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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: | June 30, 2017 |
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. |
The Report to Shareholders is attached herewith.
Wilshire Mutual Funds |
SEMI-ANNUAL REPORT (Unaudited) 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
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June 30, 2017 http://advisor.wilshire.com
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Wilshire Mutual Funds Table of Contents |
Letter to Shareholders | 1 |
Commentary: | |
Large Company Growth Portfolio | 3 |
Large Company Value Portfolio | 7 |
Small Company Growth Portfolio | 11 |
Small Company Value Portfolio | 15 |
Wilshire 5000 IndexSM Fund | 19 |
Wilshire International Equity Fund | 23 |
Wilshire Income Opportunities Fund | 27 |
Disclosure of Fund Expenses | 31 |
Schedule of Investments/Condensed Schedules of Investments: | |
Large Company Growth Portfolio | 34 |
Large Company Value Portfolio | 36 |
Small Company Growth Portfolio | 38 |
Small Company Value Portfolio | 40 |
Wilshire 5000 IndexSM Fund | 42 |
Wilshire International Equity Fund | 44 |
Wilshire Income Opportunities Fund | 48 |
Statements of Assets and Liabilities | 69 |
Statements of Operations | 72 |
Statements of Changes in Net Assets | 74 |
Financial Highlights: | |
Large Company Growth Portfolio | 79 |
Large Company Value Portfolio | 81 |
Small Company Growth Portfolio | 83 |
Small Company Value Portfolio | 85 |
Wilshire 5000 IndexSM Fund | 87 |
Wilshire International Equity Fund | 89 |
Wilshire Income Opportunities Fund | 93 |
Notes to Financial Statements | 95 |
Additional Fund Information | 118 |
This report is for the general information of the shareholders of Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund. Its use in connection with any offering of a Portfolio’s shares is authorized only if accompanied or preceded by the Portfolio’s current prospectus.
Wilshire Mutual Funds, Inc. are distributed by Ultimus Fund Distributors, LLC.
Wilshire Mutual Funds Letter to Shareholders (Unaudited) |
Dear Wilshire Mutual Fund Shareholder:
We are pleased to present this semi-annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2017 to June 30, 2017, for all share classes of the Large Company Growth Fund, Large Company Value Fund, Small Company Growth Fund, Small Company Value Fund, Wilshire 5000 Index Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund.
Market Environment
U.S. Equity Market
The U.S. stock market, as represented by the Wilshire 5000 Total Market IndexSM, returned 8.7% during the first half of the year. During the first six months of the year, growth oriented stocks outpaced value securities across capitalizations and large capitalization securities outpaced their smaller capitalization counterparts. Sector performance was mostly positive during the period. Health Care, Information Technology and Consumer Discretionary returned 17.1%, 17.0%, and 11.7%, respectively. Conversely, Energy was weighed down by slumping oil prices and Telecom Services experienced negative returns as interest rate sensitivity remained a concern. The sectors returned -12.0% and -8.2%, respectively.
International Equity Market
After lagging domestic equities the last four years, international equities outperformed domestic equity markets during the first half of the year as the MSCI EAFE Index returned 13.8%. Emerging markets surged during the period benefitting from a weakening US Dollar, diminished fears over Chinese economic growth, and their overall valuation discount relative to developed markets. The MSCI Emerging Markets Index rose 18.4% through June 30. To end the first quarter, the UK officially triggered Article 50 formally beginning the country’s process to break from the European Union. The period ended with European Central Bank (ECB) President, Mario Draghi, hinting that the ECB may begin winding down its accommodative policies as the European economy shows signs of sustained economic improvement. While essentially flat during the first quarter, Japanese equities performed well during the second quarter as the yen weakened versus the US Dollar benefitting exporters. The MSCI Japan Index returned 9.9% for the period. Additionally, the second quarter of 2017 marked the fifth consecutive quarter of GDP expansion for Japan – the first time this has occurred since 2006.
Bond Market
Bonds overall performed well during the first six months of 2017 despite fears of a surge in interest rates. The Bloomberg Barclays US Aggregate Bond Index rose 2.3% for the period. While the Federal Reserve raised its federal funds rate at its March and June meetings, rates on longer-term bonds remain low and the US Treasury yield curve flattened over the second half of the period. US Treasuries hit a peak of 2.60% in mid-March but fell to 2.31% by the close of the first half of the year. Credit and non-investment grade bonds continued their strong run as high yield spreads narrowed 45 basis points over the quarter and the Bloomberg Barclays High Yield Index returned 4.9%. Global fixed income also fared well with the Citi World Government Bond Index returning 4.5%. Government bond yields were well supported much of the period, but experienced a sell-off in the final week of the first half of the year as central bank leaders from around the globe signaled a more hawkish stance.
Fund Performance Review
The Large Company Growth Portfolio Institutional Class returned 14.73%, outperforming the Russell 1000 Growth Index by 0.73%. The Large Company Value Portfolio Institutional Class returned 4.85%, outperforming the Russell 1000 Value Index by 0.19%. The Small Company Growth Portfolio Institutional Class returned 5.46%, underperforming the Russell 2000 Growth Index by 4.51%. The Small Company Value Portfolio Institutional Class returned -0.66%, underperforming the Russell 2000 Value Index by 1.20%. The Wilshire 5000 Index Fund Institutional Class returned 8.54%, underperforming
1
Wilshire Mutual Funds Letter to Shareholders (Unaudited) - (Continued) |
the Wilshire 5000 Total Market Index by 0.20%. The Wilshire International Equity Fund Institutional Class returned 14.07%, performing in-line with the MSCI All Country World ex-US Index. The Wilshire Income Opportunities Fund Institutional Class returned 3.76% outperforming the Bloomberg Barclays U.S. Universal Index by 1.13%. We are pleased with the Funds’ performance for the first half of 2017. While some of the Funds struggled during this period, 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
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.
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 IndexSM is widely accepted as the definitive benchmark for the U.S. equity market, and measures performance of all U.S. equity securities with readily available price data.
2
Large Company Growth Portfolio Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 14.53% |
One Year Ended 6/30/17 | 16.91% |
Five Years Ended 6/30/17 | 12.79% |
Ten Years Ended 6/30/17 | 6.91% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 14.00% |
One Year Ended 6/30/17 | 20.42% |
Five Years Ended 6/30/17 | 15.30% |
Ten Years Ended 6/30/17 | 8.91% |
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.
* | Not annualized. |
(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. |
3
Large Company Growth Portfolio Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 14.73% |
One Year Ended 6/30/17 | 17.25% |
Five Years Ended 6/30/17 | 13.13% |
Ten Years Ended 6/30/17 | 7.27% |
RUSSELL 1000® GROWTH INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 14.00% |
One Year Ended 6/30/17 | 20.42% |
Five Years Ended 6/30/17 | 15.30% |
Ten Years Ended 6/30/17 | 8.91% |
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.
* | Not annualized. |
(1) | The Russell 1000® Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
4
Large Company Growth Portfolio Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market IndexSM returned 8.7% for the first half of the year and experienced its seventh straight quarterly gain. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. The CBOE Volatility Index hit its lowest level since 1993 in May and closed below 10 seven times during the second quarter. Both consumer and business spending contributed to growth, and the US Consumer Confidence Index rose to its highest level since 2000, led by optimism for finding work and brighter outlook of business conditions. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor. Domestically, jobs growth has been solid in 2017, with unemployment decreasing to 4.3% in May, a level not seen since pre-crisis 2007. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. Year to date, growth securities outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.
Sector performance for the Wilshire 5000 Total Market Index was mixed through June 30. Renewed enthusiasm over long-term growth prospects drove Health Care and Information Technology, both returning over 17% over the period. Consumer Discretionary (+11.7%) and Materials (+9.4%) also had strong performance. Conversely, Energy (-12.0%) was the worst performing sector as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter. Telecom Services (-8.2%) also experienced negative returns as interest rate sensitivity remained a concern.
The Wilshire Large Company Growth Portfolio Institutional Class returned 14.73% for the first six months of 2017, outperforming the Russell 1000 Growth Index return of 14.00%. The Fund benefited from strong stock selection in the Information Technology, Consumer Discretionary and Consumer Staples sectors. Weak stock selection in the Financials sector and an overweight allocation in the Energy sector weighed on relative performance.
We are pleased with the Fund’s performance for the year-to-date period and believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
5
Large Company Growth Portfolio Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
6
Large Company Value Portfolio Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 4.66% |
One Year Ended 6/30/17 | 19.45% |
Five Years Ended 6/30/17 | 13.32% |
Ten Years Ended 6/30/17 | 4.27% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 4.66% |
One Year Ended 6/30/17 | 15.53% |
Five Years Ended 6/30/17 | 13.94% |
Ten Years Ended 6/30/17 | 5.57% |
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.
* | Not annualized. |
(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. |
7
Large Company Value Portfolio Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 4.85% |
One Year Ended 6/30/17 | 19.54% |
Five Years Ended 6/30/17 | 13.58% |
Ten Years Ended 6/30/17 | 4.51% |
RUSSELL 1000® VALUE INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 4.66% |
One Year Ended 6/30/17 | 15.53% |
Five Years Ended 6/30/17 | 13.94% |
Ten Years Ended 6/30/17 | 5.57% |
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.
* | Not annualized. |
(1) | The Russell 1000® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
8
Large Company Value Portfolio Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market IndexSM returned 8.7% for the first half of the year and experienced its seventh straight quarterly gain. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. The CBOE Volatility Index hit its lowest level since 1993 in May and closed below 10 seven times during the second quarter. Both consumer and business spending contributed to growth, and the US Consumer Confidence Index rose to its highest level since 2000, led by optimism for finding work and brighter outlook of business conditions. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor. Domestically, jobs growth has been solid in 2017, with unemployment decreasing to 4.3% in May, a level not seen since pre-crisis 2007. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. Year to date, growth securities outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.
Sector performance for the Wilshire 5000 Total Market Index was mixed through June 30. Renewed enthusiasm over long-term growth prospects drove Health Care and Information Technology, both returning over 17% over the period. Consumer Discretionary (+11.7%) and Materials (+9.4%) also had strong performance. Conversely, Energy (-12.0%) was the worst performing sector as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter. Telecom Services (-8.2%) also experienced negative returns as interest rate sensitivity remained a concern.
The Wilshire Large Company Value Portfolio Institutional Class returned 4.85% for the first six months of 2017, outperforming the Russell 1000 Value Index return of 4.66%. The Fund benefited from strong stock selection in the Industrials and Energy sectors. Weak stock selection in the Consumer Discretionary and Information Technology sectors weighed on relative performance.
We are pleased with the Fund’s performance for the year-to-date period and believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
9
Large Company Value Portfolio Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
10
Small Company Growth Portfolio Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | 5.33% |
One Year Ended 6/30/17 | 21.59% |
Five Years Ended 6/30/17 | 15.03% |
Ten Years Ended 6/30/17 | 7.83% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 9.97% |
One Year Ended 6/30/17 | 24.40% |
Five Years Ended 6/30/17 | 13.98% |
Ten Years Ended 6/30/17 | 7.82% |
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.
* | During the ten years ended June 30, 2017, 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.16% of average net assets. |
** | Not annualized. |
(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. |
11
Small Company Growth Portfolio Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | 5.46% |
One Year Ended 6/30/17 | 21.86% |
Five Years Ended 6/30/17 | 15.31% |
Ten Years Ended 6/30/17 | 8.09% |
RUSSELL 2000® GROWTH INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 9.97% |
One Year Ended 6/30/17 | 24.40% |
Five Years Ended 6/30/17 | 13.98% |
Ten Years Ended 6/30/17 | 7.82% |
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.
* | During the ten years ended June 30, 2017, 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.09% of average net assets. |
** | Not annualized. |
(1) | The Russell 2000® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
12
Small Company Growth Portfolio Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market IndexSM returned 8.7% for the first half of the year and experienced its seventh straight quarterly gain. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. The CBOE Volatility Index hit its lowest level since 1993 in May and closed below 10 seven times during the second quarter. Both consumer and business spending contributed to growth, and the US Consumer Confidence Index rose to its highest level since 2000, led by optimism for finding work and brighter outlook of business conditions. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor. Domestically, jobs growth has been solid in 2017, with unemployment decreasing to 4.3% in May, a level not seen since pre-crisis 2007. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. Year to date, growth securities outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.
Sector performance for the Wilshire 5000 Total Market Index was mixed through June 30. Renewed enthusiasm over long-term growth prospects drove Health Care and Information Technology, both returning over 17% over the period. Consumer Discretionary (+11.7%) and Materials (+9.4%) also had strong performance. Conversely, Energy (-12.0%) was the worst performing sector as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter. Telecom Services (-8.2%) also experienced negative returns as interest rate sensitivity remained a concern.
The Wilshire Small Company Growth Portfolio Institutional Class returned 5.46% for the first six months of 2017, underperforming the Russell 2000 Growth Index return of 9.97%. The Fund was hurt by weak stock selection in the Health Care and Consumer Discretionary sectors as well as overweight allocations to the Energy and Financials sectors. Relative underperformance was partially offset by strong stock selection in the Industrials sector.
Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
13
Small Company Growth Portfolio Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
14
Small Company Value Portfolio Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | (0.80)% |
One Year Ended 6/30/17 | 19.93% |
Five Years Ended 6/30/17 | 14.80% |
Ten Years Ended 6/30/17 | 5.99% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 0.54% |
One Year Ended 6/30/17 | 24.86% |
Five Years Ended 6/30/17 | 13.39% |
Ten Years Ended 6/30/17 | 5.92% |
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.
* | During the ten years ended June 30, 2017, 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.20% of average net assets. |
** | Not annualized. |
(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. |
15
Small Company Value Portfolio Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | (0.66)% |
One Year Ended 6/30/17 | 20.17% |
Five Years Ended 6/30/17 | 15.11% |
Ten Years Ended 6/30/17 | 6.34% |
RUSSELL 2000® VALUE INDEX(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 0.54% |
One Year Ended 6/30/17 | 24.86% |
Five Years Ended 6/30/17 | 13.39% |
Ten Years Ended 6/30/17 | 5.92% |
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.
* | During the ten years ended June 30, 2017, 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.13% of average net assets. |
** | Not annualized. |
(1) | The Russell 2000® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
16
Small Company Value Portfolio Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market IndexSM returned 8.7% for the first half of the year and experienced its seventh straight quarterly gain. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. The CBOE Volatility Index hit its lowest level since 1993 in May and closed below 10 seven times during the second quarter. Both consumer and business spending contributed to growth, and the US Consumer Confidence Index rose to its highest level since 2000, led by optimism for finding work and brighter outlook of business conditions. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor. Domestically, jobs growth has been solid in 2017, with unemployment decreasing to 4.3% in May, a level not seen since pre-crisis 2007. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. Year to date, growth securities outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.
Sector performance for the Wilshire 5000 Total Market Index was mixed through June 30. Renewed enthusiasm over long-term growth prospects drove Health Care and Information Technology, both returning over 17% over the period. Consumer Discretionary (+11.7%) and Materials (+9.4%) also had strong performance. Conversely, Energy (-12.0%) was the worst performing sector as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter. Telecom Services (-8.2%) also experienced negative returns as interest rate sensitivity remained a concern.
The Wilshire Small Company Value Portfolio Institutional Class returned -0.66% for the first six months of 2017, underperforming the Russell 2000 Value Index return of 0.54%. The Fund was hurt by weak stock selection in the Health Care and Energy sectors as well as overweight allocation to the Consumer Staples sector and an underweight allocation to the Health Care sector. Relative underperformance was partially offset by strong stock selection in the Consumer Staples and Information Technology sectors.
Despite the Fund’s underperformance versus its benchmark, we believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
17
Small Company Value Portfolio Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
18
Wilshire 5000 Indexsm Fund Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 8.32% |
One Year Ended 6/30/17 | 17.58% |
Five Years Ended 6/30/17 | 13.94% |
Ten Years Ended 6/30/17 | 6.66% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 8.74% |
One Year Ended 6/30/17 | 18.55% |
Five Years Ended 6/30/17 | 14.61% |
Ten Years Ended 6/30/17 | 7.29% |
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.
* | Not annualized. |
(1) | The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
19
Wilshire 5000 Indexsm Fund Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 8.54% |
One Year Ended 6/30/17 | 18.00% |
Five Years Ended 6/30/17 | 14.22% |
Ten Years Ended 6/30/17 | 6.90% |
WILSHIRE 5000 INDEXSM(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 8.74% |
One Year Ended 6/30/17 | 18.55% |
Five Years Ended 6/30/17 | 14.61% |
Ten Years Ended 6/30/17 | 7.29% |
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.
* | Not annualized. |
(1) | The Wilshire 5000 IndexSM is an unmanaged index that measures the performance of all U.S. headquartered equity securities with readily available price data. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index. |
20
Wilshire 5000 Indexsm Fund Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, resilient consumer spending and signs of diminishing political risks globally. The Wilshire 5000 Total Market IndexSM returned 8.74% for the first half of the year and experienced its seventh straight quarterly gain. Domestic indexes achieved multiple record highs over the period amid a historically low volatility environment. The CBOE Volatility Index hit its lowest level since 1993 in May and closed below 10 seven times during the second quarter. Both consumer and business spending contributed to growth, and the US Consumer Confidence Index rose to its highest level since 2000, led by optimism for finding work and brighter outlook of business conditions. A shrinking trade deficit contributed to growth as well, with a contraction in government spending representing the only detractor. Domestically, jobs growth has been solid in 2017, with unemployment decreasing to 4.3% in May, a level not seen since pre-crisis 2007. Reflecting an improved outlook for growth, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. Year to date, growth securities outperformed value stocks and large capitalization stocks outperformed their smaller capitalization counterparts marking a sharp reversal from calendar year 2016 when value meaningfully outperformed growth across market capitalizations.
Sector performance for the Wilshire 5000 Total Market Index was mixed through June 30. Renewed enthusiasm over long-term growth prospects drove Health Care and Information Technology, both returning over 17% over the period. Consumer Discretionary (+11.7%) and Materials (+9.4%) also had strong performance. Conversely, Energy (-12.0%) was the worst performing sector as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter. Telecom Services (-8.2%) also experienced negative returns as interest rate sensitivity remained a concern.
The Wilshire 5000 Index Fund Institutional Class returned 8.54% for the first six months of 2017, underperforming the Wilshire 5000 Total Market Index return of 8.74%. Underperformance is attributable to both Fund expenses as well as the optimization approach utilized by Los Angeles Capital, the Fund’s sub-advisor, and is well within the range of historical experiences
We are pleased with the Fund’s performance for the year-to-date period and believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
21
Wilshire 5000 Indexsm Fund Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
22
Wilshire International Equity Fund Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | 13.90% |
One Year Ended 6/30/17 | 15.78% |
Five Years Ended 6/30/17 | 6.08% |
Inception (11/16/07) through 6/30/17 | 1.59% |
MSCI ALL COUNTRY WORLD INDEX EX-U.S.(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 14.09% |
One Year Ended 6/30/17 | 20.45% |
Five Years Ended 6/30/17 | 7.22% |
Inception (11/16/07) through 6/30/17 | 0.80% |
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.
* | 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.04% of average net assets. |
** | Not annualized. |
(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. |
23
Wilshire International Equity Fund Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | 14.07% |
One Year Ended 6/30/17 | 16.01% |
Five Years Ended 6/30/17 | 6.30% |
Inception (11/16/07) through 6/30/17 | 1.85% |
MSCI ALL COUNTRY WORLD INDEX EX-U.S.(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 14.09% |
One Year Ended 6/30/17 | 20.45% |
Five Years Ended 6/30/17 | 7.22% |
Inception (11/16/07) through 6/30/17 | 0.80% |
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.
* | 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 six months ended June 30, 2017, the investment adviser reduced its fees or reimbursed expenses in the amount of 0.02% of average net assets. |
** | Not annualized. |
(1) | The MSCI All Country World Ex-U.S. Index is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes. |
24
Wilshire International Equity Fund Commentary (Unaudited) - (Continued) |
Markets rallied to start the year behind strong corporate earnings growth, improved investor sentiment, a weaker US dollar, and signs of diminishing political risks globally. After four years lagging US equities, international equities outperformed US equities during the first half of 2017 with the MSCI ACWI ex US Index returning 14.09%. The first quarter was marked by increasing political risks as pivotal elections in France neared and the U.K. officially triggered article 50 launching the process to formally withdraw from the European Union. However, economic data points out of Europe continued to show signs of improvement and Japanese equities rose as the Japanese labor market improved during the quarter. During the second quarter, markets reacted favorably with the decisive victory of centrist Emmanuel Macron over anti-European Union nationalist Marine Le Pen in the French presidential election. European economic news also continued to be encouraging, with forward-looking indicators suggesting a pick-up in growth. Emerging markets outperformed foreign developed equities with the MSCI Emerging Markets Index returning 18.4% for the first half of the year. Emerging markets posted their best quarterly performance in five years during the first quarter, returning 11.4%, benefiting from a strengthening global economy, a weaker US dollar, and reassuring economic data out of China. Returns for the first half the year have been broad based, with 21 of the 24 countries in the index (representing more than 95% of the market value) producing gains. A notable exception was Russia, where equities retracted amid the sharp decline in Brent crude prices.
Sector performance for the MSCI ACWI ex US Index was mostly positive through June 30. Information Technology (+29.5%) was the top performing sector lead by securities such as Chinese companies Alibaba Group and Tencent Holdings as well as Samsung Electronics (South Korea) and Nintendo (Japan). Conversely, Energy (-3.5%) was the only negative performing sector for the period as Brent crude prices fell 7% during the first quarter and another 9% over the second quarter.
The Wilshire International Equity Fund Institutional Class returned 14.07% for the first six months of 2017, performing in-line with the MSCI All Country World ex U.S. Index return of 14.09%. The Fund benefited from strong stock selection in the Financials sector as well as an overweight allocation to the Information Technology sector. Weak stock selection in the Information Technology and Energy sectors weighed on relative performance. Regionally, the Fund benefited from strong stock selection in Australia and Hong Kong and an overweight allocation to Canada. Weak stock selection in the Netherlands and Japan weighed on relative performance.
We are pleased with the Fund’s performance for the year-to-date period and believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
25
Wilshire International Equity Fund Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | 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). |
26
Wilshire Income Opportunities Fund Commentary (Unaudited) |
INVESTMENT CLASS SHARES
Average Annual Total Returns*
Six Months Ended 6/30/17** | 3.55% |
One Year Ended 6/30/17 | 4.17% |
Inception (03/30/16) through 6/30/17 | 6.03% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
Six Months Ended 6/30/17** | 2.63% |
One Year Ended 6/30/17 | 0.91% |
Inception (03/30/16) through 6/30/17 | 2.96% |
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.
* | During certain periods since inception, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical returns would have been lower. |
** | Not annualized. |
(1) | The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. |
27
Wilshire Income Opportunities Fund Commentary (Unaudited) - (Continued) |
INSTITUTIONAL CLASS SHARES
Average Annual Total Returns
Six Months Ended 6/30/17* | 3.76% |
One Year Ended 6/30/17 | 4.49% |
Inception (03/30/16) through 6/30/17 | 6.13% |
Bloomberg Barclays U.S. Universal Index(1)
Average Annual Total Returns
Six Months Ended 6/30/17* | 2.63% |
One Year Ended 6/30/17 | 0.91% |
Inception (03/30/16) through 6/30/17 | 2.96% |
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.
* | Not annualized. |
(1) | The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S. |
28
Wilshire Income Opportunities Fund Commentary (Unaudited) - (Continued) |
The US fixed income market got off to a positive start as the Bloomberg Barclays U.S. Aggregate Bond Index retuned 2.27% for the first six months of the year. Investment grade corporate securities led the rally during both the first and second quarters as credit overall did well over the period. The Bank of America US High Yield Master II Index returned 4.91% as spreads continued to tighten and remain near historical lows. During the period, the Federal Reserve pushed forward with its plan to normalize short-term interest rates and raised the federal funds rate by 0.25% at both the March and June meetings of its Federal Open Market Committee – the second and third such raises in as many quarters. In addition, the Federal Reserve telegraphed its plan to start unwinding its balance sheet in the latter part of 2017. During the first quarter, anticipation for quick and swift fiscal policy reforms from the Trump Administration fueled Treasury yields higher and the 10 Year US Treasury yield peaked at just over 2.60% in mid-March before falling to end the first quarter. The US Treasury curve flattened over the second quarter, as the first quarter Federal Reserve interest rate hike affected the short-end of the yield curve and sanguine US economic data affected the longer-end of the curve. The 10-year US Treasury ended the half-year period yielding 2.31%. Globally, continued accommodative monetary policy, a weaker US Dollar, positive economic outlooks and subdued inflation boosted global fixed income. Demand for risk assets remained strong with the Citi World Government Bond Index returning 4.5%. Emerging markets bonds fared particularly well, especially in local currency terms. However, yields rose sharply at the end of June as European Central Bank President Mario Draghi hinted at a winding down stimulus measures.
The Wilshire Income Opportunities Fund Institutional Class returned 3.76% for the first six months of 2017, outperforming the Bloomberg Barclays U.S. Universal Index return of 2.63%. Positive yield carry, spread compressions, particularly in CLOs and mezzanine debt, as well as positive positioning within emerging market debt, ABS and CMBS boosted overall performance. While bank loans boosted performance to start the period, they weighed on performance during the second half of the period.
We are pleased with the Fund’s outperformance for the six month period and believe the Fund is well positioned going into the second half of 2017 as the market deals with ongoing macroeconomic and geopolitical uncertainties.
29
Wilshire Income Opportunities Fund Commentary (Unaudited) - (Continued) |
PORTFOLIO SECTOR WEIGHTING†
(As of June 30, 2017)
† | Based on percent of the Fund’s total investments in securities, at value. |
30
Wilshire Mutual Funds, Inc. Disclosure of Fund Expenses For the Six Months Ended June 30, 2017 (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 January 1, 2017 to June 30, 2017.
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.
31
Wilshire Mutual Funds, Inc. Disclosure of Fund Expenses - (Continued) For the Six Months Ended June 30, 2017 (Unaudited) |
Beginning Account Value 01/01/2017 | Ending Account Value 06/30/2017 | Net Expense Ratio(1) | Expenses Paid During Period 01/01/17-06/30/17(2) | |
Large Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,145.30 | 1.32% | $ 7.02 |
Institutional Class | $ 1,000.00 | $ 1,147.30 | 0.99% | $ 5.27 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.25 | 1.32% | $ 6.61 |
Institutional Class | $ 1,000.00 | $ 1,019.89 | 0.99% | $ 4.96 |
Large Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,046.60 | 1.27% | $ 6.44 |
Institutional Class | $ 1,000.00 | $ 1,048.50 | 0.99% | $ 5.03 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,018.50 | 1.27% | $ 6.36 |
Institutional Class | $ 1,000.00 | $ 1,019.89 | 0.99% | $ 4.96 |
Small Company Growth Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,053.30 | 1.51% | $ 7.69 |
Institutional Class | $ 1,000.00 | $ 1,054.60 | 1.26% | $ 6.42 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,017.31 | 1.51% | $ 7.55 |
Institutional Class | $ 1,000.00 | $ 1,018.55 | 1.26% | $ 6.31 |
Small Company Value Portfolio | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 992.00 | 1.48% | $ 7.31 |
Institutional Class | $ 1,000.00 | $ 993.40 | 1.23% | $ 6.08 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,017.46 | 1.48% | $ 7.40 |
Institutional Class | $ 1,000.00 | $ 1,018.70 | 1.23% | $ 6.16 |
32
Wilshire Mutual Funds, Inc. Disclosure of Fund Expenses - (Concluded) For the Six Months Ended June 30, 2017 (Unaudited) |
Beginning Account Value 01/01/2017 | Ending Account Value 06/30/2017 | Net Expense Ratio(1) | Expenses Paid During Period 01/01/17-06/30/17(2) | |
Wilshire 5000 IndexSM Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,083.00 | 0.64% | $ 3.31 |
Institutional Class | $ 1,000.00 | $ 1,085.40 | 0.34% | $ 1.76 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,021.62 | 0.64% | $ 3.21 |
Institutional Class | $ 1,000.00 | $ 1,023.11 | 0.34% | $ 1.71 |
Wilshire International Equity Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,139.00 | 1.51% | $ 8.01 |
Institutional Class | $ 1,000.00 | $ 1,140.70 | 1.26% | $ 6.69 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,017.31 | 1.51% | $ 7.55 |
Institutional Class | $ 1,000.00 | $ 1,018.55 | 1.26% | $ 6.31 |
Wilshire Income Opportunity Fund | ||||
Based on Actual Fund Return | ||||
Investment Class | $ 1,000.00 | $ 1,035.50 | 1.16% | $ 5.85 |
Institutional Class | $ 1,000.00 | $ 1,037.60 | 0.89% | $ 4.50 |
Based on Hypothetical 5% Return | ||||
Investment Class | $ 1,000.00 | $ 1,019.04 | 1.16% | $ 5.81 |
Institutional Class | $ 1,000.00 | $ 1,020.38 | 0.89% | $ 4.46 |
(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 181/365 (to reflect the one-half year period). |
33
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 98.8% (a) | ||||||||
Consumer Discretionary — 17.4% | ||||||||
Amazon.com, Inc. (b) | 15,186 | $ | 14,700,047 | |||||
NIKE, Inc. - Class B | 37,050 | 2,185,950 | ||||||
O'Reilly Automotive, Inc. (b) (c) | 9,575 | 2,094,436 | ||||||
Priceline Group, Inc. (The) (b) | 1,775 | 3,320,173 | ||||||
Starbucks Corp. | 44,815 | 2,613,162 | ||||||
TJX Cos., Inc. (The) | 30,400 | 2,193,968 | ||||||
Ulta Beauty, Inc. (b) | 8,775 | 2,521,408 | ||||||
Yum! Brands, Inc. | 28,458 | 2,099,061 | ||||||
Other Securities (c) (d) | 8,723,563 | |||||||
40,451,768 | ||||||||
Consumer Staples — 8.0% | ||||||||
Altria Group, Inc. | 21,388 | 1,592,764 | ||||||
Coca-Cola Co. (The) | 74,840 | 3,356,574 | ||||||
Danone S.A. - ADR (c) | 191,912 | 2,882,519 | ||||||
Monster Beverage Corp. (b) | 113,836 | 5,655,372 | ||||||
Procter & Gamble Co. (The) | 29,010 | 2,528,222 | ||||||
Other Securities (c) (d) | 2,666,101 | |||||||
18,681,552 | ||||||||
Energy — 1.4% | ||||||||
Halliburton Co. | 39,725 | 1,696,654 | ||||||
Other Securities (c) (d) | 1,527,620 | |||||||
3,224,274 | ||||||||
Financials — 4.5% | ||||||||
Charles Schwab Corp. (The) | 56,975 | 2,447,645 | ||||||
Goldman Sachs Group, Inc. (The) | 8,025 | 1,780,747 | ||||||
SEI Investments Co. | 45,155 | 2,428,435 | ||||||
Other Securities (c) (d) | 3,739,842 | |||||||
10,396,669 | ||||||||
Health Care — 16.7% | ||||||||
Alexion Pharmaceuticals, Inc. (b) | 15,225 | 1,852,426 | ||||||
Align Technology, Inc. (b) | 12,950 | 1,944,054 | ||||||
Amgen, Inc. | 12,140 | 2,090,872 | ||||||
Celgene Corp. (b) | 30,003 | 3,896,489 | ||||||
Cerner Corp. (b) | 31,047 | 2,063,694 | ||||||
Edwards Lifesciences Corp. (b) | 20,250 | 2,394,360 | ||||||
Novartis AG - ADR (c) | 21,233 | 1,772,319 | ||||||
Novo Nordisk A/S - ADR (c) | 62,152 | 2,665,698 | ||||||
Regeneron Pharmaceuticals, Inc. (b) | 5,484 | 2,693,412 | ||||||
Varian Medical Systems, Inc. (b) | 19,703 | 2,033,153 | ||||||
Zoetis, Inc. | 36,025 | 2,247,240 | ||||||
Other Securities (c) (d) | 13,375,410 | |||||||
39,029,127 | ||||||||
Industrials — 7.3% | ||||||||
Acuity Brands, Inc. (c) | 8,275 | 1,682,142 | ||||||
CSX Corp. | 46,475 | 2,535,676 | ||||||
Deere & Co. | 29,743 | 3,675,937 | ||||||
Expeditors International of Washington, Inc. | 43,538 | 2,459,025 | ||||||
United Parcel Service, Inc. - Class B | 20,512 | 2,268,422 | ||||||
Other Securities (c) (d) | 4,456,579 | |||||||
17,077,781 | ||||||||
Information Technology — 40.3% | ||||||||
Activision Blizzard, Inc. | 46,470 | 2,675,278 | ||||||
Adobe Systems, Inc. (b) | 22,195 | 3,139,261 | ||||||
Alibaba Group Holding Ltd. - ADR (b) (c) | 38,134 | 5,373,081 | ||||||
Alphabet, Inc. - Class A (b) | 4,840 | 4,499,651 | ||||||
Alphabet, Inc. - Class C (b) | 8,764 | 7,964,109 | ||||||
Apple, Inc. | 33,932 | 4,886,886 | ||||||
Applied Materials, Inc. | 52,125 | 2,153,284 | ||||||
Autodesk, Inc. (b) | 32,696 | 3,296,411 | ||||||
Cisco Systems, Inc. | 124,314 | 3,891,028 | ||||||
Facebook, Inc. - Class A (b) | 89,173 | 13,463,339 | ||||||
Microsoft Corp. | 71,981 | 4,961,650 | ||||||
Oracle Corp. | 84,194 | 4,221,487 | ||||||
PayPal Holdings, Inc. (b) | 40,900 | 2,195,103 | ||||||
QUALCOMM, Inc. | 49,078 | 2,710,086 | ||||||
Red Hat, Inc. (b) | 28,550 | 2,733,663 | ||||||
salesforce.com, Inc. (b) | 26,375 | 2,284,075 | ||||||
Visa, Inc. - Class A (c) | 88,133 | 8,265,113 | ||||||
Other Securities (c) (d) | 15,277,415 | |||||||
93,990,920 | ||||||||
Materials — 2.4% | ||||||||
Sherwin-Williams Co. (The) | 7,050 | 2,474,267 | ||||||
Other Securities (c) (d) | 3,013,640 | |||||||
5,487,907 | ||||||||
Real Estate — 0.8% | ||||||||
Other Securities (c) (d) | 1,839,871 | |||||||
Total Common Stocks (Cost $158,165,414) | 230,179,869 |
See Notes to Financial Statements.
34
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
MONEY MARKET FUNDS — 1.2% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 2,847,647 | $ | 2,847,647 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.04% (e) (f) | 69,026 | 69,026 | ||||||
Total Money Market Funds (Cost $2,916,673) | 2,916,673 | |||||||
Total Investments at Value — 100.0% (Cost $161,082,087) | 233,096,542 | |||||||
Liabilities in Excess of Other Assets — 0.0% (g) | (65,934 | ) | ||||||
Net Assets — 100.0% | $ | 233,030,608 |
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.
(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 June 30, 2017. The total market value of securities on loan at June 30, 2017 was $29,830,099 (Note 6). |
(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 June 30, 2017. |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $69,026. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $30,358,577 (Note 6). |
(g) | Percentage rounds to less than 0.1%. |
See Notes to Financial Statements.
35
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 99.4% (a) | ||||||||
Consumer Discretionary — 6.2% | ||||||||
Ford Motor Co. | 103,425 | $ | 1,157,326 | |||||
Hilton Worldwide Holdings, Inc. (b) | 19,274 | 1,192,096 | ||||||
Omnicom Group, Inc. | 17,637 | 1,462,107 | ||||||
Other Securities (b) (c) | 5,938,068 | |||||||
9,749,597 | ||||||||
Consumer Staples — 6.4% | ||||||||
Altria Group, Inc. | 22,800 | 1,697,916 | ||||||
Philip Morris International, Inc. | 23,706 | 2,784,270 | ||||||
Wal-Mart Stores, Inc. | 30,345 | 2,296,509 | ||||||
Other Securities (b) (c) | 3,354,997 | |||||||
10,133,692 | ||||||||
Energy — 11.0% | ||||||||
BP plc - ADR (b) | 90,880 | 3,148,992 | ||||||
Chevron Corp. | 11,399 | 1,189,258 | ||||||
ConocoPhillips | 46,978 | 2,065,153 | ||||||
Exxon Mobil Corp. | 39,826 | 3,215,153 | ||||||
Occidental Petroleum Corp. | 22,400 | 1,341,088 | ||||||
Phillips 66 | 17,600 | 1,455,344 | ||||||
Royal Dutch Shell plc - Class A - ADR (b) | 43,784 | 2,328,874 | ||||||
Other Securities (b) (c) | 2,716,412 | |||||||
17,460,274 | ||||||||
Financials — 31.1% | ||||||||
American Express Co. | 21,900 | 1,844,856 | ||||||
American International Group, Inc. | 24,922 | 1,558,123 | ||||||
Bank of America Corp. | 196,105 | 4,757,506 | ||||||
Capital One Financial Corp. | 14,553 | 1,202,369 | ||||||
Citigroup, Inc. | 40,168 | 2,686,436 | ||||||
Franklin Resources, Inc. | 28,678 | 1,284,488 | ||||||
Goldman Sachs Group, Inc. (The) | 6,422 | 1,425,042 | ||||||
JPMorgan Chase & Co. | 60,399 | 5,520,468 | ||||||
Loews Corp. | 29,000 | 1,357,490 | ||||||
MetLife, Inc. | 29,366 | 1,613,368 | ||||||
Morgan Stanley | 35,177 | 1,567,487 | ||||||
State Street Corp. | 38,273 | 3,434,236 | ||||||
UBS Group AG (b) | 74,191 | 1,259,763 | ||||||
Voya Financial, Inc. | 33,023 | 1,218,219 | ||||||
Wells Fargo & Co. | 69,751 | 3,864,903 | ||||||
XL Group Ltd. | 50,309 | 2,203,535 | ||||||
Other Securities (b) (c) | 12,423,603 | |||||||
49,221,892 | ||||||||
Health Care — 14.2% | ||||||||
Cigna Corp. | 7,664 | 1,282,877 | ||||||
Johnson & Johnson | 32,018 | 4,235,661 | ||||||
Medtronic plc | 24,142 | 2,142,603 | ||||||
Merck & Co., Inc. | 51,101 | 3,275,063 | ||||||
Pfizer, Inc. | 101,337 | 3,403,910 | ||||||
Other Securities (b) (c) | 8,085,155 | |||||||
22,425,269 | ||||||||
Industrials — 8.9% | ||||||||
Dover Corp. | 14,222 | 1,140,889 | ||||||
Johnson Controls International plc | 32,616 | 1,414,230 | ||||||
Parker-Hannifin Corp. | 7,187 | 1,148,626 | ||||||
Southwest Airlines Co. | 20,300 | 1,261,442 | ||||||
Stanley Black & Decker, Inc. | 16,698 | 2,349,910 | ||||||
United Technologies Corp. | 13,975 | 1,706,487 | ||||||
Other Securities (b) (c) | 5,010,238 | |||||||
14,031,822 | ||||||||
Information Technology — 10.5% | ||||||||
Cognizant Technology Solutions Corp. - Class A | 14,664 | 973,690 | ||||||
Hewlett Packard Enterprise Co. | 70,604 | 1,171,320 | ||||||
Intel Corp. | 48,474 | 1,635,513 | ||||||
International Business Machines Corp. | 8,600 | 1,322,937 | ||||||
Oracle Corp. | 57,910 | 2,903,608 | ||||||
QUALCOMM, Inc. | 29,375 | 1,622,088 | ||||||
Other Securities (b) (c) | 6,915,882 | |||||||
16,545,038 | ||||||||
Materials — 2.6% | ||||||||
E.I. du Pont de Nemours and Co. | 18,400 | 1,485,064 | ||||||
Other Securities (b) (c) | 2,638,625 | |||||||
4,123,689 | ||||||||
Real Estate — 2.2% | ||||||||
Other Securities (b) (c) | 3,507,495 | |||||||
Telecommunication Services — 2.0% | ||||||||
AT&T, Inc. | 54,376 | 2,051,606 | ||||||
Verizon Communications, Inc. | 26,600 | 1,187,956 | ||||||
3,239,562 | ||||||||
Utilities — 4.3% | ||||||||
Entergy Corp. | 23,959 | 1,839,331 | ||||||
Other Securities (b) (c) | 4,885,368 | |||||||
6,724,699 | ||||||||
Total Common Stocks (Cost $127,720,525) | 157,163,029 |
See Notes to Financial Statements.
36
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
RIGHTS — 0.0% (d) | ||||||||
Other Securities (b) (c) (Cost $0) | $ | 1,135 | ||||||
MONEY MARKET FUNDS — 1.6% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 973,893 | 973,893 | ||||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.04% (e) (f) | 1,614,423 | 1,614,423 | ||||||
Total Money Market Funds (Cost $2,588,316) | 2,588,316 | |||||||
Total Investments at Value — 101.0% (Cost $130,308,841) | 159,752,480 | |||||||
Liabilities in Excess of Other Assets — (1.0%) | (1,568,163 | ) | ||||||
Net Assets — 100.0% | $ | 158,184,317 |
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) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $9,483,966 (Note 6). |
(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 June 30, 2017. |
(d) | Percentage rounds to less than 0.1%. |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $1,614,423. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $8,095,538 (Note 6). |
See Notes to Financial Statements.
37
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 97.5% (a) | ||||||||
Consumer Discretionary — 9.6% | ||||||||
Dorman Products, Inc. (b) | 7,830 | $ | 648,089 | |||||
LCI Industries (c) | 3,670 | 375,808 | ||||||
Sonic Corp. (c) | 18,527 | 490,780 | ||||||
Steven Madden Ltd. (b) | 18,510 | 739,474 | ||||||
Other Securities (c) (d) | 1,694,972 | |||||||
3,949,123 | ||||||||
Consumer Staples — 4.6% | ||||||||
Calavo Growers, Inc. (c) | 9,880 | 682,213 | ||||||
Inter Parfums, Inc. (c) | 13,160 | 482,314 | ||||||
J & J Snack Foods Corp. | 3,080 | 406,776 | ||||||
Other Securities (d) | 335,857 | |||||||
1,907,160 | ||||||||
Energy — 2.2% | ||||||||
Callon Petroleum Co. (b) | 30,405 | 322,597 | ||||||
WildHorse Resource Development Corp. (b) (c) | 36,066 | 446,136 | ||||||
Other Securities (c) (d) | 153,248 | |||||||
921,981 | ||||||||
Financials — 8.1% | ||||||||
Banc of California, Inc. (c) | 28,785 | 618,878 | ||||||
CenterState Banks, Inc. | 12,220 | 303,789 | ||||||
LegacyTexas Financial Group, Inc. | 11,440 | 436,207 | ||||||
Pinnacle Financial Partners, Inc. | 6,950 | 436,460 | ||||||
South State Corp. | 6,965 | 596,901 | ||||||
Veritex Holdings, Inc. (b) | 8,810 | 231,967 | ||||||
Other Securities (c) (d) | 691,706 | |||||||
3,315,908 | ||||||||
Health Care — 26.3% | ||||||||
Cambrex Corp. (b) | 12,075 | 721,481 | ||||||
Cantel Medical Corp. | 10,595 | 825,455 | ||||||
Cotiviti Holdings, Inc. (b) | 16,885 | 627,109 | ||||||
Eagle Pharmaceuticals, Inc. (b) (c) | 2,770 | 218,525 | ||||||
ICON plc (b) | 5,740 | 561,315 | ||||||
Masimo Corp. (b) | 2,475 | 225,671 | ||||||
Medidata Solutions, Inc. (b) | 7,160 | 559,912 | ||||||
Neogen Corp. (b) | 7,170 | 495,518 | ||||||
PRA Health Sciences, Inc. (b) | 15,065 | 1,130,025 | ||||||
Prestige Brands Holdings, Inc. (b) | 8,724 | 460,714 | ||||||
Repligen Corp. (b) | 18,794 | 778,822 | ||||||
Supernus Pharmaceuticals, Inc. (b) | 20,000 | 862,001 | ||||||
Other Securities (c) (d) | 3,343,595 | |||||||
10,810,143 | ||||||||
Industrials — 13.8% | ||||||||
Knight Transportation, Inc. (c) | 8,970 | 332,339 | ||||||
Knoll, Inc. | 20,790 | 416,839 | ||||||
Kornit Digital Ltd. (b) | 13,855 | 268,093 | ||||||
PGT Innovations, Inc. (b) | 20,109 | 257,396 | ||||||
Saia, Inc. (b) | 12,160 | 623,808 | ||||||
SiteOne Landscape Supply, Inc. (b) (c) | 8,480 | 441,469 | ||||||
WageWorks, Inc. (b) | 10,195 | 685,104 | ||||||
Woodward, Inc. | 3,195 | 215,917 | ||||||
Other Securities (c) (d) | 2,410,841 | |||||||
5,651,806 | ||||||||
Information Technology — 26.8% | ||||||||
BroadSoft, Inc. (b) (c) | 12,055 | 518,968 | ||||||
Cabot Microelectronics Corp. | 5,050 | 372,842 | ||||||
CEVA, Inc. (b) | 8,651 | 393,188 | ||||||
Ellie Mae, Inc. (b) (c) | 6,690 | 735,298 | ||||||
Inphi Corp. (b) (c) | 9,865 | 338,370 | ||||||
LogMeIn, Inc. | 4,120 | 430,540 | ||||||
MAXIMUS, Inc. | 11,325 | 709,284 | ||||||
MaxLinear, Inc. (b) | 15,793 | 440,466 | ||||||
Mercury Systems, Inc. (b) | 7,470 | 314,412 | ||||||
Mindbody, Inc. (b) (c) | 9,055 | 246,296 | ||||||
Pegasystems, Inc. | 17,380 | 1,014,122 | ||||||
Qualys, Inc. (b) | 13,270 | 541,416 | ||||||
Silicon Laboratories, Inc. (b) | 5,225 | 357,129 | ||||||
SPS Commerce, Inc. (b) | 4,400 | 280,544 | ||||||
Other Securities (c) (d) | 4,329,949 | |||||||
11,022,824 | ||||||||
Materials — 2.0% | ||||||||
Other Securities (d) | 831,848 | |||||||
Real Estate — 2.3% | ||||||||
Other Securities (c) (d) | 928,415 | |||||||
Telecommunication Services — 1.2% | ||||||||
Cogent Communications Holdings, Inc. | 11,375 | 456,137 | ||||||
Other Securities (c) (d) | 41,589 | |||||||
497,726 | ||||||||
Utilities — 0.6% | ||||||||
Other Securities (c) (d) | 237,048 | |||||||
Total Common Stocks (Cost $31,041,377) | 40,073,982 |
See Notes to Financial Statements.
38
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
RIGHTS — 0.0% (e) | ||||||||
Other Securities (d) (Cost $0) | $ | 360 | ||||||
MONEY MARKET FUNDS — 6.8% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (f) | 901,115 | 901,115 | ||||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (f) (g) | 1,913,097 | 1,913,097 | ||||||
Total Money Market Funds (Cost $2,814,212) | 2,814,212 | |||||||
Total Investments at Value — 104.3% (Cost $33,855,589) | 42,888,554 | |||||||
Liabilities in Excess of Other Assets — (4.3%) | (1,769,562 | ) | ||||||
Net Assets — 100.0% | $ | 41,118,992 |
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.
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 June 30, 2017. The total market value of securities on loan at June 30, 2017 was $7,059,987 (Note 6). |
(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 June 30, 2017. |
(e) | Percentage rounds to less than 0.1%. |
(f) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(g) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $1,913,097. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,290,597 (Note 6). |
See Notes to Financial Statements.
39
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 99.7% (a) | ||||||||
Consumer Discretionary — 7.7% | ||||||||
Fred's, Inc. - Class A | 20,525 | $ | 189,446 | |||||
Hooker Furniture Corp. | 10,967 | 451,292 | ||||||
Scholastic Corp. | 4,399 | 191,752 | ||||||
Stoneridge, Inc. (b) | 17,703 | 272,803 | ||||||
Taylor Morrison Home Corp. - Class A (b) | 12,370 | 297,004 | ||||||
TRI Pointe Group, Inc. (b) | 37,786 | 498,397 | ||||||
Other Securities (c) (d) | 463,772 | |||||||
2,364,466 | ||||||||
Consumer Staples — 5.1% | ||||||||
John B. Sanfilippo & Son, Inc. | 5,584 | 352,406 | ||||||
Landec Corp. (b) | 32,785 | 486,857 | ||||||
TreeHouse Foods, Inc. (b) (d) | 6,629 | 541,523 | ||||||
Other Securities (c) (d) | 185,256 | |||||||
1,566,042 | ||||||||
Energy — 4.9% | ||||||||
Carrizo Oil & Gas, Inc. (b) | 23,440 | 408,324 | ||||||
PDC Energy, Inc. (b) | 6,335 | 273,102 | ||||||
SRC Energy, Inc. (b) (d) | 53,310 | 358,776 | ||||||
Other Securities (c) (d) | 486,605 | |||||||
1,526,807 | ||||||||
Financials — 29.0% | ||||||||
Ameris Bancorp | 7,615 | 367,042 | ||||||
Bank of N.T. Butterfield & Son Ltd. (The) (d) | 15,290 | 521,389 | ||||||
Banner Corp. | 3,524 | 199,141 | ||||||
Capital Bank Financial Corp. - Class A | 8,948 | 340,919 | ||||||
Flagstar Bancorp, Inc. (b) (d) | 10,170 | 313,439 | ||||||
Heritage Financial Corp. | 8,565 | 226,973 | ||||||
HomeStreet, Inc. (b) | 11,610 | 321,307 | ||||||
Hope Bancorp, Inc. | 13,165 | 245,527 | ||||||
MGIC Investment Corp. (b) | 23,533 | 263,570 | ||||||
New Residential Investment Corp. | 19,450 | 302,642 | ||||||
PacWest Bancorp | 7,850 | 366,594 | ||||||
Western Alliance Bancorp (b) | 12,710 | 625,331 | ||||||
Other Securities (c) (d) | 4,869,613 | |||||||
8,963,487 | ||||||||
Health Care — 3.6% | ||||||||
Other Securities (c) (d) | 1,119,086 | |||||||
Industrials — 10.7% | ||||||||
Albany International Corp. - Class A | 8,380 | 447,491 | ||||||
Brady Corp. - Class A | 5,920 | 200,688 | ||||||
EnerSys | 5,710 | 413,690 | ||||||
Ennis, Inc. | 10,666 | 203,721 | ||||||
GP Strategies Corp. (b) | 9,850 | 260,040 | ||||||
Orbital ATK, Inc. | 3,807 | 374,457 | ||||||
Other Securities (c) (d) | 1,413,447 | |||||||
3,313,534 | ||||||||
Information Technology — 20.8% | ||||||||
Advanced Micro Devices, Inc. (b) (d) | 20,185 | 251,909 | ||||||
AVX Corp. | 12,302 | 201,015 | ||||||
Coherent, Inc. (b) | 1,850 | 416,232 | ||||||
Cray, Inc. (b) | 13,060 | 240,304 | ||||||
Electronics For Imaging, Inc. (b) | 7,910 | 374,776 | ||||||
Entegris, Inc. (b) | 17,535 | 384,892 | ||||||
Euronet Worldwide, Inc. (b) | 2,175 | 190,030 | ||||||
Integrated Device Technology, Inc. (b) | 13,935 | 359,383 | ||||||
Lattice Semiconductor Corp. (b) | 65,745 | 437,861 | ||||||
Mellanox Technologies Ltd. (b) (d) | 6,850 | 296,605 | ||||||
Mitel Networks Corp. (b) | 98,765 | 725,923 | ||||||
Novanta, Inc. (b) | 10,280 | 370,080 | ||||||
Other Securities (c) (d) | 2,178,759 | |||||||
6,427,769 | ||||||||
Materials — 6.1% | ||||||||
Boise Cascade Co. (b) | 14,500 | 440,800 | ||||||
Deltic Timber Corp. | 2,615 | 195,236 | ||||||
Materion Corp. | 8,600 | 321,640 | ||||||
Other Securities (c) (d) | 940,794 | |||||||
1,898,470 | ||||||||
Real Estate — 7.6% | ||||||||
Brandywine Realty Trust | 14,628 | 256,429 | ||||||
Forestar Group, Inc. (b) | 11,260 | 193,109 | ||||||
Getty Realty Corp. | 9,865 | 247,612 | ||||||
Ramco-Gershenson Properties Trust | 27,541 | 355,278 | ||||||
Washington Real Estate Investment Trust | 5,900 | 188,210 | ||||||
Other Securities (c) (d) | 1,094,171 | |||||||
2,334,809 |
See Notes to Financial Statements.
40
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 99.7% (a) (Continued) | ||||||||
Telecommunication Services — 0.1% | ||||||||
Other Securities (c) | $ | 25,521 | ||||||
Utilities — 4.1% | ||||||||
Ormat Technologies, Inc. | 5,490 | 322,153 | ||||||
Other Securities (c) (d) | 941,835 | |||||||
1,263,988 | ||||||||
Total Common Stocks (Cost $24,948,723) | 30,803,979 | |||||||
MONEY MARKET FUNDS — 2.0% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 46,361 | 46,361 | ||||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (e) (f) | 580,389 | 580,389 | ||||||
Total Money Market Funds (Cost $626,750) | 626,750 | |||||||
Total Investments at Value — 101.7% (Cost $25,575,473) | 31,430,729 | |||||||
Liabilities in Excess of Other Assets — (1.7%) | (520,370 | ) | ||||||
Net Assets — 100.0% | $ | 30,910,359 |
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.
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 June 30, 2017. |
(d) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $3,159,529 (Note 5). |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $580,389. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,627,012. |
See Notes to Financial Statements.
41
Wilshire Mutual Funds, Inc. Wilshire 5000 Indexsm Fund Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 99.1% (a) | ||||||||
Consumer Discretionary — 12.8% | ||||||||
Amazon.com, Inc. (b) | 2,908 | $ | 2,814,944 | |||||
Comcast Corp. - Class A | 33,238 | 1,293,622 | ||||||
Home Depot, Inc. (The) | 8,327 | 1,277,361 | ||||||
McDonald's Corp. | 6,068 | 929,374 | ||||||
Priceline Group, Inc. (The) (b) | 408 | 763,172 | ||||||
Walt Disney Co. (The) | 11,548 | 1,226,974 | ||||||
Other Securities (c) (d) | 14,001,674 | |||||||
22,307,121 | ||||||||
Consumer Staples — 8.4% | ||||||||
Altria Group, Inc. | 14,171 | 1,055,314 | ||||||
Coca-Cola Co. (The) | 28,340 | 1,271,050 | ||||||
PepsiCo, Inc. | 10,429 | 1,204,445 | ||||||
Philip Morris International, Inc. | 10,726 | 1,259,769 | ||||||
Procter & Gamble Co. (The) | 18,680 | 1,627,961 | ||||||
Wal-Mart Stores, Inc. | 11,349 | 858,891 | ||||||
Other Securities (c) (d) | 7,316,337 | |||||||
14,593,767 | ||||||||
Energy — 5.6% | ||||||||
Chevron Corp. | 13,833 | 1,443,196 | ||||||
Exxon Mobil Corp. | 30,298 | 2,445,957 | ||||||
Schlumberger Ltd. | 9,396 | 618,632 | ||||||
Other Securities (c) (d) | 5,347,605 | |||||||
9,855,390 | ||||||||
Financials — 15.3% | ||||||||
Bank of America Corp. | 74,048 | 1,796,403 | ||||||
Berkshire Hathaway, Inc. - Class B (b) | 15,706 | 2,660,126 | ||||||
Citigroup, Inc. | 20,465 | 1,368,698 | ||||||
Goldman Sachs Group, Inc. (The) | 2,765 | 613,553 | ||||||
JPMorgan Chase & Co. | 26,146 | 2,389,743 | ||||||
U.S. Bancorp | 11,834 | 614,420 | ||||||
Wells Fargo & Co. | 33,492 | 1,855,791 | ||||||
Other Securities (c) (d) | 15,409,407 | |||||||
26,708,141 | ||||||||
Health Care — 13.2% | ||||||||
Abbott Laboratories | 12,635 | 614,186 | ||||||
AbbVie, Inc. | 10,400 | 754,103 | ||||||
Amgen, Inc. | 4,803 | 827,220 | ||||||
Bristol-Myers Squibb Co. | 12,225 | 681,176 | ||||||
Celgene Corp. (b) | 5,746 | 746,232 | ||||||
Gilead Sciences, Inc. | 9,617 | 680,691 | ||||||
Johnson & Johnson | 19,826 | 2,622,781 | ||||||
Merck & Co., Inc. | 20,155 | 1,291,733 | ||||||
Pfizer, Inc. | 43,962 | 1,476,683 | ||||||
UnitedHealth Group, Inc. | 6,576 | 1,219,321 | ||||||
Other Securities (c) (d) | 12,113,887 | |||||||
23,028,013 | ||||||||
Industrials — 10.6% | ||||||||
3M Co. | 4,356 | 906,876 | ||||||
Boeing Co. (The) | 4,138 | 818,289 | ||||||
General Electric Co. | 63,746 | 1,721,779 | ||||||
Honeywell International, Inc. | 5,622 | 749,356 | ||||||
Union Pacific Corp. | 5,627 | 612,836 | ||||||
United Technologies Corp. | 5,952 | 726,798 | ||||||
Other Securities (c) (d) | 12,972,667 | |||||||
18,508,601 | ||||||||
Information Technology — 20.7% | ||||||||
Alphabet, Inc. - Class C (b) | 4,183 | 3,801,218 | ||||||
Apple, Inc. | 38,748 | 5,580,486 | ||||||
Cisco Systems, Inc. | 36,598 | 1,145,516 | ||||||
Facebook, Inc. - Class A (b) | 16,349 | 2,468,372 | ||||||
Intel Corp. | 34,918 | 1,178,133 | ||||||
International Business Machines Corp. | 6,425 | 988,357 | ||||||
MasterCard, Inc. - Class A | 6,945 | 843,469 | ||||||
Microsoft Corp. | 56,462 | 3,891,925 | ||||||
Oracle Corp. | 23,530 | 1,179,793 | ||||||
Visa, Inc. - Class A (d) | 11,316 | 1,061,213 | ||||||
Other Securities (c) (d) | 14,062,136 | |||||||
36,200,618 | ||||||||
Materials — 3.1% | ||||||||
Other Securities (c) (d) | 5,442,274 | |||||||
Real Estate — 4.2% | ||||||||
Other Securities (c) (d) | 7,325,126 | |||||||
Telecommunication Services — 2.1% | ||||||||
AT&T, Inc. | 45,350 | 1,711,055 | ||||||
Verizon Communications, Inc. | 30,113 | 1,344,846 | ||||||
Other Securities (c) (d) | 637,077 | |||||||
3,692,978 | ||||||||
Utilities — 3.1% | ||||||||
Other Securities (c) (d) | 5,404,201 | |||||||
Total Common Stocks (Cost $59,188,927) | 173,066,230 |
See Notes to Financial Statements.
