b) | 25,510 | 112,244 | ||||||
German American Bancorp, Inc. | 600 | 21,372 | ||||||
Glacier Bancorp, Inc. | 2,057 | 94,601 | ||||||
Global Indemnity Ltd. | 2,839 | 84,120 | ||||||
Great Ajax Corp. | 3,900 | 57,759 | ||||||
Great Southern Bancorp, Inc. | 1,200 | 75,984 | ||||||
Great Western Bancorp, Inc. | 4,220 | 146,603 | ||||||
Greenhill & Co, Inc. | 3,600 | 61,488 | ||||||
Hancock Whitney Corp. | 4,386 | 192,458 | ||||||
Hanmi Financial Corp. | 3,900 | 77,980 | ||||||
HBT Financial, Inc. (b) | 1,100 | 20,889 | ||||||
Heartland Financial USA, Inc. | 1,200 | 59,688 | ||||||
Heritage Financial Corp. | 1,400 | 39,620 | ||||||
Hilltop Holdings, Inc. | 2,300 | 57,339 | ||||||
Hingham Institution for Savings | 200 | 42,040 | ||||||
Home BancShares, Inc. | 7,260 | 142,732 | ||||||
HomeStreet, Inc. (b) | 2,300 | 78,200 | ||||||
HomeTrust Bancshares, Inc. | 700 | 18,781 | ||||||
Hope Bancorp, Inc. | 11,710 | 174,011 | ||||||
Horace Mann Educators Corp. | 1,800 | 78,588 | ||||||
Horizon Bancorp, Inc. | 1,000 | 19,000 | ||||||
IBERIABANK Corp. | 2,240 | 167,619 | ||||||
Independent Bank Corp. | 1,318 | 29,853 | ||||||
International Bancshares Corp. | 5,200 | 223,964 | ||||||
INTL FCStone, Inc. (b) | 800 | 39,064 | ||||||
Investors Bancorp, Inc. | 14,910 | 177,653 | ||||||
Lakeland Bancorp, Inc. | 3,400 | 59,092 | ||||||
Legg Mason, Inc. | 2,200 | 79,002 | ||||||
Live Oak Bancshares, Inc. | 8,788 | 167,060 | ||||||
Luther Burbank Corp. | 6,000 | 69,180 | ||||||
MBIA, Inc. (b) | 6,500 | 60,450 | ||||||
Mercantile Bank Corp. | 1,198 | 43,691 | ||||||
Merchants Bancorp | 2,000 | 39,420 | ||||||
Meridian Bancorp, Inc. | 5,375 | 107,984 | ||||||
Metropolitan Bank Holding Corp. (b) | 800 | 38,584 | ||||||
MGIC Investment Corp. | 5,325 | 75,455 | ||||||
Midland States Bancorp, Inc. | 2,700 | 78,192 | ||||||
MidWestOne Financial Group, Inc. | 1,100 | 39,853 | ||||||
Mr. Cooper Group, Inc. (b) | 20,125 | 251,764 | ||||||
National Bank Holdings Corp. - Class A | 495 | 17,434 | ||||||
National General Holdings Corp. | 4,140 | 91,494 | ||||||
National Western Life Group, Inc. - Class A | 845 | 245,794 | ||||||
Navient Corp. | 5,600 | 76,608 | ||||||
NBT Bancorp, Inc. | 1,628 | 66,032 | ||||||
NMI Holdings, Inc. - Class A (b) | 3,489 | 115,765 | ||||||
Northfield Bancorp, Inc. | 3,400 | 57,664 | ||||||
Northrim BanCorp, Inc. | 1,560 | 59,748 | ||||||
OceanFirst Financial Corp. | 1,600 | 40,864 | ||||||
Old National Bancorp | 1,100 | 20,119 | ||||||
On Deck Capital, Inc. (b) | 6,450 | 26,703 | ||||||
OP Bancorp | 1,891 | 19,610 | ||||||
Oppenheimer Holdings, Inc. - Class A | 3,020 | 82,990 | ||||||
Orrstown Financial Services, Inc. | 900 | 20,358 | ||||||
Pacific Premier Bancorp, Inc. | 1,200 | 39,126 | ||||||
Park National Corp. | 400 | 40,952 | ||||||
Peapack Gladstone Financial Corp. | 2,500 | 77,250 | ||||||
Peoples Bancorp, Inc. | 600 | 20,796 | ||||||
ProAssurance Corp. | 10,170 | 367,544 | ||||||
Prosperity Bancshares, Inc. | 299 | 21,495 | ||||||
Provident Financial Services, Inc. | 4,550 | 112,157 | ||||||
Pzena Investment Management, Inc. - Class A | 5,816 | 50,134 | ||||||
Radian Group, Inc. | 17,296 | 435,167 | ||||||
RBB Bancorp | 1,900 | 40,223 | ||||||
Reinsurance Group of America, Inc. | 522 | 85,117 | ||||||
RenaissanceRe Holdings Ltd. | 1,210 | 237,184 | ||||||
Renasant Corp. | 1,100 | 38,962 | ||||||
Republic Bancorp, Inc. - Class A | 2,633 | 123,224 | ||||||
RLI Corp. | 600 | 54,012 | ||||||
Sandy Spring Bancorp, Inc. | 3,290 | 124,625 | ||||||
Sculptor Capital Management, Inc. | 1,900 | 41,990 | ||||||
Selective Insurance Group, Inc. | 530 | 34,551 | ||||||
Simmons First National Corp. - Class A | 4,790 | 128,324 | ||||||
SLM Corp. | 6,500 | 57,915 | ||||||
South Plains Financial, Inc. | 1,000 | 20,870 | ||||||
South State Corp. | 200 | 17,350 | ||||||
Southern Missouri Bancorp, Inc. | 500 | 19,180 | ||||||
Southern National Bancorp of Virginia, Inc. | 2,400 | 39,240 | ||||||
State Auto Financial Corp. | 600 | 18,612 | ||||||
Sterling Bancorp | 32,625 | 687,735 | ||||||
Sterling Bancorp, Inc. | 5,100 | 41,310 | ||||||
Stewart Information Services Corp. | 1,900 | 77,501 | ||||||
Stifel Financial Corp. | 1,500 | 90,975 | ||||||
Stock Yards Bancorp, Inc. | 2,870 | 117,842 | ||||||
Territorial Bancorp, Inc. | 600 | 18,564 | ||||||
Texas Capital Bancshares, Inc. (b) | 1,300 | 73,801 | ||||||
The Bancorp, Inc. (b) | 4,410 | 57,198 | ||||||
The First of Long Island Corp. | 9,274 | 232,592 | ||||||
Third Point Reinsurance Ltd. (b) | 7,800 | 82,056 | ||||||
Towne Bank | 700 | 19,474 | ||||||
TriCo Bancshares | 1,500 | 61,215 | ||||||
TrustCo Bank Corp. NY | 13,590 | 117,825 | ||||||
Trustmark Corp. | 7,669 | 264,657 | ||||||
UMB Financial Corp. | 800 | 54,912 | ||||||
Umpqua Holdings Corp. | 3,300 | 58,410 | ||||||
United Bankshares, Inc. | 5,190 | 200,645 | ||||||
United Community Banks, Inc. | 4,300 | 132,784 | ||||||
United Community Financial Corp. | 980 | 11,427 | ||||||
United Fire Group, Inc. | 1,300 | 56,849 | ||||||
Univest Financial Corp. | 5,939 | 159,046 | ||||||
Valley National Bancorp | 1,440 | 16,488 | ||||||
Victory Capital Holdings, Inc. - Class A | 3,900 | 81,783 | ||||||
Virtu Financial, Inc. - Class A | 2,500 | 39,975 | ||||||
Virtus Investment Partners, Inc. | 500 | 60,860 | ||||||
Waddell & Reed Financial, Inc. - Class A | 3,900 | 65,208 | ||||||
Washington Federal, Inc. | 3,950 | 144,767 | ||||||
Washington Trust Bancorp, Inc. | 700 | 37,653 | ||||||
Waterstone Financial, Inc. | 2,100 | 39,963 | ||||||
West Bancorporation, Inc. | 800 | 20,504 | ||||||
Westwood Holdings Group, Inc. | 2,000 | 59,240 | ||||||
Wintrust Financial Corp. | 1,100 | 77,990 | ||||||
WSFS Financial Corp. | 900 | 39,591 | ||||||
18,518,015 | ||||||||
Health Care - 2.6% | ||||||||
Akorn, Inc. (b) | 350 | 525 | ||||||
Anika Therapeutics, Inc. (b) | 740 | 38,369 | ||||||
Assertio Therapeutics, Inc. (b) | 210 | 262 | ||||||
BioCryst Pharmaceuticals, Inc. (b) | 2,070 | 7,141 | ||||||
Coherus Biosciences, Inc. (b) | 2,140 | 38,531 | ||||||
Endo International PLC (b) | 1,390 | 6,519 | ||||||
Evolent Health, Inc. - Class A (b) | 1,660 | 15,023 | ||||||
G1 Therapeutics, Inc. (b) | 190 | 5,022 | ||||||
Hanger, Inc. (b) | 8,998 | 248,435 | ||||||
HMS Holdings Corp. (b) | 2,850 | 84,360 | ||||||
ImmunoGen, Inc. (b) | 6,190 | 31,600 | ||||||
Integer Holdings Corp. (b) | 2,278 | 183,220 | ||||||
Jounce Therapeutics, Inc. (b) | 970 | 8,468 | ||||||
Ligand Pharmaceuticals, Inc. (b) | 340 | 35,459 | ||||||
Magellan Health, Inc. (b) | 1,000 | 78,250 | ||||||
Mallinckrodt PLC (b) | 3,220 | 11,238 | ||||||
MEDNAX, Inc. (b) | 2,800 | 77,812 | ||||||
National HealthCare Corp. | 903 | 78,046 | ||||||
Natus Medical, Inc. (b) | 6,819 | 224,959 | ||||||
Owens & Minor, Inc. | 30 | 155 | ||||||
Patterson Cos., Inc. | 2,800 | 57,344 | ||||||
Rigel Pharmaceuticals, Inc. (b) | 7,880 | 16,863 | ||||||
Surgery Partners, Inc. (b) | 692 | 10,833 | ||||||
Taro Pharmaceutical Industries Ltd. (b) | 900 | 79,137 | ||||||
Tivity Health, Inc. (b) | 5,070 | 103,149 | ||||||
Triple-S Management Corp. - Class B (b) | 5,293 | 97,868 | ||||||
1,538,588 | ||||||||
Industrials - 20.7% | ||||||||
AAR Corp. | 2,840 | 128,084 | ||||||
ACCO Brands Corp. | 6,200 | 58,032 | ||||||
Aerojet Rocketdyne Holdings, Inc. (b) | 2,270 | 103,648 | ||||||
AeroVironment, Inc. (b) | 395 | 24,387 | ||||||
Aircastle Ltd. | 10,140 | 324,581 | ||||||
Alaska Air Group, Inc. | 4,603 | 311,853 | ||||||
Allegiant Travel Co. | 2,414 | 420,133 | ||||||
Apogee Enterprises, Inc. | 1,500 | 48,750 | ||||||
ArcBest Corp. | 1,290 | 35,604 | ||||||
Arcosa, Inc. | 1,629 | 72,572 | ||||||
Armstrong Flooring, Inc. (b) | 9,300 | 39,711 | ||||||
ASGN, Inc. (b) | 1,300 | 92,261 | ||||||
Astec Industries, Inc. | 1,900 | 79,800 | ||||||
AZZ, Inc. | 3,980 | 182,881 | ||||||
Barnes Group, Inc. | 2,062 | 127,762 | ||||||
BG Staffing, Inc. | 2,940 | 64,357 | ||||||
Blue Bird Corp. (b) | 5,870 | 134,540 | ||||||
BMC Stock Holdings, Inc. (b) | 7,020 | 201,404 | ||||||
Brady Corp. - Class A | 1,431 | 81,939 | ||||||
Builders FirstSource, Inc. (b) | 6,320 | 160,591 | ||||||
Caesarstone Ltd. | 5,200 | 78,364 | ||||||
CBIZ, Inc. (b) | 150 | 4,044 | ||||||
CECO Environmental Corp. (b) | 1,000 | 7,660 | ||||||
Colfax Corp. (b) | 8,490 | 308,866 | ||||||
Columbus McKinnon Corp. | 550 | 22,016 | ||||||
Comfort Systems USA, Inc. | 800 | 39,880 | ||||||
Continental Building Products, Inc. (b) | 12,280 | 447,360 | ||||||
Covenant Transportation Group, Inc. - Class A (b) | 4,500 | 58,162 | ||||||
CSW Industrials, Inc. | 1,463 | 112,651 | ||||||
Curtiss-Wright Corp. | 440 | 61,992 | ||||||
Deluxe Corp. | 3,470 | 173,222 | ||||||
Ducommun, Inc. (b) | 640 | 32,339 | ||||||
DXP Enterprises, Inc. (b) | 2,880 | 114,653 | ||||||
Echo Global Logistics, Inc. (b) | 460 | 9,522 | ||||||
EMCOR Group, Inc. | 2,142 | 184,855 | ||||||
Encore Wire Corp. | 300 | 17,220 | ||||||
EnerSys | 1,000 | 74,830 | ||||||
Ennis, Inc. | 4,880 | 105,652 | ||||||
EnPro Industries, Inc. | 1,200 | 80,256 | ||||||
Federal Signal Corp. | 223 | 7,192 | ||||||
Fluor Corp. | 4,500 | 84,960 | ||||||
Foundation Building Materials, Inc. (b) | 5,900 | 114,165 | ||||||
Franklin Electric Co, Inc. | 2,280 | 130,690 | ||||||
FTI Consulting, Inc. (b) | 1,765 | 195,315 | ||||||
Gibraltar Industries, Inc. (b) | 200 | 10,088 | ||||||
GP Strategies Corp. (b) | 2,800 | 37,044 | ||||||
GrafTech International Ltd. | 6,800 | 79,016 | ||||||
Graham Corp. | 3,654 | 79,950 | ||||||
Great Lakes Dredge & Dock Corp. (b) | 5,260 | 59,596 | ||||||
H&E Equipment Services, Inc. | 560 | 18,721 | ||||||
Hawaiian Holdings, Inc. | 1,400 | 41,006 | ||||||
Heidrick & Struggles International, Inc. | 9,689 | 314,892 | ||||||
Herman Miller, Inc. | 2,220 | 92,463 | ||||||
Hertz Global Holdings, Inc. (b) | 886 | 13,955 | ||||||
Hillenbrand, Inc. | 5,580 | 185,870 | ||||||
Hub Group, Inc. - Class A (b) | 12,252 | 628,405 | ||||||
Hyster-Yale Materials Handling, Inc. | 4,041 | 238,257 | ||||||
ICF International, Inc. | 120 | 10,994 | ||||||
InnerWorkings, Inc. (b) | 7,300 | 40,223 | ||||||
Insteel Industries, Inc. | 3,300 | 70,917 | ||||||
Interface, Inc. | 3,500 | 58,065 | ||||||
Kelly Services, Inc. - Class A | 8,161 | 184,275 | ||||||
Kennametal, Inc. | 1,100 | 40,579 | ||||||
Kforce, Inc. | 500 | 19,850 | ||||||
Kimball International, Inc. - Class B | 1,868 | 38,612 | ||||||
Kirby Corp. (b) | 5,176 | 463,407 | ||||||
Knoll, Inc. | 700 | 17,682 | ||||||
Korn Ferry | 1,900 | 80,560 | ||||||
LB Foster Co. - Class A (b) | 2,890 | 56,008 | ||||||
Masonite International Corp. (b) | 1,100 | 79,431 | ||||||
Matson, Inc. | 2,000 | 81,600 | ||||||
McGrath RentCorp | 100 | 7,654 | ||||||
Mercury Systems, Inc. (b) | 1,210 | 83,623 | ||||||
Meritor, Inc. (b) | 3,300 | 86,427 | ||||||
Miller Industries, Inc. | 1,100 | 40,843 | ||||||
Mobile Mini, Inc. | 200 | 7,582 | ||||||
Moog, Inc. - Class A | 722 | 61,608 | ||||||
MRC Global, Inc. (b) | 3,150 | 42,966 | ||||||
Mueller Industries, Inc. | 4,990 | 158,433 | ||||||
Mueller Water Products, Inc. - Class A | 1,700 | 20,366 | ||||||
MYR Group, Inc. (b) | 1,800 | 58,662 | ||||||
National Presto Industries, Inc. | 900 | 79,551 | ||||||
Navistar International Corp. (b) | 4,450 | 128,783 | ||||||
NOW, Inc. (b) | 4,970 | 55,863 | ||||||
Park Aerospace Corp. | 1,830 | 29,774 | ||||||
Preformed Line Products Co. | 600 | 36,210 | ||||||
Primoris Services Corp. | 2,600 | 57,824 | ||||||
Resideo Technologies, Inc. (b) | 6,400 | 76,352 | ||||||
Resources Connection, Inc. | 4,700 | 76,751 | ||||||
RR Donnelley & Sons Co. | 100 | 395 | ||||||
Rush Enterprises, Inc. - Class A | 2,710 | 126,015 | ||||||
SkyWest, Inc. | 3,195 | 206,493 | ||||||
SP Plus Corp. (b) | 1,205 | 51,128 | ||||||
Spirit Airlines, Inc. (b) | 1,500 | 60,465 | ||||||
SPX FLOW, Inc. (b) | 7,395 | 361,394 | ||||||
Steelcase, Inc. - Class A | 1,800 | 36,828 | ||||||
Stericycle, Inc. (b) | 3,980 | 253,964 | ||||||
Sterling Construction Co., Inc. (b) | 2,700 | 38,016 | ||||||
Tetra Tech, Inc. | 1,260 | 108,562 | ||||||
The Greenbrier Cos., Inc. | 2,500 | 81,075 | ||||||
The Toro Co. | 3,076 | 245,065 | ||||||
Thermon Group Holdings, Inc. (b) | 2,200 | 58,960 | ||||||
TriMas Corp. (b) | 4,962 | 155,856 | ||||||
Trinity Industries, Inc. | 10,639 | 235,654 | ||||||
Triumph Group, Inc. | 1,800 | 45,486 | ||||||
TrueBlue, Inc. (b) | 2,500 | 60,150 | ||||||
Tutor Perini Corp. (b) | 6,000 | 77,160 | ||||||
UniFirst Corp. | 630 | 127,247 | ||||||
Universal Forest Products, Inc. | 2,700 | 128,790 | ||||||
Universal Logistics Holdings, Inc. | 3,100 | 58,776 | ||||||
Valmont Industries, Inc. | 400 | 59,912 | ||||||
Vectrus, Inc. (b) | 2,290 | 117,385 | ||||||
Veritiv Corp. (b) | 2,462 | 48,428 | ||||||
Wabash National Corp. | 8,140 | 119,577 | ||||||
Watts Water Technologies, Inc. - Class A | 780 | 77,813 | ||||||
Werner Enterprises, Inc. | 500 | 18,195 | ||||||
Wesco Aircraft Holdings, Inc. (b) | 400 | 4,408 | ||||||
WESCO International, Inc. (b) | 4,270 | 253,595 | ||||||
12,526,286 | ||||||||
Information Technology - 7.6% | ||||||||
Acacia Communications, Inc. (b) | 370 | 25,090 | ||||||
Ambarella, Inc. (b) | 237 | 14,353 | ||||||
Amkor Technology, Inc. (b) | 5,100 | 66,300 | ||||||
Anixter International, Inc. (b) | 2,100 | 193,410 | ||||||
AVX Corp. | 2,900 | 59,363 | ||||||
Belden, Inc. | 2,620 | 144,100 | ||||||
Broadridge Financial Solutions, Inc. | 2,266 | 279,942 | ||||||
Cardtronics PLC - Class A (b) | 710 | 31,701 | ||||||
Casa Systems, Inc. (b) | 4,900 | 20,041 | ||||||
Cass Information Systems, Inc. | 1,000 | 57,740 | ||||||
Cirrus Logic, Inc. (b) | 3,121 | 257,202 | ||||||
CommScope Holding Co., Inc. (b) | 2,900 | 41,151 | ||||||
Comtech Telecommunications Corp. | 1,390 | 49,331 | ||||||
CSG Systems International, Inc. | 1,100 | 56,958 | ||||||
Diodes, Inc. (b) | 1,667 | 93,969 | ||||||
Ebix, Inc. | 2,400 | 80,184 | ||||||
ePlus, Inc. (b) | 200 | 16,858 | ||||||
Fabrinet (b) | 70 | 4,539 | ||||||
FormFactor, Inc. (b) | 50 | 1,298 | ||||||
Insight Enterprises, Inc. (b) | 5,209 | 366,141 | ||||||
KBR, Inc. | 2,860 | 87,230 | ||||||
Kimball Electronics, Inc. (b) | 3,400 | 59,670 | ||||||
Knowles Corp. (b) | 2,390 | 50,548 | ||||||
Methode Electronics, Inc. | 1,000 | 39,350 | ||||||
NeoPhotonics Corp. (b) | 8,540 | 75,323 | ||||||
NIC, Inc. | 2,700 | 60,345 | ||||||
NVE Corp. | 1,388 | 99,103 | ||||||
Onto Innovation, Inc. (b) | 123 | 4,494 | ||||||
OSI Systems, Inc. (b) | 940 | 94,696 | ||||||
PC Connection, Inc. | 800 | 39,728 | ||||||
Perficient, Inc. (b) | 2,600 | 119,782 | ||||||
Perspecta, Inc. | 6,810 | 180,056 | ||||||
Plantronics, Inc. | 2,300 | 62,882 | ||||||
Plexus Corp. (b) | 800 | 61,552 | ||||||
Progress Software Corp. | 2,733 | 113,556 | ||||||
Rogers Corp. (b) | 459 | 57,251 | ||||||
Sanmina Corp. (b) | 17,076 | 584,682 | ||||||
ScanSource, Inc. (b) | 2,100 | 77,595 | ||||||
Semtech Corp. (b) | 1,050 | 55,545 | ||||||
StarTek, Inc. (b) | 2,760 | 22,025 | ||||||
Super Micro Computer, Inc. (b) | 3,500 | 84,070 | ||||||
Synaptics, Inc. (b) | 450 | 29,596 | ||||||
SYNNEX Corp. | 530 | 68,264 | ||||||
Tech Data Corp. (b) | 1,061 | 152,360 | ||||||
Unisys Corp. (b) | 8,039 | 95,342 | ||||||
Veeco Instruments, Inc. (b) | 290 | 4,259 | ||||||
Verint Systems, Inc. (b) | 1,185 | 65,602 | ||||||
Vishay Intertechnology, Inc. | 2,800 | 59,612 | ||||||
Vishay Precision Group, Inc. (b) | 408 | 13,872 | ||||||
WNS Holdings Ltd. - ADR (b) | 3,339 | 220,875 | ||||||
Xperi Corp. | 280 | 5,180 | ||||||
4,604,116 | ||||||||
Materials - 3.3% | ||||||||
American Vanguard Corp. | 3,200 | 62,304 | ||||||
Ashland Global Holdings, Inc. | 3,415 | 261,350 | ||||||
Cabot Corp. | 1,300 | 61,776 | ||||||
Century Aluminum Co. (b) | 7,700 | 57,865 | ||||||
Cleveland-Cliffs, Inc. (c) | 7,330 | 61,572 | ||||||
Commercial Metals Co. | 3,020 | 67,255 | ||||||
Domtar Corp. | 1,500 | 57,360 | ||||||
FutureFuel Corp. | 3,100 | 38,409 | ||||||
Greif, Inc. - Class A | 1,205 | 53,261 | ||||||
Haynes International, Inc. | 270 | 9,661 | ||||||
Innophos Holdings, Inc. | 1,193 | 38,152 | ||||||
Innospec, Inc. | 870 | 89,993 | ||||||
Kaiser Aluminum Corp. | 1,032 | 114,438 | ||||||
Livent Corp. (b) | 6,900 | 58,995 | ||||||
Materion Corp. | 2,203 | 130,968 | ||||||
Mercer International, Inc. | 4,800 | 59,040 | ||||||
Minerals Technologies, Inc. | 1,000 | 57,630 | ||||||
PH Glatfelter Co. | 190 | 3,477 | ||||||
PolyOne Corp. | 600 | 22,074 | ||||||
Ryerson Holding Corp. (b) | 1,430 | 16,917 | ||||||
Schnitzer Steel Industries, Inc. - Class A | 900 | 19,512 | ||||||
Silgan Holdings, Inc. | 700 | 21,756 | ||||||
SunCoke Energy, Inc. | 9,730 | 60,618 | ||||||
Trecora Resources (b) | 1,900 | 13,585 | ||||||
Tredegar Corp. | 1,060 | 23,691 | ||||||
Trinseo SA | 2,100 | 78,141 | ||||||
Tronox Holdings PLC - Class A | 190 | 2,170 | ||||||
UFP Technologies, Inc. (b) | 901 | 44,699 | ||||||
Verso Corp. - Class A (b) | 3,550 | 64,007 | ||||||
Warrior Met Coal, Inc. | 6,840 | 144,529 | ||||||
Worthington Industries, Inc. | 1,450 | 61,161 | ||||||
WR Grace & Co. | 1,673 | 116,859 | ||||||
1,973,225 | ||||||||
Real Estate - 6.0% | ||||||||
Alexander & Baldwin, Inc. | 2,400 | 50,304 | ||||||
American Campus Communities, Inc. | 2,933 | 137,939 | ||||||
CatchMark Timber Trust, Inc. | 2,072 | 23,766 | ||||||
Chatham Lodging Trust | 2,060 | 37,780 | ||||||
Colony Capital, Inc. | 17,100 | 81,225 | ||||||
CoreCivic, Inc. | 11,096 | 192,849 | ||||||
CubeSmart | 13,186 | 415,095 | ||||||
DiamondRock Hospitality Co. | 8,210 | 90,967 | ||||||
First Industrial Realty Trust, Inc. | 4,490 | 186,380 | ||||||
Franklin Street Properties Corp. | 970 | 8,303 | ||||||
Healthcare Realty Trust, Inc. | 3,360 | 112,123 | ||||||
iStar, Inc. | 11,570 | 167,881 | ||||||
Jones Lang LaSalle, Inc. | 949 | 165,211 | ||||||
Lexington Realty Trust | 4,860 | 51,613 | ||||||
Monmouth Real Estate Investment Corp. | 3,590 | 51,983 | ||||||
National Health Investors, Inc. | 621 | 50,599 | ||||||
Office Properties Income Trust | 8,080 | 259,691 | ||||||
Pebblebrook Hotel Trust | 9,680 | 259,521 | ||||||
Physicians Realty Trust | 370 | 7,008 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 6,650 | 147,896 | ||||||
PS Business Parks, Inc. | 294 | 48,472 | ||||||
RE/MAX Holdings, Inc. | 2,977 | 114,585 | ||||||
Retail Opportunity Investments Corp. | 420 | 7,417 | ||||||
RLJ Lodging Trust | 13,690 | 242,587 | ||||||
Sabra Health Care REIT, Inc. | 3,220 | 68,715 | ||||||
Senior Housing Properties Trust | 20,137 | 169,956 | ||||||
Seritage Growth Properties - Class A | 2,000 | 80,160 | ||||||
STAG Industrial, Inc. | 417 | 13,165 | ||||||
Summit Hotel Properties, Inc. | 5,190 | 64,045 | ||||||
Sunstone Hotel Investors, Inc. | 10,120 | 140,870 | ||||||
Tanger Factory Outlet Centers, Inc. | 7,114 | 104,789 | ||||||
Urban Edge Properties | 910 | 17,454 | ||||||
Washington Real Estate Investment Trust | 2,630 | 76,743 | ||||||
3,647,092 | ||||||||
Utilities - 3.8% | ||||||||
ALLETE, Inc. | 2,130 | 172,892 | ||||||
Artesian Resources Corp. - Class A | 1,799 | 66,941 | ||||||
Avista Corp. | 2,860 | 137,537 | ||||||
Black Hills Corp. | 440 | 34,558 | ||||||
Clearway Energy, Inc. - Class A | 11,830 | 226,190 | ||||||
El Paso Electric Co. | 1,880 | 127,633 | ||||||
MGE Energy, Inc. | 781 | 61,558 | ||||||
New Jersey Resources Corp. | 340 | 15,154 | ||||||
NorthWestern Corp. | 1,100 | 78,837 | ||||||
ONE Gas, Inc. | 2,272 | 212,591 | ||||||
Otter Tail Corp. | 3,035 | 155,665 | ||||||
PNM Resources, Inc. | 2,790 | 141,481 | ||||||
Portland General Electric Co. | 1,785 | 99,585 | ||||||
South Jersey Industries, Inc. | 10,022 | 330,526 | ||||||
Southwest Gas Holdings, Inc. | 1,000 | 75,970 | ||||||
Spire, Inc. | 900 | 74,979 | ||||||
Star Group LP | 4,200 | 39,732 | ||||||
Suburban Propane Partners LP | 3,600 | 78,660 | ||||||
The York Water Co. | 294 | 13,556 | ||||||
UGI Corp. | 2,856 | 128,977 | ||||||
2,273,022 | ||||||||
Total Common Stocks (Cost $55,638,370) | $ | 59,211,186 | ||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
Money Market Fund - 1.8% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (d)(e) | 1,093,747 | $ | 1,093,747 | |||||
Total Short-Term Investment (Cost $1,093,747) | $ | 1,093,747 | ||||||
Total Investments at Value (Cost $56,732,117) - 99.8% | $ | 60,304,933 | ||||||
Other Assets in Excess of Liabilities - 0.2% | 127,760 | |||||||
Net Assets - 100.0% | $ | 60,432,693 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Non-income producing security. |
(c) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $3,294. |
(d) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(e) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $3,592. |
WILSHIRE MUTUAL FUNDS, INC. | ||||||||
WILSHIRE 5000 INDEX FUND | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 99.0% (a) | ||||||||
Communication Services - 9.4% | ||||||||
Activision Blizzard, Inc. | 4,613 | $ | 274,104 | |||||
Actua Corp. (b)(c) | 100 | 28 | ||||||
AH Belo Corp. - Class A | 90 | 254 | ||||||
Alphabet, Inc. - Class C (d) | 3,983 | 5,325,351 | ||||||
AMC Entertainment Holdings, Inc. - Class A (e) | 107 | 775 | ||||||
AMC Networks, Inc. - Class A (d) | 356 | 14,062 | ||||||
Ambassadors Group, Inc. (b)(c)(d) | 400 | – | ||||||
AT&T, Inc. | 47,618 | 1,860,911 | ||||||
Boingo Wireless, Inc. (d) | 750 | 8,212 | ||||||
Cars.com, Inc. (d) | 575 | 7,027 | ||||||
CenturyLink, Inc. | 6,072 | 80,211 | ||||||
Charter Communications, Inc. - Class A (d) | 1,158 | 561,723 | ||||||
Cinemark Holdings, Inc. | 775 | 26,234 | ||||||
Cogent Communications Holdings, Inc. | 200 | 13,162 | ||||||
