Wilshire Mutual Funds NCSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

1299 Ocean Avenue, Suite 700 Santa Monica, CA	90401-1085
(Address of principal executive offices)	(Zip code)

Jason A. Schwarz

Wilshire Associates Incorporated, 1299 Ocean Avenue, Suite 700, Santa Monica, CA 90401-1085

(Name and address of agent for service)

Registrant's telephone number, including area code:

(310) 451-3051

Date of fiscal year end:	December 31

Date of reporting period:	December 31, 2016

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

Wilshire Mutual Funds

ANNUAL REPORT

Large Company Growth Portfolio

Large Company Value Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Wilshire 5000 Index^sm Fund

Wilshire International Equity Fund

Wilshire Income Opportunities Fund

December 31, 2016

http://advisor.wilshire.com

Wilshire Mutual Funds

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 Index^SM 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 Index^SM Fund	45
Wilshire International Equity Fund	47
Wilshire Income Opportunities Fund	50
Statements of Assets and Liabilities	72
Statements of Operations	75
Statements of Changes in Net Assets	77
Financial Highlights:
Large Company Growth Portfolio	84
Large Company Value Portfolio	86
Small Company Growth Portfolio	88
Small Company Value Portfolio	90
Wilshire 5000 Index^SM Fund	92
Wilshire International Equity Fund	94
Wilshire Income Opportunities Fund	96
Notes to Financial Statements	98
Report of Independent Registered Public Accounting Firm	119
Additional Fund Information	120
Tax Information	123
Board Approval of Advisory and Subadvisory Agreements	125

This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.

Wilshire Mutual Funds, Inc. are distributed by Ultimus Fund Distributors, LLC.

Wilshire Mutual Funds

Letter to Shareholders (Unaudited)

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2016 to December 31, 2016, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index 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 Index^SM, was up 4.5% for the fourth quarter and 13.4% for 2016. This marks the Index’s eighth straight annual gain. A portion of that “winning streak” is due to a rebound from the global financial crisis sell-off. However, the market has continued to produce strong returns after the initial recovery, with a 14% annualized gain over the past four years. Following several rocky months to begin the year, U.S. equities trended upward for the rest of 2016. The fourth quarter benefitted from strong economic growth and signs of confidence from the Federal Reserve.

During the year, small-cap stocks outpaced large-cap stocks, with the Wilshire U.S. Small-Cap Index^SM and the Wilshire U.S. Large-Cap Index^SM returning 22.4% and 12.5%, respectively. The strong overall return for the Wilshire 5000 Total Market Index masked a wide performance dispersion between investment styles and among industries for the year. Value-oriented stocks handedly outpaced growth stocks across the capitalization spectrum. The Wilshire U.S. Large-Cap Value Index^SM and the Wilshire U.S. Small-Cap Value Index^SM outpaced their growth oriented counterparts by 6.47% and 10.71%, respectively. Sector-wise, commodity-influenced and interest rate sensitive sectors rallied as dividend-oriented and higher yielding sectors lagged. For the year, Telecom Services, Energy, Financials, and Materials were the top performing sectors returning 27.1%, 26.5%, 24.6%, and 22.8%, respectively, while Real Estate and Health Care trailed returning -4.6% and -2.8%, respectively.

International Equity Market

International developed equities trailed U.S. equities throughout much of the year, but ended the year in positive territory with the MSCI EAFE Index returning 1.0% for 2016. In local currency terms, non U.S. equity markets were in mostly positive territory for the calendar year. However, a strong U.S. dollar resulted in decreased returns for U.S. investors. Despite a strong 2016, the MSCI Emerging Markets Index returned 11.2% for the year, despite emerging market equities suffering during the fourth quarter following the U.S. election as investors feared weakening prospects for global trade and diminishing exports from emerging market countries. Higher U.S. interest rates and a stronger dollar hurt returns as well.

The first half of the year ended with increased volatility as uncertainty regarding the potential political contagion emanating from the United Kingdom’s “Brexit” vote weighed on markets. Equity markets fell sharply immediately following the referendum, and the British pound slumped to its lowest level in 30 years. As in the U.S., foreign markets bounced back over the last few days of the second quarter erasing some of the earlier losses. During the second half of the year, the European Central Bank announced that it would be buying fewer sovereign bonds per month than previously scheduled as part of its current quantitative easing, but extended the buying period to December 2017. Japan also maintained an accommodative stance with a negative overnight rate.

Bond Market

The U.S. fixed income market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, fell 3.0% for the fourth quarter, reversing some gains from the prior quarters, but ended the year in positive territory at 2.7%. After falling for much of the first half of 2016, U.S. Treasury yields reversed course and moved higher for the remainder of the year. The

Wilshire Mutual Funds

Letter to Shareholders (Unaudited) - (Continued)

bellwether 10-year Treasury yield reached a historic low of 1.37% in early July before climbing to end the year at 2.45%, accelerating its rise after the November election. At its December meeting, the Federal Open Market Committee decided to increase the federal funds rate by 0.25%, to a range of 0.50% to 0.75%, for only the second time since 2008.

After trending downward for nearly three years, the 10-year Treasury yield pushed higher during the fourth quarter. A similar pattern has been evident in the 10-year breakeven inflation rate. Both shifts this year occurred largely after November 8th. Whether it was the U.S. presidential election results or the removal of an unknown factor that spurred the change is uncertain, the timing is unmistakable. It is worth noting that Treasury yields moved higher during the first half of 2015 as well, before retreating on concerns about global economic growth.

Fund Performance Review

The Large Company Growth Portfolio Institutional Class returned 3.61%, underperforming the Russell 1000 Growth Index by 3.47%. The Large Company Value Portfolio Institutional Class returned 15.78%, underperforming the Russell 1000 Value Index by 1.56%. The Small Company Growth Portfolio Institutional Class returned 20.79%, outperforming the Russell 2000 Growth Index by 9.47%. The Small Company Value Portfolio Institutional Class returned 25.18%, underperforming the Russell 2000 Value Index by 6.58%. The Wilshire 5000 Index Fund Institutional Class returned 12.81%, underperforming the Wilshire 5000 Total Market Index by 0.56%. The Wilshire International Equity Fund Institutional Class returned 2.16%, underperforming the MSCI All Country World ex-U.S. Index by 2.34%. The Wilshire Income Opportunities Fund Institutional Class returned 3.82% for its since inception period, outperforming the Bloomberg Barclays U.S. Universal Index by 2.77% over that same period. We are pleased with each Fund’s performance for 2016 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

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Returns assume reinvestment of all distributions.

Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise.

In addition to the normal risks associated with investing, international investments may involves 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.

Wilshire Mutual Funds

Letter to Shareholders (Unaudited) - (Continued)

Investing involves risk including loss of principal. This report identifies the Portfolio’s investments on December 31, 2016. 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 MSCI Japan Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Japan.

The Wilshire 5000 Total Market Index^SM 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.

Large Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	3.33%
Five Years Ended 12/31/16	11.90%
Ten Years Ended 12/31/16	6.40%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	7.08%
Five Years Ended 12/31/16	14.50%
Ten Years Ended 12/31/16	8.33%

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 12/31/16.

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.

Assumes reinvestment of all distributions.

⁽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.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	3.61%
Five Years Ended 12/31/16	12.23%
Ten Years Ended 12/31/16	6.75%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	7.08%
Five Years Ended 12/31/16	14.50%
Ten Years Ended 12/31/16	8.33%

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 12/31/16.

Assumes reinvestment of all distributions.

⁽¹⁾

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The U.S. stock market, as represented by the Wilshire 5000 Total Market Index^SM, returned 13.4% during 2016. The year started with a loss as markets tumbled globally as worries over a slowing Chinese economy, falling oil prices, and weakness in U.S. earnings growth rattled investors. The U.S. market eventually rallied from its trough as investor concerns were met with sound economic data and aggressive action by some of the world’s major central banks. Mid-year markets were again shaken as investors were surprised by the outcome of the United Kingdom referendum to exit the European Union. The second half of the year was dominated by the news surrounding the U.S. presidential election. In November, markets responded favorably as investors cheered Donald Trump’s victory over Hillary Clinton. Stocks rallied to close the year on the hope that the new administration would fulfill campaign promises for reduced taxes, reduced regulation and increased spending on infrastructure. With signs of improving U.S. economic growth, the Federal Reserve raised its target for short-term interest rates in December and increased its predictions from two to three rate hikes for 2017. For the year, value securities significantly outperformed growth across the capitalization spectrum. This was especially prevalent in the second half of the year as investors rotated away from more defensive “bond-proxy” sectors and towards value areas of the market that are generally seen as beneficiaries of rising yields. Stable oil prices and hopes of deregulation further propelled cyclical sectors. Smaller capitalization securities outperformed larger capitalization stocks for the year as smaller cap stocks were seen as larger beneficiaries of the proposed tax cuts, fiscal expenditures, and nationalistic rhetoric.

Sector performance for the Wilshire 5000 Total Market Index was mixed for the year as investors favored risk and moved into pro-cyclical sectors. Telecom Services was the best performing sector, followed by Energy which returned 26.5% as commodity related industries fared well as oil prices rose 45% from their early 2016 lows. Financials was also a top contributor, returning 24.6% as bond yields rallied late in the year. Conversely more defensive, higher yielding sectors trailed, with Health Care and Real Estate returning -2.8% and -4.6%, respectively.

The Wilshire Large Company Growth Portfolio Institutional Class returned 3.61% for 2016, underperforming the Russell 1000 Growth Index return of 7.08% by 3.47%. The Fund was weighed down by poor stock selection in the Health Care and Information Technology sectors as well as an underweight allocation to Industrials and Telecom Services. Conversely, overweight exposure to the Information Technology sector helped mitigate relative losses.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Large Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	15.73%
Five Years Ended 12/31/16	13.95%
Ten Years Ended 12/31/16	4.48%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	17.34%
Five Years Ended 12/31/16	14.80%
Ten Years Ended 12/31/16	5.72%

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 12/31/16.

Assumes reinvestment of all distributions.

⁽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.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	15.78%
Five Years Ended 12/31/16	14.18%
Ten Years Ended 12/31/16	4.68%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	17.34%
Five Years Ended 12/31/16	14.80%
Ten Years Ended 12/31/16	5.72%

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 12/31/16.

Assumes reinvestment of all distributions.

⁽¹⁾

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Large Company Value Portfolio Institutional Class returned 15.78% for 2016, underperforming the Russell 1000 Value Index return of 17.34% by 1.56%. The Fund was hindered by weak stock selection in the Financials, Industrials, and Energy sectors. Overweight exposure to the Financials sector and underweight exposure to the Real Estate and Consumer Staples sectors helped mitigate relative underperformance.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Small Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	20.44%
Five Years Ended 12/31/16	15.38%
Ten Years Ended 12/31/16	8.25%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	11.32%
Five Years Ended 12/31/16	13.74%
Ten Years Ended 12/31/16	7.76%

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 12/31/16.

Assumes reinvestment of all distributions. During the ten years ended December 31, 2016, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2016, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.04% of average net assets.

⁽¹⁾

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

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	20.79%
Five Years Ended 12/31/16	15.66%
Ten Years Ended 12/31/16	8.51%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	11.32%
Five Years Ended 12/31/16	13.74%
Ten Years Ended 12/31/16	7.76%

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 12/31/16.

Assumes reinvestment of all distributions. During the ten years ended December 31, 2016, certain fees and expenses were waived or reimbursed. Without waivers and reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the year ended December 31, 2016, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.08% of average net assets.

⁽¹⁾

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Growth Portfolio Institutional Class returned 20.79% for 2016, outperforming the Russell 2000 Growth Index return of 11.32% by 9.47%. The Fund benefited from strong stock selection in the Health Care, Industrials and Financials sectors as well as an overweight allocation to the Energy and Financials sectors. Weak stock selection in the Consumer Discretionary Sector sector weighed on relative performance.

We are pleased with the Fund’s outperformance for 2016 and believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Small Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	24.86%
Five Years Ended 12/31/16	16.53%
Ten Years Ended 12/31/16	6.94%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	31.74%
Five Years Ended 12/31/16	15.07%
Ten Years Ended 12/31/16	6.26%

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 12/31/16.

⁽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.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	25.16%
Five Years Ended 12/31/16	16.83%
Ten Years Ended 12/31/16	7.29%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

One Year Ended 12/31/16	31.74%
Five Years Ended 12/31/16	15.07%
Ten Years Ended 12/31/16	6.26%

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 12/31/16.

⁽¹⁾

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Value Portfolio Institutional Class returned 25.16% for 2016, underperforming the Russell 2000 Value Index return of 31.74% by 6.58%. The Fund was weighed down by weak stock selection in the Materials, Financials, and Consumer Staples sectors as well as an underweight exposure to the Financials sector. Conversely, strong stock selection in the Consumer Discretionary sector and an overweight allocation to the Materials sector helped mitigate relative losses.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical issues.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Portfolio’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Wilshire 5000 Index^sm Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	12.51%
Five Years Ended 12/31/16	14.04%
Ten Years Ended 12/31/16	6.53%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/16	13.37%
Five Years Ended 12/31/16	14.71%
Ten Years Ended 12/31/16	7.17%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $10,000 Investment in Shares of Wilshire 5000 Index^SM Fund,

Investment Class Shares and the Wilshire 5000 Index^SM through 12/31/16.

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.

*	Assumes reinvestment of all distributions.
⁽¹⁾	The Wilshire 5000 Index^SM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	12.81%
Five Years Ended 12/31/16	14.31%
Ten Years Ended 12/31/16	6.76%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

One Year Ended 12/31/16	13.37%
Five Years Ended 12/31/16	14.71%
Ten Years Ended 12/31/16	7.17%

COMPARATIVE PERFORMANCE

Comparison of Change in Value of $250,000 Investment in Shares of Wilshire 5000 Index^SM Fund,

Institutional Class Shares and the Wilshire 5000 Index^SM through 12/31/16.

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.

*	Assumes reinvestment of all distributions.
⁽¹⁾	The Wilshire 5000 Index^SM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

The Wilshire 5000 Index^SM Fund Institutional Class returned 12.81% for 2016, underperforming the Fund’s benchmark (the Wilshire 5000 Index^SM) return of 13.37% by 0.56%. Underperformance is attributable to Fund expenses and is well within the range of historical experiences.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Wilshire International Equity Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	1.88%
Five Years Ended 12/31/16	4.83%
Inception (11/16/07) through 12/31/16	0.24%

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

Average Annual Total Returns

One Year Ended 12/31/16	4.50%
Five Years Ended 12/31/16	5.00%
Inception (11/16/07) through 12/31/16	-0.60%

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.

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.

Assumes reinvestment of all distributions. During certain periods since inception, 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, 2016, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.46% 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.

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 Index Ex-U.S. through 12/31/16.

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.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

One Year Ended 12/31/16	2.16%
Five Years Ended 12/31/16	5.05%
Inception (11/16/07) through 12/31/16	0.49%

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

Average Annual Total Returns

One Year Ended 12/31/16	4.50%
Five Years Ended 12/31/16	5.00%
Inception (11/16/07) through 12/31/16	-0.60%

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⁾

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 Index Ex-U.S. through 12/31/16.

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.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

International stock markets underperformed the U.S. during 2016 as the MSCI All Country World ex-U.S. Index returned 4.5% for the year. Emerging economy stocks outperformed foreign developed securities for the first calendar year since 2012 with the MSCI Emerging Markets Index and the MSCI EAFE Index returning 11.2% and 1.0%, respectively. Foreign developed economies slumped to start the year as continued slack in the European economy and an anemic pulse related to Japan’s financial markets reforms weighed on returns. The second quarter started off by recording gains on behalf of European equities, only to retrench later in the period in the wake of the United Kingdom’s “Brexit” vote. International equity markets rallied during the third quarter with economically sensitive stocks leading as they surged on the back of heightened risk appetites, amid a low interest rate environment, and favorable monetary policy accommodations. The Bank of England signaled to the market the potential for further interest rates hikes and the Bank of Japan expanded its purchases of exchange-traded funds and its dollar-lending facility, enabling Japanese corporations easier access to U.S. dollars. During the fourth quarter, overseas markets experienced a volatile period as the U.S. presidential election outcome took the world by surprise. Protectionist proclamations regarding U.S. trade roiled emerging markets while discussions on pricing policy in the Health Care sector pummeled large pharmaceutical companies. Rhetoric involving infrastructure spending bolstered certain pockets of the market such as the Materials sector. European markets remained in a cautionary stance as the United Kingdom prepared to enact Article 50 to exit the European Union.

Sector performance for the MSCI All Country World ex-U.S. Index was mixed for 2016 as investors moved into pro-cyclical sectors. Energy and Materials were the leading sectors for the year returning 31.6% and 28.4%, respectively, as oil prices rebounded off early year lows and economic growth indicators favored the mining sector and construction related securities. Conversely, Health Care, Real Estate, and Telecom Services lagged returning -12.5%, -7.2%, and -3.7%, respectively.

The Wilshire International Equity Fund Institutional Class returned 2.16% for 2016, underperforming the MSCI All Country World ex U.S. Index return of 4.50% by 2.34%. Poor stock selection in the Materials and Energy sectors, an overweight exposure to the Health Care sector, and underweight exposures to Canada and Brazil weighed on overall returns for the year. Conversely, strong stock selection in the Information Technology and Consumer Discretionary sectors and regionally within Japan, France, and Switzerland boosted relative results.

Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical issues.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

†	Based on percent of the Fund’s total investments in securities, at value. Includes investments held as collateral for securities on loan (see Note 6 in Notes to Financial Statements).

Wilshire Income Opportunities Fund⁽¹⁾

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Total Return*

Inception (03/30/16) through 12/31/16**

3.92%

Bloomberg Barclays U.S. Universal Index⁽²⁾

Total Return

Inception (03/30/16) through 12/31/16**

1.05%

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 12/31/16.

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.

*	Assumes reinvestment of all distributions.
**	Not annualized.
⁽¹⁾	The Fund commenced operations on March 30, 2016.
⁽²⁾	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.

Wilshire Income Opportunities Fund⁽¹⁾

Commentary (Unaudited) - (Continued)

INSTITUTIONAL CLASS SHARES

Total Return*

Inception (03/30/16) through 12/31/16**

3.82%

Bloomberg Barclays U.S. Universal Index⁽²⁾

Total Return

Inception (03/30/16) through 12/31/16**

1.05%

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 12/31/16.

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.

*	Assumes reinvestment of all distributions.
**	Not annualized.
⁽¹⁾	The Fund commenced operations on March 30, 2016.
⁽²⁾	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.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

The U.S. fixed income market as represented by the Bloomberg Barclays U.S. Aggregate Bond Index returned 2.7% for the year. Volatility spiked at the start of the year as going concerns heightened for commodity-related companies. Investors pushed U.S. rates lower on the backs of reduced global growth expectations. U.S. Treasury securities extended their rally in the second quarter due to broad investor uncertainty over the United Kingdom’s decision to leave the European Union. Most of the rally occurred after the referendum results as investors sought out safe haven assets in the two trading days after the vote. Relative to the first two quarters of 2016, the third quarter was relatively quiet for fixed income markets. In anticipation if a December interest rate hike, Treasury rates rose across the curve. Yields rallied in the fourth quarter globally, but the sell-off was led by U.S. government bonds. The 10 year U.S. Treasury yield closed the year at 2.45% marking the end to a volatile year which saw yields reach historic lows in July at 1.37% before rallying to a December high of 2.60%. 2016 was a remarkable year for credit as the Bank of America U.S. High Yield Master II Index returned 17.5% and bank debt, as represented by the S&P/LSTA Leveraged Loan Index, returned 10.2%. With signs of improving U.S. economic growth, the Federal Reserve raised its target for short-term interest rates in December and increased its predictions from two to three rate hikes for 2017.

The Wilshire Income Opportunities Fund Institutional Class returned 3.82% for the period since inception, outperforming the Bloomberg Barclays U.S. Universal Index return of 1.05% by 2.77% during that time. The Fund benefited from strong performance from its emerging market debt and collateralized loan obligation holdings as well as shorter duration positioning and positive yield carry.

We are pleased with the Fund’s outperformance for the since inception period and believe the Fund is well-positioned going into 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING†

(As of December 31, 2016)

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses

For the Six Months Ended December 31, 2016 (Unaudited)

All mutual funds have operating expenses. As a shareholder of a portfolio (or a “fund”), 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 fund. A fund’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, 2016 to December 31, 2016.

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 waivers, 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 Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Continued)

For the Six Months Ended December 31, 2016 (Unaudited)

	Beginning Account Value 07/01/2016	Ending Account Value 12/31/2016	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 07/01/16-12/31/16⁽²⁾
Large Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,020.80	1.35%	$ 6.86
Institutional Class	$ 1,000.00	$ 1,022.00	1.11%	$ 5.64
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.35	1.35%	$ 6.85
Institutional Class	$ 1,000.00	$ 1,019.56	1.11%	$ 5.63
Large Company Value Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,041.10	1.12%	$ 6.03
Institutional Class	$ 1,000.00	$ 1,040.10	1.13%	$ 6.08
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,019.51	1.12%	$ 5.69
Institutional Class	$ 1,000.00	$ 1,019.46	1.13%	$ 5.74
Small Company Growth Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,154.40	1.64%	$ 8.88
Institutional Class	$ 1,000.00	$ 1,155.50	1.36%	$ 7.37
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,016.89	1.64%	$ 8.31
Institutional Class	$ 1,000.00	$ 1,018.30	1.36%	$ 6.90
Small Company Value Portfolio
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,208.90	1.55%	$ 8.61
Institutional Class	$ 1,000.00	$ 1,209.80	1.36%	$ 7.55
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,017.34	1.55%	$ 7.86
Institutional Class	$ 1,000.00	$ 1,018.30	1.36%	$ 6.90

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses - (Concluded)

For the Six Months Ended December 31, 2016 (Unaudited)

	Beginning Account Value 07/01/2016	Ending Account Value 12/31/2016	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 07/01/16-12/31/16⁽²⁾
Wilshire 5000 Index^SM Fund
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,085.40	0.69%	$ 3.62
Institutional Class	$ 1,000.00	$ 1,087.20	0.36%	$ 1.83
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,021.67	0.69%	$ 3.51
Institutional Class	$ 1,000.00	$ 1,023.33	0.36%	$ 1.83
Wilshire International Equity Fund
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,016.50	1.54%	$ 7.81
Institutional Class	$ 1,000.00	$ 1,017.00	1.28%	$ 6.49
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,017.39	1.54%	$ 7.81
Institutional Class	$ 1,000.00	$ 1,018.70	1.28%	$ 6.50
Wilshire Income Opportunity Fund
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,006.00	1.15%	$ 5.80
Institutional Class	$ 1,000.00	$ 1,007.00	0.86%	$ 4.34
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,020.31	1.15%	$ 5.84
Institutional Class	$ 1,000.00	$ 1,020.81	0.86%	$ 4.37

⁽¹⁾	Annualized, based on the Portfolio’s most recent fiscal half-year expenses.
⁽²⁾	Expenses are equal to the Portfolio’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect one-half year period).

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 98.9% (a)
Consumer Discretionary — 16.1%
Amazon.com, Inc. (b)		13,689	$	10,264,970
NIKE, Inc. - Class B		39,300		1,997,619
O'Reilly Automotive, Inc. (b)		8,700		2,422,167
Priceline Group, Inc. (The) (b)		1,400		2,052,484
Starbucks Corp.		40,540		2,250,781
Ulta Salon, Cosmetics & Fragrance, Inc. (b)		10,575		2,695,990
Yum! Brands, Inc.		27,634		1,750,061
Other Securities (c) (d)				11,003,571
				34,437,643
Consumer Staples — 9.3%
Coca-Cola Co. (The)		77,454		3,211,243
Constellation Brands, Inc. - Class A		11,850		1,816,724
Danone SA - ADR		184,005		2,314,783
Monster Beverage Corp. (b)		113,826		5,047,045
Procter & Gamble Co. (The)		32,285		2,714,523
Other Securities (c)				4,945,019
				20,049,337
Energy — 2.5%
Halliburton Co.		42,425		2,294,769
Schlumberger Ltd.		26,334		2,210,739
Other Securities (c) (d)				819,355
				5,324,863
Financials — 4.2%
Charles Schwab Corp. (The)		75,900		2,995,774
Other Securities (c) (d)				6,113,276
				9,109,050
Health Care — 15.2%
Alexion Pharmaceuticals, Inc. (b)		18,105		2,215,147
Amgen, Inc.		16,528		2,416,559
Celgene Corp. (b)		30,758		3,560,239
Cerner Corp. (b)		41,779		1,979,071
Edwards Lifesciences Corp. (b)		27,925		2,616,572
Merck & Co., Inc.		29,346		1,727,599
Novartis AG - ADR		20,227		1,473,335
Novo Nordisk A/S - ADR (d)		72,794		2,610,394
Regeneron Pharmaceuticals, Inc. (b)		6,472		2,375,806
Shire plc - ADR (d)		9,550		1,627,129
Varian Medical Systems, Inc. (b)		22,399	$	2,010,982
Other Securities (c) (d)				8,022,407
				32,635,240
Industrials — 8.4%
Acuity Brands, Inc.		9,000		2,077,740
Canadian Pacific Railway Ltd.		13,425		1,916,688
Deere & Co.		33,774		3,480,073
Expeditors International of Washington, Inc.		48,010		2,542,610
United Parcel Service, Inc. - Class B		22,389		2,566,674
Other Securities (c) (d)				5,503,505
				18,087,290
Information Technology — 38.7%
Adobe Systems, Inc. (b)		25,150		2,589,192
Alibaba Group Holding Ltd. - ADR (b) (d)		39,351		3,455,411
Alphabet, Inc. - Class A (b)		4,261		3,376,629
Alphabet, Inc. - Class C (b)		8,396		6,480,201
Apple, Inc.		62,992		7,295,733
Applied Materials, Inc.		75,800		2,446,066
Autodesk, Inc. (b)		34,968		2,587,982
Cisco Systems, Inc.		131,755		3,981,636
Facebook, Inc. - Class A (b)		82,344		9,473,678
International Business Machines Corp.		10,159		1,686,292
Microsoft Corp.		71,427		4,438,473
Oracle Corp.		97,766		3,759,102
Palo Alto Networks, Inc. (b) (d)		14,075		1,760,079
QUALCOMM, Inc.		73,245		4,775,575
Red Hat, Inc. (b)		24,175		1,684,998
Sabre Corp. (d)		74,935		1,869,628
salesforce.com, Inc. (b)		34,400		2,355,024
Visa, Inc. - Class A (d)		91,744		7,157,868
Other Securities (c) (d)				11,843,095
				83,016,662
Materials — 2.8%
Sherwin-Williams Co. (The)		8,800		2,364,912
Other Securities (c) (d)				3,557,993
				5,922,905
Real Estate — 1.4%
Other Securities (c) (d)				3,103,777

See Notes to Financial Statements.
37

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 98.9% (a) (Continued)
Telecommunication Services — 0.3%
Other Securities (c)			$	608,639

Total Common Stocks (Cost $161,314,240)				212,295,406

MONEY MARKET FUNDS — 4.6%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (e)		2,111,500		2,111,500
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (e) (f)		7,815,619		7,815,619

Total Money Market Funds (Cost $9,927,119)				9,927,119

Total Investments at Value — 103.5% (Cost $171,241,359)				222,222,525

Liabilities in Excess of Other Assets — (3.5%)				(7,421,091	)

NET ASSETS — 100.0%			$	214,801,434

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “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) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

ADR — American Depositary Receipt.

Ltd. — Limited.

plc — Public Limited Company.

(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 and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(d)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $22,586,674.

(e)	The rate shown is the 7-day effective yield as of December 31, 2016.

(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $7,815,619. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $15,374,737 (Note 6).

See Notes to Financial Statements.
38

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 99.9% (a)
Consumer Discretionary — 7.7%
Ford Motor Co.		163,064	$	1,977,966
Hilton Worldwide Holdings, Inc.		55,675		1,514,360
Omnicom Group, Inc.		15,150		1,289,416
Target Corp.		21,174		1,529,397
Other Securities (b) (c)				8,026,420
				14,337,559
Consumer Staples — 5.2%
Altria Group, Inc.		28,100		1,900,122
Philip Morris International, Inc.		22,796		2,085,606
Wal-Mart Stores, Inc.		44,940		3,106,252
Other Securities (b)				2,569,063
				9,661,043
Energy — 12.2%
BP plc - ADR (c)		76,603		2,863,421
Chevron Corp.		11,459		1,348,724
ConocoPhillips		56,225		2,819,122
Exxon Mobil Corp.		39,857		3,597,494
Occidental Petroleum Corp.		24,900		1,773,627
Phillips 66		16,400		1,417,124
Royal Dutch Shell plc - Class A - ADR (c)		49,714		2,703,447
Other Securities (b) (c)				6,110,318
				22,633,277
Financials — 33.4%
American Express Co.		21,610		1,600,869
American International Group, Inc.		31,698		2,070,196
Bank of America Corp.		260,335		5,753,404
Capital One Financial Corp.		14,025		1,223,541
Citigroup, Inc.		50,779		3,017,796
Franklin Resources, Inc.		37,545		1,486,031
Goldman Sachs Group, Inc. (The)		7,756		1,857,174
JPMorgan Chase & Co.		68,352		5,898,094
Loews Corp. (c)		50,355		2,358,124
MetLife, Inc.		44,715		2,409,690
Morgan Stanley		46,535		1,966,104
State Street Corp.		50,435		3,919,808
UBS Group AG (c)		88,375		1,384,836
Voya Financial, Inc.		45,003		1,765,017
Wells Fargo & Co.		78,042		4,300,895
XL Group Ltd.		60,973	$	2,271,854
Other Securities (b) (c)				18,656,246
				61,939,679
Health Care — 9.5%
Cigna Corp.		10,550		1,407,264
Johnson & Johnson		40,340		4,647,571
Medtronic plc		22,120		1,575,608
Merck & Co., Inc.		66,054		3,888,599
Pfizer, Inc.		118,177		3,838,389
Other Securities (b) (c)				2,187,285
				17,544,716
Industrials — 8.7%
Dover Corp.		19,775		1,481,741
Parker-Hannifin Corp.		12,150		1,701,000
Southwest Airlines Co.		31,400		1,564,976
Stanley Black & Decker, Inc.		19,125		2,193,446
United Technologies Corp.		13,495		1,479,322
Other Securities (b) (c)				7,775,800
				16,196,285
Information Technology — 11.1%
Cisco Systems, Inc.		59,511		1,798,422
Hewlett Packard Enterprise Co.		59,860		1,385,160
Intel Corp.		59,697		2,165,210
International Business Machines Corp.		16,129		2,677,252
Oracle Corp.		77,760		2,989,873
QUALCOMM, Inc.		43,706		2,849,630
Other Securities (b) (c)				6,707,250
				20,572,797
Materials — 3.6%
E.I. du Pont de Nemours and Co.		20,400		1,497,361
International Paper Co. (c)		23,695		1,257,257
Other Securities (b) (c)				3,989,375
				6,743,993
Real Estate — 2.1%
Other Securities (b)				3,792,558

Telecommunication Services — 2.6%
AT&T, Inc.		66,676		2,835,730
Verizon Communications, Inc.		34,050		1,817,589
Other Securities (b)				239,655
				4,892,974

See Notes to Financial Statements.
39

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 99.9% (a) (Continued)
Utilities — 3.8%
Entergy Corp.		38,263	$	2,811,182
Other Securities (b)				4,259,583
				7,070,765
Total Common Stocks (Cost $155,149,455)				185,385,646

RIGHTS — 0.0% (d)
Other Securities (b) (Cost $0)				1,189

MONEY MARKET FUNDS — 2.5%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (e)		9,805		9,805
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (e) (f)		4,729,193		4,729,193

Total Money Market Funds (Cost $4,738,998)				4,738,998

Total Investments at Value — 102.4% (Cost $159,888,453)				190,125,833

Liabilities in Excess of Other Assets — (2.4%)				(4,517,574	)

NET ASSETS — 100.0%			$	185,608,259

ADR — American Depositary Receipt.

Ltd. — Limited.

plc — Public Limited Company.

(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 and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(c)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $14,358,569.

(d)	Percentage rounds to less than 0.1%.

(e)	The rate shown is the 7-day effective yield as of December 31, 2016.

(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $4,729,193. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $9,915,530 (Note 6).

See Notes to Financial Statements.
40

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.2% (a)
Consumer Discretionary — 16.4%
Chuy's Holdings, Inc. (b)		10,242	$	332,352
Dorman Products, Inc. (b)		6,370		465,392
Drew Industries, Inc. (b)		4,060		437,465
G-III Apparel Group Ltd. (b) (c)		10,692		316,056
Monro Muffler Brake, Inc. (c)		6,300		360,359
Popeyes Louisiana Kitchen, Inc. (b)		7,453		450,756
Sonic Corp. (c)		18,892		500,826
Steven Madden Ltd. (b)		16,300		582,724
Other Securities (c) (d)				2,632,264
				6,078,194
Consumer Staples — 5.0%
B&G Foods, Inc. (c)		10,140		444,132
Calavo Growers, Inc. (c)		5,280		324,192
Inter Parfums, Inc.		9,765		319,803
J & J Snack Foods Corp.		2,225		296,882
Other Securities (c) (d)				467,658
				1,852,667
Energy — 3.3%
Matador Resources Co. (b) (c)		9,060		233,386
Oasis Petroleum, Inc. (b)		31,539		477,500
PDC Energy, Inc. (b)		3,130		227,175
Other Securities (c) (d)				273,287
				1,211,348
Financials — 9.7%
CenterState Banks, Inc.		11,750		295,748
LegacyTexas Financial Group, Inc.		5,480		235,969
Pinnacle Financial Partners, Inc.		6,680		462,923
PrivateBancorp, Inc.		6,415		347,628
South State Corp.		7,460		652,003
Texas Capital Bancshares, Inc. (b)		3,890		304,976
Other Securities (c) (d)				1,293,750
				3,592,997
Health Care — 21.6%
Aceto Corp. (c)		10,150		222,995
Cambrex Corp. (b)		10,945		590,483
Cantel Medical Corp.		4,560		359,100
Cotiviti Holdings, Inc. (b) (c)		13,080		449,951
Eagle Pharmaceuticals, Inc. (b) (c)		4,630		367,344
ICON plc (b)		5,520		415,104
Medidata Solutions, Inc. (b)		7,770		385,936
Neogen Corp. (b)		6,470	$	427,020
PRA Health Sciences, Inc. (b)		12,925		712,427
Prestige Brands Holdings, Inc. (b)		9,134		475,881
Repligen Corp. (b)		16,095		496,047
Supernus Pharmaceuticals, Inc. (b)		23,270		587,567
Vascular Solutions, Inc. (b)		7,920		444,312
Other Securities (c) (d)				2,096,611
				8,030,778
Industrials — 13.7%
CEB, Inc.		6,570		398,141
Knoll, Inc.		19,498		544,578
Saia, Inc. (b)		8,540		377,041
SiteOne Landscape Supply, Inc. (b)		7,820		271,589
WageWorks, Inc. (b)		9,775		708,687
Other Securities (c) (d)				2,766,012
				5,066,048
Information Technology — 20.7%
BroadSoft, Inc. (b) (c)		11,585		477,881
CEVA, Inc. (b)		10,694		358,783
Ellie Mae, Inc. (b) (c)		5,530		462,750
Inphi Corp. (b) (c)		7,195		321,041
LogMeIn, Inc.		6,060		585,094
MAXIMUS, Inc.		9,570		533,910
Pegasystems, Inc.		16,964		610,704
Qualys, Inc. (b)		11,480		363,342
Silicon Laboratories, Inc. (b)		5,075		329,874
SPS Commerce, Inc. (b)		5,300		370,417
Other Securities (c) (d)				3,280,285
				7,694,081
Materials — 3.2%
Other Securities (c) (d)				1,195,313

Real Estate — 2.0%
Other Securities (c) (d)				740,884

Telecommunication Services — 1.2%
Cogent Communications Holdings, Inc.		9,945		411,226
Other Securities (d)				20,293
				431,519

See Notes to Financial Statements.
41

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.2% (a) (Continued)
Utilities — 0.4%
Other Securities (d)			$	138,749

Total Common Stocks (Cost $27,660,691)				36,032,578

RIGHTS — 0.0% (e)
Other Securities (d) (Cost $0)				360

MONEY MARKET FUNDS — 8.6%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (f)		1,076,691		1,076,691
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (f) (g)		2,128,325		2,128,325

Total Money Market Funds (Cost $3,205,016)				3,205,016

Total Investments at Value — 105.8% (Cost $30,865,707)				39,237,954

Liabilities in Excess of Other Assets — (5.8%)				(2,150,775	)

Net Assets — 100.0%			$	37,087,179

Ltd. — Limited.

plc — Public Limited Company.

(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, 2016. The total market value of securities on loan at December 31, 2016 was $4,691,378.

(d)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of December 31, 2016.

(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $2,128,325. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,721,691 (Note 6).

See Notes to Financial Statements.
42

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.6% (a)
Consumer Discretionary — 11.9%
Cooper Tire & Rubber Co.		8,370	$	325,175
Fred's, Inc. - Class A (b)		18,675		346,608
Hooker Furniture Corp.		13,993		531,034
M/I Homes, Inc. (c)		10,864		273,556
Scholastic Corp. (b)		4,569		216,981
Stoneridge, Inc. (c)		22,433		396,839
Taylor Morrison Home Corp. - Class A (b) (c)		23,880		459,929
TRI Pointe Group, Inc. (c)		43,630		500,872
Other Securities (b) (d)				1,802,333
				4,853,327
Consumer Staples — 3.8%
Inter Parfums, Inc.		7,353		240,811
John B. Sanfilippo & Son, Inc. (b)		5,854		412,062
TreeHouse Foods, Inc. (b) (c)		6,904		498,399
Other Securities (b) (d)				390,733
				1,542,005
Energy — 4.4%
PDC Energy, Inc. (c)		6,360		461,608
Synergy Resources Corp. (b) (c)		42,730		380,724
Other Securities (b) (d)				946,538
				1,788,870
Financials — 30.7%
Ameris Bancorp		8,710		379,756
Bank of N.T. Butterfield & Son Ltd. (The)		17,390		546,741
Banner Corp.		4,030		224,914
Capital Bank Financial Corp. - Class A		13,580		533,015
Dime Community Bancshares, Inc.		13,993		281,259
Greenhill & Co., Inc.		8,910		246,807
Greenlight Capital Re Ltd. - Class A (c)		10,095		230,166
Heritage Financial Corp.		14,605		376,079
Hilltop Holdings, Inc.		6,995		208,451
HomeStreet, Inc. (c)		11,455		361,978
PacWest Bancorp		10,160		553,110
PrivateBancorp, Inc.		7,920		429,185
Western Alliance Bancorp (c)		15,605		760,119
Other Securities (b) (d)				7,399,139
				12,530,719
Health Care — 2.7%
Analogic Corp.		6,140	$	509,312
Other Securities (b) (d)				601,397
				1,110,709
Industrials — 10.2%
Albany International Corp. - Class A		8,040		372,252
Brady Corp. - Class A		5,920		222,295
EnerSys		6,270		489,687
GP Strategies Corp. (c)		8,150		233,089
Orbital ATK, Inc.		4,772		418,647
Other Securities (b) (d)				2,421,158
				4,157,128
Information Technology — 15.8%
Coherent, Inc. (c)		3,620		497,333
Cray, Inc. (b) (c)		13,925		288,248
Electronics For Imaging, Inc. (c)		10,660		467,547
Entegris, Inc. (c)		30,695		549,441
Integrated Device Technology, Inc. (c)		16,405		386,502
Lattice Semiconductor Corp. (b) (c)		81,605		600,612
Mitel Networks Corp. (c)		114,850		780,979
Novanta, Inc. (c)		22,245		467,145
Ultratech, Inc. (c)		10,385		249,032
Other Securities (b) (d)				2,156,017
				6,442,856
Materials — 8.4%
Boise Cascade Co. (c)		15,190		341,776
Deltic Timber Corp. (b)		2,615		201,538
Landec Corp. (c)		35,525		490,244
Louisiana-Pacific Corp. (c)		13,530		256,124
Materion Corp.		12,490		494,604
Schweitzer-Mauduit International, Inc.		5,195		236,528
Other Securities (b) (d)				1,394,831
				3,415,645
Real Estate — 7.2%
Brandywine Realty Trust		25,303		417,753
Forestar Group, Inc. (c)		35,388		470,660
Ramco-Gershenson Properties Trust		30,685		508,756
Other Securities (b) (d)				1,528,844
				2,926,013
Telecommunication Services — 0.0% (e)
Other Securities (d)				22,506

See Notes to Financial Statements.
43

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.6% (a) (Continued)
Utilities — 2.5%
Other Securities (b) (d)			$	1,004,298

Total Common Stocks (Cost $31,105,936)				39,794,076

MONEY MARKET FUNDS — 7.7%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (f)		927,765		927,765
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (f) (g)		2,227,822		2,227,822

Total Money Market Funds (Cost $3,155,587)				3,155,587

Total Investments at Value — 105.3% (Cost $34,261,523)				42,949,663

Liabilities in Excess of Other Assets — (5.3%)				(2,153,883	)

NET ASSETS — 100.0%			$	40,795,780

Ltd. — Limited.

(a)	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

(b)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $3,523,566.

(c)	Non-income producing security.

(d)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of December 31, 2016.

(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $2,227,822. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,431,817 (Note 6).

See Notes to Financial Statements.
44

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 99.9% (a)
Consumer Discretionary — 12.5%
Amazon.com, Inc. (b)		3,129	$	2,346,342
Comcast Corp. - Class A		17,971		1,240,897
Home Depot, Inc. (The)		8,948		1,199,747
McDonald's Corp.		6,521		793,735
Walt Disney Co. (The)		11,556		1,204,365
Other Securities (c) (d)				14,902,048
				21,687,134
Consumer Staples — 8.8%
Altria Group, Inc.		15,325		1,036,277
Coca-Cola Co. (The)		30,590		1,268,260
CVS Health Corp.		8,374		660,791
PepsiCo, Inc.		11,262		1,178,343
Philip Morris International, Inc.		11,474		1,049,756
Procter & Gamble Co. (The)		21,239		1,785,774
Wal-Mart Stores, Inc.		12,204		843,539
Other Securities (c) (d)				7,353,709
				15,176,449
Energy — 7.0%
Chevron Corp.		14,824		1,744,784
Exxon Mobil Corp.		32,562		2,939,045
Schlumberger Ltd.		10,103		848,148
Other Securities (c) (d)				6,681,678
				12,213,655
Financials — 15.8%
Bank of America Corp.		80,198		1,772,375
Berkshire Hathaway, Inc. - Class B (b)		15,617		2,545,258
Citigroup, Inc.		22,615		1,344,008
Goldman Sachs Group, Inc. (The)		2,988		715,476
JPMorgan Chase & Co.		28,098		2,424,575
U.S. Bancorp		12,784		656,713
Wells Fargo & Co.		36,042		1,986,274
Other Securities (c) (d)				16,051,315
				27,495,994
Health Care — 12.5%
AbbVie, Inc.		11,400		713,868
Amgen, Inc.		5,213		762,192
Bristol-Myers Squibb Co.		13,125		767,025
Celgene Corp. (b)		6,153		712,210
Gilead Sciences, Inc.		10,467		749,541
Johnson & Johnson		21,363		2,461,230
Merck & Co., Inc.		21,655		1,274,830
Pfizer, Inc.		48,162	$	1,564,301
UnitedHealth Group, Inc.		7,072		1,131,802
Other Securities (c) (d)				11,509,212
				21,646,211
Industrials — 10.7%
3M Co.		4,723		843,386
Boeing Co. (The)		4,481		697,602
General Electric Co.		69,471		2,195,283
Honeywell International, Inc.		6,049		700,777
Union Pacific Corp.		6,123		634,832
United Technologies Corp.		6,535		716,367
Other Securities (c) (d)				12,760,422
				18,548,669
Information Technology — 19.2%
Alphabet, Inc. - Class C (b)		4,481		3,458,524
Apple, Inc.		42,322		4,901,733
Cisco Systems, Inc.		39,423		1,191,362
Facebook, Inc. - Class A (b)		17,278		1,987,833
Intel Corp.		37,618		1,364,404
International Business Machines Corp.		6,905		1,146,160
Mastercard, Inc. - Class A		7,452		769,418
Microsoft Corp.		61,062		3,794,392
Oracle Corp.		25,305		972,976
QUALCOMM, Inc.		11,605		756,645
Visa, Inc. - Class A (d)		12,229		954,106
Other Securities (c) (d)				12,085,231
				33,382,784
Materials — 3.2%
Other Securities (c) (d)				5,497,223

Real Estate — 4.4%
Other Securities (c) (d)				7,679,336

Telecommunication Services — 2.6%
AT&T, Inc.		48,750		2,073,338
Verizon Communications, Inc.		32,363		1,727,537
Other Securities (c) (d)				639,435
				4,440,310
Utilities — 3.2%
Other Securities (c) (d)				5,539,299

Total Common Stocks (Cost $64,138,598)				173,307,064

See Notes to Financial Statements.
45

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
RIGHTS — 0.0% (e)
Other Securities (c) (d) (Cost $0)			$	12,313

MONEY MARKET FUNDS — 2.7%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (f)		140,499		140,499
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (f) (g)		4,582,659		4,582,659

Total Money Market Funds (Cost $4,723,158)				4,723,158

Total Investments at Value — 102.6% (Cost $68,861,756)				178,042,535

Liabilities in Excess of Other Assets — (2.6%)				(4,513,156	)

NET ASSETS — 100.0%			$	173,529,379

Ltd. — Limited.

(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 and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(d)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $10,033,391.

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of December 31, 2016.

(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $4,582,659. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,762,682 (Note 6).

See Notes to Financial Statements.
46

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.4%
Australia — 3.4%
CSL Ltd. (a)		51,905	$	3,753,524
Other Securities (a) (b) (c)				5,377,476
				9,131,000
Austria — 0.1%
Other Securities (a) (b)				241,359

Belgium — 0.2%
Other Securities (a) (b)				585,858

Brazil — 2.1%
Ambev S.A. - ADR		722,901		3,549,444
Other Securities (a) (b) (c)				1,979,492
				5,528,936
Canada — 5.1%
Canadian Pacific Railway Ltd.		26,853		3,833,804
Constellation Software, Inc.		6,035		2,742,046
Other Securities (b) (c)				7,210,419
				13,786,269
Chile — 0.1%
Other Securities (b)				161,738

China — 4.7%
China Mobile Ltd. - ADR (c)		47,000		2,464,210
Ctrip.com International Ltd. - ADR (c) (d)		67,397		2,695,880
Tencent Holdings Ltd. (a)		129,855		3,148,638
Other Securities (a) (b) (c)				4,416,739
				12,725,467
Colombia — 0.0% (e)
Other Securities (b)				128,031

Czech Republic — 0.0% (e)
Other Securities (a) (b)				24,100

Denmark — 3.6%
Carlsberg A/S - Series B (a)		24,511		2,110,825
Chr. Hansen Holding A/S (a)		43,850		2,424,812
Coloplast A/S - Series B (a)		40,404		2,721,188
Novozymes A/S (a)		65,724		2,261,382
Other Securities (a) (b)				214,010
				9,732,217
Finland — 0.4%
Other Securities (a) (b)				1,120,743

France — 11.1%
AXA S.A. (a)		123,063	$	3,101,889
EADS N.V. (a)		51,910		3,428,166
Essilor International S.A. (a)		21,887		2,469,168
Hermes International (a)		6,085		2,495,868
LVMH Moet Hennessy Louis Vuitton SE (a)		14,975		2,854,956
Société Générale S.A. (a)		43,960		2,161,987
Total S.A. - ADR (c)		59,970		3,056,671
Other Securities (a) (b) (c)				10,159,936
				29,728,641
Germany — 5.1%
adidas AG (a)		13,208		2,082,886
E.ON SE (a) (d)		288,760		2,031,161
Other Securities (a) (b) (c)				9,619,386
				13,733,433
Greece — 0.0% (e)
Other Securities (a) (b)				64,627

Hong Kong — 1.7%
Other Securities (a) (b)				4,472,005

Hungary — 0.0% (e)
Other Securities (b)				8,498

India — 1.0%
HDFC Bank Ltd. - ADR		45,016		2,731,571

Indonesia — 0.0% (e)
Other Securities (a) (b)				64,726

Ireland — 2.2%
AerCap Holdings N.V. (d)		53,485		2,225,511
Experian plc (a)		186,151		3,603,943
				5,829,454
Israel — 0.1%
Other Securities (a) (b)				231,453

Italy — 2.1%
Intesa Sanpaolo SpA (a)		1,025,035		2,596,240
Luxottica Group SpA (a)		38,825		2,086,450
Other Securities (a) (b) (c)				1,045,081
				5,727,771

See Notes to Financial Statements.
47

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
Japan — 14.7%
Keyence Corp. (a)		4,730	$	3,236,223
Mazda Motor Corp. (a)		159,400		2,595,443
Mitsubishi Estate Company Ltd. (a)		104,000		2,065,749
Sysmex Corp. (a)		34,675		2,003,332
Other Securities (a) (b)				29,570,905
				39,471,652
Jersey — 0.1%
Other Securities (a) (b)				351,838

Luxembourg — 0.2%
Other Securities (a) (b)				581,954

Malaysia — 0.2%
Other Securities (a) (b)				495,134

Mexico — 0.5%
Other Securities (b)				1,336,524

Netherlands — 5.4%
Aegon N.V. (a)		419,376		2,303,622
Royal Dutch Shell plc - Class A - ADR (c)		52,125		2,834,557
Other Securities (a) (b) (c)				9,480,653
				14,618,832
Norway — 0.9%
DNB ASA (a) (d)		140,441		2,084,747
Other Securities (a) (b)				365,179
				2,449,926
Poland — 0.0% (e)
Other Securities (a) (b)				59,955

Portugal — 0.1%
Other Securities (a) (b)				145,432

Russia — 1.2%
Yandex N.V. - Class A (d)		104,818		2,109,987
Other Securities (a) (b)				1,050,639
				3,160,626
Singapore — 0.8%
DBS Group Holdings Ltd. (a)		168,310		2,008,122
Other Securities (a) (b) (c)				272,455
				2,280,577
South Africa — 0.9%
Shoprite Holdings Ltd. (a)		172,093	$	2,150,630
Other Securities (a) (b)				346,973
				2,497,603
South Korea — 1.7%
Other Securities (a) (b)				4,471,197

Spain — 3.1%
ACS Actividades de Construccion y Servicios S.A. (a)		64,641		2,039,663
Other Securities (a) (b) (c)				6,417,089
				8,456,752
Sweden — 1.1%
Other Securities (a) (b)				2,902,269

Switzerland — 6.5%
Julius Baer Group Ltd. (a)		46,577		2,063,361
Nestlé S.A. (a)		67,167		4,811,492
Roche Holdings AG (a) (d)		15,636		3,564,127
SGS S.A. (a)		1,326		2,694,013
Other Securities (a) (b) (c)				4,289,131
				17,422,124
Taiwan — 2.7%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (c)		152,213		4,376,125
Other Securities (a) (b)				2,907,113
				7,283,238
Thailand — 0.1%
Other Securities (a) (b)				336,560

Turkey — 0.1%
Other Securities (a) (b)				331,172

United Kingdom — 7.1%
Compass Group plc (a)		181,338		3,351,181
HSBC Holdings plc - ADR		73,235		2,942,582
Reckitt Benckiser Group plc (a)		55,665		4,714,950
Other Securities (a) (b)				8,187,152
				19,195,865
United States — 7.0%
Accenture plc - Class A		33,629		3,938,965
Chubb Ltd.		34,198		4,518,240
Core Laboratories N.V. (c)		27,367		3,285,134

See Notes to Financial Statements.
48

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

December 31, 2016

	Shares		Value
COMMON STOCKS — 97.4% (Continued)
United States — 7.0% (Continued)
ICON plc (d)		27,115	$	2,039,048
Lazard Ltd. - Class A		51,566		2,118,847
Schlumberger Ltd.		35,360		2,968,472
				18,868,706
Total Common Stocks (Cost $248,747,665)				262,475,833

RIGHTS — 0.0%
Other Securities (b) (Cost $0)				0

EXCHANGE-TRADED FUNDS — 0.4%
Other Securities (b) (c) (Cost $1,238,009)				1,113,756

MONEY MARKET FUNDS — 5.8%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (f)		6,874,936		6,874,936
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% (f) (g)		8,828,715		8,828,715

Total Money Market Funds (Cost $15,703,651)				15,703,651

Total Investments at Value — 103.6% (Cost $265,689,325)				279,293,240

Liabilities in Excess of Other Assets — (3.6%)				(9,692,727	)

NET ASSETS — 100.0%			$	269,600,513

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “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) without charge, upon request, by calling (800)607-2200; (ii) on the SEC’s website at http://www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

ADR — American Depositary Receipt.

Ltd. — Limited.

plc — Public Limited Company.

(a)	Security value has been determined in good faith in accordance with procedures approved by the Board of Directors. The total value of such securities is $194,652,920 at December 31, 2016, representing 72.2% of net assets.

(b)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of December 31, 2016.

(c)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $19,967,056.

(d)	Non-income producing security.

(e)	Percentage rounds to less than 0.1%.

(f)	The rate shown is the 7-day effective yield as of December 31, 2016.

(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $8,828,715. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,735,202.