42
Wilshire Mutual Funds, Inc. Wilshire 5000 Indexsm Fund Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
RIGHTS — 0.0% (e) | ||||||||
Other Securities (c) (Cost $0) | $ | 8,301 | ||||||
MONEY MARKET FUNDS — 2.4% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (f) | 1,256,369 | 1,256,369 | ||||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (f) (g) | 2,974,941 | 2,974,941 | ||||||
Total Money Market Funds (Cost $4,231,310) | 4,231,310 | |||||||
Total Investments at Value — 101.5% (Cost $63,420,237) | 177,305,841 | |||||||
Liabilities in Excess of Other Assets — (1.5%) | (2,692,884 | ) | ||||||
Net Assets — 100.0% | $ | 174,612,957 |
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.
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 June 30, 2017. |
(d) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $13,010,738 (Note 6). |
(e) | Percentage rounds to less than 0.1%. |
(f) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(g) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $2,974,941. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $10,295,076 (Note 6). |
See Notes to Financial Statements.
43
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Condensed Schedule of Investments | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
COMMON STOCKS — 96.4% | ||||||||
Australia — 3.1% | ||||||||
CSL Ltd. (a) | 50,884 | $ | 5,400,169 | |||||
Other Securities (a) (b) (c) | 4,197,517 | |||||||
9,597,686 | ||||||||
Austria — 0.1% | ||||||||
Other Securities (a) (b) | 288,412 | |||||||
Belgium — 0.2% | ||||||||
Other Securities (a) (b) | 544,738 | |||||||
Bermuda — 0.0% (d) | ||||||||
Other Securities (a) (b) | 114,068 | |||||||
Brazil — 1.6% | ||||||||
Raia Drogasil S.A. | 103,700 | 2,206,583 | ||||||
Other Securities (b) | 2,598,314 | |||||||
4,804,897 | ||||||||
Canada — 3.4% | ||||||||
Canadian Pacific Railway Ltd. | 26,325 | 4,233,323 | ||||||
Other Securities (b) (c) | 6,139,517 | |||||||
10,372,840 | ||||||||
Cayman Islands — 1.6% | ||||||||
Ctrip.com International Ltd. - ADR (c) (e) | 66,072 | 3,558,638 | ||||||
Other Securities (a) (b) (c) | 1,362,719 | |||||||
4,921,357 | ||||||||
Chile — 0.1% | ||||||||
Other Securities (b) | 273,475 | |||||||
China — 3.7% | ||||||||
Baidu.com, Inc. - ADR (e) | 16,636 | 2,975,515 | ||||||
Tencent Holdings Ltd. (a) | 127,255 | 4,565,268 | ||||||
Other Securities (a) (b) (c) | 3,701,383 | |||||||
11,242,166 | ||||||||
Colombia — 0.0% (d) | ||||||||
Other Securities (b) | 77,369 | |||||||
Czech Republic — 0.0% (d) | ||||||||
Other Securities (a) (b) | 23,691 | |||||||
Denmark — 4.4% | ||||||||
Carlsberg A/S - Series B (a) | 24,341 | 2,601,220 | ||||||
Chr. Hansen Holding A/S (a) | 39,943 | 2,904,936 | ||||||
Coloplast A/S - Series B (a) | 39,610 | 3,310,826 | ||||||
Novozymes A/S (a) | 64,098 | 2,804,240 | ||||||
Other Securities (a) (b) | 1,853,033 | |||||||
13,474,255 | ||||||||
Finland — 0.4% | ||||||||
Other Securities (a) (b) | 1,287,207 | |||||||
France — 9.0% | ||||||||
AXA S.A. (a) | 88,743 | 2,430,196 | ||||||
EADS N.V. (a) (e) | 28,112 | 2,320,068 | ||||||
Engie S.A. (e) | 159,850 | 2,412,851 | ||||||
Essilor International S.A. (a) | 37,762 | 4,804,038 | ||||||
Hermes International (a) | 5,979 | 2,953,623 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 14,681 | 3,671,240 | ||||||
Other Securities (a) (b) (c) | 9,044,847 | |||||||
27,636,863 | ||||||||
Germany — 4.0% | ||||||||
adidas AG (a) | 13,980 | 2,680,777 | ||||||
Other Securities (a) (b) | 9,463,813 | |||||||
12,144,590 | ||||||||
Greece — 0.0% (d) | ||||||||
Other Securities (a) (b) | 168,649 | |||||||
Hong Kong — 4.8% | ||||||||
AIA Group Ltd. (a) | 678,400 | 4,963,419 | ||||||
China Mobile Ltd. - ADR (c) | 47,024 | 2,496,504 | ||||||
Other Securities (a) (b) (c) | 7,180,171 | |||||||
14,640,094 | ||||||||
Hungary — 0.0% (d) | ||||||||
Other Securities (b) | 129,755 | |||||||
India — 1.8% | ||||||||
HDFC Bank Ltd. - ADR | 44,131 | 3,838,073 | ||||||
Other Securities (b) | 1,827,269 | |||||||
5,665,342 | ||||||||
Indonesia — 0.0% (d) | ||||||||
Other Securities (a) (b) | 90,558 |
See Notes to Financial Statements.
44
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
Ireland — 0.8% | ||||||||
ICON plc (e) | 26,582 | $ | 2,599,454 | |||||
Israel — 0.1% | ||||||||
Other Securities (a) (b) | 433,594 | |||||||
Italy — 2.1% | ||||||||
Intesa Sanpaolo SpA (a) | 810,736 | 2,578,923 | ||||||
Luxottica Group SpA (a) | 38,061 | 2,215,562 | ||||||
Other Securities (a) (b) | 1,636,002 | |||||||
6,430,487 | ||||||||
Japan — 12.8% | ||||||||
Keyence Corp. (a) | 9,960 | 4,384,863 | ||||||
Panasonic Corp. (a) | 182,048 | 2,480,561 | ||||||
Secom Co. Ltd. (a) | 36,000 | 2,739,181 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 80,000 | 3,123,695 | ||||||
Other Securities (a) (b) | 26,385,675 | |||||||
39,113,975 | ||||||||
Jersey — 1.6% | ||||||||
Experian plc (a) | 222,598 | 4,568,783 | ||||||
Other Securities (a) (b) | 375,782 | |||||||
4,944,565 | ||||||||
Korea (Republic of) - 3.0% | ||||||||
Amorepacific Corp. (a) | 11,849 | 3,145,040 | ||||||
Other Securities (a) (b) | 5,925,493 | |||||||
9,070,533 | ||||||||
Luxembourg — 0.9% | ||||||||
Arcelormittal (e) | 106,941 | 2,425,868 | ||||||
Other Securities (a) (b) | 211,084 | |||||||
2,636,952 | ||||||||
Malaysia — 0.1% | ||||||||
Other Securities (a) (b) | 185,098 | |||||||
Mexico — 0.9% | ||||||||
Wal-Mart de Mexico SAB de CV | 1,228,645 | 2,848,796 | ||||||
Other Securities (b) | 45,073 | |||||||
2,893,869 | ||||||||
Netherlands — 5.0% | ||||||||
AerCap Holdings N.V. (e) | 79,730 | 3,701,865 | ||||||
Royal Dutch Shell plc - Class A - ADR (c) | 51,730 | 2,751,519 | ||||||
Other Securities (a) (b) | 8,811,933 | |||||||
15,265,317 | ||||||||
New Zealand — 0.0% (d) | ||||||||
Other Securities (a) (b) | 7,795 | |||||||
Norway — 0.7% | ||||||||
Other Securities (a) (b) | 2,131,855 | |||||||
Philippines — 0.1% | ||||||||
Other Securities (a) (b) | 175,707 | |||||||
Poland — 0.1% | ||||||||
Other Securities (a) (b) | 354,449 | |||||||
Portugal — 0.1% | ||||||||
Other Securities (a) (b) | 178,632 | |||||||
Qatar — 0.0% (d) | ||||||||
Other Securities (b) | 113,144 | |||||||
Russian Federation — 1.2% | ||||||||
Yandex N.V. - Class A (e) | 102,758 | 2,696,371 | ||||||
Other Securities (b) | 872,579 | |||||||
3,568,950 | ||||||||
Singapore — 1.2% | ||||||||
DBS Group Holdings Ltd. (a) | 157,010 | 2,363,003 | ||||||
Other Securities (a) (b) | 1,248,232 | |||||||
3,611,235 | ||||||||
South Africa — 0.2% | ||||||||
Other Securities (a) (b) | 526,484 | |||||||
South Korea — 0.1% | ||||||||
Other Securities (a) (b) | 242,343 | |||||||
Spain — 3.3% | ||||||||
ACS Actividades de Construccion y Servicios S.A. (a) | 68,005 | 2,629,463 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. - ADR (c) | 278,190 | 2,325,669 | ||||||
Other Securities (a) (b) (c) | 5,097,472 | |||||||
10,052,604 | ||||||||
Sweden — 1.7% | ||||||||
Atlas Copco AB - A Shares (a) | 60,378 | 2,321,138 | ||||||
Other Securities (a) (b) (c) | 2,824,866 | |||||||
5,146,004 |
See Notes to Financial Statements.
45
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
Switzerland — 8.6% | ||||||||
Adecco Group AG (a) | 36,116 | $ | 2,751,282 | |||||
Chubb Ltd. | 33,525 | 4,873,865 | ||||||
Nestlé S.A. (a) | 66,110 | 5,765,719 | ||||||
Roche Holdings AG (a) (e) | 14,637 | 3,739,816 | ||||||
SGS S.A. (a) | 1,300 | 3,151,961 | ||||||
Other Securities (a) (b) | 6,055,425 | |||||||
26,338,068 | ||||||||
Taiwan — 2.2% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (c) | 111,549 | 3,899,752 | ||||||
Other Securities (a) (b) | 2,737,778 | |||||||
6,637,530 | ||||||||
Thailand — 0.1% | ||||||||
Other Securities (a) (b) | 332,479 | |||||||
Turkey — 0.2% | ||||||||
Other Securities (a) (b) | 504,548 | |||||||
United Arab Emirates — 0.1% | ||||||||
Other Securities (b) | 229,251 | |||||||
United Kingdom — 7.6% | ||||||||
BHP Billiton plc (a) | 181,636 | 2,783,060 | ||||||
Compass Group plc (a) | 202,124 | 4,266,754 | ||||||
Reckitt Benckiser Group plc (a) | 54,681 | 5,543,716 | ||||||
Other Securities (a) (b) (c) | 10,823,588 | |||||||
23,417,118 | ||||||||
United States — 3.4% | ||||||||
Accenture plc - Class A | 32,967 | 4,077,359 | ||||||
Core Laboratories N.V. (c) | 26,829 | 2,716,973 | ||||||
Schlumberger Ltd. | 44,535 | 2,932,184 | ||||||
Other Securities (a) (b) (c) | 750,881 | |||||||
10,477,397 | ||||||||
Total Common Stocks (Cost $251,377,745) | 295,117,449 | |||||||
PREFERRED STOCKS — 0.4% | ||||||||
Brazil — 0.2% | ||||||||
Other Securities (a) (b) | 625,053 | |||||||
Germany — 0.1% | ||||||||
Other Securities (a) (b) | 379,921 | |||||||
Korea (Republic of) - 0.1% | ||||||||
Other Securities (a) (b) | 101,030 | |||||||
Total Preferred Stocks (Cost $851,389) | 1,106,004 | |||||||
RIGHTS — 0.0% (d) | ||||||||
Other Securities (b) (Cost $4,193) | 3,480 | |||||||
MONEY MARKET FUNDS — 5.3% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81%(f) | 8,362,046 | 8,362,046 | ||||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04%(f) (g) | 7,920,767 | 7,920,767 | ||||||
Total Money Market Funds (Cost $16,282,813) | 16,282,813 | |||||||
Total Investments at Value — 102.1% (Cost $268,516,140) | 312,509,746 | |||||||
Liabilities in Excess of Other Assets — (2.1)% | (6,331,351 | ) | ||||||
Net Assets — 100.0% | $ | 306,178,395 |
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.
See Notes to Financial Statements.
46
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Condensed Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Ltd. — Limited.
plc — Public Limited Company.
(a) | Security value has been determined in good faith by the Board of Trustees. The total value of such securities is $217,612,837 at June 30, 2017, representing 71.1% of net assets (Note 2). |
(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 June 30, 2017. |
(c) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $20,186,181 (Note 6). |
(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 June 30, 2017. |
(g) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $7,920,767. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $13,427,319 (Note 6). |
See Notes to Financial Statements.
47
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
U.S. TREASURY OBLIGATIONS — 13.7% | ||||||||
U.S. Treasury Bonds — 1.8% | ||||||||
U.S. Treasury Bonds, 2.750%, due 11/15/42 | $ | 3,810,000 | $ | 3,764,756 | ||||
U.S. Treasury Bonds, 2.875%, due 08/15/45 | 2,530,000 | 2,544,133 | ||||||
U.S. Treasury Bonds, 2.875%, due 11/15/46 | 570,000 | 573,140 | ||||||
6,882,029 | ||||||||
U.S. Treasury Notes — 9.1% | ||||||||
U.S. Treasury Notes, 0.625%, due 09/30/17 | 820,000 | 819,090 | ||||||
U.S. Treasury Notes, 0.875%, due 11/30/17 | 3,860,000 | 3,855,970 | ||||||
U.S. Treasury Notes, 1.000%, due 02/15/18 | 2,720,000 | 2,716,181 | ||||||
U.S. Treasury Notes, 1.000%, due 05/31/18 | 610,000 | 608,404 | ||||||
U.S. Treasury Notes, 1.500%, due 05/31/20 | 3,820,000 | 3,814,331 | ||||||
U.S. Treasury Notes, 2.000%, due 11/30/20 | 3,650,000 | 3,692,917 | ||||||
U.S. Treasury Notes, 2.250%, due 03/31/21 | 4,020,000 | 4,099,303 | ||||||
U.S. Treasury Notes, 1.750%, due 03/31/22 | 6,290,000 | 6,257,568 | ||||||
U.S. Treasury Notes, 2.125%, due 02/29/24 | 4,450,000 | 4,455,389 | ||||||
U.S. Treasury Notes, 1.625%, due 05/15/26 | 4,960,000 | 4,702,313 | ||||||
35,021,466 | ||||||||
U.S. Treasury Strips — 2.8% | ||||||||
U.S. Treasury Bonds, Stripped Principal Payment, 3.111%, due 11/15/44 (a) | 23,662,000 | 10,680,103 | ||||||
Total U.S. Treasury Obligations (Cost $51,944,244) | 52,583,598 | |||||||
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.7% | ||||||||
Federal Home Loan Mortgage Corp. - 1.1% | ||||||||
Federal Home Loan Mortgage Corp., 2.874%, due 09/15/29 | 3,000,000 | 2,055,618 | ||||||
Federal Home Loan Mortgage Corp., 3.068%, due 12/14/29 | 1,450,000 | 987,405 | ||||||
Federal Home Loan Mortgage Corp., 4.288%, due 03/15/31 | 1,250,000 | 808,834 | ||||||
Federal Home Loan Mortgage Corp., 6.750%, due 03/15/31 | 249,000 | 360,255 | ||||||
4,212,112 | ||||||||
Federal National Mortgage Association — 1.3% | ||||||||
Federal National Mortgage Association, 2.948%, due 05/15/29 | 3,700,000 | 2,572,577 | ||||||
Federal National Mortgage Association, 3.018%, due 01/15/30 | 775,000 | 524,929 | ||||||
Federal National Mortgage Association, 3.075%, due 05/15/30 | 2,900,000 | 1,938,508 | ||||||
5,036,014 | ||||||||
Tennessee Valley Authority — 0.3% | ||||||||
Tennessee Valley Authority, 5.375%, due 04/01/56 | 410,000 | 556,853 | ||||||
Tennessee Valley Authority, 4.250%, due 09/15/65 | 700,000 | 787,483 | ||||||
1,344,336 | ||||||||
Total U.S. Government Agency Obligations (Cost $10,751,002) | 10,592,462 | |||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 4.1% | ||||||||
Federal Home Loan Mortgage Corp. — 1.7% | ||||||||
Federal Home Loan Mortgage Corp., Series 4249, Class CS, 4.300%, due 09/15/43 | 1,332,026 | 1,183,136 | ||||||
Federal Home Loan Mortgage Corp., Series 4355, Class ZX, 4.000%, due 05/15/44 | 5,072,723 | 5,480,390 | ||||||
6,663,526 | ||||||||
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.3% | ||||||||
Federal Home Loan Mortgage Corp., Series K-722, Class X1, 1.311%, due 03/01/23 (b) | 2,271,960 | 139,089 | ||||||
Federal Home Loan Mortgage Corp., Series 4077, Class TS, 4.841%, due 05/15/41 (b) | 1,861,024 | 277,288 | ||||||
Federal Home Loan Mortgage Corp., Series 3966, Class SA, 4.741%, due 12/15/41 (b) | 2,524,090 | 371,208 | ||||||
Federal Home Loan Mortgage Corp., Series 4089, Class SH, 4.841%, due 08/15/42 (b) | 2,004,234 | 326,112 | ||||||
1,113,697 |
See Notes to Financial Statements.
48
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
AGENCY MORTGAGE-BACKED OBLIGATIONS — 4.1% (Continued) | ||||||||
Federal National Mortgage Association — 1.6% | ||||||||
Federal National Mortgage Association, Pool #AO8254, 3.500%, due 07/01/42 | $ | 967,080 | $ | 997,941 | ||||
Federal National Mortgage Association, Series 2016-73, Class DZ, 3.000%, due 10/25/46 | 4,090,905 | 3,812,946 | ||||||
Federal National Mortgage Association, Series 2016-75, Class ZP, 3.000%, due 10/25/46 | 1,398,742 | 1,255,126 | ||||||
6,066,013 | ||||||||
Federal National Mortgage Association Interest-Only Strips — 0.5% | ||||||||
Federal National Mortgage Association, Series 2011-124, Class NS, 5.283%, due 12/25/41 (b) | 2,214,768 | 368,780 | ||||||
Federal National Mortgage Association, Series 2012-20, Class SA, 5.233%, due 03/25/42 (b) | 2,042,700 | 410,369 | ||||||
Federal National Mortgage Association, Series 2012-76, Class SC, 4.783%, due 07/25/42 (b) | 953,562 | 157,683 | ||||||
Federal National Mortgage Association, Series 2014-28, Class SD, 4.833%, due 05/25/44 (b) | 6,710,200 | 1,048,810 | ||||||
1,985,642 | ||||||||
Total Agency Mortgage-Backed Obligations (Cost $16,566,425) | 15,828,878 | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.5% | ||||||||
A10, LLC, Series 2016-1, Class A-1, 2.420%, due 03/15/35 | 108,614 | 108,126 | ||||||
Alliance Bancorp Trust, Series 2007-OA1, Class A-1, 1.263%, due 07/25/37 (b) | 1,146,905 | 958,873 | ||||||
American Home Mortgage Assets, Series 2006-4, Class I-A1-1, 1.213%, due 10/25/46 (b) | 1,227,150 | 910,664 | ||||||
American Home Mortgage Assets, Series 2006-6, Class A1-A, 1.213%, due 12/25/46 (b) | 850,393 | 668,736 | ||||||
Americold, LLC Trust, Series 2010-ART, Class C, 6.811%, due 01/14/21 | 50,000 | 55,942 | ||||||
Arbor Realty Commercial Real Estate, Series 2016-FL1, Class B, 3.939%, due 09/15/26 (b) | 302,000 | 304,532 | ||||||
Barclays Commercial Mortgage Securities, Series 2017-C1, Class X-A, 1.695%, due 02/01/27 (b) | 1,981,747 | 215,099 | ||||||
Barclays Commercial Mortgage Securities, Series 2014-BX0, Class E, 3.550%, due 08/15/27 (b) | 236,000 | 235,189 | ||||||
Bayview Opportunity Master Fund, Series 2016-RN3, Class A1, 3.597%, due 09/29/31 (b) | 1,187,445 | 1,193,944 | ||||||
Bayview Opportunity Master Fund, Series 2017-RN1, Class A-1, 3.597%, due 02/28/32 (b) | 712,125 | 711,324 | ||||||
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 5.076%, due 03/25/37 (b) | 4,667,791 | 3,319,674 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1, 3.355%, due 01/01/35 (b) | 800,387 | 789,257 | ||||||
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR17, Class A-4, 5.694%, due 06/11/50 | 64,842 | 65,089 | ||||||
Bear Stearns Commercial Mortgage Trust, Series 2007-PWR18, Class A-4, 5.700%, due 06/11/50 | 213,426 | 214,457 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C, 4.878%, due 05/10/58 | 120,000 | 124,333 | ||||||
CIM Trust, Series 2016-1, Class B2, 11.488%, due 07/26/55 (b) | 1,000,000 | 871,913 | ||||||
CIM Trust, Series 2016-2, Class B2, 11.035%, due 02/01/56 (b) | 1,000,000 | 890,934 | ||||||
CIM Trust, Series 2016-3, Class B2, 12.173%, due 02/27/56 | 1,000,000 | 901,862 | ||||||
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-MA, 6.144%, due 12/01/49 (b) | 120,000 | 121,069 | ||||||
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A-M, 6.144%, due 12/01/49 (b) | 334,000 | 339,010 | ||||||
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class A-M, 5.711%, due 12/10/49 | 219,000 | 219,146 | ||||||
Citi-Mortgage Alternative Loan Trust, Series 2006-A1, Class IA-6, 6.000%, due 04/25/36 | 3,243,951 | 3,079,174 |
See Notes to Financial Statements.
49
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.5% (Continued) | ||||||||
Citi-Mortgage Alternative Loan Trust, Series 2007-A5, Class IA-6, 6.000%, due 05/01/37 (b) | $ | 3,552,716 | $ | 3,308,371 | ||||
CLNS Trust, Series 2017-IKPR, Class D, 3.049%, due 06/11/32 (b) | 84,000 | 84,261 | ||||||
CLNS Trust, Series 2017-IKPR, Class E, 4.500%, due 06/11/32 (b) | 84,000 | 84,314 | ||||||
CLNS Trust, Series 2017-IKPR, Class F, 5.500%, due 06/11/32 (b) | 84,000 | 84,418 | ||||||
Cobal Commercial Mortgage Trust, Series 2007-C3, Class A-M, 5.764%, due 05/15/46 | 12,002 | 12,106 | ||||||
Cold Storage Trust, Series 2017-ICE3, Class B, 2.243%, due 04/01/36 (b) | 1,900,000 | 1,902,937 | ||||||
Commercial Mortgage Loan Trust, Series 2008-LS1, Class A-4B, 6.093%, due 12/10/49 | 148,586 | 148,855 | ||||||
Commercial Mortgage Trust, Series 2012-CCRE4, Class C, 4.442%, due 10/15/45 | 69,000 | 68,136 | ||||||
Cosmopolitan Hotel Trust, Series 2016-COSMO, Class C, 3.638%, due 11/15/21 (b) | 1,000,000 | 1,007,420 | ||||||
Countrywide Alternative Loan, Inc., Series 2007-16CB, Class 5-A-4, 6.249%, due 08/25/37 (b) | 878,336 | 771,337 | ||||||
Countrywide Alternative Loan, Inc., Series 2007-OA7, Class A-1-A, 1.203%, due 05/25/47 (b) | 1,059,948 | 988,917 | ||||||
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 1.193%, due 09/25/36 (b) | 1,904,345 | 1,785,050 | ||||||
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 4.457%, due 09/25/37 (b) | 2,509,824 | 2,416,254 | ||||||
Credit Suisse Commercial Mortgage Trust, Series 2007-C5, Class A-4, 5.695%, due 09/15/40 | 31,799 | 31,767 | ||||||
Credit Suisse Commercial Mortgage Trust, Series 2014-WIN2, Class A-3, 3.500%, due 10/25/44 | 651,732 | 650,319 | ||||||
Credit Suisse Commercial Mortgage Trust, Series 2016-PR1, Class A-1, 5.084%, due 07/01/56 (b) | 843,162 | 843,664 | ||||||
Credit Suisse Mortgage Trust, Series 2017-CHOP, Class E, 4.358%, due 07/15/32 (b) | 169,000 | 169,041 | ||||||
Credit Suisse Mortgage Trust, Series 2017-LSTK, Class E, 3.441%, due 04/05/33 (b) | 170,000 | 168,416 | ||||||
Deutsche Bank Alt-A Securities, Series 2006-AF1, Class A-4, 1.323%, due 04/25/36 (b) | 1,008,421 | 910,795 | ||||||
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1, 2.298%, due 07/25/34 (b) | 607,579 | 598,211 | ||||||
FirstKey Mortgage Trust, Series 2014-1, Class A-8, 3.500%, due 11/25/44 | 459,317 | 466,009 | ||||||
Fort CRE, LLC, Series 2016-1, Class B, 3.250%, due 05/21/36 | 181,000 | 177,608 | ||||||
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class G-FX, 3.382%, due 12/15/34 (b) | 950,000 | 913,825 | ||||||
GCAT, LLC, Series 2017-1, Class A-1, 144A, 3.375%, due 03/25/47 | 1,147,114 | 1,144,644 | ||||||
GE Business Loan Trust, Series 2007-1, Class C, 1.608%, due 04/16/35 (b) | 673,022 | 616,487 | ||||||
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D, 5.043%, due 12/10/41 (b) | 96,000 | 98,217 | ||||||
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E, 5.141%, due 12/10/41 (b) | 160,000 | 158,869 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2013-GC13, Class D, 4.065%, due 07/10/23 (b) | 60,000 | 55,196 | ||||||
GSAA Home Equity Trust, Series 2005-6, Class M-1, 1.453%, due 06/25/35 (b) | 1,300,000 | 1,180,560 | ||||||
GSAA Home Equity Trust, Series 2007-7, Class A4, 1.293%, due 07/25/37 (b) | 948,037 | 871,135 | ||||||
Harborview Mortgage Loan Trust, Series 2006-14, Class 2A-1A, 1.153%, due 01/25/47 (b) | 1,035,097 | 935,435 | ||||||
Hospitality Mortgage Trust, Series 2017-HIT, Class A, 1.850%, due 05/08/30 (b) | 1,000,000 | 1,001,180 |
See Notes to Financial Statements.
50
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.5% (Continued) | ||||||||
IMT Trust, Series 2017-APTS, Class BFX, 3.614%, due 06/15/34 (b) (c) | $ | 1,000,000 | $ | 1,011,351 | ||||
IMT Trust, Series 2017-APTS, Class EFL, 3.850%, due 06/15/34 (b) (c) | 56,000 | 56,000 | ||||||
IMT Trust, Series 2017-APTS, Class FFL, 3.150%, due 06/15/34 (b) (c) | 56,000 | 56,000 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2013-C15, Class D, 5.057%, due 10/15/23 (b) | 84,000 | 81,000 | ||||||
JPMCC Commercial Mortgage Securities Trust, Series 2014-FRR1, Class B702, 144A, 4.234%, due 04/27/44 | 168,000 | 167,232 | ||||||
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class B, 3.139%, due 10/15/22 (b) | 115,000 | 115,628 | ||||||
JPMCC Commercial Mortgage Trust, Series 2016-ASH, Class C, 3.739%, due 10/15/22 (b) | 65,000 | 65,478 | ||||||
JPMCC RE-REMIC Trust, Series 2014-FRR1, Class A-K707, 4.347%, due 12/27/18 | 181,000 | 173,753 | ||||||
JPMorgan Chase Commercial Mortgage, Series 2015-JP1, Class F, 4.742%, due 01/01/49 (b) | 240,000 | 175,011 | ||||||
JPMorgan Chase Commercial Mortgage, Series 2007-LDPX, Class A-M, 5.464%, due 01/15/49 (b) | 53,307 | 53,268 | ||||||
JPMorgan Chase Commercial Trust, Series 2016-WPT, Class E, 5.989%, due 10/15/18 (b) | 181,000 | 182,786 | ||||||
JPMorgan Chase Commercial Trust, Series 2016-WIKI, Class E, 4.142%, due 10/05/21 (b) | 1,000,000 | 995,738 | ||||||
JPMorgan Chase Commercial Trust, Series 2007-CIBC19, Class A-M, 5.750%, due 02/12/49 (b) | 31,626 | 31,725 | ||||||
JPMorgan Chase Commercial Trust, Series 2007-CIBC20, Class A-M, 5.880%, due 02/12/51 | 233,829 | 235,293 | ||||||
JPMorgan Commercial Mortgage Trust, Series 2004-CIBC10, Class D, 5.097%, due 01/12/37 | 189,000 | 194,507 | ||||||
JPMorgan Commercial Mortgage Trust, Series 2006-LDP9, Class A-MS, 5.337%, due 05/15/47 | 176,000 | 174,461 | ||||||
Lehman Brothers-UBS Commercial Mortgage Trust, Series 2007-C7, Class A-3, 5.866%, due 09/15/45 | 134,120 | 134,964 | ||||||
Lehman Brothers-UBS Commercial Mortgage Trust, Series 2007-C7, Class A-J, 6.243%, due 09/15/45 | 120,000 | 121,399 | ||||||
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 4.701%, due 03/10/49 | 274,000 | 251,521 | ||||||
LSTAR Securities Investments Ltd., Series 2016-4, Class A-1, 2.994%, due 10/01/18 (b) | 1,247,896 | 1,243,166 | ||||||
LSTAR Securities Investments Ltd., Series 2016-7, Class A-1, 2.994%, due 12/01/18 (b) | 1,752,147 | 1,745,030 | ||||||
LSTAR Securities Investments Ltd., Series 2017-1, Class A, 3.050%, due 01/01/19 (b) | 913,534 | 911,433 | ||||||
LSTAR Securities Investments Ltd., Series 2016-5, Class A-1, 144A, 2.546%, due 11/01/21 | 682,949 | 682,436 | ||||||
LSTAR Securities Investments Trust, Series 2016-3, Class A, 2.994%, due 09/01/21 (b) | 1,472,763 | 1,462,156 | ||||||
Luminent Mortgage Trust, Series 2006-2, Class A1A, 1.223%, due 02/25/46 (b) | 1,430,711 | 1,100,490 | ||||||
Merrill Lynch Mortgage Trust, Series 2007-C1, Class AM, 5.835%, due 06/01/50 (b) | 181,000 | 181,679 | ||||||
Merrill Lynch-CFC Commercial Mortgage Trust, Series 2007-9, Class A-4, 5.700%, due 09/12/49 | 102,008 | 102,086 | ||||||
Morgan Stanley BAML Trust, Series 2014-C19, Class LNC-3, 4.749%, due 12/15/24 (b) (c) | 997,615 | 1,014,126 | ||||||
Morgan Stanley BAML Trust, Series 2014-C17, Class C, 4.451%, due 08/15/47 (b) | 117,000 | 115,286 | ||||||
Morgan Stanley BAML Trust, Series 2015-C20, Class D, 3.071%, due 02/15/48 (b) | 232,000 | 180,258 |
See Notes to Financial Statements.
51
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.5% (Continued) | ||||||||
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 1.403%, due 12/25/35 (b) | $ | 1,000,000 | $ | 937,956 | ||||
Morgan Stanley Capital I Trust, Series 2007-IQ16, Class A-M, 6.052%, due 12/12/49 | 273,000 | 276,345 | ||||||
Morgan Stanley REMIC Trust, Series 2010-R5, Class 4-B, 1.998%, due 06/26/36 (b) | 852,668 | 720,515 | ||||||
Motel 6 Trust, Series 2015-MTL6, Class E, 5.278%, due 02/05/20 (b) | 1,000,000 | 1,000,624 | ||||||
PR Mortgage Loan Trust, Series 2014-1, Class APT, 5.916%, due 10/25/49 (b) | 2,268,177 | 2,283,727 | ||||||
Rait Trust, Series 2017-FL7, Class B, 2.750%, due 06/15/37 (b) | 169,000 | 169,209 | ||||||
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3, 6.500%, due 10/25/36 | 1,464,576 | 1,415,364 | ||||||
Residential Accredited Loans, Inc., Series 2006-QO2, Class A-1, 1.243%, due 02/25/46 (b) | 2,121,417 | 970,621 | ||||||
Residential Accredited Loans, Inc., Series 2006-Q05, Class I-A-1, 1.238%, due 05/25/46 (b) | 1,163,074 | 1,054,997 | ||||||
Resource Capital Corp. Ltd., Series 2017-CRE5, Class B, 144A, 3.089%, due 07/15/34 (b) (c) | 130,000 | 130,000 | ||||||
Stanwich Mortgage Loan Trust, Series 2017-NPA1, Class A1, 3.597%, due 03/16/22 (b) | 787,431 | 787,431 | ||||||
Structured Asset Investment Loan, Series 2005-11, Class A7, 1.383%, due 01/25/36 (b) | 773,271 | 703,653 | ||||||
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 6.048%, due 04/01/45 (b) | 142,000 | 154,938 | ||||||
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX, 3.533%, due 04/25/46 | 377,617 | 381,394 | ||||||
VOLT L, LLC, Series 2016-NP10, Class A-1, 144A, 3.500%, due 09/25/46 | 1,746,445 | 1,751,189 | ||||||
VOLT LI, LLC, Series 2016-NP11, Class A-1, 3.500%, due 10/25/46 | 894,415 | 895,166 | ||||||
Wachovia Asset Securitization, Series 2007-HE1, Class A, 1.163%, due 07/25/37 (b) | 1,488,848 | 1,366,714 | ||||||
Wachovia Asset Securitization, Series 2007-HE2, Class A, 1.153%, due 07/25/37 (b) | 1,769,003 | 1,666,328 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class F, 5.858%, due 05/15/43 (b) | 236,000 | 235,961 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class A-M, 6.072%, due 06/15/45 (b) | 181,000 | 182,375 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C27, Class A-J, 5.825%, due 07/15/45 | 67,948 | 68,755 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C34, Class A-3, 5.678%, due 05/15/46 | 27,357 | 27,335 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A-J, 5.632%, due 10/15/48 | 105,008 | 105,484 | ||||||
Wachovia Bank Commercial Mortgage Trust, Series 2007-C33, Class AJ, 5.965%, due 02/15/51 (b) | 175,000 | 178,123 | ||||||
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class B, 3.039%, due 06/15/29 (b) | 148,000 | 148,734 | ||||||
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class C, 3.489%, due 06/15/29 (b) | 125,000 | 125,775 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C, 5.029%, due 06/15/49 | 141,000 | 146,637 | ||||||
WF-RBS Commercial Mortgage Trust, Series 2012-C6, Class D, 5.577%, due 04/01/22 (b) | 89,000 | 89,065 | ||||||
Winwater Mortgage Loan Trust, Series 2016-1, Class 2A-3, 3.000%, due 12/20/30 | 371,690 | 372,184 | ||||||
Total Non-Agency Mortgage-Backed Obligations (Cost $70,034,186) | 71,313,961 |
See Notes to Financial Statements.
52
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.4% | ||||||||
American Home Mortgage Assets Trust, Series 2007-1, Class IO-P, 2.078%, due 05/25/47 (b) | $ | 8,110,346 | $ | 1,524,898 | ||||
BofA Merrill Lynch Commercial Mortgage Trust, Series 2016-UBS10, Class X-A, 2.166%, due 06/15/49 (b) | 1,114,450 | 124,818 | ||||||
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A, 1.575%, due 08/10/26 (b) | 1,988,414 | 189,906 | ||||||
CD Commercial Mortgage Trust, Series 2017-CD4, Class XA, 1.485%, due 05/01/50 (b) | 1,762,321 | 167,454 | ||||||
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class XA, 1.679%, due 06/15/50 (b) | 1,436,000 | 152,578 | ||||||
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A, 1.923%, due 05/10/58 (b) | 1,288,125 | 142,261 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A, 2.169%, due 08/10/26 (b) | 1,231,792 | 158,505 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class X-A, 1.966%, due 04/10/49 (b) | 3,823,752 | 454,630 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A, 2.104%, due 05/10/49 (b) | 1,172,242 | 150,569 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C2, Class X-A, 1.942%, due 08/10/49 (b) | 1,890,637 | 234,132 | ||||||
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A, 1.501%, due 10/01/46 (b) | 3,930,795 | 222,695 | ||||||
Commercial Mortgage Trust, Series 2015-LC21, Class XA, 1.003%, due 07/10/48 (b) | 1,909,338 | 83,421 | ||||||
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A, 1.977%, due 01/15/49 (b) | 989,994 | 111,149 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A, 1.730%, due 01/10/23 (b) | 2,349,325 | 158,137 | ||||||
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A, 1.820%, due 05/10/49 (b) | 1,039,715 | 110,133 | ||||||
JPMCC Commercial Mortgage Trust, Series 2016-JP2, Class X-A, 2.013%, due 08/15/49 (b) | 1,932,317 | 240,361 | ||||||
JPMDB Commercial Mortgage Securities, Series 2016-C2, Class X-A, 1.862%, due 06/01/49 (b) | 1,256,151 | 122,743 | ||||||
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A, 2.105%, due 03/01/49 (b) | 1,620,591 | 132,986 | ||||||
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.235%, due 03/10/50 (b) | 2,968,000 | 167,633 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A, 1.287%, due 12/01/47 (b) | 3,502,961 | 185,013 | ||||||
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C27, Class X-A, 1.180%, due 12/15/47 (b) | 25,989,868 | 1,581,090 | ||||||
Morgan Stanley Capital I Trust, Series 2016-UBS11, Class X-A, 1.813%, due 08/15/49 (b) | 5,822,838 | 602,705 | ||||||
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A, 0.834%, due 12/15/49 (b) | 3,261,943 | 173,679 | ||||||
SG Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A, 2.186%, due 10/01/48 (b) | 8,130,348 | 1,012,336 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C35, Class X-A, 2.161%, due 07/15/48 (b) | 6,839,075 | 885,084 | ||||||
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $8,680,383) | 9,088,916 | |||||||
ASSET-BACKED SECURITIES — 11.9% | ||||||||
AABS Ltd., Series 2013-1, Class A, 4.875%, due 01/15/38 | 362,896 | 363,077 | ||||||
Anchorage Credit Funding Ltd., Series 2016-3A, Class A, 3.850%, due 10/28/33 | 1,000,000 | 1,025,808 | ||||||
Anchorage Credit Funding Ltd., Series 2016-4A, Class A, 3.500%, due 02/15/35 | 2,000,000 | 2,001,359 |
See Notes to Financial Statements.
53
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
ASSET-BACKED SECURITIES — 11.9% (Continued) | ||||||||
Apollo Aviation Sec Equity, Series 2014-1, Class A, 5.125%, due 12/15/29 | $ | 1,075,361 | $ | 1,079,393 | ||||
Apollo Aviation Sec Equity, Series 2014-1, Class B, 7.375%, due 12/15/29 | 537,680 | 539,697 | ||||||
Apollo Aviation Sec Equity, Series 2016-1A, Class A, 4.875%, due 03/17/36 | 875,000 | 883,750 | ||||||
Apollo Aviation Sec Equity, Series 2016-2, Class A, 4.212%, due 11/15/41 | 1,609,559 | 1,611,420 | ||||||
Arcadia Receivables Credit Trust, Series 2017-1, Class A, 144A, 3.250%, due 06/15/23 | 372,768 | 373,792 | ||||||
Capital Automotive REIT, Series 2017-1, Class A-1, 144A, 3.870%, due 04/01/47 (b) | 1,896,833 | 1,919,473 | ||||||
Castle Air Securities Trust, Series 2015-1, Class A, 4.703%, due 12/15/40 | 1,235,534 | 1,252,447 | ||||||
Cerberus Loan Funding XVII, Series 2016-17, Class A, 3.483%, due 01/15/28 (b) | 1,000,000 | 996,862 | ||||||
Chesterfield Financial Holding, LLC, Series 2014-1A, Class A, 4.499%, due 12/15/34 (b) | 783,000 | 785,067 | ||||||
CIFC Funding Ltd., Series 2012-2A, Class A2RL, 3.122%, due 12/05/24 (b) | 1,500,000 | 1,500,003 | ||||||
Diamond Head Aviation Ltd., Series 2015-1, Class A, 3.810%, due 07/14/28 | 635,915 | 636,225 | ||||||
Drug Royalty III, L.P., Series 2016-1, Class NT, 3.979%, due 04/15/27 | 800,067 | 802,702 | ||||||
Dryden Senior Loan Fund, Series 2015-37, Class COMB, 8.826%, due 04/15/27 | 1,000,000 | 926,400 | ||||||
Earnest Student Loan Program, LLC, Series 2016-C, Class B, 4.460%, due 01/26/37 | 877,172 | 863,830 | ||||||
ECAF I Ltd., Series 2015-1, Class A-2, 4.947%, due 06/15/40 | 965,201 | 953,142 | ||||||
Falcon Aerospace Ltd., Series 2017-1-A, Class A, 4.581%, due 02/15/42 (b) | 733,350 | 741,231 | ||||||
FDF Ltd., Series 2016-2A, Class A, 4.285%, due 05/12/61 (b) | 1,000,000 | 1,017,098 | ||||||
Halcyon Loan Advisors Funding, Series 2012-2, Class C, 4.001%, due 12/20/24 (b) | 1,500,000 | 1,502,053 | ||||||
Harbour Aircraft Investments Ltd., Series 2016-1, Class A, 4.703%, due 07/15/41 (b) | 892,125 | 904,689 | ||||||
Helios Issuer, LLC, Series 2017-1A, A, 4.939%, due 09/20/49 (b) | 1,200,000 | 1,195,552 | ||||||
Ivy Hill Middle Market Credit Funding, Series 2014-9, Class B-1, 3.473%, due 10/18/25 (b) | 2,000,000 | 2,003,910 | ||||||
Jimmy John's Funding, LLC, Series 17-1A, Class A2I, 144A, 3.610%, due 07/30/47 (b) | 1,000,000 | 1,000,000 | ||||||
Kabbage Funding, LLC, Series 2017-1, Class A, 144A, 4.571%, due 03/15/22 | 1,000,000 | 1,022,993 | ||||||
Newmark Capital Funding, Series 2014-2A, Class D, 4.498%, due 06/30/26 (b) | 1,159,000 | 1,159,621 | ||||||
OZLM Funding IX Ltd., Series 2014-9A, Class A2-R, 2.482%, due 01/20/27 (b) | 1,000,000 | 997,510 | ||||||
PFP Ltd., Series 2015-2, Class A-S, 2.992%, due 07/14/34 (b) | 1,000,000 | 999,531 | ||||||
Putnam Structured Product Funding, Series 2003-1, Class A2 144, 2.158%, due 10/15/38 (b) | 1,553,520 | 1,458,567 | ||||||
Raspro Trust, Series 2005-1A, Class B, 1.781%, due 03/01/24 (b) | 797,439 | 755,574 | ||||||
Rise Ltd., Series 2014-1A, Class A, 4.750%, due 02/15/39 | 1,044,711 | 1,049,934 | ||||||
Rockwall CDO II Ltd., Series 2007-2, Class A-1LB, 1.719%, due 08/01/24 (b) | 1,485,350 | 1,480,865 | ||||||
Springfield Funding Trust, Series 2015-A, Class A, 3.160%, due 11/15/24 | 1,000,000 | 1,009,045 | ||||||
SRERS Funding Ltd., Series 2011, Class A1B-1, 1.242%, due 05/09/46 (b) | 153,075 | 151,575 | ||||||
SRERS Funding Ltd., Series 2011, Class A1B-2, 1.244%, due 05/09/46 (b) | 500,000 | 315,190 | ||||||
Store Master Funding I, Series 2016-1, Class A-1, 3.960%, due 10/20/26 (b) | 2,026,093 | 2,029,993 | ||||||
Taco Bell Funding, LLC, Series 2016-1, Class A-2-II, 4.377%, due 05/25/46 | 1,687,250 | 1,755,955 | ||||||
Textainer Marine Containers Ltd., Series 17-2A, Class A, 144A, 3.520%, due 06/20/42 (b) | 1,700,000 | 1,699,697 | ||||||
TRIAXX Prime CDO, Series 2006-2, Class A-1A, 1.320%, due 10/02/39 (b) | 583,347 | 570,309 | ||||||
Wendy's Funding, LLC, Series 2015-1, Class A2-III, 4.497%, due 06/15/45 | 982,500 | 1,008,762 |
See Notes to Financial Statements.
54
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
ASSET-BACKED SECURITIES — 11.9% (Continued) | ||||||||
Wrightwood Capital Real Estate CDO, Series 2005-1, Class B, 1.482%, due 11/21/40 (b) | $ | 1,349,313 | $ | 1,329,644 | ||||
Total Asset-Backed Securities (Cost $44,989,705) | 45,673,745 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 11.2% | ||||||||
ABPCI Direct Lending Fund CLO, Series 2016-1A, Class A, 3.650%, due 12/22/28 (b) | 1,000,000 | 995,750 | ||||||
ALM Loan Funding, Series 2016-19A, Class B, 4.023%, due 07/15/28 (b) | 250,000 | 251,859 | ||||||
AMMC CLO XIII Ltd., Series 2013-13, Class A-3L, 3.743%, due 01/26/26 (b) | 1,500,000 | 1,501,454 | ||||||
Annisa CLO Ltd., Series 2016, Class B, 3.256%, due 07/20/28 (b) | 500,000 | 501,421 | ||||||
Apidos CLO, Series 2016-24A, Class C, 4.980%, due 07/20/27 (b) | 500,000 | 508,254 | ||||||
Atrium CDO Corp., Series 2013-9R, Class D-R, 144A, 4.604%, due 05/28/30 (b) | 500,000 | 497,249 | ||||||
Babson CLO Ltd., Series 2012-II, Class SUB, 0.000%, due 05/15/23 | 1,000,000 | 331,314 | ||||||
BlueMountain CLO Ltd., Series 2014-2, Class A, 2.485%, due 07/20/26 (b) | 250,000 | 250,724 | ||||||
BlueMountain CLO Ltd., Series 2016-2, Class C, 5.271%, due 08/20/28 (b) | 500,000 | 507,363 | ||||||
Canyon Capital CLO Ltd., Series 2014-1A, Class C, 4.289%, due 04/30/25 (b) | 250,000 | 248,030 | ||||||
Cent CLO, L.P., Series 2012-16A, Class A-2R, 3.283%, due 08/01/24 (b) | 500,000 | 500,039 | ||||||
Cent CLO, L.P., Series 2012-16A, Class B-R, 4.233%, due 08/01/24 (b) | 1,000,000 | 1,000,031 | ||||||
Cerberus Onshore II CLO, LLC, Series 2015-1A, Class B, 4.208%, due 11/06/25 (b) | 2,000,000 | 1,999,882 | ||||||
Flagship CLO, Series 2013-7A, Class C-R, 3.506%, due 01/20/26 (b) | 1,500,000 | 1,494,991 | ||||||
Flagship CLO VIII, Series 2014-8A, Class B-R, 2.535%, due 01/16/26 (b) | 1,300,000 | 1,297,401 | ||||||
Fortress Credit BSL II Ltd., Series 2013-2A, Class B-R, 144A, 0.000%, due 10/19/25 (b) | 1,500,000 | 1,496,863 | ||||||
Fortress Credit Investments IV CLO, Series 2015-4A, Class B, 2.923%, due 07/17/23 (b) | 1,250,000 | 1,251,300 | ||||||
Fortress Credit Opportunities CLO, Series 2014-3A, Class A1-TR, 2.800%, due 04/28/26 (b) | 2,300,000 | 2,297,505 | ||||||
Fortress Credit Opportunities CLO, Series 2014-5A, Class C-R, 0.000%, due 10/15/26 (b) | 1,000,000 | 1,001,698 | ||||||
Fortress Credit Opportunities CLO, Series 2014-5A, Class B-R, 0.000%, due 10/15/26 (b) | 1,000,000 | 999,055 | ||||||
Fortress Credit Opportunities CLO, Series 2016-7A, Class B, 3.884%, due 12/15/28 (b) | 1,000,000 | 994,673 | ||||||
Galaxy XXII CLO Ltd., Series 2016-22A, Class D, 5.608%, due 07/16/28 (b) | 500,000 | 501,744 | ||||||
Golub Capital Partners CLO, Series 2014-21A, Class B, 3.487%, due 10/25/26 (b) | 700,000 | 690,585 | ||||||
Golub Capital Partners CLO, Series 2015-25, Class A-1, 2.833%, due 08/05/27 (b) | 1,000,000 | 1,000,149 | ||||||
Golub Capital Partners CLO, Series 2016-33I, Class A, 3.391%, due 11/21/28 (b) | 2,250,000 | 2,243,393 | ||||||
Great Lakes CLO Ltd., Series 2015-1A, Class A-1, 2.973%, due 07/15/26 (b) | 1,000,000 | 1,002,969 | ||||||
Keuka Park CLO Ltd., 0.000%, due 10/21/24 | 1,228,696 | 269,822 | ||||||
KVK CLO Ltd., Series 2013-1A, Class SUB, 0.000%, due 04/14/25 | 1,150,000 | 381,992 | ||||||
Madison Park Funding VI, Series 2007-6, Class C, 2.031%, due 07/26/21 (b) | 250,000 | 244,335 | ||||||
Madison Park Funding XI, Series 2013-11, Class D, 4.541%, due 10/23/25 (b) | 500,000 | 500,178 | ||||||
Nelder Grove CLO Ltd., Series 2014-1A, Class B-R, 2.800%, due 08/28/26 (b) | 1,000,000 | 1,002,048 | ||||||
NXT Capital CLO, LLC, Series 2017-1A, Class A, 0.000%, due 04/01/29 (b) | 1,200,000 | 1,198,060 | ||||||
Ocean Trails CLO IV, LLC, Series 2013-4A, Class C, 4.033%, due 08/13/25 (b) | 1,750,000 | 1,748,642 | ||||||
Octagon Investment Partners, Series 2016-1A, Class B, 3.173%, due 07/15/27 (b) | 250,000 | 252,226 |
See Notes to Financial Statements.
55
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 11.2% (Continued) | ||||||||
Octagon Investment Partners XXI, Series 2014-21, Class D, 7.636%, due 11/14/26 (b) | $ | 250,000 | $ | 254,246 | ||||
Steele Creek CLO Ltd., Series 2014-1A, Class B-R, 2.887%, due 08/21/26 (b) | 1,000,000 | 999,955 | ||||||
Symphony CLO XIV Ltd., Series 2014-14A, Class D-2, 4.623%, due 07/14/26 (b) | 500,000 | 500,872 | ||||||
TCI-Cent CLO, Series 2016-1A, Class C, 4.934%, due 12/21/29 (b) | 500,000 | 501,254 | ||||||
TCI-Flatiron, Series 2016-1A, Class B, 3.223%, due 07/17/28 (b) | 250,000 | 252,171 | ||||||
TCI-Flatiron, Series 2016-1A, Class C, 4.073%, due 07/17/28 (b) | 250,000 | 250,173 | ||||||
TCP Waterman CLO, LLC, Series 2016-1A, Class A-1J, 3.431%, due 12/15/28 (b) | 1,000,000 | 1,005,064 | ||||||
Treman Park CLO Ltd., Series 2015, Class COMB, 4.500%, due 04/20/27 | 500,000 | 439,183 | ||||||
Venture CDO Ltd., Series 2012-12A, Class B-R, 2.684%, due 02/28/26 (b) | 1,000,000 | 997,365 | ||||||
Venture CDO Ltd., Series 2016-23A, Class B, 3.324%, due 07/19/28 (b) | 500,000 | 500,998 | ||||||
Vibrant CLO Ltd., Series 2012-1A, Class A-2R, 3.123%, due 07/17/24 (b) | 1,000,000 | 1,000,014 | ||||||
Voya CLO IV Ltd., Series 2007-4A, Class C, 3.241%, due 06/14/22 (b) | 1,500,000 | 1,499,909 | ||||||
Voya CLO Ltd., Series 2016-2A, Class C, 4.932%, due 07/19/28 (b) | 500,000 | 503,592 | ||||||
Westcott Park CLO, Series 2016, Class D, 5.380%, due 07/20/28 (b) | 500,000 | 508,272 | ||||||
Whitehorse IV Ltd. CLO, Series 2006-4A, Class C, 2.473%, due 01/17/20 (b) | 1,500,000 | 1,494,337 | ||||||
Whitehorse VIII Ltd. CLO, Series 2014-1A, Class B, 3.219%, due 05/01/26 (b) | 1,100,000 | 1,103,401 | ||||||
Wind River CLO I Ltd., Series 2012-1A, Class D-R, 5.121%, due 01/15/26 (b) | 250,000 | 252,026 | ||||||
Total Collateralized Loan Obligations (Cost $44,403,790) | 43,025,831 | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.5% | ||||||||
Consumer Discretionary — 0.2% | ||||||||
Comcast Corp., 4.400%, due 08/15/35 | 115,000 | 123,618 | ||||||
Delphi Automotive plc, 4.250%, due 01/15/26 | 130,000 | 137,699 | ||||||
eBay, Inc., 2.750%, due 01/30/23 | 125,000 | 123,894 | ||||||
Ford Motor Co., 7.450%, due 07/16/31 | 105,000 | 132,756 | ||||||
Home Depot, Inc. (The), 3.000%, due 04/01/26 | 130,000 | 130,694 | ||||||
Lowe's Cos., Inc., 3.100%, due 05/03/27 | 60,000 | 59,726 | ||||||
Omnicom Group, Inc., 3.600%, due 04/15/26 | 100,000 | 100,615 | ||||||
809,002 | ||||||||
Consumer Staples — 0.2% | ||||||||
Anheuser-Busch InBev SA/NV, 4.900%, due 02/01/46 | 65,000 | 73,362 | ||||||
Kraft Heinz Co. (The), 2.000%, due 07/02/18 | 130,000 | 130,329 | ||||||
Kroger Co. (The), 3.400%, due 04/15/22 | 170,000 | 173,888 | ||||||
Smithfield Foods, Inc., 144A, 4.250%, due 02/01/27 | 120,000 | 122,765 | ||||||
Sysco Corp., 3.250%, due 07/15/27 | 130,000 | 127,997 | ||||||
Unilever Capital Corp., 2.900%, due 05/05/27 | 110,000 | 108,515 | ||||||
736,856 | ||||||||
Energy — 1.3% | ||||||||
BP Capital Markets plc, 3.723%, due 11/28/28 | 130,000 | 133,361 | ||||||
Buckeye Partners, L.P., 4.350%, due 10/15/24 | 242,000 | 249,261 | ||||||
Canadian Natural Resources Ltd., 2.950%, due 01/15/23 | 195,000 | 193,446 | ||||||
CNOOC Finance (2015) U.S.A., LLC, 3.500%, due 05/05/25 | 1,000,000 | 1,000,161 | ||||||
Enable Midstream Partners, L.P., 4.400%, due 03/15/27 | 135,000 | 135,486 | ||||||
Energy Transfer Partners, L.P., 4.750%, due 01/15/26 | 125,000 | 130,040 | ||||||
Energy Transfer Partners, L.P., 4.200%, due 04/15/27 | 15,000 | 14,995 | ||||||
Kinder Morgan Energy Partners, 6.950%, due 01/15/38 | 95,000 | 113,458 | ||||||
Phillips 66, 5.875%, due 05/01/42 | 55,000 | 66,452 |
See Notes to Financial Statements.
56
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.5% (Continued) | ||||||||
Energy — 1.3% (Continued) | ||||||||
Reliance Holdings USA, 5.400%, due 02/14/22 | $ | 800,000 | $ | 876,299 | ||||
Schlumberger Holdings Corp., 144A, 2.350%, due 12/21/18 | 65,000 | 65,386 | ||||||
Shell International Finance BV, 1.375%, due 05/10/19 | 135,000 | 134,205 | ||||||
Shell International Finance BV, 6.375%, due 12/15/38 | 1,000,000 | 1,330,589 | ||||||
Sunoco Logistics Partners, 5.950%, due 12/01/25 | 245,000 | 275,526 | ||||||
Valero Energy Corp., 6.625%, due 06/15/37 | 50,000 | 61,755 | ||||||
Williams Partners, L.P., 3.750%, due 06/15/27 | 60,000 | 59,389 | ||||||
4,839,809 | ||||||||
Financials — 1.4% | ||||||||
Air Lease Corp., 3.750%, due 02/01/22 | 125,000 | 130,442 | ||||||
Ally Financial, Inc., 4.125%, due 03/30/20 | 125,000 | 128,438 | ||||||
American Equity Investment Life Holding Co., 5.000%, due 06/15/27 | 610,000 | 627,918 | ||||||
American Express Credit Corp., 2.250%, due 05/05/21 | 135,000 | 134,791 | ||||||
American Express Credit Corp., 2.700%, due 03/03/22 | 120,000 | 121,106 | ||||||
American Tower Corp., 3.550%, due 07/15/27 | 130,000 | 128,906 | ||||||
Athene Global Funding, 144A, 3.000%, due 07/01/22 | 110,000 | 109,245 | ||||||
Australia & New Zealand Banking Group Ltd., 144A, 4.875%, due 01/12/21 | 125,000 | 135,042 | ||||||
Bank of America Corp., 2.503%, due 10/21/22 | 105,000 | 103,658 | ||||||
Bank of America Corp., 2.881%, due 04/24/23 | 85,000 | 85,157 | ||||||
Bank of Montreal, 1.900%, due 08/21/27 | 130,000 | 127,574 | ||||||
Boston Properties, L.P., 4.125%, due 05/15/21 | 125,000 | 131,817 | ||||||
Brighthouse Financial, Inc., 144A, 3.700%, due 06/22/27 | 130,000 | 128,421 | ||||||
Citigroup, Inc., 2.279%, due 05/17/24 (b) | 190,000 | 189,805 | ||||||
Commonwealth Bank Trust, 144A, 2.750%, due 03/10/22 | 165,000 | 166,437 | ||||||
Discover Financial Services, 4.100%, due 02/09/27 | 160,000 | 160,276 | ||||||
Goldman Sachs Group, Inc., 3.000%, due 04/26/22 | 35,000 | 35,269 | ||||||
Goldman Sachs Group, Inc., 2.908%, due 06/05/23 | 95,000 | 94,812 | ||||||
Infinity Property and Casualty Corp., 5.000%, due 09/19/22 | 368,000 | 391,770 | ||||||
JPMorgan Chase & Co., 2.972%, due 01/15/23 | 130,000 | 131,546 | ||||||
JPMorgan Chase & Co., 4.250%, due 10/01/27 | 125,000 | 130,388 | ||||||
Liberty Mutual Group, Inc., 144A, 6.500%, due 05/01/42 | 150,000 | 194,203 | ||||||
Manufacturing Americas Holding Corp., 2.250%, due 02/10/20 | 65,000 | 65,041 | ||||||
Morgan Stanley, 2.750%, due 05/19/22 | 130,000 | 129,972 | ||||||
Morgan Stanley, 3.625%, due 01/20/27 | 135,000 | 135,971 | ||||||
New York Life Global Funding, 144A, 2.300%, due 06/10/22 | 45,000 | 44,760 | ||||||
New York Life Global Holdings, 144A, 2.900%, due 01/17/24 | 85,000 | 85,811 | ||||||
PNC Funding Corp., 3.300%, due 03/08/22 | 125,000 | 129,586 | ||||||
Royal Bank of Canada, 2.125%, due 03/02/20 | 65,000 | 65,112 | ||||||
Royal Bank of Canada, 2.500%, due 01/19/21 | 35,000 | 35,238 | ||||||
Royal Bank of Scotland Group plc, 3.498%, due 05/15/23 | 200,000 | 201,297 | ||||||
S&P Global, Inc., 4.400%, due 02/15/26 | 65,000 | 69,877 | ||||||
Simon Property Group, L.P., 3.375%, due 06/15/27 | 130,000 | 129,571 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.934%, due 03/09/21 | 140,000 | 142,225 | ||||||
Sumitomo Mitsui Financial Group, Inc., 2.058%, due 07/14/21 | 60,000 | 58,989 | ||||||
Synchrony Financial, 3.000%, due 08/15/19 | 120,000 | 121,692 | ||||||
TIAA Asset Management Finance Co., LLC, 144A, 2.950%, due 11/01/19 | 130,000 | 131,858 |
See Notes to Financial Statements.