Comcast Corp. - Class A | 27,208 | 1,223,544 | ||||||
Consolidated Communications Holdings, Inc. | 501 | 1,944 | ||||||
Discovery, Inc. - Class A (d) | 798 | 26,127 | ||||||
DISH Network Corp. - Class A (d) | 1,469 | 52,105 | ||||||
Electronic Arts, Inc. (d) | 1,940 | 208,569 | ||||||
Facebook, Inc. - Class A (d) | 14,909 | 3,060,072 | ||||||
Fox Corp. - Class A | 2,196 | 81,406 | ||||||
Gaia, Inc. (d) | 600 | 4,794 | ||||||
Gannett Co, Inc. | 870 | 5,551 | ||||||
GCI Liberty, Inc. - Class A (d) | 681 | 48,249 | ||||||
Gray Television, Inc. (d) | 500 | 10,720 | ||||||
IAC/InterActiveCorp. (d) | 450 | 112,100 | ||||||
IDT Corp. - Class B (d) | 2,496 | 17,996 | ||||||
Iridium Communications, Inc. (d) | 910 | 22,422 | ||||||
John Wiley & Sons, Inc. - Class A | 200 | 9,704 | ||||||
Liberty Broadband Corp. - Class A (d) | 1,381 | 172,017 | ||||||
Liberty Media Corp.-Liberty Braves - Class A (d) | 360 | 10,674 | ||||||
Liberty Media Corp.-Liberty Formula One - Class A (d) | 600 | 26,268 | ||||||
Liberty Media Corp.-Liberty SiriusXM - Class A (d) | 2,252 | 108,862 | ||||||
Liberty TripAdvisor Holdings, Inc. - Class A (d) | 790 | 5,807 | ||||||
Lions Gate Entertainment Corp. - Class B (d) | 1,033 | 10,258 | ||||||
Live Nation Entertainment, Inc. (d) | 1,137 | 81,261 | ||||||
Loral Space & Communications, Inc. (d) | 300 | 9,696 | ||||||
Match Group, Inc. (d)(e) | 595 | 48,855 | ||||||
Meredith Corp. | 300 | 9,741 | ||||||
MSG Networks, Inc. - Class A (d) | 581 | 10,109 | ||||||
National CineMedia, Inc. | 500 | 3,645 | ||||||
Netflix, Inc. (d) | 2,752 | 890,465 | ||||||
News Corp. - Class A | 2,853 | 40,341 | ||||||
Nexstar Media Group, Inc. - Class A | 399 | 46,783 | ||||||
Omnicom Group, Inc. | 844 | 68,381 | ||||||
Roku, Inc. (d) | 290 | 38,831 | ||||||
Rosetta Stone, Inc. (d) | 300 | 5,442 | ||||||
Scholastic Corp. | 325 | 12,496 | ||||||
Shenandoah Telecommunications Co. | 300 | 12,483 | ||||||
Sinclair Broadcast Group, Inc. - Class A | 425 | 14,170 | ||||||
Sirius XM Holdings, Inc. | 14,709 | 105,169 | ||||||
Snap, Inc. - Class A (d) | 5,930 | 96,837 | ||||||
Spok Holdings, Inc. | 400 | 4,892 | ||||||
Sprint Corp. (d) | 5,547 | 28,900 | ||||||
Take-Two Interactive Software, Inc. (d) | 625 | 76,519 | ||||||
TechTarget, Inc. (d) | 800 | 20,880 | ||||||
TEGNA, Inc. | 1,725 | 28,790 | ||||||
Telephone & Data Systems, Inc. | 700 | 17,801 | ||||||
The E.W. Scripps Co. - Class A | 526 | 8,263 | ||||||
The Interpublic Group of Cos, Inc. | 1,552 | 35,851 | ||||||
The Madison Square Garden Co. - Class A (d) | 93 | 27,360 | ||||||
The Marcus Corp. | 100 | 3,177 | ||||||
The New York Times Co. - Class A | 1,050 | 33,779 | ||||||
The Walt Disney Co. | 10,226 | 1,478,986 | ||||||
T-Mobile US, Inc. (d) | 2,125 | 166,643 | ||||||
Travelzoo (d) | 100 | 1,070 | ||||||
TripAdvisor, Inc. | 634 | 19,261 | ||||||
Twitter, Inc. (d) | 5,300 | 169,865 | ||||||
United States Cellular Corp. (d) | 300 | 10,869 | ||||||
Verizon Communications, Inc. | 26,033 | 1,598,426 | ||||||
ViacomCBS, Inc. - Class B | 3,594 | 150,840 | ||||||
Vonage Holdings Corp. (d) | 1,425 | 10,559 | ||||||
World Wrestling Entertainment, Inc. - Class A | 600 | 38,922 | ||||||
Yelp, Inc. (d) | 566 | 19,714 | ||||||
Zayo Group Holdings, Inc. (d) | 1,525 | 52,841 | ||||||
Zillow Group, Inc. - Class C (d) | 748 | 34,363 | ||||||
Zynga, Inc. - Class A (d) | 5,350 | 32,742 | ||||||
18,957,261 | ||||||||
Consumer Discretionary - 10.1% | ||||||||
1-800-Flowers.com, Inc. - Class A (d) | 300 | 4,350 | ||||||
Aaron's, Inc. | 400 | 22,844 | ||||||
Abercrombie & Fitch Co. - Class A | 425 | 7,348 | ||||||
Adtalem Global Education, Inc. (d) | 400 | 13,988 | ||||||
Advance Auto Parts, Inc. | 491 | 78,639 | ||||||
Amazon.com, Inc. (d) | 2,898 | 5,355,040 | ||||||
American Axle & Manufacturing Holdings, Inc. (d) | 550 | 5,918 | ||||||
American Eagle Outfitters, Inc. | 1,225 | 18,007 | ||||||
American Outdoor Brands Corp. (d) | 475 | 4,408 | ||||||
American Public Education, Inc. (d) | 300 | 8,217 | ||||||
Aramark | 1,675 | 72,695 | ||||||
Autoliv, Inc. | 648 | 54,698 | ||||||
AutoNation, Inc. (d) | 525 | 25,531 | ||||||
AutoZone, Inc. (d) | 156 | 185,844 | ||||||
Beazer Homes USA, Inc. (d) | 200 | 2,826 | ||||||
Bed Bath & Beyond, Inc. | 1,125 | 19,462 | ||||||
Best Buy Co., Inc. | 1,625 | 142,675 | ||||||
Big Lots, Inc. | 200 | 5,744 | ||||||
Booking Holdings, Inc. (d) | 258 | 529,862 | ||||||
BorgWarner, Inc. | 1,310 | 56,828 | ||||||
Boyd Gaming Corp. | 725 | 21,706 | ||||||
Bright Horizons Family Solutions, Inc. (d) | 300 | 45,087 | ||||||
Brinker International, Inc. | 175 | 7,350 | ||||||
Brunswick Corp. | 550 | 32,989 | ||||||
Burlington Stores, Inc. (d) | 448 | 102,157 | ||||||
Caleres, Inc. | 425 | 10,094 | ||||||
Callaway Golf Co. | 500 | 10,600 | ||||||
Career Education Corp. (d) | 500 | 9,195 | ||||||
CarMax, Inc. (d) | 930 | 81,533 | ||||||
Carnival Corp. | 2,825 | 143,595 | ||||||
Carter's, Inc. | 382 | 41,768 | ||||||
Cavco Industries, Inc. (d) | 100 | 19,538 | ||||||
Chegg, Inc. (d) | 740 | 28,053 | ||||||
Chipotle Mexican Grill, Inc. (d) | 157 | 131,426 | ||||||
Choice Hotels International, Inc. | 450 | 46,543 | ||||||
Churchill Downs, Inc. | 201 | 27,577 | ||||||
Citi Trends, Inc. | 50 | 1,156 | ||||||
Collectors Universe, Inc. | 110 | 2,535 | ||||||
Columbia Sportswear Co. | 100 | 10,019 | ||||||
Conn's, Inc. (d) | 500 | 6,195 | ||||||
Cooper Tire & Rubber Co. | 425 | 12,219 | ||||||
Core-Mark Holding Co, Inc. | 206 | 5,601 | ||||||
Cracker Barrel Old Country Store, Inc. | 191 | 29,364 | ||||||
Crocs, Inc. (d) | 1,200 | 50,268 | ||||||
CSS Industries, Inc. | 50 | 220 | ||||||
Dana, Inc. | 900 | 16,380 | ||||||
Darden Restaurants, Inc. | 823 | 89,715 | ||||||
Dave & Buster's Entertainment, Inc. | 300 | 12,051 | ||||||
Deckers Outdoor Corp. (d) | 25 | 4,222 | ||||||
Designer Brands, Inc. - Class A | 550 | 8,657 | ||||||
Dick's Sporting Goods, Inc. | 527 | 26,081 | ||||||
Dillard's, Inc. - Class A (e) | 347 | 25,498 | ||||||
Dollar General Corp. | 1,696 | 264,542 | ||||||
Dollar Tree, Inc. (d) | 1,546 | 145,401 | ||||||
Domino's Pizza, Inc. | 279 | 81,965 | ||||||
Dorman Products, Inc. (d) | 200 | 15,144 | ||||||
DR Horton, Inc. | 2,073 | 109,351 | ||||||
Dunkin' Brands Group, Inc. | 600 | 45,324 | ||||||
eBay, Inc. | 4,825 | 174,231 | ||||||
Etsy, Inc. (d) | 740 | 32,782 | ||||||
Expedia Group, Inc. | 894 | 96,677 | ||||||
Fiesta Restaurant Group, Inc. (d) | 300 | 2,967 | ||||||
Five Below, Inc. (d) | 200 | 25,572 | ||||||
Floor & Decor Holdings, Inc. - Class A (d) | 430 | 21,848 | ||||||
Foot Locker, Inc. | 1,025 | 39,965 | ||||||
Ford Motor Co. | 25,100 | 233,430 | ||||||
Fossil Group, Inc. (d) | 400 | 3,152 | ||||||
frontdoor, Inc. (d) | 487 | 23,094 | ||||||
GameStop Corp. - Class A (e) | 550 | 3,344 | ||||||
General Motors Co. | 8,490 | 310,734 | ||||||
Gentex Corp. | 2,195 | 63,611 | ||||||
Gentherm, Inc. (d) | 75 | 3,329 | ||||||
Genuine Parts Co. | 727 | 77,229 | ||||||
G-III Apparel Group Ltd. (d) | 275 | 9,213 | ||||||
Golden Entertainment, Inc. (d) | 100 | 1,922 | ||||||
GoPro, Inc. - Class A (d) | 300 | 1,302 | ||||||
Grand Canyon Education, Inc. (d) | 200 | 19,158 | ||||||
Green Brick Partners, Inc. (d) | 45 | 517 | ||||||
Group 1 Automotive, Inc. | 223 | 22,300 | ||||||
Grubhub, Inc. (d) | 550 | 26,752 | ||||||
Guess?, Inc. | 400 | 8,952 | ||||||
H&R Block, Inc. | 1,310 | 30,759 | ||||||
Hanesbrands, Inc. | 2,695 | 40,021 | ||||||
Harley-Davidson, Inc. | 1,150 | 42,769 | ||||||
Hasbro, Inc. | 700 | 73,927 | ||||||
Helen of Troy Ltd. (d) | 119 | 21,395 | ||||||
Hibbett Sports, Inc. (d) | 200 | 5,608 | ||||||
Hilton Grand Vacations, Inc. (d) | 105 | 3,611 | ||||||
Hilton Worldwide Holdings, Inc. | 850 | 94,274 | ||||||
Hooker Furniture Corp. | 200 | 5,138 | ||||||
Hyatt Hotels Corp. - Class A | 300 | 26,913 | ||||||
iRobot Corp. (d) | 167 | 8,455 | ||||||
Jack in the Box, Inc. | 236 | 18,415 | ||||||
K12, Inc. (d) | 300 | 6,105 | ||||||
KB Home | 375 | 12,851 | ||||||
Kohl's Corp. | 1,075 | 54,771 | ||||||
Kontoor Brands, Inc. | 339 | 14,235 | ||||||
L Brands, Inc. | 1,484 | 26,890 | ||||||
Lands' End, Inc. (d) | 278 | 4,670 | ||||||
Las Vegas Sands Corp. | 2,727 | 188,272 | ||||||
La-Z-Boy, Inc. | 425 | 13,379 | ||||||
LCI Industries | 154 | 16,498 | ||||||
Leaf Group Ltd. (d) | 200 | 800 | ||||||
Lear Corp. | 500 | 68,600 | ||||||
Leggett & Platt, Inc. | 910 | 46,255 | ||||||
Lennar Corp. - Class A | 1,250 | 69,738 | ||||||
Lithia Motors, Inc. - Class A | 134 | 19,698 | ||||||
LKQ Corp. (d) | 2,100 | 74,970 | ||||||
Lowe's Cos., Inc. | 4,846 | 580,357 | ||||||
Lumber Liquidators Holdings, Inc. (d) | 241 | 2,355 | ||||||
Macy's, Inc. | 2,223 | 37,791 | ||||||
Marine Products Corp. | 700 | 10,080 | ||||||
Marriott International, Inc. - Class A | 2,199 | 332,995 | ||||||
Marriott Vacations Worldwide Corp. | 244 | 31,417 | ||||||
Mattel, Inc. (d) | 2,255 | 30,555 | ||||||
McDonald's Corp. | 4,938 | 975,798 | ||||||
MDC Holdings, Inc. | 330 | 12,593 | ||||||
Meritage Homes Corp. (d) | 200 | 12,222 | ||||||
MGM Resorts International | 3,300 | 109,791 | ||||||
Mohawk Industries, Inc. (d) | 392 | 53,461 | ||||||
Monro, Inc. | 325 | 25,415 | ||||||
Motorcar Parts of America, Inc. (d) | 300 | 6,609 | ||||||
Movado Group, Inc. | 300 | 6,522 | ||||||
Murphy USA, Inc. (d) | 296 | 34,632 | ||||||
Newell Brands, Inc. | 3,415 | 65,636 | ||||||
NIKE, Inc. - Class B | 8,849 | 896,492 | ||||||
Nordstrom, Inc. | 1,000 | 40,930 | ||||||
Norwegian Cruise Line Holdings Ltd. (d) | 325 | 18,983 | ||||||
NVR, Inc. (d) | 30 | 114,252 | ||||||
Ollie's Bargain Outlet Holdings, Inc. (d) | 310 | 20,246 | ||||||
O'Reilly Automotive, Inc. (d) | 510 | 223,513 | ||||||
Oxford Industries, Inc. | 50 | 3,771 | ||||||
Papa John's International, Inc. | 173 | 10,925 | ||||||
Penn National Gaming, Inc. (d) | 178 | 4,550 | ||||||
Penske Automotive Group, Inc. | 350 | 17,577 | ||||||
Planet Fitness, Inc. - Class A (d) | 440 | 32,859 | ||||||
Polaris, Inc. | 340 | 34,578 | ||||||
Pool Corp. | 313 | 66,475 | ||||||
PulteGroup, Inc. | 1,915 | 74,302 | ||||||
PVH Corp. | 543 | 57,096 | ||||||
Qurate Retail, Inc. - Series A (d) | 2,919 | 24,607 | ||||||
Ralph Lauren Corp. | 406 | 47,591 | ||||||
RCI Hospitality Holdings, Inc. | 300 | 6,150 | ||||||
Regis Corp. (d) | 200 | 3,574 | ||||||
RH (d) | 116 | 24,766 | ||||||
Rocky Brands, Inc. | 100 | 2,943 | ||||||
Ross Stores, Inc. | 2,205 | 256,706 | ||||||
Royal Caribbean Cruises Ltd. | 1,087 | 145,125 | ||||||
Sally Beauty Holdings, Inc. (d) | 700 | 12,775 | ||||||
SeaWorld Entertainment, Inc. (d) | 685 | 21,721 | ||||||
Service Corp International | 1,250 | 57,538 | ||||||
ServiceMaster Global Holdings, Inc. (d) | 975 | 37,694 | ||||||
Shoe Carnival, Inc. | 600 | 22,368 | ||||||
Shutterstock, Inc. (d) | 122 | 5,231 | ||||||
Signet Jewelers Ltd. | 620 | 13,479 | ||||||
Six Flags Entertainment Corp. | 600 | 27,066 | ||||||
Skechers U.S.A., Inc. - Class A (d) | 750 | 32,393 | ||||||
Sleep Number Corp. (d) | 188 | 9,257 | ||||||
Sonic Automotive, Inc. - Class A | 300 | 9,300 | ||||||
Stamps.com, Inc. (d) | 129 | 10,774 | ||||||
Starbucks Corp. | 8,383 | 737,033 | ||||||
Steven Madden Ltd. | 450 | 19,355 | ||||||
Strategic Education, Inc. | 87 | 13,824 | ||||||
Tailored Brands, Inc. (e) | 475 | 1,967 | ||||||
Tapestry, Inc. | 1,900 | 51,243 | ||||||
Target Corp. | 3,491 | 447,581 | ||||||
Tempur Sealy International, Inc. (d) | 298 | 25,944 | ||||||
Tenneco, Inc. - Class A | 450 | 5,895 | ||||||
Tesla, Inc. (d) | 643 | 268,986 | ||||||
Texas Roadhouse, Inc. | 475 | 26,752 | ||||||
The Buckle, Inc. | 350 | 9,464 | ||||||
The Cato Corp. - Class A | 300 | 5,220 | ||||||
The Cheesecake Factory, Inc. | 300 | 11,658 | ||||||
The Children's Place, Inc. | 132 | 8,253 | ||||||
The Gap, Inc. | 1,550 | 27,404 | ||||||
The Goodyear Tire & Rubber Co. | 1,825 | 28,388 | ||||||
The Home Depot, Inc. | 7,074 | 1,544,820 | ||||||
The Rubicon Project, Inc. (d) | 1,790 | 14,606 | ||||||
The TJX Cos., Inc. | 7,876 | 480,909 | ||||||
The Wendy's Co. | 1,925 | 42,754 | ||||||
Thor Industries, Inc. | 381 | 28,304 | ||||||
Tiffany & Co. | 735 | 98,233 | ||||||
Toll Brothers, Inc. | 1,050 | 41,486 | ||||||
TopBuild Corp. (d) | 325 | 33,501 | ||||||
Tractor Supply Co. | 851 | 79,517 | ||||||
TRI Pointe Group, Inc. (d) | 1,100 | 17,138 | ||||||
Tupperware Brands Corp. | 300 | 2,574 | ||||||
Ulta Beauty, Inc. (d) | 369 | 93,409 | ||||||
Under Armour, Inc. - Class A (d) | 2,425 | 52,380 | ||||||
Universal Electronics, Inc. (d) | 200 | 10,452 | ||||||
Urban Outfitters, Inc. (d) | 800 | 22,216 | ||||||
Vail Resorts, Inc. | 190 | 45,568 | ||||||
Veoneer, Inc. (d) | 648 | 10,122 | ||||||
VF Corp. | 2,375 | 236,693 | ||||||
Vista Outdoor, Inc. (d) | 400 | 2,992 | ||||||
Visteon Corp. (d) | 261 | 22,600 | ||||||
Wayfair, Inc. - Class A (d) | 300 | 27,111 | ||||||
Whirlpool Corp. | 384 | 56,652 | ||||||
Williams-Sonoma, Inc. | 500 | 36,720 | ||||||
Wingstop, Inc. | 220 | 18,971 | ||||||
Winnebago Industries, Inc. | 175 | 9,272 | ||||||
Wolverine World Wide, Inc. | 725 | 24,462 | ||||||
Wyndham Destinations, Inc. | 620 | 32,048 | ||||||
Wyndham Hotels & Resorts, Inc. | 620 | 38,942 | ||||||
Wynn Resorts Ltd. | 621 | 86,238 | ||||||
Yum! Brands, Inc. | 2,289 | 230,571 | ||||||
Zumiez, Inc. (d) | 300 | 10,362 | ||||||
20,383,567 | ||||||||
Consumer Staples - 6.7% | ||||||||
Alico, Inc. | 200 | 7,166 | ||||||
Altria Group, Inc. | 11,691 | 583,498 | ||||||
Archer-Daniels-Midland Co. | 3,686 | 170,846 | ||||||
B&G Foods, Inc. | 250 | 4,483 | ||||||
Brown-Forman Corp. - Class B | 1,505 | 101,738 | ||||||
Bunge Ltd. | 1,050 | 60,428 | ||||||
Cal-Maine Foods, Inc. | 18 | 770 | ||||||
Campbell Soup Co. | 1,350 | 66,717 | ||||||
Casey's General Stores, Inc. | 287 | 45,630 | ||||||
Church & Dwight Co, Inc. | 1,606 | 112,966 | ||||||
Colgate-Palmolive Co. | 4,991 | 343,580 | ||||||
Conagra Brands, Inc. | 3,741 | 128,092 | ||||||
Constellation Brands, Inc. - Class A | 1,196 | 226,941 | ||||||
Costco Wholesale Corp. | 2,971 | 873,236 | ||||||
Coty, Inc. - Class A | 2,800 | 31,500 | ||||||
Darling Ingredients, Inc. (d) | 975 | 27,378 | ||||||
Edgewell Personal Care Co. (d) | 446 | 13,808 | ||||||
elf Beauty, Inc. (d) | 300 | 4,839 | ||||||
Energizer Holdings, Inc. | 592 | 29,730 | ||||||
Flowers Foods, Inc. | 1,580 | 34,349 | ||||||
Fresh Del Monte Produce, Inc. | 100 | 3,498 | ||||||
General Mills, Inc. | 3,975 | 212,901 | ||||||
Herbalife Nutrition Ltd. (d) | 1,300 | 61,971 | ||||||
Hormel Foods Corp. | 1,875 | 84,581 | ||||||
Ingles Markets, Inc. - Class A | 150 | 7,127 | ||||||
Ingredion, Inc. | 271 | 25,189 | ||||||
Inter Parfums, Inc. | 300 | 21,813 | ||||||
J&J Snack Foods Corp. | 70 | 12,899 | ||||||
Kellogg Co. | 1,903 | 131,611 | ||||||
Keurig Dr Pepper, Inc. | 1,258 | 36,419 | ||||||
Kimberly-Clark Corp. | 2,271 | 312,376 | ||||||
Lamb Weston Holdings, Inc. | 1,157 | 99,537 | ||||||
Lancaster Colony Corp. | 112 | 17,931 | ||||||
Mannatech, Inc. | 70 | 1,096 | ||||||
McCormick & Co, Inc. | 677 | 114,907 | ||||||
Medifast, Inc. | 140 | 15,341 | ||||||
MGP Ingredients, Inc. | 200 | 9,690 | ||||||
Molson Coors Brewing Co. - Class B | 1,163 | 62,686 | ||||||
Mondelez International, Inc. - Class A | 10,031 | 552,507 | ||||||
Monster Beverage Corp. (d) | 2,696 | 171,331 | ||||||
Nu Skin Enterprises, Inc. - Class A | 325 | 13,319 | ||||||
PepsiCo, Inc. | 9,119 | 1,246,294 | ||||||
Philip Morris International, Inc. | 10,236 | 870,981 | ||||||
Pilgrim's Pride Corp. (d) | 650 | 21,265 | ||||||
Post Holdings, Inc. (d) | 438 | 47,786 | ||||||
PriceSmart, Inc. | 115 | 8,167 | ||||||
Sanderson Farms, Inc. | 143 | 25,199 | ||||||
SpartanNash Co. | 400 | 5,696 | ||||||
Spectrum Brands Holdings, Inc. | 277 | 17,808 | ||||||
Sprouts Farmers Market, Inc. (d) | 300 | 5,805 | ||||||
Sysco Corp. | 3,410 | 291,691 | ||||||
The Andersons, Inc. | 75 | 1,896 | ||||||
The Boston Beer Co, Inc. - Class A (d) | 100 | 37,785 | ||||||
The Clorox Co. | 850 | 130,509 | ||||||
The Coca-Cola Co. | 25,840 | 1,430,244 | ||||||
The Estee Lauder Cos., Inc. - Class A | 1,451 | 299,690 | ||||||
The Hain Celestial Group, Inc. (d) | 600 | 15,573 | ||||||
The Hershey Co. | 929 | 136,544 | ||||||
The JM Smucker Co. | 852 | 88,719 | ||||||
The Kraft Heinz Co. | 4,215 | 135,428 | ||||||
The Kroger Co. | 5,485 | 159,010 | ||||||
The Procter & Gamble Co. | 16,180 | 2,020,882 | ||||||
Tootsie Roll Industries, Inc. | 27 | 922 | ||||||
TreeHouse Foods, Inc. (d) | 385 | 18,673 | ||||||
Tyson Foods, Inc. - Class A | 1,911 | 173,977 | ||||||
United Natural Foods, Inc. (d) | 150 | 1,314 | ||||||
US Foods Holding Corp. (d) | 935 | 39,167 | ||||||
USANA Health Sciences, Inc. (d) | 118 | 9,269 | ||||||
Vector Group Ltd. | 938 | 12,560 | ||||||
Walgreens Boots Alliance, Inc. | 5,059 | 298,279 | ||||||
Walmart, Inc. | 9,309 | 1,106,282 | ||||||
WD-40 Co. | 45 | 8,736 | ||||||
13,502,576 | ||||||||
Energy - 4.0% | ||||||||
Apache Corp. | 2,913 | 74,544 | ||||||
Apergy Corp. (d) | 565 | 19,086 | ||||||
Arch Coal, Inc. - Class A | 163 | 11,694 | ||||||
Archrock, Inc. | 812 | 8,152 | ||||||
Baker Hughes Co. | 4,795 | 122,896 | ||||||
BP Prudhoe Bay Royalty Trust | 300 | 2,064 | ||||||
Cabot Oil & Gas Corp. | 3,325 | 57,888 | ||||||
California Resources Corp. (d) | 472 | 4,262 | ||||||
Callon Petroleum Co. (d) | 2,200 | 10,626 | ||||||
Cheniere Energy, Inc. (d) | 1,625 | 99,239 | ||||||
Chevron Corp. | 12,173 | 1,466,968 | ||||||
Cimarex Energy Co. | 596 | 31,284 | ||||||
CNX Resources Corp. (d) | 1,650 | 14,602 | ||||||
Concho Resources, Inc. | 1,020 | 89,321 | ||||||
ConocoPhillips | 7,002 | 455,340 | ||||||
CONSOL Energy, Inc. (d) | 206 | 2,989 | ||||||
Continental Resources, Inc. | 830 | 28,469 | ||||||
Cross Timbers Royalty Trust | 200 | 1,746 | ||||||
Delek US Holdings, Inc. | 301 | 10,093 | ||||||
Devon Energy Corp. | 3,766 | 97,803 | ||||||
Diamond Offshore Drilling, Inc. (d)(e) | 850 | 6,111 | ||||||
Diamondback Energy, Inc. | 850 | 78,931 | ||||||
DMC Global, Inc. | 400 | 17,976 | ||||||
Dril-Quip, Inc. (d) | 145 | 6,802 | ||||||
EOG Resources, Inc. | 3,898 | 326,496 | ||||||
EQT Corp. | 1,339 | 14,595 | ||||||
Equitrans Midstream Corp. | 1,071 | 14,309 | ||||||
Era Group, Inc. (d) | 300 | 3,051 | ||||||
Exterran Corp. (d) | 406 | 3,179 | ||||||
Exxon Mobil Corp. | 27,418 | 1,913,228 | ||||||
Geospace Technologies Corp. (d) | 226 | 3,790 | ||||||
Green Plains, Inc. | 300 | 4,629 | ||||||
Gulf Island Fabrication, Inc. (d) | 381 | 1,932 | ||||||
Halliburton Co. | 5,931 | 145,132 | ||||||
Helix Energy Solutions Group, Inc. (d) | 1,000 | 9,630 | ||||||
Helmerich & Payne, Inc. | 550 | 24,987 | ||||||
Hess Corp. | 2,024 | 135,223 | ||||||
HollyFrontier Corp. | 1,158 | 58,722 | ||||||
Kinder Morgan, Inc. | 13,180 | 279,021 | ||||||
KLX Energy Services Holdings, Inc. (d) | 126 | 811 | ||||||
Marathon Oil Corp. | 5,647 | 76,686 | ||||||
Marathon Petroleum Corp. | 4,001 | 241,060 | ||||||
Matador Resources Co. (d) | 375 | 6,739 | ||||||
Matrix Service Co. (d) | 450 | 10,296 | ||||||
Murphy Oil Corp. | 1,025 | 27,470 | ||||||
NACCO Industries, Inc. - Class A | 300 | 14,049 | ||||||
National Oilwell Varco, Inc. | 2,661 | 66,658 | ||||||
Newpark Resources, Inc. (d) | 875 | 5,486 | ||||||
Noble Energy, Inc. | 2,476 | 61,504 | ||||||
Occidental Petroleum Corp. | 6,581 | 271,203 | ||||||
Oceaneering International, Inc. (d) | 500 | 7,455 | ||||||
Oil States International, Inc. (d) | 200 | 3,262 | ||||||
ONEOK, Inc. | 1,905 | 144,151 | ||||||
Parsley Energy, Inc. - Class A | 1,425 | 26,947 | ||||||
Patterson-UTI Energy, Inc. | 1,100 | 11,550 | ||||||
PBF Energy, Inc. - Class A | 625 | 19,606 | ||||||
PDC Energy, Inc. (d) | 375 | 9,814 | ||||||
Phillips 66 | 3,213 | 357,960 | ||||||
Pioneer Natural Resources Co. | 1,221 | 184,823 | ||||||
QEP Resources, Inc. | 1,750 | 7,875 | ||||||
Range Resources Corp. | 1,339 | 6,494 | ||||||
Renewable Energy Group, Inc. (d) | 114 | 3,072 | ||||||
RPC, Inc. | 587 | 3,076 | ||||||
Schlumberger Ltd. | 9,396 | 377,719 | ||||||
SFL Corp. Ltd. | 575 | 8,361 | ||||||
SM Energy Co. | 450 | 5,058 | ||||||
SRC Energy, Inc. (d) | 1,175 | 4,841 | ||||||
Targa Resources Corp. | 1,255 | 51,242 | ||||||
Teekay Corp. | 775 | 4,123 | ||||||
The Williams Cos., Inc. | 5,250 | 124,530 | ||||||
Valero Energy Corp. | 2,994 | 280,388 | ||||||
Whiting Petroleum Corp. (d) | 480 | 3,523 | ||||||
World Fuel Services Corp. | 475 | 20,625 | ||||||
WPX Energy, Inc. (d) | 2,675 | 36,755 | ||||||
8,142,022 | ||||||||
Financials - 13.8% | ||||||||
Affiliated Managers Group, Inc. | 428 | 36,269 | ||||||
Aflac, Inc. | 3,970 | 210,013 | ||||||
AGNC Investment Corp. | 2,175 | 38,454 | ||||||
Alleghany Corp. (d) | 127 | 101,545 | ||||||
Ally Financial, Inc. | 3,625 | 110,780 | ||||||
American Equity Investment Life Holding Co. | 625 | 18,706 | ||||||
American Express Co. | 4,313 | 536,925 | ||||||
American Financial Group, Inc. | 446 | 48,904 | ||||||
American International Group, Inc. | 6,150 | 315,679 | ||||||
American National Insurance Co. | 181 | 21,300 | ||||||
Ameriprise Financial, Inc. | 905 | 150,755 | ||||||
Ameris Bancorp | 300 | 12,762 | ||||||
Annaly Capital Management, Inc. | 6,939 | 65,365 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 600 | 10,974 | ||||||
Apollo Investment Corp. | 575 | 10,039 | ||||||
Arbor Realty Trust, Inc. | 201 | 2,884 | ||||||
Arch Capital Group Ltd. (d) | 1,857 | 79,647 | ||||||
Ares Capital Corp. | 3,355 | 62,571 | ||||||
Argo Group International Holdings Ltd. | 72 | 4,734 | ||||||
Arlington Asset Investment Corp. - Class A | 4 | 22 | ||||||
Arthur J Gallagher & Co. | 1,225 | 116,657 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 300 | 9,696 | ||||||