See Notes to Financial Statements.
49

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments

December 31, 2016

	Coupon			Maturity	Par Value		Value
U.S. TREASURY OBLIGATIONS — 13.3%
U.S. Treasury Bonds — 0.3%
U.S. Treasury Bonds		2.750	%	11/15/42	$	1,180,000	$	1,114,501

U.S. Treasury Notes — 8.7%
U.S. Treasury Notes		0.625	%	05/31/17		2,450,000		2,450,191
U.S. Treasury Notes		1.000	%	02/15/18		4,280,000		4,281,507
U.S. Treasury Notes		2.000	%	11/30/20		5,030,000		5,082,071
U.S. Treasury Notes		2.125	%	01/31/21		5,080,000		5,147,666
U.S. Treasury Notes		2.250	%	03/31/21		5,590,000		5,691,101
U.S. Treasury Notes		1.750	%	03/31/22		3,030,000		2,989,640
U.S. Treasury Notes		1.500	%	03/31/23		2,780,000		2,671,188
U.S. Treasury Notes		2.125	%	05/15/25		3,430,000		3,362,470
U.S. Treasury Notes *		2.000	%	11/15/26		2,999,000		2,885,482
								34,561,316
U.S. Treasury Inflation-Protection Notes — 2.8%
U.S. Treasury Inflation-Protection Notes		0.125	%	04/15/21		1,336,043		1,343,690
U.S. Treasury Inflation-Protection Notes		0.625	%	01/15/24		1,947,587		1,981,808
U.S. Treasury Inflation-Protection Notes		0.125	%	07/15/24		2,962,381		2,910,228
U.S. Treasury Inflation-Protection Notes		0.125	%	07/15/26		1,956,337		1,891,779
U.S. Treasury Inflation-Protection Notes		1.000	%	02/15/46		3,060,452		3,073,385
								11,200,890
U.S. Treasury Strips — 1.5%
U.S. Treasury Bonds, Stripped Principal Payment *(a)		2.921	%	11/15/44		14,084,000		5,861,563

Total U.S. Treasury Obligations (Cost $53,823,803)								52,738,270

U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.9%
Federal Home Loan Mortgage Corp. — 1.5%
Federal Home Loan Mortgage Corp.		2.874	%	09/15/29	$	3,000,000	$	1,932,201
Federal Home Loan Mortgage Corp.		3.068	%	12/14/29		1,450,000		945,175
Federal Home Loan Mortgage Corp.		4.288	%	03/15/31		1,250,000		767,039
Federal Home Loan Mortgage Corp.		6.750	%	03/15/31		249,000		350,938
Federal Home Loan Mortgage Corp.		3.000	%	03/01/46		447,902		445,236
Federal Home Loan Mortgage Corp.		3.000	%	04/01/46		461,394		458,925
Federal Home Loan Mortgage Corp.		3.000	%	05/01/46		945,844		940,193
								5,839,707
Federal National Mortgage Association — 3.1%
Federal National Mortgage Association		2.125	%	04/24/26		800,000		756,553
Federal National Mortgage Association *		1.875	%	09/24/26		1,400,000		1,286,215
Federal National Mortgage Association *		2.948	%	05/15/29		3,700,000		2,413,062
Federal National Mortgage Association		3.018	%	01/15/30		775,000		497,121
Federal National Mortgage Association		3.075	%	05/15/30		2,900,000		1,864,865
Federal National Mortgage Association		3.500	%	07/01/42		998,156		1,026,788
Federal National Mortgage Association		3.000	%	07/01/46		4,762,701		4,701,261
								12,545,865
Tennessee Valley Authority — 0.3%
Tennessee Valley Authority *		5.375	%	04/01/56		410,000		512,717
Tennessee Valley Authority *		4.250	%	09/15/65		700,000		720,594
								1,233,311
Total U.S. Government Agency Obligations (Cost $20,596,508)								19,618,883

See Notes to Financial Statements.
50

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 3.8%
Federal Home Loan Mortgage Corp. — 1.6%
Federal Home Loan Mortgage Corp., Series 4249, Class CS		4.300	%	09/15/43	$	1,336,261	$	1,230,387
Federal Home Loan Mortgage Corp., Series 4355, Class ZX		4.000	%	05/15/44		4,972,442		5,264,314
								6,494,701
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.3%
Federal Home Loan Mortgage Corp. REMIC, Series K-722, Class X1 (b)		1.311	%	03/01/23		2,275,418		149,547
Federal Home Loan Mortgage Corp., Series 4077, Class TS (b)		5.299	%	05/15/41		2,154,390		339,201
Federal Home Loan Mortgage Corp., Series 3966, Class SA (b)		5.361	%	12/15/41		2,852,485		447,217
Federal Home Loan Mortgage Corp., Series 4089, Class SH		5.518	%	08/15/42		2,265,064		388,130
								1,324,095
Federal National Mortgage Association — 1.3%
Federal National Mortgage Association, Series 2016-75, Class ZP		3.000	%	10/25/46		1,402,174		1,318,896
Federal National Mortgage Association, Series 2016-73, Class DZ		3.000	%	10/25/46		4,030,075		3,605,845
								4,924,741
Federal National Mortgage Association Interest-Only Strips — 0.6%
Federal National Mortgage Association, Series 2011-124, Class NS (b)		5.915	%	12/25/41		2,525,305		437,204
Federal National Mortgage Association, Series 2012-20, Class SA (b)		5.865	%	03/25/42	$	2,327,460	$	428,807
Federal National Mortgage Association, Series 2012-76, Class SC (b)		5.415	%	07/25/42		1,064,505		183,575
Federal National Mortgage Association, Series 2014-28, Class SD (b)		5.293	%	05/25/44		7,521,549		1,207,428
								2,257,014
Total Agency Mortgage-Backed Obligations (Cost $15,790,630)								15,000,551

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4%
A10, LLC, Series 2016-1, Class A-1		2.420	%	03/15/35		163,000		162,544
AABS Ltd., Series 2013-1, Class A		4.875	%	01/15/38		385,167		383,049
Alliance Bancorp Trust, Series 2007-OA1, Class A-1 (b)		0.764	%	07/25/37		1,203,136		868,735
American Home Mortgage Assets, Series 2006-4, Class I-A1-1 (b)		0.774	%	10/25/46		1,291,712		854,336
American Home Mortgage Assets, Series 2006-6, Class A1-A (b)		0.946	%	12/25/46		932,325		659,242
Americold, LLC Trust, Series 2010-ART, Class C		6.811	%	01/14/21		50,000		55,937
Arbor Realty Commercial Real Estate, Series 2016-FL1, Class B (b)		3.488	%	09/15/26		302,000		302,940

See Notes to Financial Statements.
51

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
Banc of America Commercial Mortgage Trust, Series 2007-1, Class A-4		5.451	%	01/15/49	$	2,640	$	2,639
Banc of America Funding Corp., Series 2013-R1, Class A5 (b)		0.690	%	11/03/41		925,698		843,571
Bank of America RE-REMIC, Series 2010-UBER3, Class A-4B-2 (b)		5.949	%	06/01/46		218,000		220,255
BCAPB, LLC Trust, Series 2007-AB1, Class A-5 (b)		5.084	%	03/25/37		4,794,640		3,369,677
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1 (b)		3.176	%	01/01/35		817,220		733,089
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR16, Class A-M		5.719	%	06/11/40		368,000		372,816
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR15, Class A-4		5.331	%	02/11/44		35,747		35,767
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR17, Class A-4		5.694	%	06/11/50		182,766		185,924
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR18, Class A-4		5.700	%	06/11/50		259,727		265,297
CD Commercial Mortgage Trust, Series 2007-CD4, Class A-MFX		5.366	%	12/11/49	$	545,000	$	545,548
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C		4.878	%	05/10/58		120,000		117,632
CIM Trust, Series 2016-1, Class B2 (b)		12.316	%	07/26/55		1,000,000		874,800
CIM Trust, Series 2016-2, Class B2 (b)		12.212	%	02/01/56		1,000,000		875,422
CIM Trust, Series 2016-3, Class B2		12.173	%	02/27/56		1,000,000		875,493
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-MA (b)		6.333	%	12/01/49		120,000		123,001
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-M (b)		6.333	%	12/01/49		334,000		343,508
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A-M		5.711	%	12/10/49		219,000		222,141
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A-4		5.711	%	12/10/49		141,000		142,222
Citi-Mortgage Alternative Loan Trust, Series 2006-A1, Class IA-6		6.000	%	04/25/36		3,537,063		3,236,594
Citi-Mortgage Alternative Loan Trust, Series 2007-A5, Class IA-6 (b)		6.000	%	05/01/37		3,937,286		3,666,888

See Notes to Financial Statements.
52

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
Cobal Commercial Mortgage Trust, Series 2007-C3, Class A-M		5.764	%	05/15/46	$	120,000	$	121,586
Commercial Mortgage Loan Trust, Series 2008-LS1, Class A-4B		6.093	%	12/10/49		249,788		254,645
Cosmopolitan Hotel Trust, Series 2016-COSMO, Class C (b)		3.353	%	11/15/21		1,000,000		1,005,397
Countrywide Alternative Loan, Inc., Series 2007-16CB, Class 5-A-4 (b)		6.249	%	08/25/37		944,433		827,686
Countrywide Alternative Loan, Inc., Series 2007-OA7, Class A-1-A (b)		0.936	%	05/25/47		1,122,674		948,293
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1 (b)		0.926	%	09/25/36		2,123,580		1,972,844
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1 (b)		4.586	%	09/25/37		2,765,435		2,463,947
Credit Suisse Commercial Mortgage Trust, Series 2007-C5, Class A-4		5.695	%	09/01/40		69,957		70,957
Credit Suisse Commercial Mortgage Trust, Series 2014-WIN2, Class A-3		3.500	%	10/25/44		713,554		710,474
Credit Suisse Commercial Mortgage Trust, Series 2007-C2, Class A-M		5.603	%	01/15/49		84,000		84,703
Credit Suisse Commercial Mortgage Trust, Series 2016-PR1, Class A-1 (b)		5.126	%	07/01/56	$	912,553	$	891,711
Deutsche Bank Alt-A Securities, Series 2006-AF1, Class A-4 (b)		1.056	%	04/25/36		1,090,470		954,650
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1 (b)		2.031	%	07/25/34		685,675		663,115
FirstKey Mortgage Trust, Series 2014-1, Class A-8		3.500	%	11/25/44		502,309		506,979
Fort CRE, LLC, Series 2016-1, Class B		3.250	%	05/21/36		181,000		182,229
GE Business Loan Trust, Series 2007-1, Class C (b)		1.153	%	04/16/35		893,125		782,477
GE Commercial Mortgage, Series 2006-C1, Class A-J (b)		5.486	%	03/01/44		57,021		56,879
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E (b)		5.141	%	12/10/41		160,000		159,212
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D (b)		5.043	%	12/10/41		96,000		99,390
Goldman Sachs Mortgage Securities Trust, Series 2013-GC13, Class D (b)		4.065	%	07/10/23		60,000		53,087
Goldman Sachs Mortgage Securities Trust, Series 2016-ICE2, Class C (b)		4.788	%	02/15/33		1,000,000		1,012,568
Goldman Sachs Mortgage Securities Trust, Series 2006-GG8, Class A-M		5.591	%	11/10/39		27,699		27,686

See Notes to Financial Statements.
53

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
Goldman Sachs Mortgage Securities Trust, Series 2007-GG10, Class A-4		5.794	%	08/10/45	$	271,271	$	272,960
Greenwich Capital Commercial Mortgage, Series 2007-GG9, Class A-M		5.475	%	03/10/39		121,349		121,306
GSAA Home Equity Trust, Series 2005-6, Class M-1 (b)		1.022	%	06/25/35		1,300,000		1,173,148
GSAA Home Equity Trust, Series 2007-7, Class A4 (b)		1.026	%	07/25/37		1,070,311		967,716
Harborview Mortgage Loan Trust, Series 2006-14, Class 2A-1A (b)		0.886	%	01/25/47		1,088,886		892,046
Hilton USA Trust, Series 2013-HLT, Class E-FX, 144A (b)		4.601	%	11/05/18		1,000,000		1,001,492
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class D (b)		5.214	%	10/15/23		84,000		79,984
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class B (b)		2.688	%	10/15/22		115,000		115,574
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class C (b)		3.287	%	10/15/22		65,000		65,311
JPMCC Commercial Mortgage Trust, Series 2016-JP2, Class C (b)		3.947	%	08/15/49		1,000,000		954,290
JPMCC RE-REMIC Trust, Series 2014-FRR1, Class A-K707		4.347	%	12/27/18		181,000		176,977
JPMorgan Chase Commercial Trust, Series 2016-WPT, Class E (b)		5.532	%	10/15/18	$	181,000	$	182,238
JPMorgan Chase Commercial Trust, Series 2016-WIKI, Class E (b)		4.008	%	10/05/21		1,000,000		965,701
JPMorgan Chase Commercial Trust, Series 2007-CIBC18, Class A-4		5.440	%	06/12/47		8,301		8,295
JPMorgan Chase Commercial Trust, Series 2007-CIBC19, Class A-M (b)		5.880	%	02/12/49		218,000		220,108
JPMorgan Chase Commercial Trust, Series 2007-CIBC20, Class A-M		5.880	%	02/12/51		273,000		279,571
JPMorgan Commercial Mortgage Trust, Series 2004-CIBC10, Class D		5.097	%	01/12/37		89,000		91,186
Lehman Brothers Commercial Mortgage Trust, Series 2007-C3, Class A-4		5.918	%	07/15/44		172,902		175,200
Lehman Brothers-UBS Commercial Mortgage Trust, Series 2007-C2, Class A-M		5.493	%	02/15/40		273,000		275,262
Lehman Brothers-UBS Commercial Mortgage Trust, Series 2007-C7, Class A-3		5.866	%	09/15/45		202,678		207,683
Lehman Brothers-UBS Commercial Mortgage Trust, Series 2007-C7, Class A-J		6.243	%	09/15/45		120,000		120,996

See Notes to Financial Statements.
54

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C		4.701	%	03/10/49	$	274,000	$	250,430
LSTAR Securities Investments Ltd., Series 2016-4, Class A-1 (b)		2.885	%	10/01/18		1,955,395		1,933,950
LSTAR Securities Investments Ltd., Series 2016-7, Class A-1 (b)		2.605	%	12/01/18		2,000,000		1,970,629
LSTAR Securities Investments Ltd., Series 2015-4, Class A-1 (b)		2.532	%	04/01/20		576,049		574,969
LSTAR Securities Investments Ltd., Series 2016-5, Class A-1, 144A		2.546	%	11/01/21		978,225		965,581
LSTAR Securities Investments Trust, Series 2016-2, Class A, 144A (b)		2.532	%	03/01/21		1,299,790		1,282,993
LSTAR Securities Investments Trust, Series 2016-3, Class A (b)		2.532	%	09/01/21		2,223,925		2,196,821
Luminent Mortgage Trust, Series 2006-2, Class A1A (b)		0.792	%	02/25/46		1,514,928		1,064,302
Merrill Lynch-CFC Commercial Mortgage Trust, Series 2007-9, Class A-4		5.700	%	09/12/49		168,093		171,446
Merrill Lynch Mortgage Trust, Series 2007-C1, Class AM (b)		6.022	%	06/01/50		181,000		175,582
Merrill Lynch-CFC Commercial Mortgage Trust, Series 2007-7, Class A-4		5.738	%	06/12/50	$	55,621	$	55,976
Morgan Stanley Capital I Trust, Series 2006-XLF, Class J (b)		1.133	%	07/15/19		68,327		67,689
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1 (b)		0.969	%	12/25/35		1,000,000		898,129
Morgan Stanley Capital I Trust, Series 2007-Q11, Class A-M		5.478	%	02/12/44		92,558		92,489
Morgan Stanley Capital I Trust, Series 2006-HQ9, Class A-J		5.793	%	07/12/44		1,384		1,383
Morgan Stanley Capital I Trust, Series 2007-IQ16, Class A-M		6.052	%	12/12/49		273,000		281,172
Morgan Stanley REMIC Trust, Series 2010-R5, Class 4-B (b)		1.053	%	06/26/36		941,950		727,898
Morgan Stanley REMIC Trust, Series 2010-GG10, Class A4B		5.794	%	08/15/45		218,000		218,801
Motel 6 Trust, Series 2015-MTL6, Class E (b)		5.278	%	02/05/20		1,000,000		993,731
PR Mortgage Loan Trust, Series 2014-1, Class APT (b)		5.916	%	10/25/49		2,359,907		2,262,256
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3		6.500	%	10/25/36		1,627,690		1,388,776

See Notes to Financial Statements.
55

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
Residential Accredited Loans, Inc., Series 2006-QO2, Class A-1 (b)		0.745	%	02/25/46	$	2,214,046	$	963,265
Rise Ltd., Series 2014-1A, Class A		4.750	%	02/15/39		1,234,260		1,226,237
Springfield Funding Trust, Series 2015-A, Class A		3.160	%	11/15/24		1,000,000		1,007,900
Structured Asset Investment Loan, Series 2005-11, Class A7 (b)		0.951	%	01/25/36		850,824		764,427
Taco Bell Funding, LLC, Series 2016-1, Class A-2-II		4.377	%	05/25/46		1,695,750		1,703,125
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX		3.533	%	04/25/46		456,895		465,474
VOLT L, LLC, Series 2016-NP10, Class A-1, 144A		3.500	%	09/25/46		1,973,251		1,968,013
VOLT LI, LLC, Series 2016-NP11, Class A-1		3.500	%	10/25/46		1,088,264		1,085,767
VOLT XXVII, LLC, Series 2014-NPL7, Class A-1		3.375	%	08/27/57		673,113		673,413
Wachovia Asset Securitization, Series 2007-HE2, Class A (b)		0.722	%	07/25/37		1,913,138		1,678,679
Wachovia Asset Securitization, Series 2007-HE1, Class A (b)		0.731	%	07/25/37		1,605,544		1,370,099
Wachovia Bank Commercial Mortgage Trust, Series 2007-C30, Class A-M		5.383	%	12/15/43		141,000		141,032
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class A-M (b)		6.285	%	06/15/45	$	181,000	$	181,015
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A-J		5.825	%	07/15/45		179,000		181,202
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A-3		5.678	%	05/15/46		255,376		257,224
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A-J		5.632	%	10/15/48		194,242		193,996
Wachovia Bank Commercial Mortgage Trust, Series 2007-C32, Class A-3 (b)		5.890	%	06/15/49		175,610		176,679
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class B (b)		2.588	%	06/15/29		148,000		148,034
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class C (b)		3.038	%	06/15/29		125,000		125,026
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C		5.029	%	06/15/49		141,000		139,688
Wendy's Funding, LLC, Series 2015-1, Class A2-III		4.497	%	06/15/45		987,500		950,583
Winwater Mortgage Loan Trust, Series 2016-1, Class 2A-3		3.000	%	12/20/30		431,862		432,368

See Notes to Financial Statements.
56

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 19.4% (Continued)
Wrightwood Capital Real Estate, Series 2005-1, Class B (b)		1.083	%	11/21/40	$	1,450,000	$	1,365,755

Total Non-Agency Mortgage-Backed Obligations (Cost $78,042,061)								77,310,630

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.2%
American Home Mortgage Assets, Series 2007-1, Class IO-P		2.078	%	05/25/47		8,513,198		1,501,440
BofA Merrill Lynch Commercial Mortgage Trust, Series 2016-UBS10, Class X-A		2.008	%	06/15/49		1,117,863		132,129
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A (b)		1.581	%	08/10/26		1,995,557		198,465
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A (b)		1.770	%	05/10/58		1,295,792		149,963
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A (b)		2.016	%	08/10/26		1,234,700		164,296
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class X-A		1.811	%	04/10/49		3,835,502		467,792
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A		1.952	%	05/10/49		1,177,938		153,873
Citigroup Commercial Mortgage Trust, Series 2016-C2, Class X-A		1.949	%	08/10/49	$	1,896,338	$	238,820
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A (b)		1.538	%	10/01/46		3,969,019		245,288
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A		1.815	%	01/15/49		991,990		114,165
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A (b)		1.598	%	01/10/23		2,375,806		172,029
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A		1.673	%	05/10/49		1,041,378		113,195
JPMCC Commercial Mortgage Trust, Series 2016-JP2, Class X-A (b)		1.866	%	08/15/49		1,937,417		256,483
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class X-A (b)		1.868	%	06/01/49		1,260,418		128,390
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A		1.957	%	03/01/49		1,623,788		145,655
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A (b)		1.147	%	12/01/47		3,517,500		195,417
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C27, Class X-A		1.040	%	12/15/47		26,157,663		1,657,751
Morgan Stanley Capital I Trust, Series 2016-UBS11, Class X-A (b)		1.682	%	08/15/49		5,872,425		619,420

See Notes to Financial Statements.
57

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.2% (Continued)
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A (b)		0.841	%	12/15/49	$	3,281,000	$	178,383
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A (b)		2.197	%	10/01/48		8,164,325		1,030,988
Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class X-A (b)		2.010	%	07/15/48		6,867,643		921,916

Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $8,908,168)								8,785,858

ASSET-BACKED SECURITIES — 10.3%
Anchorage Credit Funding Ltd.		3.850	%	10/28/33		1,000,000		989,402
Anchorage Credit Funding Ltd., Series 2016-4A, Class A		3.500	%	02/15/35		2,000,000		1,942,602
Apollo Aviation Securitization Equity Trust, Series 2014-1, Class A		5.125	%	12/15/29		1,269,231		1,260,346
Apollo Aviation Securitization Equity Trust, Series 2014-1, Class B		7.375	%	12/15/29		634,616		630,173
Apollo Aviation Securitization Equity Trust, Series 2016-1A, Class A		4.875	%	03/17/36		925,000		938,288
Apollo Aviation Securitization Equity Trust, Series 2016-2, Class A		4.212	%	11/15/41		1,700,000		1,691,204
Castle Air Securities Trust, Series 2015-1, Class A		4.703	%	12/15/40	$	1,334,144	$	1,350,823
Castlelake Aircraft Securitization		5.250	%	02/15/29		428,726		427,011
Castlelake Aircraft Securitization		7.500	%	02/15/29		384,132		383,172
Cerberus Loan Funding XVII, Series 2016-17, Class A (b)		3.483	%	01/15/28		1,000,000		996,341
Chesterfield Financial Holding, LLC (b)		4.500	%	12/15/34		821,000		815,722
CIFC Funding Ltd., Series 2007-I, Class B-1L (b)		2.306	%	05/10/21		1,300,000		1,274,208
CIFC Funding Ltd., Series 2012-I REFI, Class A-3R (b)		3.886	%	08/14/24		1,000,000		1,006,227
CIFC Funding Ltd. (b)		2.735	%	12/05/24		1,500,000		1,499,600
Diamond Head Aviation Ltd., Series 2015-1, Class A		3.810	%	07/14/28		705,697		697,441
Drug Royalty III, L.P., Series 2016-1, Class NT		3.979	%	04/15/27		931,972		923,218
Dryden Senior Loan Fund, Series 2015-37, Class COMB		8.826	%	04/15/27		1,000,000		938,408
Earnest Student Loan Program, LLC, Series 2016-C, Class B		4.460	%	01/26/37		1,000,000		972,124
FDF Ltd. (b)		4.285	%	05/12/61		1,000,000		979,070
Flagship VII Ltd. (b)		3.594	%	01/20/26		1,500,000		1,492,512
Golub Capital Partners, Series 2015-25, Class A-1 (b)		2.432	%	08/05/27		1,000,000		989,698
Halcyon Loan Advisors Funding, Series 2012-2, Class C (b)		3.847	%	12/20/24		1,500,000		1,463,547
Harbour Aircraft Investments Ltd. (b)		4.703	%	07/15/41		941,300		945,402

See Notes to Financial Statements.
58

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
ASSET-BACKED SECURITIES — 10.3% (Continued)
Highbridge Loan Management (b)		3.247	%	09/20/22	$	1,000,000	$	999,737
Highbridge Loan Management (b)		4.247	%	09/20/22		1,000,000		998,271
Ivy Hill Middle Market Credit Funding, Series 2014-9, Class B-1 (b)		3.082	%	10/18/25		2,000,000		1,974,180
Newmark Capital Funding (b)		4.337	%	06/30/26		1,159,000		1,048,956
PFP Ltd., Series 2015-2, Class A-S (b)		2.707	%	07/14/34		1,000,000		998,000
Putnam Structured Product, Series 2003-1, Class A2 144 (b)		1.703	%	10/15/38		1,991,815		1,792,633
Regatta V Funding Ltd. (b)		3.788	%	10/25/26		1,500,000		1,503,002
Rockwall CDO II Ltd., Series 2007-2, Class A-1LB (b)		1.186	%	08/01/24		1,500,000		1,476,909
SRERS Funding Ltd., Series 2011, Class A1B-1 (b)		0.763	%	05/09/46		516,098		514,034
SRERS Funding Ltd., Series 2011, Class A1B-2 (b)		0.763	%	05/09/46		500,000		314,651
Store Master Funding I (b)		3.960	%	10/20/26		2,044,083		1,953,519
TRIAXX Prime CDO, Series 2006-2, Class A-1A (b)		0.883	%	10/02/39		794,064		764,287
Venture VI CDO Ltd., Series 2006-6, Class C (b)		2.116	%	08/03/20		2,250,000		2,212,967

Total Asset-Backed Securities (Cost $41,036,920)								41,157,685

COLLATERALIZED LOAN OBLIGATIONS — 13.1%
ABPCI Direct Lending Fund CLO, Series 2016-1A, Class A (b)		3.650	%	12/22/28		1,000,000		995,078
ACAS CLO Ltd. (b)		3.317	%	09/20/23		1,000,000		999,928
ACAS CLO Ltd. (b)		4.247	%	09/20/23	$	1,000,000	$	1,000,800
ALM Loan Funding		3.634	%	07/15/28		250,000		252,764
AMMC CLO XIII Ltd., Series 2013-13, Class A-3L (b)		3.338	%	01/26/26		1,500,000		1,500,821
Annisa CLO Ltd., Series 2016, Class B (b)		2.751	%	07/20/28		500,000		499,493
Apidos CLO (b)		4.647	%	07/20/27		500,000		486,665
ARES XXIII CLO Ltd., Series 2014-23, Class C-R (b)		3.833	%	04/19/23		1,250,000		1,247,434
Avery Point III CLO Ltd. (b)		2.079	%	01/18/25		500,000		500,006
Babson CLO Ltd., Series 2012-II, Class SUB		0.000	%	05/15/23		1,000,000		607,084
Baker Street CLO, Series 2006-2, Class C (b)		1.410	%	10/15/19		1,500,000		1,491,704
BlueMountain CLO Ltd., Series 2014-2, Class A (b)		2.150	%	07/20/26		250,000		249,888
BlueMountain CLO Ltd., Series 2016-2, Class C (b)		4.800	%	08/20/28		500,000		494,653
Canyon Capital CLO Ltd. (b)		4.006	%	04/30/25		250,000		238,720
Carlyle Global Market Strategies, Series 2014-2, Class C (b)		3.666	%	05/15/25		500,000		498,826
Cent CLO, L.P. (b)		2.886	%	08/01/24		500,000		500,031
Cent CLO, L.P. (b)		3.836	%	08/01/24		1,000,000		1,001,150
Cerberus Onshore II CLO, LLC (b)		3.930	%	11/06/25		2,000,000		1,991,457
Duane Street CLO IV, Series 2007-4, Class C (b)		1.816	%	11/14/21		1,500,000		1,485,765
ECAF I Ltd., Series 2015-1, Class A-2		4.947	%	06/15/40		991,172		999,560
Flagship CLO VI, Series 2007-6, Class D (b)		3.245	%	06/10/21		2,000,000		1,971,869

See Notes to Financial Statements.
59

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 13.1% (Continued)
Fortress Credit Investments IV CLO (b)		2.532	%	07/17/23	$	1,250,000	$	1,243,833
Fortress Credit Opportunities CLO (b)		3.314	%	10/15/26		1,000,000		981,924
Fortress Credit Opportunities CLO (b)		4.214	%	10/15/26		1,000,000		986,410
Fortress Credit Opportunities CLO (b)		3.884	%	12/15/28		1,000,000		994,087
Galaxy XXII CLO Ltd. (b)		5.105	%	07/16/28		500,000		498,750
Golub Capital Partners CLO (b)		3.164	%	10/25/26		700,000		679,974
Golub Capital Partners CLO (b)		3.365	%	11/21/28		2,250,000		2,241,432
Great Lakes CLO Ltd. (b)		2.630	%	07/15/26		1,000,000		992,991
Jamestown CLO III Ltd., Series 2013-3, Class D (b)		5.280	%	01/15/26		1,750,000		1,469,192
Keuka Park CLO Ltd., Series 2013, Class SUB		0.000	%	10/21/24		1,250,000		612,500
KVK CLO Ltd.		0.000	%	04/14/25		1,150,000		465,862
KVK CLO Ltd. (b)		2.980	%	10/15/26		1,000,000		971,743
Madison Park Funding VI, Series 2007-6, Class C (b)		1.721	%	07/26/21		250,000		245,074
Madison Park Funding XI, Series 2013-11, Class D (b)		4.214	%	10/23/25		500,000		497,471
Marea CLO Ltd., Series 2012-REFI, Class B-R (b)		2.428	%	10/15/23		1,250,000		1,246,666
Neuberger Berman CLO XII, Series 2012-12R, Class C-R (b)		3.981	%	07/25/23		1,500,000		1,496,601
North End CLO Ltd., Series 2013, Class E (b)		5.279	%	07/17/25	$	1,000,000	$	865,137
Ocean Trails CLO IV, LLC (b)		3.817	%	08/13/25		1,750,000		1,749,484
Octagon Investment Partners (b)		2.812	%	07/15/27		250,000		251,069
Octagon Investment Partners XXI, Series 2014-21, Class D (b)		7.502	%	11/14/26		250,000		248,650
Palmer Square Loan Funding (b)		2.817	%	06/21/24		250,000		250,478
Silverado CLO Ltd., Series 2006-II, Class A1J 14 (b)		1.029	%	10/16/20		300,000		299,477
Steele Creek CLO Ltd. (b)		2.903	%	08/21/26		2,000,000		2,000,487
Symphony CLO XIV Ltd. (b)		4.273	%	07/14/26		500,000		496,242
TCI-Cent CLO, Series 2016-1A, Class C (b)		4.934	%	12/21/29		500,000		490,939
TCI-Flatiron (b)		2.862	%	07/17/28		250,000		251,488
TCI-Flatiron (b)		3.712	%	07/17/28		250,000		250,106
TCP Waterman CLO, LLC (b)		3.216	%	12/15/28		1,000,000		998,177
TICP CLO I Ltd. (b)		3.695	%	07/20/26		1,000,000		994,797
Treman Park CLO Ltd., Series 2015, Class COMB		7.000	%	04/20/27		500,000		450,959
Venture CDO Ltd. (b)		2.954	%	07/19/28		500,000		502,642
Venture XII CLO Ltd., Series 2013-12, Class C-1 (b)		3.524	%	02/28/24		1,000,000		1,000,396
Vibrant CLO Ltd. (b)		2.779	%	07/17/24		1,000,000		1,004,537
Voya CLO IV Ltd. (b)		2.837	%	06/14/22		1,500,000		1,505,249
Voya CLO Ltd. (b)		4.932	%	07/19/28		500,000		496,226
Westcott Park CLO, Series 2016, Class D (b)		5.006	%	07/20/28		500,000		503,354
Whitehorse IV Ltd. CLO (b)		2.082	%	01/17/20		1,500,000		1,449,102
Whitehorse VIII Ltd. CLO (b)		2.686	%	05/01/26		1,100,000		1,083,801

See Notes to Financial Statements.
60

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
COLLATERALIZED LOAN OBLIGATIONS — 13.1% (Continued)
Wind River CLO I Ltd. (b)		4.952	%	01/15/26	$	250,000	$	249,995

Total Collateralized Loan Obligations (Cost $52,322,056)								52,030,998

INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.6%
Energy — 1.1%
Buckeye Partners, L.P.		4.350	%	10/15/24		500,000		510,265
Gulfstream Natural Gas Systems, LLC, 144A		4.600	%	09/15/25		310,000		321,178
MPLX, L.P.		4.875	%	12/01/24		650,000		669,301
Occidental Petroleum Corp.		3.400	%	04/15/26		35,000		35,264
Shell International Finance BV		6.375	%	12/15/38		1,000,000		1,289,584
Sunoco Logistics Partners *		5.950	%	12/01/25		1,300,000		1,448,328
								4,273,920
Financials — 1.4%
Air Lease Corp.		3.750	%	02/01/22		165,000		169,958
Ally Financial, Inc.		4.125	%	03/30/20		125,000		126,250
American Express Credit Corp.		2.250	%	08/15/19		20,000		20,111
American Express Credit Corp.		2.250	%	05/05/21		245,000		242,080
Australia & New Zealand Banking Group Ltd., 144A		4.875	%	01/12/21		125,000		135,262
Bank of America Corp.		2.000	%	01/11/18		105,000		105,242
Bank of America Corp.		2.503	%	10/21/22		105,000		101,548
Bank of Montreal		1.900	%	08/21/27		135,000		130,818
BB&T Corp.		2.050	%	05/10/21		210,000		206,103
Boston Properties, L.P.		4.125	%	05/15/21		165,000		174,330
Citigroup, Inc.		2.700	%	03/30/21		205,000		204,531
Goldman Sachs Group, Inc.		2.350	%	11/15/21		140,000		135,376
Hospitality Properties Trust		5.250	%	02/15/26		1,300,000		1,315,746
JPMorgan Chase & Co.		2.972	%	01/15/23	$	140,000	$	139,531
JPMorgan Chase & Co.		4.250	%	10/01/27		125,000		128,429
Liberty Mutual Group, Inc., 144A		6.500	%	05/01/42		155,000		183,773
Manufacturing Americas Holding Corp.		2.250	%	02/10/20		140,000		138,509
Morgan Stanley		2.500	%	04/21/21		60,000		59,348
Morgan Stanley		2.625	%	11/17/21		75,000		74,097
Morgan Stanley		3.875	%	01/27/26		90,000		90,910
Morgan Stanley		3.125	%	07/27/26		50,000		47,769
PNC Funding Corp.		3.300	%	03/08/22		130,000		133,645
Royal Bank of Canada		2.500	%	01/19/21		55,000		55,135
Simon Property Group, L.P.		3.300	%	01/15/26		135,000		134,333
State Street Corp.		3.550	%	08/18/25		100,000		102,376
State Street Corp.		2.650	%	05/19/26		15,000		14,226
Sumitomo Mitsui Financial Group, Inc.		2.934	%	03/09/21		140,000		140,812
Sumitomo Mitsui Financial Group, Inc.		2.058	%	07/14/21		60,000		58,031
Synchrony Financial		3.000	%	08/15/19		120,000		121,555
TIAA Asset Management Finance Co., LLC, 144A		2.950	%	11/01/19		30,000		30,518
Toronto-Dominion Bank		1.800	%	07/13/21		200,000		193,674
UnitedHealth Group, Inc.		4.200	%	01/15/47		130,000		131,495
WellPoint, Inc.		2.300	%	07/15/18		125,000		125,817
Wells Fargo & Co.		3.000	%	04/22/26		210,000		200,389
Wells Fargo & Co.		3.000	%	10/23/26		85,000		80,954
Westpac Banking Corp.		2.600	%	11/23/20		120,000		120,485
Westpac Banking Corp.		2.000	%	08/19/21		15,000		14,561
								5,587,727
Health Care — 0.3%
WP Carey, Inc. *		4.250	%	10/01/26		1,150,000		1,116,499

See Notes to Financial Statements.
61

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.6% (Continued)
Industrials — 2.0%
AbbVie, Inc.		4.700	%	05/14/45	$	135,000	$	132,453
Actavis Funding SCS		2.350	%	03/12/18		185,000		186,069
Amazon.com, Inc.		3.800	%	12/05/24		65,000		68,304
Analog Devices, Inc.		2.500	%	12/05/21		140,000		138,715
Anheuser-Busch InBev SA/NV		4.900	%	02/01/46		65,000		70,257
Apache Corp.		4.750	%	04/15/43		75,000		77,252
AstraZeneca plc		2.375	%	11/16/20		70,000		69,762
Boeing Co.		6.875	%	03/15/39		90,000		127,152
BP Capital Markets plc		3.017	%	01/16/27		50,000		48,253
BP Capital Markets plc		3.723	%	11/28/28		155,000		157,492
British Telecommunications plc		5.950	%	01/15/18		285,000		297,029
Burlington North Santa Fe Corp.		4.550	%	09/01/44		150,000		159,487
Cardinal Health, Inc.		1.950	%	06/15/18		135,000		135,293
Celgene Corp.		3.875	%	08/15/25		120,000		121,717
Chevron Corp.		1.561	%	05/16/19		135,000		134,446
Cisco Systems, Inc.		1.850	%	09/20/21		145,000		141,515
Coca-Cola Co. (The)		1.875	%	10/27/20		45,000		44,618
Coca-Cola Co. (The)		1.550	%	09/01/21		95,000		92,312
Comcast Corp.		4.400	%	08/15/35		130,000		135,998
CSX Corp.		3.800	%	11/01/46		140,000		129,791
CVS Health Corp.		2.875	%	06/01/26		75,000		71,488
Delphi Automotive plc		4.250	%	01/15/26		130,000		134,593
Eli Lilly & Co.		3.700	%	03/01/45		100,000		94,862
Energy Transfer Partners, L.P.		4.750	%	01/15/26		140,000		144,738
EOG Resources, Inc.		4.150	%	01/15/26		70,000		73,255
Express Scripts Holdings Co.		4.500	%	02/25/26		100,000		102,947
Express Scripts Holdings Co.		3.400	%	03/01/27		25,000		23,423
FedEx Corp.		4.750	%	11/15/45		125,000		129,459
Fidelity National Information Services, Inc.		3.625	%	10/15/20		150,000		155,290
Ford Motor Co.		7.450	%	07/16/31		105,000		131,780
General Motors Financial Co., Inc.		2.400	%	05/09/19	$	165,000	$	164,563
General Motors Financial Co., Inc.		3.200	%	07/06/21		30,000		29,750
Georgia-Pacific, LLC, 144A		3.600	%	03/01/25		267,000		270,049
Hewlett Packard Enterprise Co., 144A		3.600	%	10/15/20		100,000		101,731
Home Depot, Inc. (The)		3.000	%	04/01/26		130,000		129,751
Intel Corp.		4.100	%	05/19/46		90,000		89,206
International Paper Co.		3.000	%	02/15/27		65,000		61,323
Kinder Morgan Energy Partners		6.950	%	01/15/38		95,000		110,197
Kraft Heinz Co. (The)		2.000	%	07/02/18		160,000		160,036
Kroger Co. (The)		3.400	%	04/15/22		170,000		173,291
Laboratory Corp. of America Holdings		2.500	%	11/01/18		135,000		136,190
Laboratory Corp. of America Holdings		4.700	%	02/01/45		130,000		128,406
Lockheed Martin Corp.		4.700	%	05/15/46		130,000		141,404
Microsoft Corp.		4.450	%	11/03/45		120,000		127,850
Mylan N.V., 144A		3.150	%	06/15/21		165,000		161,929
Newell Brands, Inc.		3.150	%	04/01/21		35,000		35,619
Omnicom Group, Inc.		3.600	%	04/15/26		100,000		98,967
Oracle Corp.		1.900	%	09/15/21		160,000		156,351
Oracle Corp.		4.125	%	05/15/45		140,000		135,682
Orange S.A.		2.750	%	02/06/19		100,000		101,323
PepsiCo, Inc.		3.450	%	10/06/46		145,000		132,093
Phillips 66		4.875	%	11/15/44		65,000		68,644
Potash Corp. Saskatchewan, Inc.		4.000	%	12/15/26		30,000		30,190
Reynolds American, Inc.		4.000	%	06/12/22		165,000		172,577
S&P Global, Inc.		4.400	%	02/15/26		65,000		68,761
Schlumberger Holdings Corp., 144A		2.350	%	12/21/18		70,000		70,577
Shell International Finance BV		1.375	%	05/10/19		140,000		138,737
Shire Acquisitions Investments Ireland		2.875	%	09/23/23		145,000		137,570

See Notes to Financial Statements.
62

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.6% (Continued)
Industrials — 2.0% (Continued)
Teva Pharmaceutical Financial Co. BV		2.800	%	07/21/23	$	50,000	$	47,330
Teva Pharmaceuticals Financial Co. BV		2.950	%	12/18/22		160,000		154,176
Thermo Fisher Scientific, Inc.		3.300	%	02/15/22		200,000		203,195
Tyson Foods, Inc.		3.950	%	08/15/24		260,000		264,886
Verizon Communications, Inc.		4.400	%	11/01/34		275,000		271,422
Waste Management, Inc.		4.100	%	03/01/45		35,000		34,639
Zimmer Biomet Holdings, Inc.		2.700	%	04/01/20		140,000		140,007
								7,978,172
Materials — 0.6%
BHP Billiton Finance USA Ltd., 144A		6.750	%	10/19/75		450,000		505,125
Newcrest Finance Property Ltd., 144A		4.200	%	10/01/22		550,000		553,041
Tamaha Gold, Inc. *		4.950	%	07/15/24		1,450,000		1,421,000
								2,479,166
Utilities — 0.2%
Duke Energy Corp.		3.750	%	09/01/46		50,000		45,010
Duke Energy Progress, Inc.		4.150	%	12/01/44		95,000		94,384
Exelon Corp.		3.400	%	04/15/26		65,000		63,777
Fortis, Inc., 144A		2.100	%	10/04/21		140,000		135,312
MidAmerican Energy Holdings		6.500	%	09/15/37		200,000		260,335
Southern Co.		2.450	%	09/01/18		196,000		198,013
								796,831
Total Investment-Grade Corporate Obligations (Cost $22,515,274)								22,232,315

HIGH YIELD CORPORATE OBLIGATIONS — 4.0%
Consumer Discretionary — 0.3%
Allison Transmission, Inc., 144A		5.000	%	10/01/24		25,000		25,250
AMC Entertainment Holdings, Inc., 144A		5.875	%	11/15/26		20,000		20,450
American Axle & Manufacturing, Inc.		6.625	%	10/15/22	$	55,000	$	56,716
Argos Merger Sub, Inc., 144A		7.125	%	03/15/23		50,000		51,000
Asbury Automotive Group		6.000	%	12/15/24		30,000		30,675
Dana Holding Corp.		5.500	%	12/15/24		30,000		30,600
Dollar Tree, Inc.		5.750	%	03/01/23		15,000		15,882
Gannett Co., Inc., 144A		4.875	%	09/15/21		60,000		61,050
GLP Capital, L.P. Financing II		5.375	%	04/15/26		20,000		20,858
Goodyear Tire & Rubber Co.		5.125	%	11/15/23		60,000		61,800
Gray Television, Inc., 144A		5.125	%	10/15/24		25,000		24,188
Gray Television, Inc., 144A		5.875	%	07/15/26		30,000		29,775
Hilton Domestic Operating Co., Inc., 144A		4.250	%	09/01/24		40,000		38,800
Jack Ohio Finance, LLC, 144A		6.750	%	11/15/21		40,000		40,500
Levi Strauss & Co.		5.000	%	05/01/25		15,000		15,000
Live Nation Entertainment, Inc., 144A		4.875	%	11/01/24		40,000		40,100
MGM Resorts International, Inc.		4.625	%	09/01/26		30,000		28,875
NCL Corp. Ltd., 144A		4.750	%	12/15/21		40,000		39,975
Pinnacle Entertainment, Inc., 144A		5.625	%	05/01/24		40,000		40,100
Prime Securities Service Borrower, LLC, 144A		9.250	%	05/15/23		55,000		59,881
Sally Holdings, LLC		5.750	%	06/01/22		55,000		57,131
Scientific Games International, Inc., 144A		7.000	%	01/01/22		20,000		21,450
ServiceMaster Co., LLC, 144A		5.125	%	11/15/24		20,000		20,300
Sirius XM Canada Holdings, Inc., 144A		5.625	%	04/23/21		400,000		297,881
Station Casinos, LLC		7.500	%	03/01/21		40,000		41,900

See Notes to Financial Statements.
63

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
HIGH YIELD CORPORATE OBLIGATIONS — 4.0% (Continued)
Consumer Discretionary — 0.3% (Continued)
Viking Cruises Ltd., 144A		8.500	%	10/15/22	$	60,000	$	62,250
								1,232,387
Consumer Staples — 0.6%
Albertsons Cos., LLC, 144A		5.750	%	03/15/25		40,000		39,600
Bumble Bee Holdings, Inc., 144A		9.000	%	12/15/17		769,000		759,388
HRG Group, Inc.		7.875	%	07/15/19		415,000		432,638
JBS USA, LLC, 144A		5.750	%	06/15/25		30,000		30,375
Kronos Acquisition Holdings, Inc., 144A		9.000	%	08/15/23		20,000		19,950
Pilgrim's Pride Corp., 144A		5.750	%	03/15/25		60,000		59,850
Revlon Consumer Products Corp. (b)		5.750	%	02/15/21		40,000		40,200
Revlon Consumer Products Corp.		6.250	%	08/01/24		10,000		10,250
Rite Aid Corp., 144A		6.125	%	04/01/23		35,000		37,625
Spectrum Brands, Inc.		5.750	%	07/15/25		60,000		62,250
TreeHouse Foods, Inc., 144A		6.000	%	02/15/24		20,000		21,000
Vector Group Ltd. *		7.750	%	02/15/21		1,000,000		1,042,499
								2,555,625
Energy — 0.4%
Access Midstream Partners, L.P.		4.875	%	03/15/24		40,000		40,391
Cheniere Corp., 144A		5.875	%	03/31/25		1,000,000		1,020,310
Dynagas LNG Partners (c)		6.250	%	10/30/19		500,000		477,500
Energy Transfer Equity		5.500	%	06/01/27		30,000		29,250
Extraction Oil & Gas Holdings, LLC, 144A		7.875	%	07/15/21		20,000		21,400
Noble Holding International Ltd.		7.750	%	01/15/24		10,000		9,406
PDC Energy, Inc., 144A		6.125	%	09/15/24		15,000		15,338
Sanchez Energy Corp.		6.125	%	01/15/23		25,000		23,750
Targa Resource Partners, 144A		5.370	%	02/01/27		2,500		24,750
								1,662,095
Financials — 0.3%
ESH Hospitality, Inc., 144A		5.250	%	05/01/25	$	60,000	$	59,700
Jefferies Finance, LLC		7.500	%	04/15/21		500,000		495,000
Kennedy-Wilson, Inc.		5.875	%	04/01/24		600,000		611,250
MGP Growth, L.P., 144A		5.625	%	05/01/24		10,000		10,475
Nationstar Mortgage, LLC		6.500	%	07/01/21		20,000		20,250
								1,196,675
Health Care — 0.4%
Acadia Healthcare Co., Inc.		5.625	%	02/15/23		40,000		40,000
Air Medical Merger Sub, 144A		6.375	%	05/15/23		60,000		57,600
Centene Corp.		5.625	%	02/15/21		15,000		15,771
Centene Corp.		4.750	%	01/15/25		40,000		39,050
DJO Finance, LLC, 144A		8.125	%	06/15/21		10,000		8,675
Endo Finance, LLC, 144A		5.375	%	01/15/23		45,000		38,138
HCA Holdings, Inc.		5.875	%	02/15/26		20,000		20,600
Inventive Group Holdings, Inc., 144A		7.500	%	10/01/24		40,000		41,896
Kinetic Concepts, Inc., 144A		7.875	%	02/15/21		250,000		271,250
LifePoint Health, Inc., 144A		5.375	%	05/01/24		20,000		19,590
MPH Acquisition Holdings, LLC, 144A		7.125	%	06/01/24		55,000		57,893
New Amethyst Corp., 144A		6.250	%	12/01/24		50,000		52,750
RegionalCare Hospital Partners Holdings, Inc., 144A		8.250	%	05/01/23		25,000		24,938
Select Medical Corp.		6.375	%	06/01/21		60,000		60,000
TeamHealth, Inc., 144A		7.250	%	12/15/23		25,000		28,438
Tenet Healthcare Corp. (b)		4.463	%	06/15/20		800,000		805,999
Tenet Healthcare Corp.		6.750	%	06/15/23		65,000		57,363
Vizient, Inc., 144A		10.375	%	03/01/24		30,000		33,975
								1,673,926

See Notes to Financial Statements.
64

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
HIGH YIELD CORPORATE OBLIGATIONS — 4.0% (Continued)
Industrials — 0.1%
Builders FirstSource, Inc., 144A		5.625	%	09/01/24	$	22,000	$	22,110
Gates Global, LLC, 144A		6.000	%	07/15/22		45,000		44,010
Grinding Media, Inc., 144A		7.375	%	12/15/23		15,000		15,759
Milacron, LLC, 144A		7.750	%	02/15/21		60,000		61,650
Novelis Corp., 144A		6.250	%	08/15/24		25,000		26,500
Novelis Corp., 144A		5.875	%	09/30/26		10,000		10,100
OPE KAG Finance, Inc., 144A		7.875	%	07/31/23		20,000		20,200
Signode Industrial Group US, Inc., 144A		6.375	%	05/01/22		40,000		39,900
Terex Corp.		6.000	%	05/15/21		55,000		56,238
TransDigm, Inc.		6.000	%	07/15/22		60,000		62,399
								358,866
Information Technology — 0.2%
Camelot Finance S.A.		5.500	%	10/15/24		30,000		31,125
CDK Global, Inc.		5.000	%	10/15/24		100,000		96,999
CommScope, Inc., 144A		5.000	%	06/15/21		60,000		61,800
Diamond 1 Financial Corp., 144A		7.125	%	06/15/24		40,000		44,407
Ensemble S Merger Sub, Inc., 144A		9.000	%	09/30/23		60,000		63,750
First Data Corp., 144A		7.000	%	12/01/23		30,000		31,950
First Data Corp., 144A		5.750	%	01/15/24		30,000		30,956
Greeneden US Holdings II, LLC, 144A		10.000	%	11/30/24		45,000		47,813
Infor US, Inc.		6.500	%	05/15/22		40,000		41,700
Microsemi Corp., 144A		9.125	%	04/15/23		10,000		11,650
NXP Funding, LLC, 144A		4.125	%	06/01/21		45,000		46,463
Open Text Corp., 144A		5.875	%	06/01/26		35,000		36,925
Quintiles Transnational Corp., 144A		4.875	%	05/15/23		40,000		40,600
Sabre Global, Inc., 144A		5.250	%	11/15/23		40,000		41,075
Solera, LLC, 144A		10.500	%	03/01/24		25,000		28,125
Western Digital Corp., 144A		7.375	%	04/01/23	$	20,000	$	22,000
								677,338
Materials — 0.1%
Alcoa Nederland Holding, 144A		6.750	%	09/30/24		200,000		217,000
Ashland, Inc.		4.750	%	08/15/22		30,000		31,125
Berry Plastics Corp.		5.500	%	05/15/22		40,000		41,600
Plastipak Holdings, Inc., 144A		6.500	%	10/01/21		40,000		41,800
PQ Corp., 144A		6.750	%	11/15/22		30,000		32,100
Reynolds Group, Inc.		8.250	%	02/15/21		34,679		35,806
								399,431
Real Estate — 0.1%
Equinix, Inc.		5.875	%	01/15/26		40,000		42,100
Geo Group, Inc. (The)		5.875	%	10/15/24		440,000		433,950
								476,050
Telecommunication Services — 1.1%
CCO Holdings, LLC		5.250	%	09/30/22		40,000		41,400
CCO Holdings, LLC, 144A		5.125	%	05/01/23		15,000		15,450
Cengage Learning, Inc., 144A		9.500	%	06/15/24		35,000		31,063
Cequel Commercial Capital, 144A		6.375	%	09/15/20		60,000		61,800
Cincinnati Bell, Inc., 144A		7.000	%	07/15/24		50,000		52,875
CSC Holdings, LLC		5.250	%	06/01/24		20,000		19,550
CSC Holdings, LLC, 144A		5.500	%	04/15/27		20,000		20,250
Dish DBS Corp. *		5.875	%	11/15/24		450,000		463,050
Dish DBS Corp., 144A *		7.750	%	07/01/26		1,000,000		1,127,499
Embarq Corp.		7.995	%	06/01/36		30,000		28,125
Geo Group, Inc. (The)		6.000	%	04/15/26		100,000		98,250
Inmarsat Financial plc, 144A		4.875	%	05/15/22		250,000		243,125
Intelsat Jackson Holdings Ltd.		5.500	%	08/01/23		35,000		23,583
Intelsat Jackson Holdings Ltd., 144A		8.000	%	02/15/24		20,000		20,550
Level 3 Communications, Inc.		5.750	%	12/01/22		60,000		61,650

See Notes to Financial Statements.
65

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
HIGH YIELD CORPORATE OBLIGATIONS — 4.0% (Continued)
Telecommunication Services — 1.1% (Continued)
Neptune Finco Corp., 144A		6.625	%	10/15/25	$	525,000	$	573,563
Nexstar Escrow Corp., 144A		5.625	%	08/01/24		30,000		29,775
Numericable Group S.A., 144A		6.000	%	05/15/22		200,000		205,250
Sinclair Television Group, 144A		5.625	%	08/01/24		60,000		61,350
Sirius XM Radio, Inc., 144A		5.375	%	07/15/26	CAD 60,000			58,650
Sprint Nextel Corp., 144A *		7.000	%	03/01/20		800,000		868,000
Telesat Canada, LLC, 144A		8.875	%	11/15/24		30,000		31,275
WMG Acquisition Corp., 144A		6.750	%	04/15/22		45,000		47,363
								4,183,446
Utilities — 0.4%
AES Corp.		6.000	%	05/15/26		200,000		203,000
AmeriGas Partners Finance Corp.		5.500	%	05/20/25		1,030,000		1,040,300
Calpine Corp.		5.750	%	01/15/25		20,000		19,300
Ferrellgas, L.P.		6.750	%	01/15/22		300,000		297,750
NGL Energy Partners, L.P., 144A		7.500	%	11/01/23		20,000		20,650
NRG Energy, Inc., 144A		7.250	%	05/15/26		40,000		39,800
								1,620,800
Total High Yield Corporate Obligations (Cost $15,666,957)								16,036,639

FOREIGN BONDS — 12.7%
Austria — 0.0% (d)
Eldorado International Finance GmbH, 144A		8.625	%	06/16/21		200,000		171,000

Bermuda — 0.2%
Digicel Group Ltd.		7.125	%	04/01/22		900,000		698,166

Canada — 0.0% (d)
Lundin Mining Corp.		7.500	%	11/01/20		40,000		42,550

Cayman Islands — 1.7%
Agromercantil Senior Trust		6.250	%	04/10/19	$	457,000	$	468,672
Cementos Progreso Trust		7.125	%	11/06/23		800,000		839,120
Cosan Overseas Ltd.		8.250	%	11/29/49		1,200,000		1,196,400
Grupo Aval Ltd.		4.750	%	09/26/22		800,000		789,200
Gruposura Finance		5.500	%	04/29/26		600,000		614,400
Guanay Finance Ltd.		6.000	%	12/15/20		1,028,857		1,039,146
Industrial Senior Trust		5.500	%	11/01/22		1,000,000		959,340
Republic of Kenya, 144A		6.875	%	06/24/24		900,000		848,599
								6,754,877
Chile — 0.9%
Banco Latinamericano S.A.		3.250	%	05/07/20		1,000,000		1,006,000
Celulosa Arauco y Constitucion S.A.		7.250	%	07/29/19		400,000		442,352
Cencosud S.A.		5.150	%	02/12/25		500,000		505,386
Colbun S.A.		6.000	%	01/21/20		1,000,000		1,078,780
CorpGroup Banking S.A.		6.750	%	03/15/23		500,000		475,065
Empresa Electrica Guacolda S.A.		4.560	%	04/30/25		200,000		182,095
								3,689,678
China — 0.1%
CNOOC Finance 2015 Australia Property Ltd.		2.625	%	05/05/20		300,000		298,793

Colombia — 0.4%
Banco de Bogota S.A., 144A		6.250	%	05/12/26		200,000		204,000
Empresa de Energia de Bogota S.A.		6.125	%	11/10/21		1,000,000		1,030,000
Empresas Publicas de Medellin		7.625	%	07/29/19		100,000		111,750
Republic of Columbia		4.500	%	01/28/26		300,000		309,000
								1,654,750
Costa Rica — 0.7%
Banco de Costa Rica		5.250	%	08/12/18		1,000,000		1,008,700
Banco Nacional de Costa Rica, 144A		5.875	%	04/25/21		1,000,000		1,008,750

See Notes to Financial Statements.
66

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
FOREIGN BONDS — 12.7% (Continued)
Costa Rica — 0.7% (Continued)
Bharat Petroleum Corp., Ltd.		4.625	%	10/25/22	$	500,000	$	522,990
Costa Rica Government International Bond		9.995	%	08/01/20		200,000		235,456
								2,775,896
Dominican Republic — 0.6%
Banco de Reservas de la Republica Dominicana		7.000	%	02/01/23		500,000		500,095
Dominican Republic		9.040	%	01/23/18		360,682		372,982
Dominican Republic		7.500	%	05/06/21		800,000		868,272
Dominican Republic International Bond, 144A		6.850	%	01/27/45		700,000		661,304
								2,402,653
Guatemala — 0.1%
Republic of Columbia		4.875	%	02/13/28		200,000		193,012

India — 1.0%
Adani Ports & Special Economic Zone		3.500	%	07/29/20		1,100,000		1,094,513
Export-Import Bank of India		3.125	%	07/20/21		1,000,000		993,717
Indian Oil Corp. Ltd.		5.625	%	08/02/21		1,000,000		1,086,354
Instit Costa de Electric		6.950	%	11/10/21		750,000		781,125
ONGC Videsh Ltd.		3.250	%	07/15/19		200,000		202,620
								4,158,329
Israel — 0.3%
Delek & Avner Tamar Bond Ltd.		5.412	%	12/30/25		200,000		202,000
Israel Electric Corp. Ltd.		5.625	%	06/21/18		400,000		416,160
Israel Electric Corp. Ltd.		5.000	%	11/12/24		600,000		624,342
								1,242,502
Luxembourg — 0.1%
Minerva Luxembourg S.A.		8.750	%	12/29/49		500,000		511,875

Malaysia — 0.5%
Comision Federal de Electricid S.A.		4.750	%	02/23/27	$	400,000	$	384,000
IOI Investment L BHD		4.375	%	06/27/22		400,000		404,248
Malayan Banking BHD (b)		3.250	%	09/20/22		1,000,000		1,004,165
Petoliam Nasional Berhad		2.707	%	03/18/20	GBP 300,000			299,534
								2,091,947
Mexico — 1.8%
Banco Mercantile del Norte S.A.		5.750	%	10/04/31		200,000		185,750
Banco Nacional de Comercia Exterior SNC		3.800	%	08/11/26		1,100,000		1,029,875
Banco Santander Mexico		4.125	%	11/09/22		500,000		497,500
Banco Santander Mexico		5.950	%	01/30/24		600,000		610,500
BBVA Bancomer S.A. Cayman Islands, 144A		6.008	%	05/17/22		500,000		500,000
BBVA Bancomer S.A. Texas		5.350	%	11/12/29		300,000		276,000
Comision Federal de Electricidad, 144A		4.750	%	02/23/27		300,000		288,000
Credito Real SAB de CV, 144A		7.250	%	07/20/23		500,000		510,000
Grupo Idesa SA de CV		7.875	%	12/18/20		630,000		570,150
Grupo Posadas SAB de CV		7.875	%	06/30/22		250,000		247,500
Nemak SAB de CV		5.500	%	02/28/23		500,000		496,250
Petroleos Mexicanos, 144A		6.750	%	09/21/47		65,000		61,412
Petroleos Mexicanos		6.625	%	09/29/49		500,000		470,000
Sixsigma Networks Mexico		8.250	%	11/07/21		200,000		188,000
United Mexican States		4.000	%	10/02/23		194,000		194,466
United Mexican States		4.125	%	01/21/26		700,000		694,400
United Mexican States		4.750	%	03/08/44		200,000		181,860
								7,001,663

See Notes to Financial Statements.
67

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
FOREIGN BONDS — 12.7% (Continued)
Netherlands — 0.4%
AES Andres Dominicana Ltd., 144A		7.950	%	05/11/26	$	500,000	$	515,000
Marfrig Holdings Europe BV, 144A		8.000	%	06/08/23		700,000		724,570
VTR Finance BV		6.875	%	01/15/24		300,000		309,750
								1,549,320
Panama — 1.3%
Aeropuerto International de Tocumen		5.750	%	10/09/23		995,385		1,037,688
Avianca Holdings S.A.		8.375	%	05/10/20		500,000		507,500
Ena Norte Trust		4.950	%	04/25/28		1,052,636		1,089,478
Global Bank Corp.		5.125	%	10/30/19		1,000,000		1,020,000
Republic of Panama		5.200	%	01/30/20		900,000		966,601
Republic of Panama		3.875	%	03/17/28		400,000		391,000
								5,012,267
Paraguay — 0.1%
Telefon Celuar del Paraguay S.A.		6.750	%	12/13/22		500,000		508,750