57
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.5% (Continued) | ||||||||
Financials — 1.4% (Continued) | ||||||||
Wells Fargo & Co., 3.069%, due 01/24/23 | $ | 125,000 | $ | 126,751 | ||||
Wells Fargo & Co., 3.584%, due 05/22/28 | 130,000 | 131,382 | ||||||
Westpac Banking Corp., 2.600%, due 11/23/20 | 120,000 | 121,293 | ||||||
Westpac Banking Corp., 2.000%, due 08/19/21 | 15,000 | 14,774 | ||||||
Westpac Banking Corp., 2.500%, due 06/28/22 | 15,000 | 14,935 | ||||||
5,543,156 | ||||||||
Health Care — 0.5% | ||||||||
AbbVie, Inc., 4.700%, due 05/14/45 | 135,000 | 143,456 | ||||||
Actavis Funding SCS, 2.350%, due 03/12/18 | 135,000 | 135,563 | ||||||
AstraZeneca plc, 2.375%, due 06/12/22 | 65,000 | 64,847 | ||||||
AstraZeneca plc, 2.375%, due 11/16/20 | 70,000 | 70,403 | ||||||
Becton Dickinson and Co., 2.894%, due 06/06/22 | 195,000 | 195,609 | ||||||
Cardinal Health, Inc., 1.950%, due 06/15/18 | 135,000 | 135,357 | ||||||
Cardinal Health, Inc., 4.368%, due 06/15/47 | 40,000 | 41,332 | ||||||
Express Scripts Holdings Co., 3.400%, due 03/01/27 | 100,000 | 96,513 | ||||||
Laboratory Corp. of America Holdings, 2.500%, due 11/01/18 | 135,000 | 136,072 | ||||||
Mylan N.V., 3.150%, due 06/15/21 | 125,000 | 127,168 | ||||||
Shire Acquisitions Investments Ireland, 2.875%, due 09/23/23 | 125,000 | 123,897 | ||||||
Teva Pharmaceuticals Financial Co. BV, 2.950%, due 12/18/22 | 85,000 | 84,510 | ||||||
Teva Pharmaceuticals Financial Co. BV, 2.800%, due 07/21/23 | 130,000 | 126,444 | ||||||
WellPoint, Inc., 2.300%, due 07/15/18 | 125,000 | 125,704 | ||||||
Zimmer Biomet Holdings, Inc., 2.700%, due 04/01/20 | 125,000 | 126,140 | ||||||
1,733,015 | ||||||||
Industrials — 0.3% | ||||||||
Boeing Co., 6.875%, due 03/15/39 | 90,000 | 130,779 | ||||||
Burlington North Santa Fe Corp., 4.550%, due 09/01/44 | 150,000 | 166,269 | ||||||
CSX Corp., 3.800%, due 11/01/46 | 140,000 | 137,039 | ||||||
Delta Airlines, Inc., 3.625%, due 03/15/22 | 55,000 | 56,462 | ||||||
FedEx Corp., 4.750%, due 11/15/45 | 125,000 | 134,983 | ||||||
General Motors Financial Corp., 3.950%, due 04/13/24 | 180,000 | 182,557 | ||||||
Lockheed Martin Corp., 4.700%, due 05/15/46 | 115,000 | 129,219 | ||||||
Maxim Integrated Products, Inc., 3.450%, due 06/15/27 | 65,000 | 64,615 | ||||||
Penske Truck Leasing Co., L.P., 144A, 4.200%, due 04/01/27 | 55,000 | 56,818 | ||||||
Reynolds American, Inc., 4.000%, due 06/12/22 | 120,000 | 127,159 | ||||||
Waste Management, Inc., 4.100%, due 03/01/45 | 35,000 | 36,679 | ||||||
1,222,579 | ||||||||
Information Technology — 0.2% | ||||||||
Arrow Electronics, Inc., 3.875%, due 01/12/28 | 65,000 | 64,459 | ||||||
Broadcom Corp., 3.625%, due 01/15/24 | 60,000 | 61,380 | ||||||
Fidelity National Information Services, Inc., 3.625%, due 10/15/20 | 95,000 | 99,517 | ||||||
Hewlett Packard Enterprise Co., 144A, 3.600%, due 10/15/20 | 90,000 | 92,799 | ||||||
Microsoft Corp., 4.450%, due 11/03/45 | 120,000 | 133,520 | ||||||
Oracle Corp., 4.125%, due 05/15/45 | 120,000 | 123,371 | ||||||
575,046 | ||||||||
Materials — 0.8% | ||||||||
Applied Materials, Inc., 4.350%, due 04/01/47 | 70,000 | 74,298 | ||||||
BHP Billiton Finance USA Ltd., 144A, 6.750%, due 10/19/75 | 450,000 | 514,166 | ||||||
Georgia-Pacific, LLC, 144A, 3.600%, due 03/01/25 | 252,000 | 259,595 | ||||||
International Paper Co., 3.000%, due 02/15/27 | 65,000 | 62,556 | ||||||
Newcrest Finance Property Ltd., 144A, 4.200%, due 10/01/22 | 550,000 | 568,373 | ||||||
Tamaha Gold, Inc., 4.950%, due 07/15/24 | 1,450,000 | 1,465,016 | ||||||
Vale Overseas Ltd., 5.875%, due 06/10/21 | 90,000 | 96,615 | ||||||
3,040,619 |
See Notes to Financial Statements.
58
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 5.5% (Continued) | ||||||||
Real Estate — 0.2% | ||||||||
Hospitality Properties Trust, 5.250%, due 02/15/26 | $ | 900,000 | $ | 955,894 | ||||
Telecommunication Services — 0.2% | ||||||||
AT&T, Inc., 3.800%, due 03/01/24 | 130,000 | 132,939 | ||||||
British Telecommunications plc, 5.950%, due 01/15/18 | 285,000 | 291,385 | ||||||
CBS Corp., 2.500%, due 02/15/23 | 15,000 | 14,856 | ||||||
Charter Communications, LLC, 4.908%, due 07/23/25 | 125,000 | 135,040 | ||||||
Orange S.A., 2.750%, due 02/06/19 | 100,000 | 101,268 | ||||||
Verizon Communications, Inc., 4.400%, due 11/01/34 | 135,000 | 133,766 | ||||||
809,254 | ||||||||
Utilities — 0.2% | ||||||||
Duke Energy Corp., 3.750%, due 09/01/46 | 50,000 | 47,499 | ||||||
Duke Energy Progress, Inc., 4.150%, due 12/01/44 | 95,000 | 99,448 | ||||||
Exelon Corp., 3.400%, due 04/15/26 | 65,000 | 64,781 | ||||||
Fortis, Inc., 144A, 2.100%, due 10/04/21 | 140,000 | 137,122 | ||||||
MidAmerican Energy Holdings, 6.500%, due 09/15/37 | 145,000 | 194,701 | ||||||
Nextera Energy Capital Holding, Inc., 3.550%, due 05/01/27 | 65,000 | 66,032 | ||||||
Southern Co. (The), 2.450%, due 09/01/18 | 196,000 | 197,289 | ||||||
806,872 | ||||||||
Total Investment-Grade Corporate Obligations (Cost $20,892,875) | 21,072,102 | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 2.4% | ||||||||
Consumer Discretionary — 0.3% | ||||||||
Aramark Services, Inc., 144A, 5.000%, due 04/01/25 | 75,000 | 79,219 | ||||||
Argos Merger Sub, Inc., 144A, 7.125%, due 03/15/23 | 40,000 | 35,600 | ||||||
CCO Holdings, LLC, 144A, 5.125%, due 05/01/27 | 75,000 | 76,688 | ||||||
GLP Capital LP/Financing II, 5.375%, due 04/15/26 | 75,000 | 81,922 | ||||||
Hilton Domestic Operating Co., Inc., 144A, 4.250%, due 09/01/24 | 80,000 | 81,100 | ||||||
KAR Auction Services, Inc., 144A, 5.125%, due 06/01/25 | 45,000 | 45,844 | ||||||
Live Nation Entertainment, Inc., 144A, 4.875%, due 11/01/24 | 80,000 | 81,200 | ||||||
New Red Finance, Inc., 144A, 4.250%, due 05/15/24 | 80,000 | 79,495 | ||||||
PetSmart, Inc., 144A, 5.875%, due 06/01/25 | 40,000 | 38,550 | ||||||
Pinnacle Entertainment, Inc., 144A, 5.625%, due 05/01/24 | 80,000 | 83,199 | ||||||
Prime Securities Service Borrower, LLC, 144A, 9.250%, due 05/15/23 | 70,000 | 76,066 | ||||||
ServiceMaster Co., LLC, 144A, 5.125%, due 11/15/24 | 75,000 | 77,625 | ||||||
Six Flags Entertainment Corp., 144A, 4.875%, due 07/31/24 | 80,000 | 80,490 | ||||||
Viking Cruises Ltd., 144A, 8.500%, due 10/15/22 | 75,000 | 78,750 | ||||||
995,748 | ||||||||
Consumer Staples — 0.4% | ||||||||
Bumble Bee Holdings, Inc., 144A, 9.000%, due 12/15/17 | 769,000 | 770,922 | ||||||
HRG Group, Inc., 7.875%, due 07/15/19 | 415,000 | 425,375 | ||||||
JBS USA, LLC, 144A, 5.750%, due 06/15/25 | 75,000 | 70,500 | ||||||
Kronos Acquisition Holdings, Inc., 144A, 9.000%, due 08/15/23 | 85,000 | 84,788 | ||||||
Pilgrim's Pride Corp., 144A, 5.750%, due 03/15/25 | 75,000 | 75,188 | ||||||
Rite Aid Corp., 144A, 6.125%, due 04/01/23 | 80,000 | 78,550 | ||||||
SM Energy Co., 5.000%, due 01/15/24 | 85,000 | 75,225 | ||||||
1,580,548 | ||||||||
Energy — 0.2% | ||||||||
Dynagas LNG Partners, 6.250%, due 10/30/19 (d) | 500,000 | 492,499 | ||||||
FTS International, Inc., 6.250%, due 05/01/22 | 10,000 | 8,100 | ||||||
Meg Energy Corp., 144A, 7.000%, due 03/31/24 | 20,000 | 15,550 | ||||||
Noble Holding International Ltd., 7.750%, due 01/15/24 | 10,000 | 7,913 |
See Notes to Financial Statements.
59
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 2.4% (Continued) | ||||||||
Energy — 0.2% (Continued) | ||||||||
Peabody Securities Finance Corp., 144A, 6.000%, due 03/31/22 | $ | 75,000 | $ | 74,438 | ||||
Sanchez Energy Corp., 6.125%, due 01/15/23 | 85,000 | 68,000 | ||||||
666,500 | ||||||||
Financials — 0.5% | ||||||||
Dana Financing Luxembourg S.A.R.L., 144A, 5.750%, due 04/15/25 | 75,000 | 77,625 | ||||||
ESH Hospitality, Inc., 144A, 5.250%, due 05/01/25 | 80,000 | 82,900 | ||||||
Hexion 2, 144A, 10.375%, due 02/01/22 | 75,000 | 74,250 | ||||||
Icahn Enterprises, 6.250%, due 02/01/22 | 75,000 | 78,188 | ||||||
Jefferies Finance, LLC, 7.500%, due 04/15/21 | 500,000 | 518,750 | ||||||
Lincoln Finance Ltd., 7.375%, due 04/15/21 | 500,000 | 529,999 | ||||||
National Financial Partners Corp., 144A, 6.875%, due 07/15/25 | 15,000 | 15,150 | ||||||
Tempo Acquisition, LLC, 144A, 6.750%, due 06/01/25 | 75,000 | 76,688 | ||||||
Voya Financial, Inc., 5.650%, due 05/15/53 | 600,000 | 637,499 | ||||||
2,091,049 | ||||||||
Health Care — 0.4% | ||||||||
Acadia Healthcare Co., Inc., 5.625%, due 02/15/23 | 75,000 | 77,578 | ||||||
Air Medical Merger Sub, 144A, 6.375%, due 05/15/23 | 40,000 | 37,900 | ||||||
Centene Corp., 4.750%, due 01/15/25 | 75,000 | 77,063 | ||||||
CHS/Community Health Systems, 6.250%, due 03/31/23 | 75,000 | 77,426 | ||||||
Envision Healthcare Corp., 144A, 6.250%, due 12/01/24 | 75,000 | 80,063 | ||||||
Inventive Group Holdings, Inc., 144A, 7.500%, due 10/01/24 | 75,000 | 81,375 | ||||||
Tenet Healthcare Corp., 4.745%, due 06/15/20 (b) | 800,000 | 807,999 | ||||||
Tenet Healthcare Corp., 144A, 8.125%, due 04/01/22 | 75,000 | 79,594 | ||||||
Universal Hospital Services, Inc., 7.625%, due 08/15/20 | 75,000 | 76,219 | ||||||
1,395,217 | ||||||||
Industrials — 0.1% | ||||||||
Blueline Rental Corp., 9.250%, due 03/15/24 | 75,000 | 78,000 | ||||||
Builders FirstSource, Inc., 144A, 5.625%, due 09/01/24 | 77,000 | 80,176 | ||||||
Flex Acquisition Co., Inc., 6.875%, due 01/15/25 | 75,000 | 78,000 | ||||||
Signode Industrial Group US, Inc., 144A, 6.375%, due 05/01/22 | 40,000 | 41,800 | ||||||
Tempur Sealy International, Inc., 5.625%, due 10/15/23 | 75,000 | 77,813 | ||||||
355,789 | ||||||||
Information Technology — 0.1% | ||||||||
Camelot Finance S.A., 144A, 5.500%, due 10/15/24 | 30,000 | 32,325 | ||||||
Ensemble S Merger Sub, Inc., 144A, 9.000%, due 09/30/23 | 75,000 | 78,000 | ||||||
Greeneden US Holdings II, LLC, 144A, 10.000%, due 11/30/24 | 70,000 | 78,662 | ||||||
Informatica, LLC, 144A, 7.125%, due 07/15/23 | 80,000 | 81,425 | ||||||
Open Text Corp., 144A, 5.875%, due 06/01/26 | 40,000 | 43,025 | ||||||
Sabre Global, Inc., 144A, 5.250%, due 11/15/23 | 75,000 | 77,813 | ||||||
391,250 | ||||||||
Materials — 0.0% (e) | ||||||||
Cliffs Natural Resources, 144A, 5.750%, due 03/01/25 | 5,000 | 4,713 | ||||||
Telecommunication Services — 0.1% | ||||||||
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24 | 85,000 | 75,225 | ||||||
Cincinnati Bell, Inc., 144A, 7.000%, due 07/15/24 | 75,000 | 78,390 | ||||||
CSC Holdings, LLC, 5.250%, due 06/01/24 | 75,000 | 76,508 | ||||||
Frontier Communications Corp., 8.500%, due 04/15/20 | 75,000 | 78,844 | ||||||
Intelsat Jackson Holdings S.A., 7.250%, due 10/15/20 | 85,000 | 80,325 | ||||||
Sirius XM Radio, Inc., 144A, 5.000%, due 08/01/27 | 80,000 | 80,599 |
See Notes to Financial Statements.
60
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
HIGH YIELD CORPORATE OBLIGATIONS — 2.4% (Continued) | ||||||||
Telecommunication Services — 0.1% (Continued) | ||||||||
Telesat Canada, LLC, 144A, 8.875%, due 11/15/24 | $ | 70,000 | $ | 78,575 | ||||
548,466 | ||||||||
Utilities — 0.3% | ||||||||
Calpine Corp., 5.750%, due 01/15/25 | 20,000 | 18,750 | ||||||
Ferrellgas, L.P., 6.750%, due 01/15/22 | 400,000 | 376,000 | ||||||
Ferrellgas, L.P., 6.750%, due 06/15/23 | 595,000 | 554,838 | ||||||
NGL Energy Partners, L.P., 144A, 7.500%, due 11/01/23 | 80,000 | 78,900 | ||||||
NRG Energy, Inc., 144A, 7.250%, due 05/15/26 | 40,000 | 41,400 | ||||||
1,069,888 | ||||||||
Total High Yield Corporate Obligations (Cost $9,063,908) | 9,099,168 | |||||||
FOREIGN BONDS — 12.2% | ||||||||
Argentina — 0.7% | ||||||||
Aeropuertos Argentina 2000, 144A, 6.875%, due 02/01/27 | 150,000 | 155,270 | ||||||
Pamp Energia S.A., 144A, 7.500%, due 01/24/27 | 600,000 | 626,136 | ||||||
Provincia de Buenos Aires, 144A, 7.875%, due 06/15/27 | 450,000 | 465,885 | ||||||
Republic of Argentina, 6.875%, due 01/26/27 | 1,250,000 | 1,295,000 | ||||||
2,542,291 | ||||||||
Bermuda — 0.4% | ||||||||
Digicel Group Ltd., 7.125%, due 04/01/22 | 900,000 | 784,170 | ||||||
OOREDOO QSC Communications, 3.875%, due 01/31/28 | 800,000 | 790,311 | ||||||
1,574,481 | ||||||||
Brazil — 0.4% | ||||||||
Federal Republic of Brazil, 5.625%, due 01/07/41 | 1,100,000 | 1,058,750 | ||||||
Globo Communicacoes Participacoes S.A., 144A, 5.125%, due 03/31/27 | 600,000 | 595,500 | ||||||
1,654,250 | ||||||||
Cayman Islands — 1.0% | ||||||||
CK Hutchison Holdings Ltd., 144A, 3.500%, due 04/05/27 | 700,000 | 703,130 | ||||||
Cosan Overseas Ltd., 8.250%, due 11/29/49 | 900,000 | 900,540 | ||||||
Guanay Finance Ltd., 6.000%, due 12/15/20 | 731,488 | 749,409 | ||||||
Hutch Whampoa Intl. 12 Ltd., 3.250%, due 11/08/22 | 200,000 | 204,261 | ||||||
Industrial Senior Trust, 5.500%, due 11/01/22 | 800,000 | 818,000 | ||||||
Republic of Kenya, 144A, 6.875%, due 06/24/24 | 300,000 | 306,750 | ||||||
3,682,090 | ||||||||
Chile — 1.0% | ||||||||
Colbun S.A., 6.000%, due 01/21/20 | 200,000 | 216,197 | ||||||
CorpGroup Banking S.A., 6.750%, due 03/15/23 | 500,000 | 499,240 | ||||||
Empresa Nacional de Telecommunicaciones S.A., 4.875%, due 10/30/24 | 200,000 | 208,175 | ||||||
Entel Chila S.A., 4.750%, due 08/01/26 | 200,000 | 205,917 | ||||||
Inversiones CMP C S.A., 144A, 4.375%, due 04/04/27 | 1,100,000 | 1,117,910 | ||||||
Republic of Chile, 3.125%, due 03/27/25 | 500,000 | 510,500 | ||||||
Republic of Chile, 3.125%, due 01/21/26 | 900,000 | 917,955 | ||||||
Republic of Chile, 3.860%, due 06/21/47 | 200,000 | 200,500 | ||||||
3,876,394 | ||||||||
Colombia — 0.3% | ||||||||
Banco GNB Sudameris S.A., 144A, 6.500%, due 04/03/27 | 300,000 | 309,750 | ||||||
Sura Asset Management S.A., 144A, 4.375%, due 04/11/27 | 900,000 | 909,000 | ||||||
1,218,750 | ||||||||
Costa Rica — 0.2% | ||||||||
Bharat Petroleum Corp. Ltd., 4.625%, due 10/25/22 | 500,000 | 534,540 | ||||||
Costa Rica Government International Bond, 9.995%, due 08/01/20 | 200,000 | 233,500 | ||||||
768,040 | ||||||||
Dominican Republic — 0.8% | ||||||||
Banco de Reservas de la Republica Dominicana, 7.000%, due 02/01/23 | 500,000 | 522,295 | ||||||
Dominican Republic, 5.500%, due 01/27/25 | 100,000 | 103,250 | ||||||
Dominican Republic, 144A, 5.950%, due 01/25/27 | 1,500,000 | 1,567,500 | ||||||
Dominican Republic, 144A, 6.850%, due 01/27/45 | 795,000 | 846,675 | ||||||
3,039,720 |
See Notes to Financial Statements.
61
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
FOREIGN BONDS — 12.2% (Continued) | ||||||||
Guatemala — 0.2% | ||||||||
Republic of Guatemala, 4.500%, due 05/03/26 | $ | 600,000 | $ | 606,354 | ||||
Republic of Guatemala, 4.875%, due 02/13/28 | 200,000 | 205,500 | ||||||
811,854 | ||||||||
India — 0.4% | ||||||||
Bharti Airtel Ltd., 4.375%, due 06/10/25 | 700,000 | 699,991 | ||||||
Export-Import Bank of India, 4.000%, due 01/14/23 | 200,000 | 207,947 | ||||||
Indian Oil Corp. Ltd., 5.750%, due 08/01/23 | 400,000 | 450,098 | ||||||
ONGC Videsh Ltd., 3.250%, due 07/15/19 | 200,000 | 202,480 | ||||||
1,560,516 | ||||||||
Indonesia — 0.4% | ||||||||
Perusahaan Pen Erbit SBSN, 144A, 4.150%, due 03/29/27 | 1,500,000 | 1,522,500 | ||||||
Israel — 0.3% | ||||||||
Delek & Avner Tamar Bond Ltd., 5.412%, due 12/30/25 | 200,000 | 207,000 | ||||||
Israel Electric Corp. Ltd., 5.000%, due 11/12/24 | 400,000 | 429,800 | ||||||
State of Israel, 2.875%, due 03/16/26 | 600,000 | 597,581 | ||||||
1,234,381 | ||||||||
Korea (Republic of) — 0.4% | ||||||||
Korea Development Bank, 3.000%, due 01/13/26 | 200,000 | 198,355 | ||||||
Republic of Korea, 2.750%, due 01/19/27 | 1,200,000 | 1,177,044 | ||||||
1,375,399 | ||||||||
Malaysia — 0.4% | ||||||||
Axiata SPV2 Berhad, Series 2, 3.466%, due 11/19/20 | 400,000 | 409,067 | ||||||
Comision Federal de Electricid S.A., 4.750%, due 02/23/27 | 300,000 | 308,625 | ||||||
Malaysia Sovereign Sukuk, 3.043%, due 04/22/25 | 400,000 | 399,360 | ||||||
Petronas Capital Ltd., 3.500%, due 03/18/25 | 500,000 | 517,765 | ||||||
1,634,817 | ||||||||
Mexico — 1.7% | ||||||||
Banco Inbursa S.A., 144A, 4.375%, due 04/11/27 | 1,000,000 | 1,000,200 | ||||||
Banco Mercantile del Norte S.A., 5.750%, due 10/04/31 | 800,000 | 798,400 | ||||||
BBVA Bancomer S.A. Texas, 5.350%, due 11/12/29 | 300,000 | 303,750 | ||||||
Credito Real SAB de CV, 144A, 7.250%, due 07/20/23 | 300,000 | 315,000 | ||||||
Grupo Idesa S.A. de CV, 7.875%, due 12/18/20 | 630,000 | 570,150 | ||||||
Grupo Posadas SAB de CV, 7.875%, due 06/30/22 | 250,000 | 258,125 | ||||||
Petroleos Mexicanos, 144A, 6.750%, due 09/21/47 | 65,000 | 65,642 | ||||||
Sigma Alimentos S.A. de CV, 4.125%, due 05/02/26 | 500,000 | 508,000 | ||||||
SixSigma Networks Mexico, 8.250%, due 11/07/21 | 200,000 | 200,120 | ||||||
United Mexican States, 4.000%, due 10/02/23 | 194,000 | 202,905 | ||||||
United Mexican States, 4.125%, due 01/21/26 | 700,000 | 727,650 | ||||||
United Mexican States, 4.150%, due 03/28/27 | 1,000,000 | 1,035,500 | ||||||
United Mexican States, 4.750%, due 03/08/44 | 750,000 | 750,750 | ||||||
6,736,192 | ||||||||
Netherlands — 0.7% | ||||||||
AES Andres Dominicana Ltd., 144A, 7.950%, due 05/11/26 | 500,000 | 541,115 | ||||||
Marfrig Holdings Europe BV, 144A, 8.000%, due 06/08/23 | 700,000 | 710,640 | ||||||
Marfrig Holdings Europe BV, 144A, 7.000%, due 03/15/24 | 200,000 | 193,250 | ||||||
Petrobras Global Finance, 7.375%, due 01/27/27 | 200,000 | 211,600 | ||||||
Petrobras Global Finance, 7.250%, due 03/17/44 | 1,000,000 | 983,250 | ||||||
2,639,855 | ||||||||
Panama — 0.6% | ||||||||
Autoridad Canal de Panama, 4.950%, due 07/29/35 | 200,000 | 218,000 | ||||||
Avianca Holdings S.A., 8.375%, due 05/10/20 | 300,000 | 300,000 |
See Notes to Financial Statements.
62
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
FOREIGN BONDS — 12.2% (Continued) | ||||||||
Panama — 0.6% (Continued) | ||||||||
Republic of Panama, 3.875%, due 03/17/28 | $ | 1,600,000 | $ | 1,639,999 | ||||
Republic of Panama, 4.500%, due 05/15/47 | 200,000 | 202,500 | ||||||
2,360,499 | ||||||||
Peru — 0.3% | ||||||||
Fondo Mivivienda S.A., 3.500%, due 01/31/23 | 150,000 | 151,800 | ||||||
Transportadora de Gas del Peru S.A., 4.250%, due 04/30/28 | 1,000,000 | 1,037,500 | ||||||
1,189,300 | ||||||||
Philippines — 0.4% | ||||||||
Republic of Philippines, 4.200%, due 01/21/24 | 800,000 | 876,415 | ||||||
Republic of Philippines, 3.700%, due 02/02/42 | 800,000 | 806,239 | ||||||
1,682,654 | ||||||||
Singapore — 0.7% | ||||||||
BPRL International Singapore, 4.375%, due 01/18/27 | 500,000 | 517,582 | ||||||
DBS Group Holdings Ltd., 3.600%, due 12/29/49 | 1,000,000 | 998,171 | ||||||
ONGC Videsh Vankorneft, 3.750%, due 07/27/26 | 800,000 | 790,652 | ||||||
Oversea-Chinese Banking Corp. Ltd., 4.000%, due 10/15/24 | 200,000 | 205,250 | ||||||
Temasek Financial I Ltd., 2.375%, due 01/23/23 | 250,000 | 246,956 | ||||||
2,758,611 | ||||||||
United Kingdom — 0.2% | ||||||||
Genting Overseas Holding Ltd., 4.250%, due 01/24/27 | 700,000 | 725,323 | ||||||
Virgin Islands British — 0.7% | ||||||||
CNOOC Finance 2011 Ltd., 4.250%, due 01/26/21 | 200,000 | 210,339 | ||||||
CNPC HK Overseas Capital Ltd., 4.500%, due 04/28/21 | 1,100,000 | 1,170,199 | ||||||
Sinopec Group Overseas Development, 2.750%, due 09/29/26 | 1,300,000 | 1,215,586 | ||||||
2,596,124 | ||||||||
Total Foreign Bonds (Cost $46,099,085) | 47,184,041 | |||||||
LOAN PARTICIPATIONS — 7.0% | ||||||||
Acrisure, LLC, 0.000%, due 11/03/23 (b) | 60,000 | 60,687 | ||||||
Air Methods Corp., 4.796%, due 04/12/24 (b) | 250,777 | 248,479 | ||||||
Albertson's, LLC, 3.992%, due 08/25/21 (b) | 636,214 | 629,177 | ||||||
AlexPartners, LLP, 4.150%, due 03/17/21 (b) | 379,050 | 381,182 | ||||||
American Axle & Manufacturing, 3.219%, due 02/24/21 (b) | 128,700 | 127,612 | ||||||
Avantor Performance Materials Holdings, LLC, 5.000%, due 12/31/20 (b) | 279,328 | 280,260 | ||||||
Avolon TLB Borrower 1 S.A.R.L., 3.759%, due 01/20/22 (b) | 290,000 | 292,223 | ||||||
Berry Plastics Corp., 3.726%, due 12/31/19 (b) | 348,834 | 349,585 | ||||||
BJ's Wholesale Club, Inc., 4.749%, due 01/27/24 (b) | 356,000 | 345,913 | ||||||
Brand Energy & Infrastructure, 5.491%, due 06/14/24 (b) | 270,000 | 270,084 | ||||||
Burger King, 3.300%, due 02/28/24 (b) | 368,305 | 367,731 | ||||||
BWAY Holding Co., 4.326%, due 04/03/24 (b) | 50,000 | 50,058 | ||||||
Capital Automotive, L.P., 7.030%, due 03/21/25 (b) | 40,000 | 40,750 | ||||||
CareCore National Group, LLC, 5.500%, due 03/05/21 (b) | 155,090 | 157,029 | ||||||
Cengage Learning, Inc., 5.338%, due 06/07/23 (b) | 1,074,361 | 1,017,956 | ||||||
CenturyLink, Inc., 1.375%, due 02/29/24 (b) | 310,000 | 306,922 | ||||||
Change Healthcare Holdings, LLC, 4.421%, due 01/31/21 (b) | 320,000 | 320,443 | ||||||
CityCenter Holdings, LLC, 3.749%, due 04/10/24 (b) | 207,444 | 208,005 | ||||||
Clark Equipment Co., 3.929%, due 05/10/24 (b) | 15,000 | 15,064 | ||||||
Community Health Systems, Inc., 3.750%, due 12/31/19 (b) | 371,466 | 371,323 | ||||||
CompuCom Systems, Inc., 4.479%, due 05/09/20 (b) | 328,678 | 259,725 | ||||||
CSC Holdings, LLC, 3.459%, due 07/17/25 (b) | 686,175 | 682,315 |
See Notes to Financial Statements.
63
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 7.0% (Continued) | ||||||||
Dell International Bank Debt, 3.499%, due 09/07/23 (b) | $ | 383,324 | $ | 385,160 | ||||
Dell Software Cov, 3.729%, due 09/27/22 (b) | 377,290 | 383,704 | ||||||
Digicel International Finance, 4.940%, due 05/10/24 (b) | 15,000 | 15,120 | ||||||
DJO Finance, LLC, 4.477%, due 06/08/20 (b) | 247,481 | 245,342 | ||||||
EIG Investors Corp., 6.000%, due 02/09/23 (b) | 279,523 | 280,717 | ||||||
Eldorado Resorts, Inc., 3.375%, due 03/15/24 (b) | 205,000 | 203,591 | ||||||
Envision Healthcare Corp., 4.299%, due 12/01/23 (b) | 389,025 | 391,456 | ||||||
Epicor Software Corp., 4.979%, due 06/01/22 (b) | 1,031,587 | 1,032,716 | ||||||
Fairmount Santrol, Inc., 4.647%, due 09/05/19 (b) | 328,242 | 310,763 | ||||||
Federal Mogul, 4.749%, due 04/15/21 (b) | 310,190 | 311,482 | ||||||
Fitness International, LLC, 6.000%, due 07/01/20 (b) | 417,441 | 423,571 | ||||||
Floor & Decor Outlets of America, Inc., 4.500%, due 09/30/24 (b) | 132,214 | 133,041 | ||||||
Grifols Worldwide Operations USA, Inc., 3.436%, due 01/24/25 (b) | 678,300 | 679,833 | ||||||
Harbor Freight Tools USA, 4.137%, due 08/16/23 (b) | 684,837 | 685,396 | ||||||
HBC Hardware Holdings, LLC, 6.750%, due 03/30/20 (b) (c) (d) | 560,625 | 549,413 | ||||||
HCA, Inc., 3.520%, due 02/15/24 (b) | 378,402 | 380,736 | ||||||
Intrawest Resorts Holdings, Inc., 4.710%, due 12/31/20 (b) | 175,000 | 175,438 | ||||||
Klockner Pentaplast of America, Inc., 5.460%, due 06/29/22 (b) | 385,000 | 381,631 | ||||||
Kraton Polymers, LLC, 5.000%, due 01/06/22 (b) | 253,044 | 255,805 | ||||||
Kronos Acquisition Holdings, Inc., 5.793%, due 08/26/22 (b) | 90,000 | 90,994 | ||||||
Leslie's Poolmart, Inc., 5.249%, due 08/09/23 (b) | 385,579 | 387,387 | ||||||
Lightstone Holdco, LLC, 5.545%, due 01/30/24 (b) | 363,645 | 355,132 | ||||||
Lightstone Holdco, LLC, 5.545%, due 01/30/24 (b) | 34,494 | 33,687 | ||||||
Lineage Logistics, LLC, 4.726%, due 04/07/21 (b) | 437,594 | 438,690 | ||||||
Lumileds Holding BV, 5.710%, due 03/15/24 (b) | 270,000 | 274,219 | ||||||
MGM Growth Properties Operating Partnership, L.P., 3.528%, due 04/25/23 (b) | 389,166 | 390,310 | ||||||
Micro Focus International plc, 3.964%, due 04/06/21 (b) | 10,318 | 10,349 | ||||||
Micro Focus International plc, 4.030%, due 04/19/24 (b) | 69,682 | 69,891 | ||||||
Mission Broadcasting, Inc., 4.239%, due 01/17/24 (b) | 36,855 | 36,980 | ||||||
Misys Ltd., 4.736%, due 04/26/24 (b) | 870,000 | 871,134 | ||||||
Nature's Bounty, Inc., 4.796%, due 05/05/23 (b) | 688,092 | 689,692 | ||||||
Nexstar Broadcasting Group, Inc., 4.238%, due 01/17/24 (b) | 372,997 | 374,263 | ||||||
NVA Holdings, Inc., 4.647%, due 08/14/21 (b) | 7,500 | 7,552 | ||||||
Optiv, Inc., 4.438%, due 01/05/21 (b) | 28,997 | 28,526 | ||||||
Peabody Energy Corp., 5.726%, due 01/30/21 (b) | 389,025 | 388,976 | ||||||
PetSmart, Inc., 3.999%, due 03/11/22 (b) | 493,703 | 460,926 | ||||||
Pharmaceutical Product Development, LLC, 3.976%, due 08/18/22 (b) | 387,210 | 387,833 | ||||||
Prime Security Services Borrower, LLC, 3.973%, due 05/02/22 (b) | 380,000 | 380,536 | ||||||
Project Alpha Intermediate Holding, Inc., 4.670%, due 04/04/21 (b) | 385,000 | 383,015 | ||||||
Ranpack Cov-Lite, 8.421%, due 09/22/22 (b) | 124,444 | 124,133 | ||||||
Revlon Consumer Products Corp., 4.726%, due 07/21/23 (b) | 47,121 | 44,094 | ||||||
Reynolds Group Holdings, Inc., 4.044%, due 01/23/20 (b) | 383,169 | 384,085 | ||||||
Sabre Global, Inc., 3.976%, due 02/16/24 (b) | 34,825 | 35,095 | ||||||
Scientific Games International, Inc., 5.226%, due 10/01/21 (b) | 273,147 | 276,164 | ||||||
Securus Technologies Holdings, 5.710%, due 06/15/24 (b) | 210,000 | 210,088 |
See Notes to Financial Statements.
64
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Par Value | Value | |||||||
LOAN PARTICIPATIONS — 7.0% (Continued) | ||||||||
Select Medical Corp., 4.655%, due 02/13/24 (b) | $ | 329,175 | $ | 332,264 | ||||
Solera, LLC, 4.295%, due 03/03/23 (b) | 389,018 | 390,794 | ||||||
Sophia, L.P., 4.546%, due 09/30/22 (b) | 387,898 | 387,413 | ||||||
Surgery Center Holdings, Inc., 4.460%, due 06/20/24 (b) | 105,000 | 105,526 | ||||||
Team Health Holdings, Inc., 1.850%, due 01/12/24 (b) | 588,525 | 584,573 | ||||||
Telesat Canada, 4.780%, due 11/17/23 (b) | 476,406 | 479,810 | ||||||
Tempo Acquisition, LLC, 4.060%, due 04/19/24 (b) | 180,000 | 180,633 | ||||||
TKC Holdings, Inc., 1.199%, due 02/01/23 (b) | 395,000 | 394,878 | ||||||
Tribune Media Co., 4.226%, due 12/27/20 (b) | 605,216 | 608,245 | ||||||
U.S. Anesthesia Partners, Inc., 4.460%, due 06/14/24 (b) | 40,000 | 40,092 | ||||||
Univar USA, Inc., Series B, 3.976%, due 07/01/22 (b) | 691,449 | 693,015 | ||||||
WideOpenWest Finance, LLC, 4.460%, due 08/18/23 (b) | 210,000 | 210,072 | ||||||
WMG Acquisition Corp., 1.299%, due 11/21/23 (b) | 385,000 | 385,541 | ||||||
York Risk Services Holding Corp., 4.976%, due 10/01/21 (b) (d) | 975,000 | 955,987 | ||||||
Total Loan Participations (Cost $27,022,536) | 26,890,032 | |||||||
MILITARY HOUSING OBLIGATIONS — 2.0% | ||||||||
Atlantic Marine Corps Communities Military Housing, 144A, 5.433%, due 12/01/50 (d) | 713,329 | 713,522 | ||||||
Capmark Military Housing Trust, Series 2007-AETC, Class A1, 5.746%, due 02/10/52 (d) | 1,911,281 | 1,915,027 | ||||||
Capmark Military Housing Trust, Series 2007-ROBS, Class A, 6.059%, due 10/10/52 (d) | 479,675 | 495,408 | ||||||
Fort Benning Family Communities, LLC, 144A, 5.810%, due 01/15/51 (d) | 1,050,000 | 1,003,022 | ||||||
GMAC Commercial Military Housing Trust, Series 2007-HCKM, Class A, 6.107%, due 08/10/52 (b) (c) (d) | 1,119,903 | 1,173,166 | ||||||
HP Communities, LLC, 5.630%, due 09/15/34 (d) | 650,000 | 717,275 | ||||||
Mid-Atlantic Military Co., 144A, 5.300%, due 08/01/50 | 943,941 | 939,108 | ||||||
Northeast Housing, LLC, 6.298%, due 10/15/49 (c) (d) | 725,000 | 753,181 | ||||||
Total Military Housing Obligations (Cost $7,750,804) | 7,709,709 | |||||||
MUNICIPAL OBLIGATIONS — 0.7% | ||||||||
American Municipal Power, Inc., Revenue, 8.084%, due 02/15/50 | 650,000 | 1,048,918 | ||||||
Beverly Hills Unified School District, GO, 0.000%, due 08/01/37 | 645,000 | 292,649 | ||||||
Illinois State, GO, 5.650%, due 12/01/38 | 1,310,000 | 1,421,141 | ||||||
Total Municipal Obligations (Cost $2,616,365) | 2,762,708 | |||||||
Shares | ||||||||
COMMON STOCKS — 0.0% (e) | ||||||||
Energy — 0.0% (e) | ||||||||
Titan Energy, LLC (d) (f) (Cost $502,500) | 3,370 | 26,118 | ||||||
PREFERRED STOCKS — 1.5% | ||||||||
Bank of America Corp., 6.100% | 700,000 | 760,445 | ||||||
Bank of America Corp., 6.300% | 1,300,000 | 1,457,625 | ||||||
Citigroup, Inc., 5.900% | 500,000 | 535,125 | ||||||
Citigroup, Inc., 5.950% | 140,000 | 148,925 | ||||||
Citigroup, Inc., 5.950% | 250,000 | 267,883 | ||||||
Citigroup, Inc., 6.250% | 1,195,000 | 1,325,703 | ||||||
JPMorgan Chase & Co., 6.000% | 200,000 | 215,374 | ||||||
JPMorgan Chase & Co., 6.100% | 250,000 | 271,250 | ||||||
Keycorp, 5.000% | 500,000 | 509,375 | ||||||
Wells Fargo & Co., 5.875% | 300,000 | 330,591 | ||||||
Total Preferred Stocks (Cost $5,531,634) | 5,822,296 |
See Notes to Financial Statements.
65
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
Shares | Value | |||||||
AFFILIATED REGISTERED INVESTMENT COMPANIES — 2.1% | ||||||||
Guggenheim Floating Rate Strategies Fund (b) | 112,867 | $ | 2,936,796 | |||||
Guggenheim Strategy Fund I (b) | 209,738 | 5,258,135 | ||||||
Total Affiliated Registered Investment Companies (Cost $8,143,813) | 8,194,931 |
Expiration Date | Strike Price | Contracts | |||||||||||
PURCHASED OPTION CONTRACTS — 0.1% | |||||||||||||
Call Option Contracts — 0.1% | |||||||||||||
iShares 20+ Year Treasury Bond ETF (Cost $407,468) | 09/15/17 | $ | 127.00 | 1,978 | 261,096 | ||||||||
Put Option Contracts — 0.0% (e) | |||||||||||||
iShares iBoxx $ High Yield Corp. Bond ETF (Cost $109,739) | 09/15/17 | 84.00 | 1,799 | 68,362 | |||||||||
Total Purchased Option Contracts (Cost $517,207) | 329,458 |
Par Value | ||||||||
COMMERCIAL PAPER — 0.5% | ||||||||
UnitedHealth Group, Inc. (Cost $1,997,993) | $ | 2,000,000 | 1,997,993 |
Shares | Value | |||||||
MONEY MARKET FUNDS — 1.5% | ||||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (g) (Cost $5,874,483) | 5,874,483 | $ | 5,874,483 | |||||
Total Investments at Value — 100.0% (Cost $383,382,938) | $ | 385,070,430 | ||||||
Liabilities in Excess of Other Assets — (0.0%) (e) | (66,337 | ) | ||||||
Net Assets — 100.0% | $ | 385,004,093 |
(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 June 30, 2017. |
(c) | Security value has been determined in good faith by the Board of Trustees. The total value of such securities is $4,743,237 at June 30, 2017, representing 1.2% of net assets (Note 2). |
(d) | Illiquid |
(e) | Percentage rounds to less than 0.1%. |
(f) | Non-income producing security. |
(g) | The rate shown is the 7-day effective yield as of June 30, 2017. |
See Notes to Financial Statements.
66
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Investments - (continued) | June 30, 2017 (Unaudited) |
A list of the outstanding forward foreign currency contracts held by the Fund at June 30, 2017 is as follows:
Counterparty | Settlement Date | Currency to Deliver | Currency to Receive | Unrealized Appreciation (Depreciation) | |||
Montgomery/Bank of America | 7/12/17 | USD 307,416 | CAD 405,000 | $ | 4,951 | ||
Montgomery/Bank of America | 7/12/17 | CAD 405,000 | USD 300,227 | (12,140 | ) | ||
$ | (7,189 | ) |
For the six months ended June 30, 2017, the average volume of activity of forward foreign currency contracts was as follows:
Average Monthly Notional Amount Purchased | $ | 116,541 | ||
Average Monthly Notional Amount Sold | 444,333 |
CV — Convertible Security.
Ltd. — Limited.
plc — Public Limited Company.
CDO — Collateralized Debt Obligation.
CLO — Collateralized Loan Obligation.
GO — General Obligation.
LLC — Limited Liability Corporation.
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.
67
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Open Written Option Contracts | June 30, 2017 (Unaudited) |
Expiration Date | Strike Price | Contracts | Value of Options | Premiums Received | |||||||||||||
WRITTEN OPTION CONTRACTS | |||||||||||||||||
Call Option Contracts | |||||||||||||||||
iShares 20+ Year Treasury Bond ETF | 09/15/17 | $ | 130.00 | 1,978 | $ | 126,592 | $ | 211,646 |
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Schedule of Swap Contracts | June 30, 2017 (Unaudited) |
Counter Party | Contract Type | Fund Pays | Fund Receives | Termination Date | Notional Amount | Net Unrealized Appreciation (Depreciation)* | |||||||
Bank of America Merrill Lynch | 2.284% Fixed | 3-month USD LIBOR | 1/30/2024 | $ | 3,000,000 | $ | (65,743 | ) | |||||
Interest Rate Swap | 2.1587% Fixed | 3-month USD LIBOR | 2/13/2024 | 4,510,000 | (49,144 | ) | |||||||
Interest Rate Swap | 2.35% Fixed | 3-month USD LIBOR | 2/13/2027 | 6,400,000 | (89,413 | ) | |||||||
Interest Rate Swap | 2.2525% Fixed | 3-month USD LIBOR | 5/26/2027 | 5,530,000 | 11,862 | ||||||||
Interest Rate Swap | $ | (192,438 | ) |
* | There are no upfront payments on the swap contracts, therefore the unrealized appreciation (depreciation) on the swap contracts is equal to their fair value. |
See Notes to Financial Statements.
68
Wilshire Mutual Funds, Inc. Statements of Assets and Liabilities June 30, 2017 (Unaudited) |
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 | ||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||
Investments in unaffiliated securities, at value (Note 2) | $ | 233,096,542 | * | $ | 159,752,480 | * | $ | 42,888,554 | * | $ | 31,430,729 | * | $ | 177,305,841 | * | $ | 312,509,746 | * | $ | 376,875,499 | ||||||||
Investments in affiliated funds, at value | — | — | — | — | — | — | 8,194,931 | |||||||||||||||||||||
Cash | — | — | — | — | — | 4,277 | — | |||||||||||||||||||||
Deposits with brokers | — | — | — | — | — | — | 275,000 | |||||||||||||||||||||
Foreign currency, at value | — | — | — | — | — | 319,642 | — | |||||||||||||||||||||
Receivable for investment securities sold | 164,820 | 47,774 | 339,605 | 134,736 | 1,400 | 1,677,334 | 2,544,279 | |||||||||||||||||||||
Swap interest receivable | — | — | — | — | — | — | 127,590 | |||||||||||||||||||||
Unrealized gain on spot currency contracts | — | — | — | — | — | 95 | — | |||||||||||||||||||||
Unrealized gain on forward foreign currency contracts | — | — | — | — | — | — | 4,951 | |||||||||||||||||||||
Dividends and interest receivable | 131,083 | 244,359 | 18,338 | 42,949 | 184,617 | 813,247 | 2,258,559 | |||||||||||||||||||||
Receivable for capital shares sold | 53,685 | 32,613 | 121,587 | 9,629 | 220,306 | 70,482 | 164,260 | |||||||||||||||||||||
Dividend reclaim receivable | 10,257 | 106 | — | — | 207 | 876,034 | 332 | |||||||||||||||||||||
Other assets | 42,352 | 38,704 | 31,155 | 29,267 | 35,569 | 52,355 | 59,818 | |||||||||||||||||||||
Total Assets | 233,498,739 | 160,116,036 | 43,399,239 | 31,647,310 | 177,747,940 | 316,323,212 | 390,505,219 | |||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||||
Bank overdraft | — | — | — | 3,267 | — | — | — | |||||||||||||||||||||
Written call options, at value (Note 2) | — | — | — | — | — | — | 126,592 | |||||||||||||||||||||
Payable upon return of securities loaned (Note 6) | 69,026 | 1,614,423 | 1,913,097 | 580,389 | 2,974,941 | 7,920,767 | — | |||||||||||||||||||||
Payable for investment securities purchased | — | — | 277,700 | 77,231 | — | 1,610,987 | 4,859,591 | |||||||||||||||||||||
Payable for capital shares redeemed | 170,148 | 165,471 | 28,938 | 31,806 | 21,547 | 261,150 | 261,722 | |||||||||||||||||||||
Swap interest payable | — | — | — | — | — | — | 6,857 | |||||||||||||||||||||
Unrealized loss on spot currency contracts | — | — | — | — | — | 4,269 | — | |||||||||||||||||||||
Unrealized loss on forward foreign currency contracts | — | — | — | — | — | — | 12,140 | |||||||||||||||||||||
Investment advisory fees payable (Note 3) | 145,577 | 97,827 | 18,761 | 12,556 | 14,427 | 248,314 | 190,257 | |||||||||||||||||||||
Distribution fees payable (Note 4) | 9,931 | — | 9,246 | 1,364 | 59,684 | — | — | |||||||||||||||||||||
Shareholder Service fees payable (Note 4) | 13,700 | 7,150 | 2,500 | 1,850 | 8,350 | 11,750 | 20,578 | |||||||||||||||||||||
Administration fees payable | 7,900 | 5,300 | 1,400 | 1,100 | 5,900 | 10,400 | 13,000 | |||||||||||||||||||||
Accrued expenses and other payables | 51,849 | 41,548 | 28,605 | 27,388 | 50,134 | 77,180 | 10,389 | |||||||||||||||||||||
Total Liabilities | 468,131 | 1,931,719 | 2,280,247 | 736,951 | 3,134,983 | 10,144,817 | 5,501,126 | |||||||||||||||||||||
NET ASSETS | $ | 233,030,608 | $ | 158,184,317 | $ | 41,118,992 | $ | 30,910,359 | $ | 174,612,957 | $ | 306,178,395 | $ | 385,004,093 | ||||||||||||||
* Includes Market Value of Securities on Loan | $ | 29,830,099 | $ | 9,483,966 | $ | 7,059,987 | $ | 3,159,529 | $ | 13,010,738 | $ | 20,186,181 | $ | — |
See Notes to Financial Statements.
69
Wilshire Mutual Funds, Inc. Statements of Assets and Liabilities - (Continued) June 30, 2017 (Unaudited) |
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 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 149,792,622 | $ | 117,377,342 | $ | 29,567,008 | $ | 21,146,115 | $ | 50,931,096 | $ | 277,260,065 | $ | 375,718,710 | ||||||||||||||
Accumulated net investment income (loss) | 238,712 | 1,410,978 | (116,825 | ) | (48,506 | ) | 1,296,156 | 2,280,018 | 6,744,956 | |||||||||||||||||||
Accumulated net realized gains (losses) from security transactions | 10,984,819 | 9,952,358 | 2,635,844 | 3,957,494 | 8,500,101 | (17,379,946 | ) | 967,509 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 72,014,455 | 29,443,639 | 9,032,965 | 5,855,256 | 113,885,604 | 43,993,606 | 1,636,374 | |||||||||||||||||||||
Investments in affiliated funds | — | — | — | — | — | — | 51,118 | |||||||||||||||||||||
Written option contracts | — | — | — | — | — | — | 85,054 | |||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | (192,438 | ) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on assets and liabilities denominated in foreign currencies | — | — | — | — | — | 24,652 | (7,190 | ) | ||||||||||||||||||||
NET ASSETS | $ | 233,030,608 | $ | 158,184,317 | $ | 41,118,992 | $ | 30,910,359 | $ | 174,612,957 | $ | 306,178,395 | $ | 385,004,093 | ||||||||||||||
Investments in unaffiliated securities, at cost (Note 2) | $ | 161,013,061 | $ | 128,694,418 | $ | 31,942,492 | $ | 24,995,084 | $ | 60,445,296 | $ | 260,595,373 | $ | 375,239,125 | ||||||||||||||
Investments in affiliated funds, at cost | — | — | — | — | — | — | 8,143,813 | |||||||||||||||||||||
Cash collateral for securities on loan, at cost | 69,026 | 1,614,423 | 1,913,097 | 580,389 | 2,974,941 | 7,920,767 | — | |||||||||||||||||||||
Foreign currency, at cost | — | — | — | — | — | 375,865 | — |
See Notes to Financial Statements.
70
Wilshire Mutual Funds, Inc. Statements of Assets and Liabilities - (Continued) June 30, 2017 (Unaudited) |
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 | ||||||||||||||||||||||
NET ASSET VALUE PER SHARE: | ||||||||||||||||||||||||||||
INVESTMENT CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Investment Class | $ | 61,422,776 | $ | 6,367,396 | $ | 15,766,181 | $ | 7,387,602 | $ | 141,201,046 | $ | 4,137,031 | $ | 6,081,741 | ||||||||||||||
Investment Class shares of beneficial interest outstanding | ||||||||||||||||||||||||||||
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 1,580,529 | 298,170 | 613,326 | 313,503 | 6,910,176 | 407,347 | 579,097 | |||||||||||||||||||||
Net asset value, offering and redemption price per share | $ | 38.86 | $ | 21.35 | $ | 25.71 | $ | 23.56 | $ | 20.43 | $ | 10.16 | $ | 10.50 | ||||||||||||||
INSTITUTIONAL CLASS | ||||||||||||||||||||||||||||
Net assets applicable to Institutional Class | $ | 171,607,832 | $ | 151,816,921 | $ | 25,352,811 | $ | 23,522,757 | $ | 33,411,911 | $ | 302,041,364 | $ | 378,922,352 | ||||||||||||||
Institutional Class shares of beneficial interest outstanding | ||||||||||||||||||||||||||||
(50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)† | 4,133,116 | 7,169,485 | 918,235 | 980,770 | 1,633,291 | 30,057,095 | 36,168,083 | |||||||||||||||||||||
Net asset value, offering and redemption price per share | $ | 41.52 | $ | 21.18 | $ | 27.61 | $ | 23.98 | $ | 20.46 | $ | 10.05 | $ | 10.48 |
† | For the Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share). |
See Notes to Financial Statements.
71
Wilshire Mutual Funds, Inc. Statements of Operations For the Six Months Ended June 30, 2017 (Unaudited) |
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 | ||||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||||||||||
Dividends | $ | 1,480,086 | $ | 2,282,616 | $ | 136,648 | $ | 185,600 | $ | 1,787,318 | $ | 5,006,002 | $ | 578,926 | ||||||||||||||
Interest | — | — | — | — | — | — | 7,865,824 | |||||||||||||||||||||
Income from Security Lending | 18,716 | 10,620 | 6,851 | 5,765 | 18,625 | 24,358 | — | |||||||||||||||||||||
Income distributions from affiliated investments | — | — | — | — | — | — | 134,176 | |||||||||||||||||||||
Foreign taxes withheld | (43,415 | ) | (1,403 | ) | (76 | ) | (170 | ) | (1,176 | ) | (513,264 | ) | (16,202 | ) | ||||||||||||||
Total income | 1,455,387 | 2,291,833 | 143,423 | 191,195 | 1,804,767 | 4,517,096 | 8,562,724 | |||||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||||
Investment advisory fee (Note 3) | 854,802 | 660,054 | 165,519 | 156,686 | 89,334 | 1,439,960 | 1,167,189 | |||||||||||||||||||||
Shareholder Service fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 39,502 | 3,297 | 6,480 | 4,865 | 45,191 | 2,756 | 2,429 | |||||||||||||||||||||
Institutional Class | 39,545 | 41,221 | 6,802 | 7,233 | 3,775 | 60,724 | 112,565 | |||||||||||||||||||||
Distribution (12b-1) fees (Note 4) | ||||||||||||||||||||||||||||
Investment Class | 78,245 | 11,090 | 15,346 | 10,729 | 174,493 | 10,606 | 3,579 | |||||||||||||||||||||
Administration and accounting fees (Note 3) | 47,370 | 36,505 | 8,107 | 7,666 | 37,104 | 59,867 | 80,837 | |||||||||||||||||||||
Registration and filing fees | 24,524 | 24,230 | 18,112 | 17,705 | 29,366 | 31,418 | 60,223 | |||||||||||||||||||||
Transfer agent fees (Note 3) | 36,998 | 17,664 | 18,710 | 18,483 | 27,983 | 45,999 | 12,477 | |||||||||||||||||||||
Custodian fees (Note 3) | 22,501 | 16,734 | 4,207 | 3,948 | 17,481 | 49,813 | 50,251 | |||||||||||||||||||||
Professional fees | 24,744 | 20,958 | 12,176 | 12,128 | 21,530 | 28,998 | 30,113 | |||||||||||||||||||||
Directors’ fees and expenses (Note 3) | 19,749 | 15,320 | 3,360 | 3,212 | 15,547 | 24,930 | 34,002 | |||||||||||||||||||||
Postage and supplies | 20,628 | 15,690 | 12,921 | 13,234 | 9,134 | 17,628 | 19,849 | |||||||||||||||||||||
Printing fees | 7,370 | 6,171 | 2,469 | 2,455 | 6,104 | 8,958 | 13,511 | |||||||||||||||||||||
Insurance expense | 5,795 | 5,033 | 1,033 | 1,090 | 4,670 | 7,182 | 10,602 | |||||||||||||||||||||
Interest expense | — | — | — | — | — | — | 33,435 | |||||||||||||||||||||
Chief compliance officer expenses | 701 | 488 | 121 | 98 | 527 | 906 | 1,139 | |||||||||||||||||||||
Other | 8,855 | 12,166 | 8,231 | 8,046 | 23,913 | 63,444 | 105,203 | |||||||||||||||||||||
Total expenses | 1,231,329 | 886,621 | 283,594 | 267,578 | 506,152 | 1,853,189 | 1,737,404 | |||||||||||||||||||||
Fees reduced and/or reimbursed by Investment Adviser (Note 3) | — | — | (23,346 | ) | (24,937 | ) | — | (24,437 | ) | (2,579 | ) | |||||||||||||||||
Fees paid indirectly (Note 4) | (2,681 | ) | (2,233 | ) | — | (2,940 | ) | — | — | — | ||||||||||||||||||
Net expenses | 1,228,648 | 884,388 | 260,248 | 239,701 | 506,152 | 1,828,752 | 1,734,825 | |||||||||||||||||||||
Net investment income (loss) | $ | 226,739 | $ | 1,407,445 | $ | (116,825 | ) | $ | (48,506 | ) | $ | 1,298,615 | $ | 2,688,344 | $ | 6,827,899 |
See Notes to Financial Statements.