Ashford, Inc. (d) | 6 | 142 | ||||||
Associated Banc-Corp | 900 | 19,836 | ||||||
Assurant, Inc. | 337 | 44,174 | ||||||
Assured Guaranty Ltd. | 775 | 37,991 | ||||||
Atlantic Union Bankshares Corp. | 275 | 10,326 | ||||||
Axis Capital Holdings Ltd. | 475 | 28,234 | ||||||
Axos Financial, Inc. (d) | 372 | 11,264 | ||||||
BancorpSouth Bank | 675 | 21,202 | ||||||
Bank of America Corp. | 56,308 | 1,983,168 | ||||||
Bank of Hawaii Corp. | 303 | 28,833 | ||||||
Bank OZK | 765 | 23,336 | ||||||
BankFinancial Corp. | 700 | 9,156 | ||||||
BankUnited, Inc. | 825 | 30,162 | ||||||
Banner Corp. | 300 | 16,977 | ||||||
Barings BDC, Inc. | 350 | 3,598 | ||||||
Berkshire Hathaway, Inc. - Class B (d) | 14,686 | 3,326,379 | ||||||
Berkshire Hills Bancorp, Inc. | 300 | 9,864 | ||||||
BGC Partners, Inc. - Class A | 1,650 | 9,801 | ||||||
BlackRock, Inc. | 862 | 433,327 | ||||||
Blackstone Mortgage Trust, Inc. - Class A | 600 | 22,332 | ||||||
Blucora, Inc. (d) | 250 | 6,535 | ||||||
BOK Financial Corp. | 296 | 25,870 | ||||||
Boston Private Financial Holdings, Inc. | 500 | 6,015 | ||||||
Bridge Bancorp, Inc. | 300 | 10,059 | ||||||
Brighthouse Financial, Inc. (d) | 608 | 23,852 | ||||||
Brookline Bancorp, Inc. | 500 | 8,230 | ||||||
Brown & Brown, Inc. | 1,800 | 71,064 | ||||||
Camden National Corp. | 150 | 6,909 | ||||||
Capital City Bank Group, Inc. | 350 | 10,675 | ||||||
Capital One Financial Corp. | 3,012 | 309,965 | ||||||
Capitol Federal Financial, Inc. | 1,000 | 13,730 | ||||||
Capstead Mortgage Corp. | 700 | 5,544 | ||||||
Cathay General Bancorp | 463 | 17,617 | ||||||
CBOE Global Markets, Inc. | 590 | 70,800 | ||||||
CenterState Bank Corp. | 367 | 9,168 | ||||||
Central Pacific Financial Corp. | 300 | 8,874 | ||||||
Chimera Investment Corp. | 1,455 | 29,915 | ||||||
Cincinnati Financial Corp. | 1,135 | 119,345 | ||||||
CIT Group, Inc. | 940 | 42,892 | ||||||
Citigroup, Inc. | 14,925 | 1,192,358 | ||||||
Citizens Financial Group, Inc. | 3,375 | 137,059 | ||||||
CME Group, Inc. | 2,138 | 429,139 | ||||||
CNA Financial Corp. | 300 | 13,443 | ||||||
CNO Financial Group, Inc. | 1,100 | 19,943 | ||||||
Cohen & Steers, Inc. | 50 | 3,138 | ||||||
Columbia Banking System, Inc. | 276 | 11,229 | ||||||
Comerica, Inc. | 1,083 | 77,705 | ||||||
Commerce Bancshares, Inc. | 796 | 54,073 | ||||||
Community Bank System, Inc. | 200 | 14,188 | ||||||
Community Trust Bancorp, Inc. | 110 | 5,130 | ||||||
Crawford & Co. - Class B | 200 | 2,030 | ||||||
Credit Acceptance Corp. (d) | 112 | 49,541 | ||||||
Cullen/Frost Bankers, Inc. | 332 | 32,463 | ||||||
CVB Financial Corp. | 600 | 12,948 | ||||||
Discover Financial Services | 2,405 | 203,992 | ||||||
Donnelley Financial Solutions, Inc. (d) | 159 | 1,665 | ||||||
E*TRADE Financial Corp. | 1,638 | 74,316 | ||||||
Eagle Bancorp, Inc. | 300 | 14,589 | ||||||
East West Bancorp, Inc. | 1,025 | 49,917 | ||||||
Eaton Vance Corp. | 850 | 39,686 | ||||||
eHealth, Inc. (d) | 175 | 16,814 | ||||||
Employers Holdings, Inc. | 75 | 3,131 | ||||||
Encore Capital Group, Inc. (d) | 200 | 7,072 | ||||||
Enova International, Inc. (d) | 297 | 7,146 | ||||||
Enstar Group Ltd. (d) | 120 | 24,823 | ||||||
Enterprise Financial Services Corp. | 50 | 2,410 | ||||||
Erie Indemnity Co. - Class A | 174 | 28,884 | ||||||
Evercore, Inc. - Class A | 350 | 26,166 | ||||||
Everest Re Group Ltd. | 226 | 62,566 | ||||||
Exantas Capital Corp. | 50 | 590 | ||||||
EZCORP, Inc. - Class A (d) | 1,000 | 6,820 | ||||||
FactSet Research Systems, Inc. | 250 | 67,075 | ||||||
FBL Financial Group, Inc. - Class A | 300 | 17,679 | ||||||
Federated Investors, Inc. - Class B | 700 | 22,813 | ||||||
FedNat Holding Co. | 200 | 3,326 | ||||||
Fidelity National Financial, Inc. | 1,909 | 86,573 | ||||||
Fifth Third Bancorp | 6,059 | 186,254 | ||||||
Financial Institutions, Inc. | 200 | 6,420 | ||||||
First American Financial Corp. | 527 | 30,735 | ||||||
First BanCorp | 1,366 | 14,466 | ||||||
First Bancorp/Southern Pines NC | 300 | 11,973 | ||||||
First Busey Corp. | 325 | 8,937 | ||||||
First Citizens BancShares, Inc. - Class A | 50 | 26,610 | ||||||
First Commonwealth Financial Corp. | 800 | 11,608 | ||||||
First Community Bankshares, Inc. | 425 | 13,183 | ||||||
First Financial Bancorp | 991 | 25,211 | ||||||
First Financial Bankshares, Inc. | 600 | 21,060 | ||||||
First Financial Corp. | 100 | 4,572 | ||||||
First Hawaiian, Inc. | 300 | 8,655 | ||||||
First Horizon National Corp. | 1,617 | 26,778 | ||||||
First Interstate BancSystem, Inc. - Class A | 300 | 12,576 | ||||||
First Merchants Corp. | 425 | 17,676 | ||||||
First Midwest Bancorp, Inc. | 800 | 18,448 | ||||||
First Republic Bank | 1,013 | 118,977 | ||||||
FirstCash, Inc. | 221 | 17,819 | ||||||
FNB Corp. | 2,460 | 31,242 | ||||||
Franklin Resources, Inc. | 2,621 | 68,094 | ||||||
FS KKR Capital Corp. | 1,925 | 11,800 | ||||||
Fulton Financial Corp. | 1,250 | 21,787 | ||||||
Glacier Bancorp, Inc. | 550 | 25,294 | ||||||
Globe Life, Inc. | 566 | 59,571 | ||||||
Golub Capital BDC, Inc. | 475 | 8,766 | ||||||
Granite Point Mortgage Trust, Inc. | 229 | 4,209 | ||||||
Great Western Bancorp, Inc. | 300 | 10,422 | ||||||
Green Dot Corp. - Class A (d) | 250 | 5,825 | ||||||
Greenhill & Co, Inc. | 300 | 5,124 | ||||||
Hallmark Financial Services, Inc. (d) | 100 | 1,757 | ||||||
Hancock Whitney Corp. | 500 | 21,940 | ||||||
Hanmi Financial Corp. | 369 | 7,378 | ||||||
Heartland Financial USA, Inc. | 300 | 14,922 | ||||||
Hercules Capital, Inc. | 775 | 10,866 | ||||||
Heritage Commerce Corp. | 50 | 641 | ||||||
Hilltop Holdings, Inc. | 550 | 13,712 | ||||||
Home BancShares, Inc. | 950 | 18,677 | ||||||
HomeStreet, Inc. (d) | 300 | 10,200 | ||||||
Hope Bancorp, Inc. | 1,092 | 16,227 | ||||||
Horace Mann Educators Corp. | 375 | 16,373 | ||||||
Huntington Bancshares, Inc. | 7,172 | 108,154 | ||||||
IBERIABANK Corp. | 375 | 28,061 | ||||||
Independent Bank Corp. | 300 | 24,975 | ||||||
Independent Bank Group, Inc. | 90 | 4,990 | ||||||
Interactive Brokers Group, Inc. - Class A | 500 | 23,310 | ||||||
Intercontinental Exchange, Inc. | 4,000 | 370,200 | ||||||
International Bancshares Corp. | 400 | 17,228 | ||||||
INTL. FCStone, Inc. (d) | 500 | 24,415 | ||||||
Invesco Ltd. | 1,845 | 33,173 | ||||||
Invesco Mortgage Capital, Inc. | 625 | 10,406 | ||||||
Investors Bancorp, Inc. | 1,325 | 15,787 | ||||||
Jefferies Financial Group, Inc. | 2,432 | 51,972 | ||||||
JPMorgan Chase & Co. | 20,082 | 2,799,431 | ||||||
Kearny Financial Corp. | 828 | 11,451 | ||||||
Kemper Corp. | 300 | 23,250 | ||||||
KeyCorp | 7,726 | 156,374 | ||||||
Lakeland Financial Corp. | 300 | 14,679 | ||||||
Legg Mason, Inc. | 750 | 26,933 | ||||||
LendingTree, Inc. (d)(e) | 90 | 27,310 | ||||||
Lincoln National Corp. | 1,600 | 94,416 | ||||||
Loews Corp. | 1,955 | 102,618 | ||||||
LPL Financial Holdings, Inc. | 200 | 18,450 | ||||||
M&T Bank Corp. | 967 | 164,148 | ||||||
Main Street Capital Corp. | 475 | 20,477 | ||||||
Markel Corp. (d) | 138 | 157,757 | ||||||
MarketAxess Holdings, Inc. | 250 | 94,778 | ||||||
Marsh & McLennan Cos., Inc. | 3,129 | 348,602 | ||||||
MBIA, Inc. (d) | 925 | 8,603 | ||||||
Mercury General Corp. | 300 | 14,619 | ||||||
Meta Financial Group, Inc. | 300 | 10,953 | ||||||
MetLife, Inc. | 5,406 | 275,544 | ||||||
MFA Financial, Inc. | 2,250 | 17,213 | ||||||
MGIC Investment Corp. | 1,500 | 21,255 | ||||||
Moody's Corp. | 1,218 | 289,165 | ||||||
Morgan Stanley | 8,770 | 448,322 | ||||||
Morningstar, Inc. | 207 | 31,321 | ||||||
MSCI, Inc. | 519 | 133,995 | ||||||
Nasdaq, Inc. | 725 | 77,648 | ||||||
National General Holdings Corp. | 525 | 11,603 | ||||||
Navient Corp. | 2,050 | 28,044 | ||||||
NBT Bancorp, Inc. | 200 | 8,112 | ||||||
Nelnet, Inc. - Class A | 25 | 1,456 | ||||||
New Mountain Finance Corp. | 650 | 8,931 | ||||||
New Residential Investment Corp. | 1,400 | 22,554 | ||||||
New York Community Bancorp, Inc. | 3,062 | 36,805 | ||||||
Northern Trust Corp. | 1,738 | 184,645 | ||||||
Northwest Bancshares, Inc. | 875 | 14,551 | ||||||
Oaktree Specialty Lending Corp. | 1,750 | 9,555 | ||||||
OceanFirst Financial Corp. | 100 | 2,554 | ||||||
OFG Bancorp | 432 | 10,200 | ||||||
Old National Bancorp | 950 | 17,376 | ||||||
Old Republic International Corp. | 1,661 | 37,157 | ||||||
Old Second Bancorp, Inc. | 400 | 5,388 | ||||||
OneMain Holdings, Inc. | 300 | 12,645 | ||||||
Pacific Premier Bancorp, Inc. | 300 | 9,782 | ||||||
PacWest Bancorp | 817 | 31,267 | ||||||
Park National Corp. | 87 | 8,907 | ||||||
PennyMac Mortgage Investment Trust | 450 | 10,031 | ||||||
People's United Financial, Inc. | 2,457 | 41,523 | ||||||
Pinnacle Financial Partners, Inc. | 559 | 35,776 | ||||||
Popular, Inc. | 782 | 45,943 | ||||||
PRA Group, Inc. (d) | 300 | 10,890 | ||||||
Preferred Bank | 200 | 12,018 | ||||||
Primerica, Inc. | 300 | 39,168 | ||||||
Principal Financial Group, Inc. | 1,100 | 60,500 | ||||||
ProAssurance Corp. | 230 | 8,312 | ||||||
Prospect Capital Corp. | 2,650 | 17,066 | ||||||
Prosperity Bancshares, Inc. | 698 | 50,179 | ||||||
Provident Financial Services, Inc. | 600 | 14,790 | ||||||
Prudential Financial, Inc. | 2,801 | 262,566 | ||||||
Pzena Investment Management, Inc. - Class A | 2,077 | 17,904 | ||||||
Radian Group, Inc. | 1,445 | 36,356 | ||||||
Raymond James Financial, Inc. | 925 | 82,751 | ||||||
Redwood Trust, Inc. | 450 | 7,443 | ||||||
Regions Financial Corp. | 8,081 | 138,670 | ||||||
Reinsurance Group of America, Inc. | 454 | 74,029 | ||||||
RenaissanceRe Holdings Ltd. | 290 | 56,846 | ||||||
Renasant Corp. | 400 | 14,168 | ||||||
Republic Bancorp, Inc. - Class A | 315 | 14,742 | ||||||
RLI Corp. | 425 | 38,259 | ||||||
S&P Global, Inc. | 1,782 | 486,575 | ||||||
S&T Bancorp, Inc. | 350 | 14,102 | ||||||
Sandy Spring Bancorp, Inc. | 300 | 11,364 | ||||||
Seacoast Banking Corp of Florida (d) | 150 | 4,586 | ||||||
SEI Investments Co. | 975 | 63,843 | ||||||
Selective Insurance Group, Inc. | 300 | 19,557 | ||||||
ServisFirst Bancshares, Inc. | 400 | 15,072 | ||||||
Signature Bank | 387 | 52,868 | ||||||
Simmons First National Corp. - Class A | 438 | 11,734 | ||||||
SLM Corp. | 2,500 | 22,275 | ||||||
Solar Capital Ltd. | 500 | 10,310 | ||||||
South State Corp. | 180 | 15,615 | ||||||
Southside Bancshares, Inc. | 340 | 12,628 | ||||||
Starwood Property Trust, Inc. | 1,825 | 45,370 | ||||||
State Auto Financial Corp. | 400 | 12,408 | ||||||
State Street Corp. | 2,476 | 195,852 | ||||||
Sterling Bancorp | 1,725 | 36,363 | ||||||
Stewart Information Services Corp. | 300 | 12,237 | ||||||
Stifel Financial Corp. | 340 | 20,621 | ||||||
Stock Yards Bancorp, Inc. | 300 | 12,318 | ||||||
SVB Financial Group (d) | 367 | 92,132 | ||||||
Synchrony Financial | 5,225 | 188,152 | ||||||
Synovus Financial Corp. | 947 | 37,122 | ||||||
T Rowe Price Group, Inc. | 1,890 | 230,278 | ||||||
TCF Financial Corp. | 995 | 46,566 | ||||||
TD Ameritrade Holding Corp. | 1,653 | 82,154 | ||||||
Texas Capital Bancshares, Inc. (d) | 384 | 21,800 | ||||||
TFS Financial Corp. | 525 | 10,332 | ||||||
The Allstate Corp. | 1,615 | 181,607 | ||||||
The Bancorp, Inc. (d) | 50 | 648 | ||||||
The Bank of New York Mellon Corp. | 5,683 | 286,025 | ||||||
The Charles Schwab Corp. | 8,189 | 389,469 | ||||||
The Goldman Sachs Group, Inc. | 2,525 | 580,573 | ||||||
The Hanover Insurance Group, Inc. | 300 | 41,001 | ||||||
The Hartford Financial Services Group, Inc. | 2,375 | 144,329 | ||||||
The PNC Financial Services Group, Inc. | 3,334 | 532,206 | ||||||
The Progressive Corp. | 3,875 | 280,511 | ||||||
The Travelers Cos., Inc. | 1,672 | 228,980 | ||||||
Tompkins Financial Corp. | 105 | 9,608 | ||||||
Towne Bank | 553 | 15,384 | ||||||
TriCo Bancshares | 109 | 4,448 | ||||||
Truist Financial Corp. | 9,763 | 549,852 | ||||||
TrustCo Bank Corp. | 1,208 | 10,473 | ||||||
Trustmark Corp. | 425 | 14,667 | ||||||
Two Harbors Investment Corp. | 1,949 | 28,494 | ||||||
UMB Financial Corp. | 243 | 16,680 | ||||||
Umpqua Holdings Corp. | 1,500 | 26,550 | ||||||
United Bankshares, Inc. | 553 | 21,379 | ||||||
United Community Banks, Inc. | 474 | 14,637 | ||||||
United Community Financial Corp. | 317 | 3,696 | ||||||
United Fire Group, Inc. | 300 | 13,119 | ||||||
United Security Bancshares | 406 | 4,356 | ||||||
Unum Group | 1,407 | 41,028 | ||||||
U.S. Bancorp | 10,204 | 604,995 | ||||||
Valley National Bancorp | 2,390 | 27,366 | ||||||
Value Line, Inc. | 200 | 5,782 | ||||||
Virtus Investment Partners, Inc. | 48 | 5,843 | ||||||
Voya Financial, Inc. | 1,275 | 77,750 | ||||||
Waddell & Reed Financial, Inc. - Class A | 525 | 8,778 | ||||||
Washington Federal, Inc. | 433 | 15,869 | ||||||
Washington Trust Bancorp, Inc. | 100 | 5,379 | ||||||
Webster Financial Corp. | 675 | 36,018 | ||||||
Wells Fargo & Co. | 25,727 | 1,384,113 | ||||||
WesBanco, Inc. | 350 | 13,227 | ||||||
Westamerica Bancorporation | 83 | 5,625 | ||||||
Western Alliance Bancorp | 850 | 48,450 | ||||||
Western New England Bancorp, Inc. | 200 | 1,926 | ||||||
Wintrust Financial Corp. | 425 | 30,133 | ||||||
WisdomTree Investments, Inc. | 750 | 3,630 | ||||||
World Acceptance Corp. (d) | 100 | 8,640 | ||||||
WR Berkley Corp. | 1,030 | 71,173 | ||||||
WSFS Financial Corp. | 465 | 20,455 | ||||||
Zions Bancorp NA | 1,480 | 76,842 | ||||||
27,950,460 | ||||||||
Health Care - 13.5% | ||||||||
Abbott Laboratories | 11,795 | 1,024,514 | ||||||
AbbVie, Inc. | 9,790 | 866,807 | ||||||
ABIOMED, Inc. (d) | 250 | 42,647 | ||||||
Acadia Healthcare Co, Inc. (d) | 475 | 15,779 | ||||||
ACADIA Pharmaceuticals, Inc. (d) | 645 | 27,593 | ||||||
Addus HomeCare Corp. (d) | 290 | 28,194 | ||||||
Aerie Pharmaceuticals, Inc. (d) | 350 | 8,459 | ||||||
Agilent Technologies, Inc. | 2,196 | 187,341 | ||||||
Agios Pharmaceuticals, Inc. (d) | 300 | 14,325 | ||||||
Aldeyra Therapeutics, Inc. (d) | 1,990 | 11,562 | ||||||
Alexion Pharmaceuticals, Inc. (d) | 1,349 | 145,894 | ||||||
Align Technology, Inc. (d) | 454 | 126,684 | ||||||
Alkermes PLC (d) | 1,000 | 20,400 | ||||||
Allergan PLC | 2,309 | 441,412 | ||||||
Allscripts Healthcare Solutions, Inc. (d) | 1,225 | 12,023 | ||||||
Alnylam Pharmaceuticals, Inc. (d) | 1,043 | 120,122 | ||||||
AMAG Pharmaceuticals, Inc. (d) | 100 | 1,217 | ||||||
Amedisys, Inc. (d) | 201 | 33,551 | ||||||
AmerisourceBergen Corp. | 1,144 | 97,263 | ||||||
Amgen, Inc. | 3,950 | 952,226 | ||||||
Amicus Therapeutics, Inc. (d) | 1,225 | 11,931 | ||||||
AMN Healthcare Services, Inc. (d) | 250 | 15,577 | ||||||
Amneal Pharmaceuticals, Inc. (d) | 650 | 3,133 | ||||||
Anika Therapeutics, Inc. (d) | 100 | 5,185 | ||||||
Anixa Biosciences, Inc. (d) | 3,590 | 11,775 | ||||||
Anthem, Inc. | 1,720 | 519,492 | ||||||
Apellis Pharmaceuticals, Inc. (d) | 1,230 | 37,663 | ||||||
Apyx Medical Corp. (d) | 2,030 | 17,174 | ||||||
Arrowhead Pharmaceuticals, Inc. (d)(e) | 1,940 | 123,054 | ||||||
Assembly Biosciences, Inc. (d) | 800 | 16,368 | ||||||
Avanos Medical, Inc. (d) | 297 | 10,009 | ||||||
Avantor, Inc. (d) | 2,050 | 37,207 | ||||||
Avrobio, Inc. (d) | 430 | 8,656 | ||||||
Axogen, Inc. (d) | 550 | 9,839 | ||||||
Baxter International, Inc. | 3,743 | 312,990 | ||||||
Becton Dickinson and Co. | 1,744 | 474,316 | ||||||
Biogen, Inc. (d) | 1,233 | 365,868 | ||||||
BioMarin Pharmaceutical, Inc. (d) | 978 | 82,690 | ||||||
Bio-Rad Laboratories, Inc. - Class A (d) | 99 | 36,633 | ||||||
Bio-Techne Corp. | 232 | 50,926 | ||||||
Bluebird Bio, Inc. (d) | 168 | 14,742 | ||||||
Blueprint Medicines Corp. (d) | 680 | 54,475 | ||||||
Boston Scientific Corp. (d) | 7,964 | 360,132 | ||||||
Bristol-Myers Squibb Co. | 15,801 | 1,014,266 | ||||||
Brookdale Senior Living, Inc. (d) | 1,294 | 9,407 | ||||||
Bruker Corp. | 725 | 36,953 | ||||||
Cantel Medical Corp. | 200 | 14,180 | ||||||
Capital Senior Living Corp. (d) | 100 | 309 | ||||||
Cardinal Health, Inc. | 2,048 | 103,588 | ||||||
Cardiovascular Systems, Inc. (d) | 325 | 15,792 | ||||||
CareDx, Inc. (d) | 790 | 17,040 | ||||||
Catalent, Inc. (d) | 550 | 30,965 | ||||||
Catalyst Biosciences, Inc. (d) | 2,050 | 13,960 | ||||||
Centene Corp. (d) | 2,666 | 167,611 | ||||||
Cerner Corp. | 2,200 | 161,458 | ||||||
Champions Oncology, Inc. (d) | 1,410 | 11,745 | ||||||
Charles River Laboratories International, Inc. (d) | 346 | 52,855 | ||||||
Chemed Corp. | 136 | 59,739 | ||||||
Cigna Corp. | 2,387 | 488,118 | ||||||
Clovis Oncology, Inc. (d)(e) | 300 | 3,127 | ||||||
Codexis, Inc. (d) | 1,187 | 18,980 | ||||||
Coherus Biosciences, Inc. (d) | 590 | 10,623 | ||||||
Computer Programs & Systems, Inc. | 100 | 2,640 | ||||||
CONMED Corp. | 300 | 33,549 | ||||||
Covetrus, Inc. (d) | 356 | 4,699 | ||||||
CVS Health Corp. | 8,658 | 643,203 | ||||||
Cyclerion Therapeutics, Inc. (d) | 100 | 272 | ||||||
Danaher Corp. | 4,019 | 616,836 | ||||||
DaVita, Inc. (d) | 1,033 | 77,506 | ||||||
DENTSPLY SIRONA, Inc. | 1,552 | 87,828 | ||||||
Dermira, Inc. (d) | 300 | 4,548 | ||||||
DexCom, Inc. (d) | 568 | 124,244 | ||||||
Dynavax Technologies Corp. (d) | 425 | 2,431 | ||||||
Edwards Lifesciences Corp. (d) | 1,473 | 343,636 | ||||||
Elanco Animal Health, Inc. (d) | 1,490 | 43,880 | ||||||
Eli Lilly & Co. | 6,092 | 800,672 | ||||||
Emergent BioSolutions, Inc. (d) | 293 | 15,807 | ||||||
Encompass Health Corp. | 650 | 45,025 | ||||||
Evolent Health, Inc. - Class A (d) | 1,020 | 9,231 | ||||||
Exact Sciences Corp. (d) | 865 | 79,995 | ||||||
Exelixis, Inc. (d) | 1,875 | 33,037 | ||||||
Fate Therapeutics, Inc. (d) | 1,270 | 24,854 | ||||||
FibroGen, Inc. (d) | 280 | 12,009 | ||||||
G1 Therapeutics, Inc. (d) | 570 | 15,065 | ||||||
Galectin Therapeutics, Inc. (d) | 3,690 | 10,553 | ||||||
Gilead Sciences, Inc. | 8,247 | 535,890 | ||||||
Glaukos Corp. (d) | 280 | 15,252 | ||||||
Global Blood Therapeutics, Inc. (d) | 370 | 29,411 | ||||||
Guardant Health, Inc. (d) | 390 | 30,475 | ||||||
Haemonetics Corp. (d) | 250 | 28,725 | ||||||
Halozyme Therapeutics, Inc. (d) | 750 | 13,297 | ||||||
Hanger, Inc. (d) | 350 | 9,664 | ||||||
Harrow Health, Inc. (d) | 2,920 | 22,718 | ||||||
HCA Healthcare, Inc. | 1,903 | 281,282 | ||||||
HealthEquity, Inc. (d) | 430 | 31,850 | ||||||
Henry Schein, Inc. (d) | 890 | 59,381 | ||||||
Hill-Rom Holdings, Inc. | 300 | 34,059 | ||||||
HMS Holdings Corp. (d) | 525 | 15,540 | ||||||
Hologic, Inc. (d) | 1,777 | 92,777 | ||||||
Homology Medicines, Inc. (d) | 1,450 | 30,015 | ||||||
Horizon Therapeutics PLC (d) | 1,125 | 40,725 | ||||||
Humana, Inc. | 848 | 310,809 | ||||||
ICU Medical, Inc. (d) | 100 | 18,712 | ||||||
IDEXX Laboratories, Inc. (d) | 599 | 156,417 | ||||||
Illumina, Inc. (d) | 752 | 249,468 | ||||||
Immunomedics, Inc. (d) | 1,410 | 29,836 | ||||||
Incyte Corp. (d) | 1,343 | 117,271 | ||||||
Innoviva, Inc. (d) | 1,000 | 14,160 | ||||||
Insulet Corp. (d) | 175 | 29,960 | ||||||
Integer Holdings Corp. (d) | 300 | 24,129 | ||||||
Integra LifeSciences Holdings Corp. (d) | 378 | 22,030 | ||||||
Intercept Pharmaceuticals, Inc. (d) | 137 | 16,977 | ||||||
Intrexon Corp. (d) | 400 | 2,192 | ||||||
IntriCon Corp. (d) | 370 | 6,660 | ||||||
Intuitive Surgical, Inc. (d) | 575 | 339,911 | ||||||
Invitae Corp. (d) | 750 | 12,098 | ||||||
Ionis Pharmaceuticals, Inc. (d) | 700 | 42,287 | ||||||
IQVIA Holdings, Inc. (d) | 1,031 | 159,300 | ||||||
Ironwood Pharmaceuticals, Inc. (d) | 1,000 | 13,310 | ||||||
Johnson & Johnson | 16,915 | 2,467,391 | ||||||
Kindred Biosciences, Inc. (d) | 1,780 | 15,094 | ||||||
Laboratory Corp of America Holdings (d) | 670 | 113,344 | ||||||
Lannett Co, Inc. (d) | 300 | 2,646 | ||||||
LHC Group, Inc. (d) | 100 | 13,776 | ||||||
Ligand Pharmaceuticals, Inc. (d) | 164 | 17,104 | ||||||
Madrigal Pharmaceuticals, Inc. (d) | 60 | 5,467 | ||||||
Magellan Health, Inc. (d) | 100 | 7,825 | ||||||
Marker Therapeutics, Inc. (d) | 2,160 | 6,221 | ||||||
Masimo Corp. (d) | 300 | 47,418 | ||||||
McKesson Corp. | 1,288 | 178,156 | ||||||
MEDNAX, Inc. (d) | 600 | 16,674 | ||||||
Merck & Co, Inc. | 17,035 | 1,549,333 | ||||||
Meridian Bioscience, Inc. | 375 | 3,664 | ||||||
Mettler-Toledo International, Inc. (d) | 170 | 134,858 | ||||||
Molina Healthcare, Inc. (d) | 300 | 40,707 | ||||||
Momenta Pharmaceuticals, Inc. (d) | 200 | 3,946 | ||||||
MTBC, Inc. (d) | 3,710 | 15,063 | ||||||
MyoKardia, Inc. (d) | 420 | 30,612 | ||||||
Myriad Genetics, Inc. (d) | 450 | 12,254 | ||||||
Natera, Inc. (d) | 550 | 18,530 | ||||||
Natus Medical, Inc. (d) | 75 | 2,474 | ||||||
Nektar Therapeutics (d) | 650 | 14,030 | ||||||
Neogen Corp. (d) | 466 | 30,411 | ||||||
Neurocrine Biosciences, Inc. (d) | 500 | 53,745 | ||||||
Nevro Corp. (d) | 162 | 19,041 | ||||||
NextGen Healthcare, Inc. (d) | 575 | 9,240 | ||||||
NuVasive, Inc. (d) | 290 | 22,429 | ||||||
Omnicell, Inc. (d) | 375 | 30,645 | ||||||
Pacira BioSciences, Inc. (d) | 75 | 3,398 | ||||||
Paratek Pharmaceuticals, Inc. (d) | 6 | 24 | ||||||
Patterson Cos., Inc. | 575 | 11,776 | ||||||
Penumbra, Inc. (d) | 196 | 32,197 | ||||||
PerkinElmer, Inc. | 492 | 47,773 | ||||||
Pfizer, Inc. | 35,362 | 1,385,483 | ||||||
Portola Pharmaceuticals, Inc. (d) | 300 | 7,164 | ||||||
PRA Health Sciences, Inc. (d) | 300 | 33,345 | ||||||
Premier, Inc. - Class A (d) | 350 | 13,258 | ||||||
Prestige Consumer Healthcare, Inc. (d) | 350 | 14,175 | ||||||
Pro-Dex, Inc. (d) | 1,220 | 21,411 | ||||||
Progenics Pharmaceuticals, Inc. (d) | 800 | 4,072 | ||||||
PTC Therapeutics, Inc. (d) | 470 | 22,574 | ||||||
Puma Biotechnology, Inc. (d) | 254 | 2,223 | ||||||
Quest Diagnostics, Inc. | 877 | 93,655 | ||||||
Quidel Corp. (d) | 300 | 22,509 | ||||||
R1 RCM, Inc. (d) | 2,200 | 28,556 | ||||||
Ra Pharmaceuticals, Inc. (d) | 510 | 23,934 | ||||||
Regeneron Pharmaceuticals, Inc. (d) | 469 | 176,100 | ||||||