Peru — 0.8%
Abengoa Transmision SUR S.A., 144A		6.875	%	04/30/43		498,950		511,424
Banco de Credito del Peru, 144A		2.250	%	10/25/19		200,000		197,500
Hungary Government		6.250	%	01/29/20		1,000,000		1,093,750
Peru Enhanced (b)		2.646	%	01/02/25		1,700,000		1,356,582
								3,159,256
Poland — 0.1%
Republic of Poland		5.125	%	04/21/21		500,000		545,465

Qatar — 0.3%
State of Qatar		2.375	%	06/02/21		1,100,000		1,075,991

Singapore — 0.9%
DBS Group Holdings Ltd.		3.600	%	12/29/49		1,000,000		963,021
ONGC Videsh Ltd.		3.750	%	07/27/26		400,000		380,447
Oversea-Chinese Banking Corp. Ltd		4.000	%	10/15/24		800,000		821,000
United Overseas Bank Ltd.		3.500	%	09/16/26	$	1,500,000	$	1,483,577
								3,648,045
United Kingdom — 0.1%
Moto Finance plc		6.375	%	09/01/20	GBP 300,000			384,546

Virgin Islands British — 0.3%
CNOOC Finance 2011, Ltd.		4.250	%	01/26/21		200,000		208,369
Sinopec Group Overseas Development, 144A		2.000	%	09/29/21		900,000		857,183
								1,065,552
Total Foreign Bonds (Cost $51,205,947)								50,636,883

LOAN PARTICIPATIONS — 8.4%
AdvancePierre Foods, Inc. (b)		3.999	%	05/26/23		267,535		272,184
Albertson's, LLC (b)		3.750	%	08/23/21		690,719		699,857
Albertson's, LLC (b)		4.500	%	08/25/21		424,662		430,280
Albertson's, LLC (b)		4.749	%	06/01/23		228,571		231,825
Asurion, LLC (b)		4.750	%	05/24/19		308,320		311,451
Asurion, LLC (b)		5.000	%	08/04/22		375,881		381,378
Asurion, LLC (b)		4.749	%	10/28/23		575		584
Avago Technologies Cayman Holdings Ltd. (b)		3.703	%	02/01/23		687,964		698,844
B/E Aerospace, Inc. (b)		3.750	%	12/16/21		695,000		699,691
Berry Plastics Corp. (b)		3.750	%	10/01/22		695,409		703,344
BJ's Wholesale Club, Inc. (b)		4.500	%	09/26/19		585,335		591,829
Burger King Corp. (b)		3.750	%	12/10/21		689,900		697,016
Cablevision (b)		3.880	%	10/31/24		687,895		696,493
CareCore National Group, LLC (b)		5.500	%	03/05/21		158,480		156,301
Cengage Learning, Inc. (b)		5.249	%	06/07/23		1,097,750		1,071,169
Charter Communications Operating, LLC (b)		3.004	%	01/24/23		686,712		691,862

See Notes to Financial Statements.
68

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
LOAN PARTICIPATIONS — 8.4% (Continued)
CHG Healthcare Services, Inc. (b)		4.749	%	05/19/23	$	992,500	$	1,005,527
CompuCom Systems, Inc. (b)		4.250	%	05/09/20		328,678		258,560
Dell, Inc. (b)		3.999	%	06/02/23		686,000		698,636
DJO Finance, LLC (b)		4.250	%	06/08/20		248,741		239,257
EIG Investors Corp. (b)		6.000	%	02/09/23		467,839		464,915
Endo Luxembourg Finance (b)		3.812	%	06/24/22		694,924		699,392
Envision Healthcare Corp. (b)		3.750	%	12/01/23		900,000		911,817
Epicor Software Corp. (b)		4.749	%	06/01/22		1,028,936		1,034,817
First Data Corp. (b)		3.759	%	03/24/21		689,301		698,155
Fitness International, LLC (b)		6.000	%	07/01/20		482,736		484,095
Floor & Decor Outlets of America (b)		5.249	%	09/30/24		299,250		300,372
Gates Global, LLC (b)		4.250	%	07/06/21		577,987		579,282
Generation Brands Holdings, Inc. (b)		6.000	%	05/19/22		646,750		649,580
Harbor Freight Tools USA (b)		4.137	%	08/16/23		688,288		699,135
HBC Hardware Holdings, LLC (b) (c)		6.750	%	03/30/20		591,500		579,670
HCA (b)		3.520	%	02/05/24		259,350		262,815
Hearthside Group Holdings, LLC (b)		4.500	%	06/02/21		297,716		301,437
Jaguar Holdings Co. II (b)		4.250	%	08/18/22		689,949		698,573
Kraton Polymers, LLC (b)		6.000	%	01/06/22		365,000		369,823
Leslie's Poolmart, Inc. (b)		5.249	%	08/09/23		688,275		697,312
Level 3 Financing, Inc. (b)		3.499	%	05/31/22		690,000		699,343
Lightstone Generation, LLC, Class B (b)		6.500	%	12/15/23		210,000		212,975
Lightstone Generation, LLC, Class C (b)		6.500	%	12/15/23		20,000		20,283
Lineage Logistics, LLC (b)		4.500	%	04/07/21	$	438,722	$	436,528
Linxens Microconn (b)		5.000	%	10/14/22		685		687
MGM Growth Properties Operating Partnership, L.P. (b)		3.520	%	04/25/23		690,149		699,145
MultiPlan, Inc. (b)		5.000	%	06/07/23		665,404		678,120
NBTY, Inc. (b)		5.000	%	05/05/23		691,575		698,384
Numericables US, LLC (b)		5.137	%	01/15/24		248,750		252,460
PetSmart, Inc. (b)		3.999	%	01/17/17		496,222		498,308
Press Ganey Holdings, Inc. (b)		4.250	%	10/21/23		400,000		402,876
Quest Software U.S. Holdings, Inc. (b)		4.020	%	09/27/22		700,000		710,504
Ranpack Cov-Lite (b)		8.250	%	09/22/22		200,000		195,000
Revlon Consumer Products Corp. (b)		4.269	%	07/21/23		688,275		696,407
Reynolds Group Holdings, Inc. (b)		4.250	%	01/23/20		687,322		697,398
Scientific Games International, Inc. (b)		6.000	%	09/17/21		348,717		353,704
Sinclair Television (b)		3.500	%	12/31/19		340,000		340,425
Solera, LLC		5.750	%	03/03/23		297,750		302,216
Telesat Canada (b)		4.500	%	11/09/23		480,000		487,646
T-Mobile USA, Inc. (b)		3.520	%	11/03/22		690,124		699,721
Travelport Finance (b)		5.000	%	09/02/21		1,119,737		1,132,688
Tribune Media Co. (b)		3.770	%	12/27/20		694,936		701,972
Univar, Inc. (b)		4.250	%	07/01/22		694,949		702,621
Warner Music (b)		3.750	%	11/21/23		695,000		702,457
York Risk Services Holding Corp. (b) (c)		4.749	%	10/01/21		977,500		929,847

Total Loan Participations (Cost $32,968,667)								33,218,993

MILITARY HOUSING OBLIGATIONS — 1.9%
Atlantic Marine Corps. Communities Military Housing, 144A (c)		5.433	%	12/01/50		713,329		692,143

See Notes to Financial Statements.
69

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

	Coupon			Maturity	Par Value		Value
MILITARY HOUSING OBLIGATIONS — 1.9% (Continued)
Capmark Military Housing Trust, Series 2007-AETC, Class A1 (c)		5.746	%	02/10/52	$	1,919,550	$	1,966,098
Capmark Military Housing Trust, Series 2007-ROBS, Class A (c)		6.059	%	10/10/52		481,508		480,088
Fort Benning Family Communities, LLC, 144A (c)		5.810	%	01/15/51		1,050,000		970,505
GMAC Commercial Military Housing Trust, Series 2007-HCKM, Class A (b) (c)		6.107	%	08/10/52		1,124,247		1,133,377
HP Communities, LLC (c)		5.630	%	09/15/34		650,000		691,308
Mid-Atlantic Military Company, 144A		5.300	%	08/01/50		949,453		888,147
Northeast Housing, LLC (c)		6.298	%	10/15/49		725,000		717,601

Total Military Housing Obligations (Cost $7,773,161)								7,539,267

MUNICIPAL OBLIGATIONS — 0.3%
Illinois State, GO (Cost $1,336,602)		5.650	%	12/01/38		1,310,000		1,363,422

	Shares		Value
COMMON STOCKS — 0.0% (d)
Energy — 0.0% (d)
Titan Energy, LLC (c) (e) (Cost $502,500)		3,370	$	80,880

PREFERRED STOCKS — 0.6%
Bank of America Corp., 6.300%		300,000		313,500
Citigroup, Inc., 5.900%		500,000		504,400
Citigroup, Inc., 5.875%		285,000		285,713
Citigroup, Inc., 5.950%		140,000		142,093
Citigroup, Inc., 6.250%		910,000		936,390

Total Preferred Stocks (Cost $2,151,171)				2,182,096

AFFILIATED REGISTERED INVESTMENT COMPANIES — 2.7%
Guggenheim Floating Rate Strategies Fund		231,944		6,049,104
Guggenheim Strategy Fund I		187,961		4,699,030

Total Affiliated Registered Investment Companies (Cost $10,690,012)				10,748,134

MONEY MARKET FUNDS — 0.7%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% (f) (Cost $2,851,244)		2,851,244		2,851,244
��
Total Investments at Value — 103.9% (Cost $418,097,352)				413,532,748
Liabilities in Excess of Other Assets — (3.9%)				(15,633,739	)

NET ASSETS — 100.0%			$	397,899,009

*	Security, or a portion thereof, has been pledged as collateral on open reverse repurchase agreements (Note 2).

(a)	Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at the time of purchase.

(b)	Variable rate security. The rate shown is the effective interest rate as of December 31, 2016.

(c)

Illiquid.

(d)	Percentage rounds to less than 0.1%.

(e)	Non-income producing security.

(f)	The rate shown is the 7-day effective yield as of December 31, 2016.

See Notes to Financial Statements.
70

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

December 31, 2016

A list of the outstanding forward foreign currency contracts held by the Fund at December 31, 2016 is as follows:

Counterparty	Settlement Date	Currency to Deliver	Currency to Receive	Unrealized Appreciation
Montgomery/Bank of America	1/12/17	CAD 403,000	USD 305,819	$	5,669
Montgomery/Bank of America	1/12/17	GBP 316,000	USD 398,072		8,557
				$	14,226

For the period ended December 31, 2016, the total amount of all forward foreign currency contracts, as presented in the table above, are representative of the volume of activity for this derivative type during the period.

CDO — Collateralized Debt Obligation.

CLO — Collateralized Loan Obligation.

GO — General Obligation.

LLC — Limited Liability Corporation.

Ltd. — Limited.

plc — Public Limited Company.

Re-REMIC — Re-securitization of Real Estate Mortgage Investment Conduit.

STRIPS — Separately Traded Registered Interest and Principal Securities.

144A — This is a restricted security that was sold in a transaction exempt from Rule 144A of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers.

See Notes to Financial Statements.
71

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
ASSETS:
Investments in unaffiliated securities, at value (Note 2)	$	222,222,525	*	$	190,125,833	*	$	39,237,954	*	$	42,949,663	*	$	178,042,535	*	$	279,293,240	*	$	402,784,614
Investments in affiliated funds, at value		—			—			—			—			—			—			10,748,134
Foreign currency, at value		—			—			—			—			—			20,751			—
Receivable for investment securities sold		645,056			931,469			—			127,155			—			53,649			1,619,399
Unrealized gain on forward foreign currency contracts		—			—			—			—			—			—			14,226
Dividends and interest receivable		135,152			445,578			23,477			58,835			231,434			315,258			2,496,932
Receivable for Portfolio shares sold		142,550			168,269			66,904			25,429			152,544			211,213			425,970
Dividend reclaim receivable		10,256			106			—			—			207			519,339			1,772
Prepaid expenses and other assets		33,321			28,126			21,823			21,674			35,224			50,900			61,286
Total Assets		223,188,860			191,699,381			39,350,158			43,182,756			178,461,944			280,464,350			418,152,333

LIABILITIES:
Bank overdraft		—			656,540			—			—			—			456,244			—
Payable upon return on securities loaned (Note 6)		7,815,619			4,729,193			2,128,325			2,227,822			4,582,659			8,828,715			—
Reverse repurchase agreements (Note 2)		—			—			—			—			—			—			16,976,454
Payable for investment securities purchased		—			104,617			—			15,228			—			732,193			2,020,081
Payable for Portfolio shares redeemed		307,484			396,310			60,463			65,970			176,628			499,672			868,075
Investment advisory fees payable (Note 3)		140,552			121,804			22,482			28,820			15,260			224,367			203,042
Distribution fees payable (Note 4)		22,823			789			8,101			3,767			71,777			1,115			—
Shareholder Service fees payable (Note 4)		29,000			15,240			3,280			3,860			15,780			20,960			42,460
Administration fees payable		7,800			6,800			1,400			1,500			6,400			9,700			14,200
Accrued expenses and other payables		64,148			59,829			38,928			40,009			64,061			90,871			129,012
Total Liabilities		8,387,426			6,091,122			2,262,979			2,386,976			4,932,565			10,863,837			20,253,324

NET ASSETS	$	214,801,434		$	185,608,259		$	37,087,179		$	40,795,780		$	173,529,379		$	269,600,513		$	397,899,009

* Includes Market Value of Securities on Loan	$	22,586,674		$	14,358,569		$	4,691,378		$	3,523,566		$	10,033,391		$	19,967,056		$	—

Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
72

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
NET ASSETS consist of:
Paid-in capital	$	162,799,873	$	153,086,456	$	27,596,587	$	30,786,376	$	64,262,115		$	278,303,995		$	402,888,218
Undistributed net investment income (accumulated net investment loss)		11,973		3,533		—		—		(2,459	)		(104,004	)		(14,227	)
Accumulated net realized gains (losses) on investments sold and foreign currency transactions		1,008,422		2,280,890		1,118,345		1,321,264		88,944			(22,175,266	)		(424,602	)
Net unrealized appreciation (depreciation) on investments		50,981,166		30,237,380		8,372,247		8,688,140		109,180,779			13,603,915			(4,564,604	)
Net unrealized appreciation (depreciation) on assets and liabilities denominated in foreign currencies		—		—		—		—		—			(28,127	)		14,224

NET ASSETS	$	214,801,434	$	185,608,259	$	37,087,179	$	40,795,780	$	173,529,379		$	269,600,513		$	397,899,009

Investments in unaffiliated securities, at cost (Note 2)	$	163,425,740	$	155,159,260	$	28,737,382	$	32,033,701	$	64,279,097		$	256,860,610		$	407,407,340
Investments in affiliated funds, at cost		—		—		—		—		—			—			10,690,012
Cash collateral for securities on loan, at cost		7,815,619		4,729,193		2,128,325		2,227,822		4,582,659			8,828,715			—
Foreign currency, at cost		—		—		—		—		—			21,305			—

NET ASSETS:
Investment Class shares	$	62,634,450	$	10,111,562	$	8,633,220	$	9,097,361	$	132,669,048		$	11,289,693		$	1,101,883
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†
Institutional Class shares	$	152,166,984	$	175,496,697	$	28,453,959	$	31,698,419	$	40,860,331		$	258,310,820		$	396,797,126
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†

Amounts designated as “—“ are either $0, or have been rounded to $0.
†	For the Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share).

See Notes to Financial Statements.
73

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
SHARES OUTSTANDING:
Investment Class shares		1,846,252		495,772		353,739		383,058		7,034,013		1,265,997		108,647
Institutional Class shares		4,205,125		8,689,708		1,086,800		1,312,971		2,167,096		29,311,284		39,278,089

INVESTMENT CLASS SHARES:
Net asset value, offering and redemption price per share	$	33.93	$	20.40	$	24.41	$	23.75	$	18.86	$	8.92	$	10.14

INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price per share	$	36.19	$	20.20	$	26.18	$	24.14	$	18.85	$	8.81	$	10.10

See Notes to Financial Statements.
74

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
INVESTMENT INCOME:
Dividends	$	3,565,703		$	5,480,643		$	309,984		$	737,926		$	4,182,126		$	8,232,063		$	489,191
Interest		165			1,724			—			210			—			—			10,026,656
Income from Security Lending		87,834			56,215			39,918			44,839			88,145			105,600			—
Income distributions from affiliated investments		—			—			—			—			—			—			94,857
Foreign taxes withheld		(60,912	)		(12,844	)		(11	)		(873	)		(725	)		(825,747	)		(12,002	)
Total income		3,592,790			5,525,738			349,891			782,102			4,269,546			7,511,916			10,598,702

EXPENSES:
Investment advisory fee (Note 3)		1,893,731			1,321,817			315,035			332,900			197,180			2,770,494			1,593,644
Administration and accounting fees (Note 3)		176,951			122,777			25,842			27,269			137,662			194,231			185,668
Distribution (12b-1) fees (Note 4)
Investment Class		226,229			102,604			26,895			31,877			368,098			18,231			1,635
Horace Mann Class		N/A			N/A			N/A			N/A			5,214			N/A			N/A
Shareholder Service fees (Note 4)
Investment Class		79,358			10,128			7,487			9,963			83,529			8,966			1,316
Institutional Class		80,814			74,297			14,631			14,674			—			114,245			149,518
Professional fees		96,917			72,977			39,475			40,068			82,171			99,966			76,962
Custodian fees (Note 3)		90,907			57,950			15,749			15,840			67,783			160,614			80,008
Transfer agent fees (Note 3)		78,039			32,166			24,806			28,551			73,190			85,666			15,788
Registration and filing fees		44,985			42,106			27,097			27,424			55,513			63,202			58,130
Printing fees		56,026			40,763			11,449			12,401			35,562			47,737			21,442
Directors’ fees and expenses (Note 3)		26,745			18,825			4,026			4,255			20,697			29,714			24,636
Insurance expense		18,170			8,439			2,153			2,238			17,238			14,065			—
Interest expense		—			—			—			—			—			5,364			41,533
Chief compliance officer expenses		449			538			78			87			180			827			1,753
Other		28,414			29,055			8,472			8,506			34,274			62,806			51,628
Total expenses		2,897,735			1,934,442			523,195			556,053			1,178,291			3,676,128			2,303,661
Fees reduced and/or reimbursed by Investment Adviser (Note 3)		—			—			(26,249	)		(23,509	)		—			(144,932	)		(723	)
Fees paid indirectly (Note 4)		(6,299	)		(11,674	)		(474	)		(4,178	)		(203	)		—			—
Net expenses		2,891,436			1,922,768			496,472			528,366			1,178,088			3,531,196			2,302,938

Net investment income (loss)		701,354			3,602,970			(146,581	)		253,736			3,091,458			3,980,720			8,295,764

*	Commenced operations on March 30, 2016.
Amounts designated as “—” are either $0, or have been rounded to $0.
N/A – Not Applicable. Share class not offered during the year.

See Notes to Financial Statements.
75

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gains (losses) from:
Unaffiliated investments		24,110,965			10,983,831		5,246,004		3,935,633		32,576,301			(4,186,065	)		1,637,055
Sale of affiliated investment company shares		—			—		—		—		—			—			15,724
Foreign currency transactions		—			—		—		—		—			143,452			66,898
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		(9,717,197	)		18,844,323		3,547,658		6,014,108		(12,337,006	)		13,545,937			(4,622,727	)
Investments in affiliated funds		—			—		—		—		—			—			58,123
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—			—		—		—		—			(16,394	)		14,224

Net realized and unrealized gains (losses) on investments and foreign currency transactions		14,393,768			29,828,154		8,793,662		9,949,741		20,239,295			9,486,930			(2,830,703	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,095,122		$	33,431,124	$	8,647,081	$	10,203,477	$	23,330,753		$	13,467,650		$	5,465,061

*	Commenced operations on March 30, 2016.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
76

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
OPERATIONS:
Net investment income (loss)	$	701,354		$	3,602,970		$	(146,581	)	$	253,736		$	3,091,458		$	3,980,720		$	8,295,764
Net realized gains (losses) on unaffiliated investments, sale of affiliated investment company shares and foreign currency transactions		24,110,965			10,983,831			5,246,004			3,935,633			32,576,301			(4,042,613	)		1,719,677
Net change in unrealized appreciation (depreciation) on affiliated and unaffiliated investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		(9,717,197	)		18,844,323			3,547,658			6,014,108			(12,337,006	)		13,529,543			(4,550,380	)
Net increase in net assets resulting from operations		15,095,122		��	33,431,124			8,647,081			10,203,477			23,330,753			13,467,650			5,465,061

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Investment Class shares		(23,274	)		(70,117	)		—			(42,010	)		(2,761,275	)		(182,252	)		(18,739	)
Institutional Class shares		(666,107	)		(3,529,320	)		—			(249,635	)		(1,004,390	)		(4,629,388	)		(8,022,614	)
Horace Mann Class shares		N/A			N/A			N/A			N/A			(4,577	)		N/A			N/A
Net realized capital gains:
Investment Class shares		(7,216,123	)		(812,603	)		(902,329	)		(879,115	)		(5,106,112	)		—			(7,570	)
Institutional Class shares		(16,461,985	)		(8,395,071	)		(3,066,404	)		(2,443,106	)		(1,869,149	)		—			(2,931,274	)
Total distributions to shareholders		(24,367,489	)		(12,807,111	)		(3,968,733	)		(3,613,866	)		(10,745,503	)		(4,811,640	)		(10,980,197	)

*	Commenced operations on March 30, 2016.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
77

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
CAPITAL SHARE TRANSACTIONS (DOLLARS):
Investment Class shares:
Shares sold		9,447,776			13,100,295			8,090,368			4,601,966			14,468,832			13,074,344			3,002,325
Issued in connection with in-kind transfer**		—			—			—			—			—			—			10
Shares issued as reinvestment of distributions		7,046,311			868,423			883,172			900,773			7,545,415			176,771			22,884
Redemption fees (Note 2)		—			—			—			—			—			942			—
Shares redeemed		(58,801,975	)		(60,891,899	)		(14,178,884	)		(12,548,929	)		(58,715,642	)		(5,481,578	)		(1,932,279	)
Net increase (decrease) in net assets from Investment Class share transactions		(42,307,888	)		(46,923,181	)		(5,205,344	)		(7,046,190	)		(36,701,395	)		7,770,479			1,092,940

Institutional Class shares:
Shares sold		112,406,914			127,227,693			23,749,758			24,015,502			10,987,352			177,914,962			317,151,289
Issued in connection with in-kind transfer**		—			—			—			—			—			—			147,868,290
Shares issued as reinvestment of distributions		15,976,819			11,893,895			3,059,039			2,684,309			2,231,465			4,619,158			10,945,747
Redemption fees (Note 2)		—			—			—			—			—			1,948			—
Shares redeemed		(91,601,976	)		(33,421,170	)		(16,251,162	)		(13,461,080	)		(34,209,479	)		(109,736,709	)		(73,644,121	)
Net increase (decrease) in net assets from Institutional Class share transactions		36,781,757			105,700,418			10,557,635			13,238,731			(20,990,662	)		72,799,359			402,321,205

*	Commenced operations on March 30, 2016.
**	See Note 9 in Notes to Financial Statements.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
78

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
CAPITAL SHARE TRANSACTIONS (DOLLARS) (Continued):
Qualified Class shares:
Shares sold		N/A			N/A		N/A		N/A		1			N/A			N/A
Shares issued as reinvestment of distributions		N/A			N/A		N/A		N/A		—			N/A			N/A
Shares redeemed		N/A			N/A		N/A		N/A		(197	)		N/A			N/A
Net decrease in net assets from Qualified Class share transactions		N/A			N/A		N/A		N/A		(196	)		N/A			N/A

Horace Mann Class shares:
Shares sold		N/A			N/A		N/A		N/A		24,850			N/A			N/A
Shares issued as reinvestment of distributions		N/A			N/A		N/A		N/A		4,577			N/A			N/A
Shares redeemed		N/A			N/A		N/A		N/A		(1,792,892	)		N/A			N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A		N/A		N/A		(1,763,465	)		N/A			N/A
Net increase (decrease) in net assets from capital stock transactions		(5,526,131	)		58,777,237		5,352,291		6,192,541		(59,455,718	)		80,569,838			403,414,145

Net increase (decrease) in net assets		(14,798,498	)		79,401,250		10,030,639		12,782,152		(46,870,468	)		89,225,848			397,899,009

NET ASSETS:
Beginning of year		229,599,932			106,207,009		27,056,540		28,013,628		220,399,847			180,374,665			—
End of the year	$	214,801,434		$	185,608,259	$	37,087,179	$	40,795,780	$	173,529,379		$	269,600,513		$	397,899,009
Undistributed net investment income (accumulated net investment loss) at end of the year	$	11,973		$	3,533	$	—	$	—	$	(2,459	)	$	(104,004	)	$	(14,227	)

*	Commenced operations on March 30, 2016.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0

See Notes to Financial Statements.
79

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2016

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND*
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		258,962			723,256			330,720			217,024			800,638			1,460,532			292,557
Issued in connection with in-kind transfer**		—			—			—			—			—			—			1
Shares issued as reinvestment of distributions		202,292			42,973			35,879			38,667			392,549			19,862			2,256
Shares redeemed		(1,531,665	)		(3,109,741	)		(571,361	)		(561,550	)		(3,141,812	)		(600,832	)		(186,167	)
Net increase (decrease) in Investment Class shares outstanding		(1,070,411	)		(2,343,512	)		(204,762	)		(305,859	)		(1,948,625	)		879,562			108,647

Institutional Class shares:
Shares sold		2,946,276			6,952,495			1,016,072			1,155,839			572,873			21,027,280			31,084,393
Issued in connection with in-kind transfer**		—			—			—			—			—			—			14,275,906
Shares issued as reinvestment of distributions		430,089			577,737			115,866			111,843			115,397			524,904			1,080,559
Shares redeemed		(2,302,019	)		(1,698,028	)		(644,708	)		(605,842	)		(1,843,987	)		(12,387,624	)		(7,162,769	)
Net increase (decrease) in Institutional Class shares outstanding		1,074,346			5,832,204			487,230			661,840			(1,155,717	)		9,164,560			39,278,089

Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			—			N/A			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			—			N/A			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(12	)		N/A			N/A
Net decrease in Qualified Class shares outstanding		N/A			N/A			N/A			N/A			(12	)		N/A			N/A

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			1,374			N/A			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			240			N/A			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(93,255	)		N/A			N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(91,641	)		N/A			N/A

*	Commenced operations on March 30, 2016.
**	See Note 9 in Notes to Financial Statements.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
80

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

For the Year Ended December 31, 2015*

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
OPERATIONS:
Net investment income (loss)	$	(398,110	)	$	1,283,331		$	(122,687	)	$	63,065		$	3,259,507		$	1,850,892
Net realized gains (losses) on investments and foreign currency transactions		21,237,633			6,431,264			1,568,318			1,708,145			12,858,128			(9,062,137	)
Net change in unrealized appreciation (depreciation) on investments and other assets and liabilities denominated in foreign currencies		(6,083,070	)		(13,725,637	)		(751,209	)		(2,915,605	)		(15,900,180	)		3,650,463
Net increase (decrease) in net assets resulting from operations		14,756,453			(6,011,042	)		694,422			(1,144,395	)		217,455			(3,560,782	)

DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net Investment Income:
Investment Class shares		—			(559,437	)		—			(1,177	)		(2,187,317	)		(8,401	)
Institutional Class shares		—			(692,061	)		—			(45,631	)		(944,890	)		(1,748,013	)
Qualified Class shares		N/A			N/A			N/A			N/A			(3	)		N/A
Horace Mann Class shares		N/A			N/A			N/A			N/A			(22,310	)		N/A
Net Realized Capital Gains:
Investment Class shares		(11,355,053	)		(3,397,914	)		(720,384	)		(828,980	)		—			—
Institutional Class shares		(12,134,652	)		(3,309,669	)		(766,658	)		(762,106	)		—			—
Total distributions to shareholders		(23,489,705	)		(7,959,081	)		(1,487,042	)		(1,637,894	)		(3,154,520	)		(1,756,414	)

CAPITAL SHARE TRANSACTIONS (DOLLARS):
Investment Class shares:
Shares sold		14,431,823			9,017,150			5,078,365			5,800,048			28,001,013			4,067,254
Shares issued as reinvestment of distributions		11,150,215			3,910,990			712,109			819,947			2,059,887			6,973
Redemption fees (Note 2)		—			—			—			—			—			220
Shares redeemed		(17,010,216	)		(14,667,095	)		(4,087,152	)		(4,997,495	)		(72,677,521	)		(12,701,044	)
Net increase (decrease) in net assets from Investment Class share transactions		8,571,822			(1,738,955	)		1,703,322			1,622,500			(42,616,621	)		(8,626,597	)

Institutional Class shares:
Shares sold		5,361,481			9,153			20,061			154,125			5,224,542			40,029,720
Shares issued as reinvestment of distributions		10,859,881			3,996,628			766,653			807,423			459,540			1,746,693
Redemption fees (Note 2)		—			—			—			—			—			341
Shares redeemed		(24,726,424	)		(7,155,243	)		(1,522,249	)		(1,563,847	)		(13,339,955	)		(23,877,118	)
Net increase (decrease) in net assets from Institutional Class share transactions		(8,505,062	)		(3,149,462	)		(735,535	)		(602,299	)		(7,655,873	)		17,899,636

*	The Wilshire Income Opportunities Fund had not commenced operations at December 31, 2015.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
81

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2015*

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
CAPITAL SHARE TRANSACTIONS (DOLLARS) (Continued):
Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			1			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			2			N/A
Shares redeemed		N/A			N/A			N/A			N/A			—			N/A
Net increase in net assets from Qualified Class share transactions		N/A			N/A			N/A			N/A			3			N/A

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			30,775			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			22,309			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(124,088	)		N/A
Net decrease in net assets from Horace Mann Class share transactions		N/A			N/A			N/A			N/A			(71,004	)		N/A
Net increase (decrease) in net assets from capital stock transactions		66,760			(4,888,417	)		967,787			1,020,201			(50,343,495	)		9,273,039

Net increase (decrease) in net assets		(8,666,492	)		(18,858,540	)		175,167			(1,762,088	)		(53,280,560	)		3,955,843

NET ASSETS:
Beginning of year		238,266,424			125,065,549			26,881,373			29,775,716			273,680,407			176,418,822
End of year	$	229,599,932		$	106,207,009		$	27,056,540		$	28,013,628		$	220,399,847		$	180,374,665
Undistributed net investment income (accumulated net investment loss) end of year	$	(10	)	$	(13	)	$	(3	)	$	34,817		$	540,069		$	81,733

*	The Wilshire Income Opportunities Fund had not commenced operations at December 31, 2015.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
82

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

For the Year Ended December 31, 2015*

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		362,130			438,642			207,103			255,692			1,545,688			450,088
Shares issued as reinvestment of distributions		302,995			208,652			31,233			39,706			114,741			778
Shares redeemed		(431,846	)		(713,809	)		(166,035	)		(224,213	)		(4,033,525	)		(1,319,953	)
Net increase (decrease) in Investment Class shares outstanding		233,279			(66,515	)		72,301			71,185			(2,373,096	)		(869,087	)

Institutional Class shares:
Shares sold		128,974			431			761			6,769			287,221			4,200,644
Shares issued as reinvestment of distributions		278,388			212,174			31,653			38,323			25,615			197,366
Shares redeemed		(588,546	)		(344,881	)		(58,468	)		(68,327	)		(740,212	)		(2,615,097	)
Net increase (decrease) in Institutional Class shares outstanding		(181,184	)		(132,276	)		(26,054	)		(23,235	)		(427,376	)		1,782,913

Qualified Class shares:
Shares sold		N/A			N/A			N/A			N/A			1			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1			N/A
Shares redeemed		N/A			N/A			N/A			N/A			—			N/A
Net increase in Qualified Class shares outstanding		N/A			N/A			N/A			N/A			2			N/A

Horace Mann Class shares:
Shares sold		N/A			N/A			N/A			N/A			1,699			N/A
Shares issued as reinvestment of distributions		N/A			N/A			N/A			N/A			1,246			N/A
Shares redeemed		N/A			N/A			N/A			N/A			(6,773	)		N/A
Net decrease in Horace Mann Class shares outstanding		N/A			N/A			N/A			N/A			(3,828	)		N/A

*	The Wilshire Income Opportunities Fund had not commenced operations at December 31, 2015.
N/A — Not Applicable. Share classes not offered during the year.
Amounts designated as “—” are either $0, or have been rounded to $0.

See Notes to Financial Statements.
83

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	36.82		$	38.66		$	41.60		$	34.70		$	31.54

Income (loss) from investment operations:
Net investment income (loss)¹		0.04			(0.14	)		(0.26	)		(0.02	)		0.07
Net realized and unrealized gains on investments		1.26			2.53			3.61			10.38			4.24
Total from investment operations		1.30			2.39			3.35			10.36			4.31

Less distributions:
From net investment income		(0.01	)		—			—			—			(0.07	)
From realized capital gains		(4.18	)		(4.23	)		(6.29	)		(3.46	)		(1.08	)
Total distributions		(4.19	)		(4.23	)		(6.29	)		(3.46	)		(1.15	)

Net asset value, end of year	$	33.93		$	36.82		$	38.66		$	41.60		$	34.70

Total return		3.33	%		6.18	%		7.97	%		30.22	%		13.72	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	62,634		$	107,381		$	103,733		$	113,495		$	100,853
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.32	%		1.33	%		1.38	%		1.36	%		1.39	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.32	%²		1.33	%²		1.38	%²		1.36	%²		1.39	%²
Net investment income (loss)		0.10	%		(0.34	%)		(0.61	%)		(0.05	%)		0.20	%
Portfolio turnover rate		75	%		104	%		62	%		136	%		71	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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%, 1.34%, 1.38%, 1.36% and 1.39% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
84

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	39.04		$	40.62		$	43.28		$	35.94		$	32.63

Income (loss) from investment operations:
Net investment income (loss)¹		0.15			(0.01	)		(0.13	)		0.10			0.18
Net realized and unrealized gains on investments		1.34			2.66			3.76			10.77			4.38
Total from investment operations		1.49			2.65			3.63			10.87			4.56

Less distributions:
From net investment income		(0.16	)		—			(0.00	)²		(0.07	)		(0.17	)
From realized capital gains		(4.18	)		(4.23	)		(6.29	)		(3.46	)		(1.08	)
Total distributions		(4.34	)		(4.23	)		(6.29	)		(3.53	)		(1.25	)

Net asset value, end of year	$	36.19		$	39.04		$	40.62		$	43.28		$	35.94

Total return		3.61	%		6.52	%		8.32	%		30.60	%		14.04	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	152,167		$	122,219		$	134,534		$	243,622		$	85,740
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.04	%		1.01	%		1.06	%		1.05	%		1.11	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.04	%³		1.01	%³		1.06	%³		1.06	%³		1.11	%³
Net investment income (loss)		0.37	%		(0.02	%)		(0.29	%)		0.23	%		0.50	%
Portfolio turnover rate		75	%		104	%		62	%		136	%		71	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Amount is less than $0.01 per share.
³	The ratio of operating expenses before fee reductions and reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.04%, 1.02%, 1.06%, 1.05% and 1.11% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
85

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	18.62		$	21.19		$	21.44		$	15.86		$	13.82

Income (loss) from investment operations:
Net investment income¹		0.37			0.20			0.18			0.16			0.17
Net realized and unrealized gains (losses) on investments		2.56			(1.33	)		2.14			5.64			2.03
Total from investment operations		2.93			(1.13	)		2.32			5.80			2.20

Less distributions:
From net investment income		(0.14	)		(0.19	)		(0.23	)		(0.14	)		(0.16	)
From realized capital gains		(1.01	)		(1.25	)		(2.34	)		(0.08	)		—
Total distributions		(1.15	)		(1.44	)		(2.57	)		(0.22	)		(0.16	)

Net asset value, end of year	$	20.40		$	18.62		$	21.19		$	21.44		$	15.86

Total return		15.73	%		(5.33	%)		10.77	%		36.54	%		15.92	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	10,112		$	52,864		$	61,566		$	61,800		$	44,220
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.26	%		1.27	%		1.29	%		1.24	%		1.35	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.27	%²		1.29	%²		1.30	%²		1.25	%²		1.36	%²
Net investment income		1.87	%		0.96	%		0.80	%		0.87	%		1.12	%
Portfolio turnover rate		174	%		55	%		57	%		101	%		97	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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%, 1.29%, 1.24% and 1.35% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
86

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	18.67		$	21.24		$	21.48		$	15.89		$	13.84

Income (loss) from investment operations:
Net investment income¹		0.40			0.26			0.24			0.22			0.20
Net realized and unrealized gains (losses) on investments		2.55			(1.33	)		2.14			5.63			2.04
Total from investment operations		2.95			(1.07	)		2.38			5.85			2.24

Less distributions:
From net investment income		(0.41	)		(0.25	)		(0.28	)		(0.18	)		(0.19	)
From realized capital gains		(1.01	)		(1.25	)		(2.34	)		(0.08	)		—
Total distributions		(1.42	)		(1.50	)		(2.62	)		(0.26	)		(0.19	)

Net asset value, end of year	$	20.20		$	18.67		$	21.24		$	21.48		$	15.89

Total return		15.78	%		(5.07	%)		11.05	%		36.85	%		16.18	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	175,497		$	53,343		$	63,499		$	111,550		$	800
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.04	%		1.01	%		1.00	%		0.95	%		1.14	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.05	%²		1.02	%²		1.01	%²		0.97	%²		1.15	%²
Net investment income		2.09	%		1.23	%		1.09	%		1.13	%		1.32	%
Portfolio turnover rate		174	%		55	%		57	%		101	%		97	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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 1.04%, 1.01%, 1.00%, 0.95% and 1.14% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
87

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	22.64		$	23.44		$	24.95		$	18.06		$	15.90

Income (loss) from investment operations:
Net investment income (loss)¹		(0.15	)		(0.15	)		(0.25	)		(0.16	)		0.09
Net realized and unrealized gains on investments		4.80			0.70			1.09			7.59			2.07
Total from investment operations		4.65			0.55			0.84			7.43			2.16

Less distributions:
From realized capital gains		(2.88	)		(1.35	)		(2.35	)		(0.54	)		—

Net asset value, end of year	$	24.41		$	22.64		$	23.44		$	24.95		$	18.06

Total return		20.44	%		2.29	%		3.44	%		41.25	%		13.58	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	8,633		$	12,642		$	11,398		$	9,582		$	7,225
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.51	%		1.46	%		1.50	%		1.47	%		1.47	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.60	%²		1.64	%²		1.55	%²		1.62	%²		1.97	%²
Net investment income (loss)		(0.57	%)		(0.59	%)		(1.00	%)		(0.75	%)		0.55	%
Portfolio turnover rate		114	%		63	%		77	%		88	%		99	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.60%, 1.64%, 1.54%, 1.61% and 1.95% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
88

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	24.04		$	24.75		$	26.14		$	18.89		$	16.60

Income (loss) from investment operations:
Net investment income (loss)¹		(0.08	)		(0.07	)		(0.18	)		(0.15	)		0.11
Net realized and unrealized gains on investments		5.10			0.71			1.14			7.99			2.18
Total from investment operations		5.02			0.64			0.96			7.84			2.29

Less distributions:
From net investment income		—			—			—			(0.05	)		—
From realized capital gains		(2.88	)		(1.35	)		(2.35	)		(0.54	)		—
Total distributions		(2.88	)		(1.35	)		(2.35	)		(0.59	)		—

Net asset value, end of year	$	26.18		$	24.04		$	24.75		$	26.14		$	18.89

Total return		20.79	%		2.53	%		3.75	%		41.58	%		13.80	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	28,454		$	14,414		$	15,483		$	24,013		$	15
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.27	%		1.19	%		1.20	%		1.19	%		1.28	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.33	%²		1.36	%²		1.24	%²		1.20	%²		1.79	%²
Net investment income (loss)		(0.32	%)		(0.28	%)		(0.70	%)		(0.54	%)		0.60	%
Portfolio turnover rate		114	%		63	%		77	%		88	%		99	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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 1.33%, 1.35%, 1.19%, 1.18% and 1.78% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
89

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	20.74		$	22.86		$	24.33		$	17.40		$	15.04

Income (loss) from investment operations:
Net investment income (loss)¹		0.10			0.01			(0.08	)		(0.03	)		0.20
Net realized and unrealized gains (losses) on investments		4.99			(0.89	)		1.53			7.62			2.38
Total from investment operations		5.09			(0.88	)		1.45			7.59			2.58

Less distributions:
From net investment income		(0.09	)		(0.00	)²		—			(0.00	)²		(0.22	)
From capital gains		(1.99	)		(1.24	)		(2.92	)		(0.66	)		—
Total distributions		(2.08	)		(1.24	)		(2.92	)		(0.66	)		(0.22	)

Net asset value, end of year	$	23.75		$	20.74		$	22.86		$	24.33		$	17.40

Total return		24.86	%		(3.83	%)		6.17	%		43.79	%		17.20	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	9,097		$	14,287		$	14,120		$	13,688		$	9,641
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.51	%		1.49	%		1.49	%		1.49	%		1.49	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.60	%³		1.67	%³		1.56	%³		1.58	%³		1.84	%³
Net investment income (loss)		0.48	%		0.06	%		(0.35	%)		(0.13	%)		1.24	%
Portfolio turnover rate		99	%		49	%		53	%		60	%		68	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Amount is less than $0.01 per share.
³	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 1.59%, 1.67%, 1.55%, 1.57% and 1.83% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
90

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	21.08		$	23.21		$	24.59		$	17.58		$	15.19

Income (loss) from investment operations:
Net investment income (loss)¹		0.16			0.08			(0.02	)		0.00			0.22
Net realized and unrealized gains (losses) on investments		5.08			(0.90	)		1.56			7.74			2.42
Total from investment operations		5.24			(0.82	)		1.54			7.74			2.64

Less distributions:
From net investment income		(0.19	)		(0.07	)		—			(0.07	)		(0.25	)
From realized capital gains		(1.99	)		(1.24	)		(2.92	)		(0.66	)		—
Total distributions		(2.18	)		(1.31	)		(2.92	)		(0.73	)		(0.25	)

Net asset value, end of year	$	24.14		$	21.08		$	23.21		$	24.59		$	17.58

Total return		25.16	%		(3.52	%)		6.47	%		44.16	%		17.41	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	31,698		$	13,727		$	15,655		$	24,934		$	54
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.27	%		1.18	%		1.17	%		1.20	%		1.31	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.33	%²		1.36	%²		1.23	%²		1.19	%²		1.66	%²
Net investment income (loss)		0.73	%		0.36	%		(0.07	%)		(0.01	%)		1.33	%
Portfolio turnover rate		99	%		49	%		53	%		60	%		68	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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%, 1.35%, 1.21%, 1.18% and 1.65% for 2016, 2015, 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
91

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	17.78		$	18.01		$	16.22		$	12.43		$	10.93

Income (loss) from investment operations:
Net investment income¹		0.27			0.24			0.23			0.19			0.19
Net realized and unrealized gains (losses) on investments		1.96			(0.22	)		1.78			3.80			1.49
Total from investment operations		2.23			0.02			2.01			3.99			1.68

Less distributions:
From net investment income		(0.39	)		(0.25	)		(0.22	)		(0.20	)		(0.18	)
From realized capital gains		(0.76	)		—			—			—			—
Total distributions		(1.15	)		(0.25	)		(0.22	)		(0.20	)		(0.18	)

Net asset value, end of year	$	18.86		$	17.78		$	18.01		$	16.22		$	12.43

Total return		12.51	%		0.08	%		12.38	%		32.10	%		15.36	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	132,669		$	159,709		$	204,465		$	139,354		$	107,888
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		0.67	%		0.64	%		0.65	%		0.68	%		0.70	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		0.67	%²		0.64	%²		0.65	%		0.68	%		0.70	%
Net investment income		1.49	%		1.35	%		1.32	%		1.33	%		1.61	%
Portfolio turnover rate		5	%		6	%		3	%		2	%		2	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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 0.67% and 0.64% for 2016 and 2015, respectively.

See Notes to Financial Statements.
92

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	17.78		$	18.00		$	16.21		$	12.41		$	10.92

Income (loss) from investment operations:
Net investment income¹		0.33			0.29			0.26			0.22			0.22
Net realized and unrealized gains (losses) on investments		1.95			(0.22	)		1.79			3.81			1.47
Total from investment operations		2.28			0.07			2.05			4.03			1.69

Less distributions:
From net investment income		(0.45	)		(0.29	)		(0.26	)		(0.23	)		(0.20	)
From realized capital gains		(0.76	)		—			—			—			—
Total distributions		(1.21	)		(0.29	)		(0.26	)		(0.23	)		(0.20	)

Net asset value, end of year	$	18.85		$	17.78		$	18.00		$	16.21		$	12.41

Total return		12.81	%		0.36	%		12.60	%		32.48	%		15.54	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	40,860		$	59,065		$	67,500		$	59,565		$	50,633
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		0.36	%		0.41	%		0.44	%		0.46	%		0.47	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		0.36	%²		0.41	%²		0.44	%		0.46	%		0.47	%
Net investment income		1.80	%		1.59	%		1.53	%		1.55	%		1.84	%
Portfolio turnover rate		5	%		6	%		3	%		2	%		2	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	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 0.36% and 0.41% for 2016 and 2015, respectively.

See Notes to Financial Statements.
93

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights

For a Fund Share Outstanding Throughout Each Year.
	Investment Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	8.90		$	9.06		$	9.70		$	8.34		$	7.63

Income (loss) from investment operations:
Net investment income¹		0.10			0.09			0.09			0.03			0.06
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.07			(0.23	)		(0.71	)		1.54			0.96
Total from investment operations		0.17			(0.14	)		(0.62	)		1.57			1.02

Less distributions:
From net investment income		(0.15	)		(0.02	)		(0.02	)		0.00			(0.09	)
From realized capital gains		—			—			—			(0.21	)		(0.22	)
Redemption fee (Note 2)		0.00	²		0.00	²		—			—			—
Total distributions		(0.15	)		(0.02	)		(0.02	)		(0.21	)		(0.31	)

Net asset value, end of year	$	8.92		$	8.90		$	9.06		$	9.70		$	8.34

Total return		1.88	%		(1.55	%)		(6.38	%)		18.95	%		13.36	%

Ratios to average net assets/supplemental data:
Net assets, end of year (in 000’s)	$	11,290		$	3,438		$	11,371		$	2,410		$	74,999
Operating expenses including dividends and rebates on securities sold short and interest expense, after fee reductions and expense reimbursements and fees paid indirectly⁴		1.52	%		1.50	%		1.50	%		1.85	%³		2.24	%³
Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly⁴		1.65	%		1.75	%		1.71	%⁵		1.93	%⁵		2.29	%⁵
Net investment income		1.19	%		0.99	%		0.97	%		0.38	%		0.77	%
Portfolio turnover rate		79	%		84	%		176	%		368	%		45	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Amount is less than $0.01 per share.
³	The operating expense ratios reflect the expenses related to investing in securities sold short. Had these expenses been excluded, the expense ratio (after waiver and fees paid indirectly) would have been 1.50% for 2013 and 2012.
⁴	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling.
⁵	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.71%, 1.93% and 2.28% for 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
94

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout Each Year.
	Institutional Class Shares
	Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014			Year Ended 12/31/2013			Year Ended 12/31/2012
Net asset value, beginning of year	$	8.78		$	8.99		$	9.64		$	8.38		$	7.67

Income (loss) from investment operations:
Net investment income¹		0.12			0.09			0.09			0.08			0.09
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.07			(0.21	)		(0.68	)		1.51			0.95
Total from investment operations		0.19			(0.12	)		(0.59	)		1.59			1.04

Less distributions:
From net investment income		(0.16	)		(0.09	)		(0.06	)		(0.12	)		(0.11	)
From realized capital gains		—			—			—			(0.21	)		(0.22	)
Redemption fee (Note 2)		0.00	²		0.00	²		—			—			—
Total distributions		(0.16	)		(0.09	)		(0.06	)		(0.33	)		(0.33	)

Net asset value, end of year	$	8.81		$	8.78		$	8.99		$	9.64		$	8.38

Total return		2.16	%		(1.37	%)		(6.16	%)		19.10	%		13.63	%

Ratios to average net assets/supplemental data²:
Net assets, end of year (in 000’s)	$	258,311		$	176,937		$	165,048		$	45,897		$	99,106
Operating expenses including dividends and rebates on securities sold short and interest expense, after fee reductions and expense reimbursements and fees paid indirectly⁴		1.27	%		1.25	%		1.25	%		1.61	%³		1.99	%³
Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly⁴		1.32	%		1.29	%		1.31	%⁵		1.87	%⁵		2.01	%⁵
Net investment income		1.44	%		1.00	%		0.96	%		0.88	%		1.03	%
Portfolio turnover rate		79	%		84	%		176	%		368	%		45	%

Amounts designated as “—“ are either $0, or have been rounded to $0.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Amount is less than $0.01 per share.
³	The operating expense ratios reflect the expenses related to investing in securities sold short. Had these expenses been excluded, the expense ratio (after waiver and fees paid indirectly) would have been 1.25% for 2013 and 2012.
⁴	Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling.
⁵	The ratio of operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.31%, 1.87% and 2.00% for 2014, 2013 and 2012, respectively.

See Notes to Financial Statements.
95

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights

For a Fund Share Outstanding Throughout the Period.
	Investment Class Shares
	Period Ended 12/31/2016*
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income¹		0.21
Net realized and unrealized gains on investments and foreign currency transactions		0.18
Total from investment operations		0.39

Less distributions:
From net investment income		(0.18	)
From realized capital gains		(0.07	)
Total distributions		(0.25	)

Net asset value, end of period	$	10.14

Total return		3.92	%²

Ratios to average net assets/supplemental data²:
Net assets, end of period (in 000’s)	$	1,102
Operating expenses after expense reimbursements†		1.15	%³
Operating expense before expense reimbursements		1.26	%
Net investment income		2.83	%³
Portfolio turnover rate		74	%²

*	Commenced operations on March 30, 2016.
†	Ratio does not include expenses from underlying funds.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Not Annualized.
³	Annualized.

See Notes to Financial Statements.
96

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights - (Continued)

For a Fund Share Outstanding Throughout the Period.
	Institutional Class Shares
	Period Ended 12/31/2016*
Net asset value, beginning of period	$	10.00

Income from investment operations:
Net investment income¹		0.25
Net realized and unrealized gains on investments and foreign currency transactions		0.13
Total from investment operations		0.38

Less distributions:
From net investment income		(0.21	)
From realized capital gains		(0.07	)
Total distributions		(0.28	)

Net asset value, end of period	$	10.10

Total return		3.82	%²

Ratios to average net assets/supplemental data²:
Net assets, end of period (in 000’s)	$	396,797
Operating expenses†		0.86	%³
Net investment income		3.11	%³
Portfolio turnover rate		74	%²

*	Commenced operations on March 30, 2016.
†	Ratio does not include expenses from underlying funds.
¹	The selected per share data was calculated using the average shares outstanding method for the period.
²	Not Annualized.
³	Annualized.

See Notes to Financial Statements.
97

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

December 31, 2016

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, all of which had operations during the period: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (each a “Portfolio” and collectively the “Portfolios”). The Company accounts separately for the assets, liabilities and operations of each series.

The Wilshire Income Opportunities Fund commenced operations on March 30, 2016.

Each of the Portfolios currently offers Investment and Institutional Class shares, each of which has equal rights as to voting privileges. 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 each Portfolio. Each class of shares differs in its respective service and distribution expenses.

2. Significant Accounting Policies.

In October 2016, the Securities and Exchange Commission (the “SEC”) released its final rule on Investment Company Reporting Modernization (the “Rule”). The Rule, which introduces two new regulatory reporting forms for investment companies – Form N-PORT and Form N-CEN, also contains amendments to Regulation S-X, which impact financial statement presentation, particularly the presentation of derivative investments. Although the Company is still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Portfolios’ current financial statement presentation and expects that the Portfolios will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

Use of estimates – Each Portfolio is an investment company in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore, each Portfolio follows the accounting and reporting guidelines for investment companies. 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.

The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements.

Security valuation – A security listed or traded on U.S. exchanges is valued at its last sales price on the exchange where it is principally traded. In the absence of a current quotation, the 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, the most recent bid quotation is used. Securities traded over-the-counter

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2016

(other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, the most recent bid quotation is used. Debt securities are valued at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party valuation providers 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 valued daily at a price, as provided by an independent pricing service which is an estimate of the fair value price. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

The Wilshire International Equity Fund uses ICE Data Services (formerly, Interactive Data Pricing and Reference Data, Inc.) (“ICE”) as a third-party fair valuation vendor. ICE provides a daily fair value for foreign securities in the 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 the Wilshire International Equity Fund 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 Wilshire International Equity Fund’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;

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2016

●

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, 2016, 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, 2016:

Large Company Growth Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	212,295,406	$	—	$	—	$	212,295,406
Money Market Funds		9,927,119		—		—		9,927,119
Total	$	222,222,525	$	—	$	—	$	222,222,525

Large Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	185,385,646	$	—	$	—	$	185,385,646
Rights		—		—		1,189		1,189
Money Market Funds		4,738,998		—		—		4,738,998
Total	$	190,124,644	$	—	$	1,189	$	190,125,833

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	36,032,578	$	—	$	—		$	36,032,578
Rights		—		—		360	*		360
Money Market Funds		3,205,016		—		—			3,205,016
Total	$	39,237,594	$	—	$	360		$	39,237,954

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	39,794,076	$	—	$	—	$	39,794,076
Money Market Funds		3,155,587		—		—		3,155,587
Total	$	42,949,663	$	—	$	—	$	42,949,663

Wilshire 5000 Index^SM Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	173,307,064	$	—	$	—		$	173,307,064
Rights		—		—		12,313	*		12,313
Money Market Funds		4,723,158		—		—			4,723,158
Total	$	178,030,222	$	—	$	12,313		$	178,042,535

100

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

December 31, 2016

Wilshire International Equity Fund	Level 1		Level 2			Level 3		Total
Common Stocks	$	67,822,913	$	194,652,920		$	—	$	262,475,833
Rights		—		0	*		—		0
Exchange-Traded Funds		1,113,756		—			—		1,113,756
Money Market Funds		15,703,651		—			—		15,703,651
Total	$	84,640,320	$	194,652,920		$	—	$	279,293,240

Wilshire Income Opportunities Fund	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—		$	52,738,270	$	—	$	52,738,270
U.S. Government Agency Obligations		—			19,618,883		—		19,618,883
Agency Mortgage-Backed Obligations		—			15,000,551		—		15,000,551
Non-Agency Mortgage-Backed Obligations		—			86,096,488		—		86,096,488
Asset-Backed Securities		—			41,157,685		—		41,157,685
Collateralized Loan Obligations		—			52,030,998		—		52,030,998
Investment Grade Corporate Obligations		—			22,232,315		—		22,232,315
High Yield Corporate Obligations		—			16,036,639		—		16,036,639
Foreign Bonds		—			50,636,883		—		50,636,883
Loan Participations		—			33,218,993		—		33,218,993
Military Housing Obligations		—			5,688,289		1,850,978		7,539,267
Municipal Obligations		—			1,363,422		—		1,363,422
Common Stocks		80,880			—		—		80,880
Preferred Stocks		—			2,182,096		—		2,182,096
Affiliated Registered Investment Companies		10,748,134			—		—		10,748,134
Money Market Funds		2,851,244			—		—		2,851,244
Total	$	13,680,258		$	398,001,512	$	1,850,978	$	413,532,748
Other Financial Instruments
Forward Contracts Unrealized Appreciation	$	—		$	14,226	$	—	$	14,226
Reverse Repurchase Agreements		(16,976,454	)		—		—		(16,976,454	)
Total	$	(16,976,454	)	$	14,226	$	—	$	(16,962,228	)

*	Includes Rights which have been fair valued at $0.

Refer to the Portfolios’ Schedules of Investments for a listing of the securities by industry or sector type. As of December 31, 2016, the Portfolios did not have any transfers between Levels. In addition, Large Company Growth Portfolio, Small Company Value Portfolio and Wilshire International Equity Fund did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2016. Large Company Value Portfolio, Small Company Growth Portfolio and Wilshire 5000 Index^SM Fund held Rights and Wilshire Income Opportunities held Military Housing Obligations that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at December 31, 2016 totaling $1,189, $360, $12,313 and $1,850,978, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only

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presented when the Portfolio has over 1% of Level 3 investments at the beginning and/or end of the period in relation to net assets. It is the Portfolios’ policy to recognize transfers between Levels at the end of the reporting period.