72
Wilshire Mutual Funds, Inc. Statements of Operations - (Continued) For the Six Months Ended June 30, 2017 (Unaudited) |
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 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5): | ||||||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||
Unaffiliated investments | $ | 9,976,397 | $ | 7,671,468 | $ | 1,517,499 | $ | 2,636,230 | $ | 8,411,157 | $ | 4,795,320 | $ | 1,422,014 | ||||||||||||||
Sale of affiliated investment company shares | — | — | — | — | — | — | 18,392 | |||||||||||||||||||||
Written option contracts (Note 2) | — | — | — | — | — | — | (67,528 | ) | ||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | 19,233 | |||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | (304,322 | ) | (68,716 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Unaffiliated investments | 21,033,289 | (793,741 | ) | 660,718 | (2,832,884 | ) | 4,704,825 | 30,389,691 | 6,259,100 | |||||||||||||||||||
Investments in affiliated funds | — | — | — | — | — | — | (7,004 | ) | ||||||||||||||||||||
Written option contracts (Note 2) | — | — | — | — | — | — | 85,054 | |||||||||||||||||||||
Swap contracts | — | — | — | — | — | — | (192,438 | ) | ||||||||||||||||||||
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | — | — | — | — | — | 52,779 | (21,414 | ) | ||||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 31,009,686 | 6,877,727 | 2,178,217 | (196,654 | ) | 13,115,982 | 34,933,468 | 7,446,693 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 31,236,425 | $ | 8,285,172 | $ | 2,061,392 | $ | (245,160 | ) | $ | 14,414,597 | $ | 37,621,812 | $ | 14,274,592 |
See Notes to Financial Statements.
73
Wilshire Mutual Funds, Inc. Statements of Changes in Net Assets |
LARGE COMPANY GROWTH PORTFOLIO | LARGE COMPANY VALUE PORTFOLIO | |||||||||||||||
Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 226,739 | $ | 701,354 | $ | 1,407,445 | $ | 3,602,970 | ||||||||
Net realized gains on investments | 9,976,397 | 24,110,965 | 7,671,468 | 10,983,831 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 21,033,289 | (9,717,197 | ) | (793,741 | ) | 18,844,323 | ||||||||||
Net increase in net assets resulting from operations | 31,236,425 | 15,095,122 | 8,285,172 | 33,431,124 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Investment Class shares | — | (23,274 | ) | — | (70,117 | ) | ||||||||||
Institutional Class shares | — | (666,107 | ) | — | (3,529,320 | ) | ||||||||||
Net realized capital gains: | ||||||||||||||||
Investment Class shares | — | (7,216,123 | ) | — | (812,603 | ) | ||||||||||
Institutional Class shares | — | (16,461,985 | ) | — | (8,395,071 | ) | ||||||||||
Total distributions to shareholders | — | (24,367,489 | ) | — | (12,807,111 | ) | ||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 7): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 588,522 | 9,447,776 | 460,873 | 13,100,295 | ||||||||||||
Shares issued as reinvestment of distributions | — | 7,046,311 | — | 868,423 | ||||||||||||
Shares redeemed | (10,396,791 | ) | (58,801,975 | ) | (4,611,160 | ) | (60,891,899 | ) | ||||||||
Net decrease in net assets from Investment Class share transactions | (9,808,269 | ) | (42,307,888 | ) | (4,150,287 | ) | (46,923,181 | ) | ||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 28,955,156 | 112,406,914 | 14,087,762 | 127,227,693 | ||||||||||||
Shares issued as reinvestment of distributions | — | 15,976,819 | — | 11,893,895 | ||||||||||||
Shares redeemed | (32,154,138 | ) | (91,601,976 | ) | (45,646,589 | ) | (33,421,170 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | (3,198,982 | ) | 36,781,757 | (31,558,827 | ) | 105,700,418 | ||||||||||
Net increase (decrease) in net assets | 18,229,174 | (14,798,498 | ) | (27,423,942 | ) | 79,401,250 | ||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | $ | 214,801,434 | $ | 229,599,932 | $ | 185,608,259 | $ | 106,207,009 | ||||||||
End of period | $ | 233,030,608 | $ | 214,801,434 | $ | 158,184,317 | $ | 185,608,259 | ||||||||
Accumulated net investment income end of period | $ | 238,712 | $ | 11,973 | $ | 1,410,978 | $ | 3,533 |
See Notes to Financial Statements.
74
Wilshire Mutual Funds, Inc. Statements of Changes in Net Assets - (Continued) |
SMALL COMPANY GROWTH PORTFOLIO | SMALL COMPANY VALUE PORTFOLIO | |||||||||||||||
Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (116,825 | ) | $ | (146,581 | ) | $ | (48,506 | ) | $ | 253,736 | |||||
Net realized gains on investments | 1,517,499 | 5,246,004 | 2,636,230 | 3,935,633 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments | 660,718 | 3,547,658 | (2,832,884 | ) | 6,014,108 | |||||||||||
Net increase (decrease) in net assets resulting from operations | 2,061,392 | 8,647,081 | (245,160 | ) | 10,203,477 | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Investment Class shares | — | — | — | (42,010 | ) | |||||||||||
Institutional Class shares | — | — | — | (249,635 | ) | |||||||||||
Net realized capital gains: | ||||||||||||||||
Investment Class shares | — | (902,329 | ) | — | (879,115 | ) | ||||||||||
Institutional Class shares | — | (3,066,404 | ) | — | (2,443,106 | ) | ||||||||||
Total distributions to shareholders | — | (3,968,733 | ) | — | (3,613,866 | ) | ||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 7): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 7,854,466 | 8,090,368 | 750,176 | 4,601,966 | ||||||||||||
Shares issued as reinvestment of distributions | — | 883,172 | — | 900,773 | ||||||||||||
Shares redeemed | (1,355,408 | ) | (14,178,884 | ) | (2,382,039 | ) | (12,548,929 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | 6,499,058 | (5,205,344 | ) | (1,631,863 | ) | (7,046,190 | ) | |||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 3,317,195 | 23,749,758 | 3,127,016 | 24,015,502 | ||||||||||||
Shares issued as reinvestment of distributions | — | 3,059,039 | — | 2,684,309 | ||||||||||||
Shares redeemed | (7,845,832 | ) | (16,251,162 | ) | (11,135,414 | ) | (13,461,080 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | (4,528,637 | ) | 10,557,635 | (8,008,398 | ) | 13,238,731 | ||||||||||
Net increase (decrease) in net assets | 4,031,813 | 10,030,639 | (9,885,421 | ) | 12,782,152 | |||||||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | $ | 37,087,179 | $ | 27,056,540 | $ | 40,795,780 | $ | 28,013,628 | ||||||||
End of period | $ | 41,118,992 | $ | 37,087,179 | $ | 30,910,359 | $ | 40,795,780 | ||||||||
Accumulated net investment loss end of period | $ | (116,825 | ) | $ | — | $ | (48,506 | ) | $ | — |
See Notes to Financial Statements.
75
Wilshire Mutual Funds, Inc. Statements of Changes in Net Assets - (Continued) |
WILSHIRE 5000 INDEXSM FUND | WILSHIRE INTERNATIONAL EQUITY FUND | |||||||||||||||
Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | |||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income | $ | 1,298,615 | $ | 3,091,458 | $ | 2,688,344 | $ | 3,980,720 | ||||||||
Net realized gains (losses) on investments and foreign currency transactions | 8,411,157 | 32,576,301 | 4,490,998 | (4,042,613 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 4,704,825 | (12,337,006 | ) | 30,442,470 | 13,529,543 | |||||||||||
Net increase in net assets resulting from operations | 14,414,597 | 23,330,753 | 37,621,812 | 13,467,650 | ||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||||||||||
Net investment income: | ||||||||||||||||
Investment Class shares | — | (2,761,275 | ) | — | (182,252 | ) | ||||||||||
Institutional Class shares | — | (1,004,390 | ) | — | (4,629,388 | ) | ||||||||||
Horace Mann Class shares | — | (4,577 | ) | — | — | |||||||||||
Net realized capital gains: | ||||||||||||||||
Investment Class shares | — | (5,106,112 | ) | — | — | |||||||||||
Institutional Class shares | — | (1,869,149 | ) | — | — | |||||||||||
Total distributions to shareholders | — | (10,745,503 | ) | — | (4,811,640 | ) |
See Notes to Financial Statements.
76
Wilshire Mutual Funds, Inc. Statements of Changes in Net Assets - (Continued) |
WILSHIRE 5000 INDEXSM FUND | WILSHIRE INTERNATIONAL EQUITY FUND | |||||||||||||||
Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 (Unaudited) | Year Ended December 31, 2016 | |||||||||||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 7): | ||||||||||||||||
Investment Class shares: | ||||||||||||||||
Shares sold | 14,666,267 | 14,468,832 | 961,020 | 13,074,344 | ||||||||||||
Shares issued as reinvestment of distributions | — | 7,545,415 | — | 176,771 | ||||||||||||
Redemption fees (Note 2) | — | — | 10 | 942 | ||||||||||||
Shares redeemed | (17,322,965 | ) | (58,715,642 | ) | (9,342,547 | ) | (5,481,578 | ) | ||||||||
Net increase (decrease) in net assets from Investment Class share transactions | (2,656,698 | ) | (36,701,395 | ) | (8,381,517 | ) | 7,770,479 | |||||||||
Institutional Class shares: | ||||||||||||||||
Shares sold | 2,083,804 | 10,987,352 | 33,045,886 | 177,914,962 | ||||||||||||
Shares issued as reinvestment of distributions | — | 2,231,465 | — | 4,619,158 | ||||||||||||
Redemption fees (Note 2) | — | — | 348 | 1,948 | ||||||||||||
Shares redeemed | (12,758,125 | ) | (34,209,479 | ) | (25,708,647 | ) | (109,736,709 | ) | ||||||||
Net increase (decrease) in net assets from Institutional Class share transactions | (10,674,321 | ) | (20,990,662 | ) | 7,337,587 | 72,799,359 | ||||||||||
Qualified Class shares: | ||||||||||||||||
Shares sold | — | 1 | — | — | ||||||||||||
Shares redeemed | — | (197 | ) | — | — | |||||||||||
Net decrease in net assets from Qualified Class share transactions | — | (196 | ) | — | — | |||||||||||
Horace Mann Class shares: | ||||||||||||||||
Shares sold | — | 24,850 | — | — | ||||||||||||
Shares issued as reinvestment of distributions | — | 4,577 | — | — | ||||||||||||
Shares redeemed | — | (1,792,892 | ) | — | — | |||||||||||
Net decrease in net assets from Horace Mann Class share transactions | — | (1,763,465 | ) | — | — | |||||||||||
Net increase (decrease) in net assets | $ | 1,083,578 | $ | (46,870,468 | ) | $ | 36,577,882 | $ | 89,225,848 | |||||||
NET ASSETS: | ||||||||||||||||
Beginning of period | $ | 173,529,379 | $ | 220,399,847 | $ | 269,600,513 | $ | 180,374,665 | ||||||||
End of period | $ | 174,612,957 | $ | 173,529,379 | $ | 306,178,395 | $ | 269,600,513 | ||||||||
Accumulated net investment income (loss) end of period | $ | 1,296,156 | $ | (2,459 | ) | $ | 2,280,018 | (104,004 | ) |
See Notes to Financial Statements.
77
Wilshire Mutual Funds, Inc. Statements of Changes in Net Assets - (Continued) |
WILSHIRE INCOME OPPORTUNITIES FUND | ||||||||
Six Months Ended June 30, 2017 (Unaudited) | Period Ended December 31, 2016* | |||||||
OPERATIONS: | ||||||||
Net investment income | $ | 6,827,899 | $ | 8,295,764 | ||||
Net realized gains on unaffiliated investments, sale of affiliated investment company shares and foreign currency transactions | 1,323,395 | 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 | 6,123,298 | (4,550,380 | ) | |||||
Net increase in net assets resulting from operations | 14,274,592 | 5,465,061 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM: | ||||||||
Net investment income: | ||||||||
Investment Class shares | — | (18,739 | ) | |||||
Institutional Class shares | — | (8,022,614 | ) | |||||
Net realized capital gains: | ||||||||
Investment Class shares | — | (7,570 | ) | |||||
Institutional Class shares | — | (2,931,274 | ) | |||||
Total distributions to shareholders | — | (10,980,197 | ) | |||||
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 7): | ||||||||
Investment Class shares: | ||||||||
Shares sold | 5,275,887 | 3,002,325 | ||||||
Issued in connection with in-kind transfer** | — | 10 | ||||||
Shares issued as reinvestment of distributions | — | 22,884 | ||||||
Shares redeemed | (400,625 | ) | (1,932,279 | ) | ||||
Net increase in net assets from Investment Class share transactions | 4,875,262 | 1,092,940 | ||||||
Institutional Class shares: | ||||||||
Shares sold | 24,447,916 | 317,151,289 | ||||||
Issued in connection with in-kind transfer** | — | 147,868,290 | ||||||
Shares issued as reinvestment of distributions | — | 10,945,747 | ||||||
Shares redeemed | (56,492,686 | ) | (73,644,121 | ) | ||||
Net increase (decrease) in net assets from Institutional Class share transactions | (32,044,770 | ) | 402,321,205 | |||||
Net increase (decrease) in net assets | (12,894,916 | ) | 397,899,009 | |||||
NET ASSETS: | ||||||||
Beginning of period | $ | 397,899,009 | $ | — | ||||
End of period | $ | 385,004,093 | $ | 397,899,009 | ||||
Accumulated net investment income (loss) end of period | $ | 6,744,956 | $ | (14,227 | ) |
* | Commenced operations on March 30, 2016. |
** | See Note 9 in Notes to Financial Statements. |
See Notes to Financial Statements.
78
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 33.93 | $ | 36.82 | $ | 38.66 | $ | 41.60 | $ | 34.70 | $ | 31.54 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | (0.01 | ) | 0.04 | (0.14 | ) | (0.26 | ) | (0.02 | ) | 0.07 | ||||||||||||||
Net realized and unrealized gains on investments | 4.94 | 1.26 | 2.53 | 3.61 | 10.38 | 4.24 | ||||||||||||||||||
Total from investment operations | 4.93 | 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 period | $ | 38.86 | $ | 33.93 | $ | 36.82 | $ | 38.66 | $ | 41.60 | $ | 34.70 | ||||||||||||
Total return (b) | 14.53 | %(c) | 3.33 | % | 6.18 | % | 7.97 | % | 30.22 | % | 13.72 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 61,423 | $ | 62,634 | $ | 107,381 | $ | 103,733 | $ | 113,495 | $ | 100,853 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.32 | %(d) | 1.32 | % | 1.33 | % | 1.38 | % | 1.36 | % | 1.39 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.32 | %(d)(e) | 1.32 | %(e) | 1.33 | %(e) | 1.38 | %(e) | 1.36 | %(e) | 1.39 | %(e) | ||||||||||||
Net investment income (loss) | (0.04 | )%(d) | 0.10 | % | (0.34 | )% | (0.61 | )% | (0.05 | )% | 0.20 | % | ||||||||||||
Portfolio turnover rate | 29 | %(c) | 75 | % | 104 | % | 62 | % | 136 | % | 71 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses excluding reimbursement/reductions excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.32%(d), 1.32%, 1.34%, 1.38%, 1.36% and 1.39% for the periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
79
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 36.19 | $ | 39.04 | $ | 40.62 | $ | 43.28 | $ | 35.94 | $ | 32.63 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | 0.06 | 0.15 | (0.01 | ) | (0.13 | ) | 0.10 | 0.18 | ||||||||||||||||
Net realized and unrealized gains on investments | 5.27 | 1.34 | 2.66 | 3.76 | 10.77 | 4.38 | ||||||||||||||||||
Total from investment operations | 5.33 | 1.49 | 2.65 | 3.63 | 10.87 | 4.56 | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.16 | ) | — | (0.00 | )(b) | (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 period | $ | 41.52 | $ | 36.19 | $ | 39.04 | $ | 40.62 | $ | 43.28 | $ | 35.94 | ||||||||||||
Total return (c) | 14.73 | %(d) | 3.61 | % | 6.52 | % | 8.32 | % | 30.60 | % | 14.04 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 171,608 | $ | 152,167 | $ | 122,219 | $ | 134,534 | $ | 243,622 | $ | 85,740 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.99 | %(e) | 1.04 | % | 1.01 | % | 1.06 | % | 1.05 | % | 1.11 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 0.99 | %(e)(f) | 1.04 | %(f) | 1.01 | %(f) | 1.06 | %(f) | 1.06 | %(f) | 1.11 | %(f) | ||||||||||||
Net investment income (loss) | 0.29 | %(e) | 0.37 | % | (0.02 | )% | (0.29 | )% | 0.23 | % | 0.50 | % | ||||||||||||
Portfolio turnover rate | 29 | %(d) | 75 | % | 104 | % | 62 | % | 136 | % | 71 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount is less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | 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 0.99%(e), 1.04%, 1.02%, 1.06%, 1.05% and 1.11% for periods ended June 30, 2017 and December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
80
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 20.40 | $ | 18.62 | $ | 21.19 | $ | 21.44 | $ | 15.86 | $ | 13.82 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.14 | 0.37 | 0.20 | 0.18 | 0.16 | 0.17 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.81 | 2.56 | (1.33 | ) | 2.14 | 5.64 | 2.03 | |||||||||||||||||
Total from investment operations | 0.95 | 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 period | $ | 21.35 | $ | 20.40 | $ | 18.62 | $ | 21.19 | $ | 21.44 | $ | 15.86 | ||||||||||||
Total return (b) | 4.66 | %(c) | 15.73 | % | (5.33 | )% | 10.77 | % | 36.54 | % | 15.92 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 6,367 | $ | 10,112 | $ | 52,864 | $ | 61,566 | $ | 61,800 | $ | 44,220 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.27 | %(d) | 1.26 | % | 1.27 | % | 1.29 | % | 1.24 | % | 1.35 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.27 | %(d)(e) | 1.27 | %(e) | 1.29 | %(e) | 1.30 | %(e) | 1.25 | %(e) | 1.36 | %(e) | ||||||||||||
Net investment income | 1.32 | %(d) | 1.87 | % | 0.96 | % | 0.80 | % | 0.87 | % | 1.12 | % | ||||||||||||
Portfolio turnover rate | 19 | %(c) | 174 | % | 55 | % | 57 | % | 101 | % | 97 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.27%(d), 1.26%, 1.27%, 1.29%, 1.24% and 1.35% for periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
81
81
81
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 20.20 | $ | 18.67 | $ | 21.24 | $ | 21.48 | $ | 15.89 | $ | 13.84 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.17 | 0.40 | 0.26 | 0.24 | 0.22 | 0.20 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 0.81 | 2.55 | (1.33 | ) | 2.14 | 5.63 | 2.04 | |||||||||||||||||
Total from investment operations | 0.98 | 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 period | $ | 21.18 | $ | 20.20 | $ | 18.67 | $ | 21.24 | $ | 21.48 | $ | 15.89 | ||||||||||||
Total return (b) | 4.85 | %(c) | 15.78 | % | (5.07 | )% | 11.05 | % | 36.85 | % | 16.18 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 151,817 | $ | 175,497 | $ | 53,343 | $ | 63,499 | $ | 111,550 | $ | 800 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.99 | %(d) | 1.04 | % | 1.01 | % | 1.00 | % | 0.95 | % | 1.14 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 0.99 | %(d)(e) | 1.05 | %(e) | 1.02 | %(e) | 1.01 | %(e) | 0.97 | %(e) | 1.15 | %(e) | ||||||||||||
Net investment income | 1.62 | %(d) | 2.09 | % | 1.23 | % | 1.09 | % | 1.13 | % | 1.32 | % | ||||||||||||
Portfolio turnover rate | 19 | %(c) | 174 | % | 55 | % | 57 | % | 101 | % | 97 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.99%(d), 1.04%, 1.01%, 1.00%, 0.95% and 1.14% for the period ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
82
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 24.41 | $ | 22.64 | $ | 23.44 | $ | 24.95 | $ | 18.06 | $ | 15.90 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | (0.10 | ) | (0.15 | ) | (0.15 | ) | (0.25 | ) | (0.16 | ) | 0.09 | |||||||||||||
Net realized and unrealized gains on investments | 1.40 | 4.80 | 0.70 | 1.09 | 7.59 | 2.07 | ||||||||||||||||||
Total from investment operations | 1.30 | 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 period | $ | 25.71 | $ | 24.41 | $ | 22.64 | $ | 23.44 | $ | 24.95 | $ | 18.06 | ||||||||||||
Total return (b) | 5.33 | %(c) | 20.44 | % | 2.29 | % | 3.44 | % | 41.25 | % | 13.58 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 15,766 | $ | 8,633 | $ | 12,642 | $ | 11,398 | $ | 9,582 | $ | 7,225 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.51 | %(d) | 1.51 | % | 1.46 | % | 1.50 | % | 1.47 | % | 1.47 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.67 | %(d)(e) | 1.60 | %(e) | 1.64 | %(e) | 1.55 | %(e) | 1.62 | %(e) | 1.97 | %(e) | ||||||||||||
Net investment income (loss) | (0.75 | )%(d) | (0.57 | )% | (0.59 | )% | (1.00 | )% | (0.75 | )% | 0.55 | % | ||||||||||||
Portfolio turnover rate | 46 | %(c) | 114 | % | 63 | % | 77 | % | 88 | % | 99 | % | ||||||||||||
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.67%(d), 1.60%, 1.64%, 1.54%, 1.61% and 1.95% for periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
83
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 26.18 | $ | 24.04 | $ | 24.75 | $ | 26.14 | $ | 18.89 | $ | 16.60 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | (0.07 | ) | (0.08 | ) | (0.07 | ) | (0.18 | ) | (0.15 | ) | 0.11 | |||||||||||||
Net realized and unrealized gains on investments | 1.50 | 5.10 | 0.71 | 1.14 | 7.99 | 2.18 | ||||||||||||||||||
Total from investment operations | 1.43 | 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 period | $ | 27.61 | $ | 26.18 | $ | 24.04 | $ | 24.75 | $ | 26.14 | $ | 18.89 | ||||||||||||
Total return (b) | 5.46 | %(c) | 20.79 | % | 2.53 | % | 3.75 | % | 41.58 | % | 13.80 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 25,353 | $ | 28,454 | $ | 14,414 | $ | 15,483 | $ | 24,013 | $ | 15 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.26 | %(d) | 1.27 | % | 1.19 | % | 1.20 | % | 1.19 | % | 1.28 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.35 | %(d)(e) | 1.33 | %(e) | 1.36 | %(e) | 1.24 | %(e) | 1.20 | %(e) | 1.79 | %(e) | ||||||||||||
Net investment income (loss) | (0.53 | )%(d) | (0.32 | )% | (0.28 | )% | (0.70 | )% | (0.54 | )% | 0.60 | % | ||||||||||||
Portfolio turnover rate | 46 | %(c) | 114 | % | 63 | % | 77 | % | 88 | % | 99 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.35%(d), 1.33%, 1.35%, 1.19%, 1.18% and 1.78% for periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
84
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 23.75 | $ | 20.74 | $ | 22.86 | $ | 24.33 | $ | 17.40 | $ | 15.04 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | (0.06 | ) | 0.10 | 0.01 | (0.08 | ) | (0.03 | ) | 0.20 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.13 | ) | 4.99 | (0.89 | ) | 1.53 | 7.62 | 2.38 | ||||||||||||||||
Total from investment operations | (0.19 | ) | 5.09 | (0.88 | ) | 1.45 | 7.59 | 2.58 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.09 | ) | (0.00 | )(b) | — | (0.00 | )(b) | (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 period | $ | 23.56 | $ | 23.75 | $ | 20.74 | $ | 22.86 | $ | 24.33 | $ | 17.40 | ||||||||||||
Total return (c) | (0.80 | )%(d) | 24.86 | % | (3.83 | )% | 6.17 | % | 43.79 | % | 17.20 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 7,388 | $ | 9,097 | $ | 14,287 | $ | 14,120 | $ | 13,688 | $ | 9,641 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.48 | %(e) | 1.51 | % | 1.49 | % | 1.49 | % | 1.49 | % | 1.49 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.68 | %(e)(f) | 1.60 | %(f) | 1.67 | %(f) | 1.56 | %(f) | 1.58 | %(f) | 1.84 | %(f) | ||||||||||||
Net investment income (loss) | (0.49 | )%(e) | 0.48 | % | 0.06 | % | (0.35 | )% | (0.13 | )% | 1.24 | % | ||||||||||||
Portfolio turnover rate | 31 | %(d) | 99 | % | 49 | % | 53 | % | 60 | % | 68 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount is less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.68%(d), 1.59%, 1.67%, 1.55%, 1.57% and 1.83% for periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
85
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 24.14 | $ | 21.08 | $ | 23.21 | $ | 24.59 | $ | 17.58 | $ | 15.19 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (loss) (a) | (0.03 | ) | 0.16 | 0.08 | (0.02 | ) | 0.00 | (b) | 0.22 | |||||||||||||||
Net realized and unrealized gains (losses) on investments | (0.13 | ) | 5.08 | (0.90 | ) | 1.56 | 7.74 | 2.42 | ||||||||||||||||
Total from investment operations | (0.16 | ) | 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 period | $ | 23.98 | $ | 24.14 | $ | 21.08 | $ | 23.21 | $ | 24.59 | $ | 17.58 | ||||||||||||
Total return (c) | (0.66 | )%(d) | 25.16 | % | (3.52 | )% | 6.47 | % | 44.16 | % | 17.41 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 23,523 | $ | 31,698 | $ | 13,727 | $ | 15,655 | $ | 24,934 | $ | 54 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 1.23 | %(e) | 1.27 | % | 1.18 | % | 1.17 | % | 1.20 | % | 1.31 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 1.36 | %(e)(f) | 1.33 | %(f) | 1.36 | %(f) | 1.23 | %(f) | 1.19 | %(f) | 1.66 | %(f) | ||||||||||||
Net investment income (loss) | (0.19 | )%(e) | 0.73 | % | 0.36 | % | (0.07 | )% | (0.01 | )% | 1.33 | % | ||||||||||||
Portfolio turnover rate | 31 | %(d) | 99 | % | 49 | % | 53 | % | 60 | % | 68 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(d) | Not annualized. |
(e) | Annualized. |
(f) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.34%(e), 1.32%, 1.35%, 1.21%, 1.18% and 1.65% for periods ended June 30, 2017, December 31, 2016, 2015, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
86
Wilshire Mutual Funds, Inc. Wilshire 5000 Indexsm Fund Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 18.86 | $ | 17.78 | $ | 18.01 | $ | 16.22 | $ | 12.43 | $ | 10.93 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.14 | 0.27 | 0.24 | 0.23 | 0.19 | 0.19 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.43 | 1.96 | (0.22 | ) | 1.78 | 3.80 | 1.49 | |||||||||||||||||
Total from investment operations | 1.57 | 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 period | $ | 20.43 | $ | 18.86 | $ | 17.78 | $ | 18.01 | $ | 16.22 | $ | 12.43 | ||||||||||||
Total return (b) | 8.32 | %(c) | 12.51 | % | 0.08 | % | 12.38 | % | 32.10 | % | 15.36 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 141,201 | $ | 132,669 | $ | 159,709 | $ | 204,465 | $ | 139,354 | $ | 107,888 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.64 | %(d) | 0.67 | % | 0.64 | % | 0.65 | % | 0.68 | % | 0.70 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 0.64 | %(d)(e) | 0.67 | %(e) | 0.64 | %(e) | 0.65 | % | 0.68 | % | 0.70 | % | ||||||||||||
Net investment income | 1.40 | %(d) | 1.49 | % | 1.35 | % | 1.32 | % | 1.33 | % | 1.61 | % | ||||||||||||
Portfolio turnover rate | 3 | %(c) | 5 | % | 6 | % | 3 | % | 2 | % | 2 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.64%(d), 0.67% and 0.64% for periods ended June 30, 2017, December 31, 2016 and 2015, respectively. |
See Notes to Financial Statements.
87
Wilshire Mutual Funds, Inc. Wilshire 5000 Indexsm Fund Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 18.85 | $ | 17.78 | $ | 18.00 | $ | 16.21 | $ | 12.41 | $ | 10.92 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.17 | 0.33 | 0.29 | 0.26 | 0.22 | 0.22 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments | 1.44 | 1.95 | (0.22 | ) | 1.79 | 3.81 | 1.47 | |||||||||||||||||
Total from investment operations | 1.61 | 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 period | $ | 20.46 | $ | 18.85 | $ | 17.78 | $ | 18.00 | $ | 16.21 | $ | 12.41 | ||||||||||||
Total return (b) | 8.54 | %(c) | 12.81 | % | 0.36 | % | 12.60 | % | 32.48 | % | 15.54 | % | ||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 33,412 | $ | 40,860 | $ | 59,065 | $ | 67,500 | $ | 59,565 | $ | 50,633 | ||||||||||||
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | 0.34 | %(d) | 0.36 | % | 0.41 | % | 0.44 | % | 0.46 | % | 0.47 | % | ||||||||||||
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly | 0.34 | %(d)(e) | 0.36 | %(e) | 0.41 | %(e) | 0.44 | % | 0.46 | % | 0.47 | % | ||||||||||||
Net investment income | 1.66 | %(d) | 1.80 | % | 1.59 | % | 1.53 | % | 1.55 | % | 1.84 | % | ||||||||||||
Portfolio turnover rate | 3 | %(c) | 5 | % | 6 | % | 3 | % | 2 | % | 2 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 0.34%(d), 0.36% and 0.41% for periods ended June 30, 2017, December 31, 2016 and 2015, respectively. |
See Notes to Financial Statements.
88
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 8.92 | $ | 8.90 | $ | 9.06 | $ | 9.70 | $ | 8.34 | $ | 7.63 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.08 | 0.10 | 0.09 | 0.09 | 0.03 | 0.06 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 1.16 | 0.07 | (0.23 | ) | (0.71 | ) | 1.54 | 0.96 | ||||||||||||||||
Total from investment operations | 1.24 | 0.17 | (0.14 | ) | (0.62 | ) | 1.57 | 1.02 | ||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
From net investment income | — | (0.15 | ) | (0.02 | ) | (0.02 | ) | (0.00 | )(b) | (0.09 | ) | |||||||||||||
From realized capital gains | — | — | — | — | (0.21 | ) | (0.22 | ) | ||||||||||||||||
Redemption fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | — | — | — | |||||||||||||||
Total distributions | 0.00 | (b) | (0.15 | ) | (0.02 | ) | (0.02 | ) | (0.21 | ) | (0.31 | ) | ||||||||||||
Net asset value, end of period | $ | 10.16 | $ | 8.92 | $ | 8.90 | $ | 9.06 | $ | 9.70 | $ | 8.34 | ||||||||||||
Total return (c) | 13.90 | %(d) | 1.88 | % | (1.55 | )% | (6.38 | )% | 18.95 | % | 13.36 | % |
See Notes to Financial Statements.
89
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Investment Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 | |||||||||||||||||||
Ratios to average net assets/supplemental data: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 4,137 | $ | 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 indirectly (e) | 1.51 | %(f) | 1.52 | % | 1.50 | % | 1.50 | % | 1.85 | %(g) | 2.24 | %(g) | ||||||||||||
Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly (e) | 1.55 | %(f) | 1.65 | % | 1.75 | % | 1.71 | %(h) | 1.93 | %(h) | 2.29 | %(h) | ||||||||||||
Net investment income | 0.91 | %(f) | 1.19 | % | 0.99 | % | 0.97 | % | 0.38 | % | 0.77 | % | ||||||||||||
Portfolio turnover rate | 29 | %(d) | 79 | % | 84 | % | 176 | % | 368 | % | 45 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount rounds to less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(d) | Not annualized. |
(e) | Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling. |
(f) | Annualized. |
(g) | 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 years ended December 31, 2013 and 2012. |
(h) | 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 years ended December 31, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
90
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 period | $ | 8.81 | $ | 8.78 | $ | 8.99 | $ | 9.64 | $ | 8.38 | $ | 7.67 | ||||||||||||
Income (loss) from investment operations: | ||||||||||||||||||||||||
Net investment income (a) | 0.09 | 0.12 | 0.09 | 0.09 | 0.08 | 0.09 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments and foreign currency transactions | 1.15 | 0.07 | (0.21 | ) | (0.68 | ) | 1.51 | 0.95 | ||||||||||||||||
Total from investment operations | 1.24 | 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 fees (Note 2) | 0.00 | (b) | 0.00 | (b) | 0.00 | (b) | — | — | — | |||||||||||||||
Total distributions | 0.00 | (b) | (0.16 | ) | (0.09 | ) | (0.06 | ) | (0.33 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 10.05 | $ | 8.81 | $ | 8.78 | $ | 8.99 | $ | 9.64 | $ | 8.38 | ||||||||||||
Total return (c) | 14.07 | %(d) | 2.16 | % | (1.37 | )% | (6.16 | )% | 19.10 | % | 13.63 | % |
See Notes to Financial Statements.
91
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||||||||||||||||||
Institutional Class Shares | ||||||||||||||||||||||||
Six Months Ended 06/30/2017 (Unaudited) | 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 | |||||||||||||||||||
Ratios to average net assets/supplemental data2: | ||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 302,041 | $ | 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 indirectly (e) | 1.26 | %(f) | 1.27 | % | 1.25 | % | 1.25 | % | 1.61 | %(g) | 1.99 | %(g) | ||||||||||||
Operating expenses including dividends and rebates on securities sold short and interest expense, before fee reductions and expense reimbursements and fees paid indirectly (e) | 1.28 | %(f) | 1.32 | % | 1.29 | % | 1.31 | %(h) | 1.87 | %(h) | 2.01 | %(h) | ||||||||||||
Net investment income | 1.46 | %(f) | 1.44 | % | 1.00 | % | 0.96 | % | 0.88 | % | 1.03 | % | ||||||||||||
Portfolio turnover rate | 29 | %(d) | 79 | % | 84 | % | 176 | % | 368 | % | 45 | % |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Amount is less than $0.01 per share. |
(c) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(d) | Not annualized. |
(e) | Effective April 2, 2013, the Wilshire International Equity Fund no longer engages in short selling. |
(f) | Annualized. |
(g) | 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 years ended December 31, 2013 and 2012. |
(h) | 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 years ended December 31, 2014, 2013 and 2012, respectively. |
See Notes to Financial Statements.
92
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Financial Highlights |
For a Fund Share Outstanding Throughout Each Period. | ||||||||
Investment Class Shares | ||||||||
Six Months Ended 06/30/2017 (Unaudited) | Period Ended 12/31/2016* | |||||||
Net asset value, beginning of period | $ | 10.14 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (a) | 0.17 | 0.21 | ||||||
Net realized and unrealized gains on investments and foreign currency transactions | 0.19 | 0.18 | ||||||
Total from investment operations | 0.36 | 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 | $ | 10.50 | $ | 10.14 | ||||
Total return (b) | 3.55 | %(c) | 3.92 | %(c) | ||||
Ratios to average net assets/supplemental data: | ||||||||
Net assets, end of period (in 000’s) | $ | 6,082 | $ | 1,102 | ||||
Operating expenses after expense reimbursements (d) | 1.16 | %(e) | 1.15 | %(e) | ||||
Operating expense before expense reimbursements (d) | 1.29 | %(e) | 1.26 | %(e) | ||||
Net investment income | 3.21 | %(e) | 2.83 | %(e) | ||||
Portfolio turnover rate | 42 | %(c) | 74 | %(c) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not Annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | Annualized. |
See Notes to Financial Statements.
93
Wilshire Mutual Funds, Inc. Wilshire Income Opportunities Fund Financial Highlights - (Continued) |
For a Fund Share Outstanding Throughout Each Period. | ||||||||
Institutional Class Shares | ||||||||
Six Months Ended 06/30/2017 (Unaudited) | Period Ended 12/31/2016* | |||||||
Net asset value, beginning of period | $ | 10.10 | $ | 10.00 | ||||
Income from investment operations: | ||||||||
Net investment income (a) | 0.18 | 0.25 | ||||||
Net realized and unrealized gains on investments and foreign currency transactions | 0.20 | 0.13 | ||||||
Total from investment operations | 0.38 | 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 | $ | 10.48 | $ | 10.10 | ||||
Total return (b) | 3.76 | %(c) | 3.82 | %(c) | ||||
Ratios to average net assets/supplemental data: | ||||||||
Net assets, end of period (in 000’s) | $ | 378,922 | $ | 396,797 | ||||
Operating expenses (d) | 0.89 | %(e) | 0.86 | %(e) | ||||
Net investment income | 3.44 | %(e) | 3.11 | %(e) | ||||
Portfolio turnover rate | 42 | %(c) | 74 | %(c) |
* | Commenced operations on March 30, 2016. |
(a) | The selected per share data was calculated using the average shares outstanding method for the period. |
(b) | Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Portfolio shares. |
(c) | Not Annualized. |
(d) | Ratio does not include expenses from underlying funds. |
(e) | Annualized. |
See Notes to Financial Statements.
94
Wilshire Mutual Funds, Inc. Notes to Financial Statements June 30, 2017 (Unaudited) |
1. Organization.
Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end diversified investment company, which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (each a “Portfolio” and collectively the “Portfolios”). The Company accounts separately for the assets, liabilities and operations of each 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 U.S. Securities and Exchange Commission (the “SEC”) adopted amendments to Regulation S-X which will impact financial statement presentation, particularly the presentation of derivative investments. Many of the Regulation S-X amendments are generally consistent with the Portfolios’ current financial statement presentation, therefore, management expects that the Portfolios will fully comply with the amendments by the August 1, 2017 compliance date.
The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). As an investment company, as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update 2013-08, the Portfolios follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”
Use of estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material.
Security valuation – 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 security is valued at the mean between the last bid
95
Wilshire Mutual Funds, Inc. Notes to Financial Statements - (Continued) June 30, 2017 (Unaudited) |
and asked prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, the security is valued at the mean between the last bid and asked prices. 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 (“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; |
96
Wilshire Mutual Funds, Inc. Notes to Financial Statements - (Continued) June 30, 2017 (Unaudited) |
● | 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 six months ended June 30, 2017, 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 June 30, 2017:
Large Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 230,179,869 | $ | — | $ | — | $ | 230,179,869 | ||||||||
Money Market Funds | 2,916,673 | — | — | 2,916,673 | ||||||||||||
Total | $ | 233,096,542 | $ | — | $ | — | $ | 233,096,542 |
Large Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 157,163,029 | $ | — | $ | — | $ | 157,163,029 | ||||||||
Rights | — | — | 1,135 | 1,135 | ||||||||||||
Money Market Funds | 2,588,316 | — | — | 2,588,316 | ||||||||||||
Total | $ | 159,751,345 | $ | — | $ | 1,135 | $ | 159,752,480 |
Small Company Growth Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 40,073,982 | $ | — | $ | — | $ | 40,073,982 | ||||||||
Rights | — | — | 360 | * | 360 | |||||||||||
Money Market Funds | 2,814,212 | — | — | 2,814,212 | ||||||||||||
Total | $ | 42,888,194 | $ | — | $ | 360 | $ | 42,888,554 |
Small Company Value Portfolio | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 30,803,979 | $ | — | $ | — | $ | 30,803,979 | ||||||||
Money Market Funds | 626,750 | — | — | 626,750 | ||||||||||||
Total | $ | 31,430,729 | $ | — | $ | — | $ | 31,430,729 |
Wilshire 5000 IndexSM Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 173,066,230 | $ | — | $ | — | $ | 173,066,230 | ||||||||
Rights | 5 | — | 8,296 | * | 8,301 | |||||||||||
Money Market Funds | 4,231,310 | — | — | 4,231,310 | ||||||||||||
Total | $ | 177,297,545 | $ | — | $ | 8,296 | $ | 177,305,841 |
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Wilshire International Equity Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | $ | 77,989,043 | $ | 217,128,406 | $ | — | $ | 295,117,449 | ||||||||
Preferred Stocks | 625,053 | 480,951 | — | 1,106,004 | ||||||||||||
Rights | — | 3,480 | — | 3,480 | ||||||||||||
Money Market Funds | 16,282,813 | — | — | 16,282,813 | ||||||||||||
Total | $ | 94,896,909 | $ | 217,612,837 | $ | — | $ | 312,509,746 |
Wilshire Income Opportunities Fund | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in Securities | ||||||||||||||||
U.S. Treasury Obligations | $ | — | $ | 52,583,598 | $ | — | $ | 52,583,598 | ||||||||
U.S. Government Agency Obligations | — | 10,592,462 | — | 10,592,462 | ||||||||||||
Agency Mortgage-Backed Obligations | — | 15,828,878 | — | 15,828,878 | ||||||||||||
Non-Agency Mortgage-Backed Obligations | — | 78,135,400 | 2,267,477 | 80,402,877 | ||||||||||||
Asset-Backed Securities | — | 45,673,745 | — | 45,673,745 | ||||||||||||
Collateralized Loan Obligations | — | 43,025,831 | — | 43,025,831 | ||||||||||||
Investment-Grade Corporate Obligations | — | 21,072,102 | — | 21,072,102 | ||||||||||||
High Yield Corporate Obligations | — | 9,099,168 | — | 9,099,168 | ||||||||||||
Foreign Bonds | — | 47,184,041 | — | 47,184,041 | ||||||||||||
Loan Participations | — | 26,340,619 | 549,413 | 26,890,032 | ||||||||||||
Military Housing Obligations | — | 5,783,362 | 1,926,347 | 7,709,709 | ||||||||||||
Municipal Obligations | — | 2,762,708 | — | 2,762,708 | ||||||||||||
Common Stocks | 26,118 | — | — | 26,118 | ||||||||||||
Preferred Stocks | 5,822,296 | — | — | 5,822,296 | ||||||||||||
Affiliated Registered Investment Companies | 8,194,931 | — | — | 8,194,931 | ||||||||||||
Purchased Options | 329,458 | — | — | 329,458 | ||||||||||||
Commercial Paper | — | 1,997,993 | 1,997,993 | |||||||||||||
Money Market Funds | 5,874,483 | — | — | 5,874,483 | ||||||||||||
Total | $ | 14,424,990 | $ | 360,079,907 | $ | 4,743,237 | $ | 385,070,430 | ||||||||
Other Financial Instruments | ||||||||||||||||
Forward Contracts Unrealized Depreciation | $ | — | $ | (7,189 | ) | $ | — | $ | (7,189 | ) | ||||||
Swap Contracts Unrealized Depreciation | (192,438 | ) | — | — | (192,438 | ) | ||||||||||
Total | $ | (192,438 | ) | $ | (7,189 | ) | $ | — | $ | (199,627 | ) |
* | 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 June 30, 2017, 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 June 30, 2017. Large Company Value Portfolio, Small Company Growth Portfolio and Wilshire 5000 IndexSM Fund held Rights and Wilshire Income Opportunities held Non-Agency Mortgage-Backed Obligations, Loan Participations and Military Housing Obligations that were measured at fair value on a recurring basis using
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significant unobservable inputs (Level 3) at June 30, 2017 totaling $1,135, $360, $8,296 and $4,743,237, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only 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.
Transactions in call options written by the Wilshire Income Opportunities Fund during the six months ended June 30, 2017 were as follows:
Option Contracts | Option Premiums | |||||||
Options outstanding at beginning of period | — | $ | — | |||||
Options written | 4,453 | 390,745 | ||||||
Options cancelled in a closing purchase transaction | (2,475 | ) | (179,099 | ) | ||||
Options outstanding at end of period | 1,978 | $ | 211,646 |
Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps.
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Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. Net periodic interest payments to be received or paid are accrued and settled daily and are recorded as realized gains or losses on the Statement of Operations. Interest rate swaps are marked to market daily and the change is recorded as unrealized gain (loss) on swap contracts on the Statement of Operations.
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. The Wilshire Income Opportunities fund had no reverse repurchase agreements outstanding as of June 30, 2017.
For the six months ended June 30, 2017, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for Wilshire Income Opportunities Fund was $7,381,629 and 0.91%, respectively.
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 six months ended June 30, 2017, the Portfolio held no when-issued or delayed delivery investments.
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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 |
● | 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. Refer to the Portfolio’s Schedule of Investments for details regarding open forward foreign currency contracts as of June 30, 2017.
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Wilshire Mutual Funds, Inc. Notes to Financial Statements - (Continued) June 30, 2017 (Unaudited) |
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 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 June 30, 2017:
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 | $ | 4,951 | $ | (12,140 | ) | $ | (7,189 | ) | $ | — | $ | (7,189 | ) | |||||||
Interest rate swap contracts | ||||||||||||||||||||
Bank of America Merrill Lynch | 11,862 | (204,300 | ) | (192,438 | ) | 192,438 | — | |||||||||||||
Total | $ | 16,813 | $ | (216,440 | ) | $ | (199,627 | ) | $ | 192,438 | $ | (7,189 | ) |
* | 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.
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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 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 six months ended June 30, 2017, the Wilshire International Equity Fund charged $358 in redemption fees. For the year ended December 31, 2016, the Wilshire International Equity Fund charged $2,890 in redemption fees.
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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 IndexSM 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, 2018. 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 June 30, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment for Small Company Growth Portfolio were $23,346 expiring in 2020, $26,249 expiring in 2019, $48,753 expiring in 2018 and $16,159 expiring in 2017. At June 30, 2016, the amounts of fee reductions and expense reimbursements subject to recoupment for Small Company Value Portfolio were $24,937 expiring in 2020, $23,509 expiring in 2019, $52,909 expiring in 2018 and $17,655 expiring in 2017. At June 30, 2017, the amounts of fee reductions and expense reimbursements subject to recoupment for Wilshire International Equity Fund were $24,437 expiring in 2020, $144,932 expiring in 2019, $81,678 expiring in 2018 and $78,351 expiring in 2017.
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, 2018. At June 30, 2017, the amount of expense reimbursements subject to recoupment for the Wilshire Income Opportunities Fund was $2,579 expiring in 2020 and $723 expiring in 2019.
For the six months ended June 30, 2017, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:
Portfolio | Fees Reduced/ Reimbursed | Fees Recouped | ||||||
Small Company Growth Portfolio | $ | 23,346 | N/A | |||||
Small Company Value Portfolio | 24,937 | N/A | ||||||
International Equity Fund | 24,437 | N/A | ||||||
Wilshire Income Opportunities Fund | 2,579 | N/A |
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Wilshire Mutual Funds, Inc. Notes to Financial Statements - (Continued) June 30, 2017 (Unaudited) |
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 IndexSM 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. 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.
Officers’ and Directors’ Expenses – Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. The Company does not pay any remuneration to its officers. The Company and the Wilshire Variable Insurance Trust together pay each independent director an annual retainer of $48,000, an annual additional retainer for each Committee chair of $24,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Trustee is compensated for Board and Committee meeting attendance in accordance with the following schedule: a Board in-person meeting fee of $3,000 for Independent Trustees and $4,000 for the Board chair, a Board telephonic meeting fee of $1,500 for Independent Trustees and $2,500 for the Board chair, 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 six months ended June 30, 2017, 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 IndexSM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund was 0.25% of the respective average net assets of each Portfolio.
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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 six months ended June 30, 2017, 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 | 0.126 | % | 0.048 | % | ||||
Wilshire Large Company Value Portfolio | 0.074 | % | 0.049 | % | ||||
Wilshire Small Company Growth Portfolio | 0.105 | % | 0.051 | % | ||||
Wilshire Small Company Value Portfolio | 0.113 | % | 0.051 | % | ||||
Wilshire 5000 IndexSM Fund | 0.065 | % | 0.019 | % | ||||
Wilshire International Equity Fund | 0.065 | % | 0.043 | % | ||||
Wilshire Income Opportunities Fund | 0.169 | % | 0.058 | % |
Fees paid indirectly – The Company has entered into a brokerage commission recapture program with SEI Investments Global Funds Services (“SEI”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to SEI are used to reduce the Portfolios’ expenses. Under such program, SEI, as introducing broker, retains a portion of the Portfolios’ commissions.
Such commissions rebated to the Portfolios for the six months ended June 30, 2017 were as follows:
Wilshire Large Company Growth Portfolio | $ | 2,681 | ||
Wilshire Large Company Value Portfolio | 2,233 | |||
Wilshire Small Company Growth Portfolio | — | |||
Wilshire Small Company Value Portfolio | 2,940 | |||
Wilshire 5000 IndexSM Fund | — | |||
Wilshire International Equity Fund | — | |||
Wilshire Income Opportunities Fund | — |
For the six months ended June 30, 2017, SEI retained the following commissions:
Wilshire Large Company Growth Portfolio | $ | 686 | ||
Wilshire Large Company Value Portfolio | 480 | |||
Wilshire Small Company Growth Portfolio | — | |||
Wilshire Small Company Value Portfolio | 934 | |||
Wilshire 5000 IndexSM Fund | — | �� | ||
Wilshire International Equity Fund | — | |||
Wilshire Income Opportunities Fund | — |
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5. Securities Transactions.
For the six months ended June 30, 2017, 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 | $ | 66,022,476 | $ | 79,086,768 | ||||
Wilshire Large Company Value Portfolio | 32,917,628 | 67,899,019 | ||||||
Wilshire Small Company Growth Portfolio | 19,348,049 | 17,470,062 | ||||||
Wilshire Small Company Value Portfolio | 11,398,636 | 20,090,091 | ||||||
Wilshire 5000 IndexSM Fund | 4,951,035 | 18,299,820 | ||||||
Wilshire International Equity Fund | 82,140,982 | 84,677,356 | ||||||
Wilshire Income Opportunities Fund | 120,298,825 | 150,014,480 |
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 | $ | 43,816,081 | $ | 57,725,014 |
Purchases and sales of affiliated investments for the Wilshire Income Opportunities Fund during the six months ended June 30, 2017, and value as of June 30, 2017 were:
Affiliated Investment | Value as of December 31, 2016 | Purchases | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation (Depreciation) | Value as of June 30, 2017 | Income Distributions | |||||||||||||||||||||
Guggenheim Floating Rate Strategies Fund | $ | 6,049,104 | $ | 90,295 | $ | 3,200,000 | $ | 18,392 | $ | (20,995 | ) | $ | 2,936,796 | $ | 90,364 | |||||||||||||
Guggenheim Strategy Fund I | $ | 4,699,030 | $ | 545,114 | $ | — | $ | — | $ | 13,991 | $ | 5,258,135 | $ | 43,812 |
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6. Derivative Transactions.
At June 30, 2017, Wilshire Income Opportunities Fund is invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:
Derivative Assets | Derivative Liabilites | ||||||||||||
Risk | Derivative Type | Statements of Assets and Liabilities Location | Fair Value Amount | Statements of Assets and Liabilities Location | Fair Value Amount | ||||||||
Equity | Purchased option contracts | Investments in unaffiliated securities, at value | $ | 329,458 | Investments in unaffiliated securities, at value | $ | — | ||||||
Equity | Written option contracts | Written call options, at value | — | Written call options, at value | (126,592 | ) | |||||||
Currency | Forward foreign currency exchange contracts | Unrealized gain on forward foreign currency contracts | 4,951 | Unrealized loss on forward foreign currency contracts | (12,140 | ) | |||||||
Interest Rate | Swap contracts | Net unrealized appreciation (depreciation) on swap contracts | 11,862 | Net unrealized appreciation (depreciation) on swap contracts | (204,300 | ) | |||||||
Total | $ | 346,271 | $ | (343,032 | ) |
For the six months ended June 30, 2017, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:
Statement of Operations | ||||||||||
Risk | Derivative Type | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Purchased option contracts(a) | $ | 196,754 | $ | 329,458 | |||||
Equity | Written option contracts | (67,528 | ) | 85,054 | ||||||
Currency | Forward foreign currency exchange contracts(b) | 13,786 | (21,416 | ) | ||||||
Interest Rate | Swap contracts | 19,233 | (192,438 | ) | ||||||
Total | $ | 162,245 | $ | 200,658 |
(a) | The Statement of Operations location for “Purchased option contracts” is “Unaffiliated investments.” |
(b) | Forward foreign currency exchange contracts are included in Foreign Currency Transactions in the Statement of Operations. |
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7. Securities Lending.
Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the 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 June 30, 2017 are shown on the Statements 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 June 30, 2017 for each Fund:
Collateral Received | ||||||||||||
Northern Trust Institutional Liquid Asset Portfolio | U.S. Treasury Obligations | Total | ||||||||||
Large Company Growth Portfolio | $ | 69,026 | $ | 30,358,577 | $ | 30,427,603 | ||||||
Large Company Value Portfolio | 1,614,423 | 8,095,538 | 9,709,961 | |||||||||
Small Company Growth Portfolio | 1,913,097 | 5,290,597 | 7,203,694 | |||||||||
Small Company Value Portfolio | 580,389 | 2,627,012 | 3,207,400 | |||||||||
Wilshire 5000 IndexSM Fund | 2,974,941 | 10,295,076 | 13,270,017 | |||||||||
Wilshire International Equity Fund | 7,920,767 | 13,427,319 | 21,348,086 |
The Wilshire Income Opportunities Fund did not utilize securities lending during the six months ended June 30, 2017.
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8. Capital Share Transactions.
Transactions in shares of the Portfolios are summarized below:
LARGE COMPANY GROWTH PORTFOLIO | LARGE COMPANY VALUE PORTFOLIO | SMALL COMPANY GROWTH PORTFOLIO | SMALL COMPANY VALUE PORTFOLIO | |||||
Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | |
CAPITAL SHARE TRANSACTIONS: | ||||||||
Investment Class shares: | ||||||||
Shares sold | 16,144 | 258,962 | 22,098 | 723,256 | 313,426 | 330,720 | 31,434 | 217,024 |
Shares issued as reinvestment of distributions | — | 202,292 | — | 42,973 | — | 35,879 | — | 38,667 |
Shares redeemed | (281,867) | (1,531,665) | (219,700) | (3,109,741) | (53,839) | (571,361) | (100,989) | (561,550) |
Net increase (decrease) in Investment Class shares outstanding | (265,723) | (1,070,411) | (197,602) | (2,343,512) | 259,587 | (204,762) | (69,555) | (305,859) |
Institutional Class shares: | ||||||||
Shares sold | 738,210 | 2,946,276 | 685,375 | 6,952,495 | 122,992 | 1,016,072 | 130,251 | 1,155,839 |
Shares issued as reinvestment of distributions | — | 430,089 | — | 577,737 | — | 115,866 | — | 111,843 |
Shares redeemed | (810,219) | (2,302,019) | (2,205,598) | (1,698,028) | (291,557) | (644,708) | (462,452) | (605,842) |
Net increase (decrease) in Institutional Class shares outstanding | (72,009) | 1,074,346 | (1,520,223) | 5,832,204 | (168,565) | 487,230 | (332,201) | 661,840 |
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WILSHIRE 5000 INDEXSM FUND | WILSHIRE INTERNATIONAL EQUITY FUND | WILSHIRE INCOME OPPORTUNITIES FUND* | ||||
Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 | Year Ended December 31, 2016 | Six Months Ended June 30, 2017 | Period Ended December 31, 2016 | |
CAPITAL SHARE TRANSACTIONS: | ||||||
Investment Class shares: | ||||||
Shares sold | 748,397 | 800,638 | 101,042 | 1,460,532 | 509,167 | 292,557 |
Issued in connection with in-kind transfer (Note 9) | — | — | — | — | — | 1 |
Shares issued as reinvestment of distributions | — | 392,549 | — | 19,862 | — | 2,256 |
Shares redeemed | (872,234) | (3,141,812) | (959,692) | (600,832) | (38,717) | (186,167) |
Net increase (decrease) in Investment Class shares outstanding | (123,837) | (1,948,625) | (858,650) | 879,562 | 470,450 | 108,647 |
Institutional Class shares: | ||||||
Shares sold | 105,261 | 572,873 | 3,447,510 | 21,027,280 | 2,379,272 | 31,084,393 |
Issued in connection with in-kind transfer (Note 9) | — | — | — | — | — | 14,275,906 |
Shares issued as reinvestment of distributions | — | 115,397 | — | 524,904 | — | 1,080,559 |
Shares redeemed | (639,066) | (1,843,987) | (2,701,699) | (12,387,624) | (5,489,278) | (7,162,769) |
Net increase (decrease) in Institutional Class shares outstanding | (533,805) | (1,155,717) | 745,811 | 9,164,560 | (3,110,006) | 39,278,089 |
Qualified Class shares: | ||||||
Shares sold | — | — | — | — | — | — |
Shares issued as reinvestment of distributions | — | — | — | — | — | — |
Shares redeemed | — | (12) | — | — | — | — |
Net decrease in Qualified Class shares outstanding | — | (12) | — | — | — | — |
Horace Mann Class shares: | ||||||
Shares sold | — | 1,374 | — | — | — | — |
Shares issued as reinvestment of distributions | — | 240 | — | — | — | — |
Shares redeemed | — | (93,255) | — | — | — | — |
Net decrease in Horace Mann Class shares outstanding | — | (91,641) | — | — | — | — |
* | The Wilshire Income Opportunities Fund commenced operations at March 30, 2016. |
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9. Significant Shareholder Activity.
On June 30, 2017, 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) | 65% |
Large Company Value Portfolio (3 omnibus shareholder) | 68% |
Small Company Growth Portfolio (3 omnibus shareholders) | 59% |
Small Company Value Portfolio (3 omnibus shareholders) | 67% |
Wilshire 5000 IndexSM Fund (2 omnibus shareholders) | 48% |
Wilshire International Equity Fund (2 omnibus shareholders) | 68% |
Wilshire Income Opportunities Fund (4 omnibus shareholders) | 88% |
10. Tax Information.
No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify, as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and gains. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.