REGENXBIO, Inc. (d) | 410 | 16,798 | ||||||
Repligen Corp. (d) | 300 | 27,750 | ||||||
ResMed, Inc. | 800 | 123,976 | ||||||
Sage Therapeutics, Inc. (d) | 300 | 21,657 | ||||||
Sarepta Therapeutics, Inc. (d) | 400 | 51,616 | ||||||
SeaSpine Holdings Corp. (d) | 1,280 | 15,373 | ||||||
Seattle Genetics, Inc. (d) | 957 | 109,347 | ||||||
Select Medical Holdings Corp. (d) | 725 | 16,922 | ||||||
Sientra, Inc. (d) | 1,590 | 14,215 | ||||||
Simulations Plus, Inc. | 600 | 17,442 | ||||||
STAAR Surgical Co. (d) | 460 | 16,178 | ||||||
Stryker Corp. | 1,986 | 416,941 | ||||||
Syneos Health, Inc. (d) | 300 | 17,843 | ||||||
Syros Pharmaceuticals, Inc. (d) | 1,310 | 9,052 | ||||||
Tandem Diabetes Care, Inc. (d) | 410 | 24,440 | ||||||
Teladoc Health, Inc. (d) | 350 | 29,302 | ||||||
Teleflex, Inc. | 200 | 75,288 | ||||||
Tenet Healthcare Corp. (d) | 631 | 23,997 | ||||||
The Cooper Cos., Inc. | 300 | 96,387 | ||||||
The Ensign Group, Inc. | 300 | 13,611 | ||||||
The Joint Corp. (d) | 980 | 15,817 | ||||||
The Medicines Co. (d) | 350 | 29,729 | ||||||
The Pennant Group, Inc. (d) | 150 | 4,961 | ||||||
The Providence Service Corp. (d) | 200 | 11,836 | ||||||
TherapeuticsMD, Inc. (d)(e) | 1,275 | 3,086 | ||||||
Thermo Fisher Scientific, Inc. | 2,721 | 883,971 | ||||||
Tivity Health, Inc. (d) | 64 | 1,302 | ||||||
Ultragenyx Pharmaceutical, Inc. (d) | 207 | 8,841 | ||||||
United Therapeutics Corp. (d) | 288 | 25,367 | ||||||
UnitedHealth Group, Inc. | 6,246 | 1,836,199 | ||||||
Universal Health Services, Inc. - Class B | 562 | 80,625 | ||||||
Varex Imaging Corp. (d) | 282 | 8,406 | ||||||
Varian Medical Systems, Inc. (d) | 607 | 86,200 | ||||||
Veeva Systems, Inc. - Class A (d) | 725 | 101,979 | ||||||
Veracyte, Inc. (d) | 1,500 | 41,880 | ||||||
Vericel Corp. (d) | 1,410 | 24,534 | ||||||
Vertex Pharmaceuticals, Inc. (d) | 1,349 | 295,364 | ||||||
Waters Corp. (d) | 464 | 108,414 | ||||||
WellCare Health Plans, Inc. (d) | 329 | 108,639 | ||||||
West Pharmaceutical Services, Inc. | 505 | 75,917 | ||||||
Zimmer Biomet Holdings, Inc. | 1,472 | 220,329 | ||||||
Zoetis, Inc. | 3,085 | 408,300 | ||||||
Zogenix, Inc. (d) | 410 | 21,373 | ||||||
27,223,601 | ||||||||
Industrials - 9.6% | ||||||||
3M Co. | 3,386 | 597,358 | ||||||
AAON, Inc. | 225 | 11,117 | ||||||
AAR Corp. | 300 | 13,530 | ||||||
ABM Industries, Inc. | 500 | 18,855 | ||||||
ACCO Brands Corp. | 825 | 7,722 | ||||||
Acme United Corp. | 300 | 7,137 | ||||||
Actuant Corp. - Class A | 290 | 7,549 | ||||||
Acuity Brands, Inc. | 275 | 37,950 | ||||||
AECOM (d) | 977 | 42,138 | ||||||
Aerojet Rocketdyne Holdings, Inc. (d) | 500 | 22,830 | ||||||
AGCO Corp. | 400 | 30,900 | ||||||
Air Lease Corp. | 600 | 28,512 | ||||||
Aircastle Ltd. | 500 | 16,005 | ||||||
Alaska Air Group, Inc. | 834 | 56,503 | ||||||
Albany International Corp. - Class A | 100 | 7,592 | ||||||
Allegiant Travel Co. | 233 | 40,551 | ||||||
Allison Transmission Holdings, Inc. | 1,125 | 54,360 | ||||||
Altra Industrial Motion Corp. | 300 | 10,863 | ||||||
AMERCO | 70 | 26,307 | ||||||
American Airlines Group, Inc. | 2,303 | 66,050 | ||||||
American Woodmark Corp. (d) | 130 | 13,586 | ||||||
AMETEK, Inc. | 1,337 | 133,352 | ||||||
AO Smith Corp. | 1,040 | 49,546 | ||||||
Apogee Enterprises, Inc. | 200 | 6,500 | ||||||
Applied Industrial Technologies, Inc. | 375 | 25,009 | ||||||
ArcBest Corp. | 300 | 8,280 | ||||||
Arconic, Inc. | 3,140 | 96,618 | ||||||
Arcosa, Inc. | 350 | 15,592 | ||||||
Armstrong Flooring, Inc. (d) | 100 | 427 | ||||||
Armstrong World Industries, Inc. | 200 | 18,794 | ||||||
ASGN, Inc. (d) | 250 | 17,742 | ||||||
Astec Industries, Inc. | 200 | 8,400 | ||||||
Astronics Corp. (d) | 300 | 8,385 | ||||||
Avis Budget Group, Inc. (d) | 392 | 12,638 | ||||||
Axon Enterprise, Inc. (d) | 325 | 23,816 | ||||||
AZZ, Inc. | 225 | 10,339 | ||||||
Barnes Group, Inc. | 300 | 18,588 | ||||||
Beacon Roofing Supply, Inc. (d) | 500 | 15,990 | ||||||
BMC Stock Holdings, Inc. (d) | 475 | 13,628 | ||||||
Brady Corp. - Class A | 145 | 8,303 | ||||||
Briggs & Stratton Corp. | 150 | 999 | ||||||
BrightView Holdings, Inc. (d) | 830 | 14,002 | ||||||
Builders FirstSource, Inc. (d) | 450 | 11,434 | ||||||
BWX Technologies, Inc. | 612 | 37,993 | ||||||
Carlisle Cos, Inc. | 423 | 68,458 | ||||||
Casella Waste Systems, Inc. - Class A (d) | 100 | 4,603 | ||||||
Caterpillar, Inc. | 3,171 | 468,293 | ||||||
CBIZ, Inc. (d) | 300 | 8,088 | ||||||
CECO Environmental Corp. (d) | 2,970 | 22,750 | ||||||
CH Robinson Worldwide, Inc. | 360 | 28,152 | ||||||
Chart Industries, Inc. (d) | 300 | 20,247 | ||||||
Cintas Corp. | 701 | 188,625 | ||||||
CIRCOR International, Inc. (d) | 184 | 8,508 | ||||||
Clean Harbors, Inc. (d) | 400 | 34,300 | ||||||
Colfax Corp. (d) | 625 | 22,737 | ||||||
Columbus McKinnon Corp. | 400 | 16,012 | ||||||
Comfort Systems USA, Inc. | 300 | 14,955 | ||||||
Commercial Vehicle Group, Inc. (d) | 300 | 1,905 | ||||||
Copart, Inc. (d) | 1,400 | 127,316 | ||||||
Cornerstone Building Brands, Inc. (d) | 500 | 4,255 | ||||||
CoStar Group, Inc. (d) | 225 | 134,617 | ||||||
Covanta Holding Corp. | 850 | 12,614 | ||||||
Covenant Transportation Group, Inc. - Class A (d) | 100 | 1,292 | ||||||
Crane Co. | 325 | 28,073 | ||||||
CSX Corp. | 5,215 | 377,357 | ||||||
Cubic Corp. | 300 | 19,071 | ||||||
Cummins, Inc. | 887 | 158,738 | ||||||
Curtiss-Wright Corp. | 300 | 42,267 | ||||||
Deere & Co. | 1,971 | 341,495 | ||||||
Delta Air Lines, Inc. | 3,900 | 228,072 | ||||||
Deluxe Corp. | 200 | 9,984 | ||||||
Donaldson Co, Inc. | 925 | 53,298 | ||||||
Dover Corp. | 1,131 | 130,359 | ||||||
DXP Enterprises, Inc. (d) | 100 | 3,981 | ||||||
Dycom Industries, Inc. (d) | 211 | 9,949 | ||||||
Eaton Corp. PLC | 2,781 | 263,416 | ||||||
EMCOR Group, Inc. | 500 | 43,150 | ||||||
Emerson Electric Co. | 3,938 | 300,312 | ||||||
Encore Wire Corp. | 200 | 11,480 | ||||||
Energy Recovery, Inc. (d) | 500 | 4,895 | ||||||
EnerSys | 375 | 28,061 | ||||||
Ennis, Inc. | 50 | 1,082 | ||||||
EnPro Industries, Inc. | 178 | 11,905 | ||||||
Equifax, Inc. | 795 | 111,395 | ||||||
ESCO Technologies, Inc. | 200 | 18,500 | ||||||
Expeditors International of Washington, Inc. | 1,250 | 97,525 | ||||||
Exponent, Inc. | 540 | 37,265 | ||||||
Fastenal Co. | 4,250 | 157,037 | ||||||
Federal Signal Corp. | 475 | 15,319 | ||||||
FedEx Corp. | 1,567 | 236,946 | ||||||
Flowserve Corp. | 815 | 40,563 | ||||||
Fluor Corp. | 1,086 | 20,504 | ||||||
Forrester Research, Inc. | 255 | 10,633 | ||||||
Fortive Corp. | 1,525 | 116,495 | ||||||
Fortune Brands Home & Security, Inc. | 1,000 | 65,340 | ||||||
Forward Air Corp. | 300 | 20,985 | ||||||
Franklin Electric Co, Inc. | 275 | 15,763 | ||||||
FreightCar America, Inc. (d) | 500 | 1,035 | ||||||
FTI Consulting, Inc. (d) | 250 | 27,665 | ||||||
GATX Corp. | 325 | 26,926 | ||||||
General Dynamics Corp. | 1,390 | 245,126 | ||||||
General Electric Co. | 57,876 | 645,896 | ||||||
Gibraltar Industries, Inc. (d) | 300 | 15,132 | ||||||
Graco, Inc. | 1,086 | 56,472 | ||||||
Granite Construction, Inc. | 562 | 15,551 | ||||||
Great Lakes Dredge & Dock Corp. (d) | 1,500 | 16,995 | ||||||
Griffon Corp. | 350 | 7,115 | ||||||
H&E Equipment Services, Inc. | 325 | 10,865 | ||||||
Hawaiian Holdings, Inc. | 325 | 9,519 | ||||||
HD Supply Holdings, Inc. (d) | 1,130 | 45,449 | ||||||
Healthcare Services Group, Inc. | 375 | 9,120 | ||||||
Heartland Express, Inc. | 325 | 6,841 | ||||||
HEICO Corp. - Class A | 682 | 61,059 | ||||||
Heidrick & Struggles International, Inc. | 200 | 6,500 | ||||||
Herc Holdings, Inc. (d) | 143 | 6,998 | ||||||
Heritage-Crystal Clean, Inc. (d) | 370 | 11,607 | ||||||
Herman Miller, Inc. | 300 | 12,495 | ||||||
Hertz Global Holdings, Inc. (d) | 430 | 6,772 | ||||||
Hexcel Corp. | 750 | 54,982 | ||||||
Hillenbrand, Inc. | 325 | 10,826 | ||||||
HNI Corp. | 100 | 3,746 | ||||||
Honeywell International, Inc. | 4,552 | 805,704 | ||||||
Hub Group, Inc. - Class A (d) | 50 | 2,564 | ||||||
Hubbell, Inc. | 338 | 49,963 | ||||||
Huntington Ingalls Industries, Inc. | 319 | 80,031 | ||||||
Hurco Cos., Inc. | 400 | 15,344 | ||||||
Huron Consulting Group, Inc. (d) | 200 | 13,744 | ||||||
Hyster-Yale Materials Handling, Inc. | 118 | 6,957 | ||||||
IAA, Inc. (d) | 975 | 45,884 | ||||||
IDEX Corp. | 437 | 75,164 | ||||||
IES Holdings, Inc. (d) | 500 | 12,830 | ||||||
Illinois Tool Works, Inc. | 1,814 | 325,849 | ||||||
Insperity, Inc. | 292 | 25,124 | ||||||
Insteel Industries, Inc. | 300 | 6,447 | ||||||
Interface, Inc. | 500 | 8,295 | ||||||
ITT, Inc. | 600 | 44,346 | ||||||
Jacobs Engineering Group, Inc. | 850 | 76,356 | ||||||
JB Hunt Transport Services, Inc. | 570 | 66,565 | ||||||
JetBlue Airways Corp. (d) | 1,750 | 32,760 | ||||||
John Bean Technologies Corp. | 151 | 17,012 | ||||||
Johnson Controls International PLC | 4,040 | 164,468 | ||||||
Kaman Corp. | 300 | 19,776 | ||||||
Kansas City Southern | 759 | 116,248 | ||||||
KAR Auction Services, Inc. | 975 | 21,245 | ||||||
Kelly Services, Inc. - Class A | 400 | 9,032 | ||||||
Kennametal, Inc. | 475 | 17,523 | ||||||
Kforce, Inc. | 150 | 5,955 | ||||||
Kimball International, Inc. - Class B | 700 | 14,469 | ||||||
Kirby Corp. (d) | 300 | 26,859 | ||||||
Knight-Swift Transportation Holdings, Inc. | 638 | 22,866 | ||||||
Knoll, Inc. | 500 | 12,630 | ||||||
Korn Ferry | 225 | 9,540 | ||||||
Kratos Defense & Security Solutions, Inc. (d) | 10 | 180 | ||||||
L3Harris Technologies, Inc. | 1,557 | 308,084 | ||||||
Landstar System, Inc. | 300 | 34,161 | ||||||
Lennox International, Inc. | 257 | 62,700 | ||||||
Lincoln Electric Holdings, Inc. | 332 | 32,114 | ||||||
Lockheed Martin Corp. | 1,634 | 636,247 | ||||||
Lyft, Inc. - Class A (d) | 870 | 37,427 | ||||||
ManpowerGroup, Inc. | 123 | 11,943 | ||||||
Marten Transport Ltd. | 250 | 5,373 | ||||||
Masco Corp. | 2,050 | 98,380 | ||||||
MasTec, Inc. (d) | 500 | 32,080 | ||||||
Matson, Inc. | 325 | 13,260 | ||||||
Matthews International Corp. - Class A | 100 | 3,817 | ||||||
McGrath RentCorp | 300 | 22,962 | ||||||
Mercury Systems, Inc. (d) | 400 | 27,644 | ||||||
Meritor, Inc. (d) | 550 | 14,405 | ||||||
Mobile Mini, Inc. | 406 | 15,391 | ||||||
Moog, Inc. - Class A | 300 | 25,599 | ||||||
MSA Safety, Inc. | 228 | 28,810 | ||||||
MSC Industrial Direct Co, Inc. - Class A | 245 | 19,225 | ||||||
Mueller Industries, Inc. | 300 | 9,525 | ||||||
Mueller Water Products, Inc. - Class A | 1,600 | 19,168 | ||||||
Navistar International Corp. (d) | 625 | 18,088 | ||||||
Nordson Corp. | 318 | 51,783 | ||||||
Norfolk Southern Corp. | 2,084 | 404,567 | ||||||
Northrop Grumman Corp. | 1,017 | 349,817 | ||||||
NOW, Inc. (d) | 649 | 7,295 | ||||||
nVent Electric PLC | 1,425 | 36,452 | ||||||
Old Dominion Freight Line, Inc. | 500 | 94,890 | ||||||
Oshkosh Corp. | 350 | 33,128 | ||||||
Owens Corning | 800 | 52,096 | ||||||
PACCAR, Inc. | 1,515 | 119,837 | ||||||
Park Aerospace Corp. | 600 | 9,762 | ||||||
Parker-Hannifin Corp. | 877 | 180,504 | ||||||
Perma-Pipe International Holdings, Inc. (d) | 300 | 2,814 | ||||||
Pitney Bowes, Inc. | 1,375 | 5,541 | ||||||
Primoris Services Corp. | 475 | 10,564 | ||||||
Quanex Building Products Corp. | 1,000 | 17,080 | ||||||
Quanta Services, Inc. | 1,050 | 42,746 | ||||||
Raven Industries, Inc. | 275 | 9,477 | ||||||
Raytheon Co. | 1,951 | 428,713 | ||||||
RBC Bearings, Inc. (d) | 165 | 26,126 | ||||||
Red Violet, Inc. (d) | 1,490 | 27,580 | ||||||
Regal Beloit Corp. | 100 | 8,561 | ||||||
Republic Services, Inc. | 1,233 | 110,514 | ||||||
Resideo Technologies, Inc. (d) | 758 | 9,043 | ||||||
Resources Connection, Inc. | 200 | 3,266 | ||||||
Rexnord Corp. (d) | 325 | 10,602 | ||||||
Robert Half International, Inc. | 1,000 | 63,150 | ||||||
Rockwell Automation, Inc. | 830 | 168,216 | ||||||
Rollins, Inc. | 1,350 | 44,766 | ||||||
Roper Technologies, Inc. | 634 | 224,582 | ||||||
RR Donnelley & Sons Co. | 425 | 1,679 | ||||||
Rush Enterprises, Inc. - Class A | 75 | 3,488 | ||||||
Ryder System, Inc. | 405 | 21,996 | ||||||
Saia, Inc. (d) | 225 | 20,952 | ||||||
Simpson Manufacturing Co, Inc. | 100 | 8,023 | ||||||
SkyWest, Inc. | 375 | 24,236 | ||||||
Snap-on, Inc. | 362 | 61,323 | ||||||
Southwest Airlines Co. | 3,214 | 173,492 | ||||||
Spartan Motors, Inc. | 75 | 1,356 | ||||||
Spirit AeroSystems Holdings, Inc. | 700 | 51,016 | ||||||
Spirit Airlines, Inc. (d) | 475 | 19,147 | ||||||
SPX Corp. (d) | 312 | 15,875 | ||||||
SPX FLOW, Inc. (d) | 312 | 15,247 | ||||||
Standex International Corp. | 50 | 3,968 | ||||||
Stanley Black & Decker, Inc. | 1,020 | 169,055 | ||||||
Steelcase, Inc. - Class A | 875 | 17,903 | ||||||
Stericycle, Inc. (d) | 575 | 36,691 | ||||||
Sunrun, Inc. (d) | 1,550 | 21,406 | ||||||
Systemax, Inc. | 600 | 15,096 | ||||||
Team, Inc. (d) | 1,114 | 17,791 | ||||||
Teledyne Technologies, Inc. (d) | 211 | 73,120 | ||||||
Terex Corp. | 825 | 24,569 | ||||||
Tetra Tech, Inc. | 418 | 36,015 | ||||||
Textainer Group Holdings Ltd. (d) | 700 | 7,497 | ||||||
Textron, Inc. | 1,375 | 61,325 | ||||||
The Boeing Co. | 3,688 | 1,201,403 | ||||||
The Brink's Co. | 150 | 13,602 | ||||||
The Gorman-Rupp Co. | 182 | 6,825 | ||||||
The Greenbrier Cos., Inc. | 200 | 6,486 | ||||||
The Manitowoc Co, Inc. (d) | 268 | 4,690 | ||||||
The Middleby Corp. (d) | 468 | 51,255 | ||||||
The Timken Co. | 375 | 21,116 | ||||||
The Toro Co. | 528 | 42,066 | ||||||
TransDigm Group, Inc. | 298 | 166,880 | ||||||
TransUnion | 650 | 55,647 | ||||||
Trex Co, Inc. (d) | 450 | 40,446 | ||||||
TriNet Group, Inc. (d) | 200 | 11,322 | ||||||
Trinity Industries, Inc. | 1,050 | 23,258 | ||||||
Triumph Group, Inc. | 256 | 6,469 | ||||||
TrueBlue, Inc. (d) | 300 | 7,218 | ||||||
Tutor Perini Corp. (d) | 200 | 2,572 | ||||||
Twin Disc, Inc. (d) | 400 | 4,408 | ||||||
Ultralife Corp. (d) | 200 | 1,478 | ||||||
UniFirst Corp. | 86 | 17,370 | ||||||
Union Pacific Corp. | 4,657 | 841,939 | ||||||
United Airlines Holdings, Inc. (d) | 1,581 | 139,270 | ||||||
United Parcel Service, Inc. - Class B | 4,100 | 479,946 | ||||||
United Rentals, Inc. (d) | 542 | 90,389 | ||||||
United Technologies Corp. | 5,348 | 800,916 | ||||||
Univar Solutions, Inc. (d) | 575 | 13,938 | ||||||
Universal Forest Products, Inc. | 399 | 19,032 | ||||||
Upwork, Inc. (d) | 1,040 | 11,097 | ||||||
US Ecology, Inc. | 200 | 11,582 | ||||||
Valmont Industries, Inc. | 159 | 23,815 | ||||||
Vectrus, Inc. (d) | 122 | 6,254 | ||||||
Verisk Analytics, Inc. | 1,124 | 167,858 | ||||||
Veritiv Corp. (d) | 97 | 1,908 | ||||||
Viad Corp. | 100 | 6,750 | ||||||
Vicor Corp. (d) | 300 | 14,016 | ||||||
Wabash National Corp. | 50 | 735 | ||||||
WABCO Holdings, Inc. (d) | 303 | 41,057 | ||||||
Waste Management, Inc. | 2,145 | 244,444 | ||||||
Watsco, Inc. | 214 | 38,552 | ||||||
Watts Water Technologies, Inc. - Class A | 300 | 29,928 | ||||||
Welbilt, Inc. (d) | 1,075 | 16,781 | ||||||
Werner Enterprises, Inc. | 250 | 9,098 | ||||||
WESCO International, Inc. (d) | 300 | 17,817 | ||||||
Westinghouse Air Brake Technologies Corp. | 869 | 67,608 | ||||||
Willdan Group, Inc. (d) | 340 | 10,805 | ||||||
Woodward, Inc. | 500 | 59,220 | ||||||
WW Grainger, Inc. | 423 | 143,194 | ||||||
XPO Logistics, Inc. (d) | 655 | 52,204 | ||||||
Xylem, Inc. | 1,300 | 102,427 | ||||||
19,438,386 | ||||||||
Information Technology - 22.1% | ||||||||
2U, Inc. (d) | 325 | 7,797 | ||||||
3D Systems Corp. (d) | 848 | 7,420 | ||||||
8x8, Inc. (d) | 1,000 | 18,300 | ||||||
ACI Worldwide, Inc. (d) | 560 | 21,216 | ||||||
Adobe, Inc. (d) | 3,131 | 1,032,635 | ||||||
Advanced Energy Industries, Inc. (d) | 300 | 21,360 | ||||||
Advanced Micro Devices, Inc. (d) | 5,945 | 272,638 | ||||||
Agilysys, Inc. (d) | 500 | 12,705 | ||||||
Akamai Technologies, Inc. (d) | 984 | 84,998 | ||||||
Alliance Data Systems Corp. | 408 | 45,778 | ||||||
Alteryx, Inc. - Class A (d) | 180 | 18,013 | ||||||
Ambarella, Inc. (d) | 300 | 18,168 | ||||||
Amkor Technology, Inc. (d) | 1,050 | 13,650 | ||||||
Amphenol Corp. - Class A | 1,600 | 173,168 | ||||||
Amtech Systems, Inc. (d) | 472 | 3,380 | ||||||
Analog Devices, Inc. | 2,429 | 288,662 | ||||||
Anaplan, Inc. (d) | 720 | 37,728 | ||||||
Anixter International, Inc. (d) | 167 | 15,381 | ||||||
ANSYS, Inc. (d) | 500 | 128,705 | ||||||
Apple, Inc. | 29,423 | 8,640,064 | ||||||
Applied Materials, Inc. | 5,998 | 366,118 | ||||||
Arista Networks, Inc. (d) | 320 | 65,088 | ||||||
Arrow Electronics, Inc. (d) | 500 | 42,370 | ||||||
Aspen Technology, Inc. (d) | 325 | 39,302 | ||||||
Autodesk, Inc. (d) | 1,475 | 270,603 | ||||||
Automatic Data Processing, Inc. | 3,124 | 532,642 | ||||||
Avalara, Inc. (d) | 680 | 49,810 | ||||||
Avnet, Inc. | 900 | 38,196 | ||||||
AVX Corp. | 375 | 7,676 | ||||||
AXT, Inc. (d) | 4,230 | 18,400 | ||||||
Badger Meter, Inc. | 300 | 19,479 | ||||||
Bel Fuse, Inc. - Class B | 300 | 6,150 | ||||||
Belden, Inc. | 100 | 5,500 | ||||||
Benchmark Electronics, Inc. | 475 | 16,321 | ||||||
Black Knight, Inc. (d) | 585 | 37,721 | ||||||
Blackbaud, Inc. | 200 | 15,920 | ||||||
Blackline, Inc. (d) | 400 | 20,624 | ||||||
Booz Allen Hamilton Holding Corp. | 1,000 | 71,130 | ||||||
Bottomline Technologies DE, Inc. (d) | 375 | 20,100 | ||||||
Broadcom, Inc. | 2,110 | 666,802 | ||||||
Broadridge Financial Solutions, Inc. | 775 | 95,743 | ||||||
Brooks Automation, Inc. | 106 | 4,448 | ||||||
Cabot Microelectronics Corp. | 100 | 14,432 | ||||||
CACI International, Inc. - Class A (d) | 99 | 24,749 | ||||||
Cadence Design Systems, Inc. (d) | 1,902 | 131,923 | ||||||
CalAmp Corp. (d) | 400 | 3,832 | ||||||
Calix, Inc. (d) | 175 | 1,400 | ||||||
Cardtronics PLC - Class A (d) | 175 | 7,814 | ||||||
CDW Corp. | 1,025 | 146,411 | ||||||
Cerence, Inc. (d) | 271 | 6,133 | ||||||
Ciena Corp. (d) | 997 | 42,562 | ||||||
Cirrus Logic, Inc. (d) | 400 | 32,964 | ||||||
Cisco Systems, Inc. | 27,368 | 1,312,569 | ||||||
Citrix Systems, Inc. | 1,118 | 123,986 | ||||||
Cognex Corp. | 1,150 | 64,446 | ||||||
Cognizant Technology Solutions Corp. - Class A | 4,298 | 266,562 | ||||||
Coherent, Inc. (d) | 200 | 33,270 | ||||||
CommScope Holding Co, Inc. (d) | 1,150 | 16,319 | ||||||
CommVault Systems, Inc. (d) | 375 | 16,740 | ||||||
Comtech Telecommunications Corp. | 100 | 3,549 | ||||||
Conduent, Inc. (d) | 1,399 | 8,674 | ||||||
CoreLogic, Inc. (d) | 677 | 29,592 | ||||||
Cornerstone OnDemand, Inc. (d) | 500 | 29,275 | ||||||
Corning, Inc. | 5,799 | 168,809 | ||||||
Coupa Software, Inc. (d) | 290 | 42,413 | ||||||
Cree, Inc. (d) | 625 | 28,844 | ||||||
CSG Systems International, Inc. | 78 | 4,039 | ||||||
CTS Corp. | 100 | 3,001 | ||||||
CyberOptics Corp. (d) | 840 | 15,439 | ||||||
Cypress Semiconductor Corp. | 1,625 | 37,911 | ||||||
Daktronics, Inc. | 800 | 4,872 | ||||||
Dell Technologies, Inc. - Class C (d) | 1,360 | 69,890 | ||||||
Diebold Nixdorf, Inc. (d) | 650 | 6,864 | ||||||
Diodes, Inc. (d) | 300 | 16,911 | ||||||
DocuSign, Inc. (d) | 1,040 | 77,074 | ||||||
Dolby Laboratories, Inc. - Class A | 300 | 20,640 | ||||||
DXC Technology Co. | 1,978 | 74,353 | ||||||
Ebix, Inc. | 31 | 1,036 | ||||||
EchoStar Corp. - Class A (d) | 400 | 17,324 | ||||||
eGain Corp. (d) | 2,700 | 21,384 | ||||||
Enphase Energy, Inc. (d) | 840 | 21,949 | ||||||
Entegris, Inc. | 1,011 | 50,641 | ||||||
Envestnet, Inc. (d) | 375 | 26,111 | ||||||
EPAM Systems, Inc. (d) | 300 | 63,648 | ||||||
Euronet Worldwide, Inc. (d) | 349 | 54,988 | ||||||
Everbridge, Inc. (d) | 310 | 24,205 | ||||||
Everspin Technologies, Inc. (d) | 2,680 | 14,097 | ||||||
ExlService Holdings, Inc. (d) | 300 | 20,838 | ||||||
F5 Networks, Inc. (d) | 433 | 60,468 | ||||||
Fair Isaac Corp. (d) | 146 | 54,703 | ||||||
FARO Technologies, Inc. (d) | 200 | 10,070 | ||||||
Fidelity National Information Services, Inc. | 2,981 | 414,627 | ||||||
FireEye, Inc. (d) | 600 | 9,918 | ||||||
First Solar, Inc. (d) | 400 | 22,384 | ||||||
Fiserv, Inc. (d) | 3,168 | 366,316 | ||||||
Fitbit, Inc. - Class A (d) | 425 | 2,792 | ||||||
Five9, Inc. (d) | 570 | 37,381 | ||||||
FleetCor Technologies, Inc. (d) | 628 | 180,688 | ||||||
FLIR Systems, Inc. | 1,025 | 53,372 | ||||||
ForeScout Technologies, Inc. (d) | 590 | 19,352 | ||||||
FormFactor, Inc. (d) | 480 | 12,466 | ||||||
Fortinet, Inc. (d) | 1,075 | 114,767 | ||||||
Gartner, Inc. (d) | 581 | 89,532 | ||||||
Genpact Ltd. | 1,125 | 47,441 | ||||||
Global Payments, Inc. | 2,033 | 371,144 | ||||||
Guidewire Software, Inc. (d) | 300 | 32,931 | ||||||
Hewlett Packard Enterprise Co. | 8,527 | 135,238 | ||||||
HP, Inc. | 9,122 | 187,457 | ||||||
HubSpot, Inc. (d) | 300 | 47,550 | ||||||
II-VI, Inc. (d) | 541 | 18,215 | ||||||
Infinera Corp. (d) | 600 | 4,764 | ||||||
Inphi Corp. (d) | 300 | 22,206 | ||||||
Insight Enterprises, Inc. (d) | 200 | 14,058 | ||||||
Instructure, Inc. (d) | 470 | 22,659 | ||||||
Intel Corp. | 27,688 | 1,657,127 | ||||||
Intelligent Systems Corp. (d) | 390 | 15,577 | ||||||
InterDigital, Inc. | 246 | 13,405 | ||||||
International Business Machines Corp. | 5,755 | 771,400 | ||||||
inTEST Corp. (d) | 2,450 | 14,578 | ||||||
Intuit, Inc. | 1,589 | 416,207 | ||||||
IPG Photonics Corp. (d) | 281 | 40,723 | ||||||
Itron, Inc. (d) | 200 | 16,790 | ||||||
j2 Global, Inc. | 325 | 30,456 | ||||||
Jabil, Inc. | 1,025 | 42,363 | ||||||
Jack Henry & Associates, Inc. | 486 | 70,796 | ||||||
Juniper Networks, Inc. | 2,190 | 53,940 | ||||||
KBR, Inc. | 925 | 28,213 | ||||||
Key Tronic Corp. (d) | 600 | 3,264 | ||||||
Keysight Technologies, Inc. (d) | 1,298 | 133,214 | ||||||
Kimball Electronics, Inc. (d) | 525 | 9,214 | ||||||
KLA Corp. | 956 | 170,331 | ||||||
Knowles Corp. (d) | 458 | 9,687 | ||||||
Kulicke & Soffa Industries, Inc. | 400 | 10,880 | ||||||