Option Transactions – The Wilshire Income Opportunities Fund may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When the Portfolio writes or purchases a covered call or put option, an amount equal to the premium received is included as a liability in the Portfolio’s statement of assets and liabilities. The amount of the liability is subsequently marked-to-market to reflect the current market 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) and, as a result, 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 market 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. As of and during the year ended December 31, 2016, there were no written options transactions.

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Reverse Repurchase Agreements – The Wilshire Income Opportunities Fund may enter into reverse repurchase agreements for investment purposes. A reverse repurchase agreement involves the sale of portfolio assets together with an agreement to repurchase the same assets later at a fixed price. At the time the Portfolio enters into a reverse repurchase agreement, the Portfolio segregates cash, cash equivalents, or other liquid assets, including equity securities and debt securities, at least equal in value to the repurchase price. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Portfolio’s use of the proceeds under the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the obligation to repurchase the securities. Reverse repurchase agreements outstanding as of December 31, 2016 were as follows:

	Reverse Repurchase Agreements
	Remaining Contractual Maturity of the Agreements
Counterparty	Overnight and Continuous			Up to 30 days			30-90 days		Greater than 90 days		Total			Rate
Bank of America
U.S. Treasury Obligations	$	(3,056,250	)	$	—		$	—	$	—	$	(3,056,250	)		1.10	%
Corporate Bonds		—			(1,200,794	)		—		—		(1,200,794	)		1.15	%
U.S. Treasury Obligations		—			(2,979,660	)		—		—		(2,979,660	)		1.10	%
U.S. Treasury Obligations		(1,428,750	)		—			—		—		(1,428,750	)		(0.25	%)
RBC
U.S. Government Agency Obligations		—			(1,922,000	)		—		—		(1,922,000	)		1.05	%
Corporate Bonds		—			(3,956,625	)		—		—		(3,956,625	)		1.55	%
Corporate Bonds		—			(2,432,375	)		—		—		(2,432,375	)		1.30	%
Total reverse repurchase agreements	$	(4,485,000	)	$	(12,491,454	)	$	—	$	—	$	(16,976,454	)

The following table represents the Portfolio’s outstanding reverse repurchase agreements net of the related collateral received by counterparty at December 31, 2016:

Counterparty	Financial Assets		Financial Liabilities			Available for Offset			Collateral Pledged or (Received)*		Net Amount
Reverse repurchase agreements
Bank of America	$	—	$	(8,665,454	)	$	(8,665,454	)	$	8,665,454	$	—
RBC		—		(8,311,000	)		(8,311,000	)		8,311,000		—
Total	$	—	$	(16,976,454	)	$	(16,976,454	)	$	16,976,454	$	—

*	Collateral pledged is limited to the net outstanding amount from an individual counterparty. The actual collateral amount pledged may exceed the amount and may fluctuate in value.

For the period ended December 31, 2016, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for Wilshire Income Opportunities Fund was $12,355,795 and 0.44%, respectively.

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When-issued and delayed delivery investments – The Wilshire Income Opportunities Fund may purchase or sell securities on a when-issued or delayed-delivery basis and make contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time. Securities purchased or sold on a when-issued, delayed-delivery or forward commitment basis involve a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Portfolio would generally purchase securities on a when-issued, delayed-delivery or forward commitment basis with the intention of acquiring the securities, the Portfolio may dispose of such securities prior to settlement if a sub-adviser deems it appropriate to do so. The Portfolio may dispose of or negotiate a when-issued or forward commitment after entering into these transactions. Such transactions are generally considered to be derivative transactions. The Portfolio will normally realize a capital gain or loss in connection with these transactions. When the Portfolio purchases securities on a when-issued, delayed-delivery or forward commitment basis, the Portfolio’s custodian will maintain cash or liquid securities having a value (determined daily) at least equal to the amount of the Portfolio’s purchase commitments. In the case of a forward commitment to sell portfolio securities, the custodian will hold the portfolio securities themselves while the commitment is outstanding. These procedures are designed to ensure that the Portfolio will maintain sufficient assets at all times to cover its obligations under when-issued purchases, forward commitments and delayed-delivery transactions. The when-issued market is commonly associated with government bonds that are to be issued as a pending auction. The Portfolio uses when-issued investments as a way to participate in a new issuance. As of, and during the year ended December 31, 2016, the Portfolio held no when-issued or delayed delivery investments.

Securities transactions and investment income – Securities transactions are recorded on a trade-date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income, including, where applicable, accretion of discount, and amortization of premium on investments, is recognized on the accrual basis from settlement date. Distributions received on securities that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. The actual character of income, realized gain and return of capital distributions received from Real Estate Investment Trusts (“REITs”) is not known until after the end of the fiscal year, at which time such distribution estimates are appropriately adjusted.

Asset-backed and mortgage securities – The Wilshire Income Opportunities Fund may invest in mortgage and asset-backed securities 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.

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:

●

market value of investment securities, other assets and liabilities at the daily rates of exchange and

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●

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.

Net realized and unrealized gains (losses) from foreign currency related transactions includes gains and losses between trade and settlement dates on securities 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 – The Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Portfolio realizes gains and losses at the time forward 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. As of December 31, 2016, the Portfolio had no outstanding open forward foreign currency contracts.

For the year ended December 31, 2016, the average volume of activity of forward foreign currency contracts was as follows:

Average Monthly Notional Amount Purchased		$	292,640
Average Monthly Notional Amount Sold			686,593

Over-the-Counter (“OTC”) Derivative Contracts – To reduce counterparty risk for OTC transactions, the Wilshire Income Opportunities Fund has entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolio to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables for certain OTC positions for each individual counterparty. In addition, the Portfolio may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Portfolio. For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

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 cash pledged as collateral on the Statement 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

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due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.

The following table presents, by derivative type, the Portfolio’s OTC financial derivative instruments net of the related collateral (received)/pledged by counterparty at December 31, 2016:

Counterparty	Financial Derivative Assets		Financial Derivative Liabilities		Derivatives Available for Offset		Collateral Pledged or (Received)*		Net Amount
Forward foreign currency contracts
Montgomery/Bank of America	$	14,226	$	—	$	14,226	$	—	$	14,226
Total	$	14,226	$	—	$	14,226	$	—	$	14,226

*	Collateral pledged is limited to the net outstanding amount from an individual counterparty. The actual collateral amount pledged may exceed the amount and may fluctuate in value.

Expense policy – Distribution and Service fees directly attributable to Investment Class shares are charged to that class’ operating expenses. Expenses of the Portfolios 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 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 of each Portfolio’s shares.

Investments in REITs – With respect to the Portfolios, dividend income is recorded based on the income included in distributions received from the 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.

Distributions to shareholders – Distributions to shareholders are recorded on the ex-dividend date. Distributions from net investment income, if any, are declared and paid annually. The Portfolios’ net realized capital gains, unless offset by any available capital loss carryforward, are distributed to shareholders annually. Additional distributions of net investment income and realized capital gains may be made at the discretion of the Board of Directors in order to avoid the application of a 4% non-deductible Federal excise tax.

Master Limited Partnerships (“MLPs”) – The Portfolios 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

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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.

Redemption fees – The Wilshire International Equity Fund charges a redemption fee of 1% on redemption of capital shares held for sixty days or less, subject to certain exceptions. For the year ended December 31, 2015, the Wilshire International Equity Fund charged $561 in redemption fees. For the year ended December 31, 2016, the Wilshire International Equity Fund charged $2,890 in redemption fees.

3. Investment Advisory Fee and Other Transactions.

Pursuant to the Advisory Agreement (the “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 the 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 the 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 the Wilshire 5000 Index^SM Fund, 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for the Wilshire International Equity Fund, and 0.60% of average daily net assets for the Wilshire Income Opportunities Fund.

The Adviser has entered into contractual expense limitation agreements with the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund to reduce a portion of 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 1.50% and 1.25% 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, 2017. The Adviser may recoup the amount of any fee reduced or expenses reimbursed within three years after the year in which it reduced fees or reimbursed the expenses if the recoupment does not exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement. At December 31, 2016, the amounts of fee reductions and expense reimbursements subject to recoupment for Small Company Growth Portfolio were $26,249 expiring in 2019, $48,753 expiring in 2018 and $16,159 expiring in 2017. At December 31, 2016, the amounts of fee reductions and expense reimbursements subject to recoupment for Small Company Value Portfolio were $23,509 expiring in 2019, $52,909 expiring in 2018 and $17,655 expiring in 2017. At December 31, 2016, the amounts of fee reductions and expense reimbursements subject to recoupment for Wilshire International Equity Fund were $144,932 expiring in 2019, $81,678 expiring in 2018 and $78,351 expiring in 2017.

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The Adviser has entered into a contractual expense limitation agreements with the Wilshire Income Opportunities Fund to reduce a portion of its management fee or reimburse expenses to limit expenses of the Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. This agreement to limit expenses continues through at least April 30, 2017. At December 31, 2016, the amount of expense reimbursements subject to recoupment for the Wilshire Income Opportunities Fund was $723 expiring in 2019.

For the year ended December 31, 2016, the Adviser reduced fees or reimbursed expenses as follows:

Portfolio	Fees Reduced/ Reimbursed		Fees Recouped
Small Company Growth Portfolio	$	26,249		N/A
Small Company Value Portfolio		23,509		N/A
International Equity Fund		144,932		N/A
Wilshire Income Opportunities Fund		723		N/A

The Board of the Company has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc. (“Victory”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), Cambiar Investors, LLC (“Cambiar”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine^® Capital LP (“DoubleLine”), Guggenheim Partners Investment Management, LLC (“Guggenheim”) and WCM Investment Management (“WCM”) (collectively the “Sub-Advisers”) to provide sub-advisory services with respect to the Portfolios. L.A. Capital, Loomis Sayles and Victory each manage a portion of the Large Company Growth Portfolio. L.A. Capital, Pzena and BHMS each manage a portion of the Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of the Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of the Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for the Wilshire 5000 Index^SM Fund. L.A. Capital, Cambiar and WCM each manage a portion of the Wilshire International Equity Fund. DoubleLine^® and Guggenheim each manage a portion of the 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.

DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. The Northern Trust Company (“NTC”) serves as the Company’s custodian for all Portfolios. Effective October 1, 2016, Ultimus Fund Solutions LLC (the “Administrator”) serves as the Company’s administrator and accounting agent and Ultimus Fund Distributors LLC (the “Distributor”) serves as the Company’s distributor.

Prior to October 1, 2016, SEI Investments Global Funds Services served as the Company’s administrator and accounting agent and SEI Investments Distribution Co. (“SEI”) served as the Company’s distributor.

Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. The Company does not pay any remuneration to its officers. For the year ended December 31, 2016, the Company and the Wilshire Variable Insurance Trust together paid each independent director

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an annual retainer of $18,000, an annual additional Board chair retainer of $12,000, a Board in-person meeting fee of $2,000, a Board telephonic meeting fee of $1,000, an annual Committee Member retainer of $8,000 and a Committee telephonic meeting fee of $500.

4. Distribution Plan, Shareholder Services Plan and Fees Paid Indirectly.

The Directors of the Company have adopted shareholder services and/or distribution plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act, for the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio reimburses the Distributor, at an annual rate of 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. For the year ended December 31, 2016, the distribution and service fee expenses incurred for the Investment Class of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund was 0.25% of the respective average net assets of each Portfolio.

In addition, Investment Class Shares and Institutional Class Shares pay the expenses associated with certain shareholder servicing arrangements with third parties, provided that payment of such fees does not exceed in any year 0.20% and 0.15% for the Investment and Institutional Class Shares, respectively, of the average net assets of each class. For the year ended December 31, 2016, the net shareholder service provider fees were as follows (as a percent of average net assets of each class):

Portfolio	Investment Class	Institutional Class
Wilshire Large Company Growth Portfolio	0.090%	0.050%
Wilshire Large Company Value Portfolio	0.025%	0.055%
Wilshire Small Company Growth Portfolio	0.070%	0.055%
Wilshire Small Company Value Portfolio	0.080%	0.055%
Wilshire 5000 Index^SM Fund	0.060%	0.000%
Wilshire International Equity Fund	0.120%	0.040%
Wilshire Income Opportunities Fund	0.200%	0.055%

Fees paid indirectly – The Company has entered into a brokerage commission recapture program with SEI, pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to SEI are used to reduce the Portfolios’ expenses. Under such program, SEI, as introducing broker, retains a portion of the Portfolios’ commissions.

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Such commissions rebated to the Portfolios for the year ended December 31, 2016 were as follows:

Wilshire Large Company Growth Portfolio	$	6,299
Wilshire Large Company Value Portfolio		11,674
Wilshire Small Company Growth Portfolio		474
Wilshire Small Company Value Portfolio		4,178
Wilshire 5000 Index^SM Fund		203
Wilshire International Equity Fund		—
Wilshire Income Opportunities Fund		—

For the year ended December 31, 2016, SEI retained the following commissions:

Wilshire Large Company Growth Portfolio	$	2,279
Wilshire Large Company Value Portfolio		4,978
Wilshire Small Company Growth Portfolio		228
Wilshire Small Company Value Portfolio		9,108
Wilshire 5000 Index^SM Fund		131
Wilshire International Equity Fund		—
Wilshire Income Opportunities Fund		—

5. Securities Transactions.

For the year ended December 31, 2016, aggregate cost of purchases and proceeds from sales and maturities of securities, other than affiliated investments, short-term investments, short sales and purchases to cover and U.S. Government securities, were as follows:

Portfolio	Purchases		Sales
Wilshire Large Company Growth Portfolio	$	184,282,574	$	214,105,041
Wilshire Large Company Value Portfolio		343,370,593		293,165,483
Wilshire Small Company Growth Portfolio		41,028,301		40,377,793
Wilshire Small Company Value Portfolio		39,245,105		36,839,590
Wilshire 5000 Index^SM Fund		9,988,545		76,386,106
Wilshire International Equity Fund		285,474,435		206,834,603
Wilshire Income Opportunities Fund		335,814,080		105,114,739

Purchases and sales and maturities of U.S. Government securities during the year ended December 31, 2016 were:

Portfolio		Purchases				Sales
Wilshire Income Opportunities Fund		$	167,526,025			$	134,284,154

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Purchases and sales of affiliated investments for the Wilshire Income Opportunities Fund during the year ended December 31, 2016, and value as of December 31, 2016 were:

Affiliated Investment	Value as of March 30, 2016		Purchases		Proceeds from Sales			Realized Gain		Change in Unrealized Appreciation (Depreciation)		Value as of December 31, 2016		Income Distributions
Guggenheim Floating Rate Strategies Fund	$	—	$	6,021,365	$	—		$	—	$	27,739	$	6,049,104	$	21,568
Guggenheim Straregy Fund I	$	—	$	13,852,922	$	(9,200,000	)	$	15,724	$	30,384	$	4,699,030	$	73,289

6. 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 collateral and securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. NTC, the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the value of the related collateral at December 31, 2016 are shown on the Statement of Assets and Liabilities. The Northern Trust Institutional Liquid Asset Portfolio was purchased with proceeds from collateral received from securities on loan. Securities on loan are also collateralized by various U.S. Treasury obligations. The following table represents each type of collateral received from securities on loan as of December 31, 2016 for each Fund:

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December 31, 2016

	Collateral Received
	Northern Trust Institutional Liquid Asset Portfolio		U.S. Treasury Obligations		Total
Large Company Growth Portfolio	$	7,815,619	$	15,374,737	$	23,190,356
Large Company Value Portfolio		4,729,193		9,915,530		14,644,723
Small Company Growth Portfolio		2,128,325		2,721,691		4,850,016
Small Company Value Portfolio		2,227,822		1,431,817		3,659,639
Wilshire 5000 Index^SM Fund		4,582,659		5,762,862		10,345,521
Wilshire International Equity Fund		8,828,715		11,735,202		20,563,917

The Wilshire Income Opportunities Fund did not utilize securities lending as of December 31, 2016.

7. Significant Shareholder Activity.

On December 31, 2016, 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)	59%
Large Company Value Portfolio (3 omnibus shareholder)	67%
Small Company Growth Portfolio (3 omnibus shareholders)	66%
Small Company Value Portfolio (3 omnibus shareholders)	66%
Wilshire 5000 Index^SM Fund (2 omnibus shareholders)	45%
Wilshire International Equity Fund (2 omnibus shareholders)	67%
Wilshire Income Opportunities Fund (3 omnibus shareholders)	77%

8. 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 gains. Federal income tax regulations differ from 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

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year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The federal tax cost, unrealized appreciation and depreciation at December 31, 2016 for each Portfolio are as follows:

Portfolio	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax Cost	$	172,132,828		$	160,859,529		$	31,055,600		$	34,542,396		$	70,868,137		$	267,397,240		$	417,620,838
Aggregate gross unrealized appreciation	$	56,126,590		$	33,689,640		$	8,794,225		$	9,528,623		$	110,022,780		$	23,321,042		$	4,340,785
Aggregate gross unrealized depreciation		(6,036,893	)		(4,423,336	)		(611,871	)		(1,121,356	)		(2,848,382	)		(11,425,042	)		(8,428,875	)
Net unrealized appreciation (depreciation)	$	50,089,697		$	29,266,304		$	8,182,354		$	8,407,267		$	107,174,398		$	11,896,000		$	(4,088,090	)

The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, investment in passive foreign investment companies, investments in Master Limited Partnerships and investment in Grantor Trusts.

As of December 31, 2016, 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 International Equity Fund		$	16,807,563			$	3,761,340			$	20,568,903

These CLCFs may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.

During the year ended December 31, 2016, the Wilshire 5000 Index^SM Fund utilized capital loss carryforwards of $21,738,354, to offset current year capital gains.

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December 31, 2016

Late year losses represent net qualified late year ordinary losses and specified net capital losses incurred after October 31, 2016. These losses are deemed to arise on the first day of the Portfolio’s next taxable year. For the year ended December 31, 2016, the following Portfolios intend to defer late year losses to January 1, 2017 for federal income tax purposes:

Portfolio	Late Year Ordinary Losses			Post- October Losses
Wilshire International Equity Fund	$	(2,452	)	$	—
Wilshire Income Opportunities Fund		—			(901,116	)

The tax character of distributions declared during the years ended December 31, 2016 and 2015 were as follows:

Portfolio	2016 Ordinary Income		2016 Long-Term Capital Gains		2016 Return of Capital		2015 Ordinary Income		2015 Long-Term Capital Gains		2015 Return of Capital
Large Company Growth Portfolio	$	5,499,968	$	18,867,521	$	—	$	73,052	$	23,416,653	$	—
Large Company Value Portfolio		8,155,226		4,651,885		—		1,572,836		6,386,245		—
Small Company Growth Portfolio		1,364,686		2,604,047		—		—		1,487,042		—
Small Company Value Portfolio		1,222,049		2,391,817		—		456,140		1,181,754		—
Wilshire 5000 Index^SM Fund		3,645,085		7,100,418		—		3,154,520		—		—
Wilshire International Equity Fund		4,811,640		—		—		1,756,414		—		—
Wilshire Income Opportunities Fund		10,683,057		290,797		6,343		N/A		N/A		N/A

At December 31, 2016, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

Portfolio	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
Undistributed ordinary income	$	287,871	$	2,647,713	$	659,938	$	1,049,785	$	—	$	—		$	—
Undistributed long-term capital gains		1,623,993		607,786		648,300		552,352		2,092,866		—			—
Capital loss carryforwards		—		—		—		—		—		(20,568,903	)		—
Late year losses		—		—		—		—		—		(2,452	)		(901,116	)
Unrealized appreciation (depreciation)		50,089,697		29,266,304		8,182,354		8,407,267		107,174,398		11,867,873			(4,088,093	)
Total distributable earnings (accumulated deficit)	$	52,001,561	$	32,521,803	$	9,490,592	$	10,009,404	$	109,267,264	$	(8,703,482	)	$	(4,989,209	)

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December 31, 2016

GAAP requires that certain components of net assets be reclassified between financial and income tax reporting. These reclassifications are primarily due to investments in real estate investment trusts, sales of passive foreign investment companies, investments in Master Limited Partnerships, investments in Grantor Trusts, the reclassification of net operating losses and the reclassification of distributions paid. These reclassifications have no effect on net assets or the net asset value per share. As of December 31, 2016, the Portfolios made the following reclassifications:

Portfolio	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
Paid-in capital	$	(6	)	$	(5	)	$	(2	)	$	(1	)	$	11		$	(5	)	$	(525,927	)
Undistributed net investment income (accumulated net investment loss)		10			13			146,584			3,092			136,256			645,183			(268,638	)
Accumulated net realized gains (losses) on investments sold and foreign currency transactions		(4	)		(8	)		(146,582	)		(3,091	)		(136,267	)		(645,178	)		794,565

9. In-Kind Transfers.

During the year ended December 31, 2016, Wilshire Income Opportunities Fund issued shares of beneficial interest to Wilshire Global Allocation Fund, an affiliated fund, through an affiliated in-kind transfer of investment securities and cash. The securities were transferred at their current value on the date of the transaction.

Receiving Portfolio	Contributing Portfolio	Date of Transfer		Value of Investment Securities				Cash				Total Assets				Shares Issued
Wilshire Income Opportunities Fund	Wilshire Variable Insurance Trust Global Allocation Fund	3/30/2016		$	156,418,546			$	(13,659,576	)		$	142,758,970				14,275,906

10. Indemnifications.

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

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11. 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 the Wilshire Income Opportunities Fund. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

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

Credit risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected

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December 31, 2016

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 – The 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 the respective 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.

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

12. Contingencies.

The Wilshire 5000 Index^SM 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

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December 31, 2016

the Bankruptcy Act or various state laws, respectively. On September 2013, the District Court dismissed the 2012 lawsuit and in March 2016 the Second Circuit Court of Appeals affirmed this decision. The 2010 lawsuit continues in the District Court. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

13. Subsequent Event Evaluation.

The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to these financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors of Wilshire Mutual Funds, Inc. and the Shareholders of
Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio,
Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund,
and Wilshire Income Opportunities Fund:

In our opinion, the accompanying statements of assets and liabilities, including the condensed schedules of investments and with respect to the Wilshire Income Opportunities Fund, the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund (seven portfolios or funds constituting the Wilshire Mutual Funds, Inc., hereafter referred to as the “Portfolios”) as of December 31, 2016, the results of each of their operations for the year then ended, and with respect to the Wilshire Income Opportunities Fund from March 30, 2016 (commencement of operations) through December 31, 2016, the changes in each of their net assets each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Portfolios’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

February 28, 2017

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Additional Fund Information (Unaudited)

The Board of 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 the day-to-day operations of the Company.

Set forth below are the names of the Directors and executive officers of the Company, their ages, positions and terms of office, their principal occupations during the past five years, and other directorships held by them. The address of each Director and Officer is 1299 Ocean Avenue, Suite 700, Santa Monica, California 90401.

Name and Age	Position Held with the Company	Term of Office⁽¹⁾ and Length of Time Served	Principal Occupations During the Past Five Years	Number of Funds/ Funds in Complex Overseen by Director	Other Directorships Held by Director
INTERESTED DIRECTOR
John C. Hindman, 46	Director	Since 2014	President, Wilshire Associates; formerly, Executive Vice President, Allianz Global Investors of America	11	Wilshire Associates; Wilshire Variable Insurance Trust (4 Funds)
NON-INTERESTED DIRECTORS
Roger A. Formisano, 67	Director	Since 2006	Vice President, University Medical Foundation, 2006- Present; formerly Director, The Center for Leadership and Applied Business, UW-Madison School of Business; Principal, R.A. Formisano & Company, LLC	11	Integrity Mutual Insurance Company, Wilshire Variable Insurance Trust (4 Funds)
Edward Gubman, 65	Director	Since 2011	Founder and Principal, Strategic Talent Solutions	11	Wilshire Variable Insurance Trust (4 Funds)
Suanne K. Luhn, 62	Director	Since 2008	Retired; formerly Chief Compliance Officer, Bahl & Gaynor (investment adviser) (1990 to 2006)	11	Wilshire Variable Insurance Trust (4 Funds)
George J. Zock, 65	Director, Chairman of the Board	Since 2006	Independent Consultant	11	Wilshire Variable Insurance Trust (4 Funds), Armed Forces Insurance Exchange

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Additional Fund Information (Unaudited) - (Continued)

Name and Age	Position Held with the Company	Term of Office⁽¹⁾ and Length of Time Served	Principal Occupations During the Past Five Years
OFFICERS
Jason Schwarz, 42	President	Since 2012	President, Wilshire Funds Management Group (Since 2005).
Reena S. Lalji, 45	Secretary	Since 2009	Managing Director and General Counsel, Wilshire Associates Incorporated
Benkai Boucy, 46	Chief Compliance Officer	Since 2015	Chief Compliance Officer, Wilshire Associates Incorporated. (Since 2012); Attorney, Benkai Bouey, Attorney at Law (2010-2013)
Michael Wauters, 51	Treasurer	Since 2009	Chief Financial Officer, Wilshire Associates Incorporated (Since 2009)
Nathan R. Palmer, 41	Vice President	Since 2011	Managing Director, Wilshire Associates Incorporated
Josh Emanual, 36	Vice President	Since 2015	Managing Director of Wilshire Associates Incoporated and Chief Investment Officer of Wilshires Funds Management (since 2015); Chief Investment Officer of The Elements Financial Group, LLC (2010-2015)
Elizabeth Yakes, 32	Vice President	Since 2015	Vice President of Wilshire Associates Incorporated and Portfolio Manager of Wilshire Funds Management

⁽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 70th birthday. Officers are elected by the board on an annual basis to serve until their successors have been elected and qualified.

The Company’s Statement of Additional Information includes additional information about the Directors and Officers of the Company and is available, without charge, upon request, by calling 1-888-200-6796.

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Information on Proxy Voting

The Securities and Exchange Commission (“SEC”) has adopted the requirement that all funds file their complete proxy voting records with the SEC on an annual basis on Form N-PX. Such filing, for the 12-month period ended June 30, must be made no later than August 31 of each year.

A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio’s proxy voting record relating to portfolio securities held during most recent 12-month period ended June 30 is available at no charge, upon request by calling 1-888-200-6796, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at http://www.sec.gov.

Information on Form N-Q

The Company files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of period. The Company’s Forms N-Q are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090.

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling 1-888-200-6796. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

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Tax Information (Unaudited)

For the year ended December 31, 2016, the Portfolios designated the following long-term capital gain distributions:

Portfolio	Amount
Large Company Growth Portfolio	$18,867,521
Large Company Value Portfolio	$4,651,885
Small Company Growth Portfolio	$2,604,047
Small Company Value Portfolio	$2,391,817
Wilshire 5000 Index^SM Fund	$7,100,418
Wilshire International Equity Fund	$—
Wilshire Income Opportunities Fund	$290,797

Of the distributions made by the following Portfolios, the corresponding percentages represent the amount of each distribution which will qualify for the dividends received deduction available to corporate shareholders:

Portfolio	Percentage
Large Company Growth Portfolio	43.84%
Large Company Value Portfolio	29.18%
Small Company Growth Portfolio	7.05%
Small Company Value Portfolio	8.60%
Wilshire 5000 Index^SM Fund	84.43%
Wilshire International Equity Fund	0.00%
Wilshire Income Opportunities Fund	0.00%

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 2016 as qualified dividend income as defined in Section 1(h)(II) of the Internal Revenue Code.

Portfolio	Percentage
Large Company Growth Portfolio	35.45%
Large Company Value Portfolio	31.52%
Small Company Growth Portfolio	6.79%
Small Company Value Portfolio	6.75%
Wilshire 5000 Index^SM Fund	94.98%
Wilshire International Equity Fund	46.99%
Wilshire Income Opportunities Fund	0.00%

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Tax Information (Unaudited) - (Continued)

Pursuant to the American Jobs Creation Act of 2004, and as extended by Tax Relief, Unemployment Insurance Reauthorization and Jobs Creation Act of 2010, the Portfolios listed below designate the following percentages of short-term capital gain distributions as qualified short-term capital gain that is exempt from U.S withholding tax when paid to foreign investors.

Portfolio	Percentage
Large Company Growth Portfolio	35.45%
Large Company Value Portfolio	31.52%
Small Company Growth Portfolio	6.79%
Small Company Value Portfolio	6.75%
Wilshire 5000 Index^SM Fund	0.00%
Wilshire International Equity Fund	0.00%
Wilshire Income Opportunities 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. The Wilshire International Equity Fund’s foreign source income per share was $0.24 and the foreign tax expense per share was $0.03. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2016. These shareholders will receive more detailed information along with their 2016 Form 1099-DIV.

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Board Approval of Advisory and Subadvisory Agreements

(Unaudited)

During the six months ended December 31, 2016, the Board of Directors (the “Board”) of Wilshire Mutual Funds, Inc. (the “Company”) approved the renewal for an additional one-year term of the Company’s advisory agreement (the “Advisory Agreement”) with Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) with respect to each of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index Fund and Wilshire International Equity Fund (the “Funds”). The Board also approved the renewal for additional one-year terms of Wilshire’s subadvisory agreements with each of the following subadvisers: Cambiar Investors, LLC (“Cambiar”) with respect to the Wilshire International Equity Fund; Loomis, Sayles & Company, L.P. (“Loomis Sayles”) with respect to the Large Company Growth Portfolio; Los Angeles Capital Management and Equity Research, Inc. (“LA Capital”) with respect to each of the Small Company Value Portfolio, Small Company Growth Portfolio, Large Company Value Portfolio, Large Company Growth Portfolio, Wilshire International Equity Fund and Wilshire 5000 Index Fund, NWQ Investment Management Company, LLC (“NWQ”) with respect to the Small Company Value Portfolio, Pzena Investment Management, LLC (“Pzena”) with respect to the Large Company Value Portfolio, Ranger Investment Management, L.P. (“Ranger”) with respect to the Small Company Growth Portfolio, Victory Capital Management, Inc. (“Victory”) with respect to the Large Company Growth Portfolio, and WCM Investment Management (“WCM”) with respect to the Wilshire International Equity Fund. In the following text, the subadvisers are referred to as “Subadvisers” and the subadvisory agreements between Wilshire and each Subadviser are referred to as “Subadvisory Agreements.”

The information in this summary outlines the Board’s considerations associated with its approval of the Advisory Agreement and the Subadvisory Agreements. In connection with its deliberations regarding the continuation of these relationships, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services performed by Wilshire and the Subadvisers under the existing advisory and subadvisory arrangements, respectively; with respect to Wilshire, comparative fees and expense ratios; the profits to be realized by Wilshire and the Subadivsers; the extent to which Wilshire and the Subadvisers realize economies of scale; and whether any fall-out benefits are being realized by Wilshire and the Subadvisers. 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 Investment Company Act of 1940 (the “Independent Directors”) discussed the renewal of the Advisory Agreement with management and in private sessions with independent legal counsel at which no representatives of Wilshire were present and discussed the approval of the Subadvisory Agreements with management and in private sessions with counsel at which no representatives of the Subadvisers were present.

As required by the Investment Company Act of 1940, each approval was confirmed by a vote of the Independent Directors. In deciding to approve the Advisory Agreement and 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 Requested and Received

The Board, including all the Independent Directors, considered the approval of the Subadvisory Agreements pursuant to a process that concluded at the Board’s August 24, 2016 meeting and the renewal of the Advisory Agreement pursuant to a process that concluded at the Board’s November 10-11, 2016 meeting, in each case following an extensive process. At the direction of the Independent Directors, independent legal counsel sent memoranda to the Adviser requesting information regarding the Subadvisory Agreements and the Advisory Agreement to be provided to the Directors in advance of the Board’s meetings held on August 15 16, 2016 and November 10-11, 2016, respectively.

In response to the requests for information, the Directors received information from the Adviser as to each of the Funds describing: (i) the nature, extent and quality of services provided; (ii) the investment performance of each Fund as provided by Wilshire based upon data gathered from the Morningstar Direct database (“Morningstar”), along with the

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comparison to its benchmark index; (iii) the costs of services provided and estimated profits realized by the Adviser; (iv) the extent to which economies of scale are realized; (v) whether fee levels reflect any economies of scale realized by the Adviser and any sharing of such for the benefit of Fund shareholders; (vi) comparisons of services rendered and amounts paid by other registered investment companies as provided by Wilshire based upon data gathered from Morningstar; and (vii) benefits realized by the Adviser from its relationship with each Fund. 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. At each meeting, the Independent Directors also received a memorandum from independent legal counsel describing their duties in connection with contract approvals, and they were assisted in their review by such counsel.

As a part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is comprised solely of Independent Directors), which met on August 15, 2016 and November 10, 2016 to review data on the Subadvisers’ performance and the data Wilshire had prepared on performance, respectively. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of each Fund to approve the Advisory Agreement and the Subadvisory Agreements.

Nature, Extent and Quality of Services – Wilshire

With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the functions currently performed by the Adviser. The Board considered the experience and skills of the senior management leading fund operations, the experience and skills of the personnel performing the functions under the Advisory Agreement and the resources made available to such personnel. The Board determined that the current personnel had the requisite skill sets. The Board also considered the compliance program established by the Adviser and the level of compliance maintained for the Funds. The Board reviewed the processes used by the Adviser to select, monitor and replace subadvisers, as well as the Adviser’s revised processes and policies for addressing conflicts of interest. The Board concluded that the Adviser was successful in negotiating favorable subadvisory agreements on behalf of the Funds and that the Adviser had a robust system in place for selecting, monitoring and terminating subadvisers, which system appeared to be reasonable. The Board also reviewed the Adviser’s financial condition, and considered the financial support provided by the Adviser to the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund through expense limitation agreements. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund support renewal of the contract.

The Board reviewed information on the performance of each Fund’s Investment Class Shares for the annualized one-, three-, five- and ten-year periods ended September 30, 2016, as applicable, along with performance information of a peer group of funds determined by Wilshire based upon the Morningstar database and in comparison to its benchmark for the same periods.

For the Large Company Growth Portfolio, the Board noted that the Fund outperformed the median of its peer group for the one-, three-, five- and ten-year periods and its benchmark for the one-year period.

For the Large Company Value Portfolio, the Board noted that the Fund underperformed the median of its peer group for the one-, three- and ten-year periods and underperformed its benchmark for all periods reviewed but outperformed the median of its peer group for the five-year period, and ranked in the third or fourth quintiles relative to its peers for the

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(Unaudited) - (continued)

other periods (the first quintile being the best performers and the fifth quintile being the worst performers). The Board took into consideration the Adviser’s explanation for the recent underperformance and the steps taken by the Adviser to improve performance.

For the Small Company Growth Portfolio, the Board noted that the Fund outperformed the median of its peer group and benchmark for all periods reviewed.

For the Small Company Value Portfolio, the Board noted that the Fund outperformed the median of its peer group for the one-, three-, five- and ten-year periods and outperformed its benchmark for the three- five- and ten-year periods.

For the Wilshire 5000 Index Fund, the Board noted that, although the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods and the Fund’s tracking error to the Wilshire 5000 Index was higher than the median of its peer group for the five- and ten-year periods, the Fund’s tracking error to the Wilshire 5000 Index was the same as the median of its peer group for the one- and three-year periods and underperformance relative to the benchmark was primarily due to the Fund’s expenses.

For the 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 five-year period. The Board also noted that the Wilshire International Equity Fund outperformed the median of its peer group and benchmark for the one- and three-year periods.

Based upon the above performance, the Board determined that it was in the best interests of the Funds to continue the Advisory Agreement.

Advisory Fees

The Board reviewed each Fund’s advisory fee and total expense ratio for Investment Class Shares and reviewed information comparing the advisory fee and total expense ratio to those of the peer group of funds. For each Fund other than the Large Company Growth Portfolio and the Large Company Value Portfolio, the actual advisory fee was below the median. With respect to the Large Company Growth Portfolio and the Large Company Value Portfolio, the Board concluded that the advisory fee, which was in the third and fourth quintile of their respective peer groups, was competitive. As to total expenses, the Board noted that total expenses for each Fund are influenced by the small size of the complex. The Board also noted that the Adviser waives advisory fees and reimburses expenses for the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund pursuant to expense imitation agreements. The Board also reviewed the net advisory fee retained by the Adviser after payment of subadvisory fees and advisory fee waivers and expense reimbursements. The Board compared contractual fees charged by the Adviser to the Funds with similar investment styles. The Board was advised that there were no other registered investment companies advised by the Adviser with similar investment strategies. The Board concluded that the advisory fee for each Fund was reasonable.

Profitability to Wilshire and Economies of Scale

With respect to the profitability of the Advisory Agreement, the Board primarily considered the fee structure of the Advisory Agreement, including the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds. The Board concluded that the profits realized by the Adviser were not unreasonable in comparison with the costs of providing investment advisory services to the Funds. In addition, the Board considered the extent to which economies of scale are realized and whether fee levels reasonably reflect economies of scale for the benefit of shareholders. The Board reviewed each Fund’s asset size, each Fund’s expense ratio, the expense limitation agreements in place for the Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire International

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Equity Fund and whether the investment process produced economies of scale. The Board noted that the advisory fee for all Funds includes a breakpoint. The Board concluded that each Fund’s advisory fee reasonably reflected appropriate recognition of any economies of scale.

Fall-Out Benefits – Wilshire

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.

Nature, Extent and Quality of Services – Subadvisers

As to each Subadvisory Agreement, the Board considered the nature, extent and quality of services provided. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel responsible for the day-to-day management of each Fund, and the resources made available to such personnel. The Board also considered the Subadviser’s compliance with investment policies and general legal compliance. In addition, the Board considered the analysis provided by the Adviser, which concluded that each Subadviser was providing reasonable services and had reasonable compliance policies and procedures in place, and that the Adviser recommended that each Subadvisory Agreement for each Fund be approved.

The Board reviewed information comparing each existing Subadviser’s gross investment performance 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). Based upon all relevant factors, the Board determined to approve the Subadvisory Agreement with LA Capital, with respect to the Large Company Growth Portfolio, noting LA Capital’s outperformance for all periods reviewed, which resulted in a conclusion that performance was satisfactory. With respect to Victory’s performance for the Large Company Growth Portfolio, the Board determined to approve the continuation of Victory’s Subadvisory Agreement given outperformance for the quarter ended June 30, 2016 and the since inspection period (January 31, 2007) to June 30, 2016, although the Board noted Victory’s underperformance for the one-, three- and five-year periods ended June 30, 2016. The Board considered the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely Victory’s performance. With respect to Loomis Sayles’ performance for the Large Company Growth Portfolio, the Board noted outperformance for the since inception period (August 31, 2015) to June 30, 2016, which resulted in a conclusion that performance was satisfactory.

With respect to LA Capital’s performance for the Large Company Value Portfolio, the Fund noted LA Capital’s outperformance for the one- and three-year periods ended June 30, 2016, which resulted in a conclusion that performance was satisfactory. The Board noted that Pzena, with respect to the Large Company Value Portfolio, had underperformed for all periods reviewed. The Board considered Pzena’s competitive performance relative to other deep value managers, the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely Pzena’s performance. The Board also considered the Adviser’s commitment to consider whether Pzena’s deep value investment strategy continues to be appropriate for the Large Company Value Portfolio.

The Board considered that Ranger, with respect to the Small Company Growth Portfolio, outperformed for all periods reviewed, which resulted in a conclusion that performance was satisfactory. With respect to LA Capital’s performance for the Small Company Growth Portfolio, the Board noted outperformance for all periods reviewed, which resulted in a conclusion that performance was satisfactory.

With respect to LA Capital’s performance for the Small Company Value Portfolio, the Board noted LA Capital’s outperformance for the one-, three-, five- and ten-year periods ended June 30, 2016, which resulted in a conclusion that performance was satisfactory. With respect to NWQ’s performance for the Small Company Value Portfolio, the Board

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Board Approval of Advisory and Subadvisory Agreements

(Unaudited) - (continued)

noted outperformance for the three-year and since inception (April 30, 2013) periods ended June 30, 2016, although the Board noted NWQ’s underperformance for the more recent periods. The Board considered the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely NWQ’s performance.

With respect to the Wilshire 5000 Index Fund, the Board noted LA Capital’s underperformance for all periods reviewed, but considered that the Adviser is satisfied with the level of services provided and that underperformance was primarily due to Fund expenses.

The Board considered that WCM and LA Capital, with respect to the Wilshire International Equity Fund, outperformed for the one-year and since inception (October 31, 2013 and June 30, 2014, respectively) periods ended June 30, 2016, which resulted in a conclusion that performance was satisfactory. The Board noted that Cambiar, with respect to the Wilshire International Equity Fund, had underperformed for the since inception period (August 31, 2015) to June 30, 2016. The Board considered that it had recently evaluated Cambiar in connection with the initial approval of the Subadviser, the Adviser’s recommendation for renewal and the Adviser’s commitment to monitor closely Cambiar’s performance. The Board determined that Cambiar’s performance was over too short of a period of time to evaluate.

Subadvisory Fees

The Board considered each Fund’s subadvisory fees. The Board evaluated the competitiveness of the subadvisory fees based upon data supplied by each Subadviser about the fees charged to other clients. The Board also considered that the subadvisory fee rates were negotiated at arm’s length between the Adviser and each Subadviser, that the Adviser compensates the Subadviser from its fees and that the aggregate advisory fee had been deemed reasonable by the Board.

With respect to the Subadvisers’ reported fees for “Other Clients” with comparable investment policies and services, for the Subadvisers where the fees charged to the Adviser were higher than that charged to Other Clients, the Board determined that the fees charged to the Adviser were competitive.

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

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 size of the Funds. The Board took these factors into consideration in concluding that the subadvisory fees were reasonable.

Economies of Scale – Subadvisers

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 – Subadvisers

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.

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(Unaudited) - (continued)

Conclusion

Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory Agreement and each Subadvisory Agreement are fair and reasonable and that the approval of the Advisory Agreement and each Subadvisory Agreement is in the best interests of each Fund.

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Wilshire Mutual Funds

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

http://advisor.wilshire.com

WIL-SA-004-0400

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 12(a)(1), a copy of registrant’s code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

Item 3.

Audit Committee Financial Expert.

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Mr. Roger A. Formisano. Mr. Formisano is “independent” for purposes of this Item.

Item 4.

Principal Accountant Fees and Services.

(a)

Audit Fees. The aggregate fees billed for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $179,910 and $143,520 with respect to the registrant’s fiscal years ended December 31, 2016 and 2015, respectively.

(b)

Audit-Related Fees. No fees were billed in either of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item.

(c)

Tax Fees. The aggregate fees billed for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $38,850 and $27,981 with respect to the registrant’s fiscal years ended December 31, 2016 and 2015, respectively. The services comprising these fees are tax consulting and the preparation of the registrant’s federal income and excise tax returns.

(d)

All Other Fees. No fees were billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

(e)(1)

The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2)

None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)

Less than 50% of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)

During the fiscal years ended December 31, 2016 and 2015, aggregate non-audit fees of $38,850 and $27,981, respectively, were billed by the registrant’s principal accountant for services rendered to the registrant. During the fiscal years ended December 31, 2016 and 2015, aggregate non-audit fees of $1,325,000 and $1,298,830 respectively, were billed by the registrant’s principal accountant for services rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h)

The registrant’s audit committee has determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable

Item 6.

Schedule of Investments.

(a)

The Schedules of Investments in securities of unaffiliated issuers as of the close of the reporting period for the Wilshire 5000 Index ^SM Fund, the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio and the Wilshire International Equity Fund are listed below.

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2016

COMMON STOCKS - 98.9%	Shares		Value
Consumer Discretionary - 16.1%
Auto Components - 0.2%
BorgWarner, Inc. ^(a)		790	$	31,158
Gentex Corp.		15,430		303,816
				334,974
Automobiles - 0.6%
Harley-Davidson, Inc. ^(a)		21,510		1,254,893

Distributors - 0.1%
Genuine Parts Co.		2,329		222,513

Diversified Consumer Services - 0.1%
Service Corp. International		6,088		172,900
ServiceMaster Global Holdings, Inc. ^(b)		1,790		67,429
				240,329
Hotels, Restaurants & Leisure - 3.2%
Aramark		3,664		130,878
Choice Hotels International, Inc.		1,200		67,260
Las Vegas Sands Corp. ^(a)		1,764		94,215
McDonald's Corp.		10,149		1,235,336
Six Flags Entertainment Corp.		2,435		146,003
Starbucks Corp.		40,540		2,250,781
Wyndham Worldwide Corp.		3,370		257,367
Yum China Holdings, Inc. ^(b)		37,239		972,683
Yum! Brands, Inc.		27,634		1,750,061
				6,904,584
Household Durables - 0.2%
CalAtlantic Group Inc.		2,920		99,309
D.R. Horton, Inc.		2,230		60,946
PulteGroup, Inc. ^(a)		6,480		119,102
Toll Brothers, Inc. ^{(a) (b)}		257		7,967
Tupperware Brands Corp.		2,870		151,020
				438,344
Internet & Direct Marketing Retail - 6.1%
Amazon.com, Inc. ^(b)		13,689		10,264,970
Liberty Expedia Holdings, Inc. - Series A ^(b)		5,974		236,989

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Consumer Discretionary - 16.1% (Continued)
Internet & Direct Marketing Retail - 6.1% (Continued)
Liberty Interactive Corp. QVC Group - Series A ^(b)		6,225	$	124,376
Liberty Ventures - Series A ^(b)		8,962		330,429
Priceline Group, Inc. (The) ^(b)		1,400		2,052,484
TripAdvisor, Inc. ^(b)		655		30,372
				13,039,620
Leisure Products - 0.3%
Brunswick Corp.		30		1,636
Mattel, Inc. ^(a)		21,801		600,618
				602,254
Media - 0.4%
DISH Network Corp. - Class A ^(b)		75		4,345
Lions Gate Entertainment Corp. - Class B ^{(a) (b)}		5,597		137,345
Viacom, Inc. - Class B		17,785		624,253
Walt Disney Co. (The)		44		4,586
				770,529
Specialty Retail - 3.6%
Bed Bath & Beyond, Inc.		10,945		444,805
Gap, Inc. (The) ^(a)		24,997		560,933
Home Depot, Inc. (The)		2,610		349,949
Lowe's Cos., Inc.		3,208		228,153
O'Reilly Automotive, Inc. ^(b)		8,700		2,422,167
Signet Jewelers Ltd. ^(a)		3,509		330,758
TJX Companies, Inc. (The)		4,820		362,127
Ulta Salon, Cosmetics & Fragrance, Inc. ^(b)		10,575		2,695,990
Williams-Sonoma, Inc. ^(a)		7,974		385,862
				7,780,744
Textiles, Apparel & Luxury Goods - 1.3%
Coach, Inc.		20,050		702,151
Kate Spade & Co. ^(b)		795		14,843
Michael Kors Holdings Ltd. ^(b)		980		42,120
NIKE, Inc. - Class B		39,300		1,997,619
Ralph Lauren Corp. ^(a)		1,020		92,126
				2,848,859

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Consumer Staples - 9.3%
Beverages - 4.9%
Coca-Cola Co. (The)		77,454	$	3,211,243
Constellation Brands, Inc. - Class A		11,850		1,816,724
Monster Beverage Corp. ^(b)		113,826		5,047,045
PepsiCo, Inc.		5,623		588,334
				10,663,346
Food & Staples Retailing - 0.4%
Costco Wholesale Corp.		2,028		324,703
Rite Aid Corp. ^(b)		10,713		88,275
Whole Foods Market, Inc.		11,180		343,897
				756,875
Food Products - 1.6%
Campbell Soup Co.		2,903		175,544
Danone SA - ADR		184,005		2,314,783
General Mills, Inc.		10,365		640,246
Kellogg Co.		3,577		263,661
Mead Johnson Nutrition Co.		640		45,286
				3,439,520
Household Products - 1.8%
Clorox Co. (The)		2,900		348,058
Colgate-Palmolive Co.		2,760		180,614
Energizer Holdings, Inc.		2,280		101,711
Kimberly-Clark Corp.		5,630		642,496
Procter & Gamble Co. (The)		32,285		2,714,523
				3,987,402
Tobacco - 0.6%
Altria Group, Inc.		2,667		180,343
Philip Morris International, Inc.		11,169		1,021,851
				1,202,194
Energy - 2.5%
Energy Equipment & Services - 2.2%
FMC Technologies, Inc. ^(b)		4,040		143,541
Halliburton Co.		42,425		2,294,769
Schlumberger Ltd.		26,334		2,210,739
				4,649,049

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Energy - 2.5% (Continued)
Oil, Gas & Consumable Fuels - 0.3%
Apache Corp.		7,122	$	452,034
HollyFrontier Corp. ^(a)		4,036		132,219
Range Resources Corp.		176		6,047
Southwestern Energy Co. ^(b)		2,910		31,486
Williams Cos., Inc. (The)		1,735		54,028
				675,814
Financials - 4.2%
Banks - 0.1%
Citizens Financial Group, Inc.		6,240		222,331

Capital Markets - 2.6%
Ameriprise Financial, Inc.		2,578		286,003
Artisan Partners Asset Management, Inc. - Class A		24,128		717,808
Charles Schwab Corp. (The)		75,900		2,995,774
Eaton Vance Corp.		80		3,350
Federated Investors, Inc. - Class B		18,280		516,958
Goldman Sachs Group, Inc. (The)		4,525		1,083,511
Invesco Ltd.		381		11,560
				5,614,964
Consumer Finance - 0.6%
American Express Co.		16,981		1,257,952

Diversified Financial Services - 0.2%
CBOE Holdings, Inc. ^(a)		1,138		84,087
Leucadia National Corp.		12,540		291,555
				375,642
Insurance - 0.7%
Arthur J. Gallagher & Co.		8,001		415,732
Erie Indemnity Co. - Class A		3,525		396,386
Lincoln National Corp.		10,380		687,883
XL Group Ltd.		3,708		138,160
				1,638,161
Health Care - 15.2%
Biotechnology - 5.7%
AbbVie, Inc.		8,440		528,513

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Health Care - 15.2% (Continued)
Biotechnology - 5.7% (Continued)
Alexion Pharmaceuticals, Inc. ^(b)		18,105	$	2,215,147
Amgen, Inc.		16,528		2,416,559
Biogen, Inc. ^(b)		347		98,402
Celgene Corp. ^(b)		30,758		3,560,239
Gilead Sciences, Inc.		14,790		1,059,112
Regeneron Pharmaceuticals, Inc. ^(b)		6,472		2,375,806
United Therapeutics Corp. ^{(a) (b)}		320		45,898
				12,299,676
Health Care Equipment & Supplies - 3.3%
Abbott Laboratories		5,082		195,200
Baxter International, Inc.		15,603		691,837
C.R. Bard, Inc.		990		222,413
DexCom, Inc. ^{(a) (b)}		22,075		1,317,878
Edwards Lifesciences Corp. ^(b)		27,925		2,616,572
Intuitive Surgical, Inc. ^(b)		30		19,025
Varian Medical Systems, Inc. ^(b)		22,399		2,010,982
				7,073,907
Health Care Providers & Services - 0.8%
AmerisourceBergen Corp.		3,311		258,887
Cardinal Health, Inc.		4,098		294,933
Centene Corp. ^(b)		3,530		199,480
DaVita, Inc. ^(b)		1,349		86,606
McKesson Corp.		5,942		834,554
Premier, Inc. - Class A ^(b)		2,500		75,900
				1,750,360
Health Care Technology - 0.9%
Cerner Corp. ^(b)		41,779		1,979,071

Life Sciences Tools & Services - 0.1%
Bruker Corp.		4,250		90,015
PerkinElmer, Inc.		161		8,396
				98,411
Pharmaceuticals - 4.4%
Akorn, Inc. ^{(a) (b)}		210		4,584
Allergan plc ^(b)		1,115		234,161

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Health Care - 15.2% (Continued)
Pharmaceuticals - 4.4% (Continued)
Bristol-Myers Squibb Co.		13,284	$	776,317
Eli Lilly & Co.		5,215		383,563
Johnson & Johnson		4,757		548,054
Merck & Co., Inc.		29,346		1,727,599
Mylan N.V. ^(b)		1,276		48,679
Novartis AG - ADR		20,227		1,473,335
Novo Nordisk A/S - ADR ^(a)		72,794		2,610,394
Shire plc - ADR ^(a)		9,550		1,627,129
				9,433,815
Industrials - 8.4%
Aerospace & Defense - 0.0% ^(c)
AdvanSix, Inc. ^(b)		216		4,782
BWX Technologies, Inc.		525		20,843
				25,625
Air Freight & Logistics - 2.3%
Expeditors International of Washington, Inc.		48,010		2,542,610
United Parcel Service, Inc. - Class B		22,389		2,566,674
				5,109,284
Airlines - 0.8%
Delta Air Lines, Inc.		12,393		609,612
JetBlue Airways Corp. ^(b)		36,810		825,280
Southwest Airlines Co.		5,010		249,698
				1,684,590
Building Products - 0.0% ^(c)
Allegion plc		1,300		83,200

Commercial Services & Supplies - 0.6%
KAR Auction Services, Inc.		15,220		648,676
R.R. Donnelley & Sons Co.		14,370		234,518
Stericycle, Inc. ^(b)		2,990		230,350
Waste Management, Inc.		1,160		82,256
				1,195,800
Electrical Equipment - 1.0%
Acuity Brands, Inc.		9,000		2,077,740

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Industrials - 8.4% (Continued)
Electrical Equipment - 1.0% (Continued)
Emerson Electric Co.		2,425	$	135,194
				2,212,934
Industrial Conglomerates - 0.5%
3M Co.		2,127		379,818
Honeywell International, Inc.		5,402		625,822
				1,005,640
Machinery - 2.0%
Caterpillar, Inc.		2,880		267,091
Cummins, Inc.		100		13,667
Deere & Co.		33,774		3,480,073
Flowserve Corp. ^(a)		530		25,467
Fortive Corp.		420		22,525
Snap-on, Inc.		809		138,557
Toro Co. (The)		6,960		389,412
				4,336,792
Professional Services - 0.0% ^(c)
Nielsen Holdings plc		20		839
Robert Half International, Inc.		530		25,853
				26,692
Road & Rail - 1.1%
Canadian Pacific Railway Ltd.		13,425		1,916,688
Herc Holdings, Inc. ^{(a) (b)}		8,740		350,998
				2,267,686
Trading Companies & Distributors - 0.1%
MSC Industrial Direct Co., Inc. - Class A ^(a)		1,505		139,047

Information Technology - 38.7%
Communications Equipment - 3.0%
ARRIS International plc ^(b)		1,925		58,000
Cisco Systems, Inc.		131,755		3,981,636
CommScope Holding Co., Inc. ^(b)		3,668		136,450
Motorola Solutions, Inc.		6,441		533,894
Palo Alto Networks, Inc. ^{(a) (b)}		14,075		1,760,079
				6,470,059

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Information Technology - 38.7% (Continued)
Electronic Equipment, Instruments & Components - 0.2%
National Instruments Corp.		1,480	$	45,614
Trimble, Inc. ^(b)		10,159		306,293
				351,907
Internet Software & Services - 10.8%
Alibaba Group Holding Ltd. - ADR ^{(a) (b)}		39,351		3,455,411
Alphabet, Inc. - Class A ^(b)		4,261		3,376,629
Alphabet, Inc. - Class C ^(b)		8,396		6,480,201
Facebook, Inc. - Class A ^(b)		82,344		9,473,678
Twitter, Inc. ^{(a) (b)}		8,825		143,848
Yelp, Inc. ^{(a) (b)}		5,727		218,371
				23,148,138
IT Services - 7.6%
Accenture plc - Class A		3,724		436,192
Alliance Data Systems Corp. ^(a)		936		213,876
Automatic Data Processing, Inc.		11,027		1,133,355
Booz Allen Hamilton Holding Corp.		10,740		387,392
Fidelity National Information Services, Inc.		4,491		339,699
International Business Machines Corp.		10,159		1,686,292
Jack Henry & Associates, Inc.		6,028		535,166
Mastercard, Inc. - Class A		3,777		389,975
Paychex, Inc.		4,315		262,697
Sabre Corp. ^(a)		74,935		1,869,628
Teradata Corp. ^{(a) (b)}		33,590		912,640
Vantiv, Inc. - Class A ^(b)		6,435		383,655
Visa, Inc. - Class A ^(a)		91,744		7,157,868
Western Union Co. (The) ^(a)		26,058		565,980
				16,274,415
Semiconductors & Semiconductor Equipment - 4.0%
Analog Devices, Inc.		5,457		396,287
Applied Materials, Inc.		75,800		2,446,066
Intel Corp.		910		33,006
KLA-Tencor Corp.		780		61,370
Linear Technology Corp.		1,110		69,209
Maxim Integrated Products, Inc.		825		31,820
Qorvo, Inc. ^(b)		1,815		95,705

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Information Technology - 38.7% (Continued)
Semiconductors & Semiconductor Equipment - 4.0% (Continued)
QUALCOMM, Inc.		73,245	$	4,775,575
Skyworks Solutions, Inc.		2,220		165,745
Texas Instruments, Inc.		4,255		310,487
Xilinx, Inc.		5,455		329,318
				8,714,588
Software - 9.7%
Adobe Systems, Inc. ^(b)		25,150		2,589,192
ANSYS, Inc. ^(b)		430		39,771
Autodesk, Inc. ^(b)		34,968		2,587,982
Cadence Design Systems, Inc. ^(b)		685		17,276
CDK Global, Inc.		1,037		61,899
Citrix Systems, Inc. ^(b)		3,569		318,747
FactSet Research Systems, Inc.		8,905		1,455,344
Intuit, Inc.		3,790		434,372
Microsoft Corp.		71,427		4,438,473
Nuance Communications, Inc. ^(b)		16,195		241,306
Oracle Corp.		97,766		3,759,102
Red Hat, Inc. ^(b)		24,175		1,684,998
salesforce.com, Inc. ^(b)		34,400		2,355,024
Symantec Corp.		32,580		778,336
				20,761,822
Technology Hardware, Storage & Peripherals - 3.4%
Apple, Inc.		62,992		7,295,733

Materials - 2.8%
Chemicals - 2.3%
Ashland Global Holdings, Inc.		3,185		348,089
Celanese Corp. - Series A		960		75,590
Eastman Chemical Co.		2,515		189,153
FMC Corp.		3,865		218,604
GCP Applied Technologies, Inc. ^(b)		2,620		70,085
LyondellBasell Industries N.V. - Class A		830		71,197
Monsanto Co.		7,911		832,316
PPG Industries, Inc.		1,930		182,887
Praxair, Inc.		3,545		415,439

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.9% (Continued)	Shares		Value
Materials - 2.8% (Continued)
Chemicals - 2.3% (Continued)
Sherwin-Williams Co. (The)		8,800	$	2,364,912
W.R. Grace & Co.		3,245		219,492
				4,987,764
Containers & Packaging - 0.2%
AptarGroup, Inc.		715		52,517
Bemis Co., Inc.		100		4,782
International Paper Co. ^(a)		5,850		310,401
Sealed Air Corp.		1,510		68,463
				436,163
Metals & Mining - 0.3%
Freeport-McMoRan, Inc. ^(b)		37,830		498,978

Real Estate - 1.4%
Equity Real Estate Investment Trusts (REITs) - 1.4%
Care Capital Properties, Inc. ^(a)		3,520		88,000
CubeSmart		1,520		40,690
Equity LifeStyle Properties, Inc.		2,405		173,401
Federal Realty Investment Trust		2,468		350,727
Gaming and Leisure Properties, Inc.		13,600		416,432
Iron Mountain, Inc.		1,215		39,463
Lamar Advertising Co. - Class A ^(a)		8,034		540,207
Mid-America Apartment Communities, Inc.		2,581		252,717
Omega Healthcare Investors, Inc. ^(a)		12,703		397,096
Public Storage		976		218,136
Regency Centers Corp.		4,800		330,960
Simon Property Group, Inc.		1,193		211,960
Taubman Centers, Inc.		595		43,988
				3,103,777
Telecommunication Services - 0.3%
Diversified Telecommunication Services - 0.3%
Verizon Communications, Inc.		11,402		608,639

Total Common Stocks (Cost $161,314,240)			$	212,295,406

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 4.6%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(d)		2,111,500	$	2,111,500
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(d) (e)}		7,815,619		7,815,619
Total Money Market Funds (Cost $9,927,119)			$	9,927,119

Total Investments at Value - 103.5% (Cost $171,241,359)			$	222,222,525

Liabilities in Excess of Other Assets - (3.5%)				(7,421,091	)

Net Assets - 100.0%			$	214,801,434

ADR - American Depositary Receipt.