The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
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The federal tax cost, unrealized appreciation and depreciation at June 30, 2017 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 IndexSM Fund | Wilshire International Equity Fund | Wilshire Income Opportunities Fund | |||||||||||||||||||||
Tax Cost | $ | 162,058,201 | $ | 131,074,131 | $ | 34,030,103 | $ | 25,754,737 | $ | 65,147,003 | $ | 269,438,355 | $ | 383,592,460 | ||||||||||||||
Aggregate gross unrealized appreciation | $ | 73,130,512 | $ | 31,704,700 | $ | 9,605,070 | $ | 6,937,953 | $ | 114,951,211 | $ | 47,273,015 | $ | 6,824,995 | ||||||||||||||
Aggregate gross unrealized depreciation | (2,092,171 | ) | (3,026,351 | ) | (746,619 | ) | (1,261,961 | ) | (2,792,373 | ) | (4,201,624 | ) | (5,347,025 | ) | ||||||||||||||
Net unrealized appreciation | $ | 71,038,341 | $ | 28,678,349 | $ | 8,858,451 | $ | 5,675,992 | $ | 112,158,838 | $ | 43,071,391 | $ | 1,477,970 | ||||||||||||||
Net unrealized appreciation on written options | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 85,054 | ||||||||||||||
Net unrealized depreciation on swap contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (192,438 | ) |
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.
The tax character of distributions declared during the year ended December 31, 2016 was as follows:
Portfolio | 2016 Ordinary Income | 2016 Long-Term Capital Gains | 2016 Return of Capital | |||||||||
Large Company Growth Portfolio | $ | 5,499,968 | $ | 18,867,521 | $ | — | ||||||
Large Company Value Portfolio | 8,155,226 | 4,651,885 | — | |||||||||
Small Company Growth Portfolio | 1,364,686 | 2,604,047 | — | |||||||||
Small Company Value Portfolio | 1,222,049 | 2,391,817 | — | |||||||||
Wilshire 5000 IndexSM Fund | 3,645,085 | 7,100,418 | — | |||||||||
Wilshire International Equity Fund | 4,811,640 | — | — | |||||||||
Wilshire Income Opportunities Fund | 10,683,057 | 290,797 | 6,343 |
There were no distributions declared during the six months ended June 30, 2017.
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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 | ) |
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 the current and future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
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 deferred 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 | ) |
For the six months ended June 30, 2017, Wilshire International Equity Fund and Wilshire Income Opportunities Fund reclassified $304,322 and $68,716, respectively, of net realized losses on foreign currency transactions against accumulated net investment income on the Statements of Assets and Liabilities. These reclassifications are the result of permanent differences between the financial statement and income tax reporting requirements. It had no effect on each Fund’s total net assets or net asset value per share.
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11. 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 |
12. Indemnifications.
In the normal course of business, the Company, on behalf of the Portfolios, enters into contracts that provide general indemnifications. The Portfolios’ maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
13. 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
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remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.
Interest rate risk – For debt securities, interest rate risk is the possibility that the market price will fall because of changing interest rates. In general, debt securities’ market prices rise or fall inversely to changes in interest rates. If interest rates rise, bond market prices generally fall; if interest rates fall, bond market prices generally rise. In addition, for a given change in interest rates, the market price of longer-maturity bonds fluctuates more (gaining or losing more in value) than shorter-maturity bonds. There may be less governmental intervention in influencing interest rates in the near future. If so, it could cause an increase in interest rates, which would have a negative impact on the market prices of fixed income securities and could negatively affect a Portfolio’s NAV.
Credit risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an 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.
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Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.
Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s net asset value per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of June 30, 2017, the Large Company Growth Portfolio had 40.3% of the value of its net assets invested in stocks within the Information Technology sector; the Large Company Value Portfolio had 31.1% of the value of its net assets invested in stocks within the Financials sector; the Small Company Growth Portfolio had 26.3% and 26.8% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; and the Small Company Value Portfolio had 29.0% of the value of its net assets invested in stocks within the Financials sector.
A more complete description of risks is included in each Portfolio’s prospectus and SAI.
14. Contingencies.
The Wilshire 5000 IndexSM Fund was named as a defendant and a putative member of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010, in the U.S. Bankruptcy Court for the District of Delaware and on March 6, 2012, in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws, 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.
15. Subsequent Event Evaluation.
The Portfolios have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to these financial statements.
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Information on Proxy Voting
The U.S. Securities and Exchange Commission ( the “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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Wilshire Mutual Funds
Wilshire Associates Incorporated
1299 Ocean Avenue
Santa Monica, CA 90401
1-888-200-6796
http://advisor.wilshire.com
Item 2. | Code of Ethics. |
Not Applicable.
Item 3. | Audit Committee Financial Expert. |
Not Applicable.
Item 4. | Principal Accountant Fees and Services. |
Not Applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Schedule of Investments. |
(a) | The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the Wilshire 5000 IndexSM Fund, the Wilshire International Equity Fund and the Wilshire Income Opportunities Fund are listed below. |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% | Shares | Value | ||||||
Consumer Discretionary - 17.4% | ||||||||
Amazon.com, Inc. (a) | 15,186 | $ | 14,700,047 | |||||
AMC Networks, Inc. - Class A (a) | 5,142 | 274,634 | ||||||
Aramark | 3,664 | 150,151 | ||||||
Brunswick Corp. | 30 | 1,882 | ||||||
Carter's, Inc. | 5,760 | 512,352 | ||||||
Choice Hotels International, Inc. | 3,390 | 217,808 | ||||||
DISH Network Corp. - Class A (a) | 75 | 4,707 | ||||||
Domino's Pizza, Inc. | 717 | 151,667 | ||||||
Hilton Worldwide Holdings, Inc. (b) | 1,620 | 100,197 | ||||||
Home Depot, Inc. (The) | 2,610 | 400,374 | ||||||
Las Vegas Sands Corp. | 1,764 | 112,702 | ||||||
Lions Gate Entertainment Corp. - Class B (a) | 566 | 14,874 | ||||||
Madison Square Garden Co. (The) - Class A (a) | 2,790 | 549,352 | ||||||
Marriott International, Inc. - Class A | 4,699 | 471,357 | ||||||
McDonald's Corp. | 8,349 | 1,278,733 | ||||||
Netflix, Inc. (a) | 6,610 | 987,600 | ||||||
NIKE, Inc.- Class B | 37,050 | 2,185,950 | ||||||
O'Reilly Automotive, Inc. (a) (b) | 9,575 | 2,094,436 | ||||||
Pool Corp. | 5,650 | 664,271 | ||||||
Priceline Group, Inc. (The) (a) | 1,775 | 3,320,173 | ||||||
Service Corp. International | 6,088 | 203,644 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 1,790 | 70,150 | ||||||
Six Flags Entertainment Corp. | 1,180 | 70,340 | ||||||
Starbucks Corp. | 44,815 | 2,613,162 | ||||||
TJX Cos., Inc. (The) | 30,400 | 2,193,968 | ||||||
Tupperware Brands Corp. | 2,870 | 201,560 | ||||||
Ulta Beauty, Inc. (a) | 8,775 | 2,521,408 | ||||||
Vail Resorts, Inc. | 2,460 | 498,962 | ||||||
Walt Disney Co. (The) | 2,044 | 217,175 | ||||||
Wyndham Worldwide Corp. | 3,370 | 338,382 | ||||||
Yum China Holdings, Inc. (a) | 31,212 | 1,230,689 | ||||||
Yum! Brands, Inc. | 28,458 | 2,099,061 | ||||||
40,451,768 | ||||||||
Consumer Staples - 8.0% | ||||||||
Altria Group, Inc. | 21,388 | 1,592,764 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Consumer Staples - 8.0% (Continued) | ||||||||
Blue Buffalo Pet Products, Inc. (a) (b) | 1,020 | $ | 23,266 | |||||
Campbell Soup Co. | 2,168 | 113,061 | ||||||
Clorox Co. (The) | 2,900 | 386,396 | ||||||
Coca-Cola Co. (The) | 74,840 | 3,356,574 | ||||||
Costco Wholesale Corp. | 2,028 | 324,338 | ||||||
Danone S.A. - ADR (b) | 191,912 | 2,882,519 | ||||||
Energizer Holdings, Inc. | 2,280 | 109,486 | ||||||
General Mills, Inc. | 3,805 | 210,797 | ||||||
Kimberly-Clark Corp. | 2,513 | 324,453 | ||||||
Monster Beverage Corp. (a) | 113,836 | 5,655,372 | ||||||
PepsiCo, Inc. | 5,613 | 648,245 | ||||||
Philip Morris International, Inc. | 4,479 | 526,059 | ||||||
Procter & Gamble Co. (The) | 29,010 | 2,528,222 | ||||||
18,681,552 | ||||||||
Energy - 1.4% | ||||||||
Halliburton Co. | 39,725 | 1,696,654 | ||||||
Schlumberger Ltd. | 23,202 | 1,527,620 | ||||||
3,224,274 | ||||||||
Financials - 4.5% | ||||||||
American Express Co. | 14,870 | 1,252,649 | ||||||
Aon plc | 6,080 | 808,336 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 13,138 | 403,337 | ||||||
Charles Schwab Corp. (The) | 56,975 | 2,447,645 | ||||||
Eaton Vance Corp. | 80 | 3,786 | ||||||
Erie Indemnity Co. - Class A | 3,525 | 440,872 | ||||||
Federated Investors, Inc. - Class B (b) | 16,130 | 455,673 | ||||||
First Hawaiian, Inc. | 1,450 | 44,399 | ||||||
Goldman Sachs Group, Inc. (The) | 8,025 | 1,780,747 | ||||||
Healthcare Trust of America, Inc. - Class A | 8,270 | 257,280 | ||||||
Leucadia National Corp. | 2,810 | 73,510 | ||||||
SEI Investments Co. | 45,155 | 2,428,435 | ||||||
10,396,669 | ||||||||
Health Care - 16.7% | ||||||||
Abbott Laboratories | 1,782 | 86,623 | ||||||
AbbVie, Inc. | 8,440 | 611,984 | ||||||
Aetna, Inc. | 100 | 15,183 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Health Care - 16.7% (Continued) | ||||||||
Agilent Technologies, Inc. | 5,760 | $ | 341,626 | |||||
Alexion Pharmaceuticals, Inc. (a) | 15,225 | 1,852,426 | ||||||
Align Technology, Inc. (a) | 12,950 | 1,944,054 | ||||||
Alkermes plc (a) | 490 | 28,405 | ||||||
Allergan plc | 1,855 | 450,932 | ||||||
AmerisourceBergen Corp. (b) | 2,491 | 235,474 | ||||||
Amgen, Inc. | 12,140 | 2,090,872 | ||||||
Baxter International, Inc. | 15,603 | 944,606 | ||||||
Becton, Dickinson and Co. | 7,130 | 1,391,134 | ||||||
Bioverativ, Inc. (a) | 588 | 35,380 | ||||||
Boston Scientific Corp. (a) | 20,720 | 574,358 | ||||||
Bristol-Myers Squibb Co. | 5,944 | 331,200 | ||||||
Bruker Corp. | 4,250 | 122,570 | ||||||
C.R. Bard, Inc. | 890 | 281,338 | ||||||
Celgene Corp. (a) | 30,003 | 3,896,489 | ||||||
Centene Corp. (a) | 5,610 | 448,127 | ||||||
Cerner Corp. (a) | 31,047 | 2,063,694 | ||||||
Cooper Cos., Inc. (The) | 2,077 | 497,275 | ||||||
Danaher Corp. | 3,100 | 261,609 | ||||||
DexCom, Inc. (a) (b) | 21,650 | 1,583,698 | ||||||
Edwards Lifesciences Corp. (a) | 20,250 | 2,394,360 | ||||||
Eli Lilly & Co. | 5,215 | 429,195 | ||||||
Exelixis, Inc. (a) | 8,260 | 203,444 | ||||||
Gilead Sciences, Inc. | 1,950 | 138,021 | ||||||
HCA Healthcare, Inc. (a) | 325 | 28,340 | ||||||
IDEXX Laboratories, Inc. (a) | 350 | 56,497 | ||||||
Incyte Corp. (a) | 8,890 | 1,119,340 | ||||||
Intuitive Surgical, Inc. (a) | 30 | 28,061 | ||||||
Ionis Pharmaceuticals, Inc. (a) (b) | 620 | 31,539 | ||||||
Johnson & Johnson | 1,279 | 169,199 | ||||||
Merck & Co., Inc. | 21,189 | 1,358,003 | ||||||
Mettler-Toledo International, Inc. (a) | 500 | 294,270 | ||||||
Mylan N.V. (a) | 1,276 | 49,534 | ||||||
Novartis AG - ADR (b) | 21,233 | 1,772,319 | ||||||
Novo Nordisk A/S - ADR (b) | 62,152 | 2,665,698 | ||||||
Qiagen N.V. (a) | 5,805 | 194,642 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Health Care - 16.7% (Continued) | ||||||||
Quintiles IMS Holdings, Inc. (a) | 1,320 | $ | 118,140 | |||||
Regeneron Pharmaceuticals, Inc. (a) | 5,484 | 2,693,412 | ||||||
Teleflex, Inc. | 70 | 14,543 | ||||||
UnitedHealth Group, Inc. | 2,635 | 488,582 | ||||||
Varex Imaging Corp. (a) | 897 | 30,319 | ||||||
Varian Medical Systems, Inc. (a) | 19,703 | 2,033,153 | ||||||
Veeva Systems, Inc. - Class A (a) | 4,360 | 267,312 | ||||||
Waters Corp. (a) | 260 | 47,798 | ||||||
West Pharmaceutical Services, Inc. | 710 | 67,109 | ||||||
Zoetis, Inc. | 36,025 | 2,247,240 | ||||||
39,029,127 | ||||||||
Industrials - 7.3% | ||||||||
3M Co. | 3,100 | 645,389 | ||||||
Acuity Brands, Inc. (b) | 8,275 | 1,682,142 | ||||||
AdvanSix, Inc. (a) | 216 | 6,748 | ||||||
Allegion plc | 1,300 | 105,456 | ||||||
BWX Technologies, Inc. | 525 | 25,594 | ||||||
CSX Corp. | 46,475 | 2,535,676 | ||||||
Cummins, Inc. | 100 | 16,222 | ||||||
Deere & Co. | 29,743 | 3,675,937 | ||||||
Dun & Bradstreet Corp. (The) | 1,270 | 137,351 | ||||||
Expeditors International of Washington, Inc. | 43,538 | 2,459,025 | ||||||
Fortive Corp. | 420 | 26,607 | ||||||
Graco, Inc. | 3,090 | 337,675 | ||||||
HD Supply Holdings, Inc. (a) | 7,710 | 236,157 | ||||||
Honeywell International, Inc. | 5,402 | 720,033 | ||||||
IHS Markit Ltd. (a) | 5,890 | 259,395 | ||||||
Illinois Tool Works, Inc. (b) | 130 | 18,623 | ||||||
KAR Auction Services, Inc. | 15,220 | 638,783 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 1,505 | 129,370 | ||||||
Northrop Grumman Corp. | 100 | 25,671 | ||||||
Southwest Airlines Co. | 7,740 | 480,964 | ||||||
Toro Co. (The) | 4,840 | 335,364 | ||||||
United Parcel Service, Inc. - Class B | 20,512 | 2,268,422 | ||||||
Waste Management, Inc. | 1,110 | 81,419 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Industrials - 7.3% (Continued) | ||||||||
Watsco, Inc. | 1,490 | $ | 229,758 | |||||
17,077,781 | ||||||||
Information Technology - 40.3% | ||||||||
Accenture plc - Class A | 3,724 | 460,584 | ||||||
Activision Blizzard, Inc. | 46,470 | 2,675,278 | ||||||
Adobe Systems, Inc. (a) | 22,195 | 3,139,261 | ||||||
Advanced Micro Devices, Inc. (a) (b) | 7,870 | 98,218 | ||||||
Alibaba Group Holding Ltd. - ADR (a) (b) | 38,134 | 5,373,081 | ||||||
Alliance Data Systems Corp. | 96 | 24,642 | ||||||
Alphabet, Inc. - Class A (a) | 4,840 | 4,499,651 | ||||||
Alphabet, Inc. - Class C (a) | 8,764 | 7,964,109 | ||||||
Amphenol Corp. - Class A | 60 | 4,429 | ||||||
Analog Devices, Inc. | 5,146 | 400,359 | ||||||
ANSYS, Inc. (a) | 430 | 52,322 | ||||||
Apple, Inc. | 33,932 | 4,886,886 | ||||||
Applied Materials, Inc. | 52,125 | 2,153,284 | ||||||
Autodesk, Inc. (a) | 32,696 | 3,296,411 | ||||||
Automatic Data Processing, Inc. | 10,358 | 1,061,281 | ||||||
Booz Allen Hamilton Holding Corp. | 11,900 | 387,226 | ||||||
Broadcom Ltd. | 6,677 | 1,556,075 | ||||||
Cadence Design Systems, Inc. (a) | 685 | 22,941 | ||||||
CDK Global, Inc. | 1,037 | 64,356 | ||||||
Cisco Systems, Inc. | 124,314 | 3,891,028 | ||||||
Citrix Systems, Inc. (a) | 3,569 | 284,021 | ||||||
CommScope Holding Co., Inc. (a) | 3,668 | 139,494 | ||||||
Dell Technologies, Inc. - Class V (a) | 1,560 | 95,332 | ||||||
DST Systems, Inc. | 3,960 | 244,332 | ||||||
Electronic Arts, Inc. (a) | 2,070 | 218,840 | ||||||
Euronet Worldwide, Inc. (a) | 2,610 | 228,036 | ||||||
Facebook, Inc. - Class A (a) | 89,173 | 13,463,339 | ||||||
FactSet Research Systems, Inc. (b) | 8,672 | 1,441,113 | ||||||
Fidelity National Information Services, Inc. | 4,491 | 383,531 | ||||||
Intel Corp. | 910 | 30,703 | ||||||
Intuit, Inc. | 3,790 | 503,350 | ||||||
Jack Henry & Associates, Inc. (b) | 6,028 | 626,128 | ||||||
KLA-Tencor Corp. | 780 | 71,378 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Information Technology - 40.3% (Continued) | ||||||||
Lam Research Corp. | 80 | $ | 11,314 | |||||
LogMeIn, Inc. | 613 | 64,059 | ||||||
MasterCard, Inc. - Class A | 4,297 | 521,871 | ||||||
Maxim Integrated Products, Inc. | 825 | 37,043 | ||||||
Microsoft Corp. | 71,981 | 4,961,650 | ||||||
Motorola Solutions, Inc. | 5,371 | 465,881 | ||||||
National Instruments Corp. (b) | 1,480 | 59,526 | ||||||
NCR Corp. (a) (b) | 920 | 37,573 | ||||||
Nuance Communications, Inc. (a) | 7,535 | 131,184 | ||||||
NVIDIA Corp. | 8,387 | 1,212,425 | ||||||
Oracle Corp. | 84,194 | 4,221,487 | ||||||
Paychex, Inc. | 4,315 | 245,696 | ||||||
PayPal Holdings, Inc. (a) | 40,900 | 2,195,103 | ||||||
QUALCOMM, Inc. | 49,078 | 2,710,086 | ||||||
Red Hat, Inc. (a) | 28,550 | 2,733,663 | ||||||
Sabre Corp. (b) | 9,960 | 216,829 | ||||||
salesforce.com, Inc. (a) | 26,375 | 2,284,075 | ||||||
ServiceNow, Inc. (a) | 920 | 97,520 | ||||||
Skyworks Solutions, Inc. | 2,220 | 213,009 | ||||||
Symantec Corp. | 32,580 | 920,385 | ||||||
Take-Two Interactive Software, Inc. (a) | 2,310 | 169,508 | ||||||
Teradata Corp. (a) (b) | 31,279 | 922,418 | ||||||
Texas Instruments, Inc. | 4,255 | 327,337 | ||||||
Vantiv, Inc. - Class A (a) | 6,435 | 407,593 | ||||||
Visa, Inc. - Class A (b) | 88,133 | 8,265,113 | ||||||
Western Union Co. (The) | 24,498 | 466,687 | ||||||
Xilinx, Inc. | 5,455 | 350,866 | ||||||
93,990,920 | ||||||||
Materials - 2.4% | ||||||||
AptarGroup, Inc. | 7,075 | 614,534 | ||||||
Avery Dennison Corp. | 60 | 5,302 | ||||||
Bemis Co., Inc. | 6,310 | 291,838 | ||||||
Celanese Corp. - Series A | 960 | 91,142 | ||||||
Eastman Chemical Co. | 2,515 | 211,235 | ||||||
FMC Corp. | 3,645 | 266,267 | ||||||
GCP Applied Technologies, Inc. (a) | 966 | 29,463 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 98.8% (Continued) | Shares | Value | ||||||
Materials - 2.4% (Continued) | ||||||||
Graphic Packaging Holding Co. | 13,150 | $ | 181,207 | |||||
International Paper Co. (b) | 5,850 | 331,169 | ||||||
PPG Industries, Inc. | 1,930 | 212,223 | ||||||
Praxair, Inc. | 2,585 | 342,642 | ||||||
Scotts Miracle-Gro Co. (The) | 3,736 | 334,223 | ||||||
Sealed Air Corp. | 1,510 | 67,588 | ||||||
Sherwin-Williams Co. (The) | 7,050 | 2,474,267 | ||||||
Silgan Holdings, Inc. (b) | 880 | 27,966 | ||||||
W.R. Grace & Co. | 95 | 6,841 | ||||||
5,487,907 | ||||||||
Real Estate - 0.8% | ||||||||
American Tower Corp. | 770 | 101,886 | ||||||
Care Capital Properties, Inc. | 7,340 | 195,978 | ||||||
Empire State Realty Trust, Inc. - Class A | 690 | 14,331 | ||||||
Equinix, Inc. | 788 | 338,178 | ||||||
Equity LifeStyle Properties, Inc. | 2,405 | 207,648 | ||||||
Federal Realty Investment Trust | 2,338 | 295,500 | ||||||
Lamar Advertising Co. - Class A (b) | 6,644 | 488,799 | ||||||
Senior Housing Properties Trust | 1,500 | 30,660 | ||||||
Tanger Factory Outlet Centers, Inc. | 5,060 | 131,459 | ||||||
Taubman Centers, Inc. | 595 | 35,432 | ||||||
1,839,871 | ||||||||
Total Common Stocks (Cost $158,165,414) | $ | 230,179,869 |
Wilshire Mutual Funds, Inc. Large Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
MONEY MARKET FUNDS - 1.2% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (c) | 2,847,647 | $ | 2,847,647 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.04% (c) (d) | 69,026 | 69,026 | ||||||
Total Money Market Funds (Cost $2,916,673) | $ | 2,916,673 | ||||||
Total Investments at Value - 100.0% (Cost $161,082,087) | $ | 233,096,542 | ||||||
Liabilities in Excess of Other Assets - 0.0% (e) | (65,934 | ) | ||||||
Net Assets - 100.0% | $ | 233,030,608 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $29,830,099 (Note 6). |
(c) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $69,026. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $69,026 (Note 6). |
(e) | Percentage rounds to greater than (0.1%). |
ADR - | American Depositary Receipt. |
Ltd. - | Limited. |
plc - | Public Limited Company. |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% | Shares | Value | ||||||
Consumer Discretionary - 6.2% | ||||||||
Adient plc | 10,381 | $ | 678,710 | |||||
Burlington Stores, Inc. (a) | 2,660 | 244,693 | ||||||
Charter Communications, Inc. - Class A (a) | 40 | 13,474 | ||||||
Choice Hotels International, Inc. | 4,742 | 304,674 | ||||||
Ford Motor Co. | 103,425 | 1,157,326 | ||||||
Garmin Ltd. (b) | 740 | 37,762 | ||||||
Hilton Worldwide Holdings, Inc. (b) | 19,274 | 1,192,096 | ||||||
Interpublic Group of Cos., Inc. (The) (b) | 24,117 | 593,278 | ||||||
John Wiley & Sons, Inc. - Class A | 390 | 20,573 | ||||||
Kohl's Corp. (b) | 6,975 | 269,723 | ||||||
Liberty Broadband Corp. - Series A (a) (b) | 1,333 | 114,358 | ||||||
Marriott International, Inc. - Class A | 5,624 | 564,143 | ||||||
News Corp. - Class A | 43,360 | 594,032 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 1,040 | 56,462 | ||||||
Omnicom Group, Inc. | 17,637 | 1,462,107 | ||||||
Staples, Inc. | 62,736 | 631,752 | ||||||
Target Corp. | 16,500 | 862,785 | ||||||
Whirlpool Corp. | 3,800 | 728,156 | ||||||
Yum! Brands, Inc. | 3,030 | 223,493 | ||||||
9,749,597 | ||||||||
Consumer Staples - 6.4% | ||||||||
Altria Group, Inc. | 22,800 | 1,697,916 | ||||||
Coca-Cola Co. (The) | 3,990 | 178,952 | ||||||
Colgate-Palmolive Co. | 440 | 32,617 | ||||||
CVS Health Corp. | 6,825 | 549,140 | ||||||
Edgewell Personal Care Co. (a) | 515 | 39,150 | ||||||
Kellogg Co. | 7,675 | 533,106 | ||||||
Kimberly-Clark Corp. | 431 | 55,646 | ||||||
Molson Coors Brewing Co. - Class B | 4,230 | 365,217 | ||||||
PepsiCo, Inc. | 1,250 | 144,363 | ||||||
Philip Morris International, Inc. | 23,706 | 2,784,270 | ||||||
Pinnacle Foods, Inc. | 2,040 | 121,176 | ||||||
Post Holdings, Inc. (a) | 640 | 49,696 | ||||||
Procter & Gamble Co. (The) | 8,072 | 703,475 | ||||||
Tyson Foods, Inc. - Class A | 9,300 | 582,459 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Consumer Staples - 6.4% (Continued) | ||||||||
Wal-Mart Stores, Inc. | 30,345 | $ | 2,296,509 | |||||
10,133,692 | ||||||||
Energy - 11.0% | ||||||||
Apache Corp. (b) | 3,785 | 181,415 | ||||||
Baker Hughes, Inc. | 5,325 | 290,265 | ||||||
BP plc - ADR (b) | 90,880 | 3,148,992 | ||||||
Cenovus Energy, Inc. (b) | 40,800 | 300,696 | ||||||
Chevron Corp. | 11,399 | 1,189,258 | ||||||
ConocoPhillips | 46,978 | 2,065,153 | ||||||
Ensco plc - Class A (b) | 15,164 | 78,246 | ||||||
EOG Resources, Inc. | 700 | 63,364 | ||||||
Exxon Mobil Corp. | 39,826 | 3,215,153 | ||||||
Halliburton Co. | 70 | 2,990 | ||||||
Kinder Morgan, Inc. | 7,440 | 142,550 | ||||||
Murphy Oil Corp. | 23,200 | 594,616 | ||||||
Occidental Petroleum Corp. | 22,400 | 1,341,088 | ||||||
PBF Energy, Inc. - Class A (b) | 20,800 | 463,008 | ||||||
Phillips 66 | 17,600 | 1,455,344 | ||||||
Rowan Cos. plc - Class A (a) (b) | 12,753 | 130,591 | ||||||
Royal Dutch Shell plc - Class A - ADR (b) | 43,784 | 2,328,874 | ||||||
Schlumberger Ltd. | 100 | 6,584 | ||||||
TechnipFMC plc (a) | 2,973 | 80,866 | ||||||
Tesoro Corp. | 499 | 46,706 | ||||||
World Fuel Services Corp. | 8,700 | 334,515 | ||||||
17,460,274 | ||||||||
Financials - 31.1% | ||||||||
Aflac, Inc. | 180 | 13,982 | ||||||
Allstate Corp. (The) | 7,050 | 623,502 | ||||||
American Express Co. | 21,900 | 1,844,856 | ||||||
American Financial Group, Inc. | 2,131 | 211,757 | ||||||
American International Group, Inc. | 24,922 | 1,558,123 | ||||||
American National Insurance Co. | 735 | 85,620 | ||||||
Arch Capital Group Ltd. (a) | 450 | 41,981 | ||||||
Arthur J. Gallagher & Co. | 1,310 | 74,998 | ||||||
Aspen Insurance Holdings Ltd. | 5,701 | 284,195 | ||||||
Assured Guaranty Ltd. | 21,631 | 902,878 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Financials - 31.1% (Continued) | ||||||||
Axis Capital Holdings Ltd. | 14,579 | $ | 942,678 | |||||
Bank of America Corp. | 196,105 | 4,757,506 | ||||||
Bank of Hawaii Corp. (b) | 1,030 | 85,459 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 3,104 | 525,724 | ||||||
Capital One Financial Corp. | 14,553 | 1,202,369 | ||||||
Chimera Investment Corp. | 19,669 | 366,433 | ||||||
Citigroup, Inc. | 40,168 | 2,686,436 | ||||||
Citizens Financial Group, Inc. | 15,989 | 570,488 | ||||||
Commerce Bancshares, Inc. | 2,038 | 115,820 | ||||||
Everest Re Group Ltd. | 180 | 45,826 | ||||||
Fifth Third Bancorp | 26,397 | 685,266 | ||||||
First American Financial Corp. | 930 | 41,562 | ||||||
Franklin Resources, Inc. | 28,678 | 1,284,488 | ||||||
Fulton Financial Corp. | 286 | 5,434 | ||||||
Genworth Financial, Inc. - Class A (a) | 420 | 1,583 | ||||||
Goldman Sachs Group, Inc. (The) | 6,422 | 1,425,042 | ||||||
Hanover Insurance Group, Inc. (The) | 7,800 | 691,314 | ||||||
Invesco Ltd. | 9,201 | 323,783 | ||||||
JPMorgan Chase & Co. | 60,399 | 5,520,468 | ||||||
KeyCorp | 32,434 | 607,813 | ||||||
Loews Corp. | 29,000 | 1,357,490 | ||||||
Mercury General Corp. | 386 | 20,844 | ||||||
MetLife, Inc. | 29,366 | 1,613,368 | ||||||
MFA Financial, Inc. | 49,327 | 413,854 | ||||||
Morgan Stanley | 35,177 | 1,567,487 | ||||||
Old Republic International Corp. | 2,818 | 55,036 | ||||||
People's United Financial, Inc. (b) | 277 | 4,892 | ||||||
PNC Financial Services Group, Inc. (The) | 5,620 | 701,769 | ||||||
Principal Financial Group, Inc. | 350 | 22,425 | ||||||
ProAssurance Corp. | 6,113 | 371,670 | ||||||
Progressive Corp. (The) | 3,060 | 134,915 | ||||||
Regions Financial Corp. | 62,581 | 916,186 | ||||||
RenaissanceRe Holdings Ltd. | 540 | 75,087 | ||||||
Starwood Property Trust, Inc. | 19,085 | 427,313 | ||||||
State Street Corp. | 38,273 | 3,434,236 | ||||||
Synovus Financial Corp. | 9,380 | 414,971 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Financials - 31.1% (Continued) | ||||||||
TCF Financial Corp. | 1,675 | $ | 26,700 | |||||
Two Harbors Investment Corp. | 30,850 | 305,724 | ||||||
U.S. Bancorp | 4,568 | 237,171 | ||||||
UBS Group AG (b) | 74,191 | 1,259,763 | ||||||
Validus Holdings Ltd. | 13,850 | 719,785 | ||||||
Voya Financial, Inc. | 33,023 | 1,218,219 | ||||||
Wells Fargo & Co. | 69,751 | 3,864,903 | ||||||
White Mountains Insurance Group Ltd. | 29 | 25,190 | ||||||
Willis Towers Watson plc | 2,076 | 301,975 | ||||||
XL Group Ltd. | 50,309 | 2,203,535 | ||||||
49,221,892 | ||||||||
Health Care - 14.2% | ||||||||
Abbott Laboratories | 17,108 | 831,620 | ||||||
Aetna, Inc. | 230 | 34,921 | ||||||
Agilent Technologies, Inc. | 6,505 | 385,811 | ||||||
Allergan plc | 2,210 | 537,229 | ||||||
Baxter International, Inc. | 10,730 | 649,594 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 660 | 149,365 | ||||||
Cardinal Health, Inc. | 3,550 | 276,616 | ||||||
Centene Corp. (a) | 3,390 | 270,793 | ||||||
Cigna Corp. | 7,664 | 1,282,877 | ||||||
Cooper Cos., Inc. (The) | 2,601 | 622,731 | ||||||
Danaher Corp. | 7,160 | 604,232 | ||||||
Express Scripts Holding Co. (a) | 9,706 | 619,631 | ||||||
Johnson & Johnson | 32,018 | 4,235,661 | ||||||
McKesson Corp. | 4,336 | 713,445 | ||||||
Medtronic plc | 24,142 | 2,142,603 | ||||||
Merck & Co., Inc. | 51,101 | 3,275,063 | ||||||
Mylan N.V. (a) | 22,708 | 881,525 | ||||||
Patterson Cos., Inc. (b) | 910 | 42,725 | ||||||
Pfizer, Inc. | 101,337 | 3,403,910 | ||||||
Qiagen N.V. (a) | 6,813 | 228,440 | ||||||
Quintiles IMS Holdings, Inc. (a) | 1,436 | 128,522 | ||||||
Sanofi - ADR (b) | 19,400 | 929,454 | ||||||
Teleflex, Inc. | 750 | 155,820 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Health Care - 14.2% (Continued) | ||||||||
Thermo Fisher Scientific, Inc. | 130 | $ | 22,681 | |||||
22,425,269 | ||||||||
Industrials - 8.9% | ||||||||
Caterpillar, Inc. | 5,835 | 627,029 | ||||||
Crane Co. | 900 | 71,442 | ||||||
Deere & Co. | 4,740 | 585,817 | ||||||
Dover Corp. | 14,222 | 1,140,889 | ||||||
Dun & Bradstreet Corp. (The) | 390 | 42,179 | ||||||
Eaton Corp. plc | 560 | 43,585 | ||||||
General Electric Co. | 28,546 | 771,027 | ||||||
IHS Markit Ltd. (a) | 3,870 | 170,434 | ||||||
Ingersoll-Rand plc | 504 | 46,061 | ||||||
Johnson Controls International plc | 32,616 | 1,414,230 | ||||||
Kennametal, Inc. | 2,046 | 76,561 | ||||||
L3 Technologies, Inc. | 1,761 | 294,228 | ||||||
Norfolk Southern Corp. | 7,800 | 949,260 | ||||||
Parker-Hannifin Corp. | 7,187 | 1,148,626 | ||||||
Quanta Services, Inc. (a) | 1,090 | 35,883 | ||||||
Raytheon Co. | 4,300 | 694,364 | ||||||
Republic Services, Inc. | 740 | 47,160 | ||||||
Roper Technologies, Inc. | 760 | 175,963 | ||||||
Southwest Airlines Co. | 20,300 | 1,261,442 | ||||||
Stanley Black & Decker, Inc. | 16,698 | 2,349,910 | ||||||
United Technologies Corp. | 13,975 | 1,706,487 | ||||||
Waste Management, Inc. | 2,040 | 149,634 | ||||||
XPO Logistics, Inc. (a) | 1,400 | 90,482 | ||||||
Xylem, Inc. | 2,510 | 139,129 | ||||||
14,031,822 | ||||||||
Information Technology - 10.5% | ||||||||
Akamai Technologies, Inc. (a) | 580 | 28,890 | ||||||
Analog Devices, Inc. | 2,308 | 179,562 | ||||||
Apple, Inc. | 2,601 | 374,596 | ||||||
Applied Materials, Inc. | 5,040 | 208,202 | ||||||
Autodesk, Inc. (a) | 4,300 | 433,526 | ||||||
Booz Allen Hamilton Holding Corp. | 7,779 | 253,129 | ||||||
Cisco Systems, Inc. | 28,082 | 878,967 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Information Technology - 10.5% (Continued) | ||||||||
Cognizant Technology Solutions Corp. - Class A | 14,664 | $ | 973,690 | |||||
Dolby Laboratories, Inc. - Class A | 2,650 | 129,744 | ||||||
DXC Technology Co. | 3,779 | 289,925 | ||||||
Hewlett Packard Enterprise Co. | 70,604 | 1,171,320 | ||||||
Intel Corp. | 48,474 | 1,635,513 | ||||||
International Business Machines Corp. | 8,600 | 1,322,937 | ||||||
Jabil Circuit, Inc. | 300 | 8,757 | ||||||
Juniper Networks, Inc. | 4,374 | 121,947 | ||||||
Lam Research Corp. | 740 | 104,658 | ||||||
Leidos Holdings, Inc. | 2,380 | 123,022 | ||||||
Marvell Technology Group Ltd. | 15,770 | 260,520 | ||||||
Microsemi Corp. (a) | 100 | 4,680 | ||||||
Microsoft Corp. | 12,094 | 833,639 | ||||||
NetApp, Inc. | 14,635 | 586,132 | ||||||
Oracle Corp. | 57,910 | 2,903,608 | ||||||
PTC, Inc. (a) | 110 | 6,063 | ||||||
QUALCOMM, Inc. | 29,375 | 1,622,088 | ||||||
Seagate Technology plc (b) | 8,212 | 318,215 | ||||||
Symantec Corp. | 20,536 | 580,142 | ||||||
Synopsys, Inc. (a) | 3,139 | 228,927 | ||||||
TE Connectivity Ltd. | 7,736 | 608,669 | ||||||
Teradyne, Inc. | 11,785 | 353,904 | ||||||
Vishay Intertechnology, Inc. (b) | 4 | 66 | ||||||
16,545,038 | ||||||||
Materials - 2.6% | ||||||||
AptarGroup, Inc. | 2,611 | 226,792 | ||||||
Avery Dennison Corp. | 2,060 | 182,042 | ||||||
Bemis Co., Inc. | 1,881 | 86,996 | ||||||
Cabot Corp. | 1,445 | 77,206 | ||||||
Celanese Corp. - Series A | 1,764 | 167,474 | ||||||
Domtar Corp. | 40 | 1,537 | ||||||
Dow Chemical Co. (The) | 7,400 | 466,718 | ||||||
E.I. du Pont de Nemours and Co. | 18,400 | 1,485,064 | ||||||
Eastman Chemical Co. | 3,035 | 254,910 | ||||||
FMC Corp. | 600 | 43,830 | ||||||
International Paper Co. (b) | 8,735 | 494,489 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Materials - 2.6% (Continued) | ||||||||
Newmont Mining Corp. | 5,047 | $ | 163,472 | |||||
Praxair, Inc. | 620 | 82,181 | ||||||
Scotts Miracle-Gro Co. (The) | 2,119 | 189,566 | ||||||
Sonoco Products Co. | 3,903 | 200,692 | ||||||
W.R. Grace & Co. | 10 | 720 | ||||||
4,123,689 | ||||||||
Real Estate - 2.2% | ||||||||
Brandywine Realty Trust | 2,470 | 43,299 | ||||||
Columbia Property Trust, Inc. | 8,440 | 188,887 | ||||||
DCT Industrial Trust, Inc. | 4,839 | 258,596 | ||||||
Equity Commonwealth (a) | 28,560 | 902,497 | ||||||
HCP, Inc. | 17,500 | 559,301 | ||||||
Highwoods Properties, Inc. | 8,386 | 425,254 | ||||||
Hospitality Properties Trust | 10,720 | 312,488 | ||||||
Liberty Property Trust | 4,616 | 187,917 | ||||||
Paramount Group, Inc. | 14,210 | 227,360 | ||||||
Quality Care Properties, Inc. (a) | 1,517 | 27,776 | ||||||
Retail Properties of America, Inc. - Class A | 16,570 | �� | 202,320 | |||||
STORE Capital Corp. | 7,594 | 170,485 | ||||||
Sun Communities, Inc. | 15 | 1,315 | ||||||
3,507,495 | ||||||||
Telecommunication Services - 2.0% | ||||||||
AT&T, Inc. | 54,376 | 2,051,606 | ||||||
Verizon Communications, Inc. | 26,600 | 1,187,956 | ||||||
3,239,562 | ||||||||
Utilities - 4.3% | ||||||||
Aqua America, Inc. | 5,840 | 194,472 | ||||||
Avangrid, Inc. | 14,430 | 637,085 | ||||||
CenterPoint Energy, Inc. | 10,718 | 293,459 | ||||||
Dominion Energy, Inc. | 905 | 69,350 | ||||||
DTE Energy Co. | 1,017 | 107,588 | ||||||
Duke Energy Corp. | 2,359 | 197,189 | ||||||
Edison International | 11,294 | 883,077 | ||||||
Entergy Corp. | 23,959 | 1,839,331 | ||||||
Eversource Energy | 1,235 | 74,977 | ||||||
Exelon Corp. | 9,579 | 345,515 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.4% (Continued) | Shares | Value | ||||||
Utilities - 4.3% (Continued) | ||||||||
FirstEnergy Corp. | 2,568 | $ | 74,883 | |||||
Hawaiian Electric Industries, Inc. (b) | 23,975 | 776,311 | ||||||
National Fuel Gas Co. (b) | 6,020 | 336,157 | ||||||
PPL Corp. | 2,040 | 78,866 | ||||||
Southern Co. (The) | 10,545 | 504,895 | ||||||
Vectren Corp. | 5,331 | 311,544 | ||||||
6,724,699 | ||||||||
Total Common Stocks (Cost $127,720,525) | $ | 157,163,029 | ||||||
RIGHTS - 0.0% (c) | Shares | Value | ||||||
Safeway CVR - Casa Ley (a) (d) | 1,118 | $ | 1,135 | |||||
Safeway CVR - PDC (a) (d) | 1,118 | 0 | ||||||
Total Rights (Cost $0) | $ | 1,135 |
Wilshire Mutual Funds, Inc. Large Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
MONEY MARKET FUNDS - 1.6% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 973,893 | $ | 973,893 | |||||
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 1.04% (e) (f) | 1,614,423 | 1,614,423 | ||||||
Total Money Market Funds (Cost $2,588,316) | $ | 2,588,316 | ||||||
Total Investments at Value - 101.0% (Cost $130,308,841) | $ | 159,752,480 | ||||||
Liabilities in Excess of Other Assets - (1.0%) | (1,568,163 | ) | ||||||
Net Assets - 100.0% | $ | 158,184,317 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $9,483,966 (Note 6). |
(c) | Percentage rounds to less than 0.1%. |
(d) | Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Trustees. The total value of such securities is $1,135 at June 30, 2017, representing 0.0%(c) of net assets (Note 2). |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $1,614,423. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,614,423 (Note 6). |
ADR - | American Depositary Receipt. |
CVR - | Contingent Value Right. |
Ltd. - | Limited. |
plc - | Public Limited Company. |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% | Shares | Value | ||||||
Consumer Discretionary - 9.6% | ||||||||
BJ's Restaurants, Inc. (a) | 1,730 | $ | 64,443 | |||||
Bojangles', Inc. (a) (b) | 12,500 | 203,125 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 800 | 61,769 | ||||||
Buffalo Wild Wings, Inc. (a) (b) | 70 | 8,869 | ||||||
Capella Education Co. | 515 | 44,084 | ||||||
Cavco Industries, Inc. (a) | 220 | 28,523 | ||||||
Cheesecake Factory, Inc. (The) | 1,051 | 52,865 | ||||||
Children's Place, Inc. (The) (b) | 230 | 23,483 | ||||||
Chuy's Holdings, Inc. (a) | 5,076 | 118,778 | ||||||
Columbia Sportswear Co. | 125 | 7,258 | ||||||
Cooper-Standard Holdings, Inc. (a) | 410 | 41,357 | ||||||
Culp, Inc. | 196 | 6,370 | ||||||
Dave & Buster's Entertainment, Inc. (a) | 1,130 | 75,156 | ||||||
Denny's Corp. (a) | 4,005 | 47,139 | ||||||
Dorman Products, Inc. (a) | 7,830 | 648,089 | ||||||
Entravision Communications Corp. - Class A | 1,040 | 6,864 | ||||||
Five Below, Inc. (a) | 410 | 20,242 | ||||||
Gentherm, Inc. (a) | 1,205 | 46,754 | ||||||
Grand Canyon Education, Inc. (a) | 679 | 53,240 | ||||||
Installed Building Products, Inc. (a) (b) | 380 | 20,121 | ||||||
Jack in the Box, Inc. | 585 | 57,623 | ||||||
Kirkland's, Inc. (a) | 1,120 | 11,514 | ||||||
La-Z-Boy, Inc. | 1,085 | 35,263 | ||||||
LCI Industries (b) | 3,670 | 375,808 | ||||||
Lindblad Expeditions Holdings, Inc. (a) | 2,340 | 24,570 | ||||||
Malibu Boats, Inc. - Class A (a) | 1,375 | 35,571 | ||||||
MCBC Holdings, Inc. (a) | 840 | 16,422 | ||||||
Monarch Casino & Resort, Inc. (a) | 5 | 151 | ||||||
New Media Investment Group, Inc. (b) | 660 | 8,897 | ||||||
New York Times Co. (The) - Class A | 2,715 | 48,055 | ||||||
Papa John's International, Inc. | 2,490 | 178,682 | ||||||
Potbelly Corp. (a) | 590 | 6,785 | ||||||
Sonic Corp. (b) | 18,527 | 490,780 | ||||||
Standard Motor Products, Inc. | 2,470 | 128,983 | ||||||
Steven Madden Ltd. (a) | 18,510 | 739,474 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 9.6% (Continued) | ||||||||
Stoneridge, Inc. (a) | 6,490 | $ | 100,011 | |||||
Strayer Education, Inc. | 60 | 5,593 | ||||||
Texas Roadhouse, Inc. | 630 | 32,099 | ||||||
Tile Shop Holdings, Inc. | 695 | 14,352 | ||||||
Winmark Corp. (b) | 465 | 59,961 | ||||||
3,949,123 | ||||||||
Consumer Staples - 4.6% | ||||||||
B&G Foods, Inc. (b) | 1,637 | 58,277 | ||||||
Calavo Growers, Inc. (b) | 9,880 | 682,213 | ||||||
Inter Parfums, Inc. (b) | 13,160 | 482,314 | ||||||
J & J Snack Foods Corp. | 3,080 | 406,776 | ||||||
Lancaster Colony Corp. | 922 | 113,056 | ||||||
Lifeway Foods, Inc. (a) | 10 | 93 | ||||||
Medifast, Inc. | 2,440 | 101,187 | ||||||
Omega Protein Corp. | 400 | 7,160 | ||||||
USANA Health Sciences, Inc. (a) (b) | 40 | 2,564 | ||||||
WD-40 Co. (b) | 485 | 53,520 | ||||||
1,907,160 | ||||||||
Energy - 2.2% | ||||||||
Adams Resources & Energy, Inc. | 40 | 1,643 | ||||||
Callon Petroleum Co. (a) | 30,405 | 322,597 | ||||||
Oasis Petroleum, Inc. (a) (b) | 18,457 | 148,579 | ||||||
PHI, Inc. (a) | 310 | 3,026 | ||||||
WildHorse Resource Development Corp. (a) (b) | 36,066 | 446,136 | ||||||
921,981 | ||||||||
Financials - 8.1% | ||||||||
Associated Capital Group, Inc. - Class A | 80 | 2,720 | ||||||
Atlas Financial Holdings, Inc. (a) | 950 | 14,155 | ||||||
Banc of California, Inc. (b) | 28,785 | 618,878 | ||||||
Bank of N.T. Butterfield & Son Ltd. (The) | 320 | 10,912 | ||||||
CenterState Banks, Inc. | 12,220 | 303,789 | ||||||
Cohen & Steers, Inc. | 610 | 24,729 | ||||||
County Bancorp, Inc. | 710 | 17,040 | ||||||
Eagle Bancorp, Inc. (a) | 150 | 9,495 | ||||||
Essent Group Ltd. (a) (b) | 4,390 | 163,044 | ||||||
Evercore Partners, Inc. - Class A | 1,898 | 133,809 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Financials - 8.1% (Continued) | ||||||||
Four Corners Property Trust, Inc. | 980 | $ | 24,608 | |||||
GAIN Capital Holdings, Inc. (b) | 2,050 | 12,772 | ||||||
Hallmark Financial Services, Inc. (a) | 85 | 958 | ||||||
Home BancShares, Inc. | 1,161 | 28,909 | ||||||
Investment Technology Group, Inc. | 1,430 | 30,373 | ||||||
LegacyTexas Financial Group, Inc. | 11,440 | 436,207 | ||||||
Moelis & Co. - Class A | 150 | 5,828 | ||||||
National Bank Holdings Corp. - Class A | 2,868 | 94,959 | ||||||
Northfield Bancorp, Inc. | 1,550 | 26,583 | ||||||
Pinnacle Financial Partners, Inc. | 6,950 | 436,460 | ||||||
Pzena Investment Management, Inc. - Class A | 3,898 | 39,604 | ||||||
Regional Management Corp. (a) | 310 | 7,325 | ||||||
ServisFirst Bancshares, Inc. | 150 | 5,534 | ||||||
South State Corp. | 6,965 | 596,901 | ||||||
State National Cos., Inc. | 850 | 15,623 | ||||||
Third Point Reinsurance Ltd. (a) | 1,635 | 22,726 | ||||||
Veritex Holdings, Inc. (a) | 8,810 | 231,967 | ||||||
3,315,908 | ||||||||
Health Care - 26.3% | ||||||||
Addus HomeCare Corp. (a) | 45 | 1,674 | ||||||
Aerie Pharmaceuticals, Inc. (a) | 440 | 23,122 | ||||||
Amedisys, Inc. (a) | 3,010 | 189,058 | ||||||
Amicus Therapeutics, Inc. (a) (b) | 1,590 | 16,011 | ||||||
AMN Healthcare Services, Inc. (a) (b) | 740 | 28,897 | ||||||
Amphastar Pharmaceuticals, Inc. (a) | 300 | 5,358 | ||||||
Anika Therapeutics, Inc. (a) | 1,050 | 51,807 | ||||||
Array BioPharma, Inc. (a) (b) | 3,830 | 32,057 | ||||||
BioSpecifics Technologies Corp. (a) | 475 | 23,517 | ||||||
BioTelemetry, Inc. (a) | 550 | 18,398 | ||||||
Cambrex Corp. (a) | 12,075 | 721,481 | ||||||
Cantel Medical Corp. | 10,595 | 825,455 | ||||||
Catalent, Inc. (a) | 2,549 | 89,470 | ||||||
Chemed Corp. (b) | 610 | 124,763 | ||||||
ChemoCentryx, Inc. (a) | 3,100 | 29,016 | ||||||
Coherus Biosciences, Inc. (a) | 1,110 | 15,929 | ||||||
Corcept Therapeutics, Inc. (a) | 5,119 | 60,404 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Health Care - 26.3% (Continued) | ||||||||
CorVel Corp. (a) | 2,609 | $ | 123,797 | |||||
Cotiviti Holdings, Inc. (a) | 16,885 | 627,109 | ||||||
Cross Country Healthcare, Inc. (a) | 1,085 | 14,007 | ||||||
Cytokinetics, Inc. (a) | 3,050 | 36,905 | ||||||
Eagle Pharmaceuticals, Inc. (a) (b) | 2,770 | 218,525 | ||||||
Emergent BioSolutions, Inc. (a) | 2,480 | 84,097 | ||||||
Enzo Biochem, Inc. (a) | 295 | 3,257 | ||||||
Exelixis, Inc. (a) | 8,540 | 210,340 | ||||||
FibroGen, Inc. (a) (b) | 1,750 | 56,525 | ||||||
Five Prime Therapeutics, Inc. (a) (b) | 2,130 | 64,134 | ||||||
Genomic Health, Inc. (a) | 1,860 | 60,543 | ||||||
Glaukos Corp. (a) (b) | 1,400 | 58,058 | ||||||
Globus Medical, Inc. - Class A (a) | 3,150 | 104,423 | ||||||
HMS Holdings Corp. (a) | 3,180 | 58,830 | ||||||
ICON plc (a) | 5,740 | 561,315 | ||||||
INC Research Holdings, Inc. - Class A (a) | 633 | 37,031 | ||||||
Inogen, Inc. (a) | 1,440 | 137,405 | ||||||
Insulet Corp. (a) (b) | 1,110 | 56,954 | ||||||
Integra LifeSciences Holdings Corp. (a) | 1,340 | 73,043 | ||||||
Landauer, Inc. | 820 | 42,886 | ||||||
Ligand Pharmaceuticals, Inc. (a) (b) | 80 | 9,712 | ||||||
MacroGenics, Inc. (a) | 950 | 16,635 | ||||||
Magellan Health, Inc. (a) | 120 | 8,748 | ||||||
Masimo Corp. (a) | 2,475 | 225,671 | ||||||
Medidata Solutions, Inc. (a) | 7,160 | 559,912 | ||||||
Meridian Bioscience, Inc. | 4,545 | 71,584 | ||||||
Momenta Pharmaceuticals, Inc. (a) | 940 | 15,886 | ||||||
Natera, Inc. (a) | 2,600 | 28,236 | ||||||
Natus Medical, Inc. (a) | 484 | 18,053 | ||||||
Nektar Therapeutics (a) | 2,020 | 39,491 | ||||||
Neogen Corp. (a) | 7,170 | 495,518 | ||||||
Nevro Corp. (a) (b) | 400 | 29,772 | ||||||
NuVasive, Inc. (a) | 1,430 | 109,996 | ||||||
NxStage Medical, Inc. (a) | 550 | 13,789 | ||||||
OraSure Technologies, Inc. (a) | 3,895 | 67,228 | ||||||
Orthofix International N.V. (a) | 570 | 26,494 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Health Care - 26.3% (Continued) | ||||||||
PAREXEL International Corp. (a) | 479 | $ | 41,630 | |||||
Phibro Animal Health Corp. - Class A | 2,840 | 105,222 | ||||||
Portola Pharmaceuticals, Inc. (a) | 950 | 53,362 | ||||||
PRA Health Sciences, Inc. (a) | 15,065 | 1,130,025 | ||||||