Lam Research Corp. | 996 | 291,230 | ||||||
Lattice Semiconductor Corp. (d) | 1,220 | 23,351 | ||||||
Leidos Holdings, Inc. | 931 | 91,136 | ||||||
Littelfuse, Inc. | 118 | 22,573 | ||||||
LivePerson, Inc. (d) | 770 | 28,490 | ||||||
LiveRamp Holdings, Inc. (d) | 475 | 22,833 | ||||||
LogMeIn, Inc. | 356 | 30,523 | ||||||
Lumentum Holdings, Inc. (d) | 424 | 33,623 | ||||||
MACOM Technology Solutions Holdings, Inc. (d) | 463 | 12,316 | ||||||
Manhattan Associates, Inc. (d) | 350 | 27,913 | ||||||
Marvell Technology Group Ltd. | 4,389 | 116,572 | ||||||
Mastercard, Inc. - Class A | 6,175 | 1,843,793 | ||||||
Maxim Integrated Products, Inc. | 1,775 | 109,180 | ||||||
MAXIMUS, Inc. | 425 | 31,616 | ||||||
MaxLinear, Inc. (d) | 475 | 10,080 | ||||||
Methode Electronics, Inc. | 100 | 3,935 | ||||||
Microchip Technology, Inc. | 1,574 | 164,829 | ||||||
Micron Technology, Inc. (d) | 7,002 | 376,568 | ||||||
Microsoft Corp. | 49,522 | 7,809,619 | ||||||
MicroStrategy, Inc. - Class A (d) | 100 | 14,263 | ||||||
Mitek Systems, Inc. (d) | 2,920 | 22,338 | ||||||
MKS Instruments, Inc. | 300 | 33,003 | ||||||
MobileIron, Inc. (d) | 3,650 | 17,739 | ||||||
Model N, Inc. (d) | 690 | 24,198 | ||||||
Monolithic Power Systems, Inc. | 200 | 35,604 | ||||||
Motorola Solutions, Inc. | 1,132 | 182,410 | ||||||
Napco Security Technologies, Inc. (d) | 900 | 26,451 | ||||||
National Instruments Corp. | 812 | 34,380 | ||||||
NCR Corp. (d) | 925 | 32,523 | ||||||
Net Element, Inc. (d) | 2,980 | 9,566 | ||||||
NetApp, Inc. | 1,355 | 84,349 | ||||||
NETGEAR, Inc. (d) | 50 | 1,226 | ||||||
NetScout Systems, Inc. (d) | 700 | 16,849 | ||||||
NetSol Technologies, Inc. (d) | 2,580 | 10,320 | ||||||
New Relic, Inc. (d) | 230 | 15,113 | ||||||
NIC, Inc. | 375 | 8,381 | ||||||
NortonLifeLock, Inc. | 3,483 | 88,886 | ||||||
Nuance Communications, Inc. (d) | 2,175 | 38,780 | ||||||
Nutanix, Inc. - Class A (d) | 470 | 14,692 | ||||||
NVE Corp. | 100 | 7,140 | ||||||
NVIDIA Corp. | 3,787 | 891,081 | ||||||
Okta, Inc. (d) | 350 | 40,380 | ||||||
ON Semiconductor Corp. (d) | 2,730 | 66,557 | ||||||
OneSpan, Inc. (d) | 450 | 7,704 | ||||||
Onto Innovation, Inc. (d) | 473 | 17,283 | ||||||
Oracle Corp. | 15,650 | 829,137 | ||||||
OSI Systems, Inc. (d) | 100 | 10,074 | ||||||
Palo Alto Networks, Inc. (d) | 719 | 166,269 | ||||||
PAR Technology Corp. (d) | 100 | 3,074 | ||||||
Paychex, Inc. | 2,150 | 182,879 | ||||||
Paycom Software, Inc. (d) | 300 | 79,428 | ||||||
Paylocity Holding Corp. (d) | 300 | 36,246 | ||||||
PayPal Holdings, Inc. (d) | 7,725 | 835,613 | ||||||
Pegasystems, Inc. | 300 | 23,895 | ||||||
Perspecta, Inc. | 989 | 26,149 | ||||||
Plantronics, Inc. | 300 | 8,202 | ||||||
Plexus Corp. (d) | 300 | 23,082 | ||||||
Power Integrations, Inc. | 300 | 29,673 | ||||||
Powerfleet, Inc. (d) | 100 | 651 | ||||||
PRGX Global, Inc. (d) | 2,150 | 10,578 | ||||||
Progress Software Corp. | 200 | 8,310 | ||||||
Proofpoint, Inc. (d) | 316 | 36,270 | ||||||
PROS Holdings, Inc. (d) | 300 | 17,976 | ||||||
PTC, Inc. (d) | 865 | 64,780 | ||||||
Q2 Holdings, Inc. (d) | 240 | 19,459 | ||||||
Qorvo, Inc. (d) | 310 | 36,031 | ||||||
QUALCOMM, Inc. | 8,235 | 726,574 | ||||||
Qualys, Inc. (d) | 300 | 25,011 | ||||||
Rambus, Inc. (d) | 500 | 6,888 | ||||||
Rapid7, Inc. (d) | 540 | 30,251 | ||||||
RealPage, Inc. (d) | 325 | 17,469 | ||||||
RingCentral, Inc. - Class A (d) | 260 | 43,854 | ||||||
Sabre Corp. | 1,400 | 31,416 | ||||||
SailPoint Technologies Holding, Inc. (d) | 630 | 14,868 | ||||||
salesforce.com, Inc. (d) | 5,259 | 855,324 | ||||||
Sanmina Corp. (d) | 333 | 11,402 | ||||||
Science Applications International Corp. | 340 | 29,587 | ||||||
Semtech Corp. (d) | 300 | 15,870 | ||||||
ServiceNow, Inc. (d) | 1,203 | 339,631 | ||||||
SharpSpring, Inc. (d) | 1,870 | 21,449 | ||||||
Silicon Laboratories, Inc. (d) | 200 | 23,196 | ||||||
Skyworks Solutions, Inc. | 1,099 | 132,847 | ||||||
Slack Technologies, Inc. - Class A (d) | 910 | 20,457 | ||||||
Splunk, Inc. (d) | 918 | 137,489 | ||||||
Square, Inc. - Class A (d) | 1,090 | 68,190 | ||||||
SS&C Technologies Holdings, Inc. | 1,325 | 81,355 | ||||||
SunPower Corp. (d) | 1,300 | 10,140 | ||||||
SVMK, Inc. (d) | 1,170 | 20,908 | ||||||
Sykes Enterprises, Inc. (d) | 102 | 3,773 | ||||||
Synaptics, Inc. (d) | 333 | 21,901 | ||||||
Synchronoss Technologies, Inc. (d) | 325 | 1,544 | ||||||
SYNNEX Corp. | 229 | 29,495 | ||||||
Synopsys, Inc. (d) | 1,117 | 155,486 | ||||||
Tech Data Corp. (d) | 211 | 30,300 | ||||||
Teradata Corp. (d) | 1,025 | 27,439 | ||||||
Teradyne, Inc. | 1,075 | 73,304 | ||||||
TESSCO Technologies, Inc. | 100 | 1,122 | ||||||
Texas Instruments, Inc. | 5,425 | 695,973 | ||||||
The Trade Desk, Inc. - Class A (d) | 140 | 36,369 | ||||||
The Western Union Co. | 2,454 | 65,718 | ||||||
TiVo Corp. | 878 | 7,445 | ||||||
Trimble, Inc. (d) | 1,334 | 55,614 | ||||||
TTM Technologies, Inc. (d) | 488 | 7,344 | ||||||
Twilio, Inc. - Class A (d) | 630 | 61,916 | ||||||
Tyler Technologies, Inc. (d) | 192 | 57,604 | ||||||
Unisys Corp. (d) | 427 | 5,064 | ||||||
Universal Display Corp. | 270 | 55,639 | ||||||
Upland Software, Inc. (d) | 580 | 20,712 | ||||||
Varonis Systems, Inc. (d) | 310 | 24,090 | ||||||
Veeco Instruments, Inc. (d) | 400 | 5,874 | ||||||
Verint Systems, Inc. (d) | 375 | 20,760 | ||||||
VeriSign, Inc. (d) | 516 | 99,423 | ||||||
ViaSat, Inc. (d) | 350 | 25,618 | ||||||
Viavi Solutions, Inc. (d) | 1,328 | 19,920 | ||||||
Virtusa Corp. (d) | 400 | 18,132 | ||||||
Visa, Inc. - Class A | 11,316 | 2,126,276 | ||||||
Vishay Intertechnology, Inc. | 806 | 17,160 | ||||||
Vishay Precision Group, Inc. (d) | 129 | 4,386 | ||||||
VMware, Inc. - Class A (d) | 594 | 90,163 | ||||||
Western Digital Corp. | 2,020 | 128,209 | ||||||
WEX, Inc. (d) | 214 | 44,824 | ||||||
Workday, Inc. - Class A (d) | 535 | 87,981 | ||||||
Workiva, Inc. (d) | 440 | 18,502 | ||||||
Xerox Holdings Corp. | 1,748 | 64,449 | ||||||
Xilinx, Inc. | 1,575 | 153,988 | ||||||
Xperi Corp. | 400 | 7,400 | ||||||
Yext, Inc. (d) | 1,150 | 16,583 | ||||||
Zebra Technologies Corp. - Class A (d) | 225 | 57,474 | ||||||
Zendesk, Inc. (d) | 550 | 42,147 | ||||||
Zix Corp. (d) | 2,390 | 16,204 | ||||||
Zscaler, Inc. (d) | 510 | 23,715 | ||||||
44,767,444 | ||||||||
Materials - 2.4% | ||||||||
AdvanSix, Inc. (d) | 250 | 4,990 | ||||||
Air Products & Chemicals, Inc. | 1,460 | 343,085 | ||||||
Albemarle Corp. | 745 | 54,415 | ||||||
Alcoa Corp. (d) | 1,163 | 25,016 | ||||||
Allegheny Technologies, Inc. (d) | 775 | 16,011 | ||||||
American Vanguard Corp. | 400 | 7,788 | ||||||
AptarGroup, Inc. | 286 | 33,067 | ||||||
Ashland Global Holdings, Inc. | 467 | 35,740 | ||||||
Avery Dennison Corp. | 590 | 77,184 | ||||||
Axalta Coating Systems Ltd. (d) | 675 | 20,520 | ||||||
Balchem Corp. | 201 | 20,428 | ||||||
Ball Corp. | 1,960 | 126,753 | ||||||
Berry Global Group, Inc. (d) | 900 | 42,741 | ||||||
Cabot Corp. | 400 | 19,008 | ||||||
Carpenter Technology Corp. | 200 | 9,956 | ||||||
Celanese Corp. | 795 | 97,880 | ||||||
Century Aluminum Co. (d) | 600 | 4,509 | ||||||
CF Industries Holdings, Inc. | 1,670 | 79,726 | ||||||
Clearwater Paper Corp. (d) | 720 | 15,379 | ||||||
Cleveland-Cliffs, Inc. (e) | 1,400 | 11,760 | ||||||
Coeur Mining, Inc. (d) | 1,110 | 8,969 | ||||||
Commercial Metals Co. | 775 | 17,259 | ||||||
Compass Minerals International, Inc. | 100 | 6,096 | ||||||
Core Molding Technologies, Inc. (d) | 200 | 650 | ||||||
Corteva, Inc. | 4,773 | 141,090 | ||||||
Crown Holdings, Inc. (d) | 900 | 65,286 | ||||||
Dow, Inc. | 4,773 | 261,226 | ||||||
DuPont de Nemours, Inc. | 4,463 | 286,525 | ||||||
Eagle Materials, Inc. | 333 | 30,190 | ||||||
Eastman Chemical Co. | 990 | 78,467 | ||||||
Ecolab, Inc. | 1,764 | 340,434 | ||||||
Ferro Corp. (d) | 575 | 8,527 | ||||||
Ferroglobe Representation & Warranty Insurance Trust (b)(c)(d) | 500 | – | ||||||
FMC Corp. | 875 | 87,342 | ||||||
Freeport-McMoRan, Inc. | 8,769 | 115,049 | ||||||
GCP Applied Technologies, Inc. (d) | 427 | 9,697 | ||||||
Graphic Packaging Holding Co. | 1,325 | 22,061 | ||||||
Greif, Inc. - Class A | 300 | 13,260 | ||||||
HB Fuller Co. | 150 | 7,735 | ||||||
Huntsman Corp. | 1,575 | 38,052 | ||||||
Ingevity Corp. (d) | 393 | 34,340 | ||||||
International Flavors & Fragrances, Inc. | 471 | 60,768 | ||||||
International Paper Co. | 2,237 | 103,014 | ||||||
Kaiser Aluminum Corp. | 138 | 15,303 | ||||||
Kraton Corp. (d) | 300 | 7,596 | ||||||
Livent Corp. (d) | 818 | 6,994 | ||||||
Louisiana-Pacific Corp. | 825 | 24,478 | ||||||
Martin Marietta Materials, Inc. | 444 | 124,160 | ||||||
Minerals Technologies, Inc. | 250 | 14,408 | ||||||
Myers Industries, Inc. | 200 | 3,336 | ||||||
Neenah, Inc. | 120 | 8,452 | ||||||
Newmont Goldcorp Corp. | 4,770 | 207,257 | ||||||
Nucor Corp. | 1,275 | 71,757 | ||||||
O-I Glass, Inc. | 1,300 | 15,509 | ||||||
Olin Corp. | 1,020 | 17,595 | ||||||
Packaging Corp of America | 575 | 64,394 | ||||||
PH Glatfelter Co. | 325 | 5,947 | ||||||
PolyOne Corp. | 483 | 17,770 | ||||||
PPG Industries, Inc. | 1,449 | 193,427 | ||||||
Quaker Chemical Corp. | 100 | 16,452 | ||||||
Rayonier Advanced Materials, Inc. | 500 | 1,920 | ||||||
Reliance Steel & Aluminum Co. | 549 | 65,748 | ||||||
Royal Gold, Inc. | 491 | 60,025 | ||||||
RPM International, Inc. | 1,000 | 76,760 | ||||||
Schweitzer-Mauduit International, Inc. | 300 | 12,597 | ||||||
Sealed Air Corp. | 1,250 | 49,788 | ||||||
Sensient Technologies Corp. | 335 | 22,140 | ||||||
Silgan Holdings, Inc. | 150 | 4,662 | ||||||
Sonoco Products Co. | 725 | 44,747 | ||||||
Southern Copper Corp. | 747 | 31,733 | ||||||
Steel Dynamics, Inc. | 1,550 | 52,762 | ||||||
Stepan Co. | 148 | 15,161 | ||||||
Summit Materials, Inc. - Class A (d) | 571 | 13,647 | ||||||
SunCoke Energy, Inc. | 564 | 3,514 | ||||||
The Chemours Co. | 1,289 | 23,318 | ||||||
The Mosaic Co. | 2,625 | 56,805 | ||||||
The Scotts Miracle-Gro Co. | 296 | 31,429 | ||||||
The Sherwin-Williams Co. | 583 | 340,204 | ||||||
TimkenSteel Corp. (d) | 400 | 3,144 | ||||||
Tredegar Corp. | 671 | 14,997 | ||||||
Trinseo SA | 300 | 11,163 | ||||||
UFP Technologies, Inc. (d) | 500 | 24,805 | ||||||
United States Lime & Minerals, Inc. | 50 | 4,515 | ||||||
United States Steel Corp. (e) | 1,350 | 15,404 | ||||||
Valvoline, Inc. | 1,282 | 27,448 | ||||||
Verso Corp. - Class A (d) | 500 | 9,015 | ||||||
Vulcan Materials Co. | 855 | 123,111 | ||||||
Westlake Chemical Corp. | 202 | 14,170 | ||||||
Westrock Co. | 1,534 | 65,824 | ||||||
Worthington Industries, Inc. | 225 | 9,491 | ||||||
WR Grace & Co. | 427 | 29,826 | ||||||
4,856,701 | ||||||||
Real Estate - 4.2% | ||||||||
Acadia Realty Trust | 676 | 17,529 | ||||||
Agree Realty Corp. | 300 | 21,051 | ||||||
Alexander & Baldwin, Inc. | 213 | 4,464 | ||||||
Alexandria Real Estate Equities, Inc. | 601 | 97,110 | ||||||
American Assets Trust, Inc. | 425 | 19,507 | ||||||
American Campus Communities, Inc. | 982 | 46,183 | ||||||
American Homes 4 Rent - Class A | 1,700 | 44,557 | ||||||
American Tower Corp. | 2,896 | 665,559 | ||||||
Apartment Investment & Management Co. - Class A | 1,381 | 71,329 | ||||||
Apple Hospitality REIT, Inc. | 1,975 | 32,094 | ||||||
AvalonBay Communities, Inc. | 1,099 | 230,460 | ||||||
Boston Properties, Inc. | 1,243 | 171,360 | ||||||
Braemar Hotels & Resorts, Inc. | 130 | 1,161 | ||||||
Brandywine Realty Trust | 1,413 | 22,255 | ||||||
Brixmor Property Group, Inc. | 2,275 | 49,163 | ||||||
Camden Property Trust | 725 | 76,922 | ||||||
CareTrust REIT, Inc. | 403 | 8,314 | ||||||
CBRE Group, Inc. - Class A (d) | 2,425 | 148,628 | ||||||
Chatham Lodging Trust | 425 | 7,794 | ||||||
Colony Capital, Inc. | 3,575 | 16,981 | ||||||
Columbia Property Trust, Inc. | 1,075 | 22,478 | ||||||
CoreCivic, Inc. | 799 | 13,887 | ||||||
CoreSite Realty Corp. | 300 | 33,636 | ||||||
Corporate Office Properties Trust | 850 | 24,973 | ||||||
Cousins Properties, Inc. | 839 | 34,567 | ||||||
Crown Castle International Corp. | 2,435 | 346,135 | ||||||
CubeSmart | 1,412 | 44,450 | ||||||
CyrusOne, Inc. | 725 | 47,437 | ||||||
DiamondRock Hospitality Co. | 1,727 | 19,135 | ||||||
Digital Realty Trust, Inc. | 1,631 | 195,296 | ||||||
Douglas Emmett, Inc. | 1,300 | 57,070 | ||||||
Duke Realty Corp. | 2,726 | 94,510 | ||||||
EastGroup Properties, Inc. | 262 | 34,760 | ||||||
Empire State Realty Trust, Inc. - Class A | 775 | 10,819 | ||||||
EPR Properties | 422 | 29,810 | ||||||
Equinix, Inc. | 530 | 309,361 | ||||||
Equity Commonwealth | 993 | 32,600 | ||||||
Equity LifeStyle Properties, Inc. | 1,478 | 104,036 | ||||||
Equity Residential | 2,904 | 234,992 | ||||||
Essential Properties Realty Trust, Inc. | 830 | 20,592 | ||||||
Essex Property Trust, Inc. | 472 | 142,006 | ||||||
Extra Space Storage, Inc. | 989 | 104,458 | ||||||
Federal Realty Investment Trust | 520 | 66,940 | ||||||
First Industrial Realty Trust, Inc. | 1,025 | 42,548 | ||||||
Four Corners Property Trust, Inc. | 444 | 12,516 | ||||||
Franklin Street Properties Corp. | 950 | 8,132 | ||||||
Front Yard Residential Corp. | 33 | 407 | ||||||
Gaming and Leisure Properties, Inc. | 1,217 | 52,392 | ||||||
Getty Realty Corp. | 402 | 13,214 | ||||||
Global Medical REIT, Inc. | 1,810 | 23,946 | ||||||
Healthcare Realty Trust, Inc. | 875 | 29,199 | ||||||
Healthcare Trust of America, Inc. - Class A | 1,025 | 31,037 | ||||||
Healthpeak Properties, Inc. | 3,775 | 130,124 | ||||||
Hersha Hospitality Trust | 550 | 8,002 | ||||||
Highwoods Properties, Inc. | 800 | 39,128 | ||||||
Host Hotels & Resorts, Inc. | 5,974 | 110,818 | ||||||
Hudson Pacific Properties, Inc. | 1,225 | 46,121 | ||||||
Industrial Logistics Properties Trust | 175 | 3,923 | ||||||
Investors Real Estate Trust | 180 | 13,050 | ||||||
Invitation Homes, Inc. | 871 | 26,104 | ||||||
Iron Mountain, Inc. | 1,372 | 43,726 | ||||||
JBG SMITH Properties | 764 | 30,476 | ||||||
Jones Lang LaSalle, Inc. | 295 | 51,357 | ||||||
Kennedy-Wilson Holdings, Inc. | 925 | 20,628 | ||||||
Kilroy Realty Corp. | 700 | 58,730 | ||||||
Kimco Realty Corp. | 3,350 | 69,378 | ||||||
Kite Realty Group Trust | 725 | 14,159 | ||||||
Lamar Advertising Co. - Class A | 400 | 35,704 | ||||||
Lexington Realty Trust | 1,125 | 11,947 | ||||||
Liberty Property Trust | 1,225 | 73,561 | ||||||
Life Storage, Inc. | 350 | 37,898 | ||||||
LTC Properties, Inc. | 50 | 2,238 | ||||||
Mack-Cali Realty Corp. | 725 | 16,769 | ||||||
Medical Properties Trust, Inc. | 1,500 | 31,665 | ||||||
Mid-America Apartment Communities, Inc. | 859 | 113,268 | ||||||
National Health Investors, Inc. | 325 | 26,481 | ||||||
National Retail Properties, Inc. | 900 | 48,258 | ||||||
New Senior Investment Group, Inc. | 695 | 5,317 | ||||||
New York REIT Liquidating, LLC (b)(c)(d) | 130 | 1,690 | ||||||
Newmark Group, Inc. - Class A | 765 | 10,293 | ||||||
Office Properties Income Trust | 228 | 7,328 | ||||||
Omega Healthcare Investors, Inc. | 1,749 | 74,070 | ||||||
Outfront Media, Inc. | 336 | 9,012 | ||||||
Paramount Group, Inc. | 1,800 | 25,056 | ||||||
Park Hotels & Resorts, Inc. | 619 | 16,014 | ||||||
Pebblebrook Hotel Trust | 1,188 | 31,850 | ||||||
Pennsylvania Real Estate Investment Trust | 775 | 4,131 | ||||||
Physicians Realty Trust | 900 | 17,046 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 1,275 | 28,356 | ||||||
Plymouth Industrial REIT, Inc. | 1,130 | 20,781 | ||||||
PotlatchDeltic Corp. | 298 | 12,894 | ||||||
Preferred Apartment Communities, Inc. - Class A | 2,770 | 36,896 | ||||||
Prologis, Inc. | 4,883 | 435,271 | ||||||
PS Business Parks, Inc. | 200 | 32,974 | ||||||
Public Storage | 1,249 | 265,987 | ||||||
Rafael Holdings, Inc. - Class B (d) | 1,018 | 18,161 | ||||||
Rayonier, Inc. | 826 | 27,060 | ||||||
Rayonier, Inc. (b)(c)(d) | 50,000 | – | ||||||
Realty Income Corp. | 1,700 | 125,171 | ||||||
Regency Centers Corp. | 1,182 | 74,572 | ||||||
Retail Opportunity Investments Corp. | 725 | 12,803 | ||||||
Retail Properties of America, Inc. - Class A | 2,075 | 27,805 | ||||||
Retail Value, Inc. | 144 | 5,299 | ||||||
Rexford Industrial Realty, Inc. | 430 | 19,638 | ||||||
RLJ Lodging Trust | 1,633 | 28,937 | ||||||
RPT Realty | 1,000 | 15,040 | ||||||
Ryman Hospitality Properties, Inc. | 525 | 45,497 | ||||||
Sabra Health Care REIT, Inc. | 1,436 | 30,644 | ||||||
SBA Communications Corp. | 920 | 221,711 | ||||||
Senior Housing Properties Trust | 2,075 | 17,513 | ||||||
Service Properties Trust | 1,325 | 32,237 | ||||||
Simon Property Group, Inc. | 2,553 | 380,295 | ||||||
SITE Centers Corp. | 1,410 | 19,768 | ||||||
SL Green Realty Corp. | 776 | 71,299 | ||||||
Spirit MTA REIT | 300 | 230 | ||||||
Spirit Realty Capital, Inc. | 600 | 29,508 | ||||||
STAG Industrial, Inc. | 450 | 14,207 | ||||||
STORE Capital Corp. | 675 | 25,137 | ||||||
Summit Hotel Properties, Inc. | 975 | 12,032 | ||||||
Sun Communities, Inc. | 500 | 75,050 | ||||||
Sunstone Hotel Investors, Inc. | 1,840 | 25,613 | ||||||
Tanger Factory Outlet Centers, Inc. (e) | 775 | 11,416 | ||||||
Taubman Centers, Inc. | 500 | 15,545 | ||||||
Tejon Ranch Co. (d) | 50 | 799 | ||||||
Terreno Realty Corp. | 275 | 14,889 | ||||||
The Howard Hughes Corp. (d) | 321 | 40,703 | ||||||
The Macerich Co. | 803 | 21,617 | ||||||
The RMR Group, Inc. - Class A | 71 | 3,240 | ||||||
The St Joe Co. (d) | 500 | 9,915 | ||||||
UDR, Inc. | 2,028 | 94,708 | ||||||
Uniti Group, Inc. | 1,228 | 10,082 | ||||||
Universal Health Realty Income Trust | 200 | 23,472 | ||||||
Urban Edge Properties | 811 | 15,555 | ||||||
Urstadt Biddle Properties, Inc. - Class A | 500 | 12,420 | ||||||
Ventas, Inc. | 2,665 | 153,877 | ||||||
VEREIT, Inc. | 6,175 | 57,057 | ||||||
Vornado Realty Trust | 1,528 | 101,612 | ||||||
Washington Prime Group, Inc. | 1,617 | 5,886 | ||||||
Washington Real Estate Investment Trust | 450 | 13,131 | ||||||
Weingarten Realty Investors | 1,050 | 32,802 | ||||||
Welltower, Inc. | 2,820 | 230,620 | ||||||
Weyerhaeuser Co. | 5,677 | 171,445 | ||||||
WP Carey, Inc. | 210 | 16,808 | ||||||
Xenia Hotels & Resorts, Inc. | 900 | 19,449 | ||||||
8,520,514 | ||||||||
Utilities - 3.2% | ||||||||
AES Corp. | 4,360 | 86,764 | ||||||
ALLETE, Inc. | 425 | 34,497 | ||||||
Alliant Energy Corp. | 1,375 | 75,240 | ||||||
Ameren Corp. | 1,625 | 124,800 | ||||||
American Electric Power Co, Inc. | 3,355 | 317,081 | ||||||
American States Water Co. | 510 | 44,186 | ||||||
American Water Works Co, Inc. | 1,190 | 146,191 | ||||||
Aqua America, Inc. | 1,326 | 62,242 | ||||||
Atmos Energy Corp. | 760 | 85,014 | ||||||
Avangrid, Inc. | 550 | 28,138 | ||||||
Avista Corp. | 250 | 12,023 | ||||||
Black Hills Corp. | 430 | 33,772 | ||||||
California Water Service Group | 415 | 21,397 | ||||||
CenterPoint Energy, Inc. | 2,900 | 79,083 | ||||||
CMS Energy Corp. | 1,800 | 113,112 | ||||||
Consolidated Edison, Inc. | 2,169 | 196,229 | ||||||
Dominion Energy, Inc. | 4,617 | 382,380 | ||||||
DTE Energy Co. | 1,023 | 132,857 | ||||||
Duke Energy Corp. | 4,412 | 402,419 | ||||||
Edison International | 2,291 | 172,764 | ||||||
El Paso Electric Co. | 100 | 6,789 | ||||||
Entergy Corp. | 1,150 | 137,770 | ||||||
Evergy, Inc. | 1,715 | 111,629 | ||||||
Eversource Energy | 2,092 | 177,966 | ||||||
Exelon Corp. | 4,631 | 211,127 | ||||||
FirstEnergy Corp. | 3,030 | 147,258 | ||||||
Genie Energy Ltd. - Class B | 4,446 | 34,368 | ||||||
Hawaiian Electric Industries, Inc. | 800 | 37,488 | ||||||
IDACORP, Inc. | 313 | 33,428 | ||||||
MDU Resources Group, Inc. | 1,075 | 31,938 | ||||||
MGE Energy, Inc. | 150 | 11,823 | ||||||
Middlesex Water Co. | 780 | 49,585 | ||||||
National Fuel Gas Co. | 90 | 4,189 | ||||||
New Jersey Resources Corp. | 500 | 22,285 | ||||||
NextEra Energy, Inc. | 3,143 | 761,109 | ||||||
NiSource, Inc. | 2,140 | 59,578 | ||||||
Northwest Natural Holding Co. | 300 | 22,119 | ||||||
NorthWestern Corp. | 400 | 28,668 | ||||||
NRG Energy, Inc. | 2,772 | 110,187 | ||||||
OGE Energy Corp. | 1,175 | 52,252 | ||||||
ONE Gas, Inc. | 287 | 26,855 | ||||||
Ormat Technologies, Inc. | 175 | 13,041 | ||||||
Otter Tail Corp. | 350 | 17,952 | ||||||
PG&E Corp. (d) | 3,350 | 36,415 | ||||||
Pinnacle West Capital Corp. | 716 | 64,390 | ||||||
PNM Resources, Inc. | 400 | 20,284 | ||||||
Portland General Electric Co. | 500 | 27,895 | ||||||
PPL Corp. | 4,140 | 148,543 | ||||||
Public Service Enterprise Group, Inc. | 3,150 | 186,008 | ||||||
Sempra Energy | 1,737 | 263,121 | ||||||
SJW Group | 180 | 12,791 | ||||||
South Jersey Industries, Inc. | 1,090 | 35,948 | ||||||
Southwest Gas Holdings, Inc. | 325 | 24,690 | ||||||
Spire, Inc. | 350 | 29,159 | ||||||
TerraForm Power, Inc. - Class A | 2,090 | 32,165 | ||||||
The Southern Co. | 6,540 | 416,598 | ||||||
The York Water Co. | 290 | 13,372 | ||||||
UGI Corp. | 1,805 | 81,514 | ||||||
Vistra Energy Corp. | 2,177 | 50,049 | ||||||
WEC Energy Group, Inc. | 2,039 | 188,057 | ||||||
Xcel Energy, Inc. | 3,600 | 228,564 | ||||||
6,519,156 | ||||||||
Total Common Stocks (Cost $54,593,167) | $ | 200,261,688 | ||||||
RIGHTS - 0.0% (h) | ||||||||
AMR Corp., Escrow (b)(c)(d) | 3,275 | $ | 197 | |||||
Media General, Inc. - CVR (b)(c)(d) | 794 | 794 | ||||||
Schulman A, Inc. (b)(c)(d) | 81 | – | ||||||
Total Rights (Cost $0) | $ | 991 | ||||||
SHORT-TERM INVESTMENT - 0.0% (h) | ||||||||
Money Market Fund - 0.0% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (f)(g) | 133,729 | $ | 133,729 | |||||
Total Short-Term Investment (Cost $133,729) | $ | 133,729 | ||||||
Total Investments at Value (Cost $54,726,896) - 99.0% | $ | 200,396,408 | ||||||
Other Assets in Excess of Liabilities - 1.0% | 1,983,427 | |||||||
Net Assets - 100.0% | $ | 202,379,835 |
Percentages are stated as a percent of net assets.