^(a)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $22,586,674.

^(b)	Non-income producing security.

^(c)	Percentage rounds to less than 0.1%.

^(d)	The rate shown is the 7-day effective yield as of December 31, 2016.

^(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $7,815,619. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $15,374,737.

See accompanying notes to financial statements.

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2016

COMMON STOCKS - 99.9%	Shares		Value
Consumer Discretionary - 7.7%
Auto Components - 0.4%
Adient plc ^(a)		11,581	$	678,647

Automobiles - 1.5%
Ford Motor Co.		163,064		1,977,966
General Motors Co.		21,694		755,819
				2,733,785
Distributors - 0.0% ^(b)
Genuine Parts Co.		618		59,044

Hotels, Restaurants & Leisure - 0.9%
Choice Hotels International, Inc.		2,500		140,125
Hilton Worldwide Holdings, Inc.		55,675		1,514,360
				1,654,485
Household Durables - 0.4%
Garmin Ltd. ^(c)		740		35,883
Whirlpool Corp.		4,200		763,434
				799,317
Internet & Direct Marketing Retail - 0.1%
Liberty Expedia Holdings, Inc. - Series A ^(a)		1,095		43,439
Liberty Ventures - Series A ^(a)		1,643		60,577
				104,016
Leisure Products - 0.1%
Mattel, Inc. ^(c)		4,295		118,327

Media - 1.7%
Interpublic Group of Cos., Inc. (The)		27,650		647,287
John Wiley & Sons, Inc. - Class A		390		21,255
Liberty Broadband Corp. - Series A ^(a)		1,333		96,589
Liberty Broadband Corp. - Series C ^(a)		1,780		131,845
News Corp. - Class A		74,565		854,515
Omnicom Group, Inc.		15,150		1,289,416
TEGNA, Inc.		450		9,626
Viacom, Inc. - Class B		3,930		137,943
				3,188,476

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 7.7% (Continued)
Multi-Line Retail - 1.1%
Kohl's Corp. ^(c)		6,975	$	344,426
Macy's, Inc.		6,995		250,491
Target Corp.		21,174		1,529,397
				2,124,314
Specialty Retail - 1.3%
Bed Bath & Beyond, Inc.		8,210		333,654
Best Buy Co., Inc.		540		23,042
Gap, Inc. (The) ^(c)		39,220		880,097
Signet Jewelers Ltd. ^(c)		210		19,795
Staples, Inc.		131,896		1,193,658
				2,450,246
Textiles, Apparel & Luxury Goods - 0.2%
Coach, Inc.		3,460		121,169
Ralph Lauren Corp. ^(c)		3,385		305,733
				426,902
Consumer Staples - 5.2%
Food & Staples Retailing - 2.1%
CVS Health Corp.		6,825		538,561
Wal-Mart Stores, Inc.		44,940		3,106,252
Whole Foods Market, Inc.		8,080		248,541
				3,893,354
Food Products - 0.6%
Bunge Ltd.		3,160		228,278
Kellogg Co.		10,941		806,462
				1,034,740
Household Products - 0.4%
Colgate-Palmolive Co.		640		41,882
Kimberly-Clark Corp.		791		90,269
Procter & Gamble Co. (The)		6,282		528,190
				660,341
Personal Products - 0.0% ^(b)
Avon Products, Inc. ^(a)		4,945		24,923
Edgewell Personal Care Co. ^(a)		515		37,589
Nu Skin Enterprises, Inc. - Class A		510		24,368
				86,880

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Staples - 5.2% (Continued)
Tobacco - 2.1%
Altria Group, Inc.		28,100	$	1,900,122
Philip Morris International, Inc.		22,796		2,085,606
				3,985,728
Energy - 12.2%
Energy Equipment & Services - 0.9%
Baker Hughes, Inc.		5,325		345,965
Ensco plc - Class A		8,344		81,104
FMC Technologies, Inc. ^(a)		8,693		308,862
Halliburton Co.		12,025		650,432
National Oilwell Varco, Inc.		6,080		227,635
Rowan Cos. plc - Class A ^(a)		2,803		52,949
				1,666,947
Oil, Gas & Consumable Fuels - 11.3%
Apache Corp.		5,035		319,571
BP plc - ADR ^(c)		76,603		2,863,421
Cenovus Energy, Inc. ^(c)		40,800		617,304
Chevron Corp.		11,459		1,348,724
Cobalt International Energy, Inc. ^(a)		8,601		10,493
ConocoPhillips		56,225		2,819,122
Devon Energy Corp.		2,985		136,325
Exxon Mobil Corp.		39,857		3,597,494
Gulfport Energy Corp. ^(a)		2,583		55,896
Hess Corp.		4,395		273,765
HollyFrontier Corp. ^(c)		8,480		277,805
Kinder Morgan, Inc.		7,440		154,082
Marathon Oil Corp.		14,955		258,871
Marathon Petroleum Corp.		1,115		56,140
Murphy Oil Corp. ^(c)		31,895		992,891
Noble Energy, Inc.		3,485		132,639
Occidental Petroleum Corp.		24,900		1,773,627
PBF Energy, Inc. - Class A ^(c)		23,100		644,028
Phillips 66		16,400		1,417,124
Royal Dutch Shell plc - Class A - ADR ^(c)		49,714		2,703,447
Targa Resources Corp.		5,085		285,116
Valero Energy Corp.		2,970		202,910

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Energy - 12.2% (Continued)
Oil, Gas & Consumable Fuels - 11.3% (Continued)
Williams Cos., Inc. (The)		820	$	25,535
				20,966,330
Financials - 33.4%
Banks - 14.3%
Bank of America Corp.		260,335		5,753,404
Bank of Hawaii Corp. ^(c)		1,030		91,351
CIT Group, Inc.		17,737		757,015
Citigroup, Inc.		50,779		3,017,796
Citizens Financial Group, Inc.		19,675		701,020
Comerica, Inc.		12,350		841,159
Commerce Bancshares, Inc.		2,038		117,820
Fifth Third Bancorp		37,775		1,018,792
Fulton Financial Corp.		286		5,377
JPMorgan Chase & Co.		68,352		5,898,094
KeyCorp		45,975		839,963
PacWest Bancorp		180		9,799
People's United Financial, Inc. ^(c)		13,647		264,206
PNC Financial Services Group, Inc. (The)		8,320		973,107
Regions Financial Corp.		73,875		1,060,845
Synovus Financial Corp.		9,380		385,330
TCF Financial Corp.		14,705		288,071
U.S. Bancorp		4,568		234,658
Wells Fargo & Co.		78,042		4,300,895
				26,558,702
Capital Markets - 6.7%
Ameriprise Financial, Inc.		9,500		1,053,930
Franklin Resources, Inc.		37,545		1,486,031
Goldman Sachs Group, Inc. (The)		7,756		1,857,174
Invesco Ltd.		13,350		405,039
Morgan Stanley		46,535		1,966,104
State Street Corp.		50,435		3,919,808
UBS Group AG ^(c)		88,375		1,384,836
Waddell & Reed Financial, Inc. - Class A ^(c)		13,360		260,654
				12,333,576

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 33.4% (Continued)
Consumer Finance - 1.8%
Ally Financial, Inc.		2,770	$	52,685
American Express Co.		21,610		1,600,869
Capital One Financial Corp.		14,025		1,223,541
Synchrony Financial		12,599		456,966
				3,334,061
Diversified Financial Services - 1.5%
Berkshire Hathaway, Inc. - Class B ^(a)		2,824		460,256
Leucadia National Corp.		21,557		501,200
Voya Financial, Inc.		45,003		1,765,017
				2,726,473
Insurance - 8.2%
Aflac, Inc.		180		12,528
Allstate Corp. (The)		9,175		680,051
American Financial Group, Inc.		2,131		187,784
American International Group, Inc.		31,698		2,070,196
American National Insurance Co. ^(c)		735		91,588
Aspen Insurance Holdings Ltd.		5,701		313,555
Assurant, Inc.		1,295		120,254
Assured Guaranty Ltd.		7,101		268,205
Axis Capital Holdings Ltd.		18,350		1,197,705
Chubb Ltd.		766		101,204
CNA Financial Corp.		1,825		75,738
Everest Re Group Ltd.		180		38,952
Genworth Financial, Inc. - Class A ^(a)		72,195		275,063
Hanover Insurance Group, Inc. (The)		7,800		709,878
Lincoln National Corp.		1,255		83,169
Loews Corp. ^(c)		50,355		2,358,124
Mercury General Corp.		386		23,241
MetLife, Inc.		44,715		2,409,690
Old Republic International Corp.		2,818		53,542
Principal Financial Group, Inc.		350		20,251
ProAssurance Corp.		6,113		343,551
Progressive Corp. (The)		6,250		221,875
Prudential Financial, Inc.		4,595		478,156
Validus Holdings Ltd.		8,890		489,039

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 33.4% (Continued)
Insurance - 8.2% (Continued)
Willis Towers Watson plc		2,843	$	347,642
XL Group Ltd.		60,973		2,271,854
				15,242,835
Mortgage Real Estate Investment Trusts (REITs) - 0.9%
AGNC Investment Corp. ^(c)		5,095		92,372
Annaly Capital Management, Inc. ^(c)		53,960		537,982
Chimera Investment Corp.		19,669		334,766
MFA Financial, Inc.		42,207		322,039
Starwood Property Trust, Inc.		20,325		446,134
				1,733,293
Thrifts & Mortgage Finance - 0.0% ^(b)
New York Community Bancorp, Inc.		675		10,739

Health Care - 9.5%
Biotechnology - 0.0% ^(b)
United Therapeutics Corp. ^{(a) (c)}		370		53,069

Health Care Equipment & Supplies - 1.6%
Abbott Laboratories		24,723		949,610
Baxter International, Inc.		10,730		475,768
Medtronic plc		22,120		1,575,608
				3,000,986
Health Care Providers & Services - 1.1%
Brookdale Senior Living, Inc. ^(a)		280		3,478
Cigna Corp.		10,550		1,407,264
DaVita, Inc. ^(a)		598		38,392
McKesson Corp.		2,450		344,103
Patterson Cos., Inc. ^(c)		910		37,337
Premier, Inc. - Class A ^{(a) (c)}		5,320		161,515
				1,992,089
Pharmaceuticals - 6.8%
Johnson & Johnson		40,340		4,647,571
Merck & Co., Inc.		66,054		3,888,599
Perrigo Co. plc ^(c)		1,490		124,013

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 9.5% (Continued)
Pharmaceuticals - 6.8% (Continued)
Pfizer, Inc.		118,177	$	3,838,389
				12,498,572
Industrials - 8.7%
Aerospace & Defense - 1.6%
Arconic, Inc.		16,052		297,604
L-3 Technologies, Inc.		2,125		323,234
Raytheon Co.		5,600		795,200
United Technologies Corp.		13,495		1,479,322
				2,895,360
Airlines - 1.2%
American Airlines Group, Inc.		7,350		343,172
Delta Air Lines, Inc.		190		9,346
JetBlue Airways Corp. ^(a)		10,005		224,312
Southwest Airlines Co.		31,400		1,564,976
United Continental Holdings, Inc. ^(a)		910		66,321
				2,208,127
Building Products - 0.6%
Johnson Controls International plc		27,816		1,145,741

Commercial Services & Supplies - 0.1%
Stericycle, Inc. ^(a)		1,810		139,442

Construction & Engineering - 0.1%
Fluor Corp.		2,870		150,732

Industrial Conglomerates - 0.8%
General Electric Co.		12,396		391,714
Honeywell International, Inc.		9,700		1,123,745
				1,515,459
Machinery - 3.6%
Caterpillar, Inc.		7,585		703,433
Deere & Co.		5,160		531,686
Dover Corp.		19,775		1,481,741
Flowserve Corp. ^(c)		165		7,928
Fortive Corp.		696		37,326

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 8.7% (Continued)
Machinery - 3.6% (Continued)
Ingersoll-Rand plc		504	$	37,820
Kennametal, Inc.		2,806		87,716
Parker-Hannifin Corp.		12,150		1,701,000
Stanley Black & Decker, Inc.		19,125		2,193,446
				6,782,096
Road & Rail - 0.7%
Kansas City Southern		942		79,929
Norfolk Southern Corp.		11,200		1,210,384
				1,290,313
Trading Companies & Distributors - 0.0% ^(b)
MSC Industrial Direct Co., Inc. - Class A ^(c)		747		69,015

Information Technology - 11.1%
Communications Equipment - 1.2%
ARRIS International plc ^(a)		5,975		180,027
Cisco Systems, Inc.		59,511		1,798,422
Juniper Networks, Inc.		6,234		176,173
Motorola Solutions, Inc.		1,113		92,257
				2,246,879
Electronic Equipment, Instruments & Components - 0.4%
Avnet, Inc.		250		11,903
Corning, Inc.		2,564		62,228
TE Connectivity Ltd.		10,325		715,316
Vishay Intertechnology, Inc. ^(c)		4		65
				789,512
IT Services - 1.8%
Cognizant Technology Solutions Corp. - Class A ^(a)		10,550		591,117
International Business Machines Corp.		16,129		2,677,252
				3,268,369
Semiconductors & Semiconductor Equipment - 3.0%
Intel Corp.		59,697		2,165,210
Linear Technology Corp.		3,310		206,379
Marvell Technology Group Ltd.		15,770		218,730
QUALCOMM, Inc.		43,706		2,849,630

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 11.1% (Continued)
Semiconductors & Semiconductor Equipment - 3.0% (Continued)
Teradyne, Inc.		7,505	$	190,627
				5,630,576
Software - 2.5%
CA, Inc.		1,259		39,998
Microsoft Corp.		15,973		992,562
Oracle Corp.		77,760		2,989,873
Symantec Corp.		25,836		617,222
				4,639,655
Technology Hardware, Storage & Peripherals - 2.2%
Apple, Inc.		3,161		366,107
Hewlett Packard Enterprise Co.		59,860		1,385,160
HP, Inc.		28,535		423,459
NetApp, Inc.		15,105		532,753
Seagate Technology plc ^(c)		18,050		688,969
Western Digital Corp.		8,850		601,358
				3,997,806
Materials - 3.6%
Chemicals - 2.0%
Ashland Global Holdings, Inc.		962		105,137
Celanese Corp. - Series A		1,764		138,897
CF Industries Holdings, Inc. ^(c)		9,250		291,190
Dow Chemical Co. (The)		8,200		469,204
E.I. du Pont de Nemours and Co.		20,400		1,497,361
Eastman Chemical Co.		3,545		266,619
FMC Corp.		4,080		230,765
GCP Applied Technologies, Inc. ^(a)		10		268
Mosaic Co. (The)		18,055		529,553
Praxair, Inc.		1,160		135,940
W.R. Grace & Co.		10		676
				3,665,610
Containers & Packaging - 0.7%
AptarGroup, Inc.		580		42,601
Bemis Co., Inc.		1,161		55,519
International Paper Co. ^(c)		23,695		1,257,257
				1,355,377

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Materials - 3.6% (Continued)
Metals & Mining - 0.9%
Freeport-McMoRan, Inc. ^(a)		16,985	$	224,032
Newmont Mining Corp.		16,650		567,266
Reliance Steel & Aluminum Co.		1,685		134,025
Rio Tinto plc - ADR ^(c)		20,700		796,122
				1,721,445
Paper & Forest Products - 0.0% ^(b)
Domtar Corp.		40		1,561

Real Estate - 2.1%
Equity Real Estate Investment Trusts (REITs) - 2.1%
American Campus Communities, Inc.		240		11,945
Camden Property Trust		1,345		113,074
DDR Corp.		25,025		382,132
Equity Commonwealth ^(a)		6,110		184,766
Equity Residential		11,530		742,071
Gaming and Leisure Properties, Inc.		7,295		223,373
HCP, Inc.		3,435		102,088
Host Hotels & Resorts, Inc.		7,940		149,590
Kimco Realty Corp.		8,450		212,602
Liberty Property Trust		13,376		528,352
Macerich Co. (The)		5,730		405,913
Mid-America Apartment Communities, Inc.		1		83
Omega Healthcare Investors, Inc.		2,889		90,310
Prologis, Inc.		1,130		59,653
Quality Care Properties, Inc. ^(a)		687		10,649
Regency Centers Corp.		2,499		172,306
Spirit Realty Capital, Inc.		1,135		12,326
VEREIT, Inc.		9,580		81,047
W.P. Carey, Inc.		4,205		248,473
Weyerhaeuser Co.		2,054		61,805
				3,792,558
Telecommunication Services - 2.6%
Diversified Telecommunication Services - 2.6%
AT&T, Inc.		66,676		2,835,730
CenturyLink, Inc.		10,078		239,655

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Telecommunication Services - 2.6% (Continued)
Diversified Telecommunication Services - 2.6% (Continued)
Verizon Communications, Inc.		34,050	$	1,817,589
				4,892,974
Utilities - 3.8%
Electric Utilities - 3.1%
Duke Energy Corp.		2,359		183,106
Edison International		12,750		917,872
Entergy Corp.		38,263		2,811,182
Eversource Energy		1,235		68,209
Exelon Corp.		14,569		517,054
FirstEnergy Corp.		22,115		684,901
PPL Corp.		2,040		69,462
Southern Co. (The)		10,545		518,709
				5,770,495
Independent Power and Renewable Electricity Producers - 0.3%
AES Corp.		1,350		15,687
Calpine Corp. ^(a)		41,000		468,630
				484,317
Multi-Utilities - 0.3%
CenterPoint Energy, Inc.		11,928		293,905
Dominion Resources, Inc.		2,805		214,835
DTE Energy Co.		1,017		100,185
Public Service Enterprise Group, Inc.		720		31,594
				640,519
Water Utilities - 0.1%
Aqua America, Inc.		5,840		175,434

Total Common Stocks (Cost $155,149,455)			$	185,385,646

WILSHIRE LARGE COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

RIGHTS - 0.0% ^(b)	Shares		Value
Safeway CVR - Casa Ley		1,118	$	1,134
Safeway CVR - PDC		1,118		55
Total Rights (Cost $0)			$	1,189

MONEY MARKET FUNDS – 2.5%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(d)		9,805	$	9,805
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(d) (e)}		4,729,193		4,729,193
Total Money Market Funds (Cost $4,738,998)			$	4,738,998

Total Investments at Value – 102.4% (Cost $159,888,453)			$	190,125,833

Liabilities in Excess of Other Assets - (2.4%)				(4,517,574	)

Net Assets - 100.0%			$	185,608,259

ADR - American Depositary Receipt.

CVR - Contingent Value Right.

^(a)	Non-income producing security.

^(b)	Percentage rounds to less than 0.1%.

^(c)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $14,358,569.

^(d)	The rate shown is the 7-day effective yield as of December 31, 2016.

^(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $4,729,193. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $9,915,530.

See accompanying notes to financial statements.

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2016

COMMON STOCKS - 97.2%	Shares		Value
Consumer Discretionary - 16.4%
Auto Components - 4.1%
American Axle & Manufacturing Holdings, Inc. ^(a)		9,180	$	177,174
Cooper-Standard Holdings, Inc. ^(a)		410		42,386
Dorman Products, Inc. ^(a)		6,370		465,392
Drew Industries, Inc. ^(a)		4,060		437,465
Gentherm, Inc. ^(a)		1,205		40,789
Standard Motor Products, Inc.		1,840		97,925
Stoneridge, Inc. ^(a)		6,490		114,808
Tenneco, Inc. ^(a)		2,180		136,185
				1,512,124
Diversified Consumer Services - 0.3%
Capella Education Co.		515		45,216
Grand Canyon Education, Inc. ^(a)		679		39,688
Liberty Tax, Inc. ^(b)		1,930		25,862
Strayer Education, Inc. ^(a)		60		4,838
				115,604
Hotels, Restaurants & Leisure - 5.1%
BJ's Restaurants, Inc. ^(a)		1,730		67,989
Bloomin' Brands, Inc.		560		10,097
Bob Evans Farms, Inc.		2,565		136,484
Boyd Gaming Corp. ^(a)		540		10,892
Cheesecake Factory, Inc. (The)		711		42,575
Chuy's Holdings, Inc. ^(a)		10,242		332,352
ClubCorp Holdings, Inc.		185		2,655
Dave & Buster's Entertainment, Inc. ^(a)		640		36,032
Denny's Corp. ^(a)		5,985		76,788
Fiesta Restaurant Group, Inc. ^(a)		60		1,791
Jack in the Box, Inc.		95		10,606
Lindblad Expeditions Holdings, Inc. ^{(a) (b)}		2,340		22,113
Monarch Casino & Resort, Inc. ^(a)		5		129
Penn National Gaming, Inc. ^(a)		11,640		160,516
Pinnacle Entertainment, Inc. ^{(a) (b)}		1,710		24,795
Popeyes Louisiana Kitchen, Inc. ^(a)		7,453		450,756
Potbelly Corp. ^{(a) (b)}		590		7,611
Red Robin Gourmet Burgers, Inc. ^(a)		259		14,608

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Consumer Discretionary - 16.4% (Continued)
Hotels, Restaurants & Leisure - 5.1% (Continued)
Sonic Corp. ^(b)		18,892	$	500,826
				1,909,615
Household Durables - 1.1%
Century Communities, Inc. ^(a)		450		9,450
Installed Building Products, Inc. ^(a)		330		13,629
La-Z-Boy, Inc.		1,085		33,689
M/I Homes, Inc. ^(a)		1,590		40,036
MDC Holdings, Inc.		4,599		118,010
Meritage Homes Corp. ^(a)		80		2,784
Taylor Morrison Home Corp. - Class A ^(a)		8,146		156,893
TRI Pointe Group, Inc. ^(a)		3,190		36,621
				411,112
Internet & Direct Marketing Retail - 0.2%
HSN, Inc.		1,940		66,542

Leisure Products - 0.2%
Malibu Boats, Inc. - Class A ^(a)		1,375		26,235
Marine Products Corp. ^(b)		940		13,038
MCBC Holdings, Inc.		840		12,247
Smith & Wesson Holding Corp. ^{(a) (b)}		10		211
Sturm, Ruger & Co., Inc. ^(b)		330		17,391
				69,122
Media - 0.1%
Entravision Communications Corp. - Class A		1,040		7,280
New Media Investment Group, Inc.		660		10,553
New York Times Co. (The) - Class A		2,715		36,110
				53,943
Specialty Retail - 2.4%
American Eagle Outfitters, Inc. ^(b)		4,960		75,243
Big 5 Sporting Goods Corp. ^(b)		70		1,215
Chico's FAS, Inc.		11,885		171,024
Finish Line, Inc. (The) - Class A		76		1,430
Francesca's Holdings Corp. ^(a)		4,760		85,822
GNC Holdings, Inc. - Class A		740		8,170
Kirkland's, Inc. ^(a)		1,120		17,371

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Consumer Discretionary - 16.4% (Continued)
Specialty Retail - 2.4% (Continued)
Monro Muffler Brake, Inc. ^(b)		6,300	$	360,359
Office Depot, Inc.		105		475
Pier 1 Imports, Inc.		5,625		48,038
Sportman's Warehouse Holdings, Inc. ^{(a) (b)}		550		5,165
Stein Mart, Inc.		470		2,576
Tile Shop Holdings, Inc. ^(a)		1,695		33,137
Vitamin Shoppe, Inc. ^(a)		550		13,063
Winmark Corp.		465		58,660
				881,748
Textiles, Apparel & Luxury Goods - 2.9%
Columbia Sportswear Co.		225		13,118
Crocs, Inc. ^(a)		9,545		65,479
Culp, Inc.		435		16,160
G-III Apparel Group Ltd. ^{(a) (b)}		10,692		316,056
Oxford Industries, Inc.		100		6,013
Steven Madden Ltd. ^(a)		16,300		582,724
Vera Bradley, Inc. ^(a)		5,020		58,834
				1,058,384
Consumer Staples - 5.0%
Food & Staples Retailing - 0.0% ^(c)
PriceSmart, Inc. ^(b)		70		5,845

Food Products - 3.4%
Alico, Inc.		100		2,715
B&G Foods, Inc. ^(b)		10,140		444,132
Calavo Growers, Inc. ^(b)		5,280		324,192
Darling Ingredients, Inc. ^(a)		585		7,552
Dean Foods Co. ^(b)		1,850		40,293
J & J Snack Foods Corp.		2,225		296,882
Lancaster Colony Corp.		922		130,362
Lifeway Foods, Inc. ^(a)		10		115
Omega Protein Corp. ^(a)		420		10,521
				1,256,764
Household Products - 0.2%
Orchids Paper Products Co. ^(b)		15		393

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Consumer Staples - 5.0% (Continued)
Household Products - 0.2% (Continued)
WD-40 Co.		485	$	56,696
				57,089
Personal Products - 1.4%
Avon Products, Inc. ^(a)		17,395		87,671
Inter Parfums, Inc.		9,765		319,803
Medifast, Inc.		2,920		121,560
Revlon, Inc. - Class A ^(a)		135		3,935
				532,969
Energy - 3.3%
Energy Equipment & Services - 0.1%
PHI, Inc. - Non-Voting ^(a)		310		5,586
RigNet, Inc. ^{(a) (b)}		1,610		37,272
TETRA Technologies, Inc. ^(a)		670		3,363
				46,221
Oil, Gas & Consumable Fuels - 3.2%
Adams Resources & Energy, Inc.		40		1,586
Callon Petroleum Co. ^(a)		14,140		217,332
Matador Resources Co. ^{(a) (b)}		9,060		233,386
Oasis Petroleum, Inc. ^(a)		31,539		477,500
PDC Energy, Inc. ^(a)		3,130		227,175
Renewable Energy Group, Inc. ^{(a) (b)}		840		8,148
				1,165,127
Financials - 9.7%
Banks - 7.1%
Banc of California, Inc. ^(b)		2,460		42,681
CenterState Banks, Inc.		11,750		295,748
County Bancorp, Inc. ^(b)		710		19,149
Eagle Bancorp, Inc. ^(a)		150		9,143
Home BancShares, Inc.		1,161		32,241
LegacyTexas Financial Group, Inc.		5,480		235,969
National Bank Holdings Corp. - Class A		5,150		164,234
Opus Bank		2,580		77,529
Pinnacle Financial Partners, Inc.		6,680		462,923
PrivateBancorp, Inc.		6,415		347,628
South State Corp.		7,460		652,003

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Financials - 9.7% (Continued)
Banks - 7.1% (Continued)
Texas Capital Bancshares, Inc. ^(a)		3,890	$	304,976
				2,644,224
Capital Markets - 1.6%
Associated Capital Group, Inc. - Class A ^(b)		80		2,628
Cohen & Steers, Inc. ^(b)		610		20,496
Evercore Partners, Inc. - Class A		1,758		120,775
GAMCO Investors, Inc. - Class A		290		8,958
Greenhill & Co., Inc.		5,541		153,486
Marcus & Millichap, Inc. ^(a)		310		8,283
Moelis & Co. - Class A		4,710		159,669
Pzena Investment Management, Inc. - Class A		3,898		43,307
Virtus Investment Partners, Inc.		80		9,444
Waddell & Reed Financial, Inc. - Class A ^(b)		2,720		53,067
				580,113
Consumer Finance - 0.2%
FirstCash, Inc.		1,622		76,234
Regional Management Corp. ^(a)		310		8,147
				84,381
Diversified Financial Services - 0.0% ^(c)
GAIN Capital Holdings, Inc.		2,160		14,213

Insurance - 0.3%
Atlas Financial Holdings, Inc. ^(a)		420		7,581
Hallmark Financial Services, Inc. ^(a)		85		989
State National Cos., Inc.		900		12,474
Third Point Reinsurance Ltd. ^(a)		1,745		20,155
United Insurance Holdings Corp.		3,291		49,825
				91,024
Thrifts & Mortgage Finance - 0.5%
Essent Group Ltd. ^(a)		3,040		98,404
Meridian Bancorp, Inc.		2,745		51,881
Northfield Bancorp, Inc.		1,440		28,757
				179,042

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Health Care - 21.6%
Biotechnology - 4.2%
Acorda Therapeutics, Inc. ^{(a) (b)}		895	$	16,826
AMAG Pharmaceuticals, Inc. ^{(a) (b)}		825		28,710
Applied Genetic Technologies Corp. ^(a)		1,770		16,550
BioSpecifics Technologies Corp. ^(a)		475		26,458
Chimerix, Inc. ^(a)		4,195		19,297
Cytokinetics, Inc. ^{(a) (b)}		1,040		12,636
Dynavax Technologies Corp. ^{(a) (b)}		765		3,022
Eagle Pharmaceuticals, Inc. ^{(a) (b)}		4,630		367,344
Emergent BioSolutions, Inc. ^(a)		2,810		92,280
Five Prime Therapeutics, Inc. ^(a)		1,660		83,183
Genomic Health, Inc. ^(a)		1,180		34,680
ImmunoGen, Inc. ^{(a) (b)}		9,055		18,472
Infinity Pharmaceuticals, Inc. ^{(a) (b)}		3,250		4,388
Ironwood Pharmaceuticals, Inc. ^{(a) (b)}		285		4,358
Ligand Pharmaceuticals, Inc. ^{(a) (b)}		510		51,821
MacroGenics, Inc. ^{(a) (b)}		275		5,621
Mirati Therapeutics, Inc. ^{(a) (b)}		100		475
Momenta Pharmaceuticals, Inc. ^(a)		1,990		29,950
Myriad Genetics, Inc. ^{(a) (b)}		8,203		136,744
NewLink Genetics Corp. ^{(a) (b)}		1,015		10,434
Ophthotech Corp. ^{(a) (b)}		30		145
Progenics Pharmaceuticals, Inc. ^{(a) (b)}		1,985		17,150
Repligen Corp. ^(a)		16,095		496,047
SciClone Pharmaceuticals, Inc. ^(a)		4,638		50,090
Spectrum Pharmaceuticals, Inc. ^(a)		100		443
TESARO, Inc. ^{(a) (b)}		60		8,069
Vanda Pharmaceuticals, Inc. ^(a)		2,140		34,133
				1,569,326
Health Care Equipment & Supplies - 4.6%
Anika Therapeutics, Inc. ^(a)		760		37,210
Cantel Medical Corp.		4,560		359,100
Cardiovascular Systems, Inc. ^(a)		240		5,810
Cynosure, Inc. - Class A ^(a)		189		8,618
Globus Medical, Inc. - Class A ^(a)		4,040		100,232
Inogen, Inc. ^(a)		870		58,438

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Health Care - 21.6% (Continued)
Health Care Equipment & Supplies - 4.6% (Continued)
Masimo Corp. ^(a)		975	$	65,715
Meridian Bioscience, Inc. ^(b)		4,965		87,881
Natus Medical, Inc. ^(a)		1,124		39,115
Neogen Corp. ^(a)		6,470		427,020
OraSure Technologies, Inc. ^(a)		1,935		16,989
Orthofix International N.V. ^(a)		570		20,623
Surmodics, Inc. ^(a)		330		8,382
Tandem Diabetes Care, Inc. ^{(a) (b)}		4,770		10,256
Vascular Solutions, Inc. ^(a)		7,920		444,312
				1,689,701
Health Care Providers & Services - 2.2%
Aceto Corp. ^(b)		10,150		222,995
Addus HomeCare Corp. ^(a)		45		1,577
Adeptus Health, Inc. - Class A ^{(a) (b)}		435		3,323
Air Methods Corp. ^{(a) (b)}		350		11,148
Amedisys, Inc. ^(a)		375		15,986
AMN Healthcare Services, Inc. ^(a)		740		28,453
BioTelemetry, Inc. ^(a)		2,185		48,835
Capital Senior Living Corp. ^(a)		1,079		17,318
Chemed Corp.		510		81,809
CorVel Corp. ^(a)		2,609		95,489
Cross Country Healthcare, Inc. ^(a)		615		9,600
HealthSouth Corp. ^(b)		944		38,931
HMS Holdings Corp, ^(a)		3,180		57,749
Landauer, Inc. ^(b)		820		39,442
Magellan Health, Inc. ^(a)		120		9,030
Owens & Minor, Inc.		310		10,940
Providence Service Corp. (The) ^(a)		1,690		64,305
U.S. Physical Therapy, Inc.		920		64,584
				821,514
Health Care Technology - 2.6%
Cotiviti Holdings, Inc. ^{(a) (b)}		13,080		449,951
Medidata Solutions, Inc. ^(a)		7,770		385,936
Quality Systems, Inc.		2,990		39,319

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Health Care - 21.6% (Continued)
Health Care Technology - 2.6% (Continued)
Vocera Communications, Inc. ^(a)		4,655	$	86,071
				961,277
Life Sciences Tools & Services - 4.7%
Cambrex Corp. ^(a)		10,945		590,483
Enzo Biochem, Inc. ^(a)		295		2,047
ICON plc ^(a)		5,520		415,104
INC Research Holdings, Inc. - Class A ^(a)		763		40,134
PAREXEL International Corp. ^{(a) (b)}		49		3,220
PRA Health Sciences, Inc. ^(a)		12,925		712,427
				1,763,415
Pharmaceuticals - 3.3%
Amphastar Pharmaceuticals, Inc. ^(a)		525		9,671
Impax Laboratories, Inc. ^(a)		3,025		40,081
Phibro Animal Health Corp. - Class A		2,840		83,212
Prestige Brands Holdings, Inc. ^(a)		9,134		475,881
Sucampo Pharmaceuticals, Inc. - Class A ^{(a) (b)}		2,150		29,133
Supernus Pharmaceuticals, Inc. ^(a)		23,270		587,567
				1,225,545
Industrials - 13.7%
Aerospace & Defense - 0.1%
Aerojet Rocketdyne Holdings, Inc. ^(a)		1,655		29,707
Vectrus, Inc. ^(a)		730		17,411
				47,118
Air Freight & Logistics - 0.2%
Forward Air Corp.		1,440		68,227

Airlines - 0.2%
Allegiant Travel Co.		100		16,640
Hawaiian Holdings, Inc. ^(a)		1,240		70,680
				87,320
Building Products - 0.9%
American Woodmark Corp. ^(a)		90		6,773
Apogee Enterprises, Inc.		100		5,356
Continental Building Products, Inc. ^(a)		100		2,310
Insteel Industries, Inc.		1,475		52,569

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Industrials - 13.7% (Continued)
Building Products - 0.9% (Continued)
NCI Building Systems, Inc. ^(a)		96	$	1,502
PGT Innovations, Inc. ^(a)		615		7,042
Ply Gem Holdings, Inc. ^(a)		1,920		31,200
Simpson Manufacturing Co., Inc.		4,065		177,843
Trex Co., Inc. ^(a)		355		22,862
Universal Forest Products, Inc.		170		17,371
				324,828
Commercial Services & Supplies - 3.1%
ARC Document Solutions, Inc. ^(a)		2,535		12,878
Brady Corp. - Class A		4,565		171,416
Brink's Co. (The)		1,900		78,375
Casella Waste Systems, Inc. - Class A ^(a)		40		496
Heritage-Crystal Clean, Inc. ^{(a) (b)}		180		2,826
Herman Miller, Inc.		865		29,583
HNI Corp.		1,750		97,860
Interface, Inc.		1,840		34,132
Kimball International, Inc. - Class B		1,690		29,676
Knoll, Inc.		19,498		544,578
Multi-Color Corp.		115		8,924
Quad/Graphics, Inc.		4,160		111,821
SP Plus Corp. ^{(a) (b)}		5		141
Steelcase, Inc. - Class A		450		8,055
Tetra Tech, Inc.		690		29,774
				1,160,535
Construction & Engineering - 0.5%
Comfort Systems USA, Inc.		2,180		72,594
MasTec, Inc. ^(a)		1,835		70,189
Primoris Services Corp.		100		2,278
Tutor Perini Corp. ^{(a) (b)}		1,960		54,880
				199,941
Electrical Equipment - 0.3%
Belden, Inc.		360		26,917
General Cable Corp.		3,815		72,676
				99,593

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Industrials - 13.7% (Continued)
Industrial Conglomerates - 0.0% ^(c)
Raven Industries, Inc.		355	$	8,946

Machinery - 1.6%
Actuant Corp. - Class A		1,373		35,629
Altra Industrial Motion Corp.		10		369
EnPro Industries, Inc.		1,875		126,300
Global Brass & Copper Holdings, Inc.		1,420		48,706
Gorman-Rupp Co. (The)		442		13,680
Harsco Corp.		1,841		25,038
Hyster-Yale Materials Handling, Inc.		140		8,928
Lydall, Inc. ^(a)		595		36,801
Mueller Industries, Inc.		128		5,115
Standex International Corp.		405		35,579
Supreme Industries, Inc. - Class A ^(b)		2,633		41,338
Tennant Co.		1,407		100,178
Wabash National Corp. ^(a)		6,210		98,242
				575,903
Marine - 0.0% ^(c)
Matson, Inc.		45		1,593

Professional Services - 4.0%
Advisory Board Co. (The) ^{(a) (b)}		1,280		42,560
Barrett Business Services, Inc.		1,360		87,176
CEB, Inc.		6,570		398,141
Exponent, Inc.		673		40,582
Huron Consulting Group, Inc. ^(a)		600		30,390
Insperity, Inc.		470		33,347
Korn/Ferry International		2,150		63,275
On Assignment, Inc. ^(a)		1,215		53,654
TrueBlue, Inc. ^(a)		940		23,171
WageWorks, Inc. ^(a)		9,775		708,687
				1,480,983
Road & Rail - 1.6%
Knight Transportation, Inc.		6,230		205,902

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Industrials - 13.7% (Continued)
Road & Rail - 1.6% (Continued)
Saia, Inc. ^(a)		8,540	$	377,041
				582,943
Trading Companies & Distributors - 1.2%
Applied Industrial Technologies, Inc.		2,175		129,195
SiteOne Landscape Supply, Inc. ^(a)		7,820		271,589
Triton International Ltd.		1,730		27,334
				428,118
Information Technology - 20.7%
Communications Equipment - 1.6%
ADTRAN, Inc.		3,265		72,973
CalAmp Corp. ^(a)		2,133		30,929
CIENA Corp. ^{(a) (b)}		2,550		62,246
Ixia ^(a)		4,625		74,462
Lumentum Holdings, Inc. ^(a)		865		33,432
NETGEAR, Inc. ^(a)		1,630		88,590
Plantronics, Inc.		3,275		179,338
ShoreTel, Inc. ^(a)		3,804		27,199
Sonus Networks, Inc. ^(a)		2,075		13,073
				582,242
Electronic Equipment, Instruments & Components - 0.8%
Badger Meter, Inc. ^(b)		1,420		52,469
Fabrinet ^(a)		860		34,658
Itron, Inc. ^(a)		300		18,855
Littelfuse, Inc.		545		82,714
Methode Electronics, Inc.		355		14,679
MTS Systems Corp. ^(b)		1,030		58,401
Plexus Corp. ^(a)		819		44,259
Rogers Corp. ^(a)		70		5,377
				311,412
Internet Software & Services - 3.7%
Brightcove, Inc. ^(a)		220		1,771
Carbonite, Inc. ^(a)		2,721		44,624
Care.com, Inc. ^(a)		2,720		23,310
ChannelAdvisor Corp. ^(a)		2,900		41,615
DHI Group, Inc. ^(a)		100		625

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Information Technology - 20.7% (Continued)
Internet Software & Services - 3.7% (Continued)
EarthLink Holdings Corp.		11,335	$	63,929
Five9, Inc. ^(a)		1,655		23,484
LogMeIn, Inc.		6,060		585,094
NIC, Inc.		1,490		35,611
Reis, Inc.		35		779
SPS Commerce, Inc. ^(a)		5,300		370,417
WebMD Health Corp. ^{(a) (b)}		1,020		50,561
Xactly Corp. ^(a)		3,165		34,815
XO Group, Inc. ^{(a) (b)}		3,419		66,500
Zix Corp. ^{(a) (b)}		9,438		46,624
				1,389,759
IT Services - 2.8%
Cardtronics plc - Class A ^(a)		1,511		82,455
Cass Information Systems, Inc. ^(b)		768		56,502
EPAM Systems, Inc. ^{(a) (b)}		470		30,226
Euronet Worldwide, Inc. ^(a)		845		61,203
EVERTEC, Inc.		1,980		35,145
ExlService Holdings, Inc. ^(a)		220		11,097
Hackett Group, Inc. (The)		304		5,369
Information Services Group, Inc. ^(a)		1,890		6,880
MAXIMUS, Inc.		9,570		533,910
Syntel, Inc. ^(b)		8,160		161,486
TeleTech Holdings, Inc.		1,198		36,539
Virtusa Corp. ^(a)		509		12,786
				1,033,598
Semiconductors & Semiconductor Equipment - 4.1%
Advanced Energy Industries, Inc. ^(a)		920		50,370
Advanced Micro Devices, Inc. ^{(a) (b)}		5,438		61,667
Applied Micro Circuits Corp. ^(a)		685		5,651
CEVA, Inc. ^(a)		10,694		358,783
Inphi Corp. ^{(a) (b)}		7,195		321,041
MaxLinear, Inc. - Class A ^(a)		803		17,505
Monolithic Power Systems, Inc. ^(b)		370		30,314
Nanometrics, Inc. ^(a)		3,430		85,956
NVE Corp.		837		59,787

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Information Technology - 20.7% (Continued)
Semiconductors & Semiconductor Equipment - 4.1% (Continued)
Power Integrations, Inc.		1,310	$	88,884
Semtech Corp. ^(a)		3,310		104,431
Silicon Laboratories, Inc. ^(a)		5,075		329,874
Ultratech, Inc. ^(a)		575		13,789
				1,528,052
Software - 7.6%
A10 Networks, Inc. ^(a)		220		1,828
American Software, Inc. - Class A		1,190		12,293
Aspen Technology, Inc. ^(a)		1,010		55,227
Barracuda Networks, Inc. ^(a)		2,665		57,111
BroadSoft, Inc. ^{(a) (b)}		11,585		477,881
Callidus Software, Inc. ^(a)		12,486		209,765
CommVault Systems, Inc. ^(a)		3,125		160,625
Ellie Mae, Inc. ^{(a) (b)}		5,530		462,750
EnerNOC, Inc. ^{(a) (b)}		2,560		15,360
Fair Isaac Corp.		235		28,017
Gigamon, Inc. ^(a)		1,065		48,511
Jive Software, Inc. ^(a)		8,075		35,126
Monotype Imaging Holdings, Inc.		890		17,667
Paycom Software, Inc. ^(a)		255		11,600
Pegasystems, Inc.		16,964		610,704
Qualys, Inc. ^(a)		11,480		363,342
RealPage, Inc. ^(a)		3,940		118,200
RingCentral, Inc. - Class A ^(a)		935		19,261
Rubicon Project, Inc. (The) ^(a)		890		6,604
Silver Spring Networks, Inc. ^(a)		4,685		62,357
TiVo Corp. ^(a)		1,587		33,168
				2,807,397
Technology Hardware, Storage & Peripherals - 0.1%
Cray, Inc. ^(a)		1,970		40,779
Super Micro Computer, Inc. ^(a)		30		842
				41,621
Materials - 3.2%
Chemicals - 0.9%
American Vanguard Corp.		1,180		22,597

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Chemicals - 0.9% (Continued)
Calgon Carbon Corp.		700	$	11,900
Chemtura Corp. ^(a)		2,350		78,021
H.B. Fuller Co.		885		42,754
Innophos Holdings, Inc.		1,070		55,918
Koppers Holdings, Inc. ^(a)		1,610		64,883
PolyOne Corp.		340		10,894
Rayonier Advanced Materials, Inc. ^(b)		616		9,523
Sensient Technologies Corp.		280		22,002
				318,492
Construction Materials - 0.2%
Caesarstone Ltd. ^{(a) (b)}		2,900		83,085
US Concrete, Inc. ^{(a) (b)}		70		4,585
				87,670
Containers & Packaging - 0.3%
Myers Industries, Inc.		7,160		102,388

Metals & Mining - 0.5%
Kaiser Aluminum Corp.		2,010		156,157
SunCoke Energy, Inc. ^(a)		920		10,433
Worthington Industries, Inc.		860		40,798
				207,388
Paper & Forest Products - 1.3%
Boise Cascade Co. ^(a)		2,570		57,825
Deltic Timber Corp.		645		49,710
KapStone Paper and Packaging Corp.		1,864		41,101
Louisiana-Pacific Corp. ^(a)		9,965		188,637
Neenah Paper, Inc.		559		47,627
Schweitzer-Mauduit International, Inc.		2,075		94,475
				479,375
Real Estate - 2.0%
Equity Real Estate Investment Trusts (REITs) - 1.7%
American Assets Trust, Inc.		180		7,754
CareTrust REIT, Inc.		605		9,269
Chesapeake Lodging Trust		2,140		55,340
DuPont Fabros Technology, Inc.		410		18,011

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.2% (Continued)	Shares		Value
Real Estate - 2.0% (Continued)
Equity Real Estate Investment Trusts (REITs) - 1.7% (Continued)
FelCor Lodging Trust, Inc.		1,275	$	10,213
Gaming and Leisure Properties, Inc.		846		25,905
Life Storage, Inc.		35		2,984
Pennsylvania Real Estate Investment Trust ^(b)		6,185		117,268
Potlatch Corp.		2,255		93,921
PS Business Parks, Inc.		70		8,156
RLJ Lodging Trust		525		12,857
Sabra Health Care REIT, Inc.		3,720		90,842
Universal Health Realty Income Trust		705		46,241
Urstadt Biddle Properties, Inc. - Class A		5,750		138,633
				637,394
Real Estate Management & Development - 0.3%
RMR Group, Inc. (The) - Class A		2,620		103,490

Telecommunication Services - 1.2%
Diversified Telecommunication Services - 1.2%
8x8, Inc. ^(a)		720		10,296
Cogent Communications Holdings, Inc.		9,945		411,226
Lumos Networks Corp. ^(a)		640		9,997
				431,519
Utilities - 0.4%
Electric Utilities - 0.1%
MGE Energy, Inc.		540		35,262

Independent Power and Renewable Electricity Producers - 0.3%
Ormat Technologies, Inc.		1,930		103,487

Total Common Stocks (Cost $27,660,691)			$	36,032,578

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

RIGHTS - 0.0% ^(c)	Shares		Value
Dyax Corp.^(b)		860	$	0
Trius CVR ^(b)		180		360
Total Rights (Cost $0)			$	360

MONEY MARKET FUNDS - 8.6%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(d)		1,076,691	$	1,076,691
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(d) (e)}		2,128,325		2,128,325
Total Money Market Funds (Cost $3,205,016)			$	3,205,016

Total Investments at Value - 105.8% (Cost $30,865,707)			$	39,237,954

Liabilities in Excess of Other Assets - (5.8%)				(2,150,775	)

Net Assets - 100.0%			$	37,087,179

CVR - Contingent Value Right.

^(a)	Non-income producing security.

^(b)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $4,691,378.

^(c)	Percentage rounds to less than 0.1%.

^(d)	The rate shown is the 7-day effective yield as of December 31, 2016.

^(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $2,128,325. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,721,691.

See accompanying notes to financial statements.