Prestige Brands Holdings, Inc. (a) | 8,724 | 460,714 | ||||||
Progenics Pharmaceuticals, Inc. (a) | 4,600 | 31,234 | ||||||
Providence Service Corp. (The) (a) | 2,500 | 126,525 | ||||||
Quality Systems, Inc. (a) | 2,990 | �� | 51,458 | |||||
Quidel Corp. (a) | 2,510 | 68,121 | ||||||
Repligen Corp. (a) | 18,794 | 778,822 | ||||||
SciClone Pharmaceuticals, Inc. (a) | 4,638 | 51,018 | ||||||
Spectranetics Corp. (The) (a) | 990 | 38,016 | ||||||
Sucampo Pharmaceuticals, Inc. - Class A (a) (b) | 2,150 | 22,575 | ||||||
Supernus Pharmaceuticals, Inc. (a) | 20,000 | 862,001 | ||||||
Surmodics, Inc. (a) | 330 | 9,290 | ||||||
TESARO, Inc. (a) (b) | 1,380 | 193,007 | ||||||
U.S. Physical Therapy, Inc. | 920 | 55,568 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) (b) | 380 | 23,602 | ||||||
Vanda Pharmaceuticals, Inc. (a) | 1,500 | 24,450 | ||||||
Xencor, Inc. (a) (b) | 2,898 | 61,177 | ||||||
10,810,143 | ||||||||
Industrials - 13.8% | ||||||||
American Woodmark Corp. (a) | 1,746 | 166,830 | ||||||
Apogee Enterprises, Inc. | 100 | 5,684 | ||||||
Applied Industrial Technologies, Inc. | 2,175 | 128,434 | ||||||
ARC Document Solutions, Inc. (a) | 2,535 | 10,546 | ||||||
Argan, Inc. | 970 | 58,200 | ||||||
Barrett Business Services, Inc. | 1,360 | 77,914 | ||||||
Beacon Roofing Supply, Inc. (a) | 460 | 22,540 | ||||||
Belden, Inc. | 360 | 27,155 | ||||||
Brady Corp. - Class A | 4,375 | 148,312 | ||||||
Brink's Co. (The) | 1,900 | 127,300 | ||||||
Casella Waste Systems, Inc. - Class A (a) | 40 | 656 | ||||||
Comfort Systems USA, Inc. | 2,180 | 80,878 | ||||||
Continental Building Products, Inc. (a) | 3,060 | 71,298 | ||||||
CSW Industrials, Inc. (a) | 590 | 22,804 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Industrials - 13.8% (Continued) | ||||||||
Curtiss-Wright Corp. | 180 | $ | 16,520 | |||||
EMCOR Group, Inc. | 890 | 58,188 | ||||||
EnerSys | 730 | 52,888 | ||||||
EnPro Industries, Inc. | 675 | 48,175 | ||||||
Exponent, Inc. | 1,033 | 60,224 | ||||||
Forward Air Corp. | 1,440 | 76,723 | ||||||
General Cable Corp. | 865 | 14,143 | ||||||
Gibraltar Industries, Inc. (a) | 100 | 3,565 | ||||||
Gorman-Rupp Co. (The) | 442 | 11,258 | ||||||
Harsco Corp. (a) | 1,841 | 29,640 | ||||||
Hawaiian Holdings, Inc. (a) | 2,740 | 128,643 | ||||||
Heritage-Crystal Clean, Inc. (a) | 180 | 2,862 | ||||||
Herman Miller, Inc. | 2,645 | 80,408 | ||||||
HNI Corp. | 310 | 12,360 | ||||||
Insperity, Inc. | 470 | 33,370 | ||||||
Insteel Industries, Inc. | 1,325 | 43,685 | ||||||
Interface, Inc. | 1,840 | 36,156 | ||||||
Kimball International, Inc. - Class B | 1,690 | 28,206 | ||||||
Knight Transportation, Inc. (b) | 8,970 | 332,339 | ||||||
Knoll, Inc. | 20,790 | 416,839 | ||||||
Kornit Digital Ltd. (a) | 13,855 | 268,093 | ||||||
Lydall, Inc. (a) | 595 | 30,762 | ||||||
MasTec, Inc. (a) | 1,835 | 82,850 | ||||||
Mistras Group, Inc. (a) | 450 | 9,887 | ||||||
Mueller Industries, Inc. | 128 | 3,898 | ||||||
Multi-Color Corp. | 115 | 9,384 | ||||||
NCI Building Systems, Inc. (a) | 96 | 1,603 | ||||||
On Assignment, Inc. (a) | 735 | 39,800 | ||||||
Patrick Industries, Inc. (a) | 100 | 7,285 | ||||||
PGT Innovations, Inc. (a) | 20,109 | 257,396 | ||||||
Ply Gem Holdings, Inc. (a) | 1,920 | 34,464 | ||||||
Quad/Graphics, Inc. | 3,990 | 91,451 | ||||||
Saia, Inc. (a) | 12,160 | 623,808 | ||||||
Simpson Manufacturing Co., Inc. | 2,515 | 109,931 | ||||||
SiteOne Landscape Supply, Inc. (a) (b) | 8,480 | 441,469 | ||||||
Standex International Corp. | 405 | 36,734 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Industrials - 13.8% (Continued) | ||||||||
Steelcase, Inc. - Class A | 450 | $ | 6,300 | |||||
Supreme Industries, Inc. - Class A | 2,680 | 44,086 | ||||||
Tennant Co. | 1,407 | 103,837 | ||||||
Tetra Tech, Inc. | 690 | 31,568 | ||||||
Trex Co., Inc. (a) | 455 | 30,785 | ||||||
TrueBlue, Inc. (a) | 890 | 23,585 | ||||||
Universal Forest Products, Inc. | 310 | 27,066 | ||||||
WageWorks, Inc. (a) | 10,195 | 685,104 | ||||||
Woodward, Inc. | 3,195 | 215,917 | ||||||
5,651,806 | ||||||||
Information Technology - 26.8% | ||||||||
2U, Inc. (a) | 2,120 | 99,470 | ||||||
ADTRAN, Inc. | 3,265 | 67,422 | ||||||
Advanced Energy Industries, Inc. (a) | 1,960 | 126,792 | ||||||
Advanced Micro Devices, Inc. (a) (b) | 14,338 | 178,938 | ||||||
Alarm.com Holdings, Inc. (a) | 3,716 | 139,833 | ||||||
American Software, Inc. - Class A | 1,190 | 12,245 | ||||||
Aspen Technology, Inc. (a) | 2,532 | 139,918 | ||||||
Badger Meter, Inc. | 1,420 | 56,587 | ||||||
Barracuda Networks, Inc. (a) | 2,665 | 61,455 | ||||||
Box, Inc. - Class A (a) | 1,330 | 24,259 | ||||||
Brightcove, Inc. (a) | 220 | 1,364 | ||||||
BroadSoft, Inc. (a) (b) | 12,055 | 518,968 | ||||||
Cabot Microelectronics Corp. | 5,050 | 372,842 | ||||||
Cass Information Systems, Inc. | 768 | 50,412 | ||||||
CEVA, Inc. (a) | 8,651 | 393,188 | ||||||
ChannelAdvisor Corp. (a) | 2,900 | 33,495 | ||||||
CommVault Systems, Inc. (a) | 3,125 | 176,406 | ||||||
Cornerstone OnDemand, Inc. (a) | 5,180 | 185,185 | ||||||
CSG Systems International, Inc. | 1,170 | 47,479 | ||||||
DHI Group, Inc. (a) | 100 | 285 | ||||||
Ellie Mae, Inc. (a) (b) | 6,690 | 735,298 | ||||||
Envestnet, Inc. (a) | 160 | 6,336 | ||||||
EPAM Systems, Inc. (a) | 540 | 45,409 | ||||||
Euronet Worldwide, Inc. (a) | 845 | 73,828 | ||||||
EVERTEC, Inc. | 1,980 | 34,254 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Information Technology - 26.8% (Continued) | ||||||||
ExlService Holdings, Inc. (a) | 3,548 | $ | 197,197 | |||||
Fabrinet (a) (b) | 580 | 24,743 | ||||||
Fair Isaac Corp. | 486 | 67,753 | ||||||
Five9, Inc. (a) | 5,932 | 127,657 | ||||||
GrubHub, Inc. (a) (b) | 660 | 28,776 | ||||||
Hackett Group, Inc. (The) | 2,124 | 32,922 | ||||||
Immersion Corp. (a) | 490 | 4,449 | ||||||
Imperva, Inc. (a) | 3,700 | 177,045 | ||||||
Information Services Group, Inc. (a) | 1,890 | 7,768 | ||||||
Inphi Corp. (a) (b) | 9,865 | 338,370 | ||||||
Instructure, Inc. (a) | 1,760 | 51,920 | ||||||
Integrated Device Technology, Inc. (a) | 960 | 24,758 | ||||||
InterDigital, Inc. | 688 | 53,182 | ||||||
Itron, Inc. (a) | 300 | 20,325 | ||||||
Littelfuse, Inc. | 545 | 89,925 | ||||||
LogMeIn, Inc. | 4,120 | 430,540 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) (b) | 290 | 16,173 | ||||||
MAXIMUS, Inc. | 11,325 | 709,284 | ||||||
MaxLinear, Inc. (a) | 15,793 | 440,466 | ||||||
Mercury Systems, Inc. (a) | 7,470 | 314,412 | ||||||
Methode Electronics, Inc. | 875 | 36,050 | ||||||
Microsemi Corp. (a) | 4,200 | 196,560 | ||||||
Mindbody, Inc. (a) (b) | 9,055 | 246,296 | ||||||
Monolithic Power Systems, Inc. | 370 | 35,668 | ||||||
Monotype Imaging Holdings, Inc. | 370 | 6,771 | ||||||
Nanometrics, Inc. (a) | 2,500 | 63,225 | ||||||
NETGEAR, Inc. (a) | 2,278 | 98,182 | ||||||
New Relic, Inc. (a) | 1,040 | 44,730 | ||||||
NIC, Inc. | 1,490 | 28,236 | ||||||
NVE Corp. | 787 | 60,599 | ||||||
Pegasystems, Inc. | 17,380 | 1,014,122 | ||||||
Plantronics, Inc. | 3,055 | 159,808 | ||||||
Plexus Corp. (a) | 269 | 14,141 | ||||||
Power Integrations, Inc. | 1,310 | 95,499 | ||||||
Proofpoint, Inc. (a) (b) | 620 | 53,835 | ||||||
Qualys, Inc. (a) | 13,270 | 541,416 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Information Technology - 26.8% (Continued) | ||||||||
RealPage, Inc. (a) | 3,940 | $ | 141,643 | |||||
Reis, Inc. | 35 | 744 | ||||||
RingCentral, Inc. - Class A (a) | 560 | 20,468 | ||||||
Rogers Corp. (a) | 70 | 7,603 | ||||||
Rubicon Project, Inc. (The) (a) | 890 | 4,575 | ||||||
Science Applications International Corp. | 100 | 6,942 | ||||||
Semtech Corp. (a) | 3,310 | 118,333 | ||||||
ShoreTel, Inc. (a) | 3,804 | 22,063 | ||||||
Silicon Laboratories, Inc. (a) | 5,225 | 357,129 | ||||||
SPS Commerce, Inc. (a) | 4,400 | 280,544 | ||||||
Super Micro Computer, Inc. (a) | 30 | 740 | ||||||
Take-Two Interactive Software, Inc. (a) (b) | 2,792 | 204,877 | ||||||
TeleTech Holdings, Inc. (b) | 598 | 24,398 | ||||||
Universal Display Corp. | 290 | 31,683 | ||||||
Varonis Systems, Inc. (a) | 940 | 34,968 | ||||||
WebMD Health Corp. (a) | 2,560 | 150,144 | ||||||
XO Group, Inc. (a) | 3,879 | 68,348 | ||||||
Zendesk, Inc. (a) | 2,140 | 59,449 | ||||||
Zix Corp. (a) | 9,438 | 53,702 | ||||||
11,022,824 | ||||||||
Materials - 2.0% | ||||||||
American Vanguard Corp. | 1,180 | 20,355 | ||||||
Calgon Carbon Corp. | 270 | 4,077 | ||||||
Chemours Co. (The) | 2,800 | 106,176 | ||||||
Innophos Holdings, Inc. | 1,070 | 46,909 | ||||||
Kaiser Aluminum Corp. | 840 | 74,356 | ||||||
Koppers Holdings, Inc. (a) | 1,610 | 58,202 | ||||||
Louisiana-Pacific Corp. (a) | 7,515 | 181,186 | ||||||
Minerals Technologies, Inc. | 170 | 12,444 | ||||||
Myers Industries, Inc. | 3,400 | 61,030 | ||||||
Neenah Paper, Inc. | 559 | 44,860 | ||||||
PolyOne Corp. | 140 | 5,424 | ||||||
Rayonier Advanced Materials, Inc. (b) | 616 | 9,684 | ||||||
Sensient Technologies Corp. | 630 | 50,734 | ||||||
Trinseo S.A. | 1,670 | 114,728 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 97.5% (Continued) | Shares | Value | ||||||
Materials - 2.0% (Continued) | ||||||||
Worthington Industries, Inc. | 830 | $ | 41,683 | |||||
831,848 | ||||||||
Real Estate - 2.3% | ||||||||
American Assets Trust, Inc. | 3,810 | 150,076 | ||||||
CareTrust REIT, Inc. | 605 | 11,217 | ||||||
Chesapeake Lodging Trust | 1,300 | 31,811 | ||||||
First Industrial Realty Trust, Inc. | 3,190 | 91,298 | ||||||
Forestar Group, Inc. (a) | 1,280 | 21,952 | ||||||
LTC Properties, Inc. | 450 | 23,126 | ||||||
Medequities Realty Trust, Inc. | 1,650 | 20,823 | ||||||
Potlatch Corp. | 2,255 | 103,054 | ||||||
PS Business Parks, Inc. | 820 | 108,560 | ||||||
Terreno Realty Corp. | 3,802 | 127,975 | ||||||
Urstadt Biddle Properties, Inc. - Class A | 4,120 | 81,576 | ||||||
Washington Real Estate Investment Trust | 4,920 | 156,947 | ||||||
928,415 | ||||||||
Telecommunication Services - 1.2% | ||||||||
Boingo Wireless, Inc. (a) | 2,780 | 41,589 | ||||||
Cogent Communications Holdings, Inc. | 11,375 | 456,137 | ||||||
497,726 | ||||||||
Utilities - 0.6% | ||||||||
MGE Energy, Inc. | 540 | 34,749 | ||||||
Ormat Technologies, Inc. | 2,920 | 171,345 | ||||||
Pattern Energy Group, Inc. (b) | 900 | 21,456 | ||||||
Southwest Gas Holdings, Inc. | 130 | 9,498 | ||||||
237,048 | ||||||||
Total Common Stocks (Cost $31,041,377) | $ | 40,073,982 | ||||||
RIGHTS - 0.0% (c) | Shares | Value | ||||||
Dyax Corp. (a) (b) (d) | 860 | $ | 0 | |||||
Trius CVR (a) (d) | 180 | 360 | ||||||
Total Rights (Cost $0) | $ | 360 |
Wilshire Mutual Funds, Inc. Small Company Growth Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
MONEY MARKET FUNDS - 6.8% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 901,115 | $ | 901,115 | |||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (e) (f) | 1,913,097 | 1,913,097 | ||||||
Total Money Market Funds (Cost $2,814,212) | $ | 2,814,212 | ||||||
Total Investments at Value - 104.3% (Cost $33,855,589) | $ | 42,888,554 | ||||||
Liabilities in Excess of Other Assets - (4.3%) | (1,769,562 | ) | ||||||
Net Assets - 100.0% | $ | 41,118,992 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $7,059,987 (Note 6). |
(c) | Percentage rounds to less than 0.1%. |
(d) | Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Trustees. The total value of such securities is $360 at June 30, 2017, representing 0.0%(c) of net assets (Note 2). |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $1,913,097. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $1,913,097 (Note 6). |
CVR - | Contingent Value Right. |
Ltd. - | Limited. |
plc - | Public Limited Company. |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio SCHEDULE OF INVESTMENTS | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% | Shares | Value | ||||||
Consumer Discretionary - 7.7% | ||||||||
American Public Education, Inc. (a) | 1,070 | $ | 25,305 | |||||
Barnes & Noble, Inc. | 2,565 | 19,494 | ||||||
BJ's Restaurants, Inc. (a) | 130 | 4,843 | ||||||
Denny's Corp. (a) | 4,210 | 49,551 | ||||||
Flexsteel Industries, Inc. | 614 | 33,224 | ||||||
Fred's, Inc. - Class A | 20,525 | 189,446 | ||||||
Hooker Furniture Corp. | 10,967 | 451,292 | ||||||
Jack in the Box, Inc. | 220 | 21,670 | ||||||
La-Z-Boy, Inc. | 2,180 | 70,850 | ||||||
Movado Group, Inc. (b) | 1,670 | 42,168 | ||||||
New York Times Co. (The) - Class A | 6,095 | 107,882 | ||||||
Reading International, Inc. - Class A (a) | 826 | 13,323 | ||||||
Ruby Tuesday, Inc. (a) (b) | 100 | 201 | ||||||
Scholastic Corp. | 4,399 | 191,752 | ||||||
Standard Motor Products, Inc. | 740 | 38,643 | ||||||
Stoneridge, Inc. (a) | 17,703 | 272,803 | ||||||
Strayer Education, Inc. | 190 | 17,712 | ||||||
Superior Industries International, Inc. | 920 | 18,906 | ||||||
Taylor Morrison Home Corp. - Class A (a) | 12,370 | 297,004 | ||||||
TRI Pointe Group, Inc. (a) | 37,786 | 498,397 | ||||||
2,364,466 | ||||||||
Consumer Staples - 5.1% | ||||||||
Central Garden & Pet Co. - Class A (a) | 100 | 3,002 | ||||||
Inter Parfums, Inc. | 2,112 | 77,405 | ||||||
John B. Sanfilippo & Son, Inc. | 5,584 | 352,406 | ||||||
Lancaster Colony Corp. | 605 | 74,185 | ||||||
Landec Corp. (a) | 32,785 | 486,857 | ||||||
Omega Protein Corp. | 1,210 | 21,659 | ||||||
Seneca Foods Corp. - Class A (a) | 290 | 9,005 | ||||||
TreeHouse Foods, Inc. (a) (b) | 6,629 | 541,523 | ||||||
1,566,042 | ||||||||
Energy - 4.9% | ||||||||
Archrock, Inc. | 2,875 | 32,775 | ||||||
C&J Energy Services, Inc. (a) | 1,365 | 46,779 | ||||||
Carrizo Oil & Gas, Inc. (a) | 23,440 | 408,324 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Energy - 4.9% (Continued) | ||||||||
Contango Oil & Gas Co. (a) | 1,880 | $ | 12,483 | |||||
Ensco plc - Class A (b) | 13,480 | 69,557 | ||||||
Era Group, Inc. (a) | 603 | 5,704 | ||||||
McDermott International, Inc. (a) | 17,173 | 123,131 | ||||||
Newpark Resources, Inc. (a) | 3,605 | 26,497 | ||||||
Oasis Petroleum, Inc. (a) (b) | 100 | 805 | ||||||
Overseas Shipholding Group, Inc. - Class A (a) | 21,780 | 57,935 | ||||||
PDC Energy, Inc. (a) | 6,335 | 273,102 | ||||||
PHI, Inc. (a) | 8,257 | 80,588 | ||||||
SRC Energy, Inc. (a) (b) | 53,310 | 358,776 | ||||||
Superior Energy Services, Inc. (a) | 2,910 | 30,351 | ||||||
1,526,807 | ||||||||
Financials - 29.0% | ||||||||
AG Mortgage Investment Trust, Inc. | 2,930 | 53,619 | ||||||
Ambac Financial Group, Inc. (a) | 90 | 1,562 | ||||||
Ameris Bancorp | 7,615 | 367,042 | ||||||
Anworth Mortgage Asset Corp. | 14,435 | 86,754 | ||||||
Ares Commercial Real Estate Corp. | 8,295 | 108,582 | ||||||
Argo Group International Holdings Ltd. | 380 | 23,028 | ||||||
Arrow Financial Corp. | 436 | 13,799 | ||||||
Baldwin & Lyons, Inc. - Class B | 4,297 | 105,277 | ||||||
Banco Latinoamericano de Comercio Exterior S.A. - Class E (b) | 410 | 11,226 | ||||||
BancorpSouth, Inc. | 1,510 | 46,055 | ||||||
Bank Mutual Corp. | 2,722 | 24,906 | ||||||
Bank of N.T. Butterfield & Son Ltd. (The) (b) | 15,290 | 521,389 | ||||||
BankFinancial Corp. | 1,908 | 28,467 | ||||||
Banner Corp. | 3,524 | 199,141 | ||||||
Beneficial Bancorp, Inc. | 1,105 | 16,575 | ||||||
Berkshire Hills Bancorp, Inc. | 1,745 | 61,337 | ||||||
Capital Bank Financial Corp. - Class A | 8,948 | 340,919 | ||||||
Capitol Federal Financial, Inc. | 8,600 | 122,206 | ||||||
Carolina Financial Corp. | 890 | 28,765 | ||||||
Cathay General Bancorp (b) | 400 | 15,180 | ||||||
CenterState Banks, Inc. | 2,170 | 53,946 | ||||||
Central Pacific Financial Corp. | 1,075 | 33,830 | ||||||
Charter Financial Corp. | 2,230 | 40,140 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Financials - 29.0% (Continued) | ||||||||
Citizens & Northern Corp. (b) | 370 | $ | 8,606 | |||||
City Holding Co. (b) | 569 | 37,480 | ||||||
Clifton Bancorp, Inc. (b) | 2,120 | 35,044 | ||||||
Community Bank System, Inc. (b) | 275 | 15,337 | ||||||
CU Bancorp (a) | 965 | 34,885 | ||||||
Dime Community Bancshares, Inc. | 4,563 | 89,435 | ||||||
Donegal Group, Inc. - Class A | 120 | 1,908 | ||||||
Eagle Bancorp, Inc. (a) | 1,543 | 97,672 | ||||||
Employers Holdings, Inc. | 494 | 20,896 | ||||||
Enterprise Financial Services Corp. | 1,269 | 51,775 | ||||||
EZCORP, Inc. - Class A (a) | 9,609 | 73,989 | ||||||
FBL Financial Group, Inc. - Class A | 1,502 | 92,373 | ||||||
Federated National Holding Co. | 1,262 | 20,192 | ||||||
First BanCorp (a) | 22,780 | 131,896 | ||||||
First Busey Corp. | 3,168 | 92,886 | ||||||
First Citizens BancShares, Inc. - Class A | 250 | 93,175 | ||||||
First Financial Bancorp | 1,915 | 53,046 | ||||||
First Financial Corp. | 720 | 34,056 | ||||||
Flagstar Bancorp, Inc. (a) (b) | 10,170 | 313,439 | ||||||
Flushing Financial Corp. | 965 | 27,203 | ||||||
GAMCO Investors, Inc. - Class A | 1,370 | 40,552 | ||||||
Genworth Financial, Inc. - Class A (a) | �� | 16,570 | 62,469 | |||||
Glacier Bancorp, Inc. (b) | 1,644 | 60,187 | ||||||
Global Indemnity Ltd. (a) (b) | 1,358 | 52,650 | ||||||
Hallmark Financial Services, Inc. (a) (b) | 4,505 | 50,771 | ||||||
Hancock Holding Co. | 95 | 4,655 | ||||||
Hanmi Financial Corp. | 2,448 | 69,646 | ||||||
Heritage Financial Corp. | 8,565 | 226,973 | ||||||
Hilltop Holdings, Inc. | 5,890 | 154,377 | ||||||
Home BancShares, Inc. | 2,690 | 66,981 | ||||||
HomeStreet, Inc. (a) | 11,610 | 321,307 | ||||||
Hope Bancorp, Inc. | 13,165 | 245,527 | ||||||
Independent Bank Corp. | 1,570 | 34,148 | ||||||
Infinity Property & Casualty Corp. | 828 | 77,832 | ||||||
Invesco Mortgage Capital, Inc. | 4,910 | 82,046 | ||||||
Investment Technology Group, Inc. | 1,200 | 25,488 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Financials - 29.0% (Continued) | ||||||||
LegacyTexas Financial Group, Inc. | 2,160 | $ | 82,361 | |||||
MB Financial, Inc. | 375 | 16,515 | ||||||
MBIA, Inc. (a) (b) | 1,350 | 12,731 | ||||||
Mercantile Bank Corp. | 1,099 | 34,597 | ||||||
Meridian Bancorp, Inc. | 9,630 | 162,747 | ||||||
MGIC Investment Corp. (a) | 23,533 | 263,570 | ||||||
National Western Life Group, Inc. - Class A (b) | 435 | 139,034 | ||||||
Navigators Group, Inc. (The) | 2,038 | 111,886 | ||||||
NBT Bancorp, Inc. | 1,491 | 55,092 | ||||||
New Residential Investment Corp. | 19,450 | 302,642 | ||||||
NewStar Financial, Inc. | 1,520 | 15,960 | ||||||
NMI Holdings, Inc. - Class A (a) | 3,940 | 45,113 | ||||||
Northfield Bancorp, Inc. | 4,600 | 78,890 | ||||||
OFG Bancorp (b) | 6,290 | 62,900 | ||||||
Oritani Financial Corp. | 6,116 | 104,278 | ||||||
PacWest Bancorp | 7,850 | 366,594 | ||||||
PHH Corp. (a) | 5,940 | 81,794 | ||||||
Provident Financial Holdings, Inc. | 965 | 18,576 | ||||||
Pzena Investment Management, Inc. - Class A | 4,896 | 49,743 | ||||||
Radian Group, Inc. | 2,943 | 48,118 | ||||||
Redwood Trust, Inc. (b) | 2,715 | 46,264 | ||||||
Republic Bancorp, Inc. - Class A | 1,637 | 58,441 | ||||||
S&T Bancorp, Inc. (b) | 1,123 | 40,271 | ||||||
Safety Insurance Group, Inc. | 1,250 | 85,375 | ||||||
Seacoast Banking Corp. of Florida (a) | 820 | 19,762 | ||||||
Simmons First National Corp. - Class A | 1,149 | 60,782 | ||||||
Sterling Bancorp (b) | 1,435 | 33,364 | ||||||
Territorial Bancorp, Inc. | 3,680 | 114,779 | ||||||
Texas Capital Bancshares, Inc. (a) | 2,425 | 187,695 | ||||||
Third Point Reinsurance Ltd. (a) | 9,710 | 134,968 | ||||||
TriState Capital Holdings, Inc. (a) | 1,535 | 38,682 | ||||||
United Fire Group, Inc. | 1,061 | 46,748 | ||||||
Washington Federal, Inc. | 4,050 | 134,460 | ||||||
Waterstone Financial, Inc. | 347 | 6,541 | ||||||
Western Alliance Bancorp (a) | 12,710 | 625,331 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Financials - 29.0% (Continued) | ||||||||
Wintrust Financial Corp. | 945 | $ | 72,236 | |||||
8,963,487 | ||||||||
Health Care - 3.6% | ||||||||
Achillion Pharmaceuticals, Inc. (a) (b) | 10,270 | 47,139 | ||||||
Addus HomeCare Corp. (a) | 150 | 5,580 | ||||||
Cross Country Healthcare, Inc. (a) | 520 | 6,713 | ||||||
Exactech, Inc. (a) | 1,480 | 44,104 | ||||||
Exelixis, Inc. (a) | 5,450 | 134,234 | ||||||
Five Prime Therapeutics, Inc. (a) (b) | 1,240 | 37,336 | ||||||
Haemonetics Corp. (a) | 2,990 | 118,074 | ||||||
Halyard Health, Inc. (a) | 1,810 | 71,097 | ||||||
HMS Holdings Corp. (a) | 1,610 | 29,785 | ||||||
Horizon Pharma plc (a) | 1,360 | 16,143 | ||||||
ICU Medical, Inc. (a) | 400 | 69,000 | ||||||
Intra-Cellular Therapies, Inc. (a) | 5,690 | 70,670 | ||||||
LHC Group, Inc. (a) | 688 | 46,708 | ||||||
LivaNova plc (a) (b) | 2,475 | 151,494 | ||||||
MacroGenics, Inc. (a) | 150 | 2,627 | ||||||
Magellan Health, Inc. (a) | 501 | 36,523 | ||||||
Meridian Bioscience, Inc. | 430 | 6,773 | ||||||
Merit Medical Systems, Inc. (a) | 90 | 3,434 | ||||||
National HealthCare Corp. (b) | 799 | 56,042 | ||||||
OraSure Technologies, Inc. (a) | 2,810 | 48,501 | ||||||
Owens & Minor, Inc. | 795 | 25,591 | ||||||
PharMerica Corp. (a) | 63 | 1,654 | ||||||
Quidel Corp. (a) | 1,660 | 45,052 | ||||||
Triple-S Management Corp. - Class B (a) | 2,650 | 44,812 | ||||||
1,119,086 | ||||||||
Industrials - 10.7% | ||||||||
AAR Corp. | 1,032 | 35,872 | ||||||
Albany International Corp. - Class A | 8,380 | 447,491 | ||||||
Apogee Enterprises, Inc. (b) | 2,925 | 166,257 | ||||||
Applied Industrial Technologies, Inc. | 2,930 | 173,016 | ||||||
ARC Document Solutions, Inc. (a) | 2,415 | 10,046 | ||||||
Brady Corp. - Class A | 5,920 | 200,688 | ||||||
Casella Waste Systems, Inc. - Class A (a) | 2,609 | 42,814 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Industrials - 10.7% (Continued) | ||||||||
Chart Industries, Inc. (a) | 3,235 | $ | 112,351 | |||||
Comfort Systems USA, Inc. | 2,198 | 81,546 | ||||||
CSW Industrials, Inc. (a) | 2,240 | 86,576 | ||||||
Curtiss-Wright Corp. | 950 | 87,191 | ||||||
EnerSys | 5,710 | 413,690 | ||||||
Ennis, Inc. | 10,666 | 203,721 | ||||||
Esterline Technologies Corp. (a) | 206 | 19,529 | ||||||
Exponent, Inc. | 360 | 20,988 | ||||||
Federal Signal Corp. | 1,845 | 32,029 | ||||||
Gibraltar Industries, Inc. (a) (b) | 240 | 8,556 | ||||||
GP Strategies Corp. (a) | 9,850 | 260,040 | ||||||
Graham Corp. | 1,740 | 34,208 | ||||||
Harsco Corp. (a) | 365 | 5,877 | ||||||
Hawaiian Holdings, Inc. (a) | 580 | 27,231 | ||||||
Insteel Industries, Inc. | 150 | 4,946 | ||||||
Interface, Inc. | 2,850 | 56,003 | ||||||
Kennametal, Inc. | 1,650 | 61,743 | ||||||
Kimball International, Inc. - Class B | 1,315 | 21,947 | ||||||
Miller Industries, Inc. | 729 | 18,116 | ||||||
Moog, Inc. - Class A (a) | 453 | 32,489 | ||||||
MRC Global, Inc. (a) (b) | 3,180 | 52,534 | ||||||
NOW, Inc. (a) | 4,450 | 71,556 | ||||||
Orbital ATK, Inc. | 3,807 | 374,457 | ||||||
Quad/Graphics, Inc. | 1,195 | 27,389 | ||||||
Simpson Manufacturing Co., Inc. | 1,210 | 52,889 | ||||||
Supreme Industries, Inc. - Class A | 3,350 | 55,108 | ||||||
Tetra Tech, Inc. | 320 | 14,640 | ||||||
3,313,534 | ||||||||
Information Technology - 20.8% | ||||||||
ADTRAN, Inc. | 3,225 | 66,596 | ||||||
Advanced Energy Industries, Inc. (a) | 1,243 | 80,410 | ||||||
Advanced Micro Devices, Inc. (a) (b) | 20,185 | 251,909 | ||||||
Alpha & Omega Semiconductor Ltd. (a) | 160 | 2,667 | ||||||
Amkor Technology, Inc. (a) | 6,980 | 68,195 | ||||||
Anixter International, Inc. (a) | 290 | 22,678 | ||||||
Aspen Technology, Inc. (a) | 550 | 30,393 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Information Technology - 20.8% (Continued) | ||||||||
AVX Corp. | 12,302 | $ | 201,015 | |||||
Bankrate, Inc. (a) | 6,830 | 87,765 | ||||||
Benchmark Electronics, Inc. (a) | 4,120 | 133,076 | ||||||
Bottomline Technologies (de), Inc. (a) | 1,610 | 41,361 | ||||||
Cabot Microelectronics Corp. | 970 | 71,615 | ||||||
CACI International, Inc. - Class A (a) | 260 | 32,513 | ||||||
ChannelAdvisor Corp. (a) | 805 | 9,298 | ||||||
Coherent, Inc. (a) | 1,850 | 416,232 | ||||||
Cohu, Inc. | 3,248 | 51,124 | ||||||
Cray, Inc. (a) | 13,060 | 240,304 | ||||||
Daktronics, Inc. | 1,230 | 11,845 | ||||||
Digi International, Inc. (a) | 4,806 | 48,781 | ||||||
DSP Group, Inc. (a) | 561 | 6,508 | ||||||
Electronics For Imaging, Inc. (a) | 7,910 | 374,776 | ||||||
Entegris, Inc. (a) | 17,535 | 384,892 | ||||||
Euronet Worldwide, Inc. (a) | 2,175 | 190,030 | ||||||
Finisar Corp. (a) (b) | 60 | 1,559 | ||||||
Integrated Device Technology, Inc. (a) | 13,935 | 359,383 | ||||||
IXYS Corp. | 545 | 8,965 | ||||||
Lattice Semiconductor Corp. (a) | 65,745 | 437,861 | ||||||
ManTech International Corp. - Class A | 95 | 3,931 | ||||||
Mellanox Technologies Ltd. (a) (b) | 6,850 | 296,605 | ||||||
Mercury Systems, Inc. (a) | 1,860 | 78,287 | ||||||
Mitel Networks Corp. (a) | 98,765 | 725,923 | ||||||
Nanometrics, Inc. (a) | 2,234 | 56,498 | ||||||
NETGEAR, Inc. (a) | 1,794 | 77,321 | ||||||
Novanta, Inc. (a) | 10,280 | 370,080 | ||||||
NVE Corp. | 945 | 72,765 | ||||||
Photronics, Inc. (a) | 3,949 | 37,121 | ||||||
Plexus Corp. (a) | 2,490 | 130,899 | ||||||
Progress Software Corp. | 2,147 | 66,320 | ||||||
QAD, Inc. - Class A | 110 | 3,526 | ||||||
Rogers Corp. (a) | 780 | 84,724 | ||||||
Rubicon Project, Inc. (The) (a) | 6,335 | 32,562 | ||||||
Sanmina Corp. (a) | 4,034 | 153,695 | ||||||
ScanSource, Inc. (a) | 1,056 | 42,557 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Information Technology - 20.8% (Continued) | ||||||||
Semtech Corp. (a) | 154 | $ | 5,506 | |||||
ShoreTel, Inc. (a) | 4,080 | 23,664 | ||||||
Super Micro Computer, Inc. (a) | 100 | 2,465 | ||||||
Sykes Enterprises, Inc. (a) | 2,570 | 86,172 | ||||||
Synchronoss Technologies, Inc. (a) (b) | 3,860 | 63,497 | ||||||
SYNNEX Corp. | 1,190 | 142,752 | ||||||
Tech Data Corp. (a) | 1,280 | 129,280 | ||||||
TTM Technologies, Inc. (a) | 1,960 | 34,026 | ||||||
VASCO Data Security International, Inc. (a) | 1,900 | 27,265 | ||||||
Veeco Instruments, Inc. (a) | 179 | 4,985 | ||||||
Vishay Intertechnology, Inc. (b) | 1,140 | 18,924 | ||||||
XO Group, Inc. (a) | 1,400 | 24,668 | ||||||
6,427,769 | ||||||||
Materials - 6.1% | ||||||||
American Vanguard Corp. | 5,770 | 99,532 | ||||||
Boise Cascade Co. (a) | 14,500 | 440,800 | ||||||
Calgon Carbon Corp. | 720 | 10,872 | ||||||
Chemours Co. (The) | 2,050 | 77,736 | ||||||
Deltic Timber Corp. | 2,615 | 195,236 | ||||||
FutureFuel Corp. | 1,968 | 29,697 | ||||||
Greif, Inc. - Class A | 327 | 18,240 | ||||||
Innophos Holdings, Inc. | 950 | 41,648 | ||||||
Kaiser Aluminum Corp. | 510 | 45,145 | ||||||
KMG Chemicals, Inc. | 185 | 9,004 | ||||||
Koppers Holdings, Inc. (a) | 50 | 1,808 | ||||||
Louisiana-Pacific Corp. (a) | 4,355 | 104,999 | ||||||
Materion Corp. | 8,600 | 321,640 | ||||||
Neenah Paper, Inc. | 1,740 | 139,635 | ||||||
Olympic Steel, Inc. | 285 | 5,552 | ||||||
P.H. Glatfelter Co. | 6,730 | 131,504 | ||||||
Schnitzer Steel Industries, Inc. - Class A (b) | 2,600 | 65,520 | ||||||
Sensient Technologies Corp. | 515 | 41,473 | ||||||
SunCoke Energy, Inc. (a) (b) | 1,995 | 21,746 | ||||||
Tredegar Corp. | 1,880 | 28,670 | ||||||
Trinseo S.A. | 990 | 68,013 | ||||||
1,898,470 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Real Estate - 7.6% | ||||||||
American Assets Trust, Inc. | 1,700 | $ | 66,963 | |||||
Ashford Hospitality Prime, Inc. | 12,385 | 127,442 | ||||||
Brandywine Realty Trust | 14,628 | 256,429 | ||||||
Cedar Realty Trust, Inc. | 10,728 | 52,031 | ||||||
Chesapeake Lodging Trust | 5,075 | 124,185 | ||||||
DiamondRock Hospitality Co. | 570 | 6,242 | ||||||
First Industrial Realty Trust, Inc. | 1,580 | 45,220 | ||||||
Forestar Group, Inc. (a) | 11,260 | 193,109 | ||||||
Getty Realty Corp. | 9,865 | 247,612 | ||||||
Healthcare Realty Trust, Inc. | 1,110 | 37,907 | ||||||
Hudson Pacific Properties, Inc. | 2,058 | 70,363 | ||||||
LaSalle Hotel Properties | 1,140 | 33,972 | ||||||
Lexington Realty Trust | 9,255 | 91,717 | ||||||
LTC Properties, Inc. | 220 | 11,306 | ||||||
Mack-Cali Realty Corp. | 4,230 | 114,802 | ||||||
Parkway, Inc. | 235 | 5,379 | ||||||
PS Business Parks, Inc. | 175 | 23,168 | ||||||
Ramco-Gershenson Properties Trust | 27,541 | 355,278 | ||||||
RE/MAX Holdings, Inc. - Class A (b) | 2,680 | 150,214 | ||||||
Summit Hotel Properties, Inc. | 2,820 | 52,593 | ||||||
Sunstone Hotel Investors, Inc. | 2,795 | 45,055 | ||||||
Terreno Realty Corp. | 1,058 | 35,612 | ||||||
Washington Real Estate Investment Trust | 5,900 | 188,210 | ||||||
2,334,809 | ||||||||
Telecommunication Services - 0.1% | ||||||||
Boingo Wireless, Inc. (a) | 390 | 5,834 | ||||||
Cincinnati Bell, Inc. (a) | 1,007 | 19,687 | ||||||
25,521 | ||||||||
Utilities - 4.1% | ||||||||
ALLETE, Inc. | 485 | 34,765 | ||||||
American States Water Co. | 1,879 | 89,083 | ||||||
Artesian Resources Corp. - Class A | 3,900 | 146,796 | ||||||
Avista Corp. | 445 | 18,895 | ||||||
El Paso Electric Co. | 219 | 11,322 | ||||||
IDACORP, Inc. | 1,220 | 104,127 | ||||||
MGE Energy, Inc. | 683 | 43,951 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.7% (Continued) | Shares | Value | ||||||
Utilities - 4.1% (Continued) | ||||||||
Northwest Natural Gas Co. | 765 | $ | 45,785 | |||||
NorthWestern Corp. | 1,940 | 118,379 | ||||||
ONE Gas, Inc. | 804 | 56,127 | ||||||
Ormat Technologies, Inc. | 5,490 | 322,153 | ||||||
Otter Tail Corp. | 280 | 11,088 | ||||||
Pattern Energy Group, Inc. (b) | 2,030 | 48,395 | ||||||
Portland General Electric Co. | 1,583 | 72,327 | ||||||
Southwest Gas Holdings, Inc. | 844 | 61,663 | ||||||
Spire, Inc. | 430 | 29,993 | ||||||
York Water Co. (The) | 1,410 | 49,139 | ||||||
1,263,988 | ||||||||
Total Common Stocks (Cost $24,948,723) | $ | 30,803,979 |
Wilshire Mutual Funds, Inc. Small Company Value Portfolio Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
MONEY MARKET FUNDS - 2.0% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (c) | 46,361 | $ | 46,361 | |||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (c) (d) | 580,389 | 580,389 | ||||||
Total Money Market Funds (Cost $626,750) | $ | 626,750 | ||||||
Total Investments at Value - 101.7% (Cost $25,575,473) | $ | 31,430,729 | ||||||
Liabilities in Excess of Other Assets - (1.7%) | (520,370 | ) | ||||||
Net Assets - 100.0% | $ | 30,910,359 |
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $3,159,529 (Note 6). |
(c) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(d) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $580,389. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $580,389 (Note 6). |
Ltd. - | Limited. |
plc - | Public Limited Company. |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund SCHEDULE OF INVESTMENTS | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% | Shares | Value | ||||||
Consumer Discretionary - 12.8% | ||||||||
1-800-FLOWERS.COM, Inc. - Class A (a) | 300 | $ | 2,925 | |||||
A.H. Belo Corp. - Class A | 90 | 495 | ||||||
Aaron's, Inc. | 400 | 15,560 | ||||||
Abercrombie & Fitch Co. - Class A (b) | 425 | 5,287 | ||||||
Acme United Corp. | 300 | 8,580 | ||||||
Adtalem Global Education, Inc. (b) | 400 | 15,180 | ||||||
Advance Auto Parts, Inc. (b) | 491 | 57,246 | ||||||
Amazon.com, Inc. (a) | 2,908 | 2,814,944 | ||||||
AMC Entertainment Holdings, Inc. - Class A (b) | 107 | 2,434 | ||||||
AMC Networks, Inc. - Class A (a) (b) | 356 | 19,014 | ||||||
American Axle & Manufacturing Holdings, Inc. (a) | 550 | 8,580 | ||||||
American Eagle Outfitters, Inc. (b) | 1,225 | 14,761 | ||||||
American Outdoor Brands Corp. (a) (b) | 475 | 10,526 | ||||||
American Public Education, Inc. (a) | 300 | 7,095 | ||||||
Aramark | 1,675 | 68,642 | ||||||
Ascent Capital Group, Inc. - Class A (a) | 200 | 3,072 | ||||||
Autoliv, Inc. (b) | 648 | 71,149 | ||||||
AutoNation, Inc. (a) | 525 | 22,134 | ||||||
AutoZone, Inc. (a) | 206 | 117,515 | ||||||
Barnes & Noble Education, Inc. (a) | 347 | 3,689 | ||||||
Barnes & Noble, Inc. | 550 | 4,180 | ||||||
BBX Capital Corp. | 22 | 145 | ||||||
Beazer Homes USA, Inc. (a) | 200 | 2,744 | ||||||
Bed Bath & Beyond, Inc. (b) | 1,125 | 34,200 | ||||||
Best Buy Co., Inc. (b) | 1,625 | 93,161 | ||||||
Big 5 Sporting Goods Corp. (b) | 200 | 2,610 | ||||||
Big Lots, Inc. (b) | 200 | 9,660 | ||||||
BMC Stock Holdings, Inc. (a) | 475 | 10,379 | ||||||
BorgWarner, Inc. | 1,310 | 55,492 | ||||||
Boyd Gaming Corp. (b) | 725 | 17,987 | ||||||
Bravo Brio Restaurant Group, Inc. (a) (b) | 1,000 | 4,600 | ||||||
Bridgepoint Education, Inc. (a) | 500 | 7,380 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 300 | 23,163 | ||||||
Brinker International, Inc. (b) | 175 | 6,668 | ||||||
Brunswick Corp. | 550 | 34,502 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Buckle, Inc. (The) (b) | 350 | $ | 6,230 | |||||
Buffalo Wild Wings, Inc. (a) (b) | 66 | 8,362 | ||||||
Burlington Stores, Inc. (a) | 548 | 50,411 | ||||||
Cabela's, Inc. (a) | 500 | 29,710 | ||||||
CalAtlantic Group, Inc. | 534 | 18,877 | ||||||
Caleres, Inc. | 425 | 11,807 | ||||||
Callaway Golf Co. | 500 | 6,390 | ||||||
Capella Education Co. | 100 | 8,560 | ||||||
Career Education Corp. (a) | 500 | 4,800 | ||||||
CarMax, Inc. (a) (b) | 1,080 | 68,105 | ||||||
Carnival Corp. | 2,825 | 185,235 | ||||||
Carter's, Inc. | 382 | 33,979 | ||||||
Cato Corp. (The) - Class A | 300 | 5,277 | ||||||
Cavco Industries, Inc. (a) | 100 | 12,965 | ||||||
CBS Corp. - Class B | 2,533 | 161,555 | ||||||
Charter Communications, Inc. - Class A (a) | 1,683 | 566,919 | ||||||
Cheesecake Factory, Inc. (The) | 300 | 15,090 | ||||||
Chico's FAS, Inc. | 1,300 | 12,246 | ||||||
Children's Place, Inc. (The) (b) | 132 | 13,477 | ||||||
Chipotle Mexican Grill, Inc. (a) (b) | 137 | 57,006 | ||||||
Choice Hotels International, Inc. | 450 | 28,913 | ||||||
Churchill Downs, Inc. | 67 | 12,281 | ||||||
Cinemark Holdings, Inc. (b) | 775 | 30,109 | ||||||
Citi Trends, Inc. | 50 | 1,061 | ||||||
Clear Channel Outdoor Holdings, Inc. - Class A | 1,000 | 4,850 | ||||||
Coach, Inc. | 1,900 | 89,946 | ||||||
Collectors Universe, Inc. | 110 | 2,734 | ||||||
Columbia Sportswear Co. | 100 | 5,806 | ||||||
Comcast Corp. - Class A | 33,238 | 1,293,622 | ||||||
Conn's, Inc. (a) (b) | 500 | 9,550 | ||||||
Cooper Tire & Rubber Co. (b) | 425 | 15,343 | ||||||
Core-Mark Holding Co., Inc. | 206 | 6,810 | ||||||
Cracker Barrel Old Country Store, Inc. (b) | 191 | 31,945 | ||||||
Crocs, Inc. (a) | 1,200 | 9,252 | ||||||
CSS Industries, Inc. | 50 | 1,308 | ||||||
D.R. Horton, Inc. | 2,073 | 71,664 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Dana, Inc. | 900 | $ | 20,097 | |||||
Darden Restaurants, Inc. | 823 | 74,432 | ||||||
Dave & Buster's Entertainment, Inc. (a) | 300 | 19,953 | ||||||
Deckers Outdoor Corp. (a) | 25 | 1,707 | ||||||
Dick's Sporting Goods, Inc. | 527 | 20,990 | ||||||
Dillard's, Inc. - Class A (b) | 347 | 20,018 | ||||||
Discovery Communications, Inc. - Series A (a) (b) | 798 | 20,612 | ||||||
Discovery Communications, Inc. - Series C (a) | 1,298 | 32,723 | ||||||
DISH Network Corp. - Class A (a) | 1,375 | 86,295 | ||||||
Dollar General Corp. | 1,696 | 122,265 | ||||||
Dollar Tree, Inc. (a) | 1,736 | 121,381 | ||||||
Domino's Pizza, Inc. | 279 | 59,017 | ||||||
Dorman Products, Inc. (a) | 200 | 16,554 | ||||||
DSW, Inc. - Class A | 550 | 9,735 | ||||||
Dunkin' Brands Group, Inc. | 600 | 33,072 | ||||||
E.W. Scripps Co. (The) - Class A (a) | 526 | 9,368 | ||||||
Eldorado Resorts, Inc. (a) | 528 | 10,560 | ||||||
Empire Resorts, Inc. (a) (b) | 20 | 478 | ||||||
Entercom Communications Corp. - Class A (b) | 250 | 2,588 | ||||||
Entravision Communications Corp. - Class A | 100 | 660 | ||||||
Expedia, Inc. | 757 | 112,755 | ||||||
Express, Inc. (a) | 1,000 | 6,750 | ||||||
Famous Dave's of America, Inc. (a) (b) | 200 | 730 | ||||||
Fiesta Restaurant Group, Inc. (a) | 300 | 6,195 | ||||||
Foot Locker, Inc. | 1,025 | 50,512 | ||||||
Ford Motor Co. | 28,110 | 314,551 | ||||||
Fossil Group, Inc. (a) (b) | 400 | 4,140 | ||||||
Fred's, Inc. - Class A (b) | 700 | 6,461 | ||||||
Gaia, Inc. (a) | 600 | 6,720 | ||||||
GameStop Corp. - Class A (b) | 550 | 11,886 | ||||||
Gannett Co., Inc. | 1,050 | 9,156 | ||||||
Gap, Inc. (The) | 1,550 | 34,085 | ||||||
General Motors Co. | 10,000 | 349,300 | ||||||
Gentex Corp. | 2,195 | 41,639 | ||||||
Gentherm, Inc. (a) | 75 | 2,910 | ||||||
Genuine Parts Co. | 1,007 | 93,410 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
G-III Apparel Group Ltd. (a) (b) | 275 | $ | 6,861 | |||||
Golden Entertainment, Inc. (a) (b) | 100 | 2,071 | ||||||
Goodyear Tire & Rubber Co. (The) | 1,825 | 63,802 | ||||||
GoPro, Inc. - Class A (a) (b) | 300 | 2,439 | ||||||
Grand Canyon Education, Inc. (a) | 200 | 15,682 | ||||||
Gray Television, Inc. (a) | 500 | 6,850 | ||||||
Green Brick Partners, Inc. (a) | 45 | 515 | ||||||
Group 1 Automotive, Inc. | 223 | 14,120 | ||||||
Guess?, Inc. (b) | 400 | 5,112 | ||||||
H&R Block, Inc. | 1,310 | 40,492 | ||||||
Hanesbrands, Inc. (b) | 2,695 | 62,416 | ||||||
Harley-Davidson, Inc. (b) | 1,150 | 62,123 | ||||||
Hasbro, Inc. | 700 | 78,056 | ||||||
Helen of Troy Ltd. (a) | 119 | 11,198 | ||||||
Hibbett Sports, Inc. (a) | 200 | 4,150 | ||||||
Hilton Grand Vacations, Inc. (a) | 105 | 3,786 | ||||||
Hilton Worldwide Holdings, Inc. (b) | 350 | 21,648 | ||||||
Home Depot, Inc. (The) | 8,327 | 1,277,361 | ||||||
Hooker Furniture Corp. | 200 | 8,230 | ||||||
HSN, Inc. | 118 | 3,764 | ||||||
Hyatt Hotels Corp. - Class A (a) | 300 | 16,863 | ||||||
Iconix Brand Group, Inc. (a) (b) | 450 | 3,110 | ||||||
ILG, Inc. | 541 | 14,872 | ||||||
International Speedway Corp. - Class A | 237 | 8,899 | ||||||
Interpublic Group of Cos., Inc. (The) (b) | 2,422 | 59,581 | ||||||
iRobot Corp. (a) (b) | 167 | 14,051 | ||||||
J. C. Penney Co., Inc. (a) (b) | 2,192 | 10,193 | ||||||
Jack in the Box, Inc. | 236 | 23,246 | ||||||
John Wiley & Sons, Inc. - Class A | 200 | 10,550 | ||||||
K12, Inc. (a) | 300 | 5,376 | ||||||
Kate Spade & Co. (a) | 700 | 12,943 | ||||||
KB Home (b) | 375 | 8,989 | ||||||
Kohl's Corp. (b) | 1,075 | 41,570 | ||||||
L Brands, Inc. (b) | 1,484 | 79,973 | ||||||
Lands' End, Inc. (a) (b) | 278 | 4,142 | ||||||
Las Vegas Sands Corp. | 2,727 | 174,228 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
La-Z-Boy, Inc. | 425 | $ | 13,813 | |||||
LCI Industries (b) | 154 | 15,770 | ||||||
Lear Corp. | 500 | 71,039 | ||||||
Leggett & Platt, Inc. | 910 | 47,802 | ||||||
Lennar Corp. - Class A | 1,250 | 66,650 | ||||||
Libbey, Inc. | 250 | 2,015 | ||||||
Liberty Braves Group - Series A (a) (b) | 360 | 8,600 | ||||||
Liberty Braves Group - Series C (a) | 255 | 6,112 | ||||||
Liberty Broadband Corp. - Series A (a) (b) | 1,381 | 118,476 | ||||||
Liberty Broadband Corp. - Series C (a) | 638 | 55,347 | ||||||
Liberty Expedia Holdings, Inc. - Series A (a) | 381 | 20,582 | ||||||
Liberty Formula One Group - Series A (a) (b) | 600 | 21,018 | ||||||
Liberty Formula One Group - Series C (a) (b) | 638 | 23,364 | ||||||
Liberty Interactive Corp. QVC Group - Series A (a) | 2,725 | 66,872 | ||||||
Liberty SiriusXM Group - Series A (a) | 2,252 | 94,539 | ||||||
Liberty SiriusXM Group - Series C (a) | 2,554 | 106,502 | ||||||
Liberty TripAdvisor Holdings, Inc. - Series A (a) (b) | 790 | 9,164 | ||||||
Liberty Ventures - Series A (a) | 571 | 29,858 | ||||||
Lions Gate Entertainment Corp. - Class A (a) (b) | 625 | 17,638 | ||||||
Lions Gate Entertainment Corp. - Class B (a) | 1,033 | 27,147 | ||||||
Lithia Motors, Inc. - Class A (b) | 134 | 12,627 | ||||||
Live Nation Entertainment, Inc. (a) | 1,137 | 39,624 | ||||||
LKQ Corp. (a) | 2,100 | 69,195 | ||||||
Loral Space & Communications, Inc. (a) (b) | 300 | 12,465 | ||||||
Lowe's Cos., Inc. | 6,356 | 492,780 | ||||||
Lumber Liquidators Holdings, Inc. (a) (b) | 241 | 6,039 | ||||||
Macy's, Inc. (b) | 2,223 | 51,663 | ||||||
Madison Square Garden Co. (The) - Class A (a) | 93 | 18,312 | ||||||
Marcus Corp. (The) | 100 | 3,020 | ||||||
Marine Products Corp. (b) | 700 | 10,927 | ||||||
Marriott International, Inc. - Class A | 2,349 | 235,628 | ||||||
Marriott Vacations Worldwide Corp. (b) | 155 | 18,251 | ||||||
Mattel, Inc. (b) | 2,255 | 48,550 | ||||||
Matthews International Corp. - Class A | 100 | 6,125 | ||||||
McDonald's Corp. | 6,068 | 929,374 | ||||||
MDC Holdings, Inc. | 284 | 10,034 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Meredith Corp. (b) | 300 | $ | 17,835 | |||||
Meritage Homes Corp. (a) | 200 | 8,440 | ||||||
MGM Resorts International | 3,300 | 103,257 | ||||||
Mohawk Industries, Inc. (a) | 492 | 118,911 | ||||||
Monro Muffler Brake, Inc. | 325 | 13,569 | ||||||
Motorcar Parts of America, Inc. (a) | 300 | 8,472 | ||||||
Movado Group, Inc. (b) | 300 | 7,575 | ||||||
MSG Networks, Inc. - Class A (a) | 581 | 13,043 | ||||||
Murphy USA, Inc. (a) (b) | 296 | 21,937 | ||||||
National CineMedia, Inc. (b) | 500 | 3,710 | ||||||
Nautilus, Inc. (a) (b) | 50 | 958 | ||||||
Netflix, Inc. (a) | 2,752 | 411,176 | ||||||
New Media Investment Group, Inc. (b) | 301 | 4,057 | ||||||
New York Times Co. (The) - Class A | 1,050 | 18,585 | ||||||
Newell Brands, Inc. | 3,415 | 183,113 | ||||||
News Corp. - Class A | 2,853 | 39,086 | ||||||
Nexstar Media Group, Inc. (b) | 399 | 23,860 | ||||||
NIKE, Inc. - Class B | 9,749 | 575,190 | ||||||
Nordstrom, Inc. (b) | 1,000 | 47,830 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 325 | 17,644 | ||||||
Nutrisystem, Inc. | 300 | 15,615 | ||||||
NVR, Inc. (a) | 40 | 96,424 | ||||||
Office Depot, Inc. | 3,450 | 19,458 | ||||||
Omnicom Group, Inc. | 1,714 | 142,091 | ||||||
O'Reilly Automotive, Inc. (a) (b) | 650 | 142,181 | ||||||
Orleans Homebuilders, Inc. (a) | 650 | 0 | ||||||
Overstock.com, Inc. (a) (b) | 300 | 4,890 | ||||||
Oxford Industries, Inc. | 50 | 3,125 | ||||||
Panera Bread Co. - Class A (a) | 100 | 31,464 | ||||||
Papa John's International, Inc. | 173 | 12,414 | ||||||
Park Hotels & Resorts, Inc. | 227 | 6,120 | ||||||
Penske Automotive Group, Inc. | 350 | 15,369 | ||||||
Perry Ellis International, Inc. (a) | 100 | 1,946 | ||||||
Pinnacle Entertainment, Inc. (a) | 425 | 8,398 | ||||||
Polaris Industries, Inc. (b) | 340 | 31,358 | ||||||
Pool Corp. | 313 | 36,799 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Priceline Group, Inc. (The) (a) | 408 | $ | 763,172 | |||||
PulteGroup, Inc. | 1,915 | 46,975 | ||||||
PVH Corp. | 543 | 62,174 | ||||||
Ralph Lauren Corp. (b) | 406 | 29,963 | ||||||
RCI Hospitality Holdings, Inc. (b) | 300 | 7,152 | ||||||
Regal Entertainment Group - Class A | 575 | 11,765 | ||||||
Regis Corp. (a) | 200 | 2,054 | ||||||
Restaurant Brands International, Inc. (b) | 4,603 | 287,872 | ||||||
RH (a) (b) | 116 | 7,484 | ||||||
Rocky Brands, Inc. | 100 | 1,345 | ||||||