CVR Contingent Value Right
(a) | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
(b) | Illiquid security. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets. |
(c) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $2,709 as of December 31, 2019, representing 0.0% of net assets. |
(d) | Non-income producing security. |
(e) | This security or a partial position of this security is on loan at December 31, 2019. The total market value of securities on loan at December 31, 2019 was $124,705. |
(f) | Rate listed is the 7-day effective yield as of December 31, 2019. |
(g) | A portion of this security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2019 was $127,929. |
(h) | Represents less than 0.1%. |
WILSHIRE MUTUAL FUNDS, INC. | ||||||||
WILSHIRE INTERNATIONAL EQUITY FUND | December 31, 2019 | |||||||
SCHEDULE OF INVESTMENTS | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 97.9% | ||||||||
Australia - 3.3% | ||||||||
AGL Energy Ltd. (a) | 6,398 | $ | 92,090 | |||||
Alkane Resources Ltd. (a)(b) | 122,007 | 49,962 | ||||||
Altium Ltd. (a) | 4,021 | �� | 97,976 | |||||
Alumina Ltd. (a) | 73,451 | 118,639 | ||||||
Appen Ltd. (a) | 5,086 | 80,330 | ||||||
Aristocrat Leisure Ltd. (a) | 5,169 | 122,139 | ||||||
ASX Ltd. (a) | 411 | 22,630 | ||||||
Aurizon Holdings Ltd. (a) | 130,217 | 477,887 | ||||||
Austal Ltd. (a) | 20,690 | 55,412 | ||||||
Baby Bunting Group Ltd. (a) | 23,310 | 54,966 | ||||||
Beach Energy Ltd. (a) | 53,541 | 94,701 | ||||||
BHP Group Ltd. (a) | 32,418 | 887,679 | ||||||
BlueScope Steel Ltd. (a) | 4,292 | 45,459 | ||||||
Bravura Solutions Ltd. (a) | 20,509 | 74,748 | ||||||
Centuria Metropolitan REIT (a) | 55,916 | 113,955 | ||||||
Charter Hall Long Wale REIT (a) | 11,070 | 42,721 | ||||||
Clinuvel Pharmaceuticals Ltd. (a) | 3,772 | 75,278 | ||||||
Cochlear Ltd. (a) | 2,386 | 376,048 | ||||||
Codan Ltd. (a) | 7,737 | 40,443 | ||||||
Collins Foods Ltd. (a) | 6,182 | 38,630 | ||||||
Coronado Global Resources, Inc. - ADR (a) | 37,947 | 58,892 | ||||||
CSL Ltd. (a) | 32,488 | 6,298,836 | ||||||
Data#3 Ltd. (a) | 36,865 | 96,130 | ||||||
Dicker Data Ltd. (a) | 29,960 | 145,040 | ||||||
EML Payments Ltd. (a)(b)(c) | 16,752 | 53,326 | ||||||
Estia Health Ltd. (a) | 18,873 | 32,280 | ||||||
GDI Property Group (a) | 46,178 | 47,816 | ||||||
Goodman Group (a) | 17,144 | 161,105 | ||||||
IDP Education Ltd. (a) | 6,706 | 80,836 | ||||||
Independence Group NL (a) | 26,335 | 115,450 | ||||||
Ingenia Communities Group (a) | 12,749 | 44,425 | ||||||
Insurance Australia Group Ltd. (a) | 69,084 | 371,196 | ||||||
JB Hi-Fi Ltd. (a) | 8,321 | 220,224 | ||||||
Jumbo Interactive Ltd. (a) | 3,763 | 39,461 | ||||||
Jupiter Mines Ltd. (a) | 240,988 | 47,470 | ||||||
Macquarie Group Ltd. (a) | 1,880 | 182,067 | ||||||
Medibank Pvt Ltd. (a) | 85,832 | 190,223 | ||||||
National Storage REIT (a) | 121,971 | 157,038 | ||||||
nearmap Ltd. (a)(b) | 25,154 | 44,855 | ||||||
Netwealth Group Ltd. (a) | 6,250 | 34,229 | ||||||
Newcrest Mining Ltd. (a) | 3,335 | 70,432 | ||||||
NRW Holdings Ltd. (a) | 20,080 | 45,563 | ||||||
Perenti Global Ltd. (a) | 43,813 | 49,923 | ||||||
Perseus Mining Ltd. (a)(b) | 63,807 | 51,573 | ||||||
Pro Medicus Ltd. (a) | 5,378 | 84,231 | ||||||
Ramelius Resources Ltd. (a) | 86,639 | 74,986 | ||||||
Red 5 Ltd. (a)(b) | 304,465 | 70,119 | ||||||
Regis Healthcare Ltd. (a) | 17,195 | 29,725 | ||||||
Regis Resources Ltd. (a) | 22,835 | 69,093 | ||||||
Rio Tinto Ltd. (a) | 1,186 | 83,909 | ||||||
Sandfire Resources NL (a) | 14,859 | 62,433 | ||||||
Saracen Mineral Holdings Ltd. (a)(b)(c) | 39,528 | 91,668 | ||||||
Select Harvests Ltd. (a) | 6,310 | 37,189 | ||||||
Silver Lake Resources Ltd. (a)(b) | 45,560 | 42,701 | ||||||
Super Retail Group Ltd. (a) | 15,767 | 111,895 | ||||||
Telstra Corp. Ltd. (a) | 97,750 | 242,810 | ||||||
TPG Telecom Ltd. (a) | 19,806 | 93,320 | ||||||
Wesfarmers Ltd. (a) | 5,197 | 151,034 | ||||||
Western Areas Ltd. (a) | 18,387 | 39,157 | ||||||
Whitehaven Coal Ltd. (a) | 13,454 | 24,951 | ||||||
12,909,304 | ||||||||
Austria - 0.3% | ||||||||
ams AG (a)(b) | 1,723 | 69,950 | ||||||
AT&S Austria Technologie & Systemtechnik AG (a) | 1,609 | 36,150 | ||||||
BAWAG Group AG (a) | 5,482 | 247,772 | ||||||
EVN AG (a) | 5,425 | 105,386 | ||||||
Porr AG (a) | 2,081 | 35,850 | ||||||
Raiffeisen Bank International AG (a) | 3,321 | 83,123 | ||||||
S IMMO AG (a) | 5,593 | 139,218 | ||||||
Telekom Austria AG (a) | 7,481 | 61,173 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe (a) | 2,987 | 84,616 | ||||||
Wienerberger AG (a) | 7,467 | 221,382 | ||||||
1,084,620 | ||||||||
Belgium - 0.8% | ||||||||
Ackermans & van Haaren NV (a) | 2,337 | 366,437 | ||||||
Aedifica SA (a) | 2,139 | 271,909 | ||||||
Anheuser-Busch InBev SA/NV (a) | 5,222 | 427,686 | ||||||
Befimmo SA (a) | 1,557 | 94,518 | ||||||
Fagron (a) | 1,756 | 38,149 | ||||||
Intervest Offices & Warehouses NV (a) | 1,828 | 52,553 | ||||||
KBC Group NV (a) | 19,773 | 1,490,785 | ||||||
Montea C.V.A. (a) | 916 | 83,259 | ||||||
Telenet Group Holding NV (a) | 4,005 | 180,038 | ||||||
3,005,334 | ||||||||
Bermuda - 0.1% | ||||||||
Cosan Ltd. - Class A (b) | 3,600 | 82,224 | ||||||
Fly Leasing Ltd. - ADR (b) | 11,700 | 229,320 | ||||||
Johnson Electric Holdings Ltd. (a) | 63,000 | 143,307 | ||||||
VTech Holdings Ltd. (a) | 7,200 | 71,158 | ||||||
526,009 | ||||||||
Brazil - 1.0% | ||||||||
Ambev SA (a) | 50,800 | 236,488 | ||||||
B3 SA - Brasil Bolsa Balcao (a) | 11,100 | 119,243 | ||||||
Banco do Brasil SA (a) | 1,400 | 18,478 | ||||||
Banco Santander Brasil SA (a) | 2,600 | 32,153 | ||||||
BB Seguridade Participacoes SA (a) | 48,100 | 452,202 | ||||||
Cia Siderurgica Nacional SA (a) | 3,800 | 13,398 | ||||||
Cosan Logistica SA (a)(b) | 15,600 | 90,203 | ||||||
EDP - Energias do Brasil SA (a) | 10,300 | 56,784 | ||||||
Eneva SA (a)(b) | 4,300 | 46,821 | ||||||
Fleury SA (a) | 6,900 | 52,575 | ||||||
Instituto Hermes Pardini SA (a) | 7,000 | 47,538 | ||||||
IRB Brasil Resseguros S/A (a) | 37,800 | 367,224 | ||||||
JBS SA (a) | 91,000 | 585,931 | ||||||
JSL SA (a) | 23,500 | 157,079 | ||||||
Minerva SA (a)(b) | 31,900 | 102,012 | ||||||
Multiplan Empreendimentos Imobiliarios SA (a) | 3,400 | 28,129 | ||||||
Petro Rio SA (a)(b) | 5,000 | 41,384 | ||||||
Porto Seguro SA (a) | 2,100 | 32,832 | ||||||
QualiCorp. Consultoria e Corretora de Seguros SA (a) | 14,600 | 135,146 | ||||||
Ser Educacional SA (a) | 5,700 | 39,512 | ||||||
TIM Participacoes SA (a) | 82,200 | 321,560 | ||||||
Vale SA (a) | 66,696 | 887,435 | ||||||
Wiz Solucoes e Corretagem de Seguros SA (a) | 19,300 | 67,858 | ||||||
YDUQS Part (a) | 10,600 | 125,806 | ||||||
4,057,791 | ||||||||
Canada - 5.4% | ||||||||
Aecon Group, Inc. | 4,200 | 56,666 | ||||||
Aimia, Inc. (b) | 12,600 | 34,931 | ||||||
Alimentation Couche-Tard, Inc. - Class B | 5,400 | 171,371 | ||||||
Allied Properties Real Estate Investment Trust | 12,700 | 509,252 | ||||||
Artis Real Estate Investment Trust | 7,000 | 64,149 | ||||||
Badger Daylighting Ltd. | 2,000 | 54,122 | ||||||
Bank of Montreal | 2,400 | 186,004 | ||||||
BRP, Inc. | 2,200 | 100,229 | ||||||
Canadian National Railway Co. | 3,900 | 352,804 | ||||||
Canadian Natural Resources Ltd. | 8,000 | 258,750 | ||||||
Canadian Pacific Railway Ltd. | 18,653 | 4,755,582 | ||||||
Canadian Western Bank | 2,000 | 49,116 | ||||||
Cascades, Inc. | 11,400 | 98,413 | ||||||
Centerra Gold, Inc. (b) | 9,100 | 72,391 | ||||||
CI Financial Corp. | 20,700 | 346,076 | ||||||
Cogeco Communications, Inc. | 500 | 43,587 | ||||||
Cogeco, Inc. | 1,600 | 128,254 | ||||||
Computer Modelling Group Ltd. | 10,300 | 65,201 | ||||||
Constellation Software, Inc. | 300 | 291,362 | ||||||
Crescent Point Energy Corp. | 11,500 | 51,276 | ||||||
Detour Gold Corp. (b) | 3,300 | 63,888 | ||||||
Dollarama, Inc. | 45,405 | 1,560,529 | ||||||
Dream Industrial Real Estate Investment Trust | 24,900 | 251,963 | ||||||
Element Fleet Management Corp. | 4,800 | 40,993 | ||||||
Enerflex Ltd. | 6,600 | 62,160 | ||||||
Enghouse Systems Ltd. | 2,200 | 81,626 | ||||||
Equitable Group, Inc. | 700 | 58,947 | ||||||
Fairfax Financial Holdings Ltd. | 300 | 140,866 | ||||||
Finning International, Inc. | 4,900 | 95,468 | ||||||
First National Financial Corp. | 1,200 | 35,190 | ||||||
Franco-Nevada Corp. | 700 | 72,283 | ||||||
Genworth MI Canada, Inc. | 2,500 | 109,391 | ||||||
George Weston Ltd. | 100 | 7,933 | ||||||
Granite Real Estate Investment Trust | 5,600 | 284,539 | ||||||
Great Canadian Gaming Corp. (b) | 1,400 | 46,403 | ||||||
Home Capital Group, Inc. (b) | 3,200 | 81,223 | ||||||
iA Financial Corp., Inc. | 1,800 | 98,875 | ||||||
IGM Financial, Inc. | 2,600 | 74,643 | ||||||
Kirkland Lake Gold Ltd. | 12,300 | 542,183 | ||||||
Labrador Iron Ore Royalty Corp. | 5,300 | 100,486 | ||||||
Manulife Financial Corp. | 21,200 | 430,351 | ||||||
Minto Apartment Real Estate Investment Trust | 6,423 | 114,507 | ||||||
Morguard North American Residential Real Estate Investment Trust | 6,400 | 91,129 | ||||||
North American Construction Group Ltd. | 3,100 | 37,576 | ||||||
Northland Power, Inc. | 15,200 | 318,386 | ||||||
Open Text Corp. | 1,300 | 57,284 | ||||||
Parex Resources, Inc. (b) | 9,900 | 184,117 | ||||||
Parkland Fuel Corp. | 5,100 | 187,379 | ||||||
Pembina Pipeline Corp. | 300 | 11,119 | ||||||
PrairieSky Royalty Ltd. | 5,100 | 59,815 | ||||||
Restaurant Brands International, Inc. | 2,400 | 152,995 | ||||||
Richelieu Hardware Ltd. | 4,271 | 89,232 | ||||||
Ritchie Bros Auctioneers, Inc. | 4,400 | 188,801 | ||||||
Royal Bank of Canada | 7,900 | 625,101 | ||||||
Shopify, Inc. - Class A (b) | 13,447 | 5,346,258 | ||||||
Slate Office REIT | 10,400 | 46,852 | ||||||
Suncor Energy, Inc. | 8,100 | 265,478 | ||||||
Surge Energy, Inc. | 38,700 | 33,975 | ||||||
Teck Resources Ltd. - Class B | 5,900 | 102,320 | ||||||
TFI International, Inc. | 2,300 | 77,526 | ||||||
Thomson Reuters Corp. | 3,100 | 221,754 | ||||||
Torex Gold Resources, Inc. (b) | 4,000 | 63,209 | ||||||
Toromont Industries Ltd. | 3,900 | 212,006 | ||||||
Transcontinental, Inc. - Class A | 7,100 | 86,771 | ||||||
Tricon Capital Group, Inc. | 10,200 | 83,498 | ||||||
True North Commercial Real Estate Investment Trust | 26,954 | 151,318 | ||||||
Viemed Healthcare, Inc. (b) | 9,400 | 58,852 | ||||||
Whitecap Resources, Inc. | 14,100 | 60,263 | ||||||
Winpak Ltd. | 3,231 | 116,894 | ||||||
20,973,891 | ||||||||
Cayman Islands - 1.4% | ||||||||
Alibaba Group Holding Ltd. - ADR (b) | 1,800 | 381,780 | ||||||
Aoyuan Healthy Life Group Co. Ltd. (a) | 77,000 | 57,879 | ||||||
Asia Cement China Holdings Corp. (a) | 60,500 | 90,379 | ||||||
Baidu, Inc. - ADR (b) | 6,680 | 844,352 | ||||||
Dongyue Group Ltd. (a) | 69,000 | 38,268 | ||||||
Fantasia Holdings Group Co. Ltd. (a) | 450,000 | 83,668 | ||||||
JD.com, Inc. - ADR (b) | 20,627 | 726,689 | ||||||
Li Ning Co. Ltd. (a) | 140,500 | 421,399 | ||||||
Logan Property Holdings Co. Ltd. (a) | 88,000 | 147,656 | ||||||
Melco Resorts & Entertainment Ltd. | 1,585 | 38,309 | ||||||
Momo, Inc. - ADR | 5,600 | 187,600 | ||||||
NetEase, Inc. - ADR | 3,800 | 1,165,232 | ||||||
New Oriental Education & Technology Group, Inc. - ADR (b) | 3,500 | 424,375 | ||||||
Opera Ltd. - ADR (b) | 3,200 | 29,600 | ||||||
Powerlong Real Estate Holdings Ltd. (a) | 97,000 | 64,771 | ||||||
Qudian, Inc. - ADR (b) | 4,500 | 21,195 | ||||||
Sands China Ltd. (a) | 16,800 | 89,764 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. (a) | 194,000 | 106,157 | ||||||
Shimao Property Holdings Ltd. (a) | 24,000 | 93,009 | ||||||
Tiangong International Co. Ltd. (a) | 92,000 | 38,383 | ||||||
Vinda International Holdings Ltd. (a) | 37,000 | 67,346 | ||||||
Vipshop Holdings Ltd. - ADR (b) | 7,600 | 107,692 | ||||||
Wisdom Education International Holdings Co. Ltd. (a) | 86,000 | 36,416 | ||||||
Wynn Macau Ltd. (a) | 19,200 | 47,311 | ||||||
5,309,230 | ||||||||
Chile - 0.0% (d) | ||||||||
Engie Energia Chile SA (a) | 31,485 | 47,951 | ||||||
Inversiones Aguas Metropolitanas SA (a) | 67,537 | 73,619 | ||||||
121,570 | ||||||||
China - 1.0% | ||||||||
Anhui Conch Cement Co. Ltd. - H Shares (a) | 106,000 | 772,330 | ||||||
China Coal Energy Co. Ltd. - H Shares (a) | 156,000 | 61,909 | ||||||
China Construction Bank Corp. - H Shares (a) | 536,000 | 464,735 | ||||||
China Life Insurance Co. Ltd. - H Shares (a) | 273,000 | 759,392 | ||||||
China Merchants Bank Co. Ltd. - H Shares (a) | 6,000 | 30,847 | ||||||
China Oilfield Services Ltd. - H Shares (a) | 138,000 | 216,662 | ||||||
China Pacific Insurance Group Co. Ltd. - H Shares (a) | 25,000 | 98,500 | ||||||
China Shenhua Energy Co. Ltd. - H Shares (a) | 51,500 | 107,682 | ||||||
CNOOC Ltd. (a) | 141,000 | 234,459 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd. - H Shares (a) | 104,000 | 49,121 | ||||||
Great Wall Motor Co. Ltd. - H Shares (a) | 263,500 | 194,965 | ||||||
HUYA, Inc. - ADR (b) | 5,152 | 92,478 | ||||||
Industrial & Commercial Bank of China Ltd. - H Shares (a) | 548,000 | 422,798 | ||||||
PICC Property & Casualty Co. Ltd. - H Shares (a) | 4,000 | 4,821 | ||||||
Ping An Insurance Group Co. of China Ltd. (a) | 14,000 | 165,669 | ||||||
Shanghai Haohai Biological Technology Co. Ltd. - H Shares (a)(b) | 8,100 | 48,963 | ||||||
Shenzhen Expressway Co. Ltd. - H Shares (a) | 118,000 | 169,325 | ||||||
Tsingtao Brewery Co. Ltd. - H Shares (a) | 2,000 | 13,436 | ||||||
Yanzhou Coal Mining Co. Ltd. - H Shares (a) | 52,000 | 46,719 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares (a) | 16,600 | 94,315 | ||||||
4,049,126 | ||||||||
Czech Republic - 0.4% | ||||||||
CEZ AS (a) | 63,451 | 1,426,191 | ||||||
Komercni banka as (a) | 59 | 2,161 | ||||||
1,428,352 | ||||||||
Denmark - 2.7% | ||||||||
AP Moller - Maersk A/S - Series B (a) | 2,466 | 3,558,010 | ||||||
Carlsberg A/S - Series B (a) | 1,674 | 249,821 | ||||||
Danske Bank A/S (a) | 77,627 | 1,255,873 | ||||||
DSV Panalpina A/S (a) | 30,408 | 3,505,317 | ||||||
GN Store Nord A/S (a) | 2,801 | 131,761 | ||||||
Matas A/S (a) | 3,990 | 33,033 | ||||||
Novo Nordisk A/S - Class B (a) | 22,317 | 1,293,244 | ||||||
Pandora A/S (a) | 1,307 | 56,840 | ||||||
Per Aarsleff Holding A/S (a) | 1,397 | 44,943 | ||||||
SimCorp A/S (a) | 2,940 | 334,509 | ||||||
Vestas Wind Systems A/S (a) | 512 | 51,715 | ||||||
10,515,066 | ||||||||
Finland - 0.4% | ||||||||
Huhtamaki Oyj (a) | 672 | 31,201 | ||||||
Kemira Oyj (a) | 17,726 | 263,785 | ||||||
Kone Oyj - Class B (a) | 6,677 | 436,597 | ||||||
Metso Oyj (a) | 136 | 5,373 | ||||||
Neste Oyj (a) | 8,298 | 288,780 | ||||||
Sampo Oyj - A Shares (a) | 10,649 | 464,971 | ||||||
Tokmanni Group Corp. (a) | 5,088 | 72,039 | ||||||
Valmet Oyj (a) | 2,281 | 54,698 | ||||||
1,617,444 | ||||||||
France - 7.8% | ||||||||
Air France-KLM (a)(b) | 5,044 | 56,271 | ||||||
Amundi SA (a) | 24,570 | 1,932,108 | ||||||
Bouygues SA (a) | 17,110 | 729,351 | ||||||
Bureau Veritas SA (a) | 16,824 | 439,814 | ||||||
CGG SA (a)(b) | 15,408 | 50,438 | ||||||
Cie Generale des Etablissements Michelin SCA (a) | 8,785 | 1,081,079 | ||||||
CNP Assurances (a) | 453 | 9,026 | ||||||
Coface SA (a)(b) | 8,175 | 100,793 | ||||||
Dassault Aviation SA (a) | 129 | 169,279 | ||||||
Dassault Systemes SE (a) | 3,780 | 623,421 | ||||||
Eiffage SA (a) | 406 | 46,579 | ||||||
Elior Group SA (a) | 2,576 | 37,946 | ||||||
Elis SA (a) | 13,602 | 282,909 | ||||||
Eramet (a) | 675 | 34,920 | ||||||
EssilorLuxottica SA (a) | 10,052 | 1,536,772 | ||||||
Eurazeo SE (a) | 3,793 | 260,357 | ||||||
Fnac Darty SA (a)(b) | 979 | 58,175 | ||||||
Gaztransport Et Technigaz SA (a) | 2,576 | 248,112 | ||||||
Hermes International (a) | 683 | 511,643 | ||||||
Ipsen SA (a) | 1,887 | 167,504 | ||||||
Kaufman & Broad SA (a) | 1,587 | 65,924 | ||||||
Kering SA (a) | 444 | 292,560 | ||||||
Lagardere SCA (a) | 14,244 | 310,945 | ||||||
Legrand SA (a) | 1,615 | 131,888 | ||||||
L'Oreal SA (a) | 2,360 | 697,873 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 12,931 | 6,025,277 | ||||||
Mersen SA (a) | 1,485 | 56,985 | ||||||
Pernod Ricard SA (a) | 17,554 | 3,141,086 | ||||||
Peugeot SA (a) | 1,492 | 35,923 | ||||||
Publicis Groupe SA (a) | 42,319 | 1,918,812 | ||||||
Quadient (a) | 1,620 | 39,254 | ||||||
Rexel SA (a) | 278,831 | 3,708,663 | ||||||
Safran SA (a) | 3,170 | 489,638 | ||||||
Sanofi (a) | 9,641 | 968,225 | ||||||
Schneider Electric SE (a) | 30,114 | 3,093,918 | ||||||
SCOR SE (a) | 15,348 | 646,090 | ||||||
SOITEC (a)(b) | 689 | 72,742 | ||||||
TOTAL SA (a) | 5,902 | 327,507 | ||||||
Vinci SA (a) | 770 | 85,758 | ||||||
30,485,565 | ||||||||
Germany - 3.8% | ||||||||
adidas AG (a) | 9,593 | 3,122,708 | ||||||
ADVA Optical Networking SE (a)(b) | 4,649 | 42,281 | ||||||
Aixtron SE (a)(b) | 3,939 | 37,612 | ||||||
Allianz SE (a) | 3,490 | 855,151 | ||||||
Amadeus Fire AG (a) | 914 | 151,856 | ||||||
BASF SE (a) | 34,253 | 2,580,517 | ||||||
Bauer AG (a) | 2,298 | 38,956 | ||||||
CompuGroup Medical SE (a) | 1,054 | 75,172 | ||||||
Covestro AG (a) | 12,427 | 578,232 | ||||||
CropEnergies AG (a) | 3,954 | 48,684 | ||||||
CTS Eventim AG & Co. KGaA (a) | 2,889 | 181,266 | ||||||
Dermapharm Holding SE (a) | 1,965 | 87,475 | ||||||
Deutsche EuroShop AG (a) | 3,423 | 101,369 | ||||||
Deutsche Pfandbriefbank AG (a) | 7,519 | 122,460 | ||||||
Deutsche Telekom AG (a) | 8,417 | 137,553 | ||||||
Encavis AG (a) | 31,114 | 326,559 | ||||||
Evotec SE (a)(b) | 4,341 | 111,918 | ||||||
Freenet AG (a) | 4,499 | 103,024 | ||||||
Gerresheimer AG (a) | 4,340 | 335,666 | ||||||
Hannover Rueck SE (a) | 2,127 | 410,119 | ||||||
HOCHTIEF AG (a) | 2,078 | 264,564 | ||||||
Hornbach Holding AG & Co. KGaA (a) | 1,235 | 89,307 | ||||||
KION Group AG (a) | 1,873 | 128,802 | ||||||
Kloeckner & Co. SE (a) | 7,472 | 52,601 | ||||||
LPKF Laser & Electronics AG (a)(b) | 4,453 | 78,853 | ||||||
Merck KGaA (a) | 281 | 33,128 | ||||||
MTU Aero Engines AG (a) | 137 | 39,035 | ||||||
New Work SE (a) | 204 | 66,764 | ||||||
Rheinmetall AG (a) | 428 | 49,076 | ||||||
SAP SE (a) | 4,430 | 596,273 | ||||||
Siemens AG (a) | 4,706 | 614,567 | ||||||
Siltronic AG (a) | 405 | 40,692 | ||||||
Symrise AG (a) | 277 | 29,115 | ||||||
Volkswagen AG (a) | 14,910 | 2,887,856 | ||||||
Wirecard AG (a) | 3,808 | 456,085 | ||||||
Wuestenrot & Wuerttembergische AG (a) | 2,299 | 49,881 | ||||||
14,925,177 | ||||||||
Greece - 0.0% (d) | ||||||||
FF Group (b)(c)(e) | 2,880 | – | ||||||
Hellenic Telecommunications Organization SA (a) | 4,718 | 75,520 | ||||||
Motor Oil Hellas Corinth Refineries SA (a) | 2,776 | 64,251 | ||||||
139,771 | ||||||||
Guernsey - 0.0% (d) | ||||||||
LondonMetric Property PLC (a) | 11,469 | 35,931 | ||||||
Hong Kong - 5.0% | ||||||||
AIA Group Ltd. (a) | 437,665 | 4,603,346 | ||||||
Air China Ltd. - H Shares (a) | 6,000 | 6,087 | ||||||
ANTA Sports Products Ltd. (a) | 16,000 | 143,251 | ||||||
Beijing Enterprises Water Group Ltd. (a) | 2,000 | 1,012 | ||||||
C&D International Investment Group Ltd. (a) | 41,000 | 47,404 | ||||||
China Aoyuan Group Ltd. (a) | 48,000 | 78,323 | ||||||
China CITIC Bank Corp. Ltd. - H Shares (a) | 113,000 | 67,755 | ||||||
China Education Group Holdings Ltd. (a) | 45,000 | 58,930 | ||||||
China Gas Holdings Ltd. (a) | 50,200 | 187,959 | ||||||
China Mobile Ltd. (a) | 69,500 | 587,265 | ||||||
China Resources Power Holdings Co. Ltd. (a) | 1,896,504 | 2,662,871 | ||||||
China Taiping Insurance Holdings Co. Ltd. (a) | 59,800 | 148,337 | ||||||
China Tian Lun Gas Holdings Ltd. (a) | 48,500 | 43,383 | ||||||
China Tianrui Group Cement Co. Ltd. (a)(b) | 71,000 | 71,053 | ||||||
China Unicom Hong Kong Ltd. (a) | 132,000 | 124,294 | ||||||
Chow Sang Sang Holdings International Ltd. (a) | 34,000 | 42,304 | ||||||
CITIC Securities Co. Ltd. - H Shares (a) | 10,500 | 23,955 | ||||||
Country Garden Holdings Co. Ltd. (a) | 42,000 | 67,222 | ||||||
Country Garden Services Holdings Co. Ltd. (a) | 107,000 | 360,250 | ||||||
Gemdale Properties & Investment Corp. Ltd. (a) | 712,000 | 94,183 | ||||||
Greenland Hong Kong Holdings Ltd. (a) | 92,000 | 39,892 | ||||||
Guangzhou R&F Properties Co. Ltd. - H Shares (a) | 86,000 | 158,807 | ||||||
Hang Lung Group Ltd. (a) | 58,000 | 143,480 | ||||||
Hang Seng Bank Ltd. (a) | 15,000 | 310,050 | ||||||
Henderson Land Development Co. Ltd. (a) | 63,800 | 313,070 | ||||||
Hengan International Group Co. Ltd. (a) | 17,000 | 121,092 | ||||||
HKT Trust & HKT Ltd. (a) | 74,000 | 104,287 | ||||||
Hong Kong Exchanges & Clearing Ltd. (a) | 5,700 | 185,180 | ||||||
Hopson Development Holdings Ltd. (a) | 62,000 | 62,865 | ||||||
K Wah International Holdings Ltd. (a) | 79,000 | 44,096 | ||||||
Kaisa Group Holdings Ltd. (a) | 103,000 | 49,169 | ||||||
Lee & Man Paper Manufacturing Ltd. (a) | 111,000 | 84,081 | ||||||
Lenovo Group Ltd. (a) | 3,489,000 | 2,343,050 | ||||||
Leyou Technologies Holdings Ltd. (a)(b) | 110,000 | 32,875 | ||||||
Longfor Group Holdings Ltd. (a) | 50,000 | 234,149 | ||||||
LVGEM China Real Estate Investment Co. Ltd. (a) | 104,000 | 37,216 | �� | |||||
Melco International Development Ltd. - ADR (a) | 17,000 | 47,760 | ||||||
MTR Corp. Ltd. (a) | 2,500 | 14,774 | ||||||
New China Life Insurance Co. Ltd. - H Shares (a) | 55,400 | 238,170 | ||||||
Perfect Shape Medical Ltd. (a) | 108,000 | 42,561 | ||||||
Poly Property Group Co. Ltd. (a) | 178,000 | 73,852 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. - H Shares (a) | 176,000 | 210,892 | ||||||
Shui On Land Ltd. (a) | 428,000 | 94,061 | ||||||
Shun Tak Holdings Ltd. (a) | 96,000 | 45,838 | ||||||
Sinopec Engineering Group Co. Ltd. - H Shares (a) | 71,000 | 42,496 | ||||||
Sinotruk Hong Kong Ltd. (a) | 62,000 | 132,326 | ||||||
Sun Art Retail Group Ltd. (a) | 9,000 | 10,921 | ||||||
Tencent Holdings Ltd. (a) | 89,805 | 4,326,460 | ||||||
The United Laboratories International Holdings Ltd. (a) | 60,000 | 43,719 | ||||||
Tingyi Cayman Islands Holding Corp. (a) | 164,000 | 279,905 | ||||||
West China Cement Ltd. (a) | 584,000 | 95,980 | ||||||
Xinyi Glass Holdings Ltd. (a) | 60,000 | 79,499 | ||||||
Yihai International Holding Ltd. (a) | 6,000 | 35,221 | ||||||
Yuexiu Property Co. Ltd. (a) | 230,000 | 53,133 | ||||||
19,550,111 | ||||||||