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS

December 31, 2016

COMMON STOCKS - 97.6%	Shares		Value
Consumer Discretionary - 11.9%
Auto Components - 2.0%
Cooper Tire & Rubber Co.		8,370	$	325,175
Dana, Inc.		1,935		36,726
Modine Manufacturing Co. ^(a)		1,345		20,041
Stoneridge, Inc. ^(a)		22,433		396,839
Superior Industries International, Inc.		920		24,242
				803,023
Diversified Consumer Services - 0.3%
American Public Education, Inc. ^{(a) (b)}		1,070		26,269
K12, Inc. ^(a)		2,790		47,876
Strayer Education, Inc. ^(a)		810		65,310
				139,455
Hotels, Restaurants & Leisure - 0.6%
BJ's Restaurants, Inc. ^(a)		230		9,039
Bob Evans Farms, Inc.		1,650		87,796
Denny's Corp. ^(a)		6,285		80,637
Penn National Gaming, Inc. ^(a)		4,390		60,538
Pinnacle Entertainment, Inc. ^{(a) (b)}		1,110		16,095
Ruby Tuesday, Inc. ^(a)		100		323
				254,428
Household Durables - 5.1%
Beazer Homes USA, Inc. ^(a)		5,080		67,564
Ethan Allen Interiors, Inc. ^(b)		1,960		72,226
Flexsteel Industries, Inc.		614		37,865
Hooker Furniture Corp.		13,993		531,034
La-Z-Boy, Inc.		2,180		67,689
M/I Homes, Inc. ^(a)		10,864		273,556
MDC Holdings, Inc.		2,116		54,290
Taylor Morrison Home Corp. - Class A ^{(a) (b)}		23,880		459,929
TRI Pointe Group, Inc. ^(a)		43,630		500,872
				2,065,025
Media - 0.8%
New York Times Co. (The) - Class A		6,095		81,064
Reading International, Inc. - Class A ^(a)		826		13,712

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Consumer Discretionary - 11.9% (Continued)
Media - 0.8% (Continued)
Scholastic Corp. ^(b)		4,569	$	216,981
				311,757
Multi-Line Retail - 0.9%
Fred's, Inc. - Class A ^(b)		18,675		346,608

Specialty Retail - 1.7%
Abercrombie & Fitch Co. - Class A ^(b)		7,255		87,060
American Eagle Outfitters, Inc. ^(b)		4,560		69,175
Barnes & Noble, Inc.		2,565		28,600
Chico's FAS, Inc.		8,590		123,610
DSW, Inc. - Class A		1,228		27,814
Express, Inc. ^(a)		9,222		99,229
Guess?, Inc. ^(b)		3,420		41,382
Pier 1 Imports, Inc.		2,130		18,190
Rent-A-Center, Inc. ^(b)		730		8,213
Select Comfort Corp. ^(a)		7,940		179,602
Stage Stores, Inc. ^(b)		6,045		26,417
West Marine, Inc. ^(a)		180		1,885
				711,177
Textiles, Apparel & Luxury Goods - 0.5%
Movado Group, Inc. ^(b)		1,670		48,013
Vera Bradley, Inc. ^(a)		3,120		36,566
Vince Holding Corp. ^{(a) (b)}		33,895		137,275
				221,854
Consumer Staples - 3.8%
Food & Staples Retailing - 0.1%
Ingles Markets, Inc. - Class A		109		5,243
Natural Grocers by Vitamin Cottage, Inc. ^{(a) (b)}		2,360		28,060
				33,303
Food Products - 2.7%
Alico, Inc. ^(b)		370		10,046
Darling Ingredients, Inc. ^(a)		785		10,134
Dean Foods Co. ^(b)		470		10,237
John B. Sanfilippo & Son, Inc. ^(b)		5,854		412,062
Lancaster Colony Corp.		685		96,852

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Consumer Staples - 3.8% (Continued)
Food Products - 2.7% (Continued)
Omega Protein Corp. ^(a)		1,210	$	30,311
Seneca Foods Corp. - Class A ^(a)		290		11,615
TreeHouse Foods, Inc. ^{(a) (b)}		6,904		498,399
				1,079,656
Personal Products - 0.9%
Avon Products, Inc. ^(a)		21,555		108,637
Inter Parfums, Inc.		7,353		240,811
Nutraceutical International Corp.		800		27,960
				377,408
Tobacco - 0.1%
Universal Corp.		810		51,638

Energy - 4.4%
Energy Equipment & Services - 1.3%
Archrock, Inc.		2,875		37,950
Bristow Group, Inc.		3,238		66,314
Era Group, Inc. ^(a)		603		10,233
Exterran Corp. ^(a)		360		8,604
Helix Energy Solutions Group, Inc. ^{(a) (b)}		3,220		28,400
Hornbeck Offshore Services, Inc. ^{(a) (b)}		520		3,754
McDermott International, Inc. ^(a)		3,980		29,412
Newpark Resources, Inc. ^(a)		3,605		27,038
PHI, Inc. - Non-Voting ^(a)		9,101		164,000
SEACOR Holdings, Inc. ^{(a) (b)}		460		32,789
Unit Corp. ^(a)		4,870		130,857
				539,351
Oil, Gas & Consumable Fuels - 3.1%
Cobalt International Energy, Inc. ^(a)		17,860		21,789
Contango Oil & Gas Co. ^(a)		8,140		76,028
Dorian LPG Ltd. ^{(a) (b)}		1,213		9,959
International Seaways, Inc. ^(a)		7,576		106,366
Overseas Shipholding Group, Inc. - Class A		22,730		87,056
PDC Energy, Inc. ^(a)		6,360		461,608
Renewable Energy Group, Inc. ^{(a) (b)}		3,650		35,405
RSP Permian, Inc. ^(a)		180		8,032

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Energy - 4.4% (Continued)
Oil, Gas & Consumable Fuels - 3.1% (Continued)
Scorpio Tankers, Inc.		6,850	$	31,031
SemGroup Corp. - Class A		755		31,521
Synergy Resources Corp. ^{(a) (b)}		42,730		380,724
				1,249,519
Financials - 30.7%
Banks - 15.5%
Ameris Bancorp		8,710		379,756
Arrow Financial Corp.		436		17,658
Banco Latinoamericano de Comercio Exterior S.A. - Class E		410		12,070
Bancorp, Inc. (The) ^(a)		9,181		72,163
BancorpSouth, Inc.		3,920		121,716
Banner Corp.		4,030		224,914
Boston Private Financial Holdings, Inc.		10,439		172,765
Capital Bank Financial Corp. - Class A		13,580		533,015
Cathay General Bancorp		400		15,212
CenterState Banks, Inc.		2,170		54,619
Central Pacific Financial Corp.		1,075		33,777
Citizens & Northern Corp. ^(b)		370		9,694
City Holding Co.		569		38,464
Community Bank System, Inc.		275		16,992
CU Bancorp ^(a)		965		34,547
Eagle Bancorp, Inc. ^(a)		1,543		94,046
Enterprise Financial Services Corp.		1,269		54,567
F.N.B. Corp.		5,928		95,026
First Busey Corp.		5,418		166,766
First Citizens BancShares, Inc. - Class A		250		88,750
First Commonwealth Financial Corp.		6,583		93,347
First Financial Bancorp		1,915		54,482
First Financial Corp.		720		38,016
First Midwest Bancorp, Inc.		3,165		79,853
Glacier Bancorp, Inc.		2,214		80,213
Hancock Holding Co.		825		35,558
Hanmi Financial Corp.		2,448		85,435
Heritage Financial Corp.		14,605		376,079
Hilltop Holdings, Inc.		6,995		208,451

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Financials - 30.7% (Continued)
Banks - 15.5% (Continued)
Home BancShares, Inc.		2,690	$	74,701
HomeTrust Bancshares, Inc. ^(a)		485		12,562
Hope Bancorp, Inc.		4,935		108,027
Independent Bank Corp. (Michigan)		1,570		34,069
MB Financial, Inc.		2,005		94,696
Mercantile Bank Corp.		1,099		41,432
NBT Bancorp, Inc.		1,491		62,443
Northrim BanCorp, Inc. ^(b)		830		26,228
OFG Bancorp ^(b)		6,290		82,399
Pacific Continental Corp.		682		14,902
PacWest Bancorp		10,160		553,110
PrivateBancorp, Inc.		7,920		429,185
Prosperity Bancshares, Inc.		1,545		110,900
Renasant Corp.		460		19,421
Republic Bancorp, Inc. - Class A		1,637		64,727
S&T Bancorp, Inc.		1,123		43,842
Simmons First National Corp. - Class A		1,149		71,410
Southwest Bancorp, Inc.		1,142		33,118
Sterling Bancorp		1,435		33,579
Texas Capital Bancshares, Inc. ^(a)		1,380		108,192
TriState Capital Holdings, Inc. ^(a)		1,535		33,924
Umpqua Holdings Corp.		4,590		86,200
Univest Corp. of Pennsylvania		2,230		68,907
Western Alliance Bancorp ^(a)		15,605		760,119
Wintrust Financial Corp.		945		68,579
				6,324,623
Capital Markets - 1.9%
Calamos Asset Management, Inc. - Class A		1,495		12,782
FBR & Co.		4,295		55,835
GAMCO Investors, Inc. - Class A		1,370		42,319
Greenhill & Co., Inc.		8,910		246,807
KCG Holdings, Inc. - Class A ^(a)		100		1,325
Manning & Napier, Inc.		12,819		96,783
OM Asset Management plc		910		13,195
Oppenheimer Holdings, Inc. - Class A		1,800		33,480

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Financials - 30.7% (Continued)
Capital Markets - 1.9% (Continued)
Piper Jaffray Cos. ^(a)		439	$	31,828
Pzena Investment Management, Inc. - Class A		2,916		32,397
Virtus Investment Partners, Inc. ^(b)		140		16,527
Waddell & Reed Financial, Inc. - Class A ^(b)		9,905		193,247
				776,525
Consumer Finance - 0.5%
EZCORP, Inc. - Class A ^(a)		9,609		102,336
FirstCash, Inc.		2,063		96,961
				199,297
Diversified Financial Services - 1.6%
Bank of N.T. Butterfield & Son Ltd. (The)		17,390		546,741
Global Eagle Entertainment, Inc. ^{(a) (b)}		1,225		7,914
Marlin Business Services Corp.		1,000		20,900
PHH Corp. ^(a)		4,370		66,249
				641,804
Insurance - 3.8%
American Equity Investment Life Holding Co.		2,508		56,530
Baldwin & Lyons, Inc. - Class B		4,297		108,284
CNO Financial Group, Inc.		6,370		121,986
Donegal Group, Inc. - Class A		120		2,098
Employers Holdings, Inc.		494		19,562
FBL Financial Group, Inc. - Class A		1,502		117,381
Federated National Holding Co.		3,182		59,472
Genworth Financial, Inc. - Class A ^(a)		23,580		89,840
Global Indemnity Ltd. ^{(a) (b)}		1,358		51,889
Greenlight Capital Re Ltd. - Class A ^(a)		10,095		230,166
Hallmark Financial Services, Inc. ^(a)		4,505		52,393
HCI Group, Inc. ^(b)		230		9,080
Heritage Insurance Holdings, Inc.		850		13,320
Horace Mann Educators Corp.		975		41,730
Infinity Property & Casualty Corp.		828		72,781
MBIA, Inc. ^(a)		5,200		55,640
National Western Life Group, Inc. - Class A		435		135,198
Navigators Group, Inc. (The)		924		108,801
Safety Insurance Group, Inc.		140		10,318

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Financials - 30.7% (Continued)
Insurance - 3.8% (Continued)
State Auto Financial Corp. ^(b)		1,190	$	31,904
Third Point Reinsurance Ltd. ^(a)		9,710		112,151
United Fire Group, Inc.		1,061		52,169
United Insurance Holdings Corp.		426		6,450
				1,559,143
Mortgage Real Estate Investment Trusts (REITs) - 2.5%
AG Mortgage Investment Trust, Inc.		5,420		92,736
Altisource Residential Corp.		10,575		116,748
Annaly Capital Management, Inc. ^(b)		1,546		15,414
Anworth Mortgage Asset Corp.		14,435		74,629
Apollo Commercial Real Estate Finance, Inc. ^(b)		4,720		78,446
Ares Commercial Real Estate Corp.		8,295		113,890
CYS Investments, Inc. ^(b)		9,730		75,213
Dynex Capital, Inc.		417		2,844
Invesco Mortgage Capital, Inc.		490		7,154
PennyMac Mortgage Investment Trust		9,225		151,013
Redwood Trust, Inc.		7,395		112,478
Resource Capital Corp. ^(b)		22,443		186,951
				1,027,516
Thrifts & Mortgage Finance - 4.9%
Astoria Financial Corp.		3,145		58,654
Bank Mutual Corp.		2,722		25,723
BankFinancial Corp.		1,908		28,277
Beneficial Bancorp, Inc.		1,105		20,332
Berkshire Hills Bancorp, Inc.		1,745		64,303
Capitol Federal Financial, Inc.		2,000		32,920
Charter Financial Corp.		200		3,334
Clifton Bancorp, Inc. ^(b)		385		6,514
Dime Community Bancshares, Inc.		13,993		281,259
Flushing Financial Corp.		965		28,361
HomeStreet, Inc. ^(a)		11,455		361,978
Meridian Bancorp, Inc.		9,630		182,007
MGIC Investment Corp. ^(a)		16,243		165,516
NMI Holdings, Inc. - Class A ^(a)		3,940		41,961
Northfield Bancorp, Inc.		5,640		112,631

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Financials - 30.7% (Continued)
Thrifts & Mortgage Finance - 4.9% (Continued)
Northwest Bancshares, Inc.		3,760	$	67,793
Oritani Financial Corp.		6,116		114,675
PennyMac Financial Services, Inc. - Class A ^(a)		460		7,659
Provident Financial Holdings, Inc.		105		2,123
Radian Group, Inc.		7,893		141,916
Territorial Bancorp, Inc.		3,300		108,372
Washington Federal, Inc.		4,050		139,118
Waterstone Financial, Inc.		347		6,385
				2,001,811
Health Care - 2.7%
Biotechnology - 0.0% ^(c)
Infinity Pharmaceuticals, Inc. ^{(a) (b)}		8,230		11,111

Health Care Equipment & Supplies - 1.8%
Analogic Corp.		6,140		509,312
CryoLife, Inc.		1,150		22,023
Exactech, Inc. ^(a)		1,480		40,404
Invacare Corp. ^(b)		1,015		13,246
Meridian Bioscience, Inc. ^(b)		6,450		114,165
OraSure Technologies, Inc. ^(a)		280		2,458
Orthofix International N.V. ^(a)		820		29,668
				731,276
Health Care Providers & Services - 0.6%
Almost Family, Inc. ^(a)		140		6,174
Magellan Health, Inc. ^(a)		1,191		89,623
National HealthCare Corp.		799		60,556
Owens & Minor, Inc.		785		27,703
PharMerica Corp. ^(a)		63		1,584
Triple-S Management Corp. - Class B ^{(a) (b)}		2,650		54,855
				240,495
Health Care Technology - 0.0% ^(c)
Quality Systems, Inc.		1,680		22,092

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Health Care - 2.7% (Continued)
Pharmaceuticals - 0.3%
Impax Laboratories, Inc. ^(a)		7,980	$	105,735

Industrials - 10.2%
Aerospace & Defense - 1.5%
AAR Corp.		1,032		34,108
AeroVironment, Inc. ^{(a) (b)}		620		16,635
DigitalGlobe, Inc. ^(a)		2,190		62,743
Ducommun, Inc. ^(a)		580		14,825
Esterline Technologies Corp. ^(a)		206		18,375
Moog, Inc. - Class A ^(a)		453		29,753
Orbital ATK, Inc.		4,772		418,647
				595,086
Building Products - 0.5%
Apogee Enterprises, Inc.		3,100		166,036
Simpson Manufacturing Co., Inc.		1,210		52,938
				218,974
Commercial Services & Supplies - 1.8%
ARC Document Solutions, Inc. ^(a)		2,415		12,268
Brady Corp. - Class A		5,920		222,295
Casella Waste Systems, Inc. - Class A ^(a)		2,959		36,721
Ennis, Inc.		10,666		185,055
Essendant, Inc.		3,855		80,570
HNI Corp.		300		16,776
Interface, Inc.		2,850		52,868
Kimball International, Inc. - Class B		1,315		23,091
Knoll, Inc.		1,675		46,783
Mobile Mini, Inc. ^(b)		200		6,050
Quad/Graphics, Inc.		1,785		47,981
				730,458
Construction & Engineering - 0.3%
Comfort Systems USA, Inc.		2,308		76,856
Tutor Perini Corp. ^{(a) (b)}		2,350		65,800
				142,656
Electrical Equipment - 1.5%
EnerSys		6,270		489,687

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Industrials - 10.2% (Continued)
Electrical Equipment - 1.5% (Continued)
General Cable Corp.		6,010	$	114,491
LSI Industries, Inc.		745		7,256
				611,434
Industrial Conglomerates - 0.4%
Raven Industries, Inc.		6,234		157,097

Machinery - 2.4%
Albany International Corp. - Class A		8,040		372,252
Briggs & Stratton Corp.		43		957
Chart Industries, Inc. ^(a)		3,235		116,525
Federal Signal Corp.		1,915		29,893
Global Brass & Copper Holdings, Inc.		1,240		42,532
Graham Corp.		2,380		52,717
Harsco Corp.		365		4,964
Hyster-Yale Materials Handling, Inc.		954		60,837
Kennametal, Inc.		3,510		109,723
Miller Industries, Inc.		729		19,282
Tennant Co.		1,097		78,106
Titan International, Inc. ^(b)		4,430		49,660
Wabash National Corp. ^(a)		2,425		38,364
				975,812
Professional Services - 1.0%
Franklin Covey Co. ^(a)		1,650		33,248
GP Strategies Corp. ^(a)		8,150		233,089
Kelly Services, Inc. - Class A		5,804		133,028
Navigant Consulting, Inc. ^(a)		650		17,017
				416,382
Road & Rail - 0.2%
Marten Transport Ltd.		3,060		71,298
Roadrunner Transportation Systems, Inc. ^(a)		1,495		15,533
				86,831
Trading Companies & Distributors - 0.6%
Applied Industrial Technologies, Inc.		2,930		174,042
CAI International, Inc. ^(a)		1,960		16,993

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Industrials - 10.2% (Continued)
Trading Companies & Distributors - 0.6% (Continued)
Triton International Ltd.		1,985	$	31,363
				222,398
Information Technology - 15.8%
Communications Equipment - 2.9%
ADTRAN, Inc.		3,225		72,079
Black Box Corp.		1,575		24,019
Comtech Telecommunications Corp.		6,924		82,048
Digi International, Inc. ^(a)		4,806		66,083
Ixia ^(a)		3,365		54,177
Mitel Networks Corp. ^(a)		114,850		780,979
NETGEAR, Inc. ^(a)		634		34,458
ShoreTel, Inc. ^(a)		4,080		29,172
Sonus Networks, Inc. ^(a)		5,655		35,627
				1,178,642
Electronic Equipment, Instruments & Components - 4.6%
Anixter International, Inc. ^(a)		290		23,505
AVX Corp.		12,302		192,280
Benchmark Electronics, Inc. ^(a)		4,120		125,660
Coherent, Inc. ^(a)		3,620		497,333
CTS Corp.		2,098		46,995
Daktronics, Inc.		1,230		13,161
FARO Technologies, Inc. ^(a)		217		7,812
Insight Enterprises, Inc. ^(a)		2,637		106,640
Kimball Electronics, Inc. ^(a)		2,000		36,400
MTS Systems Corp. ^(b)		2,055		116,519
Novanta, Inc. ^(a)		22,245		467,145
Park Electrochemical Corp.		333		6,210
Plexus Corp. ^(a)		2,220		119,969
Rogers Corp. ^(a)		780		59,912
ScanSource, Inc. ^(a)		1,056		42,610
Vishay Intertechnology, Inc. ^(b)		1,140		18,468
				1,880,619
Internet Software & Services - 0.4%
Bankrate, Inc. ^(a)		7,360		81,327
ChannelAdvisor Corp. ^(a)		805		11,552

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Information Technology - 15.8% (Continued)
Internet Software & Services - 0.4% (Continued)
EarthLink Holdings Corp.		1,270	$	7,163
Liquidity Services, Inc. ^(a)		7,673		74,812
				174,854
IT Services - 0.5%
Euronet Worldwide, Inc. ^(a)		2,595		187,956
ManTech International Corp. - Class A		95		4,014
				191,970
Semiconductors & Semiconductor Equipment - 5.0%
Cohu, Inc.		4,988		69,333
DSP Group, Inc. ^(a)		561		7,321
Entegris, Inc. ^(a)		30,695		549,441
Integrated Device Technology, Inc. ^(a)		16,405		386,502
IXYS Corp.		165		1,964
Lattice Semiconductor Corp. ^{(a) (b)}		81,605		600,612
Nanometrics, Inc. ^(a)		2,334		58,490
NVE Corp.		882		63,001
Photronics, Inc. ^(a)		3,949		44,624
Semtech Corp. ^(a)		154		4,859
Tessera Holding Corp.		730		32,266
Ultratech, Inc. ^(a)		10,385		249,032
				2,067,445
Software - 0.5%
EnerNOC, Inc. ^{(a) (b)}		6,555		39,330
Progress Software Corp.		3,060		97,707
Rubicon Project, Inc. (The) ^(a)		4,060		30,125
Silver Spring Networks, Inc. ^(a)		495		6,588
Telenav, Inc. ^(a)		2,408		16,976
				190,726
Technology Hardware, Storage & Peripherals - 1.9%
Cray, Inc. ^{(a) (b)}		13,925		288,248
Electronics For Imaging, Inc. ^(a)		10,660		467,547
Super Micro Computer, Inc. ^(a)		100		2,805
				758,600

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Materials - 8.4%
Chemicals - 2.8%
American Vanguard Corp.		5,770	$	110,496
Calgon Carbon Corp.		5,670		96,390
FutureFuel Corp.		1,968		27,355
Innophos Holdings, Inc.		1,550		81,003
Innospec, Inc.		1,955		133,917
KMG Chemicals, Inc.		185		7,195
Landec Corp. ^(a)		35,525		490,244
LSB Industries, Inc. ^{(a) (b)}		2,750		23,155
Sensient Technologies Corp.		515		40,469
Tredegar Corp.		1,880		45,120
Tronox Ltd. - Class A ^(b)		10,390		107,121
				1,162,465
Containers & Packaging - 0.5%
Greif, Inc. - Class A		3,807		195,337

Metals & Mining - 1.8%
Carpenter Technology Corp.		337		12,189
Commercial Metals Co.		850		18,513
Kaiser Aluminum Corp.		510		39,622
Materion Corp.		12,490		494,604
Olympic Steel, Inc.		335		8,117
Schnitzer Steel Industries, Inc. - Class A		4,310		110,767
SunCoke Energy, Inc. ^(a)		3,865		43,829
				727,641
Paper & Forest Products - 3.3%
Boise Cascade Co. ^(a)		15,190		341,776
Deltic Timber Corp. ^(b)		2,615		201,538
Louisiana-Pacific Corp. ^(a)		13,530		256,124
Neenah Paper, Inc.		1,150		97,980
P.H. Glatfelter Co.		8,215		196,256
Schweitzer-Mauduit International, Inc.		5,195		236,528
				1,330,202
Real Estate - 7.2%
Equity Real Estate Investment Trusts (REITs) - 5.7%
Ashford Hospitality Prime, Inc.		12,385		169,055

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Real Estate - 7.2% (Continued)
Equity Real Estate Investment Trusts (REITs) - 5.7% (Continued)
Ashford Hospitality Trust, Inc.		1,565	$	12,144
Brandywine Realty Trust		25,303		417,753
CBL & Associates Properties, Inc.		17,155		197,283
Cedar Realty Trust, Inc. ^(b)		10,728		70,054
Chesapeake Lodging Trust		5,075		131,240
DiamondRock Hospitality Co.		570		6,572
FelCor Lodging Trust, Inc. ^(a)		4,130		33,081
Getty Realty Corp.		2,402		61,227
Government Properties Income Trust ^(b)		555		10,581
Gramercy Property Trust		2,610		23,960
Kite Realty Group Trust		480		11,270
LaSalle Hotel Properties		5,210		158,749
Lexington Realty Trust		9,255		99,954
Life Storage, Inc.		75		6,395
Parkway, Inc. ^(a)		235		5,229
Pennsylvania Real Estate Investment Trust ^(b)		1,304		24,724
PS Business Parks, Inc.		175		20,391
Ramco-Gershenson Properties Trust		30,685		508,756
RLJ Lodging Trust		3,404		83,364
Sabra Health Care REIT, Inc.		3,595		87,790
Select Income REIT		2,060		51,912
STORE Capital Corp.		2,880		71,165
Sunstone Hotel Investors, Inc.		2,795		42,624
				2,305,273
Real Estate Management & Development - 1.5%
Forestar Group, Inc. ^(a)		35,388		470,660
RE/MAX Holdings, Inc. - Class A		2,680		150,080
				620,740
Telecommunication Services - 0.0% ^(c)
Diversified Telecommunication Services - 0.0% ^(c)
Cincinnati Bell, Inc. ^(a)		1,007		22,506

Utilities - 2.5%
Electric Utilities - 0.8%
ALLETE, Inc. ^(b)		1,715		110,085

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.6% (Continued)	Shares		Value
Utilities - 2.5% (Continued)
Electric Utilities - 0.8% (Continued)
El Paso Electric Co.		219	$	10,184
MGE Energy, Inc.		683		44,600
Otter Tail Corp.		280		11,424
PNM Resources, Inc.		3,160		108,388
Portland General Electric Co.		603		26,128
				310,809
Gas Utilities - 0.4%
Northwest Natural Gas Co.		765		45,747
ONE Gas, Inc.		804		51,424
Southwest Gas Holdings, Inc.		744		57,005
				154,176
Independent Power and Renewable Electricity Producers - 0.6%
Dynegy, Inc. ^(a)		10,880		92,045
Ormat Technologies, Inc.		2,990		160,324
				252,369
Multi-Utilities - 0.0% ^(c)
Avista Corp. ^(b)		345		13,797

Water Utilities - 0.7%
American States Water Co.		2,079		94,719
Artesian Resources Corp. - Class A		3,900		124,566
York Water Co. (The) ^(b)		1,410		53,862
				273,147

Total Common Stocks (Cost $31,105,936)			$	39,794,076

WILSHIRE SMALL COMPANY VALUE PORTFOLIO

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 7.7%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(d)		927,765	$	927,765
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(d) (e)}		2,227,822		2,227,822
Total Money Market Funds (Cost $3,155,587)			$	3,155,587

Total Investments at Value - 105.3% (Cost $34,261,523)			$	42,949,663

Liabilities in Excess of Other Assets - (5.3%)				(2,153,883	)

Net Assets - 100.0%			$	40,795,780

^(a)	Non-income producing security.

^(b)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $3,523,566.

^(c)	Percentage rounds to less than 0.1%.

^(d)	The rate shown is the 7-day effective yield as of December 31, 2016.

^(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $2,227,822. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,431,817.

See accompanying notes to financial statements.

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS
December 31, 2016

COMMON STOCKS - 99.9%	Shares		Value
Consumer Discretionary - 12.5%
Auto Components - 0.3%
American Axle & Manufacturing Holdings, Inc. ^(a)		550	$	10,615
Autoliv, Inc. ^(b)		748		84,635
BorgWarner, Inc. ^(b)		1,610		63,498
Cooper Tire & Rubber Co.		425		16,511
Dana, Inc.		900		17,082
Dorman Products, Inc. ^(a)		300		21,918
Drew Industries, Inc. ^(a)		154		16,594
Federal-Mogul Holdings Corp. ^{(a) (b)}		1,500		15,465
Gentex Corp.		2,195		43,220
Gentherm, Inc. ^(a)		375		12,694
Goodyear Tire & Rubber Co. (The)		2,125		65,599
Lear Corp.		500		66,184
Motorcar Parts of America, Inc. ^{(a) (b)}		300		8,076
Spartan Motors, Inc.		75		694
Standard Motor Products, Inc.		300		15,966
Superior Industries International, Inc.		150		3,953
Tenneco, Inc. ^(a)		450		28,112
Visteon Corp.		261		20,969
				511,785
Automobiles - 0.6%
Ford Motor Co.		30,185		366,144
General Motors Co.		10,950		381,498
Harley-Davidson, Inc. ^(b)		1,450		84,593
Tesla Motors, Inc. ^{(a) (b)}		861		183,987
Thor Industries, Inc.		381		38,119
Winnebago Industries, Inc. ^(b)		175		5,539
				1,059,880
Distributors - 0.1%
Acme United Corp.		300		7,674
BMC Stock Holdings, Inc. ^(a)		475		9,263
Core-Mark Holding Co., Inc.		206		8,872
Genuine Parts Co.		1,112		106,241
LKQ Corp. ^(a)		2,100		64,365

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Distributors - 0.1% (Continued)
Pool Corp.		313	$	32,658
				229,073
Diversified Consumer Services - 0.1%
2U, Inc. ^{(a) (b)}		325		9,799
American Public Education, Inc. ^(a)		300		7,365
Apollo Education Group, Inc. ^(a)		1,350		13,365
Ascent Capital Group, Inc. - Class A ^{(a) (b)}		200		3,252
Bridgepoint Education, Inc. ^{(a) (b)}		500		5,065
Bright Horizons Family Solutions, Inc. ^(a)		300		21,006
Capella Education Co.		100		8,780
Career Education Corp. ^(a)		500		5,045
Collectors Universe, Inc.		110		2,335
DeVry Education Group, Inc.		400		12,480
Grand Canyon Education, Inc. ^(a)		200		11,690
H&R Block, Inc. ^(b)		1,610		37,014
K12, Inc. ^(a)		300		5,148
Matthews International Corp. - Class A		100		7,685
Regis Corp. ^(a)		200		2,904
Service Corp. International		1,250		35,500
ServiceMaster Global Holdings, Inc. ^(a)		175		6,592
Sotheby's ^(b)		428		17,060
Weight Watchers International, Inc. ^{(a) (b)}		296		3,389
				215,474
Hotels, Restaurants & Leisure - 2.0%
Aramark		450		16,074
BJ's Restaurants, Inc. ^(a)		300		11,790
Boyd Gaming Corp. ^(a)		725		14,623
Bravo Brio Restaurant Group, Inc. ^{(a) (b)}		1,000		3,800
Brinker International, Inc. ^(b)		175		8,668
Buffalo Wild Wings, Inc. ^{(a) (b)}		66		10,190
Carnival Corp.		3,125		162,688
Cheesecake Factory, Inc. (The)		300		17,964
Chipotle Mexican Grill, Inc. ^{(a) (b)}		137		51,693
Choice Hotels International, Inc.		450		25,223
Churchill Downs, Inc.		67		10,080

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Hotels, Restaurants & Leisure - 2.0% (Continued)
Cracker Barrel Old Country Store, Inc. ^(b)		191	$	31,893
Darden Restaurants, Inc.		975		70,902
Domino's Pizza, Inc.		279		44,428
Eldorado Resorts, Inc. ^{(a) (b)}		528		8,950
Empire Resorts, Inc. ^{(a) (b)}		20		455
Famous Dave's of America, Inc. ^(a)		200		990
Fiesta Restaurant Group, Inc. ^(a)		300		8,955
Golden Entertainment, Inc.		100		1,211
Hilton Worldwide Holdings, Inc.		1,050		28,560
Hyatt Hotels Corp. - Class A ^(a)		300		16,578
ILG, Inc.		541		9,830
International Speedway Corp. - Class A		237		8,722
Jack in the Box, Inc.		236		26,347
Las Vegas Sands Corp. ^(b)		3,027		161,672
Marcus Corp. (The)		100		3,150
Marriott International, Inc. - Class A		2,604		215,299
Marriott Vacations Worldwide Corp.		155		13,152
McDonald's Corp.		6,521		793,735
MGM Resorts International ^(a)		3,600		103,788
Monarch Casino & Resort, Inc. ^(a)		1,600		41,248
Norwegian Cruise Line Holdings Ltd. ^(a)		325		13,822
Panera Bread Co. - Class A ^(a)		100		20,509
Papa John's International, Inc. ^(b)		173		14,805
Pinnacle Entertainment, Inc. ^(a)		800		11,600
Popeyes Louisiana Kitchen, Inc. ^(a)		100		6,048
RCI Hospitality Holdings, Inc.		1,500		25,650
Restaurant Brands International, Inc. ^(b)		4,603		219,379
Royal Caribbean Cruises Ltd. ^(b)		1,087		89,177
Scientific Games Corp. - Class A ^{(a) (b)}		1,500		21,000
SeaWorld Entertainment, Inc.		325		6,152
Six Flags Entertainment Corp.		600		35,976
Sonic Corp.		350		9,279
Speedway Motorsports, Inc.		400		8,668
Starbucks Corp.		10,823		600,893
Texas Roadhouse, Inc.		475		22,914

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Hotels, Restaurants & Leisure - 2.0% (Continued)
Vail Resorts, Inc.		138	$	22,261
Wendy's Co. (The)		2,500		33,800
Wyndham Worldwide Corp.		876		66,900
Wynn Resorts Ltd. ^(b)		721		62,374
Yum China Holdings, Inc. ^(a)		3,189		83,297
Yum! Brands, Inc.		2,889		182,960
				3,480,122
Household Durables - 0.5%
Beazer Homes USA, Inc. ^(a)		200		2,660
CalAtlantic Group Inc.		534		18,161
Cavco Industries, Inc. ^(a)		100		9,985
CSS Industries, Inc.		50		1,354
D.R. Horton, Inc.		2,373		64,854
GoPro, Inc. - Class A ^{(a) (b)}		300		2,613
Green Brick Partners, Inc. ^{(a) (b)}		45		452
Harman International Industries, Inc.		461		51,245
Helen of Troy Ltd. ^(a)		219		18,495
Hooker Furniture Corp.		200		7,590
iRobot Corp. ^{(a) (b)}		300		17,535
KB Home ^(b)		375		5,929
La-Z-Boy, Inc.		425		13,196
Leggett & Platt, Inc.		910		44,481
Lennar Corp. - Class A		1,250		53,663
Libbey, Inc.		250		4,865
Lifetime Brands, Inc.		700		12,425
MDC Holdings, Inc.		285		7,302
Meritage Homes Corp. ^(a)		200		6,960
Mohawk Industries, Inc. ^(a)		492		98,243
Newell Brands, Inc.		3,715		165,874
NVR, Inc. ^(a)		40		66,760
Orleans Homebuilders, Inc. ^(a)		650		0
PulteGroup, Inc.		2,340		43,009
Tempur Sealy International, Inc. ^{(a) (b)}		298		20,347
Toll Brothers, Inc. ^{(a) (b)}		1,050		32,550
TRI Pointe Group, Inc. ^(a)		1,100		12,628

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Household Durables - 0.5% (Continued)
Tupperware Brands Corp.		300	$	15,786
Universal Electronics, Inc. ^(a)		200		12,910
Whirlpool Corp.		604		109,788
				921,660
Internet & Direct Marketing Retail - 2.1%
1-800-FLOWERS.COM, Inc. - Class A ^(a)		300		3,210
Amazon.com, Inc. ^(a)		3,129		2,346,342
Blue Nile, Inc. ^(b)		250		10,158
Expedia, Inc.		857		97,081
Gaia, Inc. ^{(a) (b)}		600		5,190
HSN, Inc. ^(b)		118		4,047
Lands' End, Inc. ^{(a) (b)}		278		4,212
Liberty Expedia Holdings, Inc. - Series A ^(a)		381		15,114
Liberty Interactive Corp. QVC Group - Series A ^(a)		2,725		54,446
Liberty TripAdvisor Holdings, Inc. - Series A ^(a)		790		11,890
Liberty Ventures - Series A ^(a)		571		21,053
Netflix, Inc. ^{(a) (b)}		2,971		367,810
Nutrisystem, Inc.		300		10,395
Overstock.com, Inc. ^(a)		300		5,250
Priceline Group, Inc. (The) ^(a)		408		598,152
Shutterfly, Inc. ^(a)		100		5,018
TripAdvisor, Inc. ^(a)		634		29,399
Wayfair, Inc. - Class A ^{(a) (b)}		300		10,515
				3,599,282
Leisure Products - 0.1%
Brunswick Corp.		550		29,997
Callaway Golf Co.		500		5,480
Hasbro, Inc. ^(b)		800		62,232
Marine Products Corp. ^(b)		700		9,709
Mattel, Inc. ^(b)		2,555		70,390
Nautilus, Inc. ^{(a) (b)}		50		925
Polaris Industries, Inc. ^(b)		440		36,252
Smith & Wesson Holding Corp. ^{(a) (b)}		475		10,013
Vista Outdoor, Inc. ^(a)		400		14,760
				239,758

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Media - 3.2%
A.H. Belo Corp. - Class A		90	$	572
AMC Entertainment Holdings, Inc. - Class A ^(b)		107		3,604
AMC Networks, Inc. - Class A ^(a)		356		18,633
CBS Corp. - Class B		2,833		180,235
Charter Communications, Inc. - Class A ^(a)		1,783		513,361
Cinemark Holdings, Inc.		775		29,729
Clear Channel Outdoor Holdings, Inc. - Class A		1,000		5,050
Comcast Corp. - Class A		17,971		1,240,897
Discovery Communications, Inc. - Series A ^{(a) (b)}		1,098		30,096
Discovery Communications, Inc. - Series C ^(a)		1,298		34,760
DISH Network Corp. - Class A ^(a)		1,675		97,033
E.W. Scripps Co. (The) - Class A ^{(a) (b)}		526		10,168
Entercom Communications Corp. - Class A		250		3,825
Entravision Communications Corp. - Class A		100		700
Gannett Company, Inc.		1,050		10,196
Gray Television, Inc. ^(a)		1,000		10,850
Interpublic Group of Cos., Inc. (The)		2,722		63,722
John Wiley & Sons, Inc. - Class A		200		10,900
Liberty Braves Group - Series A ^(a)		360		7,376
Liberty Braves Group - Series C ^(a)		255		5,250
Liberty Broadband Corp. - Series A ^(a)		1,525		110,502
Liberty Broadband Corp. - Series C ^(a)		638		47,257
Liberty Media Group - Series A ^{(a) (b)}		600		18,810
Liberty Media Group - Series C ^{(a) (b)}		638		19,989
Liberty SiriusXM Group - Series A ^(a)		2,727		94,136
Liberty SiriusXM Group - Series C ^(a)		2,554		86,632
Lions Gate Entertainment Corp. - Class A ^{(a) (b)}		625		16,813
Lions Gate Entertainment Corp. - Class B ^{(a) (b)}		1,032		25,335
Live Nation Entertainment, Inc. ^(a)		612		16,279
Loral Space & Communications, Inc. ^{(a) (b)}		300		12,315
Madison Square Garden Co. (The) - Class A ^(a)		193		33,101
Media General, Inc. ^(a)		794		14,951
Meredith Corp.		300		17,745
MSG Networks, Inc. - Class A ^(a)		581		12,492
National CineMedia, Inc. ^(b)		500		7,365

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Media - 3.2% (Continued)
New Media Investment Group, Inc.		301	$	4,813
New York Times Co. (The) - Class A		1,050		13,965
News Corp. - Class A		2,853		32,695
Omnicom Group, Inc.		1,960		166,816
Regal Entertainment Group - Class A ^(b)		575		11,845
Salem Media Group, Inc.		100		625
Scholastic Corp.		325		15,434
Scripps Networks Interactive, Inc. - Class A		626		44,678
Sinclair Broadcast Group, Inc. - Class A ^(b)		425		14,174
Sirius XM Holdings, Inc. ^(b)		15,600		69,420
TEGNA, Inc.		1,725		36,898
Thomson Reuters Corp. ^(b)		2,625		114,923
Time Warner, Inc.		6,120		590,763
Time, Inc.		654		11,674
Twenty-First Century Fox, Inc. - Class A		7,363		206,459
Value Line, Inc. ^(b)		200		3,900
Viacom, Inc. - Class B		2,482		87,118
Walt Disney Co. (The)		11,556		1,204,365
World Wrestling Entertainment, Inc. - Class A ^(b)		600		11,040
				5,452,284
Multi-Line Retail - 0.4%
Big Lots, Inc. ^(b)		200		10,042
Burlington Stores, Inc. ^(a)		300		25,425
Dillard's, Inc. - Class A ^(b)		347		21,753
Dollar General Corp.		446		33,035
Dollar Tree, Inc. ^(a)		1,912		147,568
Fred's, Inc. - Class A ^(b)		700		12,992
J. C. Penney Co., Inc. ^{(a) (b)}		2,192		18,216
Kohl's Corp. ^(b)		1,075		53,084
Macy's, Inc.		2,523		90,349
Nordstrom, Inc. ^(b)		1,000		47,930
Target Corp.		4,411		318,606
Tuesday Morning Corp. ^(a)		200		1,080
				780,080

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Specialty Retail - 2.4%
Aaron's, Inc.		400	$	12,796
Abercrombie & Fitch Co. - Class A ^(b)		425		5,100
Advance Auto Parts, Inc.		591		99,950
American Eagle Outfitters, Inc. ^(b)		1,225		18,583
Ascena Retail Group, Inc. ^(a)		1,789		11,074
AutoNation, Inc. ^{(a) (b)}		525		25,541
AutoZone, Inc. ^{(a) (b)}		206		162,697
Barnes & Noble Education, Inc. ^(a)		347		3,980
Barnes & Noble, Inc.		550		6,133
Bed Bath & Beyond, Inc.		1,125		45,720
Best Buy Co., Inc.		1,625		69,339
Big 5 Sporting Goods Corp.		200		3,470
Buckle, Inc. (The) ^(b)		350		7,980
Cabela's, Inc. ^{(a) (b)}		500		29,275
Caleres, Inc.		425		13,949
CarMax, Inc. ^{(a) (b)}		1,380		88,858
Cato Corp. (The) - Class A		300		9,024
Chico's FAS, Inc.		1,300		18,707
Children's Place, Inc. (The) ^(b)		132		13,325
Citi Trends, Inc.		50		942
Conn's, Inc. ^{(a) (b)}		500		6,325
CST Brands, Inc.		679		32,694
Dick's Sporting Goods, Inc.		527		27,984
DSW, Inc. - Class A		550		12,458
Express, Inc. ^(a)		1,000		10,760
Foot Locker, Inc.		1,025		72,662
GameStop Corp. - Class A ^(b)		1,025		25,892
Gap, Inc. (The) ^(b)		1,850		41,514
Group 1 Automotive, Inc. ^(b)		223		17,381
Guess?, Inc. ^(b)		400		4,840
Hibbett Sports, Inc. ^{(a) (b)}		200		7,460
Home Depot, Inc. (The)		8,948		1,199,747
L Brands, Inc.		1,784		117,459
Lithia Motors, Inc. - Class A		134		12,975
Lowe's Cos., Inc.		6,828		485,606

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Specialty Retail - 2.4% (Continued)
Lumber Liquidators Holdings, Inc. ^{(a) (b)}		241	$	3,793
Monro Muffler Brake, Inc.		325		18,590
Murphy USA, Inc. ^{(a) (b)}		296		18,195
Office Depot, Inc.		3,450		15,594
O'Reilly Automotive, Inc. ^(a)		750		208,808
Penske Automotive Group, Inc. ^(b)		350		18,144
Restoration Hardware Holdings, Inc. ^{(a) (b)}		116		3,561
Ross Stores, Inc.		2,575		168,920
Sally Beauty Holdings, Inc. ^(a)		700		18,494
Sears Holdings Corp. ^{(a) (b)}		625		5,806
Select Comfort Corp. ^(a)		188		4,253
Shoe Carnival, Inc. ^(b)		600		16,188
Signet Jewelers Ltd. ^(b)		620		58,441
Sonic Automotive, Inc. - Class A		300		6,870
Stage Stores, Inc. ^(b)		552		2,412
Staples, Inc.		5,675		51,359
Systemax, Inc.		600		5,262
Tailored Brands, Inc.		475		12,136
Tiffany & Co. ^(b)		735		56,911
TJX Cos., Inc. (The)		4,789		359,798
Tractor Supply Company		1,061		80,434
Ulta Salon, Cosmetics & Fragrance, Inc. ^(a)		469		119,567
Urban Outfitters, Inc. ^(a)		800		22,784
Vitamin Shoppe, Inc. ^{(a) (b)}		300		7,125
Williams-Sonoma, Inc. ^(b)		500		24,195
Zumiez, Inc. ^{(a) (b)}		300		6,555
				4,036,395
Textiles, Apparel & Luxury Goods - 0.7%
Carter's, Inc.		382		33,001
Coach, Inc.		2,200		77,044
Columbia Sportswear Co.		100		5,830
Crocs, Inc. ^(a)		1,200		8,232
Deckers Outdoor Corp. ^{(a) (b)}		325		18,002
Fossil Group, Inc. ^{(a) (b)}		400		10,344
G-III Apparel Group Ltd. ^(a)		275		8,129

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Discretionary - 12.5% (Continued)
Textiles, Apparel & Luxury Goods - 0.7% (Continued)
Hanesbrands, Inc.		2,995	$	64,602
Iconix Brand Group, Inc. ^(a)		450		4,203
Kate Spade & Co. ^(a)		700		13,069
Movado Group, Inc. ^(b)		300		8,625
NIKE, Inc. - Class B		9,699		493,000
Oxford Industries, Inc.		50		3,007
Perry Ellis International, Inc. ^(a)		100		2,491
PVH Corp.		643		58,024
Ralph Lauren Corp. ^(b)		406		36,670
Rocky Brands, Inc.		100		1,155
Sequential Brands Group, Inc. ^(a)		223		1,044
Skechers U.S.A., Inc. - Class A ^(a)		1,050		25,809
Steven Madden Ltd. ^(a)		300		10,725
Under Armour, Inc. - Class A ^{(a) (b)}		2,725		79,161
Under Armour, Inc. - Class C ^(a)		1,611		40,549
VF Corp.		2,675		142,711
Wolverine World Wide, Inc.		725		15,914
				1,161,341
Consumer Staples - 8.8%
Beverages - 1.9%
Boston Beer Co., Inc. (The) - Class A ^{(a) (b)}		100		16,985
Brown-Forman Corp. - Class B		1,856		83,372
Coca-Cola Co. (The)		30,590		1,268,260
Coca-Cola European Partners plc		2,095		65,783
Constellation Brands, Inc. - Class A		1,362		208,808
Dr Pepper Snapple Group, Inc.		1,397		126,666
MGP Ingredients, Inc. ^(b)		200		9,996
Molson Coors Brewing Co. - Class B		1,163		113,172
Monster Beverage Corp. ^(a)		2,996		132,843
PepsiCo, Inc.		11,262		1,178,343
				3,204,228
Food & Staples Retailing - 2.0%
Andersons, Inc. (The)		75		3,353
Casey's General Stores, Inc.		287		34,119
Costco Wholesale Corp.		3,433		549,658

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Staples - 8.8% (Continued)
Food & Staples Retailing - 2.0% (Continued)
CVS Health Corp.		8,374	$	660,791
Ingles Markets, Inc. - Class A		150		7,215
Kroger Co. (The)		6,850		236,394
PriceSmart, Inc. ^(b)		215		17,953
Rite Aid Corp. ^(a)		8,525		70,246
SpartanNash Co.		400		15,816
Sprouts Farmers Market, Inc. ^{(a) (b)}		300		5,676
SUPERVALU, Inc. ^(a)		2,050		9,574
Sysco Corp.		4,300		238,091
United Natural Foods, Inc. ^(a)		450		21,474
US Foods Holding Corp. ^(a)		475		13,053
Walgreen Boots Alliance, Inc.		7,409		613,169
Wal-Mart Stores, Inc.		12,204		843,539
Whole Foods Market, Inc.		2,725		83,821
				3,423,942
Food Products - 1.7%
Alico, Inc.		200		5,430
Archer-Daniels-Midland Co.		4,311		196,797
B&G Foods, Inc.		550		24,090
Blue Buffalo Pet Products, Inc ^(a)		725		17,429
Bunge Ltd.		1,050		75,852
Cal-Maine Foods, Inc. ^(b)		18		795
Campbell Soup Co.		1,650		99,776
Conagra Brands, Inc.		3,473		137,357
Darling Ingredients, Inc. ^(a)		975		12,587
Dean Foods Co. ^(b)		567		12,349
Flowers Foods, Inc. ^(b)		1,580		31,553
Fresh Del Monte Produce, Inc.		100		6,063
General Mills, Inc.		4,275		264,067
Hain Celestial Group, Inc. (The) ^(a)		900		35,127
Hershey Co. (The)		1,250		129,288
Hormel Foods Corp.		2,175		75,712
Ingredion, Inc.		541		67,603
J & J Snack Foods Corp.		70		9,340
J.M. Smucker Co. (The)		952		121,913

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Staples - 8.8% (Continued)
Food Products - 1.7% (Continued)
Kellogg Co.		1,903	$	140,270
Kraft Heinz Co. (The)		4,831		421,843
Lamb Weston Holdings, Inc. ^(a)		1,157		43,792
Lancaster Colony Corp.		112		15,836
McCormick & Co., Inc. - Non-Voting Shares		777		72,517
Mead Johnson Nutrition Co.		1,224		86,610
Mondelēz International, Inc. - Class A		12,246		542,866
Pilgrim's Pride Corp. ^(b)		650		12,344
Pinnacle Foods, Inc.		375		20,044
Post Holdings, Inc. ^{(a) (b)}		438		35,211
Rocky Mountain Chocolate Factory, Inc.		70		713
Sanderson Farms, Inc. ^(b)		143		13,476
Snyder's-Lance, Inc.		710		27,221
Tootsie Roll Industries, Inc. ^(b)		27		1,073
TreeHouse Foods, Inc. ^{(a) (b)}		385		27,793
Tyson Foods, Inc. - Class A		1,911		117,870
WhiteWave Foods Co. (The) ^(a)		821		45,648
				2,948,255
Household Products - 1.6%
Church & Dwight Co., Inc.		1,906		84,226
Clorox Co. (The)		950		114,019
Colgate-Palmolive Co.		6,986		457,164
Energizer Holdings, Inc.		592		26,409
HRG Group, Inc. ^(a)		1,350		21,006
Kimberly-Clark Corp.		2,631		300,250
Procter & Gamble Co. (The)		21,239		1,785,774
WD-40 Co.		45		5,261
				2,794,109
Personal Products - 0.2%
Avon Products, Inc. ^(a)		2,600		13,104
Coty, Inc. - Class A		3,975		72,782
e.l.f. Beauty Inc ^{(a) (b)}		300		8,682
Edgewell Personal Care Co. ^(a)		446		32,554
Estée Lauder Cos., Inc. (The) - Class A		1,581		120,930
Herbalife Ltd. ^{(a) (b)}		650		31,291

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Consumer Staples - 8.8% (Continued)
Personal Products - 0.2% (Continued)
Inter Parfums, Inc.		300	$	9,825
Mannatech, Inc.		70		1,421
Nu Skin Enterprises, Inc. - Class A		325		15,529
USANA Health Sciences, Inc. ^{(a) (b)}		118		7,222
				313,340
Tobacco - 1.4%
Altria Group, Inc.		15,325		1,036,277
Philip Morris International, Inc.		11,474		1,049,756
Reynolds American, Inc.		6,925		388,077
Vector Group Ltd. ^(b)		812		18,465
				2,492,575
Energy - 7.0%
Energy Equipment & Services - 1.1%
Archrock, Inc.		812		10,718
Atwood Oceanics, Inc. ^(b)		600		7,878
Baker Hughes, Inc.		3,095		201,082
Bristow Group, Inc.		200		4,096
CARBO Ceramics, Inc. ^{(a) (b)}		150		1,569
Dawson Geophysical Co. ^{(a) (b)}		78		627
Diamond Offshore Drilling, Inc. ^{(a) (b)}		850		15,045
Dril-Quip, Inc. ^{(a) (b)}		145		8,707
Era Group, Inc. ^(a)		300		5,091
Exterran Corp. ^(a)		406		9,703
Fairmount Santrol Holdings, Inc. ^{(a) (b)}		1,250		14,738
FMC Technologies, Inc. ^(a)		1,906		67,720
Forum Energy Technologies, Inc. ^(a)		300		6,600
Geospace Technologies Corp. ^{(a) (b)}		226		4,601
Gulf Island Fabrication, Inc.		381		4,534
Halliburton Co.		6,231		337,035
Helix Energy Solutions Group, Inc. ^{(a) (b)}		1,000		8,820
Helmerich & Payne, Inc. ^(b)		550		42,570
Hornbeck Offshore Services, Inc. ^{(a) (b)}		500		3,610
Matrix Service Co. ^(a)		450		10,215
McDermott International, Inc. ^(a)		1,575		11,639
Nabors Industries Ltd.		1,975		32,390

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Energy Equipment & Services - 1.1% (Continued)
National Oilwell Varco, Inc.		2,961	$	110,860
Newpark Resources, Inc. ^(a)		875		6,563
Oceaneering International, Inc.		500		14,105
Oil States International, Inc. ^(a)		200		7,800
Patterson-UTI Energy, Inc. ^(b)		1,100		29,612
Pioneer Energy Services Corp. ^(a)		675		4,624
Rowan Cos. plc - Class A ^(a)		900		17,001
RPC, Inc. ^(b)		587		11,628
Schlumberger Ltd.		10,103		848,148
Superior Energy Services, Inc. ^(b)		1,131		19,091
TETRA Technologies, Inc. ^(a)		850		4,267
Trico Marine Services, Inc. ^(a)		1,600		0
Unit Corp. ^(a)		500		13,435
				1,896,122
Oil, Gas & Consumable Fuels - 5.9%
Alon USA Energy, Inc.		250		2,845
Anadarko Petroleum Corp.		4,189		292,099
Antero Resources Corp. ^(a)		800		18,920
Apache Corp.		2,913		184,888
Arch Coal, Inc. - Class A ^{(a) (b)}		163		12,722
Bill Barrett Corp. ^(a)		400		2,796
BP Prudhoe Bay Royalty Trust		300		7,125
Cabot Oil & Gas Corp.		3,325		77,672
California Resources Corp. ^(a)		472		10,049
Callon Petroleum Co. ^(a)		1,500		23,055
Carrizo Oil & Gas, Inc. ^(a)		400		14,940
Cheniere Energy, Inc. ^{(a) (b)}		1,925		79,753
Chesapeake Energy Corp. ^{(a) (b)}		6,875		48,263
Chevron Corp.		14,824		1,744,784
Cimarex Energy Co.		696		94,586
Clayton Williams Energy, Inc. ^{(a) (b)}		113		13,476
Concho Resources, Inc. ^{(a) (b)}		928		123,053
ConocoPhillips		9,717		487,210
CONSOL Energy, Inc.		1,650		30,080
Continental Resources, Inc. ^{(a) (b)}		830		42,778

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Oil, Gas & Consumable Fuels - 5.9% (Continued)
Cross Timbers Royalty Trust		200	$	3,594
Delek US Holdings, Inc.		175		4,212
Devon Energy Corp.		4,066		185,694
Diamondback Energy, Inc. ^(a)		535		54,067
Enbridge Energy Management, LLC ^(a)		861		22,300
Energen Corp. ^(a)		490		28,258
EnLink Midstream, LLC ^(b)		1,550		29,528
EOG Resources, Inc.		4,171		421,688
EQT Corp.		1,260		82,404
Exxon Mobil Corp.		32,562		2,939,045
Green Plains, Inc. ^(b)		300		8,355
Gulfport Energy Corp. ^(a)		900		19,476
Hess Corp.		2,324		144,762
HollyFrontier Corp. ^(b)		1,158		37,936
Kinder Morgan, Inc.		10,135		209,896
Laredo Petroleum, Inc. ^(a)		800		11,312
Marathon Oil Corp.		6,297		109,001
Marathon Petroleum Corp.		4,006		201,702
Matador Resources Co. ^{(a) (b)}		375		9,660
Murphy Oil Corp. ^(b)		1,025		31,908
Newfield Exploration Co. ^(a)		1,525		61,763
Noble Energy, Inc.		2,812		107,025
Oasis Petroleum, Inc. ^(a)		1,375		20,818
Occidental Petroleum Corp.		6,000		427,380
ONEOK, Inc.		1,525		87,550
Pacific Ethanol, Inc. ^{(a) (b)}		1		10
Parsley Energy, Inc. - Class A ^(a)		950		33,478
PBF Energy, Inc. - Class A ^(b)		625		17,425
PDC Energy, Inc. ^(a)		375		27,218
Phillips 66		3,474		300,188
Pioneer Natural Resources Co.		1,321		237,872
QEP Resources, Inc. ^(a)		1,750		32,218
Range Resources Corp.		1,339		46,008
Renewable Energy Group, Inc. ^{(a) (b)}		109		1,057
Rice Energy, Inc. ^(a)		1,425		30,424

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Oil, Gas & Consumable Fuels - 5.9% (Continued)
RSP Permian, Inc. ^(a)		600	$	26,772
Sanchez Energy Corp. ^{(a) (b)}		325		2,935
SemGroup Corp. - Class A		450		18,788
Ship Finance International Ltd. ^(b)		1,000		14,850
SM Energy Co.		450		15,516
Southwestern Energy Co. ^(a)		3,325		35,977
Spectra Energy Corp.		5,441		223,571
Synergy Resources Corp. ^{(a) (b)}		1,175		10,469
Targa Resources Corp.		1,255		70,368
Teekay Corp. ^(b)		775		6,223
Tesoro Corp.		944		82,553
Valero Energy Corp.		3,514		240,076
Western Refining, Inc.		540		20,439
Westmoreland Coal Co. ^(a)		300		5,301
Whiting Petroleum Corp. ^(a)		1,922		23,102
Williams Cos., Inc. (The)		5,250		163,485
World Fuel Services Corp.		475		21,807
WPX Energy, Inc. ^(a)		2,675		38,975
				10,317,533
Financials - 15.8%
Banks - 7.1%
Ameris Bancorp		300		13,080
Associated Banc-Corp		1,200		29,640
Bancorp, Inc. (The) ^(a)		50		393
BancorpSouth, Inc.		675		20,959
Bank of America Corp.		80,198		1,772,375
Bank of Hawaii Corp. ^(b)		303		26,873
Bank of the Ozarks, Inc. ^(b)		765		40,231
BankUnited, Inc.		375		14,134
Banner Corp.		300		16,743
BB&T Corp.		6,440		302,809
BNC Bancorp		400		12,760
BOK Financial Corp. ^(b)		169		14,034
Boston Private Financial Holdings, Inc.		1,000		16,550
Bridge Bancorp, Inc. ^(b)		300		11,370

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Banks - 7.1% (Continued)
Camden National Corp.		150	$	6,668
Capital Bank Financial Corp. - Class A		30		1,178
Capital City Bank Group, Inc. ^(b)		350		7,168
Cardinal Financial Corp.		100		3,279
Cathay General Bancorp		463		17,608
Central Pacific Financial Corp.		300		9,426
Chemical Financial Corp.		500		27,085
CIT Group, Inc.		1,650		70,422
Citigroup, Inc.		22,615		1,344,008
Citizens Financial Group, Inc.		1,675		59,680
CoBiz Financial, Inc.		750		12,668
Columbia Banking System, Inc.		576		25,736
Comerica, Inc.		1,083		73,763
Commerce Bancshares, Inc.		689		39,820
Community Bank System, Inc.		200		12,358
Community Trust Bancorp, Inc.		110		5,456
Cullen/Frost Bankers, Inc. ^(b)		432		38,115
CVB Financial Corp.		1,000		22,930
Eagle Bancorp, Inc. ^(a)		300		18,285
East West Bancorp, Inc.		1,025		52,101
Enterprise Financial Services Corp.		50		2,150
F.N.B. Corp.		1,650		26,450
Fifth Third Bancorp		5,776		155,779
Financial Institutions, Inc.		1,200		41,040
First BanCorp. ^(a)		2,516		16,631
First Bancorp/NC		300		8,142
First Busey Corp.		325		10,004
First Citizens BancShares, Inc. - Class A		50		17,750
First Commonwealth Financial Corp.		800		11,344
First Community Bancshares, Inc.		425		12,810
First Financial Bancorp		575		16,359
First Financial Bankshares, Inc. ^(b)		300		13,560
First Financial Corp.		100		5,280
First Hawaiian, Inc. ^(b)		300		10,446
First Horizon National Corp. ^(b)		1,583		31,676

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Banks - 7.1% (Continued)
First Interstate BancSystem, Inc. - Class A		300	$	12,765
First Merchants Corp.		425		16,001
First Midwest Bancorp, Inc.		800		20,184
First Republic Bank		150		13,821
Fulton Financial Corp.		1,250		23,500
Glacier Bancorp, Inc.		550		19,927
Great Western Bancorp, Inc.		300		13,077
Guaranty Bancorp		200		4,840
Hancock Holding Co.		500		21,550
Hanmi Financial Corp.		369		12,878
Heartland Financial USA, Inc.		300		14,400
Heritage Commerce Corp.		50		722
Hilltop Holdings, Inc.		550		16,390
Home BancShares, Inc.		1,250		34,713
Hope Bancorp, Inc.		1,092		23,904
Huntington Bancshares, Inc.		7,772		102,746
IBERIABANK Corp.		375		31,406
Independent Bank Corp.		300		21,135
International Bancshares Corp.		400		16,320
Investors Bancorp, Inc.		1,325		18,484
JPMorgan Chase & Co.		28,098		2,424,575
KeyCorp		8,801		160,794
Lakeland Financial Corp.		300		14,208
LegacyTexas Financial Group, Inc.		375		16,148
M&T Bank Corp.		1,067		166,911
MainSource Financial Group, Inc.		300		10,320
MB Financial, Inc.		540		25,504
NBT Bancorp, Inc.		200		8,376
OFG Bancorp ^(b)		432		5,659
Old National Bancorp		950		17,243
Old Second Bancorp, Inc.		400		4,420
Pacific Premier Bancorp, Inc. ^(a)		300		10,605
PacWest Bancorp		817		44,477
Park National Corp.		87		10,410
People's United Financial, Inc. ^(b)		2,322		44,954

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Banks - 7.1% (Continued)
Pinnacle Financial Partners, Inc.		350	$	24,255
PNC Financial Services Group, Inc. (The)		3,820		446,787
Popular, Inc.		782		34,267
Preferred Bank		200		10,484
PrivateBancorp, Inc.		697		37,770
Prosperity Bancshares, Inc.		500		35,890
Regions Financial Corp.		9,081		130,403
Renasant Corp.		400		16,888
Republic Bancorp, Inc. - Class A		315		12,455
S&T Bancorp, Inc.		350		13,664
Sandy Spring Bancorp, Inc.		300		11,997
Seacoast Banking Corp. of Florida ^(a)		150		3,309
Signature Bank ^(a)		387		58,127
Simmons First National Corp. - Class A		200		12,430
South State Corp.		180		15,732
Southside Bancshares, Inc.		331		12,459
Southwest Bancorp, Inc.		50		1,450
Sterling Bancorp		1,113		26,044
Stock Yards Bancorp, Inc.		300		14,085
Suffolk Bancorp		50		2,141
Sun Bancorp, Inc.		164		4,264
SunTrust Banks, Inc.		3,330		182,651
SVB Financial Group ^(a)		367		62,999
Synovus Financial Corp.		947		38,903
TCF Financial Corp.		1,500		29,385
Texas Capital Bancshares, Inc. ^(a)		384		30,106
Tompkins Financial Corp.		105		9,927
TowneBank		553		18,387
TriCo Bancshares		109		3,726
Trustmark Corp.		425		15,151
U.S. Bancorp		12,784		656,713
UMB Financial Corp.		243		18,740
Umpqua Holdings Corp.		1,500		28,170
Union Bankshares Corp.		275		9,829
United Bankshares, Inc. ^(b)		482		22,293