Ross Stores, Inc. | 2,575 | 148,655 | ||||||
Royal Caribbean Cruises Ltd. | 1,087 | 118,733 | ||||||
Salem Media Group, Inc. | 100 | 710 | ||||||
Sally Beauty Holdings, Inc. (a) (b) | 700 | 14,175 | ||||||
Scholastic Corp. | 325 | 14,167 | ||||||
Scripps Networks Interactive, Inc. - Class A (b) | 626 | 42,762 | ||||||
Sears Holdings Corp. (a) (b) | 625 | 5,538 | ||||||
SeaWorld Entertainment, Inc. (b) | 325 | 5,288 | ||||||
Select Comfort Corp. (a) | 188 | 6,672 | ||||||
Service Corp. International | 1,250 | 41,812 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 975 | 38,210 | ||||||
Shoe Carnival, Inc. | 600 | 12,528 | ||||||
Shutterfly, Inc. (a) (b) | 100 | 4,750 | ||||||
Signet Jewelers Ltd. (b) | 620 | 39,209 | ||||||
Sinclair Broadcast Group, Inc. - Class A (b) | 425 | 13,983 | ||||||
Sirius XM Holdings, Inc. (b) | 12,225 | 66,871 | ||||||
Six Flags Entertainment Corp. | 600 | 35,766 | ||||||
Skechers U.S.A., Inc. - Class A (a) | 750 | 22,125 | ||||||
Sonic Automotive, Inc. - Class A | 300 | 5,835 | ||||||
Sonic Corp. (b) | 350 | 9,272 | ||||||
Sotheby's (a) (b) | 428 | 22,971 | ||||||
Spartan Motors, Inc. | 75 | 664 | ||||||
Speedway Motorsports, Inc. | 400 | 7,308 | ||||||
Staples, Inc. | 4,525 | 45,567 | ||||||
Starbucks Corp. | 10,073 | 587,356 | ||||||
Steven Madden Ltd. (a) | 300 | 11,985 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Superior Industries International, Inc. | 150 | $ | 3,083 | |||||
Tailored Brands, Inc. (b) | 475 | 5,301 | ||||||
Target Corp. | 4,111 | 214,963 | ||||||
TEGNA, Inc. | 1,725 | 24,857 | ||||||
Tempur Sealy International, Inc. (a) (b) | 298 | 15,910 | ||||||
Tenneco, Inc. | 450 | 26,024 | ||||||
Tesla, Inc. (a) (b) | 761 | 275,185 | ||||||
Texas Roadhouse, Inc. | 475 | 24,201 | ||||||
Thomson Reuters Corp. | 2,325 | 107,624 | ||||||
Thor Industries, Inc. | 381 | 39,822 | ||||||
Tiffany & Co. | 735 | 68,994 | ||||||
Time Warner, Inc. | 5,719 | 574,245 | ||||||
Time, Inc. | 654 | 9,385 | ||||||
TJX Cos., Inc. (The) | 4,583 | 330,754 | ||||||
Toll Brothers, Inc. | 1,050 | 41,486 | ||||||
Tractor Supply Co. (b) | 1,061 | 57,517 | ||||||
TRI Pointe Group, Inc. (a) | 1,100 | 14,509 | ||||||
TripAdvisor, Inc. (a) (b) | 634 | 24,219 | ||||||
Tupperware Brands Corp. | 300 | 21,069 | ||||||
Twenty-First Century Fox, Inc. - Class A | 6,588 | 186,704 | ||||||
Ulta Beauty, Inc. (a) | 369 | 106,028 | ||||||
Under Armour, Inc. - Class A (a) (b) | 2,425 | 52,768 | ||||||
Under Armour, Inc. - Class C (a) (b) | 1,611 | 32,478 | ||||||
Universal Electronics, Inc. (a) | 200 | 13,370 | ||||||
Urban Outfitters, Inc. (a) (b) | 800 | 14,832 | ||||||
Vail Resorts, Inc. | 290 | 58,821 | ||||||
Value Line, Inc. (b) | 200 | 3,660 | ||||||
VF Corp. (b) | 2,375 | 136,799 | ||||||
Viacom, Inc. - Class B | 2,082 | 69,893 | ||||||
Vista Outdoor, Inc. (a) (b) | 400 | 9,004 | ||||||
Visteon Corp. (a) | 261 | 26,638 | ||||||
Vitamin Shoppe, Inc. (a) | 300 | 3,495 | ||||||
Walt Disney Co. (The) | 11,548 | 1,226,974 | ||||||
Wayfair, Inc. - Class A (a) | 300 | 23,064 | ||||||
Weight Watchers International, Inc. (a) (b) | 296 | 9,892 | ||||||
Wendy's Co. (The) | 1,925 | 29,857 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Discretionary - 12.8% (Continued) | ||||||||
Whirlpool Corp. | 504 | $ | 96,576 | |||||
Williams-Sonoma, Inc. (b) | 500 | 24,250 | ||||||
Winnebago Industries, Inc. (b) | 175 | 6,125 | ||||||
Wolverine World Wide, Inc. | 725 | 20,307 | ||||||
World Wrestling Entertainment, Inc. - Class A (b) | 600 | 12,222 | ||||||
Wyndham Worldwide Corp. | 620 | 62,254 | ||||||
Wynn Resorts Ltd. (b) | 621 | 83,289 | ||||||
Yum China Holdings, Inc. (a) | 189 | 7,452 | ||||||
Yum! Brands, Inc. | 2,589 | 190,965 | ||||||
Zumiez, Inc. (a) | 300 | 3,705 | ||||||
22,307,121 | ||||||||
Consumer Staples - 8.4% | ||||||||
Alico, Inc. | 200 | 6,260 | ||||||
Altria Group, Inc. | 14,171 | 1,055,314 | ||||||
Andersons, Inc. (The) | 75 | 2,561 | ||||||
Archer-Daniels-Midland Co. | 3,686 | 152,527 | ||||||
B&G Foods, Inc. (b) | 250 | 8,900 | ||||||
Blue Buffalo Pet Products, Inc (a) (b) | 725 | 16,537 | ||||||
Boston Beer Co., Inc. (The) - Class A (a) (b) | 100 | 13,215 | ||||||
Brown-Forman Corp. - Class B | 1,556 | 75,622 | ||||||
Bunge Ltd. | 1,050 | 78,330 | ||||||
Cal-Maine Foods, Inc. (a) (b) | 18 | 713 | ||||||
Campbell Soup Co. | 1,350 | 70,403 | ||||||
Casey's General Stores, Inc. (b) | 287 | 30,741 | ||||||
Church & Dwight Co., Inc. | 1,606 | 83,319 | ||||||
Clorox Co. (The) | 850 | 113,254 | ||||||
Coca-Cola Co. (The) | 28,340 | 1,271,050 | ||||||
Coca-Cola European Partners plc | 2,095 | 85,204 | ||||||
Colgate-Palmolive Co. | 6,451 | 478,213 | ||||||
Conagra Brands, Inc. | 3,173 | 113,466 | ||||||
Constellation Brands, Inc. - Class A | 1,236 | 239,450 | ||||||
Costco Wholesale Corp. | 3,201 | 511,936 | ||||||
Coty, Inc. - Class A (b) | 3,975 | 74,571 | ||||||
CVS Health Corp. | 7,495 | 603,048 | ||||||
Darling Ingredients, Inc. (a) | 975 | 15,347 | ||||||
Dean Foods Co. | 567 | 9,639 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Staples - 8.4% (Continued) | ||||||||
Dr Pepper Snapple Group, Inc. | 1,258 | $ | 114,616 | |||||
e.l.f. Beauty, Inc. (a) (b) | 300 | 8,163 | ||||||
Edgewell Personal Care Co. (a) | 446 | 33,905 | ||||||
Energizer Holdings, Inc. | 592 | 28,428 | ||||||
Estée Lauder Cos., Inc. (The) - Class A | 1,451 | 139,266 | ||||||
Flowers Foods, Inc. | 1,580 | 27,350 | ||||||
Fresh Del Monte Produce, Inc. (b) | 100 | 5,091 | ||||||
General Mills, Inc. | 3,975 | 220,215 | ||||||
Hain Celestial Group, Inc. (The) (a) | 600 | 23,292 | ||||||
Herbalife Ltd. (a) (b) | 650 | 46,365 | ||||||
Hershey Co. (The) | 1,099 | 118,000 | ||||||
Hormel Foods Corp. (b) | 1,875 | 63,956 | ||||||
HRG Group, Inc. (a) (b) | 1,350 | 23,909 | ||||||
Ingles Markets, Inc. - Class A | 150 | 4,995 | ||||||
Ingredion, Inc. | 441 | 52,572 | ||||||
Inter Parfums, Inc. (b) | 300 | 10,995 | ||||||
J & J Snack Foods Corp. | 70 | 9,245 | ||||||
J.M. Smucker Co. (The) | 852 | 100,817 | ||||||
Kellogg Co. | 1,903 | 132,182 | ||||||
Kimberly-Clark Corp. | 2,431 | 313,866 | ||||||
Kraft Heinz Co. (The) | 4,495 | 384,952 | ||||||
Kroger Co. (The) | 6,075 | 141,669 | ||||||
Lamb Weston Holdings, Inc. | 1,157 | 50,954 | ||||||
Lancaster Colony Corp. | 112 | 13,733 | ||||||
Mannatech, Inc. (b) | 70 | 1,113 | ||||||
McCormick & Co., Inc. | 677 | 66,014 | ||||||
MGP Ingredients, Inc. (b) | 200 | 10,234 | ||||||
Molson Coors Brewing Co. - Class B | 1,163 | 100,413 | ||||||
Mondelēz International, Inc. - Class A | 11,271 | 486,794 | ||||||
Monster Beverage Corp. (a) | 2,696 | 133,937 | ||||||
Nu Skin Enterprises, Inc. - Class A | 325 | 20,423 | ||||||
PepsiCo, Inc. | 10,429 | 1,204,445 | ||||||
Philip Morris International, Inc. | 10,726 | 1,259,769 | ||||||
Pilgrim's Pride Corp. (a) | 650 | 14,248 | ||||||
Pinnacle Foods, Inc. | 875 | 51,975 | ||||||
Post Holdings, Inc. (a) | 438 | 34,011 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Consumer Staples - 8.4% (Continued) | ||||||||
PriceSmart, Inc. (b) | 115 | $ | 10,074 | |||||
Procter & Gamble Co. (The) | 18,680 | 1,627,961 | ||||||
Reynolds American, Inc. | 6,625 | 430,890 | ||||||
Rocky Mountain Chocolate Factory, Inc. | 70 | 826 | ||||||
Sanderson Farms, Inc. | 143 | 16,538 | ||||||
Snyder's-Lance, Inc. | 710 | 24,580 | ||||||
SpartanNash Co. | 400 | 10,384 | ||||||
Sprouts Farmers Market, Inc. (a) (b) | 300 | 6,801 | ||||||
SUPERVALU, Inc. (a) | 2,050 | 6,745 | ||||||
Sysco Corp. | 4,000 | 201,320 | ||||||
Tootsie Roll Industries, Inc. (b) | 27 | 941 | ||||||
TreeHouse Foods, Inc. (a) (b) | 385 | 31,451 | ||||||
Tyson Foods, Inc. - Class A | 1,911 | 119,686 | ||||||
United Natural Foods, Inc. (a) (b) | 150 | 5,505 | ||||||
US Foods Holding Corp. (a) | 475 | 12,930 | ||||||
USANA Health Sciences, Inc. (a) (b) | 118 | 7,564 | ||||||
Vector Group Ltd. | 812 | 17,312 | ||||||
Walgreen Boots Alliance, Inc. | 6,869 | 537,911 | ||||||
Wal-Mart Stores, Inc. | 11,349 | 858,891 | ||||||
WD-40 Co. (b) | 45 | 4,966 | ||||||
Whole Foods Market, Inc. (b) | 2,350 | 98,959 | ||||||
14,593,767 | ||||||||
Energy - 5.6% | ||||||||
Alon USA Energy, Inc. | 250 | 3,330 | ||||||
Anadarko Petroleum Corp. | 3,889 | 176,327 | ||||||
Antero Resources Corp. (a) (b) | 800 | 17,288 | ||||||
Apache Corp. (b) | 2,913 | 139,620 | ||||||
Arch Coal, Inc. - Class A (b) | 163 | 11,133 | ||||||
Archrock, Inc. | 812 | 9,257 | ||||||
Atwood Oceanics, Inc. (a) (b) | 600 | 4,890 | ||||||
Baker Hughes, Inc. (b) | 2,795 | 152,355 | ||||||
Bill Barrett Corp. (a) | 400 | 1,228 | ||||||
BP Prudhoe Bay Royalty Trust | 300 | 6,480 | ||||||
Bristow Group, Inc. (b) | 200 | 1,530 | ||||||
Cabot Oil & Gas Corp. | 3,325 | 83,391 | ||||||
California Resources Corp. (a) (b) | 472 | 4,036 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Energy - 5.6% (Continued) | ||||||||
Callon Petroleum Co. (a) | 1,500 | $ | 15,915 | |||||
CARBO Ceramics, Inc. (a) (b) | 150 | 1,028 | ||||||
Carrizo Oil & Gas, Inc. (a) | 400 | 6,968 | ||||||
Cheniere Energy, Inc. (a) (b) | 1,625 | 79,154 | ||||||
Chesapeake Energy Corp. (a) (b) | 6,875 | 34,169 | ||||||
Chevron Corp. | 13,833 | 1,443,196 | ||||||
Cimarex Energy Co. | 596 | 56,030 | ||||||
Concho Resources, Inc. (a) | 828 | 100,627 | ||||||
ConocoPhillips | 8,992 | 395,287 | ||||||
CONSOL Energy, Inc. (a) (b) | 1,650 | 24,651 | ||||||
Continental Resources, Inc. (a) (b) | 830 | 26,834 | ||||||
Cross Timbers Royalty Trust | 200 | 3,064 | ||||||
Dawson Geophysical Co. (a) | 78 | 306 | ||||||
Delek US Holdings, Inc. | 175 | 4,627 | ||||||
Devon Energy Corp. | 3,766 | 120,399 | ||||||
Diamond Offshore Drilling, Inc. (a) (b) | 850 | 9,206 | ||||||
Diamondback Energy, Inc. (a) | 535 | 47,513 | ||||||
Dril-Quip, Inc. (a) | 145 | 7,076 | ||||||
Enbridge Energy Management, LLC (a) | 900 | 13,869 | ||||||
Enbridge, Inc. (b) | 5,353 | 213,103 | ||||||
Energen Corp. (a) | 490 | 24,191 | ||||||
EnLink Midstream, LLC (b) | 1,550 | 27,280 | ||||||
EOG Resources, Inc. | 3,898 | 352,847 | ||||||
EQT Corp. (b) | 960 | 56,246 | ||||||
Era Group, Inc. (a) | 300 | 2,838 | ||||||
Exterran Corp. (a) | 406 | 10,840 | ||||||
Exxon Mobil Corp. | 30,298 | 2,445,957 | ||||||
Fairmount Santrol Holdings, Inc. (a) (b) | 1,250 | 4,875 | ||||||
Forum Energy Technologies, Inc. (a) (b) | 300 | 4,680 | ||||||
Geospace Technologies Corp. (a) (b) | 226 | 3,126 | ||||||
Green Plains, Inc. (b) | 300 | 6,165 | ||||||
Gulf Island Fabrication, Inc. | 381 | 4,420 | ||||||
Gulfport Energy Corp. (a) | 900 | 13,275 | ||||||
Halliburton Co. | 5,931 | 253,312 | ||||||
Helix Energy Solutions Group, Inc. (a) (b) | 1,000 | 5,640 | ||||||
Helmerich & Payne, Inc. (b) | 550 | 29,887 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Energy - 5.6% (Continued) | ||||||||
Hess Corp. | 2,024 | $ | 88,793 | |||||
HollyFrontier Corp. (b) | 1,158 | 31,810 | ||||||
Key Energy Services, Inc. (a) (b) | 925 | 17,797 | ||||||
Kinder Morgan, Inc. | 14,560 | 278,970 | ||||||
Laredo Petroleum, Inc. (a) | 800 | 8,416 | ||||||
Marathon Oil Corp. | 5,647 | 66,917 | ||||||
Marathon Petroleum Corp. | 3,956 | 207,017 | ||||||
Matador Resources Co. (a) (b) | 375 | 8,014 | ||||||
Matrix Service Co. (a) | 450 | 4,208 | ||||||
McDermott International, Inc. (a) | 1,575 | 11,293 | ||||||
Murphy Oil Corp. | 1,025 | 26,271 | ||||||
Nabors Industries Ltd. (b) | 1,975 | 16,077 | ||||||
National Oilwell Varco, Inc. | 2,661 | 87,653 | ||||||
Newfield Exploration Co. (a) | 1,225 | 34,864 | ||||||
Newpark Resources, Inc. (a) | 875 | 6,431 | ||||||
Noble Energy, Inc. | 2,476 | 70,071 | ||||||
Oasis Petroleum, Inc. (a) (b) | 1,375 | 11,069 | ||||||
Occidental Petroleum Corp. | 5,700 | 341,259 | ||||||
Oceaneering International, Inc. | 500 | 11,420 | ||||||
Oil States International, Inc. (a) | 200 | 5,430 | ||||||
ONEOK, Inc. (b) | 1,225 | 63,896 | ||||||
Pacific Ethanol, Inc. (a) | 1 | 6 | ||||||
Parsley Energy, Inc. - Class A (a) | 1,425 | 39,544 | ||||||
Patterson-UTI Energy, Inc. | 1,100 | 22,209 | ||||||
PBF Energy, Inc. - Class A (b) | 625 | 13,913 | ||||||
PDC Energy, Inc. (a) | 375 | 16,166 | ||||||
Phillips 66 | 3,213 | 265,683 | ||||||
Pioneer Natural Resources Co. | 1,221 | 194,847 | ||||||
QEP Resources, Inc. (a) | 1,750 | 17,675 | ||||||
Range Resources Corp. | 1,339 | 31,025 | ||||||
Renewable Energy Group, Inc. (a) | 109 | 1,412 | ||||||
Rice Energy, Inc. (a) | 1,025 | 27,296 | ||||||
Rowan Cos. plc - Class A (a) (b) | 900 | 9,216 | ||||||
RPC, Inc. (b) | 587 | 11,863 | ||||||
RSP Permian, Inc. (a) | 600 | 19,362 | ||||||
Sanchez Energy Corp. (a) (b) | 325 | 2,334 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Energy - 5.6% (Continued) | ||||||||
Schlumberger Ltd. | 9,396 | $ | 618,632 | |||||
SemGroup Corp. - Class A (b) | 450 | 12,150 | ||||||
Ship Finance International Ltd. (b) | 575 | 7,820 | ||||||
SM Energy Co. (b) | 450 | 7,439 | ||||||
Southwestern Energy Co. (a) (b) | 3,325 | 20,216 | ||||||
SRC Energy, Inc. (a) (b) | 1,175 | 7,908 | ||||||
Superior Energy Services, Inc. (a) | 1,131 | 11,796 | ||||||
Targa Resources Corp. | 1,255 | 56,726 | ||||||
TechnipFMC plc (a) | 1,606 | 43,683 | ||||||
Teekay Corp. (b) | 775 | 5,169 | ||||||
Tesoro Corp. | 992 | 92,851 | ||||||
Trico Marine Services, Inc. (a) | 1,600 | 0 | ||||||
Unit Corp. (a) | 500 | 9,365 | ||||||
Valero Energy Corp. | 3,214 | 216,816 | ||||||
Westmoreland Coal Co. (a) | 300 | 1,461 | ||||||
Whiting Petroleum Corp. (a) (b) | 1,922 | 10,590 | ||||||
Williams Cos., Inc. (The) | 5,250 | 158,970 | ||||||
World Fuel Services Corp. | 475 | 18,264 | ||||||
WPX Energy, Inc. (a) | 2,675 | 25,841 | ||||||
9,855,390 | ||||||||
Financials - 15.3% | ||||||||
Actua Corp. (a) | 100 | 1,405 | ||||||
Affiliated Managers Group, Inc. | 428 | 70,988 | ||||||
Aflac, Inc. | 2,800 | 217,504 | ||||||
AGNC Investment Corp. | 2,175 | 46,305 | ||||||
Alleghany Corp. (a) | 127 | 75,540 | ||||||
Allstate Corp. (The) | 2,675 | 236,576 | ||||||
Ally Financial, Inc. | 3,625 | 75,763 | ||||||
Altisource Residential Corp. (b) | 33 | 427 | ||||||
American Equity Investment Life Holding Co. | 625 | 16,425 | ||||||
American Express Co. | 5,523 | 465,257 | ||||||
American Financial Group, Inc. | 446 | 44,319 | ||||||
American International Group, Inc. | 6,575 | 411,068 | ||||||
American National Insurance Co. | 181 | 21,085 | ||||||
Ameriprise Financial, Inc. | 1,035 | 131,745 | ||||||
Ameris Bancorp | 300 | 14,460 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
AmTrust Financial Services, Inc. (b) | 664 | $ | 10,053 | |||||
Annaly Capital Management, Inc. | 6,939 | 83,614 | ||||||
Anworth Mortgage Asset Corp. | 1,500 | 9,015 | ||||||
Apollo Commercial Real Estate Finance, Inc. (b) | 600 | 11,130 | ||||||
Apollo Investment Corp. | 1,725 | 11,023 | ||||||
Arbor Realty Trust, Inc. (b) | 200 | 1,668 | ||||||
Arch Capital Group Ltd. (a) | 619 | 57,747 | ||||||
Ares Capital Corp. | 3,355 | 54,955 | ||||||
Argo Group International Holdings Ltd. | 63 | 3,818 | ||||||
Arlington Asset Investment Corp. - Class A (b) | 4 | 55 | ||||||
Arthur J. Gallagher & Co. | 1,225 | 70,131 | ||||||
Artisan Partners Asset Management, Inc. - Class A | 300 | 9,210 | ||||||
Ashford, Inc. (a) | 6 | 301 | ||||||
Aspen Insurance Holdings Ltd. | 350 | 17,448 | ||||||
Associated Banc-Corp | 900 | 22,680 | ||||||
Assurant, Inc. | 337 | 34,944 | ||||||
Assured Guaranty Ltd. | 775 | 32,349 | ||||||
Astoria Financial Corp. | 700 | 14,105 | ||||||
Axis Capital Holdings Ltd. | 475 | 30,714 | ||||||
Bancorp, Inc. (The) (a) | 50 | 379 | ||||||
BancorpSouth, Inc. | 675 | 20,588 | ||||||
Bank of America Corp. | 74,048 | 1,796,403 | ||||||
Bank of Hawaii Corp. (b) | 303 | 25,140 | ||||||
Bank of New York Mellon Corp. (The) | 7,663 | 390,966 | ||||||
Bank of the Ozarks, Inc. (b) | 765 | 35,856 | ||||||
BankFinancial Corp. | 700 | 10,444 | ||||||
BankUnited, Inc. | 825 | 27,811 | ||||||
Banner Corp. | 300 | 16,953 | ||||||
BB&T Corp. | 5,840 | 265,193 | ||||||
Beneficial Bancorp, Inc. | 549 | 8,235 | ||||||
Berkley (W.R.) Corp. | 687 | 47,520 | ||||||
Berkshire Hathaway, Inc. - Class B (a) | 15,706 | 2,660,126 | ||||||
Berkshire Hills Bancorp, Inc. | 300 | 10,545 | ||||||
BGC Partners, Inc. - Class A | 1,650 | 20,856 | ||||||
BlackRock, Inc. | 942 | 397,910 | ||||||
Blackstone Mortgage Trust, Inc. - Class A (b) | 600 | 18,960 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
BofI Holding, Inc. (a) (b) | 372 | $ | 8,824 | |||||
BOK Financial Corp. (b) | 169 | 14,218 | ||||||
Boston Private Financial Holdings, Inc. | 500 | 7,675 | ||||||
Bridge Bancorp, Inc. | 300 | 9,990 | ||||||
Brixmor Property Group, Inc. | 2,275 | 40,676 | ||||||
Brookline Bancorp, Inc. | 500 | 7,300 | ||||||
Brown & Brown, Inc. | 900 | 38,763 | ||||||
Camden National Corp. | 150 | 6,437 | ||||||
Canadian Imperial Bank of Commerce (b) | 166 | 13,455 | ||||||
Capital Bank Financial Corp. - Class A | 30 | 1,143 | ||||||
Capital City Bank Group, Inc. | 350 | 7,147 | ||||||
Capital One Financial Corp. | 3,318 | 274,133 | ||||||
Capitol Federal Financial, Inc. | 1,000 | 14,210 | ||||||
Capstead Mortgage Corp. | 700 | 7,301 | ||||||
Cathay General Bancorp (b) | 463 | 17,571 | ||||||
CBOE Holdings, Inc. | 590 | 53,926 | ||||||
Central Pacific Financial Corp. | 300 | 9,441 | ||||||
Charles Schwab Corp. (The) | 8,589 | 368,983 | ||||||
Charter Financial Corp. | 498 | 8,964 | ||||||
Chemical Financial Corp. | 500 | 24,205 | ||||||
Chimera Investment Corp. | 1,455 | 27,107 | ||||||
Chubb Ltd. | 1,487 | 216,180 | ||||||
Cincinnati Financial Corp. | 1,135 | 82,231 | ||||||
CIT Group, Inc. (b) | 1,350 | 65,745 | ||||||
Citigroup, Inc. | 20,465 | 1,368,698 | ||||||
Citizens Financial Group, Inc. | 3,375 | 120,420 | ||||||
CME Group, Inc. | 2,138 | 267,763 | ||||||
CNA Financial Corp. | 300 | 14,625 | ||||||
CNO Financial Group, Inc. | 1,100 | 22,968 | ||||||
CoBiz Financial, Inc. | 750 | 13,050 | ||||||
Cohen & Steers, Inc. | 50 | 2,027 | ||||||
Columbia Banking System, Inc. (b) | 276 | 10,999 | ||||||
Comerica, Inc. | 1,083 | 79,319 | ||||||
Commerce Bancshares, Inc. | 688 | 39,099 | ||||||
Community Bank System, Inc. (b) | 200 | 11,154 | ||||||
Community Trust Bancorp, Inc. | 110 | 4,813 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
Crawford & Co. - Class B | 200 | $ | 1,860 | |||||
Credit Acceptance Corp. (a) (b) | 112 | 28,800 | ||||||
Cullen/Frost Bankers, Inc. (b) | 332 | 31,178 | ||||||
CVB Financial Corp. | 600 | 13,458 | ||||||
CYS Investments, Inc. | 1,575 | 13,246 | ||||||
Discover Financial Services | 2,775 | 172,577 | ||||||
Donnelley Financial Solutions, Inc. (a) | 159 | 3,651 | ||||||
E*TRADE Financial Corp. (a) | 2,078 | 79,026 | ||||||
Eagle Bancorp, Inc. (a) | 300 | 18,990 | ||||||
East West Bancorp, Inc. | 1,025 | 60,045 | ||||||
Eaton Vance Corp. | 850 | 40,222 | ||||||
Education Realty Trust, Inc. | 633 | 24,529 | ||||||
eHealth, Inc. (a) | 175 | 3,290 | ||||||
Ellington Financial, LLC | 425 | 6,889 | ||||||
Employers Holdings, Inc. | 75 | 3,173 | ||||||
Encore Capital Group, Inc. (a) (b) | 200 | 8,030 | ||||||
Enova International, Inc. (a) | 297 | 4,410 | ||||||
Enstar Group Ltd. (a) | 120 | 23,838 | ||||||
Enterprise Financial Services Corp. | 50 | 2,040 | ||||||
Erie Indemnity Co. - Class A | 174 | 21,762 | ||||||
Evercore Partners, Inc. - Class A | 350 | 24,675 | ||||||
Everest Re Group Ltd. | 226 | 57,537 | ||||||
EZCORP, Inc. - Class A (a) | 1,000 | 7,700 | ||||||
F.N.B. Corp. | 2,460 | 34,834 | ||||||
FBL Financial Group, Inc. - Class A | 300 | 18,450 | ||||||
Federated Investors, Inc. - Class B (b) | 700 | 19,775 | ||||||
Federated National Holding Co. | 200 | 3,200 | ||||||
Fifth Street Finance Corp. (b) | 1,750 | 8,505 | ||||||
Fifth Third Bancorp | 5,276 | 136,965 | ||||||
Financial Engines, Inc. | 225 | 8,235 | ||||||
Financial Institutions, Inc. | 200 | 5,960 | ||||||
First American Financial Corp. | 527 | 23,552 | ||||||
First BanCorp. (Puerto Rico) (a) | 1,366 | 7,909 | ||||||
First Bancorp/NC | 300 | 9,378 | ||||||
First Busey Corp. | 325 | 9,529 | ||||||
First Citizens BancShares, Inc. - Class A (b) | 50 | 18,635 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
First Commonwealth Financial Corp. | 800 | $ | 10,144 | |||||
First Community Bancshares, Inc. | 425 | 11,624 | ||||||
First Data Corp. - Class A (a) | 1,825 | 33,215 | ||||||
First Financial Bancorp | 575 | 15,928 | ||||||
First Financial Bankshares, Inc. (b) | 300 | 13,260 | ||||||
First Financial Corp. | 100 | 4,730 | ||||||
First Hawaiian, Inc. | 300 | 9,186 | ||||||
First Horizon National Corp. | 1,583 | 27,576 | ||||||
First Interstate BancSystem, Inc. - Class A | 300 | 11,160 | ||||||
First Merchants Corp. | 425 | 17,060 | ||||||
First Midwest Bancorp, Inc. | 800 | 18,648 | ||||||
First Republic Bank | 1,013 | 101,401 | ||||||
FirstCash, Inc. | 221 | 12,884 | ||||||
FNF Group | 1,909 | 85,580 | ||||||
Four Corners Property Trust, Inc. | 444 | 11,149 | ||||||
Franklin Resources, Inc. | 2,621 | 117,395 | ||||||
FS Investment Corp. (b) | 1,925 | 17,614 | ||||||
Fulton Financial Corp. | 1,250 | 23,750 | ||||||
Glacier Bancorp, Inc. (b) | 550 | 20,136 | ||||||
Goldman Sachs Group, Inc. (The) | 2,765 | 613,553 | ||||||
Golub Capital BDC, Inc. | 475 | 9,082 | ||||||
Great Western Bancorp, Inc. | 300 | 12,243 | ||||||
Green Dot Corp. - Class A (a) | 250 | 9,633 | ||||||
Greenhill & Co., Inc. | 300 | 6,030 | ||||||
Guaranty Bancorp (b) | 200 | 5,440 | ||||||
Hallmark Financial Services, Inc. (a) | 100 | 1,127 | ||||||
Hancock Holding Co. | 500 | 24,500 | ||||||
Hanmi Financial Corp. | 369 | 10,498 | ||||||
Hanover Insurance Group, Inc. (The) | 300 | 26,589 | ||||||
Hartford Financial Services Group, Inc. (The) | 2,375 | 124,854 | ||||||
Healthcare Trust of America, Inc. - Class A | 1,025 | 31,888 | ||||||
Heartland Financial USA, Inc. | 300 | 14,130 | ||||||
Hercules Capital, Inc. (b) | 775 | 10,261 | ||||||
Heritage Commerce Corp. | 50 | 689 | ||||||
HFF, Inc. - Class A | 75 | 2,608 | ||||||
Hilltop Holdings, Inc. | 550 | 14,416 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
Home BancShares, Inc. | 950 | $ | 23,655 | |||||
HomeStreet, Inc. (a) | 300 | 8,303 | ||||||
Hope Bancorp, Inc. | 1,092 | 20,366 | ||||||
Horace Mann Educators Corp. | 375 | 14,175 | ||||||
Huntington Bancshares, Inc. | 7,172 | 96,965 | ||||||
IBERIABANK Corp. | 375 | 30,563 | ||||||
Impac Mortgage Holdings, Inc. (a) (b) | 85 | 1,286 | ||||||
Independent Bank Corp. | 300 | 19,995 | ||||||
Interactive Brokers Group, Inc. - Class A (b) | 500 | 18,710 | ||||||
Intercontinental Exchange, Inc. | 4,400 | 290,048 | ||||||
International Bancshares Corp. | 400 | 14,020 | ||||||
INTL FCStone, Inc. (a) | 500 | 18,880 | ||||||
Invesco Ltd. | 2,975 | 104,690 | ||||||
Invesco Mortgage Capital, Inc. | 625 | 10,444 | ||||||
Investment Technology Group, Inc. | 1,000 | 21,240 | ||||||
Investors Bancorp, Inc. | 1,325 | 17,702 | ||||||
Janus Henderson Group Plc (a) (b) | 672 | 22,250 | ||||||
JPMorgan Chase & Co. | 26,146 | 2,389,743 | ||||||
Kearny Financial Corp. | 828 | 12,296 | ||||||
Kemper Corp. | 300 | 11,580 | ||||||
KeyCorp | 7,726 | 144,785 | ||||||
Lakeland Financial Corp. | 300 | 13,764 | ||||||
LegacyTexas Financial Group, Inc. | 375 | 14,299 | ||||||
Legg Mason, Inc. | 750 | 28,620 | ||||||
LendingTree, Inc. (a) (b) | 90 | 15,498 | ||||||
Leucadia National Corp. | 2,432 | 63,621 | ||||||
Lincoln National Corp. | 1,600 | 108,128 | ||||||
Loews Corp. | 2,325 | 108,833 | ||||||
LPL Financial Holdings, Inc. | 200 | 8,492 | ||||||
M&T Bank Corp. (b) | 967 | 156,605 | ||||||
Maiden Holdings Ltd. | 675 | 7,493 | ||||||
Main Street Capital Corp. (b) | 475 | 18,269 | ||||||
MainSource Financial Group, Inc. | 300 | 10,053 | ||||||
Markel Corp. (a) | 138 | 134,669 | ||||||
MarketAxess Holdings, Inc. | 250 | 50,275 | ||||||
Marsh & McLennan Cos., Inc. | 3,804 | 296,559 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
MB Financial, Inc. | 540 | $ | 23,782 | |||||
MBIA, Inc. (a) (b) | 925 | 8,723 | ||||||
Mercury General Corp. | 300 | 16,200 | ||||||
Meta Financial Group, Inc. | 100 | 8,900 | ||||||
MetLife, Inc. | 6,696 | 367,877 | ||||||
MFA Financial, Inc. | 2,250 | 18,878 | ||||||
MGIC Investment Corp. (a) | 1,500 | 16,800 | ||||||
Moody's Corp. | 1,218 | 148,206 | ||||||
Morgan Stanley | 11,300 | 503,527 | ||||||
Morningstar, Inc. | 207 | 16,216 | ||||||
MSCI, Inc. | 519 | 53,452 | ||||||
MTGE Investment Corp. | 575 | 10,810 | ||||||
Nasdaq, Inc. | 725 | 51,830 | ||||||
National General Holdings Corp. | 525 | 11,078 | ||||||
Navient Corp. | 2,050 | 34,133 | ||||||
Navigators Group, Inc. (The) | 200 | 10,980 | ||||||
NBT Bancorp, Inc. | 200 | 7,390 | ||||||
Nelnet, Inc. - Class A | 25 | 1,175 | ||||||
New Mountain Finance Corp. | 650 | 9,458 | ||||||
New Residential Investment Corp. | 1,400 | 21,784 | ||||||
New York Community Bancorp, Inc. | 3,062 | 40,203 | ||||||
New York REIT, Inc. | 1,300 | 11,232 | ||||||
Northern Trust Corp. | 1,738 | 168,951 | ||||||
Northwest Bancshares, Inc. (b) | 875 | 13,659 | ||||||
Oaktree Capital Group, LLC | 1,100 | 51,260 | ||||||
OFG Bancorp (b) | 432 | 4,320 | ||||||
Old National Bancorp | 950 | 16,388 | ||||||
Old Republic International Corp. | 1,661 | 32,439 | ||||||
Old Second Bancorp, Inc. | 400 | 4,620 | ||||||
OneBeacon Insurance Group Ltd. - Class A | 600 | 10,938 | ||||||
OneMain Holdings, Inc. (a) (b) | 300 | 7,377 | ||||||
Oritani Financial Corp. | 400 | 6,820 | ||||||
Pacific Premier Bancorp, Inc. (a) | 300 | 11,070 | ||||||
PacWest Bancorp | 817 | 38,154 | ||||||
Park National Corp. | 87 | 9,024 | ||||||
PennyMac Mortgage Investment Trust | 450 | 8,231 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
People's United Financial, Inc. (b) | 1,983 | $ | 35,024 | |||||
PHH Corp. (a) | 573 | 7,890 | ||||||
Physicians Realty Trust | 900 | 18,126 | ||||||
Pinnacle Financial Partners, Inc. | 559 | 35,130 | ||||||
PNC Financial Services Group, Inc. (The) | 3,544 | 442,538 | ||||||
Popular, Inc. | 782 | 32,617 | ||||||
PRA Group, Inc. (a) (b) | 300 | 11,370 | ||||||
Preferred Bank | 200 | 10,694 | ||||||
Primerica, Inc. | 300 | 22,725 | ||||||
Principal Financial Group, Inc. | 1,850 | 118,530 | ||||||
ProAssurance Corp. | 230 | 13,984 | ||||||
Progressive Corp. (The) | 3,875 | 170,849 | ||||||
Prospect Capital Corp. (b) | 2,650 | 21,518 | ||||||
Prosperity Bancshares, Inc. | 500 | 32,120 | ||||||
Provident Financial Services, Inc. | 600 | 15,228 | ||||||
Prudential Financial, Inc. | 3,131 | 338,585 | ||||||
Pzena Investment Management, Inc. - Class A | 2,077 | 21,102 | ||||||
Radian Group, Inc. (b) | 1,445 | 23,625 | ||||||
Raymond James Financial, Inc. | 925 | 74,204 | ||||||
Redwood Trust, Inc. (b) | 450 | 7,668 | ||||||
Regions Financial Corp. | 8,081 | 118,306 | ||||||
Reinsurance Group of America, Inc. | 454 | 58,289 | ||||||
RenaissanceRe Holdings Ltd. | 290 | 40,325 | ||||||
Renasant Corp. | 400 | 17,496 | ||||||
Republic Bancorp, Inc. - Class A | 315 | 11,246 | ||||||
Resource Capital Corp. (b) | 50 | 509 | ||||||
RLI Corp. (b) | 425 | 23,214 | ||||||
S&P Global, Inc. | 1,782 | 260,154 | ||||||
S&T Bancorp, Inc. | 350 | 12,551 | ||||||
Sandy Spring Bancorp, Inc. (b) | 300 | 12,198 | ||||||
Seacoast Banking Corp. of Florida (a) | 150 | 3,615 | ||||||
SEI Investments Co. | 975 | 52,436 | ||||||
Selective Insurance Group, Inc. | 300 | 15,015 | ||||||
ServisFirst Bancshares, Inc. | 400 | 14,756 | ||||||
Signature Bank (a) | 387 | 55,546 | ||||||
Simmons First National Corp. - Class A | 200 | 10,580 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
SLM Corp. (a) | 2,500 | $ | 28,750 | |||||
Solar Capital Ltd. | 500 | 10,935 | ||||||
South State Corp. | 180 | 15,426 | ||||||
Southside Bancshares, Inc. | 340 | 11,880 | ||||||
Southwest Bancorp, Inc. | 50 | 1,278 | ||||||
Starwood Property Trust, Inc. | 1,825 | 40,861 | ||||||
State Auto Financial Corp. (b) | 400 | 10,292 | ||||||
State Street Corp. | 2,866 | 257,166 | ||||||
Sterling Bancorp (b) | 1,113 | 25,877 | ||||||
Stewart Information Services Corp. | 300 | 13,614 | ||||||
Stifel Financial Corp. (a) | 340 | 15,633 | ||||||
Stock Yards Bancorp, Inc. | 300 | 11,670 | ||||||
Sun Bancorp, Inc. (b) | 164 | 4,043 | ||||||
SunTrust Banks, Inc. | 3,030 | 171,861 | ||||||
SVB Financial Group (a) | 367 | 64,515 | ||||||
Synchrony Financial | 5,775 | 172,211 | ||||||
Synovus Financial Corp. | 947 | 41,895 | ||||||
T. Rowe Price Group, Inc. | 1,890 | 140,257 | ||||||
TCF Financial Corp. | 975 | 15,542 | ||||||
TD Ameritrade Holding Corp. | 2,053 | 88,258 | ||||||
Texas Capital Bancshares, Inc. (a) | 384 | 29,722 | ||||||
TFS Financial Corp. | 525 | 8,122 | ||||||
Tompkins Financial Corp. (b) | 105 | 8,266 | ||||||
Torchmark Corp. | 786 | 60,129 | ||||||
TowneBank | 553 | 17,032 | ||||||
Travelers Cos., Inc. (The) | 2,002 | 253,312 | ||||||
Triangle Capital Corp. (b) | 350 | 6,167 | ||||||
TriCo Bancshares | 109 | 3,831 | ||||||
TrustCo Bank Corp. | 1,208 | 9,362 | ||||||
Trustmark Corp. | 425 | 13,668 | ||||||
Two Harbors Investment Corp. | 2,425 | 24,032 | ||||||
U.S. Bancorp | 11,834 | 614,420 | ||||||
UMB Financial Corp. | 243 | 18,191 | ||||||
Umpqua Holdings Corp. | 1,500 | 27,540 | ||||||
Union Bankshares Corp. | 275 | 9,323 | ||||||
United Bankshares, Inc. (b) | 553 | 21,678 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Financials - 15.3% (Continued) | ||||||||
United Community Banks, Inc. | 474 | $ | 13,177 | |||||
United Community Financial Corp. | 317 | 2,634 | ||||||
United Financial Bancorp, Inc. | 542 | 9,046 | ||||||
United Fire Group, Inc. | 300 | 13,218 | ||||||
United Security Bancshares (b) | 406 | 3,756 | ||||||
Unum Group | 1,407 | 65,608 | ||||||
Validus Holdings Ltd. | 483 | 25,102 | ||||||
Valley National Bancorp (b) | 1,750 | 20,668 | ||||||
Virtus Investment Partners, Inc. | 48 | 5,326 | ||||||
Voya Financial, Inc. | 1,275 | 47,035 | ||||||
Waddell & Reed Financial, Inc. - Class A (b) | 525 | 9,912 | ||||||
Washington Federal, Inc. | 433 | 14,376 | ||||||
Washington Trust Bancorp, Inc. | 100 | 5,155 | ||||||
Webster Financial Corp. | 675 | 35,249 | ||||||
Wells Fargo & Co. | 33,492 | 1,855,791 | ||||||
WesBanco, Inc. | 350 | 13,839 | ||||||
Westamerica Bancorp. (b) | 83 | 4,651 | ||||||
Western Alliance Bancorp (a) | 850 | 41,820 | ||||||
Western New England Bancorp, Inc. | 200 | 2,030 | ||||||
Willis Towers Watson plc | 500 | 72,730 | ||||||
Wintrust Financial Corp. | 425 | 32,487 | ||||||
WisdomTree Investments, Inc. (b) | 750 | 7,628 | ||||||
World Acceptance Corp. (a) (b) | 100 | 7,491 | ||||||
WSFS Financial Corp. | 300 | 13,605 | ||||||
Xenia Hotel & Resorts, Inc. | 900 | 17,433 | ||||||
Zions Bancorp. | 1,480 | 64,987 | ||||||
26,708,141 | ||||||||
Health Care - 13.2% | ||||||||
Abbott Laboratories | 12,635 | 614,186 | ||||||
AbbVie, Inc. | 10,400 | 754,103 | ||||||
ABIOMED, Inc. (a) | 250 | 35,825 | ||||||
Acadia Healthcare Co., Inc. (a) (b) | 475 | 23,456 | ||||||
ACADIA Pharmaceuticals, Inc. (a) (b) | 625 | 17,431 | ||||||
Acorda Therapeutics, Inc. (a) | 375 | 7,388 | ||||||
Aetna, Inc. | 2,553 | 387,621 | ||||||
Agilent Technologies, Inc. | 2,196 | 130,245 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
Agios Pharmaceuticals, Inc. (a) (b) | 300 | $ | 15,435 | |||||
Akorn, Inc. (a) | 600 | 20,124 | ||||||
Albany Molecular Research, Inc. (a) (b) | 700 | 15,190 | ||||||
Alder Biopharmaceuticals, Inc. (a) (b) | 300 | 3,435 | ||||||
Alere, Inc. (a) | 550 | 27,605 | ||||||
Alexion Pharmaceuticals, Inc. (a) | 1,349 | 164,133 | ||||||
Align Technology, Inc. (a) (b) | 454 | 68,154 | ||||||
Alkermes plc (a) | 1,000 | 57,970 | ||||||
Allergan plc | 2,419 | 588,034 | ||||||
Alliance HealthCare Services, Inc. (a) | 140 | 1,862 | ||||||
Allscripts Healthcare Solutions, Inc. (a) | 1,225 | 15,631 | ||||||
Alnylam Pharmaceuticals, Inc. (a) (b) | 413 | 32,941 | ||||||
AMAG Pharmaceuticals, Inc. (a) (b) | 100 | 1,840 | ||||||
Amedisys, Inc. (a) | 201 | 12,625 | ||||||
AmerisourceBergen Corp. (b) | 1,144 | 108,142 | ||||||
Amgen, Inc. | 4,803 | 827,220 | ||||||
Amicus Therapeutics, Inc. (a) (b) | 1,225 | 12,336 | ||||||
AMN Healthcare Services, Inc. (a) (b) | 250 | 9,763 | ||||||
Analogic Corp. | 130 | 9,445 | ||||||
Anika Therapeutics, Inc. (a) | 100 | 4,934 | ||||||
Anthem, Inc. | 1,960 | 368,735 | ||||||
AquaBounty Technologies, Inc. (a) | 5 | 40 | ||||||
Array BioPharma, Inc. (a) (b) | 1,175 | 9,835 | ||||||
athenahealth, Inc. (a) (b) | 192 | 26,986 | ||||||
Baxter International, Inc. | 3,963 | 239,920 | ||||||
Becton, Dickinson and Co. | 1,599 | 311,980 | ||||||
Biogen, Inc. (a) | 1,413 | 383,432 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 978 | 88,822 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 99 | 22,405 | ||||||
Bio-Techne Corp. | 232 | 27,260 | ||||||
Bioverativ, Inc. (a) | 766 | 46,090 | ||||||
Bluebird Bio, Inc. (a) (b) | 168 | 17,648 | ||||||
Boston Scientific Corp. (a) | 7,964 | 220,762 | ||||||
Bristol-Myers Squibb Co. | 12,225 | 681,176 | ||||||
Brookdale Senior Living, Inc. (a) | 1,294 | 19,035 | ||||||
Bruker Corp. | 725 | 20,909 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
C.R. Bard, Inc. | 445 | $ | 140,669 | |||||
Cambrex Corp. (a) | 350 | 20,913 | ||||||
Cantel Medical Corp. | 200 | 15,582 | ||||||
Capital Senior Living Corp. (a) | 100 | 1,521 | ||||||
Cardinal Health, Inc. | 2,048 | 159,580 | ||||||
Cardiovascular Systems, Inc. (a) | 325 | 10,475 | ||||||
Catalent, Inc. (a) | 550 | 19,305 | ||||||
Celgene Corp. (a) | 5,746 | 746,232 | ||||||
Centene Corp. (a) | 1,333 | 106,480 | ||||||
Cerner Corp. (a) | 2,200 | 146,233 | ||||||
Charles River Laboratories International, Inc. (a) | 346 | 34,998 | ||||||
Chemed Corp. (b) | 136 | 27,816 | ||||||
Chimerix, Inc. (a) | 300 | 1,635 | ||||||
Cigna Corp. | 1,908 | 319,380 | ||||||
Clovis Oncology, Inc. (a) | 300 | 28,089 | ||||||
Community Health Systems, Inc. (a) | 832 | 8,287 | ||||||
Computer Programs & Systems, Inc. (b) | 100 | 3,280 | ||||||
CONMED Corp. | 300 | 15,282 | ||||||
Cooper Cos., Inc. (The) | 300 | 71,826 | ||||||
Danaher Corp. | 4,467 | 376,969 | ||||||
DaVita, Inc. (a) | 1,033 | 66,897 | ||||||
DENTSPLY SIRONA, Inc. | 1,552 | 100,632 | ||||||
Depomed, Inc. (a) (b) | 675 | 7,250 | ||||||
Dermira, Inc. (a) (b) | 300 | 8,742 | ||||||
DexCom, Inc. (a) (b) | 298 | 21,799 | ||||||
Dynavax Technologies Corp. (a) (b) | 425 | 4,101 | ||||||
Edwards Lifesciences Corp. (a) | 1,473 | 174,168 | ||||||
Eli Lilly & Co. | 6,762 | 556,513 | ||||||
Emergent BioSolutions, Inc. (a) | 293 | 9,936 | ||||||
Endo International plc (a) | 922 | 10,299 | ||||||
Endologix, Inc. (a) (b) | 700 | 3,402 | ||||||
Ensign Group, Inc. (The) | 300 | 6,531 | ||||||
Envision Healthcare Corp. (a) | 575 | 36,035 | ||||||
Exact Sciences Corp. (a) | 775 | 27,412 | ||||||
Exelixis, Inc. (a) | 1,875 | 46,181 | ||||||
Express Scripts Holding Co. (a) | 4,236 | 270,426 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
Genomic Health, Inc. (a) | 200 | $ | 6,510 | |||||
Gilead Sciences, Inc. | 9,617 | 680,691 | ||||||
Haemonetics Corp. (a) | 250 | 9,873 | ||||||
Halozyme Therapeutics, Inc. (a) (b) | 750 | 9,615 | ||||||
Halyard Health, Inc. (a) | 297 | 11,666 | ||||||
Hanger, Inc. (a) (b) | 350 | 4,165 | ||||||
HCA Healthcare, Inc. (a) | 2,203 | 192,102 | ||||||
HealthSouth Corp. | 650 | 31,460 | ||||||
Henry Schein, Inc. (a) | 445 | 81,444 | ||||||
Hill-Rom Holdings, Inc. | 300 | 23,883 | ||||||
HMS Holdings Corp. (a) | 525 | 9,713 | ||||||
Hologic, Inc. (a) (b) | 1,777 | 80,640 | ||||||
Horizon Pharma plc (a) | 1,125 | 13,354 | ||||||
Humana, Inc. | 994 | 239,176 | ||||||
ICU Medical, Inc. (a) | 100 | 17,250 | ||||||
IDEXX Laboratories, Inc. (a) | 599 | 96,691 | ||||||
Illumina, Inc. (a) | 752 | 130,487 | ||||||
Impax Laboratories, Inc. (a) | 650 | 10,465 | ||||||
INC Research Holdings, Inc. - Class A (a) | 300 | 17,550 | ||||||
Incyte Corp. (a) | 1,343 | 169,097 | ||||||
Innoviva, Inc. (a) (b) | 1,000 | 12,800 | ||||||
Insulet Corp. (a) (b) | 175 | 8,979 | ||||||
Integer Holdings Corp. (a) | 300 | 12,975 | ||||||
Integra LifeSciences Holdings Corp. (a) (b) | 378 | 20,605 | ||||||
Intercept Pharmaceuticals, Inc. (a) (b) | 137 | 16,587 | ||||||
Intrexon Corp. (a) (b) | 400 | 9,636 | ||||||
Intuitive Surgical, Inc. (a) | 265 | 247,872 | ||||||
Ionis Pharmaceuticals, Inc. (a) (b) | 700 | 35,609 | ||||||
Ironwood Pharmaceuticals, Inc. (a) (b) | 1,000 | 18,880 | ||||||
Johnson & Johnson | 19,826 | 2,622,781 | ||||||
Keryx Biopharmaceuticals, Inc. (a) (b) | 975 | 7,049 | ||||||
Kindred Healthcare, Inc. (b) | 587 | 6,839 | ||||||
Kite Pharma, Inc. (a) (b) | 300 | 31,101 | ||||||
Laboratory Corp. of America Holdings (a) | 670 | 103,274 | ||||||
Lannett Co., Inc. (a) (b) | 300 | 6,120 | ||||||
LHC Group, Inc. (a) | 100 | 6,789 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
LifePoint Health, Inc. (a) | 265 | $ | 17,795 | |||||
Ligand Pharmaceuticals, Inc. (a) (b) | 164 | 19,910 | ||||||
LivaNova plc (a) (b) | 300 | 18,363 | ||||||
Magellan Health, Inc. (a) | 100 | 7,290 | ||||||
Masimo Corp. (a) | 300 | 27,354 | ||||||
McKesson Corp. | 1,508 | 248,126 | ||||||
Medicines Co. (The) (a) (b) | 350 | 13,304 | ||||||
Medidata Solutions, Inc. (a) | 125 | 9,775 | ||||||
MEDNAX, Inc. (a) (b) | 600 | 36,222 | ||||||
Merck & Co., Inc. | 20,155 | 1,291,733 | ||||||
Meridian Bioscience, Inc. | 375 | 5,906 | ||||||
Mettler-Toledo International, Inc. (a) | 200 | 117,708 | ||||||
MGC Diagnostics Corp. | 600 | 5,088 | ||||||
Molina Healthcare, Inc. (a) | 300 | 20,754 | ||||||
Momenta Pharmaceuticals, Inc. (a) | 200 | 3,380 | ||||||
Mylan N.V. (a) | 3,675 | 142,664 | ||||||
Myriad Genetics, Inc. (a) (b) | 450 | 11,628 | ||||||
Natus Medical, Inc. (a) (b) | 75 | 2,798 | ||||||
Nektar Therapeutics (a) (b) | 650 | 12,708 | ||||||
Neogen Corp. (a) (b) | 350 | 24,189 | ||||||
Neurocrine Biosciences, Inc. (a) (b) | 500 | 23,000 | ||||||
Nevro Corp. (a) (b) | 162 | 12,058 | ||||||
NewLink Genetics Corp. (a) (b) | 300 | 2,205 | ||||||
NuVasive, Inc. (a) (b) | 290 | 22,307 | ||||||
Nuvectra Corp. (a) | 100 | 1,328 | ||||||
NxStage Medical, Inc. (a) | 450 | 11,282 | ||||||
Omnicell, Inc. (a) | 375 | 16,163 | ||||||
OPKO Health, Inc. (a) (b) | 3,000 | 19,740 | ||||||
Owens & Minor, Inc. | 275 | 8,852 | ||||||
Pacira Pharmaceuticals, Inc. (a) (b) | 75 | 3,578 | ||||||
Paratek Pharmaceuticals, Inc. (a) (b) | 6 | 145 | ||||||
PAREXEL International Corp. (a) | 300 | 26,073 | ||||||
Patterson Cos., Inc. (b) | 575 | 26,996 | ||||||
Penumbra, Inc. (a) (b) | 196 | 17,199 | ||||||
PerkinElmer, Inc. | 792 | 53,967 | ||||||
Pfizer, Inc. | 43,962 | 1,476,683 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
PharMerica Corp. (a) | 381 | $ | 10,001 | |||||
Portola Pharmaceuticals, Inc. (a) | 300 | 16,851 | ||||||
PRA Health Sciences, Inc. (a) | 300 | 22,503 | ||||||
Premier, Inc. - Class A (a) (b) | 350 | 12,600 | ||||||
Prestige Brands Holdings, Inc. (a) | 350 | 18,484 | ||||||
Progenics Pharmaceuticals, Inc. (a) | 800 | 5,432 | ||||||
Providence Service Corp. (The) (a) | 200 | 10,122 | ||||||
Puma Biotechnology, Inc. (a) | 254 | 22,200 | ||||||
Quality Systems, Inc. (a) | 575 | 9,896 | ||||||
Quest Diagnostics, Inc. | 877 | 97,487 | ||||||
Quidel Corp. (a) | 300 | 8,142 | ||||||
Quintiles IMS Holdings, Inc. (a) (b) | 1,277 | 114,292 | ||||||
Quorum Health Corp. (a) (b) | 208 | 863 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 469 | 230,345 | ||||||
Repligen Corp. (a) (b) | 300 | 12,432 | ||||||
ResMed, Inc. (b) | 800 | 62,296 | ||||||
Sage Therapeutics, Inc. (a) | 300 | 23,892 | ||||||
Sarepta Therapeutics, Inc. (a) (b) | 400 | 13,484 | ||||||
SeaSpine Holdings Corp. (a) | 100 | 1,152 | ||||||
Seattle Genetics, Inc. (a) | 625 | 32,338 | ||||||
Select Medical Holdings Corp. (a) | 725 | 11,129 | ||||||
Shire plc - ADR | 920 | 152,048 | ||||||
Simulations Plus, Inc. | 600 | 7,410 | ||||||
Spectranetics Corp. (The) (a) | 175 | 6,720 | ||||||
STERIS plc | 350 | 28,525 | ||||||
Stryker Corp. | 2,329 | 323,218 | ||||||
Teleflex, Inc. | 300 | 62,328 | ||||||
Tenet Healthcare Corp. (a) (b) | 631 | 12,204 | ||||||
TESARO, Inc. (a) (b) | 174 | 24,336 | ||||||
Tetraphase Pharmaceuticals, Inc. (a) | 300 | 2,139 | ||||||
TherapeuticsMD, Inc. (a) (b) | 1,275 | 6,719 | ||||||
Thermo Fisher Scientific, Inc. | 2,901 | 506,136 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) (b) | 207 | 12,857 | ||||||
United Therapeutics Corp. (a) | 288 | 37,362 | ||||||
UnitedHealth Group, Inc. | 6,576 | 1,219,321 | ||||||
Universal Health Services, Inc. - Class B | 562 | 68,609 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Health Care - 13.2% (Continued) | ||||||||
Varex Imaging Corp. (a) | 282 | $ | 9,532 | |||||
Varian Medical Systems, Inc. (a) | 607 | 62,636 | ||||||
VCA, Inc. (a) | 525 | 48,463 | ||||||
Veeva Systems, Inc. - Class A (a) | 725 | 44,450 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 1,349 | 173,846 | ||||||
VWR Corp. (a) | 625 | 20,631 | ||||||
Waters Corp. (a) | 544 | 100,009 | ||||||
WellCare Health Plans, Inc. (a) | 329 | 59,075 | ||||||
West Pharmaceutical Services, Inc. | 505 | 47,733 | ||||||
Wright Medical Group N.V. (a) (b) | 773 | 21,250 | ||||||
Zimmer Biomet Holdings, Inc. | 1,472 | 189,005 | ||||||
ZIOPHARM Oncology, Inc. (a) (b) | 64 | 398 | ||||||
Zoetis, Inc. | 3,625 | 226,128 | ||||||
23,028,013 | ||||||||
Industrials - 10.6% | ||||||||
3M Co. | 4,356 | 906,876 | ||||||
A.O. Smith Corp. | 1,040 | 58,583 | ||||||
AAON, Inc. | 225 | 8,291 | ||||||
AAR Corp. | 300 | 10,428 | ||||||
ABM Industries, Inc. | 500 | 20,760 | ||||||
Acacia Research Corp. (a) | 300 | 1,230 | ||||||
ACCO Brands Corp. (a) | 825 | 9,611 | ||||||
Actuant Corp. - Class A | 290 | 7,134 | ||||||
Acuity Brands, Inc. (b) | 275 | 55,902 | ||||||
AdvanSix, Inc. (a) | 250 | 7,810 | ||||||
Advisory Board Co. (The) (a) | 100 | 5,150 | ||||||
AECOM (a) | 977 | 31,586 | ||||||
Aerojet Rocketdyne Holdings, Inc. (a) (b) | 500 | 10,400 | ||||||
AGCO Corp. | 400 | 26,956 | ||||||
Air Lease Corp. | 600 | 22,416 | ||||||
Aircastle Ltd. | 500 | 10,875 | ||||||
Alaska Air Group, Inc. | 834 | 74,860 | ||||||
Albany International Corp. - Class A | 100 | 5,340 | ||||||
Allegiant Travel Co. | 53 | 7,187 | ||||||
Allison Transmission Holdings, Inc. | 1,125 | 42,199 | ||||||
Altra Industrial Motion Corp. | 300 | 11,940 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
AMERCO | 100 | $ | 36,606 | |||||