Hungary - 0.1% | ||||||||
Magyar Telekom Telecommunications PLC (a) | 43,671 | 66,058 | ||||||
OTP Bank Nyrt (a) | 2,878 | 150,692 | ||||||
216,750 | ||||||||
India - 1.2% | ||||||||
Graphite India Ltd. (a) | 11,340 | 48,221 | ||||||
HDFC Bank Ltd. - ADR | 62,537 | 3,962,970 | ||||||
Just Dial Ltd. (a)(b) | 7,010 | 56,123 | ||||||
Manappuram Finance Ltd. (a) | 24,990 | 62,139 | ||||||
Multi Commodity Exchange of India Ltd. (a) | 2,417 | 39,576 | ||||||
NCC Ltd. (a) | 61,720 | 48,442 | ||||||
Power Finance Corp. Ltd. (a)(b) | 103,759 | 171,478 | ||||||
REC Ltd. (a) | 35,505 | 71,202 | ||||||
SpiceJet Ltd. (a)(b) | 22,619 | 35,725 | ||||||
4,495,876 | ||||||||
Indonesia - 0.1% | ||||||||
Bumi Serpong Damai Tbk PT (a)(b) | 112,300 | 10,121 | ||||||
Global Mediacom Tbk PT (a)(b) | 1,242,200 | 31,126 | ||||||
Media Nusantara Citra Tbk PT (a) | 384,400 | 45,076 | ||||||
Perusahaan Gas Negara Tbk PT (a) | 400,200 | 62,399 | ||||||
Puradelta Lestari Tbk PT (a) | 1,653,700 | 35,223 | ||||||
Unilever Indonesia Tbk PT (a) | 91,000 | 275,086 | ||||||
459,031 | ||||||||
Ireland - 1.5% | ||||||||
Accenture PLC - Class A | 23,357 | 4,918,283 | ||||||
C&C Group PLC (a) | 36,389 | 196,391 | ||||||
DCC PLC (a) | 1,307 | 113,369 | ||||||
UDG Healthcare PLC (a) | 12,269 | 131,174 | ||||||
Willis Towers Watson PLC | 2,961 | 597,944 | ||||||
5,957,161 | ||||||||
Isle Of Man - 0.0% (d) | ||||||||
Playtech PLC (a) | 8,291 | 43,587 | ||||||
Israel - 0.2% | ||||||||
Ashtrom Group Ltd. (a) | 4,956 | 74,257 | ||||||
AudioCodes Ltd. | 3,300 | 84,777 | ||||||
ElCo. Ltd. (a) | 1,538 | 54,974 | ||||||
Fox Wizel Ltd. (a) | 1,552 | 70,749 | ||||||
Matrix IT Ltd. (a) | 6,550 | 132,010 | ||||||
Nice Ltd. (a)(b) | 572 | 88,694 | ||||||
Shikun & Binui Ltd. (a) | 21,957 | 101,091 | ||||||
Teva Pharmaceutical Industries Ltd. - ADR (b) | 6,274 | 61,485 | ||||||
668,037 | ||||||||
Italy - 2.3% | ||||||||
A2A SpA (a) | 71,555 | 134,369 | ||||||
Anima Holding SpA (a) | 6,844 | 35,367 | ||||||
Ascopiave SpA (a) | 10,769 | 46,082 | ||||||
ASTM SpA (a) | 1,079 | 32,630 | ||||||
Atlantia SpA (a) | 4,359 | 101,735 | ||||||
Avio SpA (a) | 2,276 | 35,409 | ||||||
Banca Farmafactoring SpA (a) | 5,182 | 31,038 | ||||||
Banca Generali SpA (a) | 7,240 | 235,365 | ||||||
Banca Mediolanum SpA (a) | 16,034 | 159,333 | ||||||
Banca Monte dei Paschi di Siena SpA (a)(b) | 21,641 | 33,979 | ||||||
Banca Sistema SpA (a) | 48,146 | 99,820 | ||||||
Banco BPM SpA (a)(b) | 17,800 | 40,513 | ||||||
Buzzi Unicem SpA (a) | 2,546 | 64,177 | ||||||
Enel SpA (a) | 227,870 | 1,810,168 | ||||||
Eni SpA (a) | 38,327 | 595,268 | ||||||
EssilorLuxottica SA (a) | 18,816 | 2,858,728 | ||||||
Eurotech SpA (a)(b) | 10,441 | 98,912 | ||||||
Fiera Milano SpA (a) | 12,418 | 76,368 | ||||||
IMA Industria Macchine Automatiche SpA (a) | 481 | 34,593 | ||||||
Intesa Sanpaolo SpA (a) | 61,474 | 161,935 | ||||||
Iren SpA (a) | 16,467 | 51,073 | ||||||
Moncler SpA (a) | 8,597 | 386,931 | ||||||
Piaggio & C SpA (a) | 23,676 | 73,005 | ||||||
SAES Getters SpA (a) | 2,221 | 75,609 | ||||||
Saipem SpA (a)(b) | 15,851 | 77,523 | ||||||
Snam SpA (a) | 49,689 | 261,256 | ||||||
Societa Iniziative Autostradali e Servizi SpA (a) | 4,735 | 79,396 | ||||||
Telecom Italia SpA (a)(b) | 149,313 | 93,248 | ||||||
Tinexta Spa (a) | 2,940 | 38,230 | ||||||
UniCredit SpA (a) | 71,230 | 1,041,172 | ||||||
Unieuro SpA (a) | 4,186 | 62,892 | ||||||
Unione di Banche Italiane SpA (a) | 46,275 | 151,267 | ||||||
Unipol Gruppo SpA (a) | 15,105 | 86,719 | ||||||
9,164,110 | ||||||||
Japan - 14.0% | ||||||||
ABC-Mart, Inc. (a) | 900 | 61,435 | ||||||
ADEKA Corp. (a) | 1,800 | 27,117 | ||||||
Advantest Corp. (a) | 3,400 | 191,754 | ||||||
Akatsuki, Inc. (a) | 600 | 32,159 | ||||||
Alfresa Holdings Corp. (a) | 1,900 | 38,599 | ||||||
Alinco, Inc. (a) | 3,100 | 36,577 | ||||||
Alps Alpine Co. Ltd. (a) | 8,500 | 192,944 | ||||||
Amada Holdings Co. Ltd. (a) | 900 | 10,236 | ||||||
AOI TYO Holdings, Inc. (a) | 6,500 | 42,774 | ||||||
Aoyama Trading Co. Ltd. (a) | 2,200 | 30,958 | ||||||
Aozora Bank Ltd. (a) | 10,400 | 274,755 | ||||||
Argo Graphics, Inc. (a) | 2,200 | 68,225 | ||||||
Astellas Pharma, Inc. (a) | 32,600 | 556,482 | ||||||
Avex, Inc. (a) | 7,600 | 87,543 | ||||||
Bell System24 Holdings, Inc. (a) | 2,300 | 36,065 | ||||||
Bunka Shutter Co. Ltd. (a) | 19,200 | 169,182 | ||||||
CAC Holdings Corp. (a) | 10,700 | 153,446 | ||||||
Calbee, Inc. (a) | 300 | 9,774 | ||||||
Capcom Co. Ltd. (a) | 1,900 | 52,592 | ||||||
Casio Computer Co. Ltd. (a) | 4,400 | 87,927 | ||||||
Central Japan Railway Co. (a) | 1,400 | 281,496 | ||||||
Chodai Co. Ltd. (a) | 4,500 | 54,050 | ||||||
Credit Saison Co. Ltd. (a) | 10,900 | 189,047 | ||||||
Daido Metal Co. Ltd. (a) | 14,600 | 101,762 | ||||||
Daiichi Jitsugyo Co. Ltd. (a) | 1,000 | 35,125 | ||||||
Dai-ichi Life Holdings, Inc. (a) | 38,200 | 629,547 | ||||||
Daiki Aluminium Industry Co. Ltd. (a) | 8,200 | 57,018 | ||||||
Daikin Industries Ltd. (a) | 3,100 | 437,378 | ||||||
Daito Pharmaceutical Co. Ltd. (a) | 2,000 | 58,133 | ||||||
Daito Trust Construction Co. Ltd. (a) | 1,500 | 185,364 | ||||||
Daiwa Office Investment Corp. (a) | 42 | 322,522 | ||||||
DCM Holdings Co. Ltd. (a) | 10,000 | 97,397 | ||||||
Denki Kogyo Co. Ltd. (a) | 3,400 | 101,488 | ||||||
Digital Garage, Inc. (a) | 700 | 29,251 | ||||||
Dip Corp. (a) | 1,100 | 32,493 | ||||||
DMG Mori Co. Ltd. (a) | 1,900 | 29,070 | ||||||
East Japan Railway Co. (a) | 2,900 | 261,760 | ||||||
Eisai Co. Ltd. (a) | 2,400 | 179,582 | ||||||
Electric Power Development Co. Ltd. (a) | 1,400 | 33,982 | ||||||
ES-Con Japan Ltd. (a) | 4,200 | 36,045 | ||||||
Fast Retailing Co. Ltd. (a) | 700 | 415,852 | ||||||
Ferrotec Holdings Corp. (a) | 4,300 | 36,341 | ||||||
FJ Next Co. Ltd. (a) | 12,300 | 129,515 | ||||||
Foster Electric Co. Ltd. (a) | 2,900 | 50,939 | ||||||
Fujikura Ltd. (a) | 8,200 | 33,740 | ||||||
Fujimi, Inc. (a) | 1,600 | 44,988 | ||||||
Fujita Kanko, Inc. (a)(b) | 2,000 | 51,837 | ||||||
Fujitsu Ltd. (a) | 24,200 | 2,276,151 | ||||||
Fukuoka Financial Group, Inc. (a) | 45,900 | 876,968 | ||||||
Furukawa Co. Ltd. (a) | 3,900 | 51,370 | ||||||
Future Corp. (a) | 3,600 | 59,677 | ||||||
Godo Steel Ltd. (a) | 4,900 | 126,292 | ||||||
Goldcrest Co. Ltd. (a) | 7,300 | 139,256 | ||||||
GS Yuasa Corp. (a) | 1,500 | 32,331 | ||||||
Hamamatsu Photonics KK (a) | 1,700 | 69,667 | ||||||
Hikari Tsushin, Inc. (a) | 1,800 | 452,336 | ||||||
HIS Co. Ltd. (a) | 3,500 | 100,425 | ||||||
Hitachi Ltd. (a) | 1,200 | 50,635 | ||||||
Hitachi Metals Ltd. (a) | 241,200 | 3,550,396 | ||||||
Hokkaido Electric Power Co., Inc. (a) | 12,600 | 61,253 | ||||||
Hokuetsu Corp. (a) | 30,500 | 156,796 | ||||||
Hokuhoku Financial Group, Inc. (a) | 3,300 | 34,590 | ||||||
Hokuto Corp. (a) | 5,300 | 96,228 | ||||||
Honda Motor Co. Ltd. (a) | 113,600 | 3,215,055 | ||||||
Honeys Holdings Co. Ltd. (a) | 6,200 | 101,925 | ||||||
Hosiden Corp. (a) | 6,200 | 78,334 | ||||||
House Foods Group, Inc. (a) | 1,100 | 37,525 | ||||||
Hoya Corp. (a) | 1,800 | 171,832 | ||||||
IDEA Consultants, Inc. (a) | 3,400 | 94,767 | ||||||
Iida Group Holdings Co. Ltd. (a) | 72,600 | 1,272,353 | ||||||
Iino Kaiun Kaisha Ltd. (a) | 18,900 | 64,082 | ||||||
Inabata & Co. Ltd. (a) | 4,900 | 73,206 | ||||||
Ines Corp. (a) | 5,100 | 63,726 | ||||||
Inpex Corp. (a) | 231,400 | 2,397,242 | ||||||
Internet Initiative Japan, Inc. (a) | 6,500 | 175,172 | ||||||
Isuzu Motors Ltd. (a) | 47,900 | 566,215 | ||||||
Itochu Techno-Solutions Corp. (a) | 8,600 | 242,194 | ||||||
Jaccs Co. Ltd. (a) | 5,500 | 140,713 | ||||||
Japan Hotel REIT Investment Corp. (a) | 42 | 31,373 | ||||||
Japan Petroleum Exploration Co. Ltd. (a) | 4,200 | 113,104 | ||||||
Japan Retail Fund Investment Corp. (a) | 110 | 236,710 | ||||||
Japan Securities Finance Co. Ltd. (a) | 17,800 | 84,941 | ||||||
JGC Holdings Corp. (a) | 2,400 | 38,198 | ||||||
JVCKenwood Corp. (a) | 18,900 | 47,318 | ||||||
JXTG Holdings, Inc. (a) | 502,400 | 2,280,182 | ||||||
Kandenko Co. Ltd. (a) | 21,900 | 209,918 | ||||||
Kanto Denka Kogyo Co. Ltd. (a) | 5,000 | 46,614 | ||||||
Kao Corp. (a) | 700 | 57,733 | ||||||
KAWADA TECHNOLOGIES, Inc. (a) | 500 | 30,677 | ||||||
Keihin Corp. (a) | 3,700 | 86,414 | ||||||
Kewpie Corp. (a) | 3,500 | 78,636 | ||||||
Key Coffee, Inc. (a) | 2,800 | 59,487 | ||||||
Keyence Corp. (a) | 9,980 | 3,504,363 | ||||||
KFC Holdings Japan Ltd. (a) | 5,100 | 149,066 | ||||||
Koito Manufacturing Co. Ltd. (a) | 6,900 | 319,511 | ||||||
Kojima Co. Ltd. (a) | 6,000 | 28,902 | ||||||
Kokuyo Co. Ltd. (a) | 6,500 | 96,973 | ||||||
KOMEDA Holdings Co. Ltd. (a) | 1,900 | 37,051 | ||||||
Kubota Corp. (a) | 12,300 | 193,150 | ||||||
Kumiai Chemical Industry Co. Ltd. (a) | 8,100 | 74,110 | ||||||
Kureha Corp. (a) | 2,400 | 144,117 | ||||||
Lasertec Corp. (a) | 1,200 | 60,858 | ||||||
Lawson, Inc. (a) | 1,500 | 85,144 | ||||||
Life Corp. (a) | 3,000 | 71,296 | ||||||
LIXIL Group Corp. (a) | 7,800 | 134,603 | ||||||
McDonald's Holdings Co. Japan Ltd. (a) | 5,900 | 284,255 | ||||||
MCUBS MidCity Investment Corp. (a) | 49 | 53,197 | ||||||
Micronics Japan Co. Ltd. (a) | 4,200 | 47,129 | ||||||
Mimasu Semiconductor Industry Co. Ltd. (a) | 4,300 | 86,208 | ||||||
Mirai Corp. (a) | 525 | 294,868 | ||||||
Mitsubishi Corp. (a) | 8,200 | 217,229 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) | 16,000 | 86,501 | ||||||
Mitsui & Co. Ltd. (a) | 65,100 | 1,157,187 | ||||||
Mitsui E&S Holdings Co. Ltd. (a)(b) | 4,200 | 33,980 | ||||||
Mitsui Matsushima Holdings Co. Ltd. (a) | 4,500 | 49,989 | ||||||
Mitsui Sugar Co. Ltd. (a) | 1,500 | 31,313 | ||||||
Mitsui-Soko Holdings Co. Ltd. (a) | 5,500 | 103,543 | ||||||
Moriroku Holdings Co. Ltd. (a) | 3,100 | 67,800 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 22,400 | 739,395 | ||||||
Nasu Denki Tekko Co. Ltd. (a) | 400 | 59,687 | ||||||
Nichiban Co. Ltd. (a) | 2,300 | 39,128 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. (a) | 3,800 | 47,238 | ||||||
Nihon Chouzai Co. Ltd. (a) | 1,800 | 63,061 | ||||||
Nihon Falcom Corp. (a) | 2,500 | 28,195 | ||||||
Nikkiso Co. Ltd. (a) | 7,100 | 93,047 | ||||||
Nikkon Holdings Co. Ltd. (a) | 4,200 | 105,008 | ||||||
Nintendo Co. Ltd. (a) | 1,500 | 599,940 | ||||||
Nippon Antenna Co. Ltd. (a) | 4,200 | 45,719 | ||||||
Nippon Carbon Co. Ltd. (a) | 2,100 | 78,468 | ||||||
Nippon Electric Glass Co. Ltd. (a) | 2,500 | 55,500 | ||||||
Nippon Pillar Packing Co. Ltd. (a) | 4,000 | 55,225 | ||||||
Nippon Sheet Glass Co. Ltd. (a) | 20,400 | 129,125 | ||||||
Nippon Thompson Co. Ltd. (a) | 7,000 | 33,003 | ||||||
Nishi-Nippon Financial Holdings, Inc. (a) | 17,400 | 135,484 | ||||||
Nishio Rent All Co. Ltd. (a) | 1,700 | 48,438 | ||||||
Nissan Chemical Corp. (a) | 2,000 | 83,756 | ||||||
Nissin Kogyo Co. Ltd. (a) | 2,500 | 50,628 | ||||||
Nittetsu Mining Co. Ltd. (a) | 1,100 | 50,732 | ||||||
Nitto Denko Corp. (a) | 13,300 | 747,830 | ||||||
Nohmi Bosai Ltd. (a) | 1,800 | 40,351 | ||||||
Nomura Research Institute Ltd. (a) | 7,301 | 156,139 | ||||||
North Pacific Bank Ltd. (a) | 15,000 | 33,419 | ||||||
NS United Kaiun Kaisha Ltd. (a) | 2,500 | 51,274 | ||||||
NSD Co. Ltd. (a) | 2,400 | 39,519 | ||||||
NTT DOCOMO, Inc. (a) | 15,000 | 417,842 | ||||||
Obic Co. Ltd. (a) | 4,700 | 633,094 | ||||||
Olympus Corp. (a) | 14,500 | 223,484 | ||||||
One REIT, Inc. (a) | 64 | 210,838 | ||||||
Ono Pharmaceutical Co. Ltd. (a) | 4,000 | 91,321 | ||||||
Organo Corp. (a) | 2,000 | 123,050 | ||||||
Otsuka Corp. (a) | 9,200 | 367,401 | ||||||
Otsuka Holdings Co. Ltd. (a) | 6,700 | 298,647 | ||||||
Persol Holdings Co. Ltd. (a) | 15,500 | 290,488 | ||||||
Prima Meat Packers Ltd. (a) | 3,300 | 76,644 | ||||||
PS Mitsubishi Construction Co. Ltd. (a) | 12,600 | 84,625 | ||||||
Recruit Holdings Co. Ltd. (a) | 6,600 | 247,205 | ||||||
Relia, Inc. (a) | 6,900 | 87,651 | ||||||
Renesas Electronics Corp. (a)(b) | 33,000 | 225,454 | ||||||
Resona Holdings, Inc. (a) | 270,200 | 1,177,675 | ||||||
Resorttrust, Inc. (a) | 2,200 | 37,295 | ||||||
Restar Holdings Corp. (a) | 5,500 | 101,973 | ||||||
Rohto Pharmaceutical Co. Ltd. (a) | 1,700 | 51,442 | ||||||
Roland DG Corp. (a) | 2,500 | 49,806 | ||||||
Ryoyo Electro Corp. (a) | 1,900 | 35,234 | ||||||
SAMTY Co. Ltd. (a) | 4,400 | 90,498 | ||||||
Sanki Engineering Co. Ltd. (a) | 7,700 | 108,439 | ||||||
Sankyo Co. Ltd. (a) | 5,600 | 185,992 | ||||||
Sanshin Electronics Co. Ltd. (a) | 2,800 | 45,782 | ||||||
Sawai Pharmaceutical Co. Ltd. (a) | 1,400 | 88,695 | ||||||
Scala, Inc. (a) | 4,000 | 28,625 | ||||||
SEC Carbon Ltd. (a) | 600 | 51,976 | ||||||
Secom Co. Ltd. (a) | 700 | 62,470 | ||||||
Seikoh Giken Co. Ltd. (a) | 1,300 | 40,203 | ||||||
Seino Holdings Co. Ltd. (a) | 8,800 | 118,893 | ||||||
Sekisui House Reit, Inc. (a) | 520 | 437,271 | ||||||
Sekisui Plastics Co. Ltd. (a) | 7,300 | 55,281 | ||||||
Seven & i Holdings Co. Ltd. (a) | 1,000 | 36,655 | ||||||
Shimano, Inc. (a) | 5,300 | 859,824 | ||||||
Shin Nippon Biomedical Laboratories Ltd. (a) | 4,800 | 27,653 | ||||||
Shin-Etsu Chemical Co. Ltd. (a) | 6,000 | 659,839 | ||||||
Shinko Shoji Co. Ltd. (a) | 7,300 | 59,180 | ||||||
Shinsei Bank Ltd. (a) | 7,800 | 119,006 | ||||||
Shionogi & Co. Ltd. (a) | 8,800 | 544,381 | ||||||
Showa Denko KK (a) | 200 | 5,271 | ||||||
Showa Sangyo Co. Ltd. (a) | 2,400 | 68,656 | ||||||
SK-Electronics Co. Ltd. (a) | 1,800 | 32,769 | ||||||
SKY Perfect JSAT Holdings, Inc. (a) | 22,900 | 101,532 | ||||||
Softbank Corp. (a) | 7,600 | 101,914 | ||||||
SoftBank Group Corp. (a) | 12,600 | 547,055 | ||||||
Sojitz Corp. (a) | 33,200 | 107,007 | ||||||
Sony Financial Holdings, Inc. (a) | 4,800 | 115,223 | ||||||
Studio Alice Co. Ltd. (a) | 3,600 | 62,694 | ||||||
Subaru Corp. (a) | 22,600 | 559,798 | ||||||
Sumitomo Corp. (a) | 16,000 | 237,654 | ||||||
Sumitomo Densetsu Co. Ltd. (a) | 3,300 | 88,709 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 70,100 | 2,589,169 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. (a) | 600 | 23,719 | ||||||
Sumitomo Riko Co. Ltd. (a) | 4,900 | 44,204 | ||||||
Sundrug Co. Ltd. (a) | 500 | 18,091 | ||||||
SWCC Showa Holdings Co. Ltd. (a) | 10,400 | 141,666 | ||||||
Sysmex Corp. (a) | 1,800 | 122,553 | ||||||
T&D Holdings, Inc. (a) | 1,600 | 20,233 | ||||||
Taisei Corp. (a) | 2,200 | 91,126 | ||||||
Takara Standard Co. Ltd. (a) | 4,300 | 77,402 | ||||||
Takasago Thermal Engineering Co. Ltd. (a) | 2,100 | 37,569 | ||||||
Takashimaya Co. Ltd. (a) | 19,100 | 214,248 | ||||||
Tama Home Co. Ltd. (a) | 8,000 | 121,029 | ||||||
Tekken Corp. (a) | 3,400 | 87,657 | ||||||
The 77 Bank Ltd. (a) | 11,400 | 189,728 | ||||||
The Juroku Bank Ltd. (a) | 4,100 | 96,063 | ||||||
The Nanto Bank Ltd. (a) | 2,200 | 55,813 | ||||||
The Nisshin Oillio Group Ltd. (a) | 3,400 | 117,743 | ||||||
The Tochigi Bank Ltd. (a) | 16,500 | 35,447 | ||||||
TIS, Inc. (a) | 2,600 | 153,694 | ||||||
Toho Holdings Co. Ltd. (a) | 7,600 | 168,385 | ||||||
Tokai Carbon Co. Ltd. (a) | 3,500 | 34,916 | ||||||
Tokyo Electron Ltd. (a) | 1,600 | 349,328 | ||||||
Tokyotokeiba Co. Ltd. | 1,100 | 34,826 | ||||||
Tokyu Construction Co. Ltd. (a) | 35,800 | 254,995 | ||||||
TOMONY Holdings, Inc. (a) | 25,100 | 95,049 | ||||||
Toppan Forms Co. Ltd. (a) | 6,700 | 75,017 | ||||||
Topre Corp. (a) | 2,200 | 35,458 | ||||||
Toray Industries, Inc. (a) | 3,300 | 22,359 | ||||||
Torii Pharmaceutical Co. Ltd. (a) | 5,600 | 156,795 | ||||||
Tosei Corp. (a) | 4,000 | 54,609 | ||||||
Towa Pharmaceutical Co. Ltd. (a) | 1,700 | 44,175 | ||||||
Transaction Co. Ltd. (a) | 6,600 | 61,402 | ||||||
Trend Micro, Inc. (a)(b) | 1,800 | 92,106 | ||||||
UNITED, Inc. (a) | 5,200 | 65,838 | ||||||
Unitika Ltd. (a)(b) | 10,800 | 37,110 | ||||||
USS Co. Ltd. (a) | 6,400 | 120,981 | ||||||
UT Group Co. Ltd. (a) | 1,600 | 47,682 | ||||||
V Technology Co. Ltd. (a) | 500 | 25,344 | ||||||
Valor Holdings Co. Ltd. (a) | 4,300 | 83,997 | ||||||
Vital KSK Holdings, Inc. (a) | 10,000 | 96,030 | ||||||
Wakita & Co. Ltd. (a) | 5,200 | 52,941 | ||||||
Wealth Management, Inc. (a) | 2,600 | 46,179 | ||||||
Welcia Holdings Co. Ltd. (a) | 2,400 | 152,470 | ||||||
Will Group, Inc. (a) | 8,600 | 98,119 | ||||||
World Holdings Co. Ltd. (a) | 2,500 | 44,207 | ||||||
Yakult Honsha Co. Ltd. (a) | 600 | 33,068 | ||||||
Yamaha Corp. (a) | 1,000 | 55,443 | ||||||
Yokohama Reito Co. Ltd. (a) | 11,700 | 107,014 | ||||||
Yorozu Corp. (a) | 2,600 | 34,901 | ||||||
Yotai Refractories Co. Ltd. (a) | 5,300 | 34,837 | ||||||
Z Holdings Corp. (a) | 19,000 | 80,220 | ||||||
54,741,004 | ||||||||
Jersey - 1.9% | ||||||||
boohoo Group PLC (a)(b) | 11,719 | 46,281 | ||||||
Experian PLC (a) | 185,233 | 6,279,343 | ||||||
Genel Energy PLC (a) | 26,342 | 66,187 | ||||||
Man Group PLC (a) | 19,052 | 39,902 | ||||||
Petrofac Ltd. (a) | 6,230 | 31,767 | ||||||
WNS Holdings Ltd. - ADR (b) | 3,100 | 205,065 | ||||||
WPP PLC (a) | 45,666 | 642,628 | ||||||
7,311,173 | ||||||||
Luxembourg - 0.1% | ||||||||
Corestate Capital Holding SA (a) | 3,380 | 142,236 | ||||||
PLAY Communications SA (a) | 7,226 | 66,630 | ||||||
Reinet Investments SCA (a) | 2,183 | 43,294 | ||||||
SES SA - ADR (a) | 790 | 11,104 | ||||||
263,264 | ||||||||
Malaysia - 0.2% | ||||||||
Bermaz Auto Berhad (a) | 99,600 | 51,151 | ||||||
Carlsberg Brewery Malaysia Berhad (a) | 6,100 | 43,869 | ||||||
Genting Malaysia Berhad (a) | 613,400 | 493,736 | ||||||
MMC Corp. Berhad (a) | 361,900 | 87,224 | ||||||
Serba Dinamik Holdings Berhad (a) | 72,200 | 38,868 | ||||||
Sunway Berhad (a) | 88,072 | 38,753 | ||||||
753,601 | ||||||||
Mexico - 0.9% | ||||||||
America Movil SAB de CV | 181,800 | 145,190 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV - Class A (b) | 36,300 | 37,975 | ||||||
Gentera SAB de CV | 43,700 | 44,815 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 16,700 | 125,033 | ||||||
Kimberly-Clark de Mexico SAB de CV - Class A | 135,500 | 269,674 | ||||||
Qualitas Controladora SAB de CV | 39,300 | 165,535 | ||||||
Regional SAB de CV | 6,500 | 36,441 | ||||||
Wal-Mart de Mexico SAB de CV | 870,531 | 2,499,136 | ||||||
3,323,799 | ||||||||
Netherlands - 3.0% | ||||||||
Airbus SE (a) | 885 | 129,888 | ||||||
Argenx SE (a)(b) | 272 | 43,749 | ||||||
ASML Holding NV (a) | 4,600 | 1,361,866 | ||||||
ASML Holding NV - ADR | 12,179 | 3,604,253 | ||||||
ASR Nederland NV (a) | 3,262 | 122,246 | ||||||
EXOR NV (a) | 4,707 | 364,942 | ||||||
Ferrari NV (a) | 2,115 | 351,167 | ||||||
Fiat Chrysler Automobiles NV (a) | 39,411 | 584,331 | ||||||
ING Groep NV (a) | 194,213 | 2,334,919 | ||||||
Intertrust NV (a) | 7,731 | 150,337 | ||||||
Koninklijke Ahold Delhaize NV (a) | 21,582 | 541,115 | ||||||
Koninklijke DSM NV (a) | 622 | 81,324 | ||||||
Koninklijke KPN NV (a) | 60,401 | 178,750 | ||||||
Koninklijke Philips NV (a) | 16,961 | 829,120 | ||||||
Koninklijke Volkerwessels NV (a) | 4,162 | 102,569 | ||||||
NN Group NV (a) | 7,320 | 278,328 | ||||||
Randstad NV (a) | 777 | 47,611 | ||||||
SBM Offshore NV (a) | 3,983 | 74,415 | ||||||
Unilever NV (a) | 4,099 | 235,246 | ||||||
Wolters Kluwer NV (a) | 2,034 | 148,514 | ||||||
11,564,690 | ||||||||
New Zealand - 0.1% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. (a) | 6,714 | 100,482 | ||||||
Fletcher Building Ltd. (a) | 10,240 | 35,100 | ||||||
Infratil Ltd. (a) | 39,918 | 135,497 | ||||||
Meridian Energy Ltd. (a) | 63,794 | 214,891 | ||||||
Metlifecare Ltd. (a) | 8,926 | 41,045 | ||||||
527,015 | ||||||||
Norway - 0.2% | ||||||||
Aker BP ASA (a) | 4,293 | 140,898 | ||||||
DNB ASA (a) | 4,394 | 82,224 | ||||||
Equinor ASA (a) | 4,607 | 91,874 | ||||||
Europris ASA (a) | 19,452 | 76,537 | ||||||
Kongsberg Gruppen ASA (a) | 3,262 | 51,260 | ||||||
Salmar ASA (a) | 2,537 | 130,012 | ||||||
Telenor ASA (a) | 10,539 | 188,919 | ||||||
761,724 | ||||||||
Philippines - 0.1% | ||||||||
Altus San Nicolas Corp. (b)(c)(e) | 1,826 | 364 | ||||||
First Gen Corp. (a) | 78,100 | 37,226 | ||||||
Globe Telecom, Inc. (a) | 2,915 | 116,245 | ||||||
Manila Electric Co. (a) | 18,980 | 118,743 | ||||||
PLDT, Inc. (a) | 1,010 | 19,810 | ||||||
Robinsons Land Corp. (a) | 53,400 | 29,036 | ||||||
SM Prime Holdings, Inc. (a) | 22,900 | 19,007 | ||||||
340,431 | ||||||||
Poland - 0.1% | ||||||||
Bank Millennium SA (a)(b) | 37,677 | 57,985 | ||||||
Enea SA (a)(b) | 24,535 | 51,201 | ||||||
LPP SA (a) | 68 | 158,085 | ||||||
mBank SA (a)(b) | 1,002 | 102,845 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA (a) | 15,385 | 139,675 | ||||||
509,791 | ||||||||
Portugal - 0.1% | ||||||||
Banco Comercial Portugues SA (a) | 292,049 | 66,646 | ||||||
Galp Energia SGPS SA (a) | 1,662 | 27,902 | ||||||
Mota-Engil SGPS SA (a) | 30,151 | 63,398 | ||||||
Sonae SGPS SA (a) | 102,699 | 104,890 | ||||||
262,836 | ||||||||
Republic of Korea - 2.3% | ||||||||
Autech Corp. (a) | 3,346 | 33,741 | ||||||
BGF retail Co. Ltd. (a) | 681 | 99,643 | ||||||
CammSys Corp. (a)(b) | 14,896 | 39,748 | ||||||
Chongkundang Holdings Corp. (a) | 613 | 53,442 | ||||||
CJ Corp. (a) | 474 | 39,523 | ||||||
Classys, Inc. (a) | 4,559 | 55,538 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)(b) | 3,190 | 76,550 | ||||||
Dawonsys Co. Ltd. (a) | 4,663 | 63,706 | ||||||
DB HiTek Co. Ltd. (a) | 2,524 | 60,237 | ||||||
Deutsch Motors, Inc. (a)(b) | 9,896 | 65,565 | ||||||
DIO Corp. (a)(b) | 1,094 | 39,692 | ||||||
Dongwon Development Co. Ltd. (a) | 25,321 | 89,410 | ||||||
Doosan Bobcat, Inc. (a) | 4,299 | 127,666 | ||||||
ENF Technology Co. Ltd. (a) | 2,000 | 49,400 | ||||||
Fila Korea Ltd. (a) | 1,185 | 54,147 | ||||||
Hana Financial Group, Inc. (a) | 27,965 | 889,511 | ||||||
Handsome Co. Ltd. (a) | 2,179 | 59,445 | ||||||
Hankook Technology Group Co. Ltd. (a) | 2,107 | 26,155 | ||||||
Hansol Chemical Co. Ltd. (a) | 602 | 55,091 | ||||||
Hansol Technics Co. Ltd. (a)(b) | 4,620 | 35,607 | ||||||
Hanwha Aerospace Co. Ltd. (a)(b) | 1,890 | 57,170 | ||||||
HDC Hyundai Development Co. Engineering & Construction (a) | 1,963 | 43,404 | ||||||
HLscience Co. Ltd. (a) | 1,229 | 58,005 | ||||||
HS Industries Co. Ltd. (a) | 3,770 | 38,667 | ||||||
Hyosung Advanced Materials Corp. (a)(b) | 507 | 48,548 | ||||||
Hyundai Mobis Co. Ltd. (a) | 206 | 45,576 | ||||||
iMarketKorea, Inc. (a) | 6,997 | 62,753 | ||||||