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Banks - 7.1% (Continued)
United Community Banks, Inc.		474	$	14,040
United Community Financial Corp.		317		2,834
United Security Bancshares ^(a)		403		3,123
Valley National Bancorp		2,225		25,899
Washington Trust Bancorp, Inc.		100		5,605
Webster Financial Corp.		675		36,639
Wells Fargo & Co.		36,042		1,986,274
WesBanco, Inc.		350		15,071
Westamerica Bancorp. ^(b)		83		5,223
Western Alliance Bancorp ^(a)		850		41,404
Wintrust Financial Corp.		425		30,842
Yadkin Financial Corp.		375		12,848
Zions Bancorp.		1,480		63,699
				12,217,875
Capital Markets - 2.5%
Actua Corp. ^(a)		100		1,400
Affiliated Managers Group, Inc. ^(a)		428		62,188
American Capital Ltd. ^{(a) (b)}		1,875		33,600
Ameriprise Financial, Inc.		1,275		141,449
Apollo Investment Corp.		2,675		15,676
Ares Capital Corp. ^(b)		2,750		45,348
Arlington Asset Investment Corp. - Class A ^(b)		4		59
Artisan Partners Asset Management, Inc. - Class A		300		8,925
Ashford, Inc. ^(a)		6		265
Bank of New York Mellon Corp. (The)		8,488		402,160
BGC Partners, Inc. - Class A		2,300		23,529
BlackRock, Inc.		1,042		396,522
Charles Schwab Corp. (The)		9,189		362,690
Cohen & Steers, Inc. ^(b)		50		1,680
Donnelley Financial Solutions, Inc. ^(a)		159		3,654
E*TRADE Financial Corp. ^(a)		2,078		72,003
Eaton Vance Corp.		850		35,598
Ellington Financial, LLC		425		6,596
Evercore Partners, Inc. - Class A		350		24,045
Federated Investors, Inc. - Class B		700		19,796

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Capital Markets - 2.5% (Continued)
Fifth Street Finance Corp.		1,750	$	9,398
Financial Engines, Inc.		225		8,269
Franklin Resources, Inc.		3,221		127,487
FS Investment Corp. ^(b)		2,700		27,810
Goldman Sachs Group, Inc. (The)		2,988		715,476
Golub Capital BDC, Inc.		475		8,735
Greenhill & Co., Inc.		300		8,310
Hercules Capital, Inc.		775		10,935
HFF, Inc. - Class A		375		11,344
Interactive Brokers Group, Inc. - Class A ^(b)		500		18,255
INTL FCStone, Inc. ^(a)		500		19,800
Invesco Ltd.		3,400		103,156
Investment Technology Group, Inc.		1,000		19,740
Janus Capital Group, Inc. ^(b)		1,425		18,910
Legg Mason, Inc.		750		22,433
LPL Financial Holdings, Inc.		200		7,042
Main Street Capital Corp.		475		17,466
Moody's Corp.		1,359		128,113
Morgan Stanley		12,175		514,393
Morningstar, Inc.		207		15,227
New Mountain Finance Corp. ^(b)		650		9,165
Northern Trust Corp.		1,875		166,969
NorthStar Asset Management Group, Inc.		1,428		21,306
Oaktree Capital Group, LLC		1,100		41,250
Prospect Capital Corp. ^(b)		3,375		28,181
Pzena Investment Management, Inc. - Class A		2,077		23,075
Raymond James Financial, Inc.		925		64,075
SEI Investments Co.		975		48,126
Solar Capital Ltd.		500		10,410
State Street Corp.		3,029		235,414
Stifel Financial Corp. ^(a)		340		16,983
T. Rowe Price Group, Inc.		2,028		152,627
TD Ameritrade Holding Corp.		2,353		102,591
Triangle Capital Corp. ^(b)		350		6,419
Virtus Investment Partners, Inc.		48		5,666

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Capital Markets - 2.5% (Continued)
Waddell & Reed Financial, Inc. - Class A ^(b)		525	$	10,243
WisdomTree Investments, Inc. ^(b)		750		8,355
				4,420,337
Consumer Finance - 0.9%
Ally Financial, Inc.		4,200		79,884
American Express Co.		6,028		446,553
Capital One Financial Corp.		3,584		312,668
Credit Acceptance Corp. ^{(a) (b)}		112		24,361
Discover Financial Services		3,075		221,677
Encore Capital Group, Inc. ^(a)		200		5,730
Enova International, Inc. ^(a)		297		3,727
EZCORP, Inc. - Class A ^(a)		1,000		10,650
First Data Corp. - Class A ^{(a) (b)}		1,825		25,897
FirstCash, Inc.		221		10,387
Green Dot Corp. - Class A ^(a)		550		12,953
Navient Corp.		2,050		33,682
Nelnet, Inc. - Class A		325		16,494
OneMain Holdings, Inc. ^{(a) (b)}		300		6,642
PRA Group, Inc. ^(a)		300		11,730
SLM Corp. ^(a)		2,500		27,550
Synchrony Financial		6,475		234,848
World Acceptance Corp. ^{(a) (b)}		100		6,428
				1,491,861
Diversified Financial Services - 2.1%
Berkshire Hathaway, Inc. - Class B ^(a)		15,617		2,545,258
CBOE Holdings, Inc. ^(b)		100		7,389
CME Group, Inc.		2,338		269,688
IHS Markit Ltd. ^(a)		2,468		87,392
Intercontinental Exchange, Inc.		4,700		265,174
Leucadia National Corp.		2,732		63,519
MarketAxess Holdings, Inc.		250		36,730
MSCI, Inc.		641		50,498
Nasdaq, Inc.		1,025		68,798
PHH Corp. ^(a)		573		8,687
S&p Global, Inc.		2,012		216,370

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Diversified Financial Services - 2.1% (Continued)
Voya Financial, Inc.		1,575	$	61,772
				3,681,275
Insurance - 2.7%
Aflac, Inc.		3,100		215,760
Alleghany Corp. ^(a)		127		77,231
Allstate Corp. (The)		2,775		205,683
American Equity Investment Life Holding Co.		625		14,088
American Financial Group, Inc.		546		48,114
American International Group, Inc.		7,550		493,090
American National Insurance Co.		181		22,554
AmTrust Financial Services, Inc.		664		18,180
Arch Capital Group Ltd. ^(a)		619		53,414
Argo Group International Holdings Ltd.		63		4,152
Arthur J. Gallagher & Co.		1,225		63,651
Aspen Insurance Holdings Ltd.		350		19,250
Assurant, Inc.		444		41,230
Assured Guaranty Ltd.		1,075		40,603
Axis Capital Holdings Ltd.		475		31,003
Berkley (W.R.) Corp.		687		45,692
Brown & Brown, Inc.		900		40,374
Chubb Ltd.		1,487		196,462
Cincinnati Financial Corp.		1,135		85,976
CNA Financial Corp.		300		12,450
CNO Financial Group, Inc.		1,100		21,065
Crawford & Co. - Class B ^(b)		200		2,512
Donegal Group, Inc. - Class A		1,100		19,228
eHealth, Inc. ^(a)		175		1,864
Employers Holdings, Inc.		375		14,850
Endurance Specialty Holdings Ltd.		474		43,798
Enstar Group Ltd. ^(a)		120		23,724
Erie Indemnity Co. - Class A		174		19,566
Everest Re Group Ltd.		226		48,906
FBL Financial Group, Inc. - Class A		300		23,445
Federated National Holding Co.		200		3,738
First American Financial Corp.		827		30,293

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Insurance - 2.7% (Continued)
FNF Group		2,259	$	76,716
Genworth Financial, Inc. - Class A ^(a)		3,550		13,526
Hallmark Financial Services, Inc. ^(a)		100		1,163
Hanover Insurance Group, Inc. (The)		300		27,303
Hartford Financial Services Group, Inc. (The)		2,675		127,464
Horace Mann Educators Corp.		375		16,050
Kemper Corp.		300		13,290
Lincoln National Corp.		1,600		106,032
Loews Corp.		2,625		122,929
Maiden Holdings Ltd.		675		11,779
Markel Corp. ^(a)		138		124,821
Marsh & McLennan Cos., Inc.		3,995		270,022
MBIA, Inc. ^(a)		925		9,898
Mercury General Corp.		300		18,063
MetLife, Inc.		7,321		394,528
National General Holdings Corp.		525		13,120
Navigators Group, Inc. (The)		100		11,775
Old Republic International Corp.		2,161		41,059
OneBeacon Insurance Group Ltd. - Class A		600		9,630
Primerica, Inc.		300		20,745
Principal Financial Group, Inc.		2,150		124,399
ProAssurance Corp.		230		12,926
Progressive Corp. (The)		4,475		158,863
Prudential Financial, Inc.		3,377		351,410
Reinsurance Group of America, Inc.		454		57,127
RenaissanceRe Holdings Ltd.		290		39,504
RLI Corp.		425		26,830
Selective Insurance Group, Inc.		300		12,915
State Auto Financial Corp.		400		10,724
Stewart Information Services Corp.		300		13,824
Torchmark Corp.		900		66,384
Travelers Cos., Inc. (The)		2,231		273,118
United Fire Group, Inc.		300		14,751
Unum Group		1,707		74,989
Validus Holdings Ltd.		483		26,570

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Insurance - 2.7% (Continued)
Willis Towers Watson plc		500	$	61,140
				4,737,333
Mortgage Real Estate Investment Trusts (REITs) - 0.3%
AGNC Investment Corp. ^(b)		2,500		45,324
Altisource Residential Corp.		33		364
Annaly Capital Management, Inc. ^(b)		6,939		69,181
Anworth Mortgage Asset Corp.		1,500		7,755
Apollo Commercial Real Estate Finance, Inc. ^(b)		600		9,972
Arbor Realty Trust, Inc.		200		1,492
Blackstone Mortgage Trust, Inc. - Class A		900		27,063
Brixmor Property Group, Inc.		2,575		62,881
Capstead Mortgage Corp.		700		7,133
Chimera Investment Corp.		1,455		24,764
Colony Capital, Inc. - Class A ^(b)		825		16,706
CYS Investments, Inc.		1,575		12,175
Drive Shack, Inc. ^(b)		695		2,613
Education Realty Trust, Inc. ^(b)		633		26,776
Four Corners Property Trust, Inc.		444		9,111
Healthcare Trust of America, Inc. - Class A		1,025		29,838
Invesco Mortgage Capital, Inc.		1,000		14,600
MFA Financial, Inc.		2,250		17,168
MTGE Investment Corp.		575		9,028
New Residential Investment Corp.		1,400		22,008
New York REIT, Inc.		2,000		20,240
PennyMac Mortgage Investment Trust		775		12,687
Physicians Realty Trust		900		17,064
Redwood Trust, Inc.		450		6,845
Resource Capital Corp. ^(b)		50		417
Starwood Property Trust, Inc.		1,825		40,059
Two Harbors Investment Corp.		2,425		21,146
				534,410
Thrifts & Mortgage Finance - 0.2%
Astoria Financial Corp.		700		13,055
BankFinancial Corp. ^(b)		700		10,374
Beneficial Bancorp, Inc.		549		10,102

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Financials - 15.8% (Continued)
Thrifts & Mortgage Finance - 0.2% (Continued)
Berkshire Hills Bancorp, Inc.		300	$	11,055
BFC Financial Corp. - Class A		22		105
BofI Holding, Inc. ^{(a) (b)}		672		19,186
Brookline Bancorp, Inc.		500		8,200
Capitol Federal Financial, Inc.		1,000		16,460
Charter Financial Corp.		498		8,302
Federal Home Loan Mortgage Corp. ^(a)		5,800		21,692
Federal National Mortgage Association ^(a)		10,325		40,267
HomeStreet, Inc. ^(a)		300		9,480
Impac Mortgage Holdings, Inc. ^{(a) (b)}		85		1,192
Kearny Financial Corp. ^(b)		828		12,875
LendingTree, Inc. ^{(a) (b)}		90		9,122
Meta Financial Group, Inc.		100		10,290
MGIC Investment Corp. ^(a)		1,500		15,285
New York Community Bancorp, Inc.		3,662		58,261
Northwest Bancshares, Inc.		875		15,776
Oritani Financial Corp.		400		7,500
Provident Financial Services, Inc.		600		16,980
Radian Group, Inc.		1,445		25,981
TFS Financial Corp.		525		9,996
TrustCo Bank Corp.		1,208		10,570
United Financial Bancorp, Inc.		542		9,843
Washington Federal, Inc.		733		25,179
Western New England Bancorp, Inc.		200		1,870
WSFS Financial Corp.		300		13,905
				412,903
Health Care - 12.5%
Biotechnology - 2.7%
AbbVie, Inc.		11,400		713,868
ACADIA Pharmaceuticals, Inc. ^{(a) (b)}		625		18,025
Acorda Therapeutics, Inc. ^{(a) (b)}		375		7,050
Agios Pharmaceuticals, Inc. ^{(a) (b)}		300		12,519
Alder Biopharmaceuticals, Inc. ^{(a) (b)}		300		6,240
Alexion Pharmaceuticals, Inc. ^(a)		1,449		177,285
Alkermes plc ^(a)		1,000		55,580

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Biotechnology - 2.7% (Continued)
Alnylam Pharmaceuticals, Inc. ^{(a) (b)}		413	$	15,463
AMAG Pharmaceuticals, Inc. ^{(a) (b)}		100		3,480
Amgen, Inc.		5,213		762,192
Amicus Therapeutics, Inc. ^{(a) (b)}		1,225		6,088
ARIAD Pharmaceuticals, Inc. ^{(a) (b)}		1,775		22,081
Array BioPharma, Inc. ^{(a) (b)}		1,175		10,328
Biogen, Inc. ^(a)		1,532		434,445
BioMarin Pharmaceutical, Inc. ^(a)		1,096		90,793
Bluebird Bio, Inc. ^{(a) (b)}		286		17,646
Celgene Corp. ^(a)		6,153		712,210
Chimerix, Inc. ^(a)		300		1,380
Clovis Oncology, Inc. ^{(a) (b)}		300		13,326
Dynavax Technologies Corp. ^{(a) (b)}		425		1,679
Emergent BioSolutions, Inc. ^(a)		293		9,622
Exact Sciences Corp. ^{(a) (b)}		775		10,354
Exelixis, Inc. ^(a)		1,875		27,956
Genomic Health, Inc. ^(a)		200		5,878
Gilead Sciences, Inc.		10,467		749,541
Halozyme Therapeutics, Inc. ^{(a) (b)}		750		7,410
Incyte Corp. ^(a)		1,443		144,690
Intercept Pharmaceuticals, Inc. ^{(a) (b)}		137		14,885
Intrexon Corp. ^{(a) (b)}		400		9,720
Ionis Pharmaceuticals, Inc. ^{(a) (b)}		700		33,481
Ironwood Pharmaceuticals, Inc. ^{(a) (b)}		1,000		15,290
Keryx Biopharmaceuticals, Inc. ^{(a) (b)}		975		5,714
Kite Pharma, Inc. ^{(a) (b)}		300		13,452
Ligand Pharmaceuticals, Inc. ^{(a) (b)}		164		16,664
Momenta Pharmaceuticals, Inc. ^(a)		200		3,010
Myriad Genetics, Inc. ^{(a) (b)}		450		7,502
Neurocrine Biosciences, Inc. ^(a)		500		19,350
NewLink Genetics Corp. ^{(a) (b)}		300		3,084
Ophthotech Corp. ^{(a) (b)}		300		1,449
OPKO Health, Inc. ^{(a) (b)}		3,000		27,900
Portola Pharmaceuticals, Inc. ^{(a) (b)}		300		6,732
Progenics Pharmaceuticals, Inc. ^{(a) (b)}		800		6,912

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Biotechnology - 2.7% (Continued)
Puma Biotechnology, Inc. ^(a)		254	$	7,798
Regeneron Pharmaceuticals, Inc. ^(a)		569		208,874
Repligen Corp. ^(a)		300		9,246
Sage Therapeutics, Inc. ^(a)		300		15,318
Sarepta Therapeutics, Inc. ^(a)		400		10,972
Seattle Genetics, Inc. ^{(a) (b)}		625		32,981
TESARO, Inc. ^(a)		174		23,400
Ultragenyx Pharmaceutical, Inc. ^{(a) (b)}		207		14,554
United Therapeutics Corp. ^{(a) (b)}		288		41,308
Vertex Pharmaceuticals, Inc. ^(a)		1,608		118,461
ZIOPHARM Oncology, Inc. ^{(a) (b)}		64		342
				4,705,528
Health Care Equipment & Supplies - 2.1%
Abbott Laboratories		12,175		467,641
ABIOMED, Inc. ^(a)		250		28,170
Alere, Inc. ^(a)		550		21,434
Align Technology, Inc. ^(a)		554		53,256
Analogic Corp.		130		10,784
Anika Therapeutics, Inc. ^(a)		500		24,480
Baxter International, Inc.		4,563		202,323
Becton, Dickinson and Co.		1,625		269,019
Boston Scientific Corp. ^(a)		8,664		187,402
C.R. Bard, Inc.		545		122,440
Cantel Medical Corp.		200		15,750
Cardiovascular Systems, Inc. ^(a)		325		7,868
CONMED Corp.		300		13,251
Cooper Cos., Inc. (The)		300		52,479
Cynosure, Inc. - Class A ^(a)		91		4,150
Danaher Corp.		4,700		365,847
DENTSPLY SIRONA, Inc.		1,852		106,916
DexCom, Inc. ^(a)		598		35,701
Edwards Lifesciences Corp. ^(a)		1,573		147,390
Endologix, Inc. ^{(a) (b)}		700		4,004
Haemonetics Corp. ^(a)		250		10,050
Halyard Health, Inc. ^(a)		297		10,983

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Health Care Equipment & Supplies - 2.1% (Continued)
Hill-Rom Holdings, Inc.		300	$	16,842
Hologic, Inc. ^(a)		2,077		83,329
ICU Medical, Inc. ^(a)		100		14,735
IDEXX Laboratories, Inc. ^(a)		710		83,262
Insulet Corp. ^{(a) (b)}		175		6,594
Integer Holdings Corp. ^(a)		300		8,835
Integra LifeSciences Holdings Corp. ^{(a) (b)}		189		16,214
Intuitive Surgical, Inc. ^(a)		265		168,055
LivaNova plc ^{(a) (b)}		300		13,491
Masimo Corp. ^(a)		300		20,220
Meridian Bioscience, Inc.		375		6,638
MGC Diagnostics Corp. ^(a)		600		4,500
Natus Medical, Inc. ^(a)		375		13,050
Neogen Corp. ^(a)		350		23,100
Nevro Corp. ^{(a) (b)}		300		21,798
NuVasive, Inc. ^(a)		400		26,944
Nuvectra Corp. ^(a)		100		503
NxStage Medical, Inc. ^(a)		450		11,795
Quidel Corp. ^(a)		300		6,426
ResMed, Inc. ^(b)		800		49,640
SeaSpine Holdings Corp. ^(a)		100		790
Spectranetics Corp. (The) ^{(a) (b)}		475		11,638
St. Jude Medical, Inc.		2,137		171,366
STERIS plc		350		23,587
Stryker Corp.		2,529		302,999
Teleflex, Inc.		300		48,345
Varian Medical Systems, Inc. ^(a)		707		63,474
West Pharmaceutical Services, Inc.		505		42,839
Wright Medical Group N.V. ^{(a) (b)}		773		17,764
Zimmer Biomet Holdings, Inc.		1,675		172,860
				3,612,971
Health Care Providers & Services - 2.4%
Acadia Healthcare Co., Inc. ^{(a) (b)}		775		25,653
Aetna, Inc.		2,939		364,464
Air Methods Corp. ^{(a) (b)}		300		9,555

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Health Care Providers & Services - 2.4% (Continued)
Alliance HealthCare Services, Inc. ^(a)		140	$	1,344
Amedisys, Inc. ^(a)		201		8,569
AmerisourceBergen Corp.		1,245		97,347
AMN Healthcare Services, Inc. ^(a)		250		9,613
Anthem, Inc.		2,160		310,543
Brookdale Senior Living, Inc. ^(a)		1,294		16,071
Capital Senior Living Corp. ^(a)		100		1,605
Cardinal Health, Inc.		2,348		168,986
Centene Corp. ^(a)		1,333		75,328
Chemed Corp.		136		21,816
Cigna Corp.		2,108		281,186
Community Health Systems, Inc. ^(a)		832		4,651
DaVita, Inc. ^(a)		1,333		85,579
Ensign Group, Inc. (The)		600		13,326
Express Scripts Holding Co. ^(a)		4,536		312,030
Hanger, Inc. ^{(a) (b)}		350		4,025
HCA Holdings, Inc. ^(a)		200		14,804
HealthSouth Corp.		650		26,806
Henry Schein, Inc. ^(a)		545		82,682
HMS Holdings Corp. ^(a)		925		16,798
Humana, Inc.		1,094		223,209
Kindred Healthcare, Inc.		587		4,608
Laboratory Corp. of America Holdings ^(a)		770		98,853
LHC Group, Inc. ^(a)		600		27,420
LifePoint Hospitals, Inc. ^(a)		265		15,052
Magellan Health, Inc. ^(a)		100		7,525
McKesson Corp.		1,699		238,625
MEDNAX, Inc. ^{(a) (b)}		600		39,996
Molina Healthcare, Inc. ^(a)		300		16,278
Owens & Minor, Inc.		575		20,292
Patterson Cos., Inc. ^(b)		575		23,592
PharMerica Corp. ^(a)		381		9,582
Premier, Inc. - Class A ^(a)		350		10,626
Providence Service Corp. (The) ^(a)		200		7,610
Quest Diagnostics, Inc.		977		89,786

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Health Care Providers & Services - 2.4% (Continued)
Quorum Health Corp. ^(a)		208	$	1,512
Select Medical Holdings Corp. ^(a)		1,250		16,563
Surgical Care Affiliates, Inc. ^(a)		300		13,881
Team Health Holdings, Inc. ^(a)		375		16,294
Tenet Healthcare Corp. ^(a)		631		9,364
UnitedHealth Group, Inc.		7,072		1,131,802
Universal American Corp. ^{(a) (b)}		500		4,975
Universal Health Services, Inc. - Class B		662		70,424
VCA, Inc. ^(a)		525		36,041
WellCare Health Plans, Inc. ^(a)		329		45,099
				4,131,790
Health Care Services - 0.0% ^(c)
Envision Healthcare Corp. ^{(a) (b)}		575		36,417

Health Care Technology - 0.1%
Allscripts Healthcare Solutions, Inc. ^(a)		1,825		18,633
athenahealth, Inc. ^{(a) (b)}		192		20,193
Cerner Corp. ^(a)		2,500		118,424
Computer Programs & Systems, Inc. ^(b)		100		2,360
Cotiviti Holdings, Inc. ^{(a) (b)}		300		10,320
Medidata Solutions, Inc. ^(a)		425		21,110
Omnicell, Inc. ^(a)		375		12,713
Quality Systems, Inc.		575		7,561
Simulations Plus, Inc.		600		5,790
Veeva Systems, Inc. - Class A ^(a)		725		29,508
				246,612
Life Sciences Tools & Services - 0.7%
Agilent Technologies, Inc.		2,496		113,717
Albany Molecular Research, Inc. ^{(a) (b)}		700		13,132
Bio-Rad Laboratories, Inc. - Class A ^(a)		199		36,274
Bio-Techne Corp.		232		23,857
Bruker Corp.		725		15,356
Cambrex Corp. ^(a)		350		18,883
Charles River Laboratories International, Inc. ^(a)		346		26,362
Illumina, Inc. ^(a)		852		109,089

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Life Sciences Tools & Services - 0.7% (Continued)
Mettler-Toledo International, Inc. ^(a)		200	$	83,712
PAREXEL International Corp. ^{(a) (b)}		300		19,716
PerkinElmer, Inc.		792		41,303
PRA Health Sciences, Inc. ^(a)		300		16,536
Quintiles IMS Holdings, Inc. ^(a)		1,067		81,130
Thermo Fisher Scientific, Inc.		3,135		442,348
VWR Corp. ^(a)		625		15,644
Waters Corp. ^(a)		644		86,547
				1,143,606
Pharmaceuticals - 4.5%
Akorn, Inc. ^{(a) (b)}		600		13,098
Allergan plc ^(a)		2,945		618,479
Bristol-Myers Squibb Co.		13,125		767,025
Catalent, Inc. ^(a)		550		14,828
Depomed, Inc. ^{(a) (b)}		675		12,164
Dermira, Inc. ^(a)		300		9,099
Eli Lilly & Co.		7,676		564,570
Endo International plc ^{(a) (b)}		922		15,185
Horizon Pharma plc ^(a)		1,125		18,203
Impax Laboratories, Inc. ^(a)		650		8,613
Innoviva, Inc. ^{(a) (b)}		1,000		10,700
Johnson & Johnson		21,363		2,461,230
Lannett Co., Inc. ^{(a) (b)}		300		6,615
Medicines Co. (The) ^{(a) (b)}		350		11,879
Merck & Co., Inc.		21,655		1,274,830
Mylan N.V. ^(a)		3,675		140,201
Nektar Therapeutics ^(a)		950		11,657
Pacira Pharmaceuticals, Inc. ^(a)		375		12,113
Paratek Pharmaceuticals, Inc. ^(a)		6		92
Pfizer, Inc.		48,162		1,564,301
Prestige Brands Holdings, Inc. ^(a)		350		18,235
Shire plc - ADR ^(b)		920		156,750
Tetraphase Pharmaceuticals, Inc. ^(a)		300		1,209
TherapeuticsMD, Inc. ^{(a) (b)}		1,275		7,357

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Health Care - 12.5% (Continued)
Pharmaceuticals - 4.5% (Continued)
Zoetis, Inc.		950	$	50,854
				7,769,287
Industrials - 10.7%
Aerospace & Defense - 2.2%
AAR Corp.		300		9,915
AdvanSix, Inc. ^(a)		250		5,535
Aerojet Rocketdyne Holdings, Inc. ^(a)		500		8,975
Arconic, Inc.		3,490		64,705
Astronics Corp. ^(a)		300		10,152
Astronics Corp. - Class B ^(a)		96		3,235
B/E Aerospace, Inc.		834		50,198
Boeing Co. (The)		4,481		697,602
BWX Technologies, Inc.		912		36,206
Cubic Corp.		300		14,385
Curtiss-Wright Corp.		300		29,508
DigitalGlobe, Inc. ^(a)		450		12,893
Engility Holdings, Inc. ^(a)		179		6,032
Esterline Technologies Corp. ^(a)		190		16,948
General Dynamics Corp.		1,870		322,874
HEICO Corp. - Class A		350		23,765
Hexcel Corp.		750		38,580
Huntington Ingalls Industries, Inc.		319		58,757
KLX, Inc. ^(a)		317		14,300
Kratos Defense & Security Solutions, Inc. ^{(a) (b)}		10		74
L-3 Technologies, Inc.		612		93,091
LMI Aerospace, Inc. ^{(a) (b)}		100		862
Lockheed Martin Corp.		2,103		525,624
Moog, Inc. - Class A ^(a)		300		19,704
Northrop Grumman Corp.		1,367		317,937
Orbital ATK, Inc.		423		37,110
Raytheon Co.		2,306		327,452
Rockwell Collins, Inc. ^(b)		924		85,710
Spirit AeroSystems Holdings, Inc. - Class A		1,000		58,350
TASER International, Inc. ^{(a) (b)}		325		7,878
Teledyne Technologies, Inc. ^(a)		211		25,953

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Aerospace & Defense - 2.2% (Continued)
Textron, Inc.		1,850	$	89,836
TransDigm Group, Inc.		398		99,086
Triumph Group, Inc.		256		6,784
United Technologies Corp.		6,535		716,367
Vectrus, Inc. ^(a)		122		2,910
				3,839,293
Air Freight & Logistics - 0.6%
C.H. Robinson Worldwide, Inc. ^(b)		900		65,934
Expeditors International of Washington, Inc.		1,250		66,200
FedEx Corp.		1,817		338,325
Forward Air Corp.		300		14,214
Hub Group, Inc. - Class A ^(a)		350		15,313
United Parcel Service, Inc. - Class B		4,200		481,488
XPO Logistics, Inc. ^{(a) (b)}		655		28,270
				1,009,744
Airlines - 0.6%
Alaska Air Group, Inc.		834		74,001
Allegiant Travel Co.		53		8,819
American Airlines Group, Inc.		3,711		173,267
Delta Air Lines, Inc.		5,950		292,680
Hawaiian Holdings, Inc. ^(a)		325		18,525
JetBlue Airways Corp. ^(a)		1,750		39,235
SkyWest, Inc.		375		13,669
Southwest Airlines Co.		3,824		190,588
United Continental Holdings, Inc. ^(a)		2,331		169,883
				980,667
Building Products - 0.3%
A.O. Smith Corp.		1,040		49,244
AAON, Inc.		225		7,436
American Woodmark Corp. ^(a)		130		9,783
Apogee Enterprises, Inc.		200		10,712
Armstrong Flooring, Inc. ^{(a) (b)}		100		1,991
Armstrong World Industries, Inc. ^{(a) (b)}		200		8,360
Builders FirstSource, Inc. ^(a)		450		4,937
Fortune Brands Home & Security, Inc.		1,000		53,460

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Building Products - 0.3% (Continued)
Gibraltar Industries, Inc. ^(a)		300	$	12,495
Griffon Corp.		350		9,170
Insteel Industries, Inc.		300		10,692
Johnson Controls International plc		3,750		154,462
Lennox International, Inc.		257		39,365
Masco Corp.		2,475		78,259
NCI Building Systems, Inc. ^(a)		500		7,825
Owens Corning, Inc.		800		41,248
Quanex Building Products Corp.		1,000		20,300
Simpson Manufacturing Co., Inc.		400		17,500
TopBuild Corp. ^(a)		325		11,570
Trex Co., Inc. ^(a)		225		14,490
Universal Forest Products, Inc.		133		13,590
USG Corp. ^{(a) (b)}		775		22,382
				599,271
Commercial Services & Supplies - 0.6%
ABM Industries, Inc.		500		20,420
ACCO Brands Corp. ^(a)		825		10,766
Brady Corp. - Class A		145		5,445
Brink's Co. (The)		450		18,563
Casella Waste Systems, Inc. - Class A ^(a)		100		1,241
CECO Environmental Corp.		400		5,580
Cintas Corp.		701		81,008
Clean Harbors, Inc. ^(a)		400		22,260
Copart, Inc. ^(a)		700		38,787
Covanta Holding Corp. ^(b)		850		13,260
Deluxe Corp.		200		14,322
Ennis, Inc.		50		868
G&K Services, Inc. - Class A ^(b)		143		13,792
Healthcare Services Group, Inc.		675		26,440
Herman Miller, Inc.		300		10,260
HNI Corp.		400		22,368
InnerWorkings, Inc. ^(a)		500		4,925
Interface, Inc.		500		9,275
KAR Auction Services, Inc.		400		17,048

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Commercial Services & Supplies - 0.6% (Continued)
Kimball International, Inc. - Class B		700	$	12,292
Knoll, Inc.		500		13,965
LSC Communications, Inc.		159		4,719
McGrath RentCorp		300		11,757
Mobile Mini, Inc. ^(b)		406		12,282
MSA Safety, Inc.		350		24,266
Pitney Bowes, Inc.		1,375		20,886
R.R. Donnelley & Sons Co.		425		6,936
Republic Services, Inc.		1,743		99,437
Rollins, Inc. ^(b)		900		30,402
Steelcase, Inc. - Class A		875		15,663
Stericycle, Inc. ^(a)		675		52,002
Team, Inc. ^(a)		164		6,437
Tetra Tech, Inc.		418		18,037
TRC Cos., Inc. ^(a)		100		1,060
UniFirst Corp.		86		12,354
US Ecology, Inc.		200		9,830
Viad Corp.		100		4,410
Waste Connections, Inc.		1,137		89,356
Waste Management, Inc.		3,375		239,320
West Corp.		425		10,523
				1,032,562
Construction & Engineering - 0.2%
AECOM ^(a)		977		35,524
Comfort Systems USA, Inc.		300		9,990
Dycom Industries, Inc. ^{(a) (b)}		211		16,941
EMCOR Group, Inc.		500		35,380
Fluor Corp.		1,086		57,036
Granite Construction, Inc.		400		22,000
Great Lakes Dredge & Dock Corp. ^(a)		1,500		6,300
IES Holdings, Inc. ^(a)		500		9,575
Jacobs Engineering Group, Inc. ^(a)		850		48,450
KBR, Inc.		925		15,438
Layne Christensen Co. ^{(a) (b)}		600		6,522
MasTec, Inc. ^(a)		500		19,125

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Construction & Engineering - 0.2% (Continued)
Primoris Services Corp.		475	$	10,821
Quanta Services, Inc. ^(a)		1,050		36,593
Tutor Perini Corp. ^{(a) (b)}		500		14,000
				343,695
Electrical Equipment - 0.6%
Acuity Brands, Inc.		275		63,487
AMETEK, Inc.		1,637		79,558
AZZ, Inc.		225		14,378
Babcock & Wilcox Enterprises, Inc. ^(a)		718		11,912
Belden, Inc.		400		29,908
Eaton Corp. plc		3,471		232,868
Emerson Electric Co.		4,978		277,523
Encore Wire Corp. ^(b)		200		8,670
EnerSys		375		29,288
Franklin Electric Co., Inc.		275		10,698
General Cable Corp.		625		11,906
Hubbell, Inc.		338		39,445
LSI Industries, Inc.		700		6,818
Regal Beloit Corp.		100		6,925
Rockwell Automation, Inc.		1,070		143,808
Ultralife Corp. ^(a)		200		990
Vicor Corp. ^{(a) (b)}		300		4,530
				972,712
Industrial Conglomerates - 2.3%
3M Co.		4,723		843,386
Carlisle Cos., Inc.		423		46,653
General Electric Co.		69,471		2,195,283
Honeywell International, Inc.		6,049		700,777
Raven Industries, Inc.		275		6,930
Roper Technologies, Inc.		734		134,381
				3,927,410
Machinery - 1.8%
Actuant Corp. - Class A		590		15,311
AGCO Corp.		400		23,144
Albany International Corp. - Class A		100		4,630

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Machinery - 1.8% (Continued)
Allison Transmission Holdings, Inc.		300	$	10,107
Altra Industrial Motion Corp.		300		11,070
American Railcar Industries, Inc. ^(b)		300		13,587
Astec Industries, Inc.		200		13,492
Barnes Group, Inc.		300		14,226
Briggs & Stratton Corp.		450		10,017
Caterpillar, Inc.		4,644		430,684
Chart Industries, Inc. ^(a)		300		10,806
CIRCOR International, Inc.		184		11,938
CLARCOR, Inc.		400		32,988
Colfax Corp. ^(a)		625		22,456
Columbus McKinnon Corp.		400		10,816
Commercial Vehicle Group, Inc. ^(a)		300		1,659
Crane Co.		325		23,439
Cummins, Inc.		1,281		175,073
Deere & Co.		2,071		213,395
DMC Global, Inc.		400		6,340
Donaldson Co., Inc. ^(b)		925		38,924
Dover Corp.		1,259		94,337
Energy Recovery, Inc. ^{(a) (b)}		500		5,175
EnPro Industries, Inc.		178		11,990
ESCO Technologies, Inc.		200		11,330
Federal Signal Corp.		475		7,415
Flowserve Corp. ^(b)		1,115		53,576
Fortive Corp.		2,210		118,522
FreightCar America, Inc.		500		7,465
Gorman-Rupp Co. (The)		182		5,633
Graco, Inc.		362		30,079
Greenbrier Cos., Inc. (The) ^(b)		200		8,310
Hardinge, Inc.		850		9,418
Hillenbrand, Inc.		325		12,464
Hurco Cos., Inc. ^(b)		400		13,240
Hyster-Yale Materials Handling, Inc.		118		7,525
IDEX Corp.		537		48,362
Illinois Tool Works, Inc.		2,312		283,127

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Machinery - 1.8% (Continued)
ITT, Inc.		600	$	23,142
John Bean Technologies Corp.		251		21,573
Joy Global, Inc.		525		14,700
Kennametal, Inc.		475		14,849
Lincoln Electric Holdings, Inc.		432		33,121
Lindsay Corp. ^(b)		200		14,922
Manitowoc Co., Inc. (The)		1,075		6,429
Manitowoc Foodservice, Inc. ^{(a) (b)}		1,075		20,780
Meritor, Inc. ^(a)		550		6,831
MFRI, Inc. ^(a)		300		2,430
Middleby Corp. (The) ^(a)		468		60,283
Mueller Industries, Inc.		300		11,988
Mueller Water Products, Inc. - Series A		1,600		21,296
NACCO Industries, Inc. - Class A		200		18,110
Navistar International Corp. ^{(a) (b)}		625		19,606
Nordson Corp.		318		35,632
Oshkosh Corp.		350		22,614
PACCAR, Inc.		2,505		160,069
Parker-Hannifin Corp.		1,077		150,779
Pentair plc		1,425		79,900
RBC Bearings, Inc. ^(a)		165		15,314
Rexnord Corp. ^(a)		325		6,367
Snap-on, Inc.		462		79,127
SPX Corp. ^(a)		312		7,401
SPX FLOW, Inc. ^(a)		312		10,003
Standex International Corp.		50		4,393
Stanley Black & Decker, Inc.		1,120		128,453
Sun Hydraulics Corp.		300		11,991
Terex Corp.		825		26,012
Timken Co. (The)		375		14,888
Titan International, Inc. ^(b)		312		3,498
Toro Co. (The)		828		46,327
Trinity Industries, Inc.		1,050		29,148
Twin Disc, Inc. ^(a)		400		5,840
Valmont Industries, Inc.		159		22,403

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Machinery - 1.8% (Continued)
Wabash National Corp. ^(a)		50	$	791
WABCO Holdings, Inc. ^(a)		403		42,778
Wabtec Corp. ^(b)		559		46,408
Watts Water Technologies, Inc. - Class A		300		19,560
Woodward, Inc.		500		34,525
Xylem, Inc.		1,300		64,376
				3,180,727
Marine - 0.0% ^(c)
Kirby Corp. ^(a)		300		19,950
Matson, Inc.		325		11,502
				31,452
Professional Services - 0.3%
Acacia Research Corp.		300		1,950
Advisory Board Co. (The) ^{(a) (b)}		100		3,325
CBIZ, Inc. ^(a)		1,300		17,810
CDI Corp.		400		2,960
CEB, Inc.		300		18,180
Dun & Bradstreet Corp. (The)		213		25,841
Equifax, Inc.		895		105,815
Exponent, Inc.		270		16,281
FTI Consulting, Inc. ^(a)		250		11,270
Heidrick & Struggles International, Inc.		200		4,830
Hill International, Inc. ^{(a) (b)}		300		1,305
Huron Consulting Group, Inc. ^(a)		200		10,130
Insperity, Inc.		36		2,554
Kelly Services, Inc. - Class A		400		9,168
Kforce, Inc.		150		3,465
Korn/Ferry International		525		15,451
ManpowerGroup, Inc.		513		45,590
Navigant Consulting, Inc. ^(a)		400		10,472
On Assignment, Inc. ^(a)		250		11,040
Paylocity Holding Corp. ^(a)		300		9,003
Resources Connection, Inc.		200		3,850
Robert Half International, Inc.		1,000		48,780
RPX Corp. ^(a)		1,000		10,800

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Professional Services - 0.3% (Continued)
TransUnion ^(a)		650	$	20,105
TrueBlue, Inc. ^(a)		300		7,395
Verisk Analytics, Inc. ^(a)		1,264		102,599
Volt Information Sciences, Inc. ^{(a) (b)}		750		5,138
				525,107
Road & Rail - 0.9%
AMERCO		100		36,959
ArcBest Corp.		300		8,295
Avis Budget Group, Inc. ^{(a) (b)}		692		25,383
Celadon Group, Inc. ^(b)		300		2,145
Covenant Transportation Group, Inc. - Class A ^(a)		100		1,934
CSX Corp.		6,875		247,018
Genesee & Wyoming, Inc. - Class A ^(a)		285		19,782
Heartland Express, Inc. ^(b)		625		12,725
Herc Holdings, Inc. ^(a)		143		5,743
Hertz Global Holdings, Inc. ^{(a) (b)}		430		9,271
J.B. Hunt Transport Services, Inc.		670		65,037
Kansas City Southern		859		72,886
Knight Transportation, Inc.		650		21,483
Landstar System, Inc.		300		25,590
Marten Transport Ltd.		150		3,495
Norfolk Southern Corp.		2,292		247,695
Old Dominion Freight Line, Inc. ^(a)		500		42,895
Roadrunner Transportation Systems, Inc. ^(a)		350		3,637
Ryder System, Inc.		405		30,148
Saia, Inc. ^(a)		225		9,934
Swift Transportation Co. ^{(a) (b)}		400		9,744
Union Pacific Corp.		6,123		634,832
Werner Enterprises, Inc. ^(b)		250		6,738
				1,543,369
Trading Companies & Distributors - 0.3%
Air Lease Corp.		600		20,598
Aircastle Ltd.		500		10,425
Applied Industrial Technologies, Inc.		375		22,275
Beacon Roofing Supply, Inc. ^(a)		500		23,035

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
Trading Companies & Distributors - 0.3% (Continued)
DXP Enterprises, Inc. ^(a)		100	$	3,474
Empire Resources Inc. ^(b)		700		4,753
Fastenal Co. ^(b)		2,125		99,832
GATX Corp. ^(b)		325		20,014
Grainger (W.W.), Inc. ^(b)		423		98,241
H&E Equipment Services, Inc.		325		7,556
HD Supply Holdings, Inc. ^(a)		625		26,569
Kaman Corp. ^(b)		300		14,679
MSC Industrial Direct Co., Inc. - Class A ^(b)		345		31,875
NOW, Inc. ^(a)		649		13,285
Rush Enterprises, Inc. - Class A ^(a)		375		11,963
Textainer Group Holdings Ltd.		700		5,215
Triton International Ltd.		500		7,900
United Rentals, Inc. ^(a)		642		67,781
Univar, Inc. ^(a)		575		16,313
Veritiv Corp. ^{(a) (b)}		97		5,214
Watsco, Inc.		214		31,698
WESCO International, Inc. ^(a)		300		19,965
				562,660
Information Technology - 19.2%
Communications Equipment - 1.1%
ARRIS International plc ^(a)		1,229		37,030
Bel Fuse, Inc. - Class B		300		9,270
Black Box Corp.		298		4,545
Brocade Communications Systems, Inc.		2,700		33,723
CalAmp Corp. ^(a)		400		5,800
Calix, Inc. ^(a)		175		1,348
Ciena Corp. ^{(a) (b)}		997		24,337
Cisco Systems, Inc.		39,423		1,191,362
CommScope Holding Co., Inc. ^(a)		1,150		42,780
Comtech Telecommunications Corp.		100		1,185
EchoStar Corp. - Class A ^(a)		400		20,556
EMCORE Corp.		125		1,088
F5 Networks, Inc. ^(a)		533		77,136
Finisar Corp. ^(a)		775		23,459

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Communications Equipment - 1.1% (Continued)
Harris Corp.		992	$	101,650
Infinera Corp. ^{(a) (b)}		600		5,094
InterDigital, Inc.		246		22,472
Ixia ^(a)		450		7,245
Juniper Networks, Inc.		2,490		70,367
Lumentum Holdings, Inc. ^(a)		340		13,141
Motorola Solutions, Inc.		1,251		103,695
Napco Security Technologies, Inc. ^{(a) (b)}		900		7,650
NETGEAR, Inc. ^(a)		50		2,718
Oclaro, Inc. ^(a)		1,321		11,823
Palo Alto Networks, Inc. ^{(a) (b)}		100		12,505
Plantronics, Inc.		300		16,428
ShoreTel, Inc. ^(a)		300		2,145
TESSCO Technologies, Inc.		100		1,300
Ubiquiti Networks, Inc. ^{(a) (b)}		300		17,340
ViaSat, Inc. ^(a)		350		23,177
Viavi Solutions, Inc. ^(a)		1,328		10,863
				1,903,232
Electronic Equipment, Instruments & Components - 0.6%
Agilysys, Inc. ^(a)		500		5,180
Amphenol Corp. - Class A		1,900		127,680
Anixter International, Inc. ^(a)		278		22,532
Arrow Electronics, Inc. ^(a)		500		35,650
Avnet, Inc.		900		42,849
AVX Corp.		375		5,861
Badger Meter, Inc.		300		11,085
Benchmark Electronics, Inc. ^(a)		475		14,488
CDW Corp.		300		15,627
Cognex Corp.		575		36,582
Coherent, Inc. ^(a)		200		27,477
Corning, Inc.		7,469		181,272
CTS Corp.		100		2,240
Daktronics, Inc.		800		8,560
Digital Ally, Inc. ^(a)		51		214
Dolby Laboratories, Inc. - Class A		300		13,557

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Electronic Equipment, Instruments & Components - 0.6% (Continued)
Electro Scientific Industries, Inc. ^(a)		100	$	592
FARO Technologies, Inc. ^(a)		200		7,200
Fitbit, Inc. - Class A ^{(a) (b)}		425		3,111
FLIR Systems, Inc.		1,025		37,095
I.D. Systems, Inc. ^(a)		100		542
II-VI, Inc. ^(a)		375		11,119
Insight Enterprises, Inc. ^(a)		200		8,088
IPG Photonics Corp. ^(a)		281		27,738
Itron, Inc. ^(a)		200		12,570
Jabil Circuit, Inc.		1,550		36,689
Key Tronic Corp. ^{(a) (b)}		600		4,692
Keysight Technologies, Inc. ^(a)		1,298		47,468
Kimball Electronics, Inc. ^(a)		525		9,555
Knowles Corp. ^(a)		983		16,426
Littelfuse, Inc.		118		17,909
Mercury Systems, Inc. ^(a)		400		12,088
Methode Electronics, Inc.		400		16,540
National Instruments Corp.		812		25,026
OSI Systems, Inc. ^(a)		200		15,224
PAR Technology Corp. ^(a)		100		558
Park Electrochemical Corp.		600		11,190
PCM, Inc. ^(a)		400		9,000
Plexus Corp. ^(a)		300		16,212
Sanmina Corp. ^(a)		633		23,199
ScanSource, Inc. ^(a)		300		12,105
SYNNEX Corp.		163		19,726
Tech Data Corp. ^(a)		211		17,867
Trimble, Inc. ^(a)		1,334		40,220
TTM Technologies, Inc. ^(a)		488		6,651
Universal Display Corp. ^(a)		400		22,520
Vishay Intertechnology, Inc. ^(b)		806		13,057
Vishay Precision Group, Inc. ^(a)		129		2,438
Zebra Technologies Corp. - Class A ^(a)		225		19,296
				1,074,565

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Internet Software & Services - 3.7%
Akamai Technologies, Inc. ^(a)		1,284	$	85,617
Alphabet, Inc. - Class C ^(a)		4,481		3,458,524
Blucora, Inc. ^(a)		250		3,688
comScore, Inc. ^{(a) (b)}		400		12,632
Cornerstone OnDemand, Inc. ^(a)		500		21,155
CoStar Group, Inc. ^(a)		225		42,410
DHI Group, Inc. ^(a)		388		2,425
EarthLink Holdings Corp.		1,421		8,014
eBay, Inc. ^(a)		8,300		246,427
Envestnet, Inc. ^(a)		375		13,219
Facebook, Inc. - Class A ^(a)		17,278		1,987,833
IAC/InterActiveCorp		550		35,635
j2 Global, Inc.		325		26,585
Leaf Group Ltd. ^(a)		200		1,310
LogMeIn, Inc.		144		13,903
Match Group, Inc. ^{(a) (b)}		1,175		20,093
NIC, Inc.		375		8,963
Pandora Media, Inc. ^{(a) (b)}		425		5,542
QAD, Inc. - Class B		40		1,022
RealNetworks, Inc. ^{(a) (b)}		681		3,310
Shutterstock, Inc. ^{(a) (b)}		122		5,797
Stamps.com, Inc. ^{(a) (b)}		129		14,790
TechTarget, Inc. ^(a)		800		6,824
Travelzoo, Inc. ^{(a) (b)}		100		940
Twitter, Inc. ^{(a) (b)}		1,100		17,930
VeriSign, Inc. ^{(a) (b)}		616		46,859
Web.com Group, Inc. ^(a)		500		10,575
WebMD Health Corp. ^{(a) (b)}		158		7,832
XO Group, Inc. ^(a)		800		15,560
Yahoo!, Inc. ^(a)		7,375		285,191
Yelp, Inc. ^(a)		566		21,582
Zillow Group, Inc. - Class A ^{(a) (b)}		524		19,100
Zillow Group, Inc. - Class C ^{(a) (b)}		748		27,280
				6,478,567

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
IT Services - 3.2%
Acxiom Corp. ^(a)		475	$	12,730
Alliance Data Systems Corp. ^(b)		408		93,228
Automatic Data Processing, Inc.		3,543		364,150
Booz Allen Hamilton Holding Corp.		1,000		36,070
Broadridge Financial Solutions, Inc.		875		58,013
CACI International, Inc. - Class A ^(a)		99		12,306
Cardtronics plc - Class A ^(a)		175		9,550
Cognizant Technology Solutions Corp. - Class A ^(a)		4,673		261,828
Computer Sciences Corp.		955		56,746
Convergys Corp.		825		20,262
CoreLogic, Inc. ^(a)		677		24,934
CSG Systems International, Inc.		378		18,295
CSRA, Inc.		1,255		39,959
Datalink Corp. ^(a)		600		6,756
DST Systems, Inc.		184		19,716
EPAM Systems, Inc. ^{(a) (b)}		300		19,293
Euronet Worldwide, Inc. ^(a)		450		32,594
ExlService Holdings, Inc. ^(a)		300		15,132
Fidelity National Information Services, Inc.		2,625		198,555
Fiserv, Inc. ^(a)		1,650		175,362
FleetCor Technologies, Inc. ^(a)		178		25,191
Forrester Research, Inc.		255		10,952
Gartner, Inc. ^(a)		613		61,956
Genpact Ltd. ^(a)		1,125		27,383
Global Payments, Inc.		1,050		72,881
International Business Machines Corp.		6,905		1,146,160
Jack Henry & Associates, Inc.		586		52,025
Leidos Holdings, Inc.		1,231		62,953
ManTech International Corp. - Class A		300		12,675
Mastercard, Inc. - Class A		7,452		769,418
MAXIMUS, Inc.		425		23,711
MoneyGram International, Inc. ^(a)		662		7,818
NeuStar, Inc. - Class A ^{(a) (b)}		350		11,690
Paychex, Inc.		2,450		149,156
PayPal Holdings, Inc. ^(a)		8,975		354,243

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
IT Services - 3.2% (Continued)
PFSweb, Inc. ^(a)		8	$	68
PRGX Global, Inc. ^(a)		220		1,298
Rightside Group Ltd. ^(a)		200		1,654
Sabre Corp. ^(b)		1,400		34,930
Science Applications International Corp.		260		22,048
Sykes Enterprises, Inc. ^(a)		102		2,944
Syntel, Inc. ^(b)		300		5,937
Teradata Corp. ^(a)		1,025		27,849
Total System Services, Inc.		1,337		65,553
Unisys Corp. ^{(a) (b)}		427		6,384
Vantiv, Inc. - Class A ^(a)		525		31,301
VeriFone Systems, Inc. ^{(a) (b)}		965		17,109
Virtusa Corp. ^(a)		400		10,048
Visa, Inc. - Class A ^(b)		12,229		954,106
Western Union Co. (The) ^(b)		2,929		63,618
WEX, Inc. ^(a)		314		35,042
Xerox Corp.		6,995		61,066
				5,604,646
Semiconductors & Semiconductor Equipment - 2.9%
Advanced Energy Industries, Inc. ^(a)		300		16,425
Advanced Micro Devices, Inc. ^{(a) (b)}		4,575		51,881
Amkor Technology, Inc. ^(a)		1,050		11,078
Amtech Systems, Inc. ^(a)		32		136
Analog Devices, Inc.		2,275		165,211
Applied Materials, Inc.		8,583		276,972
Applied Micro Circuits Corp. ^(a)		1,500		12,375
Broadcom Ltd.		128		22,627
Brooks Automation, Inc.		106		1,809
Cabot Microelectronics Corp.		100		6,317
Cavium, Inc. ^{(a) (b)}		558		34,842
Cirrus Logic, Inc. ^(a)		400		22,616
Cree, Inc. ^{(a) (b)}		625		16,494
Cypress Semiconductor Corp. ^(b)		1,625		18,590
Diodes, Inc. ^(a)		300		7,701
Entegris, Inc. ^(a)		1,011		18,097

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Semiconductors & Semiconductor Equipment - 2.9% (Continued)
Exar Corp. ^(a)		500	$	5,390
First Solar, Inc. ^{(a) (b)}		700		22,463
FormFactor, Inc. ^(a)		480		5,376
Inphi Corp. ^{(a) (b)}		300		13,386
Integrated Device Technology, Inc. ^(a)		985		23,207
Intel Corp.		37,618		1,364,404
Intersil Corp. - Class A		850		18,955
IXYS Corp.		800		9,520
KLA-Tencor Corp.		1,056		83,086
Kulicke & Soffa Industries, Inc. ^(a)		400		6,380
Lam Research Corp.		1,116		117,995
Lattice Semiconductor Corp. ^(a)		200		1,472
Linear Technology Corp.		1,725		107,554
MACOM Technology Solutions Holdings, Inc. ^{(a) (b)}		300		13,884
Marvell Technology Group Ltd.		3,175		44,037
Maxim Integrated Products, Inc.		2,075		80,033
MaxLinear, Inc. - Class A ^(a)		475		10,355
Microchip Technology, Inc. ^(b)		1,711		109,761
Micron Technology, Inc. ^(a)		7,877		172,664
Microsemi Corp. ^(a)		650		35,081
MKS Instruments, Inc.		300		17,820
Monolithic Power Systems, Inc.		200		16,386
Nanometrics, Inc. ^(a)		200		5,012
NVE Corp.		100		7,143
NVIDIA Corp. ^(b)		3,385		361,314
NXP Semiconductors N.V. ^(a)		299		29,305
ON Semiconductor Corp. ^(a)		3,155		40,258
Power Integrations, Inc.		300		20,355
QUALCOMM, Inc.		11,605		756,645
Rambus, Inc. ^(a)		1,000		13,770
Rudolph Technologies, Inc. ^(a)		340		7,939
Semtech Corp. ^(a)		300		9,465
Silicon Laboratories, Inc. ^(a)		200		13,000
Skyworks Solutions, Inc.		1,357		101,314
SunPower Corp. ^{(a) (b)}		1,300		8,593

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Semiconductors & Semiconductor Equipment - 2.9% (Continued)
Synaptics, Inc. ^(a)		333	$	17,842
Teradyne, Inc.		1,375		34,925
Tessera Holding Corp.		400		17,680
Texas Instruments, Inc.		6,660		485,979
Veeco Instruments, Inc. ^(a)		400		11,660
Xilinx, Inc.		1,875		113,194
				5,017,773
Software - 4.4%
ACI Worldwide, Inc. ^(a)		560		10,164
Activision Blizzard, Inc.		5,363		193,658
Adobe Systems, Inc. ^(a)		3,552		365,677
ANSYS, Inc. ^(a)		600		55,494
Aspen Technology, Inc. ^(a)		625		34,175
Autodesk, Inc. ^(a)		1,650		122,117
Blackbaud, Inc.		300		19,200
Bottomline Technologies (de), Inc. ^(a)		375		9,383
BroadSoft, Inc. ^(a)		300		12,375
CA, Inc.		2,247		71,387
Cadence Design Systems, Inc. ^(a)		2,252		56,795
Callidus Software, Inc. ^(a)		200		3,360
Citrix Systems, Inc. ^(a)		1,234		110,209
CommerceHub, Inc. - Series A ^(a)		125		1,876
CommerceHub, Inc. - Series C ^(a)		250		3,758
CommVault Systems, Inc. ^(a)		375		19,275
Dell Technologies, Inc. - Class V ^(a)		1,789		98,362
Ebix, Inc. ^(b)		31		1,769
Electronic Arts, Inc. ^(a)		2,188		172,327
Ellie Mae, Inc. ^{(a) (b)}		219		18,326
EnerNOC, Inc. ^{(a) (b)}		300		1,800
FactSet Research Systems, Inc.		250		40,858
Fair Isaac Corp.		246		29,328
FireEye, Inc. ^{(a) (b)}		600		7,140
Fortinet, Inc. ^(a)		1,075		32,379
Guidance Software, Inc. ^(a)		200		1,416
Guidewire Software, Inc. ^(a)		300		14,799

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Software - 4.4% (Continued)
Intuit, Inc.		1,789	$	205,036
Manhattan Associates, Inc. ^(a)		350		18,561
Mentor Graphics Corp. ^(b)		800		29,512
Microsoft Corp.		61,062		3,794,392
MicroStrategy, Inc. - Class A ^(a)		100		19,740
Monotype Imaging Holdings, Inc.		350		6,948
NetScout Systems, Inc. ^(a)		700		22,050
Nuance Communications, Inc. ^(a)		2,175		32,408
Oracle Corp.		25,305		972,976
Paycom Software, Inc. ^{(a) (b)}		300		13,647
Pegasystems, Inc.		300		10,800
Progress Software Corp.		500		15,965
PROS Holdings, Inc. ^(a)		300		6,456
PTC, Inc. ^(a)		865		40,024
Qualys, Inc. ^(a)		300		9,495
RealPage, Inc. ^(a)		325		9,750
Red Hat, Inc. ^(a)		1,372		95,628
Rosetta Stone, Inc. ^(a)		300		2,673
salesforce.com, Inc. ^(a)		4,441		304,030
ServiceNow, Inc. ^(a)		147		10,928
Splunk, Inc. ^{(a) (b)}		193		9,872
SS&C Technologies Holdings, Inc.		450		12,870
Symantec Corp.		4,933		117,849
Synchronoss Technologies, Inc. ^(a)		325		12,448
Synopsys, Inc. ^(a)		1,117		65,747
Take-Two Interactive Software, Inc. ^(a)		625		30,806
TiVo Corp. ^(a)		878		18,355
Tyler Technologies, Inc. ^{(a) (b)}		292		41,689
Ultimate Software Group, Inc. (The) ^(a)		165		30,088
VASCO Data Security International, Inc. ^{(a) (b)}		450		6,143
Verint Systems, Inc. ^(a)		375		13,219
VMware, Inc. - Class A ^{(a) (b)}		704		55,426
Workday, Inc. - Class A ^{(a) (b)}		195		12,888
Zedge, Inc. - Class B ^(a)		1		1

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Information Technology - 19.2% (Continued)
Software - 4.4% (Continued)
Zynga, Inc. - Class A ^{(a) (b)}		5,350	$	13,750
				7,569,577
Technology Hardware, Storage & Peripherals - 3.3%
3D Systems Corp. ^{(a) (b)}		848		11,270
Apple, Inc.		42,322		4,901,733
Cray, Inc. ^(a)		425		8,798
Diebold Nixdorf, Inc. ^(b)		650		16,348
Electronics For Imaging, Inc. ^(a)		404		17,719
Hewlett Packard Enterprise Co.		13,627		315,329
HP, Inc.		14,052		208,532
NCR Corp. ^(a)		925		37,518
NetApp, Inc.		1,775		62,604
Super Micro Computer, Inc. ^(a)		375		10,519
Western Digital Corp.		2,120		144,054
				5,734,424
Materials - 3.2%
Chemicals - 2.0%
A. Schulman, Inc.		81		2,709
Air Products & Chemicals, Inc.		1,560		224,359
Albemarle Corp.		745		64,130
American Vanguard Corp.		400		7,660
Ashland Global Holdings, Inc.		467		51,038
Axalta Coating Systems Ltd. ^(a)		675		18,360
Balchem Corp.		201		16,868
Cabot Corp.		400		20,216
Calgon Carbon Corp.		500		8,500
Celanese Corp. - Series A		1,075		84,646
CF Industries Holdings, Inc. ^(b)		1,670		52,572
Chemours Co. (The)		1,289		28,474
Chemtura Corp. ^(a)		475		15,770
Codexis, Inc. ^(a)		37		170
Core Molding Technologies, Inc. ^(a)		1,800		30,798
Dow Chemical Co. (The)		8,811		504,166
E.I. du Pont de Nemours and Co.		6,046		443,776
Eastman Chemical Co.		1,115		83,859

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Chemicals - 2.0% (Continued)
Ecolab, Inc.		2,183	$	255,891
Ferro Corp. ^(a)		1,000		14,330
Flotek Industries, Inc. ^{(a) (b)}		550		5,165
FMC Corp.		875		49,490
GCP Applied Technologies, Inc. ^(a)		427		11,422
H.B. Fuller Co.		450		21,740
Huntsman Corp.		1,575		30,051
International Flavors & Fragrances, Inc.		571		67,281
Koppers Holdings, Inc. ^(a)		300		12,090
Kraton Corp. ^(a)		300		8,544
LSB Industries, Inc. ^{(a) (b)}		300		2,526
Minerals Technologies, Inc.		250		19,313
Monsanto Co.		3,284		345,510
Mosaic Co. (The)		2,625		76,991
Olin Corp.		1,595		40,848
PolyOne Corp.		483		15,475
PPG Industries, Inc.		2,023		191,699
Praxair, Inc.		2,069		242,466
Quaker Chemical Corp.		100		12,794
Rayonier Advanced Materials, Inc. ^(b)		500		7,730
RPM International, Inc.		1,000		53,830
Scotts Miracle-Gro Co. (The) - Class A		400		38,220
Sensient Technologies Corp.		335		26,324
Sherwin-Williams Co. (The)		623		167,425
Stepan Co.		148		12,059
Tredegar Corp.		671		16,104
Trinseo S.A. ^(b)		300		17,790
Valspar Corp. (The)		527		54,602
Versum Materials, Inc. ^(a)		821		23,045
W.R. Grace & Co.		427		28,882
Westlake Chemical Corp. ^(b)		202		11,310
				3,539,018
Construction Materials - 0.2%
Eagle Materials, Inc.		333		32,810
Headwaters, Inc. ^(a)		750		17,640

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Construction Materials - 0.2% (Continued)
Martin Marietta Materials, Inc.		444	$	98,359
Summit Materials, Inc. - Class A ^(a)		565		13,434
United States Lime & Minerals, Inc.		50		3,788
Vulcan Materials Co.		955		119,519
				285,550
Containers & Packaging - 0.5%
AptarGroup, Inc.		386		28,352
Avery Dennison Corp.		700		49,154
Ball Corp.		1,255		94,212
Bemis Co., Inc.		850		40,647
Berry Plastics Group, Inc. ^(a)		350		17,056
Crown Holdings, Inc. ^(a)		900		47,313
Graphic Packaging Holding Co.		1,325		16,536
Greif, Inc. - Class A		300		15,393
Ingevity Corp. ^(a)		393		21,560
International Paper Co. ^(b)		3,167		168,040
Myers Industries, Inc.		200		2,860
Owens-Illinois, Inc. ^(a)		1,300		22,633
Packaging Corp. of America		675		57,254
Sealed Air Corp.		1,550		70,277
Silgan Holdings, Inc.		75		3,839
Sonoco Products Co.		725		38,208
UFP Technologies, Inc. ^{(a) (b)}		500		12,725
WestRock Co.		1,534		77,881
				783,940
Metals & Mining - 0.5%
AK Steel Holding Corp. ^{(a) (b)}		1,875		19,144
Alcoa Corp.		1,163		32,663
Allegheny Technologies, Inc. ^(b)		775		12,346
Carpenter Technology Corp.		200		7,234
Century Aluminum Co. ^(a)		600		5,136
Cliffs Natural Resources, Inc. ^{(a) (b)}		1,400		11,774
Coeur Mining, Inc. ^(a)		1,110		10,090
Commercial Metals Co.		775		16,880
Compass Minerals International, Inc. ^(b)		100		7,835

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Materials - 3.2% (Continued)
Metals & Mining - 0.5% (Continued)
Ferroglobe plc		500	$	5,415
Freeport-McMoRan, Inc. ^(a)		9,519		125,556
Hecla Mining Co. ^(b)		3,150		16,506
Kaiser Aluminum Corp.		138		10,721
Newmont Mining Corp.		3,950		134,577
Nucor Corp.		2,345		139,573
Reliance Steel & Aluminum Co.		549		43,667
Royal Gold, Inc.		491		31,105
Southern Copper Corp. ^(b)		747		23,859
Steel Dynamics, Inc.		1,850		65,823
Stillwater Mining Co. ^(a)		825		13,291
SunCoke Energy, Inc. ^(a)		564		6,396
Tahoe Resources, Inc. ^(b)		1,250		11,775
TimkenSteel Corp. ^(a)		400		6,192
United States Steel Corp. ^(b)		1,350		44,564
Worthington Industries, Inc.		225		10,674
				812,796
Paper & Forest Products - 0.0% ^(c)
Deltic Timber Corp. ^(b)		100		7,707
KapStone Paper and Packaging Corp. ^(b)		950		20,948
Louisiana-Pacific Corp. ^(a)		825		15,617
Neenah Paper, Inc.		120		10,224
P.H. Glatfelter Co.		325		7,764
Schweitzer-Mauduit International, Inc.		300		13,659
				75,919
Real Estate - 4.4%
Equity Real Estate Investment Trusts (REITs) - 4.2%
Acadia Realty Trust		676		22,092
Agree Realty Corp.		300		13,815
Alexandria Real Estate Equities, Inc.		601		66,789
American Assets Trust, Inc.		425		18,309
American Campus Communities, Inc.		982		48,874
American Homes 4 Rent - Class A		1,700		35,666
American Tower Corp.		3,375		356,669
Apartment Investment & Management Co. - Class A ^(b)		1,381		62,766

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Real Estate - 4.4% (Continued)
Equity Real Estate Investment Trusts (REITs) - 4.2% (Continued)
Apple Hospitality REIT, Inc.		1,975	$	39,461
Ashford Hospitality Prime, Inc.		130		1,775
Ashford Hospitality Trust, Inc.		544		4,221
AvalonBay Communities, Inc.		1,199		212,402
Boston Properties, Inc.		1,343		168,923
Brandywine Realty Trust		1,988		32,822
Camden Property Trust		725		60,951
Care Capital Properties, Inc. ^(b)		678		16,950
CareTrust REIT, Inc.		403		6,174
CBL & Associates Properties, Inc.		1,205		13,858
Cedar Realty Trust, Inc.		650		4,245
Chatham Lodging Trust		425		8,734
Chesapeake Lodging Trust		625		16,163
Colony Starwood Homes		840		24,200
Columbia Property Trust, Inc.		1,075		23,220
Communications Sales & Leasing, Inc.		1,228		31,203
CoreCivic, Inc.		799		19,544
CoreSite Realty Corp.		300		23,811
Corporate Office Properties Trust		850		26,537
Cousins Properties, Inc. ^(b)		3,356		28,560
Crown Castle International Corp.		2,360		204,776
CubeSmart		1,737		46,499
CyrusOne, Inc.		725		32,429
DCT Industrial Trust, Inc. ^(b)		887		42,470
DDR Corp.		2,820		43,061
DiamondRock Hospitality Co.		1,727		19,912
Digital Realty Trust, Inc. ^(b)		1,350		132,651
Douglas Emmett, Inc.		1,300		47,528
Duke Realty Corp.		3,026		80,371
DuPont Fabros Technology, Inc.		700		30,751
EastGroup Properties, Inc.		375		27,690
Empire State Realty Trust, Inc. - Class A		1,100		22,209
EPR Properties		422		30,287
Equinix, Inc.		630		225,167
Equity Commonwealth ^(a)		993		30,028

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Real Estate - 4.4% (Continued)
Equity Real Estate Investment Trusts (REITs) - 4.2% (Continued)
Equity LifeStyle Properties, Inc.		739	$	53,282
Equity One, Inc.		825		25,319
Equity Residential		3,204		206,208
Essex Property Trust, Inc.		572		132,990
Extra Space Storage, Inc. ^(b)		1,094		84,501
Federal Realty Investment Trust		620		88,108
FelCor Lodging Trust, Inc.		1,475		11,815
First Industrial Realty Trust, Inc.		1,025		28,751
First Potomac Realty Trust		800		8,776
Forest City Realty Trust, Inc. - Class A		2,100		43,764
Franklin Street Properties Corp.		950		12,312
Gaming and Leisure Properties, Inc.		1,517		46,451
General Growth Properties, Inc.		4,415		110,287
Getty Realty Corp.		402		10,247
Government Properties Income Trust ^(b)		550		10,486
Gramercy Property Trust		2,738		25,135
HCP, Inc.		4,075		121,109
Healthcare Realty Trust, Inc.		875		26,530
Hersha Hospitality Trust		550		11,825
Highwoods Properties, Inc.		800		40,808
Hospitality Properties Trust		1,325		42,056
Host Hotels & Resorts, Inc.		6,524		122,912
Hudson Pacific Properties, Inc.		1,225		42,606
Investors Real Estate Trust ^(b)		1,800		12,834
Iron Mountain, Inc.		1,672		54,307
Kilroy Realty Corp.		700		51,254
Kimco Realty Corp.		3,675		92,463
Kite Realty Group Trust		725		17,023
Lamar Advertising Co. - Class A ^(b)		400		26,896
LaSalle Hotel Properties		1,000		30,470
Lexington Realty Trust		1,875		20,250
Liberty Property Trust		1,225		48,388
Life Storage, Inc.		450		38,367
LTC Properties, Inc.		350		16,443
Macerich Co. (The)		1,103		78,137

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Real Estate - 4.4% (Continued)
Equity Real Estate Investment Trusts (REITs) - 4.2% (Continued)
Mack-Cali Realty Corp.		725	$	21,040
Medical Properties Trust, Inc.		1,500		18,450
Mid-America Apartment Communities, Inc.		959		93,905
Monogram Residential Trust, Inc.		1,450		15,689
National Health Investors, Inc.		325		24,105
National Retail Properties, Inc.		900		39,780
New Senior Investment Group, Inc.		695		6,804
NorthStar Realty Europe Corp.		542		6,813
NorthStar Realty Finance Corp.		1,626		24,634
Omega Healthcare Investors, Inc.		1,200		37,512
Outfront Media, Inc.		336		8,356
Paramount Group, Inc.		1,800		28,782
Parkway, Inc. ^(a)		550		12,238
Pebblebrook Hotel Trust		625		18,594
Pennsylvania Real Estate Investment Trust ^(b)		775		14,694
Piedmont Office Realty Trust, Inc. - Class A		1,275		26,660
Potlatch Corp.		400		16,660
Prologis, Inc.		4,585		242,041
PS Business Parks, Inc.		200		23,304
Public Storage		1,349		301,501
Quality Care Properties, Inc. ^(a)		815		12,633
Ramco-Gershenson Properties Trust		1,000		16,580
Rayonier, Inc.		826		21,972
Realty Income Corp. ^(b)		1,700		97,716
Regency Centers Corp.		811		55,918
Retail Opportunity Investments Corp.		725		15,319
Retail Properties of America, Inc. - Class A		2,075		31,810
RLJ Lodging Trust		1,100		26,939
Ryman Hospitality Properties, Inc. ^(b)		525		33,080
Sabra Health Care REIT, Inc.		675		16,484
Saul Centers, Inc. ^(b)		200		13,322
Select Income REIT		350		8,820
Senior Housing Properties Trust		2,075		39,280
Seritage Growth Properties - Class A ^(b)		300		12,813
Silver Bay Realty Trust Corp.		152		2,605

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Real Estate - 4.4% (Continued)
Equity Real Estate Investment Trusts (REITs) - 4.2% (Continued)
Simon Property Group, Inc.		2,653	$	471,358
SL Green Realty Corp.		876		94,214
Spirit Realty Capital, Inc.		4,000		43,440
STAG Industrial, Inc.		450		10,742
STORE Capital Corp.		675		16,679
Summit Hotel Properties, Inc.		975		15,629
Sun Communities, Inc.		500		38,305
Sunstone Hotel Investors, Inc.		1,840		28,060
Tanger Factory Outlet Centers, Inc.		775		27,730
Taubman Centers, Inc.		500		36,965
Terreno Realty Corp.		575		16,382
UDR, Inc.		2,328		84,925
Universal Health Realty Income Trust		200		13,118
Urban Edge Properties		811		22,311
Urstadt Biddle Properties, Inc. - Class A		500		12,055
Ventas, Inc.		2,965		185,371
VEREIT, Inc.		6,175		52,241
Vornado Realty Trust		1,650		172,211
Washington Prime Group, Inc.		1,617		16,833
Washington Real Estate Investment Trust		750		24,518
Weingarten Realty Investors		1,050		37,580
Welltower, Inc.		3,120		208,821
Weyerhaeuser Co.		6,127		184,361
				7,398,375
Real Estate Management & Development - 0.2%
Alexander & Baldwin, Inc.		450		20,192
AV Homes, Inc. ^{(a) (b)}		600		9,480
Brookfield Property Partners, L.P.		3,075		67,619
CBRE Group, Inc. - Class A ^(a)		2,725		85,809
Howard Hughes Corp. (The) ^(a)		321		36,626
Jones Lang LaSalle, Inc.		284		28,695
Kennedy-Wilson Holdings, Inc.		925		18,963
RMR Group, Inc. (The) - Class A		71		2,805
St. Joe Co. (The) ^{(a) (b)}		500		9,500

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Real Estate - 4.4% (Continued)
Real Estate Management & Development - 0.2% (Continued)
Tejon Ranch Co. ^(a)		50	$	1,272
				280,961
Telecommunication Services - 2.6%
Diversified Telecommunication Services - 2.4%
8x8, Inc. ^(a)		1,000		14,300
AT&T, Inc.		48,750		2,073,338
CenturyLink, Inc.		3,735		88,818
Cogent Communications Holdings, Inc.		200		8,270
Consolidated Communications Holdings, Inc. ^(b)		501		13,452
General Communication, Inc. - Class A ^(a)		600		11,670
IDT Corp. - Class B		16		297
Inteliquent, Inc.		500		11,460
Level 3 Communications, Inc. ^(a)		2,211		124,612
Straight Path Communications, Inc. - Class B ^{(a) (b)}		8		271
Verizon Communications, Inc.		32,363		1,727,537
Vonage Holdings Corp. ^(a)		1,425		9,761
Windstream Holdings, Inc. ^(b)		731		5,358
Zayo Group Holdings, Inc. ^(a)		300		9,858
				4,099,002
Wireless Telecommunication Services - 0.2%
SBA Communications Corp. - Class A ^(a)		1,020		105,325
Shenandoah Telecommunications Co.		300		8,190
Spok Holdings, Inc.		400		8,300
Sprint Corp. ^{(a) (b)}		5,547		46,706
Telephone and Data Systems, Inc.		700		20,209
T-Mobile US, Inc. ^{(a) (b)}		2,425		139,462
United States Cellular Corp. ^(a)		300		13,116
				341,308
Utilities - 3.2%
Electric Utilities - 1.7%
ALLETE, Inc. ^(b)		425		27,281
American Electric Power Co., Inc.		3,655		230,119
Avangrid, Inc.		550		20,834
Duke Energy Corp.		5,410		419,923
Edison International		2,506		180,407

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Utilities - 3.2% (Continued)
Electric Utilities - 1.7% (Continued)
El Paso Electric Co.		400	$	18,600
Empire District Electric Co. (The)		175		5,966
Entergy Corp.		1,250		91,838
Eversource Energy		2,392		132,110
Exelon Corp.		6,741		239,238
FirstEnergy Corp.		3,380		104,679
Fortis, Inc. ^(b)		902		27,854
Great Plains Energy, Inc.		1,405		38,427
Hawaiian Electric Industries, Inc.		800		26,456
IDACORP, Inc.		313		25,212
MGE Energy, Inc.		150		9,795
NextEra Energy, Inc.		3,669		438,298
NRG Yield, Inc. - Class A ^(b)		300		4,608
NRG Yield, Inc. - Class C ^(b)		300		4,740
OGE Energy Corp.		1,475		49,339
Otter Tail Corp.		350		14,280
Pinnacle West Capital Corp.		816		63,672
PNM Resources, Inc.		700		24,010
Portland General Electric Co.		800		34,664
PPL Corp.		5,400		183,870
Southern Co. (The)		7,700		378,763
Westar Energy, Inc.		875		49,306
Xcel Energy, Inc.		3,600		146,520
				2,990,809
Gas Utilities - 0.3%
Atmos Energy Corp.		760		56,354
National Fuel Gas Co. ^(b)		650		36,816
New Jersey Resources Corp.		500		17,750
Northwest Natural Gas Co.		300		17,940
ONE Gas, Inc.		287		18,357
Sempra Energy		1,959		197,153
South Jersey Industries, Inc.		650		21,899
Southwest Gas Holdings, Inc.		475		36,395
Spire, Inc.		350		22,593
UGI Corp.		1,275		58,751

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Utilities - 3.2% (Continued)
Gas Utilities - 0.3% (Continued)
WGL Holdings, Inc.		350	$	26,698
				510,706
Independent Power and Renewable Electricity Producers - 0.1%
AES Corp.		5,235		60,830
Calpine Corp. ^(a)		2,575		29,432
Dynegy, Inc. ^(a)		11		93
Genie Energy Ltd. - Class B ^(b)		16		92
NRG Energy, Inc.		2,252		27,610
Ormat Technologies, Inc.		175		9,384
				127,441
Multi-Utilities - 1.0%
Alliant Energy Corp.		1,675		63,466
Ameren Corp.		1,925		100,986
Avista Corp. ^(b)		550		21,995
Black Hills Corp. ^(b)		300		18,402
CenterPoint Energy, Inc.		2,900		71,456
CMS Energy Corp.		1,800		74,916
Consolidated Edison, Inc.		2,329		171,601
Dominion Resources, Inc.		4,392		336,382
DTE Energy Co.		1,333		131,314
MDU Resources Group, Inc.		1,375		39,559
NiSource, Inc.		2,565		56,789
NorthWestern Corp.		400		22,748
PG&E Corp.		4,075		247,638
Public Service Enterprise Group, Inc.		3,900		171,132
SCANA Corp.		779		57,085
Vectren Corp.		508		26,492
WEC Energy Group, Inc.		2,339		137,182
				1,749,143

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.9% (Continued)	Shares		Value
Utilities - 3.2% (Continued)
Water Utilities - 0.1%
American States Water Co.		400			18,224
American Water Works Co., Inc.		1,320			95,515
Aqua America, Inc.		1,326			39,833
California Water Service Group		225			7,628
					161,200

Total Common Stocks (Cost $64,138,598)				$	173,307,064

RIGHTS - 0.0% ^(c)	Shares		Value
AMR Corp., Escrow		3,275	$	6,321
Asterias Biotherapeutics, Inc.		9		5
Dyax Corporation^(b)		1,200		0
Leap Wireless CVR		1,500		3,780
Overstock.com, Inc.		31		0
Safeway CVR - Casa Ley		2,075		2,106
Safeway CVR - PDC		2,075		101
Total Rights (Cost $0)			$	12,313

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 2.7%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(d)		140,499	$	140,499
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(d) (e)}		4,582,659		4,582,659
Total Money Market Funds (Cost $4,723,158)			$	4,723,158

Total Investments at Value - 102.6% (Cost $68,861,756)			$	178,042,535

Liabilities in Excess of Other Assets - (2.6%)				(4,513,156	)

Net Assets - 100.0%			$	173,529,379

ADR -	American Depositary Receipt.
CVR -	Contingent Value Right.

^(a)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $10,033,391.
^(c)	Percentage rounds to less than 0.1%.
^(d)	The rate shown is the 7-day effective yield as of December 31, 2016.
^(e)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $4,582,659. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,762,862.

See accompanying notes to financial statements.

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

December 31, 2016 (Unaudited)

COMMON STOCKS - 97.4%	Shares		Value
Australia - 3.4%
Australia & New Zealand Banking Group Ltd. ^(a)		14,288	$	312,761
BHP Billiton Ltd. ^(a)		41,168		737,471
BHP Billiton plc ^(a)		116,395		1,853,235
Boral Ltd. ^(a)		44,728		174,119
Coca-Cola Amatil Ltd. ^(a)		30,815		224,719
Crown Resorts Ltd. ^(a)		1,267		10,559
CSL Ltd. ^(a)		51,905		3,753,524
Medibank Private Ltd. ^(a)		86,055		174,824
Oil Search Ltd. ^(a)		46,612		239,886
QBE Insurance Group Ltd. ^(a)		118,700		1,060,488
Santos Ltd. ^{(a) (b)}		87,163		251,069
TPG Telecom Ltd. ^{(a) (c)}		31,186		153,088
Vocus Communications Ltd. ^{(a) (c)}		40,247		112,070
Westpac Banking Corp. ^(a)		3,118		73,187
				9,131,000
Austria - 0.1%
Erste Group Bank AG ^(a)		286		8,361
OMV AG ^(a)		6,610		232,998
				241,359
Belgium - 0.2%
Colruyt S.A. ^(a)		6,752		333,676
UCB S.A. ^{(a) (b)}		3,942		252,182
				585,858
Brazil - 2.1%
Ambev S.A. - ADR		722,901		3,549,444
Banco Santander Brasil S.A. ^{(a) (b)}		29,900		270,783
BM&F Bovespa S.A. ^(a)		45,100		228,237
Cia de Saneamento Basico do Estado de Sao Paulo ^(a)		7,900		69,744
Cia Energetica de Minas Gerais ^(a)		75,700		178,848
Cia Paranaense de Energia ^(a)		8,900		74,583
Cia Siderurgica Nacional S.A. ^{(a) (b)}		13,400		44,304
Cosan S.A. Indústria e Comércio ^(a)		650		7,605
EDP - Energias do Brasil S.A. ^(a)		26,950		110,774
Gerdau S.A. ^(a)		78,300		258,195

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Brazil - 2.1% (Continued)
Petroleo Brasileiro S.A. ^{(a) (b)}		38,200	$	173,727
Sul America S.A. ^(a)		12,200		67,423
Vale S.A. ^{(a) (b) (c)}		36,100		257,416
Vale S.A. ^(a)		30,300		237,853
				5,528,936
Canada- 5.1%
AltGas Ltd.		9,700		244,880
Atco Ltd. - Class I		2,600		86,472
Bank of Montreal ^(c)		8,100		582,518
Barrick Gold Corp.		18,200		291,135
BlackBerry Ltd. ^{(b) (c)}		3,000		20,643
Brookfield Asset Management, Inc. - Class A		2,200		72,579
CAE, Inc.		400		5,594
Cameco Corp.		1,600		16,729
Canadian Imperial Bank of Commerce ^(c)		7,700		628,238
Canadian Pacific Railway Ltd.		26,853		3,833,804
Canadian Utilities Ltd. - Series A		4,100		110,498
Cenovus Energy, Inc.		7,000		105,822
CI Financial Corp. ^(c)		14,000		300,994
Constellation Software, Inc.		6,035		2,742,046
Crescent Point Energy Corp.		23,600		320,742
Eldorado Gold Corp.		25,500		82,036
Element Fleet Management Corp.		17,600		163,310
Empire Co. Ltd. - Class A		2,800		32,779
Enbridge, Inc. ^(c)		1,600		67,321
First Capital Realty, Inc.		13,000		200,108
First Quantum Minerals Ltd. ^(c)		2,800		27,837
Goldcorp, Inc.		8,300		112,989
H&R Real Estate Investment Trust		6,800		113,281
Husky Energy, Inc. ^(b)		25,634		310,971
IGM Financial, Inc.		10,200		290,165
Industrial Alliance Insurance & Financial Services, Inc.		1,400		55,663
Intact Financial Corp.		100		7,157
Inter Pipeline Ltd. ^(c)		1,600		35,317
Kinross Gold Corp. ^(b)		11,600		36,195

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Canada - 5.1% (Continued)
Linamar Corp.		4,650	$	199,772
Manulife Financial Corp.		30,400		541,297
National Bank of Canada		3,100		125,887
Potash Corp. of Saskatchewan, Inc.		29,900		540,855
Power Corp. of Canada		3,200		71,610
RioCan Real Estate Investment Trust		5,600		111,056
Royal Bank of Canada		7,400		500,766
Shaw Communications, Inc. - Class B		10,700		214,666
SNC-Lavalin Group, Inc. ^(c)		2,000		86,073
Suncor Energy, Inc.		9,400		307,309
Tourmaline Oil Corp. ^(b)		1,800		48,136
Turquoise Hill Rsources Ltd. ^(b)		20,800		66,761
Veresen, Inc. ^(c)		2,100		20,502
West Fraser Timber Company Ltd.		200		7,151
Yamana Gold, Inc. ^(c)		16,600		46,605
				13,786,269
Chile - 0.1%
Banco de Chile ^(b)		45,163		5,291
Latam Airlines Group S.A. ^(b)		18,574		156,447
				161,738
China - 4.7%
Agricultural Bank of China Ltd. - H Shares ^(a)		91,000		37,139
Aluminum Corp. of China Ltd. ^(a)		226,000		92,569
Belle International Holdings Ltd. ^(a)		97,000		54,337
China Coal Energy Co. Ltd. - H Shares ^{(a) (b)}		309,000		145,795
China Communications Services Corp. Ltd. - H Shares ^(a)		164,000		104,202
China Construction Bank Corp. - H Shares ^(a)		1,122,000		859,269
China Everbright Ltd. ^(a)		78,000		147,732
China Longyuan Power Group Corp. Ltd. - H Shares ^(a)		222,000		172,507
China Mobile Ltd. - ADR ^(c)		47,000		2,464,210
China National Building Material Co. Ltd. - H Shares ^(a)		334,000		161,753
China Railway Construction Corp. Ltd. - H Shares ^(a)		26,500		33,959
China Resources Land Ltd. ^(a)		120,000		268,523

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
China- 4.7% (Continued)
China Shenhua Energy Co. Ltd. - H Shares ^(a)		45,000	$	84,115
CITIC Ltd. ^(a)		207,000		294,802
CNOOC Ltd. ^(a)		445,000		553,022
Ctrip.com International Ltd. - ADR ^{(b) (c)}		67,397		2,695,880
Great Wall Motor Co. Ltd. - H Shares ^{(a) (b)}		300,500		278,756
Guangdong Investment Ltd. ^(a)		78,000		102,717
Huaneng Renewables Corp. Ltd. - H Shares ^(a)		418,000		135,135
Hutchison Port Holdings Trust ^(a)		231,100		100,279
Kunlun Energy Co. Ltd. ^(a)		374,000		278,648
NetEase, Inc. - ADR		219		47,159
PetroChina Co. Ltd. - H Shares ^(a)		4,000		2,971
Shandong Weigao Group Medical Polymer Co. Ltd. ^(a)		68,000		45,288
Shanghi Industrial Holdings Ltd. ^(a)		19,000		51,226
Tencent Holdings Ltd. ^(a)		129,855		3,148,638
Weichai Power Co Ltd. - H Shares ^(a)		89,000		136,486
Yanzhou Coal Mining Co. Ltd. - H Shares ^(a)		174,000		117,973
YY, Inc. - ADR ^{(b) (c)}		2,800		110,377
				12,725,467
Colombia - 0.0% ^(d)
Grupo Aval Acciones y Valores S.A.		316,284		128,031

Czech Republic - 0.0% ^(d)
CEZ A/S ^(a)		1,440		24,100

Denmark - 3.6%
Carlsberg A/S - Series B ^(a)		24,511		2,110,825
Chr. Hansen Holding A/S ^(a)		43,850		2,424,812
Coloplast A/S - Series B ^(a)		40,404		2,721,188
ISS A/S ^(a)		2,393		80,640
Novo Nordisk A/S - Class B ^(a)		1,142		40,960
Novozymes A/S ^(a)		65,724		2,261,382
William Demant Holding A/S ^{(a) (b)}		5,321		92,410
				9,732,217
Finland - 0.4%
Nokian Renkaat OYJ ^(a)		8,925		331,772

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Finland - 0.4% (Continued)
Sampo OYJ - A Shares ^(a)		1,790	$	80,008
Stora Enso OYJ ^(a)		7,262		77,672
UPM-Kymmene OYJ ^(a)		25,817		631,291
				1,120,743
France - 11.1%
Alstom S.A. ^{(a) (b)}		5,244		144,185
Atos SE ^(a)		4,592		483,926
AXA S.A. ^(a)		123,063		3,101,889
Bureau Veritas S.A. ^(a)		172		3,329
Carrefour S.A. ^(a)		73,230		1,762,866
Casino Guichard Perrachon S.A. ^{(a) (c)}		2,970		142,289
Cie Generale des Etablissements Michelin ^(a)		928		103,143
EADS N.V. ^(a)		51,910		3,428,166
Engie S.A. ^(a)		150,780		1,919,035
Essilor International S.A. ^(a)		21,887		2,469,168
Eutelsat Communications S.A. ^(a)		7,530		145,595
Groupe Bruxelle Lambert S.A. ^(a)		317		26,556
Hermes International ^(a)		6,085		2,495,868
Iliad S.A. ^{(a) (c)}		310		59,527
LVMH Moet Hennessy Louis Vuitton SE ^(a)		14,975		2,854,956
Orange S.A. ^(a)		127,000		1,925,588
Remy Cointreau S.A. ^(a)		433		36,903
SCOR SE ^(a)		5,758		198,689
Société Générale S.A. ^(a)		43,960		2,161,987
Sodexo S.A. ^{(a) (b)}		1,820		208,935
Technip S.A. ^(a)		10,354		737,443
Total S.A. - ADR ^(c)		59,970		3,056,671
Unibail-Rodamco SE ^(a)		1,397		332,871
Veolia Environnement S.A. ^(a) ^(c)		2,640		44,853
Vinci S.A. ^(a)		772		52,509
Vivendi S.A. ^(a)		96,585		1,831,694
				29,728,641
Germany - 5.1%
adidas AG ^(a)		13,208		2,082,886
Allianz SE ^(a)		5,009		826,573
BASF SE ^(a)		1,384		128,248

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Germany - 5.1% (Continued)
Bayer AG ^(a)		4,854	$	505,644
Brenntag AG ^(a)		4,157		230,389
Continental AG ^(a)		561		108,067
Deutsche Bank AG ^{(a) (b)}		11,705		212,295
Deutsche Lufthansa AG ^{(a) (c)}		14,517		187,112
Deutsche Post AG ^(a)		57,750		1,893,680
E.ON SE ^(a) ^(b)		288,760		2,031,161
Evonik Industries AG ^(a)		16,192		482,605
Fresenius Medical Care AG & Co. KGaA ^(a)		21,485		1,815,708
Hannover Rueck SE ^(a)		2,360		254,913
HeidelbergCement AG ^(a)		98		9,121
K+S AG ^(a)		2,734		65,119
LANXESS AG ^(a)		4,791		313,692
Linde AG ^(a)		964		158,113
METRO AG ^{(a) (b)}		5,257		174,706
OSRAM Licht AG ^{(a) (b)}		7,978		417,720
RWE AG ^(a)		21,795		270,413
SAP SE ^(a)		9,422		814,950
Siemens AG ^(a)		931		113,978
thyssenkrupp AG ^{(a) (b)}		4,111		97,646
Volkswagon AG ^(a)		3,470		485,453
Volkswagon AG ^(a)		371		53,241
				13,733,433
Greece - 0.0% ^(d)
FF Group ^{(a) (b)}		3,196		64,627

Hong Kong - 1.7%
AIA Group Ltd. ^(a)		53,482		299,600
Bank of East Asia Ltd. (The) ^(a)		2,200		8,399
Cathay Pacific Airways Ltd. ^(a)		62,000		81,366
Cheung Kong Property Holdings Ltd. ^{(a) (b)}		37,500		229,014
CK Hutchison Holdings Ltd. ^(a)		170,625		1,926,112
First Pacific Co. Ltd. ^(a)		194,000		135,336
Hang Lung Group Ltd. ^(a)		38,000		131,857
Hang Seng Bank Ltd. ^(a)		7,200		133,522
Hongkong Land Holdings Ltd. ^(a)		15,500		97,646

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Hong Kong - 1.7% (Continued)
Hysan Development Co. Ltd. ^(a)		54,000	$	222,700
Kerry Properties Ltd. ^(a)		61,500		166,311
Li & Fung Ltd. ^(a)		550,000		241,044
Nine Dragons Paper Holdings Ltd. ^(a)		150,000		135,450
Shangri-La Asia Ltd. ^(a)		120,000		126,368
Sino Land Co. Ltd. ^(a)		12,000		17,893
Swire Properties Ltd. ^(a)		105,400		290,158
Wheelock & Co. Ltd. ^(a)		36,000		202,043
Yue Yuen Industrial Holdings Ltd. ^(a)		7,500		27,186
				4,472,005
Hungary - 0.0% ^(d)
MOL Hungarian Oil & Gas plc		121		8,498

India - 1.0%
HDFC Bank Ltd. - ADR		45,016		2,731,571

Indonesia - 0.0% ^(d)
Bank CIMB Niaga Tbk PT ^{(a) (b)}		6,009		376
Bank Danamon Indonesia Tbk PT ^(a)		234,000		64,350
				64,726
Ireland - 2.2%
AerCap Holdings N.V. ^(b)		53,485		2,225,511
Experian plc ^(a)		186,151		3,603,943
				5,829,454
Israel - 0.1%
Nice Ltd. ^(a)		3,374		231,453

Italy - 2.1%
Assicurazioni Generali SpA ^(a)		11,254		166,790
Eni SpA ^(a)		9,045		146,611
Intesa Sanpaolo SpA ^(a)		1,025,035		2,596,240
Luxottica Group SpA ^(a)		38,825		2,086,450
Saipem SpA ^{(a) (b) (c)}		481,002		268,998
Snam SpA ^(a)		46,472		191,109
Terna Rete Elettrica Nazionale SpA ^{(a) (c)}		59,389		271,573
				5,727,771

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Japan - 14.7%
AEON Financial Service Co. Ltd. ^(a)		10,400	$	184,190
Alfresa Holdings Corp. ^{(a) (b)}		3,400		56,153
Amada Holdings Co. Ltd. ^(a)		24,600		274,035
Asics Corp. ^{(a) (b)}		900		17,934
Astellas Pharma, Inc. ^(a)		140,058		1,942,908
Bank of Kyoto Ltd. (The) ^(a)		25,000		185,298
Bridgestone Corp. ^(a)		11,100		399,353
Canon, Inc. ^(a)		29,000		816,633
Casio Computer Co. Ltd. ^(a)		9,400		132,464
Daicel Corp. ^{(a) (b)}		14,300		157,201
Dai-ichi Life Insurance Holdings, Inc. ^{(a) (b)}		26,200		435,577
Dentsu, Inc. ^(a)		4,300		202,183
Electric Power Development Co. Ltd. ^(a)		13,800		316,704
Fuji Heavy Industries Ltd. ^(a)		9,800		399,261
Hachijuni Bank Ltd. (The) ^(a)		8,400		48,601
Hino Motors Ltd. ^(a)		10,600		107,687
Hokuriku Electric Power Co. ^(a)		16,100		180,064
Iida Group Holdings Co. Ltd. ^(a)		10,700		202,825
INPEX Corp. ^(a)		43,400		433,781
Japan Airlines Co. Ltd. ^{(a) (b)}		11,200		326,797
Japan Post Bank Co. Ltd. ^(a)		11,600		138,997
JFE Holdings, Inc. ^(a)		15,100		228,329
JGC Corp. ^(a)		12,400		224,623
JTEKT Corp. ^{(a) (b)}		500		7,972
JX Holdings, Inc. ^(a)		127,000		536,583
Kamigumi Co. Ltd. ^(a)		6,000		57,141
Kawasaki Heavy Industries Ltd. ^(a)		47,000		147,105
KDDI Corp. ^(a)		300		7,575
Keyence Corp. ^(a)		4,730		3,236,223
Kobe Steel Ltd. ^{(a) (b)}		16,600		157,822
Komatsu Ltd. ^{(a) (b)}		80,000		1,811,858
Kurita Water Industries Ltd. ^(a)		7,000		153,992
Kyocera Corp. ^(a)		10,000		495,763
Lawson, Inc. ^(a)		2,100		147,390
Marubeni Corp. ^(a)		26,400		149,308
Mazda Motor Corp. ^(a)		159,400		2,595,443

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Japan - 14.7% (Continued)
Medipal Holdings Corp. ^{(a) (b)}		16,000	$	252,012
Mitsubishi Estate Company Ltd. ^(a)		104,000		2,065,749
Mitsubishi Heavy Industries Ltd. ^(a)		75,000		340,924
Mitsubishi Materials Corp. ^(a)		8,300		253,853
Mitsubishi UFJ Financial Group, Inc. ^(a)		34,700		213,988
Mitsubishi UFJ Lease & Finance Co. Ltd. ^(a)		14,400		74,265
Mitsui OSK Lines Ltd. ^(a)		55,000		151,790
Mixi, Inc. ^(a)		4,400		160,314
Mizuho Financial Group, Inc. ^(a)		90,100		161,674
MS&AD Insurance Group Holdings, Inc. ^(a)		17,500		541,885
Murata Manufacturing Co. Ltd. ^(a)		13,900		1,856,001
NGK Spark Plug Co. Ltd. ^(a)		5,400		119,679
Nikon Corp. ^(a)		13,000		201,879
Nippon Electric Glass Co. Ltd. ^(a)		35,000		188,825
Nippon Yusen KK ^(a)		9,000		16,666
Nissan Motor Co. Ltd. ^(a)		16,100		161,488
Nomura Real Estate Holdings, Inc. ^(a)		5,100		86,539
Nomura Research Institute Ltd. ^(a)		3,267		99,281
NSK Ltd. ^(a)		41,600		480,417
Oji Holdings Corp. ^(a)		42,000		170,783
Otsuka Holdings Co. Ltd. ^(a)		45,600		1,986,185
Panasonic Corp. ^(a)		183,448		1,860,399
Rakuten, Inc. ^(a)		52,400		513,363
Resona Holdings, Inc. ^(a)		42,700		218,820
Ricoh Co. Ltd. ^(a)		30,100		254,257
Sankyo Co. Ltd. ^(a)		2,700		87,045
Secom Co. Ltd. ^(a)		23,700		1,731,471
Sega Sammy Holdings, Inc. ^(a)		17,500		260,029
Seiko Epson Corp. ^(a)		91,130		1,923,824
Seven & i Holdings Co. Ltd. ^(a)		2,300		87,460
Shimamura Co. Ltd. ^{(a) (b)}		200		24,934
Sompo Holdings, Inc. ^(a)		4,300		145,204
Sony Financial Holdings, Inc. ^{(a) (b)}		11,400		177,693
Sumitomo Heavy Industries Ltd. ^(a)		2,000		12,841
Sumitomo Mitsui Financial Group, Inc. ^(a)		300		11,424
Sumitomo Mitsui Trust Holdings, Inc. ^(a)		3,200		114,482

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Japan - 14.7% (Continued)
Sundrug Co. Ltd. ^(a)		2,200	$	152,098
Suntory Beverage & Food Ltd. ^(a)		39,100		1,619,447
Suzuken Co. Ltd. ^(a)		3,900		127,373
Sysmex Corp. ^(a)		34,675		2,003,332
T&D Holdings, Inc. ^(a)		17,600		232,255
Takeda Pharmaceutical Co. Ltd. ^(a)		1,100		45,631
Tokio Marine Holdings, Inc. ^(a)		5,500		225,168
Tokyo Tatemono Co. Ltd. ^(a)		5,100		68,082
Tokyu Fudosan Holdings Corp. ^(a)		30,000		176,672
Toyo Suisan Kaisha Ltd. ^(a)		400		14,471
Toyoda Gosei Co. Ltd. ^(a)		1,200		28,005
Toyota Motor Corp. ^(a)		14,600		855,902
				39,471,652
Jersey - 0.1%
Glencore plc ^(a)		66,323		224,083
Randgold Resources Ltd. ^(a)		1,663		127,755
				351,838
Luxembourg - 0.2%
ArcelorMittal ^{(a) (b)}		79,214		581,954

Malaysia - 0.2%
AirAsia BHD ^(a)		122,000		62,181
Public Bank BHD ^(a)		33,800		148,477
Tenaga Nasional BHD ^(a)		91,900		284,476
				495,134
Mexico - 0.5%
Grupo Mexico SAB de CV - Series B		6,900		18,738
OHL Mexico SAB de CV		90,300		88,825
Wal-Mart de Mexico SAB de CV		686,645		1,228,961
				1,336,524
Netherlands - 5.4%
Aegon N.V. ^(a)		419,376		2,303,622
Akzo Nobel N.V. ^(a)		4,507		281,593
Boskalis Westminster ^(a)		4,804		166,640
Gemalto N.V. ^(a) ^(c)		31,450		1,816,059
Heineken N.V. ^(a)		1,266		94,860

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Netherlands - 5.4% (Continued)
Koninklijke Ahold Delhaize N.V. ^(a)		17,875	$	376,455
Koninklijke DSM N.V. ^(a)		28,408		1,702,205
Koninklijke KPN N.V. ^(a)		647,128		1,913,402
Koninklijke Philips N.V. ^(a)		63,723		1,947,895
Koninklijke Vopak N.V. ^(a)		6,628		312,671
NN Group N.V. ^(a)		15,652		529,795
Randstad Holding N.V. ^(a)		3,212		173,965
Royal Dutch Shell plc ^(a)		5,982		165,113
Royal Dutch Shell plc - Class A - ADR ^(c)		52,125		2,834,557
				14,618,832
Norway - 0.9%
DNB ASA ^{(a) (b)}		140,441		2,084,747
Norsk Hydro ASA ^(a)		2,266		10,814
Orkla ASA ^{(a) (b)}		12,145		109,889
Yara International ASA ^(a)		6,215		244,476
				2,449,926
Poland - 0.0% ^(d)
Tauron Polska Energia S.A. ^{(a) (b)}		88,088		59,955

Portugal - 0.1%
Jeronimo Martins SGPS S.A. ^(a)		9,378		145,432

Russia - 1.2%
Alrosa PJSC		90,700		143,623
Magnit PJSC - GDR ^{(a) (b)}		2,074		91,295
RusHydro PJSC		10,602,000		159,030
Sistema PJSC - GDR ^(a)		19,560		176,047
Tatneft PJSC		69,260		480,644
Yandex N.V. - Class A ^(b)		104,818		2,109,987
				3,160,626
Singapore - 0.8%
DBS Group Holdings Ltd. ^(a)		168,310		2,008,122
Genting Singapore plc ^(a)		353,100		219,774
StarHub Ltd. ^{(a) (c)}		9,400		18,197
Yangzijiang Shipbulidngs Holdings Ltd. ^(a)		61,500		34,484
				2,280,577

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
South Africa - 0.9%
Brait SE ^{(a) (b)}		9,264	$	58,919
Exxaro Resources Ltd. ^(a)		13,401		86,521
Growthpoint Properties Ltd. ^(a)		5,230		9,846
Mondi plc ^(a)		1,131		23,096
Sasol Ltd. ^(a)		5,875		168,591
Shoprite Holdings Ltd. ^(a)		172,093		2,150,630
				2,497,603
South Korea - 1.7%
BNK Financial Group, Inc. ^(a)		18,131		130,162
DGB Financial Group, Inc. ^(a)		19,378		156,699
Hana Financial Group, Inc. ^(a)		27,964		722,302
Hankook Tire Co. Ltd. ^(a)		3,323		159,877
Hanwha Chemical Corp. ^(a)		1,609		32,825
Hanwha Corp. ^(a)		4,378		126,938
Hanwha Life Insurance Co. Ltd. ^(a)		1,859		10,051
Hyundai Dept. Store Co. Ltd. ^(a)		1,208		109,136
Hyundai Marine & Fire Insurance Co. Ltd. ^(a)		3,506		91,330
KB Financial Group, Inc. ^(a)		5,981		211,527
Korea Gas Corp. ^(a)		2,507		100,689
Korean Air Lines Co. Ltd. ^{(a) (b)}		3,475		78,477
KT Corp. ^(a)		1,089		26,516
KT&G Corp. ^(a)		1,985		166,171
LG Display Co. Ltd. ^(a)		1,628		42,272
Samsung Electronics Co. Ltd. ^(a)		852		1,269,009
Samsung Heavy Industries Co. Ltd. ^{(a) (b)}		6,453		49,314
Shinhan Financial Group Co. Ltd. ^(a)		8,051		302,152
SK Innovation Co. Ltd. ^(a)		2,253		272,862
Woori Bank ^(a)		39,148		412,888
				4,471,197
Spain - 3.1%
Abertis Infraestructuras S.A. ^(a)		31,533		440,509
ACS Actividades de Construccion y Servicios S.A. ^(a)		64,641		2,039,663
Amadeus IT Group S.A. ^(a)		11,114		504,004
Banco Bilbao Vizcaya Argentaria S.A. - ADR ^(c)		280,330		1,897,834
Banco Bilbao Vizcaya Argentaria S.A. ^(a)		13,051		87,939
Banco Popular Espanol S.A. ^{(a) (b) (c)}		134,715		129,782

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Spain - 3.1% (Continued)
Banco Santander S.A. ^(a)		139,752	$	726,938
Enagas S.A. ^(a)		21,434		543,140
Grifols S.A. ^(a)		1,309		25,982
Iberdrola S.A. ^(a)		51,733		338,700
Industria de Diseno Textil S.A. ^(a)		42,888		1,460,842
Repsol S.A. ^(a)		9,549		134,177
Zardoya Otis S.A. ^(a)		15,080		127,242
				8,456,752
Sweden - 1.1%
Alfa Laval AB ^(a)		14,872		245,384
Boliden AB ^(a)		2,521		65,500
Electrolux AB - Series B ^(a)		5,313		131,590
Getinge AB - B Shares ^(a)		14,796		237,139
Husqvarna AB - B Shares ^(a)		23,228		180,276
Kinnevik AB - Series B ^(a)		7,375		176,200
Millicom International Cellular S.A. ^(a)		433		18,457
Skandinaviska Enskilda Banken AB ^(a)		4,085		42,700
SKF AB - B Shares ^{(a) (b)}		33,900		621,762
Svenska Handelsbanken AB ^(a)		6,218		86,145
Swedbank AB - A Shares ^(a)		15,020		361,995
Swedish Match AB ^(a)		10,902		345,990
Telefonaktiebolaget LM Ericsson - B Shares ^(a)		29,311		171,836
Telia Co. AB ^(a)		54,077		217,295
				2,902,269
Switzerland - 6.5%
Adecco Group AG ^(a)		29,125		1,901,112
Aryzta AG ^{(a) (b) (c)}		3,634		159,803
Credit Suisse Group AG ^(a)		12,969		185,333
Givaudan S.A. ^(a)		71		129,938
Julius Baer Group Ltd. ^(a)		46,577		2,063,361
Nestlé S.A. ^(a)		67,167		4,811,492
Novartis AG ^(a)		11,028		801,963
Pargesa Holding S.A. ^(a)		3,207		208,444
Roche Holdings AG ^{(a) (b)}		15,636		3,564,127
SGS S.A. ^(a)		1,326		2,694,013
Sika AG ^(a)		17		81,560

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Switzerland - 6.5% (Continued)
Sonova Holding AG ^(a)		726	$	87,835
STMicroelectronics N.V. ^(a)		12,415		140,700
Swiss Re AG ^(a)		6,262		592,443
				17,422,124
Taiwan - 2.7%
Asia Cement Corp. ^(a)		202,000		163,126
Au Optronics Corp. ^(a)		907,000		326,993
Casetek Holdings Ltd. ^(a)		7,000		18,392
Chang Hwa Commercial Bank Ltd. ^(a)		200,000		105,390
Cheng Shin Rubber Industry Co. Ltd. ^(a)		161,000		300,035
Chunghwa Telecom Co. Ltd. ^(a)		84,000		261,865
Formosa Petrochemical Corp. ^(a)		12,000		41,227
Foxconn Technology Co. Ltd. ^(a)		15,302		39,969
Inventec Corp. ^(a)		17,000		11,513
Lite-On Technology Corp. ^(a)		169,568		253,166
MediaTek, Inc. ^(a)		115,000		762,747
Nanya Technology Corp. ^(a)		67,000		98,939
Pegatron Corp. ^(a)		3,000		7,086
Taiwan Business Bank ^(a)		448,191		112,311
Taiwan Cooperative Financial Holding Co. Ltd. ^(a)		75,274		32,518
Taiwan Fertilizer Co. Ltd. ^(a)		66,000		81,515
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR ^(c)		152,213		4,376,125
Transcend Information, Inc. ^(a)		15,000		39,338
Wistron Corp. ^(a)		250,268		191,480
WPG Holdings Ltd. ^(a)		51,000		59,503
				7,283,238
Thailand - 0.1%
PTT Exploration & Production PCL N.V. ^(a)		99,400		265,949
Siam Commercial Bank PCL N.V. (The) ^(a)		7,400		31,348
TMB Bank plc ^(a)		672,100		39,263
				336,560
Turkey - 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS ^(a)		122,903		104,075
Turkiye Garanti Bankasi AS ^(a)		35,305		76,129
Turkiye Halk Bankasi AS ^(a)		44,558		117,725

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
Turkey - 0.1% (Continued)
Turkiye Vakiflar Bankasi TAO ^(a)		15,758	$	19,392
Yapi ve Kredi Bankasi AS ^{(a) (b)}		14,278		13,851
				331,172
United Kingdom - 7.1%
3i Group plc ^(a)		5,163		44,659
Aberdeen Asset Management plc ^(a)		10,377		32,808
Admiral Group plc ^(a)		21,182		476,331
AstraZeneca plc ^(a)		7,470		407,892
BAE Systems plc ^(a)		44,566		324,130
Barclays plc ^(a)		32,790		89,981
BP plc ^(a)		36,630		229,414
British American Tobacco plc ^(a)		8,132		460,853
BT Group plc ^(a)		115,613		521,877
Burberry Group plc ^(a)		1,766		32,543
Capita plc ^(a)		3,273		21,399
Centrica plc ^(a)		81,282		234,080
Cobham plc ^(a)		131,872		265,499
Compass Group plc ^(a)		181,338		3,351,181
Croda International plc ^(a)		10,052		395,314
Diageo plc ^(a)		18,610		482,894
easyJet plc ^{(a) (b)}		12,412		153,519
G4S plc ^(a)		83,685		241,865
GlaxoSmithKline plc ^(a)		13,565		260,546
HSBC Holdings plc ^(a)		16,932		136,609
HSBC Holdings plc - ADR		73,235		2,942,582
Johnson Matthey plc ^(a)		1,586		62,052
Prudential plc ^(a)		9,643		192,437
Reckitt Benckiser Group plc ^(a)		55,665		4,714,950
Rolls-Royce Holdings plc ^(a)		33,378		274,132
Sky plc ^(a)		30,245		368,690
Smith & Nephew plc ^(a)		14,089		211,451
Smith & Nephew plc - ADR		56,780		1,707,942
Standard Chartered plc ^(a) ^(b)		32,612		265,930
Standard Life plc ^(a)		904		4,139
Tesco plc ^(a) ^(b)		81,194		207,014

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.4% (Continued)	Shares		Value
United Kingdom- 7.1% (Continued)
Travis Perkins plc ^(a)		4,540	$	81,152
				19,195,865
United States - 7.0%
Accenture plc - Class A		33,629	$	3,938,965
Chubb Ltd.		34,198		4,518,240
Core Laboratories N.V. ^(c)		27,367		3,285,134
ICON plc ^(b)		27,115		2,039,048
Lazard Ltd. - Class A		51,566		2,118,847
Schlumberger Ltd.		35,360		2,968,472
				18,868,706

Total Common Stocks (Cost $248,747,665)			$	262,475,833

RIGHTS - 0.0%		Shares				Value
Latam Airlines Group S.A. (Cost $0)			2,087			$	0

EXCHANGE-TRADED FUNDS - 0.4%	Shares		Value
iShares MSCI India ETF		33,018	$	885,213
Vanguard FTSE All-World ex-US ETF ^(c)		5,173		228,543
Total Exchange-Traded Funds (Cost $1,238,009)			$	1,113,756

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

Money Market Funds - 5.8%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.39% ^(e)		6,874,936	$	6,874,936
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 0.01% ^{(e) (f)}		8,828,715		8,828,715
Total Money Market Funds (Cost $15,703,651)			$	15,703,651

Total Investments at Value - 103.6% (Cost $265,689,325)			$	279,293,240

Liabilities in Excess of Other Assets - (3.6%)				(9,692,727	)

Net Assets - 100.0%			$	269,600,513

ADR - American Depositary Receipt.

GDR - Global Depositary Receipt.

^(a)	Security value has been determined in good faith in accordance with procedures approved by the Board of Directors. The total value of such securities is $194,652,920 at December 31, 2016, representing 72.2% of net assets (Note 2).

^(b)	Non-income producing security.

^(c)	This security or a partial position of this security is on loan at December 31, 2016. The total market value of securities on loan at December 31, 2016 was $19,967,056.

^(d)	Percentage rounds to less than 0.1%.

^(e)	The rate shown is the 7-day effective yield as of December 31, 2016.

^(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of December 31, 2016 was $8,828,715. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,735,202.

See accompanying notes to financial statements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Wilshire Mutual Funds, Inc. and the Shareholders of

Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio,

Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, and Wilshire International Equity Fund:

In our opinion, the accompanying statements of assets and liabilities, including the condensed schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) present fairly, in all material respects, the financial position of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, and Wilshire International Equity Fund (six portfolios or funds constituting the Wilshire Mutual Funds, Inc., hereafter referred to as the "Portfolios") as of December 31, 2016, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements, financial highlights, and schedule of investments (hereafter referred to as "financial statements") are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of December 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

February 28, 2017

PricewaterhouseCooopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042

T: (267) 330 3000, F:(267) 330 3300, www.pwc.com/us

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last disclosed such procedures in the definitive proxy statement filed with the SEC on March 29, 2011.

Item 11.

Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

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

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

Exhibit 99.CODE ETH

Code of Ethics

Exhibit 99.CERT

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

Exhibit 99.906CERT

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

SIGNATURES

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

(Registrant)	Wilshire Mutual Funds, Inc.

By (Signature and Title)*		/s/ Jason A. Schwarz
		Jason A. Schwarz, President and Principal Executive Officer

Date	March 10, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Jason A. Schwarz
		Jason A. Schwarz, President and Principal Executive Officer

Date	March 10, 2017

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

Date	March 10, 2017

^*	Print the name and title of each signing officer under his or her signature.

Wilshire Mutual Funds N-CSRCertified annual shareholder report (management investment company)