INTOPS Co. Ltd. (a) | 4,588 | 51,056 | ||||||
IS Dongseo Co. Ltd. (a) | 2,786 | 79,401 | ||||||
Kakao Corp. (a)(b) | 561 | 74,302 | ||||||
KIWOOM Securities Co. Ltd. (a) | 846 | 57,920 | ||||||
Koentec Co. Ltd. (a) | 6,922 | 59,477 | ||||||
Kolmar BNH Co. Ltd. (a) | 2,668 | 63,908 | ||||||
Korea Electric Terminal Co. Ltd. (a) | 939 | 34,676 | ||||||
Korea Zinc Co. Ltd. (a) | 204 | 74,965 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. (a) | 5,512 | 31,660 | ||||||
LG Hausys Ltd. (a) | 1,485 | 70,253 | ||||||
Mcnex Co. Ltd. (a) | 3,132 | 101,639 | ||||||
ME2ON Co. Ltd. (a)(b) | 5,985 | 29,644 | ||||||
Neowiz (a)(b) | 2,956 | 43,186 | ||||||
NEPES Corp. (a) | 1,394 | 28,876 | ||||||
Nexen Tire Corp. (a) | 8,213 | 64,870 | ||||||
Orion Holdings Corp. (a) | 2,609 | 40,096 | ||||||
Osstem Implant Co. Ltd. (a)(b) | 1,889 | 69,107 | ||||||
Partron Co. Ltd. (a) | 6,890 | 78,516 | ||||||
Pearl Abyss Corp. (a)(b) | 89 | 14,258 | ||||||
POSCO (a) | 11,270 | 2,290,783 | ||||||
Pyeong Hwa Automotive Co. Ltd. (a) | 3,702 | 27,546 | ||||||
RFHIC Corp. (a) | 2,168 | 68,562 | ||||||
Samsung Electronics Co. Ltd. (a) | 18,951 | 913,190 | ||||||
Samsung Engineering Co. Ltd. (a)(b) | 13,582 | 224,459 | ||||||
Samsung SDS Co. Ltd. (a) | 498 | 83,577 | ||||||
Seojin System Co. Ltd. (a) | 1,393 | 34,526 | ||||||
SFA Semicon Co. Ltd. (a)(b) | 11,606 | 43,146 | ||||||
Shinhan Financial Group Co. Ltd. (a)(b) | 38,390 | 1,439,348 | ||||||
Soulbrain Co. Ltd. (a) | 554 | 40,484 | ||||||
Suprema, Inc. (a)(b) | 2,616 | 76,331 | ||||||
Woongjin Coway Co. Ltd. (a) | 734 | 59,010 | ||||||
Youngone Corp. (a)(b) | 1,189 | 35,159 | ||||||
8,771,871 | ||||||||
Russian Federation - 0.9% | ||||||||
Inter RAO UES PJSC (a) | 2,985,000 | 242,782 | ||||||
Magnitogorsk Iron & Steel Works PJSC (a) | 81,500 | 55,118 | ||||||
MMC Norilsk Nickel PJSC (a) | 3,471 | 1,067,846 | ||||||
Mobile TeleSystems PJSC - ADR | 14,900 | 151,235 | ||||||
OGK-2 PJSC (a)(b) | 11,289,000 | 102,438 | ||||||
Rosneft Oil Co. PJSC - GDR (a) | 175,678 | 1,275,406 | ||||||
Rostelecom PJSC (a)(b) | 47,522 | 59,984 | ||||||
Severstal PJSC (a) | 9,501 | 143,690 | ||||||
Sistema PJSFC (a)(b) | 188,351 | 46,328 | ||||||
Tatneft PJSC (a) | 30,728 | 376,432 | ||||||
TGC-1 PJSC (a)(b) | 336,572,723 | 70,007 | ||||||
Unipro PJSC (a)(b) | 1,420,102 | 63,687 | ||||||
3,654,953 | ||||||||
Singapore - 1.2% | ||||||||
Ascott Real Estate Investment Trust (a) | 48,446 | 48,340 | ||||||
Ascendas Real Estate Investment Trust (a) | 7,500 | 16,570 | ||||||
DBS Group Holdings Ltd. (a) | 79,000 | 1,523,218 | ||||||
Frencken Group Ltd. (a) | 131,700 | 90,606 | ||||||
Keppel DC REIT (a) | 47,700 | 73,802 | ||||||
Mapletree Commercial Trust (a) | 258,600 | 459,856 | ||||||
Singapore Exchange Ltd. (a) | 71,400 | 470,250 | ||||||
SPH REIT (a) | 64,000 | 50,971 | ||||||
Wilmar International Ltd. (a) | 656,000 | 2,009,787 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. (a) | 73,800 | 61,517 | ||||||
4,804,917 | ||||||||
South Africa - 0.4% | ||||||||
AECI Ltd. (a) | 4,727 | 36,095 | ||||||
African Rainbow Minerals Ltd. (a) | 9,428 | 110,381 | ||||||
Anglo American Platinum Ltd. (a) | 308 | 28,686 | ||||||
Assore Ltd. (a) | 2,718 | 52,747 | ||||||
Capitec Bank Holdings Ltd. (a) | 124 | 12,802 | ||||||
Clicks Group Ltd. (a) | 2,277 | 41,750 | ||||||
DataTec Ltd. (a) | 13,975 | 33,047 | ||||||
Harmony Gold Mining Co. Ltd. - ADR (b) | 9,200 | 33,396 | ||||||
Kumba Iron Ore Ltd. (a) | 5,369 | 159,740 | ||||||
Liberty Holdings Ltd. (a) | 15,947 | 126,082 | ||||||
Momentum Metropolitan Holdings (a) | 109,379 | 170,615 | ||||||
Mr Price Group Ltd. (a) | 2,688 | 35,093 | ||||||
MTN Group Ltd. (a) | 48,270 | 284,559 | ||||||
Netcare Ltd. (a) | 78,493 | 109,107 | ||||||
Northam Platinum Ltd. (a)(b) | 4,978 | 43,896 | ||||||
Rand Merchant Investment Holdings Ltd. (a) | 41,978 | 92,565 | ||||||
Standard Bank Group Ltd. (a) | 8,542 | 102,743 | ||||||
Super Group Ltd. (a)(b) | 27,532 | 55,934 | ||||||
Vodacom Group Ltd. (a) | 10,452 | 86,101 | ||||||
1,615,339 | ||||||||
Spain - 1.8% | ||||||||
ACS Actividades de Construccion y Servicios SA (a) | 15,600 | 625,784 | ||||||
Amadeus IT Group SA (a) | 37,979 | 3,110,371 | ||||||
Banco Bilbao Vizcaya Argentaria SA (a) | 43,179 | 242,422 | ||||||
Banco Santander SA (a) | 13,194 | 55,319 | ||||||
Bankia SA (a) | 488,604 | 1,046,179 | ||||||
CIE Automotive SA (a) | 7,843 | 186,127 | ||||||
Endesa SA (a) | 1,556 | 41,553 | ||||||
Faes Farma SA (a) | 34,785 | 195,770 | ||||||
Gestamp Automocion SA (a) | 16,723 | 80,643 | ||||||
Grupo Catalana Occidente SA (a) | 2,328 | 81,462 | ||||||
Grupo Empresarial San Jose SA (a)(b) | 5,561 | 37,449 | ||||||
Iberdrola SA (a) | 29,930 | 308,447 | ||||||
Indra Sistemas SA (a)(b) | 13,120 | 150,292 | ||||||
Industria de Diseno Textil SA (a) | 10,652 | 376,449 | ||||||
Masmovil Ibercom SA (a)(b) | 3,121 | 71,326 | ||||||
Red Electrica Corp. SA (a) | 5,497 | 110,764 | ||||||
Repsol SA (a) | 17,356 | 272,667 | ||||||
Sacyr SA (a) | 16,003 | 46,858 | ||||||
Tecnicas Reunidas SA (a)(b) | 1,308 | 35,090 | ||||||
7,074,972 | ||||||||
Sweden - 2.6% | ||||||||
AcadeMedia AB (a) | 6,617 | 39,090 | ||||||
AF Poyry AB (a) | 2,054 | 47,969 | ||||||
Assa Abloy AB - Class B (a) | 535 | 12,506 | ||||||
Atlas Copco AB - Class A (a) | 95,556 | 3,814,182 | ||||||
Atlas Copco AB - Class B (a) | 1,692 | 58,748 | ||||||
Axfood AB (a) | 11,498 | 256,060 | ||||||
Betsson AB (a) | 6,531 | 30,436 | ||||||
Bilia AB - Class A (a) | 4,098 | 46,493 | ||||||
Biotage AB (a) | 6,942 | 92,026 | ||||||
Evolution Gaming Group AB (a) | 6,186 | 186,688 | ||||||
Fastighets AB Balder - B Shares (a)(b) | 4,856 | 224,740 | ||||||
Fortnox AB | 3,365 | 60,356 | ||||||
Hemfosa Fastigheter AB (a) | 8,358 | 108,228 | ||||||
Hennes & Mauritz AB - Class B (a) | 29,967 | 611,253 | ||||||
Hexagon AB - B Shares (a) | 7,143 | 400,374 | ||||||
Hoist Finance AB (a)(b) | 16,254 | 86,556 | ||||||
Indutrade AB (a) | 4,553 | 162,812 | ||||||
Instalco AB (a) | 6,909 | 99,464 | ||||||
Intrum AB (a) | 4,479 | 133,822 | ||||||
Investor AB - B Shares (a) | 4,980 | 271,877 | ||||||
Inwido AB (a) | 14,488 | 111,590 | ||||||
KNOW IT AB (a) | 2,184 | 48,761 | ||||||
Lifco AB (a) | 4,002 | 244,476 | ||||||
Lindab International AB (a) | 8,978 | 114,705 | ||||||
Loomis AB - Class B (a) | 2,830 | 117,306 | ||||||
Lundin Petroleum AB (a) | 6,250 | 212,215 | ||||||
Nordic Entertainment Group AB - Class B (a) | 1,188 | 38,388 | ||||||
Nyfosa AB (a)(b) | 8,572 | 74,156 | ||||||
Orexo AB (a)(b) | 5,668 | 38,045 | ||||||
Recipharm AB - Class B (a) | 4,780 | 76,168 | ||||||
Sandvik AB (a) | 33,457 | 651,654 | ||||||
Scandic Hotels Group AB (a) | 5,394 | 60,110 | ||||||
Skandinaviska Enskilda Banken AB - Class A (a) | 10,120 | 95,126 | ||||||
SSAB AB - Class B (a) | 23,027 | 75,247 | ||||||
Stillfront Group AB (a)(b) | 1,261 | 49,558 | ||||||
Sweco AB - Class B (a) | 4,430 | 170,789 | ||||||
Swedish Match AB (a) | 3,573 | 184,069 | ||||||
Swedish Orphan Biovitrum AB (a)(b) | 5,332 | 88,382 | ||||||
Telefonaktiebolaget LM Ericsson - B Shares (a) | 57,770 | 504,784 | ||||||
Tethys Oil AB (a) | 11,282 | 101,764 | ||||||
Trelleborg AB - Class B (a) | 11,253 | 202,576 | ||||||
Vitrolife AB (a) | 4,235 | 89,529 | ||||||
Volvo AB - B Shares (a) | 11,015 | 184,404 | ||||||
10,277,482 | ||||||||
Switzerland - 8.4% | ||||||||
ABB Ltd. (a) | 34,067 | 821,803 | ||||||
Adecco Group AG (a) | 780 | 49,313 | ||||||
Alcon, Inc. (a)(b) | 56,431 | 3,196,343 | ||||||
Belimo Holding AG (a) | 35 | 263,715 | ||||||
Chubb Ltd. | 23,756 | 3,697,859 | ||||||
Credit Suisse Group AG (a) | 87,860 | 1,187,663 | ||||||
dormakaba Holding AG (a) | 94 | 67,292 | ||||||
EMS-Chemie Holding AG (a) | 619 | 406,952 | ||||||
Galenica AG (a) | 2,397 | 148,042 | ||||||
Geberit AG (a) | 6,002 | 3,368,811 | ||||||
Landis+Gyr Group AG (a) | 875 | 90,953 | ||||||
Nestle SA (a) | 52,567 | 5,691,181 | ||||||
Novartis AG (a) | 15,233 | 1,442,407 | ||||||
Partners Group Holding AG (a) | 751 | 688,312 | ||||||
Roche Holding AG (a) | 14,875 | 4,834,417 | ||||||
SGS SA (a) | 104 | 284,822 | ||||||
SIG Combibloc Group AG (a) | 9,110 | 145,332 | ||||||
Sika AG (a) | 17,600 | 3,305,201 | ||||||
Sonova Holding AG (a) | 38 | 8,687 | ||||||
Sulzer AG (a) | 532 | 59,304 | ||||||
Sunrise Communications Group AG (a) | 1,667 | 130,964 | ||||||
Temenos AG (a) | 924 | 146,167 | ||||||
UBS Group AG (a) | 193,590 | 2,442,987 | ||||||
Vetropack Holding AG (a) | 39 | 122,624 | ||||||
32,601,151 | ||||||||
Taiwan, Province of China - 5.5% | ||||||||
Advantech Co. Ltd. (a) | 30,000 | 302,512 | ||||||
Basso Industry Corp. (a) | 21,000 | 34,457 | ||||||
Bioteque Corp. (a) | 15,000 | 65,272 | ||||||
Catcher Technology Co. Ltd. (a) | 253,000 | 1,916,326 | ||||||
Cathay Financial Holding Co. Ltd. (a)(c) | 37,000 | 52,535 | ||||||
Chang Wah Electromaterials, Inc. (a) | 6,000 | 35,719 | ||||||
Chicony Electronics Co. Ltd. (a) | 23,000 | 68,349 | ||||||
China Development Financial Holding Corp. (a) | 765,000 | 248,477 | ||||||
China Life Insurance Co. Ltd. (a)(b) | 256,976 | 219,394 | ||||||
China Metal Products (a) | 68,000 | 71,236 | ||||||
Compal Electronics, Inc. (a) | 882,000 | 555,536 | ||||||
Compeq Manufacturing Co. Ltd. (a) | 29,000 | 43,731 | ||||||
Delta Electronics, Inc. (a) | 32,000 | 161,932 | ||||||
Eclat Textile Co. Ltd. (a) | 12,000 | 161,537 | ||||||
Egis Technology, Inc. (a) | 5,000 | 39,504 | ||||||
Eva Airways Corp. (a) | 144,177 | 66,128 | ||||||
Farglory Land Development Co. Ltd. (a) | 44,000 | 59,129 | ||||||
Feng TAY Enterprise Co. Ltd. (a) | 7,000 | 45,560 | ||||||
Formosa Petrochemical Corp. (a) | 68,000 | 221,167 | ||||||
Genius Electronic Optical Co. Ltd. (a) | 3,000 | 58,805 | ||||||
Giant Manufacturing Co. Ltd. (a) | 4,000 | 28,475 | ||||||
Global Mixed Mode Technology, Inc. (a) | 36,000 | 151,994 | ||||||
Great Wall Enterprise Co. Ltd. (a) | 42,000 | 61,166 | ||||||
Hon Hai Precision Industry Co. Ltd. (a) | 1,012,400 | 3,071,131 | ||||||
Innodisk Corp. (a) | 7,000 | 40,442 | ||||||
Intai Technology Corp. (a) | 13,000 | 57,940 | ||||||
International Games System Co. Ltd. (a) | 8,000 | 104,070 | ||||||
Johnson Health Tech Co. Ltd. (a) | 21,000 | 59,642 | ||||||
Kindom Development Co. Ltd. (a) | 35,000 | 37,195 | ||||||
King Yuan Electronics Co. Ltd. (a) | 275,000 | 344,965 | ||||||
Lanner Electronics, Inc. (a) | 48,600 | 111,148 | ||||||
Li Cheng Enterprise Co. Ltd. (a) | 34,344 | 55,056 | ||||||
Longwell Co. (a) | 14,000 | 32,647 | ||||||
Lotus Pharmaceutical Co. Ltd. (a)(b) | 10,041 | 38,451 | ||||||
MediaTek, Inc. (a) | 24,000 | 355,610 | ||||||
Nantex Industry Co. Ltd. (a) | 61,000 | 61,406 | ||||||
Nanya Technology Corp. (a) | 12,000 | 33,583 | ||||||
Nien Made Enterprise Co. Ltd. (a) | 20,000 | 185,009 | ||||||
Novatek Microelectronics Corp. (a) | 52,000 | 381,004 | ||||||
Pan-International Industrial Corp. (a) | 84,000 | 65,397 | ||||||
Parade Technologies Ltd. (a) | 3,000 | 61,668 | ||||||
Pegavision Corp. (a) | 7,170 | 43,501 | ||||||
Phison Electronics Corp. (a) | 13,000 | 147,875 | ||||||
Powertech Technology, Inc. (a) | 64,000 | 213,006 | ||||||
Radiant Opto-Electronics Corp. (a) | 13,000 | 52,050 | ||||||
Realtek Semiconductor Corp. (a) | 41,000 | 322,188 | ||||||
Ruentex Development Co. Ltd. (a) | 182,000 | 274,664 | ||||||
Ruentex Industries Ltd. (a) | 40,000 | 98,191 | ||||||
San Far Property Ltd. (a) | 97,097 | 87,686 | ||||||
SCI Pharmtech, Inc. (a) | 77,000 | 279,922 | ||||||
Shin Kong Financial Holding Co. Ltd. (a) | 98,000 | 33,868 | ||||||
Shinkong Synthetic Fibers Corp. (a) | 85,000 | 34,142 | ||||||
Sino-American Silicon Products, Inc. (a) | 26,000 | 86,357 | ||||||
Standard Foods Corp. (a) | 73,000 | 169,637 | ||||||
Taiwan Business Bank (a) | 239,274 | 100,652 | ||||||
Taiwan Cement Corp. (a) | 947 | 1,381 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. (a) | 30,000 | 43,931 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (a) | 337,000 | 3,729,859 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 79,034 | 4,591,875 | ||||||
TOPBI International Holdings Ltd. (a) | 27,575 | 86,905 | ||||||
TSC Auto ID Technology Co. Ltd. (a) | 8,800 | 71,703 | ||||||
TYC Brother Industrial Co. Ltd. (a) | 67,000 | 64,974 | ||||||
Unimicron Technology Corp. (a) | 35,000 | 49,317 | ||||||
Uni-President Enterprises Corp. (a) | 67,000 | 166,149 | ||||||
Unitech Printed Circuit Board Corp. (a) | 41,000 | 46,152 | ||||||
United Integrated Services Co. Ltd. (a) | 36,000 | 235,424 | ||||||
United Microelectronics Corp. (a) | 910,000 | 498,634 | ||||||
Vanguard International Semiconductor Corp. (a) | 30,000 | 79,361 | ||||||
Winbond Electronics Corp. (a) | 16,000 | 10,456 | ||||||
21,385,165 | ||||||||
Thailand - 0.2% | ||||||||
Advanced Info Service PCL - NVDR (a) | 40,400 | 286,874 | ||||||
Airports of Thailand PCL - NVDR (a) | 25,500 | 63,122 | ||||||
Gunkul Engineering PCL - NVDR (a) | 910,600 | 90,522 | ||||||
Major Cineplex Group PCL | 154,000 | 129,724 | ||||||
PTG Energy PCL (a) | 106,800 | 57,330 | ||||||
STP & I PCL - NVDR (a) | 299,200 | 67,318 | ||||||
Vinythai PCL - NVDR (a) | 44,900 | 37,809 | ||||||
Voltronic Power Technology Corp. (a) | 3,150 | 75,195 | ||||||
807,894 | ||||||||
Turkey - 0.5% | ||||||||
Akbank T.A.S. (a)(b) | 813,814 | 1,108,512 | ||||||
Anadolu Cam Sanayii AS (a) | 71,296 | 52,230 | ||||||
Koza Altin Isletmeleri AS (a)(b) | 5,405 | 67,239 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS (a)(b) | 26,802 | 45,187 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS - Class B (a)(b) | 9,404 | 91,486 | ||||||
Migros Ticaret AS (a)(b) | 27,159 | 110,553 | ||||||
Otokar Otomotiv Ve Savunma Sanayi A.S. (a) | 1,336 | 35,671 | ||||||
Soda Sanayii AS (a) | 121,369 | 126,075 | ||||||
Tekfen Holding AS (a) | 13,461 | 43,721 | ||||||
Trakya Cam Sanayii AS (a) | 86,524 | 50,871 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS (a)(b) | 17,073 | 36,199 | ||||||
1,767,744 | ||||||||
United Kingdom - 11.2% | ||||||||
Admiral Group PLC (a) | 7,163 | 218,891 | ||||||
Aggreko PLC (a) | 16,916 | 186,803 | ||||||
AstraZeneca PLC (a) | 1,886 | 188,775 | ||||||
Avast PLC (a) | 34,835 | 209,344 | ||||||
Aviva PLC (a) | 298,253 | 1,655,479 | ||||||
Bank of Georgia Group PLC (a) | 2,479 | 53,548 | ||||||
Barclays PLC (a) | 798,777 | 1,904,677 | ||||||
Barratt Developments PLC (a) | 14,985 | 148,374 | ||||||
BHP Group PLC (a) | 20,333 | 476,485 | ||||||
Bovis Homes Group PLC (a) | 6,348 | 114,157 | ||||||
BP PLC (a) | 49,587 | 311,944 | ||||||
Britvic PLC (a) | 23,189 | 277,913 | ||||||
Bunzl PLC (a) | 4,292 | 117,390 | ||||||
Burberry Group PLC (a) | 5,320 | 155,322 | ||||||
Card Factory PLC (a) | 42,680 | 83,668 | ||||||
Clinigen Group PLC (a) | 6,200 | 76,094 | ||||||
Coats Group PLC (a) | 82,910 | 81,930 | ||||||
Coca-Cola HBC AG (a) | 1,531 | 52,039 | ||||||
Compass Group PLC (a) | 168,148 | 4,214,115 | ||||||
ConvaTec Group PLC (a) | 25,106 | 66,073 | ||||||
Countryside Properties PLC (a) | 23,789 | 143,296 | ||||||
Cranswick PLC (a) | 3,551 | 159,410 | ||||||
CVS Group PLC (a) | 6,264 | 95,105 | ||||||
Dart Group PLC (a) | 8,701 | 195,137 | ||||||
Diageo PLC (a) | 19,740 | 831,784 | ||||||
Dialog Semiconductor PLC (a)(b) | 1,864 | 94,668 | ||||||
Direct Line Insurance Group PLC (a) | 91,520 | 378,671 | ||||||
Diversified Gas & Oil PLC (a) | 43,486 | 61,412 | ||||||
Dunelm Group PLC (a) | 18,111 | 277,328 | ||||||
Endava PLC - ADR (b) | 800 | 37,280 | ||||||
Evraz PLC (a) | 44,465 | 238,104 | ||||||
Firstgroup PLC (a)(b) | 85,992 | 142,903 | ||||||
Forterra PLC (a) | 18,022 | 82,666 | ||||||
Future PLC (a) | 5,342 | 102,616 | ||||||
Games Workshop Group PLC (a) | 3,465 | 279,953 | ||||||
Gamesys Group PLC (a)(b) | 10,611 | 99,660 | ||||||
GlaxoSmithKline PLC (a) | 27,291 | 641,262 | ||||||
Greggs PLC (a) | 4,424 | 134,943 | ||||||
Hargreaves Lansdown PLC (a) | 2,224 | 57,049 | ||||||
Hikma Pharmaceuticals PLC (a) | 2,757 | 72,709 | ||||||
Hill & Smith Holdings PLC (a) | 6,088 | 118,829 | ||||||
HSBC Holdings PLC (a) | 299,694 | 2,346,153 | ||||||
ICON PLC (b) | 11,986 | 2,064,349 | ||||||
Informa PLC (a) | 2,401 | 27,308 | ||||||
IntegraFin Holdings PLC (a) | 10,381 | 61,133 | ||||||
InterContinental Hotels Group PLC (a) | 4,119 | 283,038 | ||||||
Intermediate Capital Group PLC (a) | 13,135 | 280,158 | ||||||
Investec PLC (a) | 34,022 | 199,941 | ||||||
J Sainsbury PLC (a) | 570,256 | 1,738,865 | ||||||
John Wood Group PLC (a) | 515,317 | 2,733,109 | ||||||
Judges Scientific PLC (a) | 1,598 | 119,687 | ||||||
KAZ Minerals PLC (a) | 13,806 | 97,103 | ||||||
Legal & General Group PLC (a) | 16,163 | 64,928 | ||||||
M&G PLC (b) | 9,618 | 30,219 | ||||||
Marshalls PLC (a) | 9,492 | 108,189 | ||||||
Mitchells & Butlers PLC (a)(b) | 32,608 | 198,408 | ||||||
Moneysupermarket.com Group PLC (a) | 29,852 | 131,046 | ||||||
Morgan Advanced Materials PLC (a) | 14,220 | 59,628 | ||||||
National Express Group PLC (a) | 36,144 | 225,277 | ||||||
Next PLC (a) | 1,252 | 116,666 | ||||||
OneSavings Bank PLC (a) | 17,449 | 100,050 | ||||||
Persimmon PLC (a) | 1,569 | 56,044 | ||||||
Plus500 Ltd. (a) | 5,274 | 61,922 | ||||||
Pollen Street Secured Lending (a) | 4,771 | 52,483 | ||||||
Prudential PLC (a) | 5,908 | 113,202 | ||||||
QinetiQ Group PLC (a) | 19,659 | 93,048 | ||||||
Redrow PLC (a) | 16,330 | 161,183 | ||||||
RELX PLC (a) | 4,605 | 116,246 | ||||||
Restore PLC (a) | 9,254 | 67,420 | ||||||
Rhi Magnesita NV (a) | 687 | 35,091 | ||||||
Rio Tinto PLC (a) | 828 | 49,014 | ||||||
Royal Bank of Scotland Group PLC (a) | 731,003 | 2,345,032 | ||||||
Royal Dutch Shell PLC - A Shares (a) | 18,877 | 556,589 | ||||||
Senior PLC (a) | 24,501 | 56,121 | ||||||
Smith & Nephew PLC (a) | 121,105 | 2,918,739 | ||||||
Softcat PLC (a) | 6,400 | 97,790 | ||||||
Sophos Group PLC (a) | 17,636 | 130,233 | ||||||
Spirent Communications PLC (a) | 13,169 | 43,935 | ||||||
SSP Group PLC (a) | 5,321 | 45,811 | ||||||
Stagecoach Group PLC (a) | 21,590 | 45,760 | ||||||
Standard Chartered PLC (a) | 228,069 | 2,149,129 | ||||||
Synthomer PLC (a) | 13,152 | 61,446 | ||||||
Tate & Lyle PLC (a) | 53,526 | 539,323 | ||||||
Tesco PLC (a) | 677,238 | 2,288,832 | ||||||
The Go-Ahead Group PLC (a) | 2,003 | 58,696 | ||||||
TP ICAP PLC (a) | 20,947 | 113,560 | ||||||
Travis Perkins PLC (a) | 124,883 | 2,652,666 | ||||||
Unilever PLC (a) | 911 | 52,148 | ||||||
Vodafone Group PLC (a) | 1,375,105 | 2,669,612 | ||||||
WH Smith PLC (a) | 3,666 | 126,345 | ||||||
William Hill PLC (a) | 57,899 | 144,840 | ||||||
43,725,321 | ||||||||
United States - 3.4% | ||||||||
Constellium SE (b) | 3,700 | 49,580 | ||||||
Frontline Ltd. (a) | 4,236 | 53,708 | ||||||
Lululemon Athletica, Inc. (b) | 11,328 | 2,624,358 | ||||||
Mettler-Toledo International, Inc. (b) | 3,536 | 2,805,038 | ||||||
Mylan NV (b) | 34,987 | 703,239 | ||||||
ResMed, Inc. | 26,588 | 4,120,342 | ||||||
TechnipFMC PLC | 118,575 | 2,542,248 | ||||||
Yum China Holdings, Inc. | 7,800 | 374,478 | ||||||
13,272,991 | ||||||||
Virgin Islands (UK) - 0.0% (d) | ||||||||
Nomad Foods Ltd. (b) | 1,500 | 33,555 | ||||||
Total Common Stocks (Cost $319,361,532) | $ | 381,891,527 | ||||||
PREFERRED STOCKS - 0.6% | ||||||||
Brazil - 0.2% | ||||||||
Azul SA (a)(b) | 3,300 | $ | 48,017 | |||||
Banco Bradesco SA (a) | 3,424 | 30,943 | ||||||
Banco do Estado do Rio Grande do Sul SA (a) | 19,200 | 103,785 | ||||||
Cia Energetica de Minas Gerais (a) | 50,200 | 172,915 | ||||||
Cia Paranaense de Energia (a) | 4,500 | 77,607 | ||||||
Itau Unibanco Holding SA (a) | 33,800 | 313,054 | ||||||
746,321 | ||||||||
Colombia - 0.1% | ||||||||
Bancolombia SA | 10,107 | 140,818 | ||||||
Grupo Aval Acciones y Valores SA | 121,564 | 53,992 | ||||||
194,810 | ||||||||
Germany - 0.0% (d) | ||||||||
Schaeffler AG (a) | 3,400 | 36,711 | ||||||
Volkswagen AG (a) | 315 | 62,004 | ||||||
98,715 | ||||||||
Republic of Korea - 0.3% | ||||||||
Hyundai Motor Co. (a) | 19,076 | 1,181,509 | ||||||
Total Preferred Stocks (Cost $2,305,302) | $ | 2,221,355 | ||||||
RIGHT - 0.0% (d) | ||||||||
Australia - 0.0% | ||||||||
Charter Hall Long Wale (a)(b) | 738 | $ | 78 | |||||
Total Right (Cost $143) | $ | 78 | ||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
First American Government Obligations Fund - Class X, 1.508% (f) | 2,402,569 | $ | 2,402,569 | |||||
Total Short-Term Investment (Cost $2,402,569) | $ | 2,402,569 | ||||||
Total Investments at Value - 99.1% (Cost $324,069,546) | $ | 386,515,529 | ||||||
Other Assets in Excess of Liabilities - 0.9% | 3,589,749 | |||||||
Net Assets - 100.0% | $ | 390,105,278 |
Percentages are stated as a percent of net assets.
ADR American Depository Receipt
NVDR Non-voting Depository Receipt
GDR Global Depository Receipt
(a) | Level 2 security. |
(b) | Non-income producing security. |
(c) | Illiquid security. The total value of such securities is $197,893 as of December 31, 2019, representing 0.1% of net assets. |
(d) | Represents less than 0.1%. |
(e) | Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $364 as of December 31, 2019, representing 0.0% of net assets. |
(f) | Rate listed is the 7-day effective yield as of December 31, 2019. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable
(a)(4) Change in the registrant’s independent public accountants. Not applicable
(c) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
Exhibit 99.CODE ETH
Code of Ethics
Exhibit 99.CERT
Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT
Certifications required by Rule 30a-2(b) under the Act
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Wilshire Mutual Funds, Inc. | ||
By (Signature and Title)* | /s/ Jason A. Schwarz | ||
Jason A. Schwarz | |||
President and Principal Executive Officer | |||
Date | 3/11/2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Jason A. Schwarz | ||
Jason A. Schwarz | |||
President and Principal Executive Officer | |||
Date | 3/11/2020 | ||
By (Signature and Title)* | /s/Michael Wauters | ||
Michael Wauters | |||
Treasurer, Principal Financial Officer and Principal Accounting Officer | |||
Date | 3/11/2020 |
* | Print the name and title of each signing officer under his or her signature. |