American Airlines Group, Inc. | 3,411 | 171,642 | ||||||
American Woodmark Corp. (a) | 130 | 12,422 | ||||||
AMETEK, Inc. | 1,337 | 80,982 | ||||||
Apogee Enterprises, Inc. | 200 | 11,368 | ||||||
Applied Industrial Technologies, Inc. | 375 | 22,144 | ||||||
ArcBest Corp. | 300 | 6,180 | ||||||
Arconic, Inc. | 3,140 | 71,121 | ||||||
Armstrong Flooring, Inc. (a) | 100 | 1,797 | ||||||
Armstrong World Industries, Inc. (a) | 200 | 9,200 | ||||||
Astec Industries, Inc. | 200 | 11,102 | ||||||
Astronics Corp. (a) | 300 | 9,141 | ||||||
Astronics Corp. - Class B (a) | 96 | 2,936 | ||||||
Avis Budget Group, Inc. (a) (b) | 392 | 10,690 | ||||||
Axon Enterprise, Inc. (a) (b) | 325 | 8,171 | ||||||
AZZ, Inc. | 225 | 12,555 | ||||||
Babcock & Wilcox Enterprises, Inc. (a) | 718 | 8,444 | ||||||
Barnes Group, Inc. | 300 | 17,559 | ||||||
Beacon Roofing Supply, Inc. (a) | 500 | 24,500 | ||||||
Belden, Inc. | 100 | 7,543 | ||||||
Boeing Co. (The) | 4,138 | 818,289 | ||||||
Brady Corp. - Class A | 145 | 4,916 | ||||||
Briggs & Stratton Corp. | 150 | 3,615 | ||||||
Brink's Co. (The) | 450 | 30,150 | ||||||
Builders FirstSource, Inc. (a) (b) | 450 | 6,894 | ||||||
BWX Technologies, Inc. | 612 | 29,835 | ||||||
C.H. Robinson Worldwide, Inc. (b) | 900 | 61,812 | ||||||
Carlisle Cos., Inc. | 423 | 40,354 | ||||||
Casella Waste Systems, Inc. - Class A (a) | 100 | 1,641 | ||||||
Caterpillar, Inc. | 4,331 | 465,408 | ||||||
CBIZ, Inc. (a) | 300 | 4,500 | ||||||
CDI Corp. (a) | 400 | 2,340 | ||||||
CECO Environmental Corp. | 400 | 3,672 | ||||||
Chart Industries, Inc. (a) | 300 | 10,419 | ||||||
Cintas Corp. (b) | 701 | 88,354 | ||||||
CIRCOR International, Inc. (b) | 184 | 10,926 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Clean Harbors, Inc. (a) | 400 | $ | 22,332 | |||||
Colfax Corp. (a) | 625 | 24,606 | ||||||
Columbus McKinnon Corp. | 400 | 10,168 | ||||||
Comfort Systems USA, Inc. | 300 | 11,130 | ||||||
Commercial Vehicle Group, Inc. (a) | 300 | 2,535 | ||||||
Copart, Inc. (a) | 1,400 | 44,506 | ||||||
Covanta Holding Corp. (b) | 850 | 11,220 | ||||||
Covenant Transportation Group, Inc. - Class A (a) | 100 | 1,753 | ||||||
Crane Co. | 325 | 25,799 | ||||||
CSX Corp. | 6,225 | 339,635 | ||||||
Cubic Corp. | 300 | 13,890 | ||||||
Cummins, Inc. | 1,277 | 207,154 | ||||||
Curtiss-Wright Corp. | 300 | 27,534 | ||||||
Deere & Co. | 1,971 | 243,595 | ||||||
Delta Air Lines, Inc. | 5,250 | 282,134 | ||||||
Deluxe Corp. | 200 | 13,844 | ||||||
DigitalGlobe, Inc. (a) | 450 | 14,985 | ||||||
DMC Global, Inc. (b) | 400 | 5,240 | ||||||
Donaldson Co., Inc. | 925 | 42,125 | ||||||
Dover Corp. | 1,131 | 90,729 | ||||||
Dun & Bradstreet Corp. (The) | 213 | 23,036 | ||||||
DXP Enterprises, Inc. (a) | 100 | 3,450 | ||||||
Dycom Industries, Inc. (a) (b) | 211 | 18,889 | ||||||
Eaton Corp. plc | 3,321 | 258,473 | ||||||
EMCOR Group, Inc. | 500 | 32,690 | ||||||
Emerson Electric Co. | 4,678 | 278,903 | ||||||
Encore Wire Corp. | 200 | 8,540 | ||||||
Energy Recovery, Inc. (a) (b) | 500 | 4,145 | ||||||
EnerSys | 375 | 27,169 | ||||||
Engility Holdings, Inc. (a) | 179 | 5,084 | ||||||
Ennis, Inc. | 50 | 955 | ||||||
EnPro Industries, Inc. | 178 | 12,704 | ||||||
Equifax, Inc. | 795 | 109,248 | ||||||
ESCO Technologies, Inc. | 200 | 11,930 | ||||||
Esterline Technologies Corp. (a) | 190 | 18,012 | ||||||
Expeditors International of Washington, Inc. | 1,250 | 70,600 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Exponent, Inc. | 270 | $ | 15,741 | |||||
Fastenal Co. | 2,125 | 92,500 | ||||||
Federal Signal Corp. | 475 | 8,246 | ||||||
FedEx Corp. | 1,717 | 373,156 | ||||||
Flowserve Corp. (b) | 815 | 37,840 | ||||||
Fluor Corp. | 1,086 | 49,716 | ||||||
Fortive Corp. | 2,210 | 140,004 | ||||||
Fortune Brands Home & Security, Inc. | 1,000 | 65,240 | ||||||
Forward Air Corp. | 300 | 15,984 | ||||||
Franklin Electric Co., Inc. (b) | 275 | 11,385 | ||||||
FreightCar America, Inc. | 500 | 8,695 | ||||||
FTI Consulting, Inc. (a) | 250 | 8,740 | ||||||
GATX Corp. (b) | 325 | 20,888 | ||||||
General Cable Corp. | 625 | 10,219 | ||||||
General Dynamics Corp. | 1,770 | 350,637 | ||||||
General Electric Co. | 63,746 | 1,721,779 | ||||||
Genesee & Wyoming, Inc. - Class A (a) | 285 | 19,491 | ||||||
Gibraltar Industries, Inc. (a) (b) | 300 | 10,695 | ||||||
Gorman-Rupp Co. (The) | 182 | 4,636 | ||||||
Graco, Inc. | 362 | 39,559 | ||||||
Grainger (W.W.), Inc. | 423 | 76,364 | ||||||
Granite Construction, Inc. | 400 | 19,296 | ||||||
Great Lakes Dredge & Dock Corp. (a) (b) | 1,500 | 6,450 | ||||||
Greenbrier Cos., Inc. (The) | 200 | 9,250 | ||||||
Griffon Corp. (b) | 350 | 7,683 | ||||||
H&E Equipment Services, Inc. | 325 | 6,633 | ||||||
Hardinge, Inc. | 850 | 10,557 | ||||||
Hawaiian Holdings, Inc. (a) | 325 | 15,259 | ||||||
HD Supply Holdings, Inc. (a) | 1,400 | 42,882 | ||||||
Healthcare Services Group, Inc. | 375 | 17,561 | ||||||
Heartland Express, Inc. (b) | 325 | 6,767 | ||||||
HEICO Corp. - Class A | 437 | 27,116 | ||||||
Heidrick & Struggles International, Inc. | 200 | 4,350 | ||||||
Herc Holdings, Inc. (a) | 143 | 5,623 | ||||||
Herman Miller, Inc. | 300 | 9,120 | ||||||
Hertz Global Holdings, Inc. (a) (b) | 430 | 4,945 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Hexcel Corp. | 750 | $ | 39,593 | |||||
Hill International, Inc. (a) (b) | 300 | 1,560 | ||||||
Hillenbrand, Inc. | 325 | 11,733 | ||||||
HNI Corp. | 100 | 3,987 | ||||||
Honeywell International, Inc. | 5,622 | 749,356 | ||||||
Hub Group, Inc. - Class A (a) | 50 | 1,918 | ||||||
Hubbell, Inc. | 338 | 38,251 | ||||||
Huntington Ingalls Industries, Inc. | 319 | 59,385 | ||||||
Hurco Cos., Inc. | 400 | 13,900 | ||||||
Huron Consulting Group, Inc. (a) | 200 | 8,640 | ||||||
Hyster-Yale Materials Handling, Inc. | 118 | 8,290 | ||||||
IDEX Corp. | 437 | 49,385 | ||||||
IES Holdings, Inc. (a) (b) | 500 | 9,075 | ||||||
IHS Markit Ltd. (a) | 2,468 | 108,691 | ||||||
Illinois Tool Works, Inc. | 2,084 | 298,532 | ||||||
InnerWorkings, Inc. (a) | 500 | 5,800 | ||||||
Insperity, Inc. | 36 | 2,556 | ||||||
Insteel Industries, Inc. | 300 | 9,891 | ||||||
Interface, Inc. | 500 | 9,825 | ||||||
ITT, Inc. | 600 | 24,108 | ||||||
J.B. Hunt Transport Services, Inc. | 670 | 61,225 | ||||||
Jacobs Engineering Group, Inc. | 850 | 46,232 | ||||||
JetBlue Airways Corp. (a) | 1,750 | 39,953 | ||||||
John Bean Technologies Corp. | 151 | 14,798 | ||||||
Johnson Controls International plc | 3,150 | 136,583 | ||||||
Kaman Corp. | 300 | 14,961 | ||||||
Kansas City Southern | 759 | 79,428 | ||||||
KAR Auction Services, Inc. | 975 | 40,921 | ||||||
KBR, Inc. (b) | 925 | 14,079 | ||||||
Kelly Services, Inc. - Class A | 400 | 8,980 | ||||||
Kennametal, Inc. | 475 | 17,775 | ||||||
Kforce, Inc. | 150 | 2,940 | ||||||
Kimball International, Inc. - Class B | 700 | 11,683 | ||||||
Kirby Corp. (a) (b) | 300 | 20,055 | ||||||
KLX, Inc. (a) | 317 | 15,850 | ||||||
Knight Transportation, Inc. (b) | 350 | 12,968 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Knoll, Inc. | 500 | $ | 10,025 | |||||
Korn/Ferry International | 225 | 7,769 | ||||||
Kratos Defense & Security Solutions, Inc. (a) | 10 | 119 | ||||||
L3 Technologies, Inc. | 512 | 85,545 | ||||||
Landstar System, Inc. | 300 | 25,680 | ||||||
Layne Christensen Co. (a) (b) | 600 | 5,274 | ||||||
Lennox International, Inc. (b) | 257 | 47,195 | ||||||
Lincoln Electric Holdings, Inc. | 332 | 30,574 | ||||||
Lockheed Martin Corp. | 1,894 | 525,793 | ||||||
LSC Communications, Inc. | 159 | 3,403 | ||||||
LSI Industries, Inc. | 700 | 6,335 | ||||||
Manitowoc Co., Inc. (The) (a) | 1,075 | 6,461 | ||||||
ManpowerGroup, Inc. | 413 | 46,111 | ||||||
Marten Transport Ltd. | 150 | 4,110 | ||||||
Masco Corp. | 2,050 | 78,330 | ||||||
MasTec, Inc. (a) | 500 | 22,575 | ||||||
Matson, Inc. | 325 | 9,763 | ||||||
McGrath RentCorp | 300 | 10,389 | ||||||
Meritor, Inc. (a) | 550 | 9,136 | ||||||
Middleby Corp. (The) (a) | 468 | 56,867 | ||||||
Mobile Mini, Inc. | 406 | 12,119 | ||||||
Moog, Inc. - Class A (a) | 300 | 21,516 | ||||||
MSA Safety, Inc. | 228 | 18,507 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 245 | 21,060 | ||||||
Mueller Industries, Inc. | 300 | 9,135 | ||||||
Mueller Water Products, Inc. - Series A | 1,600 | 18,688 | ||||||
Navigant Consulting, Inc. (a) | 400 | 7,904 | ||||||
Navistar International Corp. (a) (b) | 625 | 16,394 | ||||||
NCI Building Systems, Inc. (a) | 500 | 8,350 | ||||||
Nordson Corp. | 318 | 38,580 | ||||||
Norfolk Southern Corp. | 2,084 | 253,622 | ||||||
Northrop Grumman Corp. | 1,267 | 325,252 | ||||||
NOW, Inc. (a) | 649 | 10,436 | ||||||
Old Dominion Freight Line, Inc. (b) | 500 | 47,620 | ||||||
On Assignment, Inc. (a) | 250 | 13,538 | ||||||
Orbital ATK, Inc. | 323 | 31,770 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Oshkosh Corp. | 350 | $ | 24,108 | |||||
Owens Corning | 800 | 53,536 | ||||||
PACCAR, Inc. | 2,205 | 145,617 | ||||||
Parker-Hannifin Corp. | 877 | 140,161 | ||||||
Paylocity Holding Corp. (a) | 300 | 13,554 | ||||||
Pentair plc | 1,425 | 94,820 | ||||||
Perma-Pipe International Holdings, Inc. (a) | 300 | 2,400 | ||||||
Pitney Bowes, Inc. | 1,375 | 20,763 | ||||||
Primoris Services Corp. | 475 | 11,847 | ||||||
Quanex Building Products Corp. | 1,000 | 21,150 | ||||||
Quanta Services, Inc. (a) | 1,050 | 34,566 | ||||||
R.R. Donnelley & Sons Co. | 425 | 5,330 | ||||||
Raven Industries, Inc. | 275 | 9,158 | ||||||
Raytheon Co. | 2,101 | 339,269 | ||||||
RBC Bearings, Inc. (a) | 165 | 16,790 | ||||||
Regal Beloit Corp. (b) | 100 | 8,155 | ||||||
Republic Services, Inc. | 1,743 | 111,080 | ||||||
Resources Connection, Inc. | 200 | 2,740 | ||||||
Rexnord Corp. (a) | 325 | 7,556 | ||||||
Roadrunner Transportation Systems, Inc. (a) | 350 | 2,545 | ||||||
Robert Half International, Inc. | 1,000 | 47,930 | ||||||
Rockwell Automation, Inc. | 970 | 157,101 | ||||||
Rockwell Collins, Inc. | 1,082 | 113,697 | ||||||
Rollins, Inc. (b) | 900 | 36,639 | ||||||
Roper Technologies, Inc. | 634 | 146,790 | ||||||
RPX Corp. (a) | 1,000 | 13,950 | ||||||
Rush Enterprises, Inc. - Class A (a) | 75 | 2,789 | ||||||
Ryder System, Inc. (b) | 405 | 29,152 | ||||||
Saia, Inc. (a) | 225 | 11,543 | ||||||
Simpson Manufacturing Co., Inc. | 100 | 4,371 | ||||||
SkyWest, Inc. | 375 | 13,163 | ||||||
Snap-on, Inc. | 362 | 57,196 | ||||||
Southwest Airlines Co. | 3,524 | 218,980 | ||||||
Spirit AeroSystems Holdings, Inc. - Class A | 700 | 40,558 | ||||||
Spirit Airlines, Inc. (a) | 475 | 24,534 | ||||||
SPX Corp. (a) | 312 | 7,850 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
SPX FLOW, Inc. (a) | 312 | $ | 11,507 | |||||
Standex International Corp. | 50 | 4,535 | ||||||
Stanley Black & Decker, Inc. | 1,020 | 143,544 | ||||||
Steelcase, Inc. - Class A | 875 | 12,250 | ||||||
Stericycle, Inc. (a) | 575 | 43,884 | ||||||
Swift Transportation Co. (a) (b) | 400 | 10,600 | ||||||
Team, Inc. (a) | 164 | 3,846 | ||||||
Teledyne Technologies, Inc. (a) | 211 | 26,934 | ||||||
Terex Corp. | 825 | 30,938 | ||||||
Tetra Tech, Inc. | 418 | 19,124 | ||||||
Textainer Group Holdings Ltd. (a) (b) | 700 | 10,150 | ||||||
Textron, Inc. | 1,850 | 87,135 | ||||||
Timken Co. (The) | 375 | 17,344 | ||||||
Titan International, Inc. (b) | 312 | 3,747 | ||||||
TopBuild Corp. (a) | 325 | 17,248 | ||||||
Toro Co. (The) | 828 | 57,372 | ||||||
TransDigm Group, Inc. (b) | 298 | 80,123 | ||||||
TransUnion (a) | 650 | 28,152 | ||||||
Trex Co., Inc. (a) (b) | 225 | 15,224 | ||||||
Trinity Industries, Inc. | 1,050 | 29,432 | ||||||
Triton International Ltd. of Bermuda | 500 | 16,720 | ||||||
Triumph Group, Inc. (b) | 256 | 8,090 | ||||||
TrueBlue, Inc. (a) | 300 | 7,950 | ||||||
Tutor Perini Corp. (a) | 200 | 5,750 | ||||||
Twin Disc, Inc. (a) | 400 | 6,456 | ||||||
Ultralife Corp. (a) (b) | 200 | 1,440 | ||||||
UniFirst Corp. | 86 | 12,100 | ||||||
Union Pacific Corp. | 5,627 | 612,836 | ||||||
United Continental Holdings, Inc. (a) | 2,151 | 161,863 | ||||||
United Parcel Service, Inc. - Class B | 4,100 | 453,418 | ||||||
United Rentals, Inc. (a) | 542 | 61,089 | ||||||
United Technologies Corp. | 5,952 | 726,798 | ||||||
Univar, Inc. (a) | 575 | 16,790 | ||||||
Universal Forest Products, Inc. | 133 | 11,612 | ||||||
US Ecology, Inc. | 200 | 10,100 | ||||||
USG Corp. (a) (b) | 775 | 22,491 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Industrials - 10.6% (Continued) | ||||||||
Valmont Industries, Inc. | 159 | $ | 23,786 | |||||
Vectrus, Inc. (a) | 122 | 3,943 | ||||||
Verisk Analytics, Inc. (a) (b) | 1,124 | 94,832 | ||||||
Veritiv Corp. (a) | 97 | 4,365 | ||||||
Viad Corp. | 100 | 4,725 | ||||||
Vicor Corp. (a) | 300 | 5,370 | ||||||
Volt Information Sciences, Inc. (a) (b) | 750 | 2,963 | ||||||
Wabash National Corp. | 50 | 1,099 | ||||||
WABCO Holdings, Inc. (a) | 303 | 38,636 | ||||||
WageWorks, Inc. (a) | 300 | 20,160 | ||||||
Waste Connections, Inc. (b) | 1,705 | 109,836 | ||||||
Waste Management, Inc. | 3,075 | 225,550 | ||||||
Watsco, Inc. | 214 | 32,999 | ||||||
Watts Water Technologies, Inc. - Class A | 300 | 18,960 | ||||||
Welbilt, Inc. (a) | 1,075 | 20,264 | ||||||
Werner Enterprises, Inc. | 250 | 7,338 | ||||||
WESCO International, Inc. (a) | 300 | 17,190 | ||||||
West Corp. | 425 | 9,911 | ||||||
Westinghouse Air Brake Technologies Corp. | 559 | 51,149 | ||||||
Woodward, Inc. | 500 | 33,790 | ||||||
XPO Logistics, Inc. (a) | 655 | 42,333 | ||||||
Xylem, Inc. | 1,300 | 72,059 | ||||||
18,508,601 | ||||||||
Information Technology - 20.7% | ||||||||
2U, Inc. (a) | 325 | 15,249 | ||||||
3D Systems Corp. (a) (b) | 848 | 15,858 | ||||||
ACI Worldwide, Inc. (a) (b) | 560 | 12,527 | ||||||
Activision Blizzard, Inc. | 4,613 | 265,570 | ||||||
Acxiom Corp. (a) | 475 | 12,341 | ||||||
Adobe Systems, Inc. (a) | 3,131 | 442,848 | ||||||
Advanced Energy Industries, Inc. (a) | 300 | 19,407 | ||||||
Advanced Micro Devices, Inc. (a) (b) | 4,575 | 57,096 | ||||||
Agilysys, Inc. (a) | 500 | 5,060 | ||||||
Akamai Technologies, Inc. (a) | 984 | 49,013 | ||||||
Alliance Data Systems Corp. | 408 | 104,730 | ||||||
Alphabet, Inc. - Class C (a) | 4,183 | 3,801,218 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
Altaba, Inc. (a) | 6,625 | $ | 360,930 | |||||
Ambarella, Inc. (a) (b) | 300 | 14,565 | ||||||
Amkor Technology, Inc. (a) | 1,050 | 10,259 | ||||||
Amphenol Corp. - Class A | 1,600 | 118,111 | ||||||
Amtech Systems, Inc. (a) | 32 | 270 | ||||||
Analog Devices, Inc. | 2,429 | 188,976 | ||||||
Anixter International, Inc. (a) | 167 | 13,059 | ||||||
ANSYS, Inc. (a) | 500 | 60,840 | ||||||
Apple, Inc. | 38,748 | 5,580,486 | ||||||
Applied Materials, Inc. | 7,908 | 326,679 | ||||||
Arista Networks, Inc. (a) (b) | 320 | 47,933 | ||||||
ARRIS International plc (a) | 1,229 | 34,437 | ||||||
Arrow Electronics, Inc. (a) | 500 | 39,210 | ||||||
Aspen Technology, Inc. (a) | 325 | 17,960 | ||||||
Autodesk, Inc. (a) | 1,475 | 148,710 | ||||||
Automatic Data Processing, Inc. | 3,274 | 335,454 | ||||||
Avnet, Inc. | 900 | 34,992 | ||||||
AVX Corp. | 375 | 6,128 | ||||||
Badger Meter, Inc. | 300 | 11,955 | ||||||
Bel Fuse, Inc. - Class B | 300 | 7,410 | ||||||
Benchmark Electronics, Inc. (a) | 475 | 15,343 | ||||||
Black Box Corp. | 298 | 2,548 | ||||||
Blackbaud, Inc. (b) | 200 | 17,150 | ||||||
Blucora, Inc. (a) | 250 | 5,300 | ||||||
Booz Allen Hamilton Holding Corp. | 1,000 | 32,540 | ||||||
Bottomline Technologies (de), Inc. (a) | 375 | 9,634 | ||||||
Broadcom Ltd. | 128 | 29,830 | ||||||
Broadridge Financial Solutions, Inc. | 775 | 58,559 | ||||||
BroadSoft, Inc. (a) (b) | 300 | 12,915 | ||||||
Brocade Communications Systems, Inc. | 2,700 | 34,047 | ||||||
Brooks Automation, Inc. | 106 | 2,299 | ||||||
CA, Inc. | 2,247 | 77,454 | ||||||
Cabot Microelectronics Corp. | 100 | 7,383 | ||||||
CACI International, Inc. - Class A (a) | 99 | 12,380 | ||||||
Cadence Design Systems, Inc. (a) | 1,902 | 63,698 | ||||||
CalAmp Corp. (a) (b) | 400 | 8,132 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
Calix, Inc. (a) | 175 | $ | 1,199 | |||||
Callidus Software, Inc. (a) | 200 | 4,840 | ||||||
Cardtronics plc - Class A (a) | 175 | 5,751 | ||||||
Cars.com, Inc. (a) (b) | 575 | 15,312 | ||||||
Cavium, Inc. (a) (b) | 558 | 34,669 | ||||||
CDW Corp. | 1,025 | 64,092 | ||||||
Ciena Corp. (a) | 997 | 24,945 | ||||||
Cirrus Logic, Inc. (a) | 400 | 25,088 | ||||||
Cisco Systems, Inc. | 36,598 | 1,145,516 | ||||||
Citrix Systems, Inc. (a) | 1,118 | 88,970 | ||||||
Cognex Corp. (b) | 575 | 48,818 | ||||||
Cognizant Technology Solutions Corp. - Class A | 4,598 | 305,307 | ||||||
Coherent, Inc. (a) (b) | 200 | 44,998 | ||||||
CommerceHub, Inc. - Series A (a) | 125 | 2,178 | ||||||
CommerceHub, Inc. - Series C (a) | 250 | 4,360 | ||||||
CommScope Holding Co., Inc. (a) | 1,150 | 43,735 | ||||||
CommVault Systems, Inc. (a) | 375 | 21,169 | ||||||
comScore, Inc. (a) (b) | 400 | 10,500 | ||||||
Comtech Telecommunications Corp. | 100 | 1,897 | ||||||
Conduent, Inc. (a) | 1,399 | 22,300 | ||||||
Convergys Corp. | 525 | 12,485 | ||||||
CoreLogic, Inc. (a) | 677 | 29,368 | ||||||
Cornerstone OnDemand, Inc. (a) | 500 | 17,875 | ||||||
Corning, Inc. | 6,669 | 200,402 | ||||||
CoStar Group, Inc. (a) | 225 | 59,310 | ||||||
Cray, Inc. (a) (b) | 425 | 7,820 | ||||||
Cree, Inc. (a) (b) | 625 | 15,406 | ||||||
CSG Systems International, Inc. | 78 | 3,165 | ||||||
CSRA, Inc. | 955 | 30,321 | ||||||
CTS Corp. | 100 | 2,160 | ||||||
Cypress Semiconductor Corp. (b) | 1,625 | 22,181 | ||||||
Daktronics, Inc. | 800 | 7,704 | ||||||
Dell Technologies, Inc. - Class V (a) | 1,789 | 109,326 | ||||||
Diebold Nixdorf, Inc. (b) | 650 | 18,200 | ||||||
Digital Ally, Inc. (a) | 51 | 161 | ||||||
Diodes, Inc. (a) | 300 | 7,209 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
Dolby Laboratories, Inc. - Class A | 300 | $ | 14,688 | |||||
DST Systems, Inc. | 368 | 22,706 | ||||||
DXC Technology Co. | 1,978 | 151,752 | ||||||
eBay, Inc. (a) | 7,425 | 259,281 | ||||||
Ebix, Inc. (b) | 31 | 1,671 | ||||||
EchoStar Corp. - Class A (a) (b) | 400 | 24,280 | ||||||
Electro Scientific Industries, Inc. (a) | 100 | 824 | ||||||
Electronic Arts, Inc. (a) | 1,940 | 205,097 | ||||||
Electronics For Imaging, Inc. (a) | 404 | 19,142 | ||||||
Ellie Mae, Inc. (a) (b) | 219 | 24,070 | ||||||
EMCORE Corp. (b) | 125 | 1,331 | ||||||
EnerNOC, Inc. (a) | 300 | 2,325 | ||||||
Entegris, Inc. (a) | 1,011 | 22,191 | ||||||
Envestnet, Inc. (a) | 375 | 14,850 | ||||||
EPAM Systems, Inc. (a) | 300 | 25,227 | ||||||
Euronet Worldwide, Inc. (a) | 349 | 30,492 | ||||||
ExlService Holdings, Inc. (a) | 300 | 16,674 | ||||||
F5 Networks, Inc. (a) | 433 | 55,017 | ||||||
Facebook, Inc. - Class A (a) | 16,349 | 2,468,372 | ||||||
FactSet Research Systems, Inc. (b) | 250 | 41,545 | ||||||
Fair Isaac Corp. | 146 | 20,354 | ||||||
FARO Technologies, Inc. (a) (b) | 200 | 7,560 | ||||||
Fidelity National Information Services, Inc. | 2,344 | 200,178 | ||||||
Finisar Corp. (a) (b) | 775 | 20,135 | ||||||
FireEye, Inc. (a) (b) | 600 | 9,126 | ||||||
First Solar, Inc. (a) (b) | 400 | 15,952 | ||||||
Fiserv, Inc. (a) | 1,426 | 174,457 | ||||||
Fitbit, Inc. - Class A (a) (b) | 425 | 2,257 | ||||||
FleetCor Technologies, Inc. (a) | 628 | 90,564 | ||||||
FLIR Systems, Inc. | 1,025 | 35,527 | ||||||
FormFactor, Inc. (a) | 480 | 5,952 | ||||||
Forrester Research, Inc. | 255 | 9,983 | ||||||
Fortinet, Inc. (a) | 1,075 | 40,248 | ||||||
Gartner, Inc. (a) | 581 | 71,759 | ||||||
Genpact Ltd. | 1,125 | 31,309 | ||||||
Global Payments, Inc. | 950 | 85,804 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
GrubHub, Inc. (a) (b) | 550 | $ | 23,980 | |||||
Guidance Software, Inc. (a) | 200 | 1,322 | ||||||
Guidewire Software, Inc. (a) | 600 | 41,226 | ||||||
Harris Corp. | 892 | 97,299 | ||||||
Hewlett Packard Enterprise Co. | 12,277 | 203,675 | ||||||
HP, Inc. | 12,352 | 215,913 | ||||||
HubSpot, Inc. (a) | 300 | 19,725 | ||||||
I.D. Systems, Inc. (a) | 100 | 613 | ||||||
IAC/InterActiveCorp (a) | 450 | 46,458 | ||||||
II-VI, Inc. (a) | 375 | 12,863 | ||||||
Infinera Corp. (a) (b) | 600 | 6,402 | ||||||
Inphi Corp. (a) (b) | 300 | 10,290 | ||||||
Insight Enterprises, Inc. (a) | 200 | 7,998 | ||||||
Integrated Device Technology, Inc. (a) | 985 | 25,403 | ||||||
Intel Corp. | 34,918 | 1,178,133 | ||||||
InterDigital, Inc. | 246 | 19,016 | ||||||
International Business Machines Corp. | 6,425 | 988,357 | ||||||
Intuit, Inc. | 1,589 | 211,035 | ||||||
IPG Photonics Corp. (a) | 281 | 40,773 | ||||||
Itron, Inc. (a) | 200 | 13,550 | ||||||
IXYS Corp. (a) | 800 | 13,160 | ||||||
j2 Global, Inc. (b) | 325 | 27,654 | ||||||
Jabil Circuit, Inc. | 1,025 | 29,920 | ||||||
Jack Henry & Associates, Inc. (b) | 486 | 50,481 | ||||||
Juniper Networks, Inc. | 2,190 | 61,057 | ||||||
Key Tronic Corp. (a) | 600 | 4,248 | ||||||
Keysight Technologies, Inc. (a) | 1,298 | 50,531 | ||||||
Kimball Electronics, Inc. (a) | 525 | 9,476 | ||||||
KLA-Tencor Corp. | 956 | 87,484 | ||||||
Knowles Corp. (a) (b) | 458 | 7,749 | ||||||
Kulicke & Soffa Industries, Inc. (a) | 400 | 7,608 | ||||||
Lam Research Corp. | 1,116 | 157,836 | ||||||
Lattice Semiconductor Corp. (a) | 200 | 1,332 | ||||||
Leaf Group Ltd. (a) (b) | 200 | 1,560 | ||||||
Leidos Holdings, Inc. | 931 | 48,123 | ||||||
Littelfuse, Inc. | 118 | 19,470 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
LogMeIn, Inc. | 356 | $ | 37,202 | |||||
Lumentum Holdings, Inc. (a) (b) | 340 | 19,397 | ||||||
MACOM Technology Solutions Holdings, Inc. (a) (b) | 463 | 25,822 | ||||||
Manhattan Associates, Inc. (a) | 350 | 16,821 | ||||||
Marvell Technology Group Ltd. | 3,175 | 52,451 | ||||||
MasterCard, Inc. - Class A | 6,945 | 843,469 | ||||||
Match Group, Inc. (a) | 1,175 | 20,422 | ||||||
Maxim Integrated Products, Inc. | 1,775 | 79,698 | ||||||
MAXIMUS, Inc. | 425 | 26,618 | ||||||
MaxLinear, Inc. (a) | 475 | 13,248 | ||||||
Mercury Systems, Inc. (a) | 400 | 16,836 | ||||||
Methode Electronics, Inc. | 100 | 4,120 | ||||||
Microchip Technology, Inc. (b) | 1,574 | 121,481 | ||||||
Micron Technology, Inc. (a) | 7,002 | 209,080 | ||||||
Microsemi Corp. (a) | 650 | 30,420 | ||||||
Microsoft Corp. | 56,462 | 3,891,925 | ||||||
MicroStrategy, Inc. - Class A (a) | 100 | 19,167 | ||||||
MKS Instruments, Inc. | 300 | 20,190 | ||||||
MoneyGram International, Inc. (a) (b) | 662 | 11,420 | ||||||
Monolithic Power Systems, Inc. | 200 | 19,280 | ||||||
Monotype Imaging Holdings, Inc. | 350 | 6,405 | ||||||
Motorola Solutions, Inc. | 1,132 | 98,190 | ||||||
Nanometrics, Inc. (a) | 200 | 5,058 | ||||||
Napco Security Technologies, Inc. (a) | 900 | 8,460 | ||||||
National Instruments Corp. (b) | 812 | 32,659 | ||||||
NCR Corp. (a) (b) | 925 | 37,777 | ||||||
NetApp, Inc. | 1,775 | 71,089 | ||||||
NETGEAR, Inc. (a) | 50 | 2,155 | ||||||
NetScout Systems, Inc. (a) | 700 | 24,080 | ||||||
NeuStar, Inc. - Class A (a) | 350 | 11,673 | ||||||
NIC, Inc. | 375 | 7,106 | ||||||
Nuance Communications, Inc. (a) | 2,175 | 37,867 | ||||||
NVE Corp. | 100 | 7,700 | ||||||
NVIDIA Corp. | 3,547 | 512,754 | ||||||
Oclaro, Inc. (a) (b) | 1,321 | 12,338 | ||||||
ON Semiconductor Corp. (a) | 2,730 | 38,329 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
Oracle Corp. | 23,530 | $ | 1,179,793 | |||||
OSI Systems, Inc. (a) | 100 | 7,515 | ||||||
Palo Alto Networks, Inc. (a) | 719 | 96,209 | ||||||
Pandora Media, Inc. (a) (b) | 1,725 | 15,387 | ||||||
PAR Technology Corp. (a) | 100 | 853 | ||||||
Park Electrochemical Corp. | 600 | 11,052 | ||||||
Paychex, Inc. | 2,150 | 122,421 | ||||||
Paycom Software, Inc. (a) | 300 | 20,523 | ||||||
PayPal Holdings, Inc. (a) | 8,350 | 448,144 | ||||||
PCM, Inc. (a) | 400 | 7,500 | ||||||
Pegasystems, Inc. (b) | 300 | 17,505 | ||||||
PFSweb, Inc. (a) | 8 | 66 | ||||||
Plantronics, Inc. | 300 | 15,693 | ||||||
Plexus Corp. (a) | 300 | 15,771 | ||||||
Power Integrations, Inc. | 300 | 21,870 | ||||||
PRGX Global, Inc. (a) | 220 | 1,430 | ||||||
Progress Software Corp. | 200 | 6,178 | ||||||
Proofpoint, Inc. (a) (b) | 316 | 27,438 | ||||||
PROS Holdings, Inc. (a) | 300 | 8,217 | ||||||
PTC, Inc. (a) | 865 | 47,679 | ||||||
QAD, Inc. - Class B | 40 | 1,074 | ||||||
QUALCOMM, Inc. | 10,805 | 596,652 | ||||||
Qualys, Inc. (a) | 300 | 12,240 | ||||||
Rambus, Inc. (a) | 500 | 5,715 | ||||||
RealNetworks, Inc. (a) | 681 | 2,949 | ||||||
RealPage, Inc. (a) | 325 | 11,684 | ||||||
Red Hat, Inc. (a) | 1,225 | 117,294 | ||||||
Rightside Group Ltd. (a) (b) | 200 | 2,124 | ||||||
Rosetta Stone, Inc. (a) | 300 | 3,234 | ||||||
Rudolph Technologies, Inc. (a) | 340 | 7,769 | ||||||
Sabre Corp. (b) | 1,400 | 30,478 | ||||||
salesforce.com, Inc. (a) | 4,434 | 383,983 | ||||||
Sanmina Corp. (a) | 333 | 12,687 | ||||||
Science Applications International Corp. | 260 | 18,049 | ||||||
Semtech Corp. (a) | 300 | 10,725 | ||||||
ServiceNow, Inc. (a) | 1,203 | 127,518 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
ShoreTel, Inc. (a) | 300 | $ | 1,740 | |||||
Shutterstock, Inc. (a) (b) | 122 | 5,378 | ||||||
Silicon Laboratories, Inc. (a) | 200 | 13,670 | ||||||
Skyworks Solutions, Inc. | 1,099 | 105,449 | ||||||
Splunk, Inc. (a) (b) | 918 | 52,225 | ||||||
SS&C Technologies Holdings, Inc. | 1,325 | 50,893 | ||||||
Stamps.com, Inc. (a) (b) | 129 | 19,979 | ||||||
SunPower Corp. (a) (b) | 1,300 | 12,142 | ||||||
Super Micro Computer, Inc. (a) | 375 | 9,244 | ||||||
Sykes Enterprises, Inc. (a) | 102 | 3,420 | ||||||
Symantec Corp. | 4,558 | 128,764 | ||||||
Synaptics, Inc. (a) (b) | 333 | 17,219 | ||||||
Synchronoss Technologies, Inc. (a) (b) | 325 | 5,346 | ||||||
SYNNEX Corp. | 163 | 19,553 | ||||||
Synopsys, Inc. (a) | 1,117 | 81,463 | ||||||
Syntel, Inc. (b) | 300 | 5,088 | ||||||
Systemax, Inc. | 600 | 11,280 | ||||||
Take-Two Interactive Software, Inc. (a) (b) | 625 | 45,863 | ||||||
Tech Data Corp. (a) | 211 | 21,311 | ||||||
TechTarget, Inc. (a) (b) | 800 | 8,296 | ||||||
Teradata Corp. (a) (b) | 1,025 | 30,227 | ||||||
Teradyne, Inc. | 1,075 | 32,282 | ||||||
TESSCO Technologies, Inc. | 100 | 1,330 | ||||||
Texas Instruments, Inc. | 6,205 | 477,351 | ||||||
TiVo Corp. | 878 | 16,375 | ||||||
Total System Services, Inc. | 1,337 | 77,880 | ||||||
Travelzoo, Inc. (a) (b) | 100 | 1,095 | ||||||
Trimble, Inc. (a) | 1,334 | 47,584 | ||||||
TTM Technologies, Inc. (a) | 488 | 8,472 | ||||||
Twitter, Inc. (a) (b) | 5,300 | 94,711 | ||||||
Tyler Technologies, Inc. (a) | 192 | 33,729 | ||||||
Ultimate Software Group, Inc. (The) (a) (b) | 165 | 34,660 | ||||||
Unisys Corp. (a) (b) | 427 | 5,466 | ||||||
Universal Display Corp. (b) | 270 | 29,498 | ||||||
Vantiv, Inc. - Class A (a) | 525 | 33,254 | ||||||
VASCO Data Security International, Inc. (a) | 450 | 6,458 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Information Technology - 20.7% (Continued) | ||||||||
Veeco Instruments, Inc. (a) | 400 | $ | 11,140 | |||||
VeriFone Systems, Inc. (a) (b) | 965 | 17,467 | ||||||
Verint Systems, Inc. (a) | 375 | 15,263 | ||||||
VeriSign, Inc. (a) (b) | 516 | 47,967 | ||||||
Versum Materials, Inc. | 821 | 26,683 | ||||||
ViaSat, Inc. (a) | 350 | 23,170 | ||||||
Viavi Solutions, Inc. (a) (b) | 1,328 | 13,984 | ||||||
Virtusa Corp. (a) | 400 | 11,760 | ||||||
Visa, Inc. - Class A (b) | 11,316 | 1,061,213 | ||||||
Vishay Intertechnology, Inc. (b) | 806 | 13,380 | ||||||
Vishay Precision Group, Inc. (a) | 129 | 2,232 | ||||||
VMware, Inc. - Class A (a) (b) | 594 | 51,933 | ||||||
Web.com Group, Inc. (a) | 200 | 5,060 | ||||||
WebMD Health Corp. (a) | 158 | 9,267 | ||||||
Western Digital Corp. | 2,020 | 178,972 | ||||||
Western Union Co. (The) | 2,454 | 46,749 | ||||||
WEX, Inc. (a) | 214 | 22,314 | ||||||
Workday, Inc. - Class A (a) | 195 | 18,915 | ||||||
Xerox Corp. | 1,748 | 50,220 | ||||||
Xilinx, Inc. | 1,575 | 101,304 | ||||||
XO Group, Inc. (a) | 800 | 14,096 | ||||||
Xperi Corp. | 400 | 11,920 | ||||||
Yelp, Inc. (a) (b) | 566 | 16,991 | ||||||
Zebra Technologies Corp. - Class A (a) | 225 | 22,617 | ||||||
Zendesk, Inc. (a) | 550 | 15,279 | ||||||
Zillow Group, Inc. - Class A (a) | 524 | 25,592 | ||||||
Zillow Group, Inc. - Class C (a) (b) | 748 | 36,659 | ||||||
36,200,618 | ||||||||
Materials - 3.1% | ||||||||
A. Schulman, Inc. | 81 | 2,592 | ||||||
Air Products & Chemicals, Inc. | 1,460 | 208,868 | ||||||
AK Steel Holding Corp. (a) (b) | 1,875 | 12,319 | ||||||
Albemarle Corp. | 745 | 78,627 | ||||||
Alcoa Corp. | 1,163 | 37,972 | ||||||
Allegheny Technologies, Inc. (b) | 775 | 13,183 | ||||||
American Vanguard Corp. | 400 | 6,900 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Materials - 3.1% (Continued) | ||||||||
AptarGroup, Inc. | 286 | $ | 24,842 | |||||
Ashland Global Holdings, Inc. | 467 | 30,780 | ||||||
Avery Dennison Corp. | 590 | 52,138 | ||||||
Axalta Coating Systems Ltd. (a) | 675 | 21,627 | ||||||
Balchem Corp. | 201 | 15,620 | ||||||
Ball Corp. (b) | 2,510 | 105,947 | ||||||
Bemis Co., Inc. | 550 | 25,438 | ||||||
Berry Global Group, Inc. (a) | 900 | 51,309 | ||||||
Cabot Corp. | 400 | 21,372 | ||||||
Calgon Carbon Corp. | 500 | 7,550 | ||||||
Carpenter Technology Corp. | 200 | 7,486 | ||||||
Celanese Corp. - Series A | 945 | 89,718 | ||||||
Century Aluminum Co. (a) (b) | 600 | 9,348 | ||||||
CF Industries Holdings, Inc. (b) | 1,670 | 46,693 | ||||||
Chemours Co. (The) | 1,289 | 48,879 | ||||||
Cliffs Natural Resources, Inc. (a) (b) | 1,400 | 9,688 | ||||||
Codexis, Inc. (a) (b) | 37 | 202 | ||||||
Coeur Mining, Inc. (a) | 1,110 | 9,524 | ||||||
Commercial Metals Co. | 775 | 15,058 | ||||||
Compass Minerals International, Inc. (b) | 100 | 6,530 | ||||||
Core Molding Technologies, Inc. (a) | 200 | 4,322 | ||||||
Crown Holdings, Inc. (a) | 900 | 53,694 | ||||||
Deltic Timber Corp. (b) | 100 | 7,466 | ||||||
Dow Chemical Co. (The) | 8,811 | 555,709 | ||||||
E.I. du Pont de Nemours and Co. | 5,570 | 449,554 | ||||||
Eagle Materials, Inc. | 333 | 30,776 | ||||||
Eastman Chemical Co. | 990 | 83,150 | ||||||
Ecolab, Inc. | 1,944 | 258,066 | ||||||
Ferro Corp. (a) | 575 | 10,517 | ||||||
Ferroglobe plc | 500 | 5,975 | ||||||
Flotek Industries, Inc. (a) (b) | 550 | 4,917 | ||||||
FMC Corp. | 875 | 63,919 | ||||||
Freeport-McMoRan, Inc. (a) | 8,769 | 105,315 | ||||||
GCP Applied Technologies, Inc. (a) | 427 | 13,024 | ||||||
Graphic Packaging Holding Co. | 1,325 | 18,259 | ||||||
Greif, Inc. - Class A | 300 | 16,734 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Materials - 3.1% (Continued) | ||||||||
H.B. Fuller Co. | 150 | $ | 7,667 | |||||
Hecla Mining Co. (b) | 3,150 | 16,065 | ||||||
Huntsman Corp. | 1,575 | 40,698 | ||||||
Ingevity Corp. (a) | 393 | 22,558 | ||||||
International Flavors & Fragrances, Inc. (b) | 471 | 63,585 | ||||||
International Paper Co. (b) | 2,867 | 162,301 | ||||||
Kaiser Aluminum Corp. | 138 | 12,216 | ||||||
KapStone Paper and Packaging Corp. (b) | 575 | 11,862 | ||||||
Kraton Corp. (a) | 300 | 10,332 | ||||||
Louisiana-Pacific Corp. (a) | 825 | 19,891 | ||||||
LSB Industries, Inc. (a) (b) | 300 | 3,099 | ||||||
Martin Marietta Materials, Inc. | 444 | 98,826 | ||||||
Minerals Technologies, Inc. | 250 | 18,300 | ||||||
Monsanto Co. | 3,184 | 376,857 | ||||||
Mosaic Co. (The) | 2,625 | 59,929 | ||||||
Myers Industries, Inc. | 200 | 3,590 | ||||||
Neenah Paper, Inc. | 120 | 9,630 | ||||||
Newmont Mining Corp. | 3,650 | 118,223 | ||||||
Nucor Corp. | 2,045 | 118,343 | ||||||
Olin Corp. | 1,020 | 30,886 | ||||||
Owens-Illinois, Inc. (a) | 1,300 | 31,096 | ||||||
P.H. Glatfelter Co. | 325 | 6,351 | ||||||
Packaging Corp. of America | 575 | 64,049 | ||||||
PolyOne Corp. | 483 | 18,711 | ||||||
PPG Industries, Inc. | 1,799 | 197,818 | ||||||
Praxair, Inc. | 1,869 | 247,736 | ||||||
Quaker Chemical Corp. | 100 | 14,523 | ||||||
Rayonier Advanced Materials, Inc. (b) | 500 | 7,860 | ||||||
Reliance Steel & Aluminum Co. | 549 | 39,973 | ||||||
Royal Gold, Inc. (b) | 491 | 38,381 | ||||||
RPM International, Inc. | 1,000 | 54,550 | ||||||
Schweitzer-Mauduit International, Inc. | 300 | 11,169 | ||||||
Scotts Miracle-Gro Co. (The) | 296 | 26,480 | ||||||
Sealed Air Corp. | 1,250 | 55,950 | ||||||
Sensient Technologies Corp. | 335 | 26,978 | ||||||
Sherwin-Williams Co. (The) | 623 | 218,648 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Materials - 3.1% (Continued) | ||||||||
Silgan Holdings, Inc. | 150 | $ | 4,767 | |||||
Sonoco Products Co. | 725 | 37,280 | ||||||
Southern Copper Corp. | 747 | 25,869 | ||||||
Steel Dynamics, Inc. | 1,550 | 55,506 | ||||||
Stepan Co. | 148 | 12,897 | ||||||
Summit Materials, Inc. - Class A (a) | 564 | 16,283 | ||||||
SunCoke Energy, Inc. (a) (b) | 564 | 6,148 | ||||||
Tahoe Resources, Inc. | 1,250 | 10,775 | ||||||
TimkenSteel Corp. (a) (b) | 400 | 6,148 | ||||||
Tredegar Corp. | 671 | 10,233 | ||||||
Trinseo S.A. | 300 | 20,610 | ||||||
UFP Technologies, Inc. (a) | 500 | 14,150 | ||||||
United States Lime & Minerals, Inc. | 50 | 3,924 | ||||||
United States Steel Corp. | 1,350 | 29,889 | ||||||
Valvoline, Inc. (b) | 1,282 | 30,409 | ||||||
Vulcan Materials Co. | 855 | 108,310 | ||||||
W.R. Grace & Co. | 427 | 30,748 | ||||||
Westlake Chemical Corp. | 202 | 13,374 | ||||||
WestRock Co. | 1,534 | 86,916 | ||||||
Worthington Industries, Inc. | 225 | 11,300 | ||||||
5,442,274 | ||||||||
Real Estate - 4.2% | ||||||||
Acadia Realty Trust | 676 | 18,793 | ||||||
Agree Realty Corp. | 300 | 13,761 | ||||||
Alexander & Baldwin, Inc. (b) | 150 | 6,207 | ||||||
Alexandria Real Estate Equities, Inc. (b) | 601 | 72,402 | ||||||
American Assets Trust, Inc. | 425 | 16,741 | ||||||
American Campus Communities, Inc. | 982 | 46,449 | ||||||
American Homes 4 Rent - Class A | 1,700 | 38,369 | ||||||
American Tower Corp. | 3,145 | 416,145 | ||||||
Apartment Investment & Management Co. - Class A | 1,381 | 59,342 | ||||||
Apple Hospitality REIT, Inc. | 1,975 | 36,952 | ||||||
Ashford Hospitality Prime, Inc. | 130 | 1,338 | ||||||
Ashford Hospitality Trust, Inc. | 544 | 3,308 | ||||||
AV Homes, Inc. (a) (b) | 600 | 12,030 | ||||||
AvalonBay Communities, Inc. (b) | 1,099 | 211,194 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Real Estate - 4.2% (Continued) | ||||||||
Boston Properties, Inc. | 1,243 | $ | 152,914 | |||||
Brandywine Realty Trust | 1,413 | 24,770 | ||||||
Brookfield Property Partners, L.P. | 3,075 | 72,785 | ||||||
Camden Property Trust | 725 | 61,995 | ||||||
Care Capital Properties, Inc. | 678 | 18,103 | ||||||
CareTrust REIT, Inc. | 403 | 7,472 | ||||||
CBL & Associates Properties, Inc. (b) | 1,205 | 10,158 | ||||||
CBRE Group, Inc. - Class A (a) | 2,425 | 88,270 | ||||||
Cedar Realty Trust, Inc. | 650 | 3,153 | ||||||
Chatham Lodging Trust (b) | 425 | 8,538 | ||||||
Chesapeake Lodging Trust | 625 | 15,294 | ||||||
Colony NorthStar, Inc. - Class A (b) | 3,575 | 50,372 | ||||||
Colony Starwood Homes | 540 | 18,527 | ||||||
Columbia Property Trust, Inc. | 1,075 | 24,059 | ||||||
CoreCivic, Inc. | 799 | 22,036 | ||||||
CoreSite Realty Corp. (b) | 300 | 31,059 | ||||||
Corporate Office Properties Trust | 850 | 29,776 | ||||||
Cousins Properties, Inc. (b) | 3,356 | 29,499 | ||||||
Crown Castle International Corp. | 2,435 | 243,937 | ||||||
CubeSmart | 1,412 | 33,944 | ||||||
CyrusOne, Inc. | 725 | 40,419 | ||||||
DCT Industrial Trust, Inc. | 587 | 31,369 | ||||||
DDR Corp. | 2,820 | 25,577 | ||||||
DiamondRock Hospitality Co. | 1,727 | 18,911 | ||||||
Digital Realty Trust, Inc. (b) | 1,250 | 141,188 | ||||||
Douglas Emmett, Inc. | 1,300 | 49,673 | ||||||
Duke Realty Corp. | 2,726 | 76,192 | ||||||
DuPont Fabros Technology, Inc. | 700 | 42,812 | ||||||
EastGroup Properties, Inc. (b) | 262 | 21,956 | ||||||
Empire State Realty Trust, Inc. - Class A | 775 | 16,097 | ||||||
EPR Properties | 422 | 30,329 | ||||||
Equinix, Inc. | 530 | 227,454 | ||||||
Equity Commonwealth (a) | 993 | 31,379 | ||||||
Equity LifeStyle Properties, Inc. | 739 | 63,805 | ||||||
Equity Residential | 2,904 | 191,169 | ||||||
Essex Property Trust, Inc. | 472 | 121,431 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Real Estate - 4.2% (Continued) | ||||||||
Extra Space Storage, Inc. (b) | 989 | $ | 77,142 | |||||
Federal Realty Investment Trust | 520 | 65,723 | ||||||
FelCor Lodging Trust, Inc. | 1,475 | 10,635 | ||||||
First Industrial Realty Trust, Inc. | 1,025 | 29,336 | ||||||
First Potomac Realty Trust | 800 | 8,888 | ||||||
Forest City Realty Trust, Inc. - Class A | 2,100 | 50,757 | ||||||
Franklin Street Properties Corp. | 950 | 10,526 | ||||||
Gaming and Leisure Properties, Inc. | 1,217 | 45,844 | ||||||
Getty Realty Corp. | 402 | 10,090 | ||||||
GGP, Inc. | 3,965 | 93,415 | ||||||
Government Properties Income Trust (b) | 550 | 10,071 | ||||||
Gramercy Property Trust | 912 | 27,096 | ||||||
HCP, Inc. | 3,775 | 120,649 | ||||||
Healthcare Realty Trust, Inc. | 875 | 29,881 | ||||||
Hersha Hospitality Trust | 550 | 10,181 | ||||||
Highwoods Properties, Inc. | 800 | 40,568 | ||||||
Hospitality Properties Trust | 1,325 | 38,624 | ||||||
Host Hotels & Resorts, Inc. | 5,974 | 109,145 | ||||||
Howard Hughes Corp. (The) (a) | 321 | 39,432 | ||||||
Hudson Pacific Properties, Inc. | 1,225 | 41,883 | ||||||
Investors Real Estate Trust | 1,800 | 11,178 | ||||||
Iron Mountain, Inc. | 1,372 | 47,142 | ||||||
Jones Lang LaSalle, Inc. | 284 | 35,500 | ||||||
Kennedy-Wilson Holdings, Inc. (b) | 925 | 17,621 | ||||||
Kilroy Realty Corp. | 700 | 52,605 | ||||||
Kimco Realty Corp. (b) | 3,350 | 61,473 | ||||||
Kite Realty Group Trust | 725 | 13,724 | ||||||
Lamar Advertising Co. - Class A (b) | 400 | 29,428 | ||||||
LaSalle Hotel Properties | 1,000 | 29,800 | ||||||
Lexington Realty Trust | 1,125 | 11,149 | ||||||
Liberty Property Trust | 1,225 | 49,870 | ||||||
Life Storage, Inc. (b) | 350 | 25,935 | ||||||
LTC Properties, Inc. | 50 | 2,570 | ||||||
Macerich Co. (The) | 803 | 46,622 | ||||||
Mack-Cali Realty Corp. | 725 | 19,677 | ||||||
Medical Properties Trust, Inc. (b) | 1,500 | 19,305 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Real Estate - 4.2% (Continued) | ||||||||
Mid-America Apartment Communities, Inc. | 859 | $ | 90,521 | |||||
Monogram Residential Trust, Inc. | 1,450 | 14,080 | ||||||
National Health Investors, Inc. | 325 | 25,740 | ||||||
National Retail Properties, Inc. (b) | 900 | 35,190 | ||||||
New Senior Investment Group, Inc. | 695 | 6,985 | ||||||
NorthStar Realty Europe Corp. | 542 | 6,873 | ||||||
Omega Healthcare Investors, Inc. (b) | 1,200 | 39,624 | ||||||
Outfront Media, Inc. | 336 | 7,768 | ||||||
Paramount Group, Inc. | 1,800 | 28,800 | ||||||
Parkway, Inc. | 550 | 12,590 | ||||||
Pebblebrook Hotel Trust (b) | 625 | 20,150 | ||||||
Pennsylvania Real Estate Investment Trust (b) | 775 | 8,773 | ||||||
Piedmont Office Realty Trust, Inc. - Class A | 1,275 | 26,877 | ||||||
Potlatch Corp. | 100 | 4,570 | ||||||
Prologis, Inc. | 4,285 | 251,271 | ||||||
PS Business Parks, Inc. | 200 | 26,478 | ||||||
Public Storage | 1,249 | 260,453 | ||||||
Quality Care Properties, Inc. (a) | 815 | 14,923 | ||||||
Ramco-Gershenson Properties Trust | 1,000 | 12,900 | ||||||
Rayonier, Inc. | 826 | 23,764 | ||||||
Realty Income Corp. (b) | 1,700 | 93,806 | ||||||
Regency Centers Corp. (b) | 1,182 | 74,040 | ||||||
Retail Opportunity Investments Corp. (b) | 725 | 13,913 | ||||||
Retail Properties of America, Inc. - Class A | 2,075 | 25,336 | ||||||
RLJ Lodging Trust | 1,100 | 21,857 | ||||||
RMR Group, Inc. (The) - Class A | 71 | 3,454 | ||||||
Ryman Hospitality Properties, Inc. | 525 | 33,605 | ||||||
Sabra Health Care REIT, Inc. (b) | 675 | 16,268 | ||||||
Select Income REIT | 350 | 8,411 | ||||||
Senior Housing Properties Trust | 2,075 | 42,413 | ||||||
Simon Property Group, Inc. | 2,553 | 412,972 | ||||||
SL Green Realty Corp. | 776 | 82,101 | ||||||
Spirit Realty Capital, Inc. | 3,000 | 22,230 | ||||||
St. Joe Co. (The) (a) (b) | 500 | 9,375 | ||||||
STAG Industrial, Inc. | 450 | 12,420 | ||||||
STORE Capital Corp. | 675 | 15,154 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Real Estate - 4.2% (Continued) | ||||||||
Summit Hotel Properties, Inc. | 975 | $ | 18,184 | |||||
Sun Communities, Inc. | 500 | 43,845 | ||||||
Sunstone Hotel Investors, Inc. | 1,840 | 29,661 | ||||||
Tanger Factory Outlet Centers, Inc. | 775 | 20,135 | ||||||
Taubman Centers, Inc. | 500 | 29,775 | ||||||
Tejon Ranch Co. (a) | 50 | 1,032 | ||||||
Terreno Realty Corp. | 275 | 9,257 | ||||||
UDR, Inc. | 2,028 | 79,031 | ||||||
Uniti Group, Inc. (b) | 1,228 | 30,872 | ||||||
Universal Health Realty Income Trust (b) | 200 | 15,908 | ||||||
Urban Edge Properties | 811 | 19,245 | ||||||
Urstadt Biddle Properties, Inc. - Class A | 500 | 9,900 | ||||||
Ventas, Inc. | 2,665 | 185,164 | ||||||
VEREIT, Inc. | 6,175 | 50,265 | ||||||
Vornado Realty Trust | 1,528 | 143,479 | ||||||
Washington Prime Group, Inc. | 1,617 | 13,534 | ||||||
Washington Real Estate Investment Trust | 450 | 14,355 | ||||||
Weingarten Realty Investors | 1,050 | 31,605 | ||||||
Welltower, Inc. | 2,820 | 211,076 | ||||||
Weyerhaeuser Co. | 5,677 | 190,180 | ||||||
7,325,126 | ||||||||
Telecommunication Services - 2.1% | ||||||||
8x8, Inc. (a) | 1,000 | 14,550 | ||||||
AT&T, Inc. | 45,350 | 1,711,055 | ||||||
CenturyLink, Inc. (b) | 3,735 | 89,192 | ||||||
Cogent Communications Holdings, Inc. (b) | 200 | 8,020 | ||||||
Consolidated Communications Holdings, Inc. (b) | 501 | 10,756 | ||||||
General Communication, Inc. - Class A (a) | 175 | 6,412 | ||||||
IDT Corp. - Class B (b) | 16 | 230 | ||||||
Level 3 Communications, Inc. (a) | 1,636 | 97,015 | ||||||
SBA Communications Corp. (a) | 920 | 124,108 | ||||||
Shenandoah Telecommunications Co. | 300 | 9,210 | ||||||
Spok Holdings, Inc. | 400 | 7,080 | ||||||
Sprint Corp. (a) (b) | 5,547 | 45,541 | ||||||
Straight Path Communications, Inc. - Class B (a) | 8 | 1,437 | ||||||
Telephone and Data Systems, Inc. | 700 | 19,425 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Telecommunication Services - 2.1% (Continued) | ||||||||
T-Mobile US, Inc. (a) | 2,125 | $ | 128,817 | |||||
United States Cellular Corp. (a) (b) | 300 | 11,496 | ||||||
Verizon Communications, Inc. | 30,113 | 1,344,846 | ||||||
Vonage Holdings Corp. (a) | 1,425 | 9,320 | ||||||
Windstream Holdings, Inc. (b) | 1,893 | 7,345 | ||||||
Zayo Group Holdings, Inc. (a) | 1,525 | 47,123 | ||||||
3,692,978 | ||||||||
Utilities - 3.1% | ||||||||
AES Corp. | 4,360 | 48,440 | ||||||
ALLETE, Inc. | 425 | 30,464 | ||||||
Alliant Energy Corp. | 1,375 | 55,234 | ||||||
Ameren Corp. | 1,625 | 88,839 | ||||||
American Electric Power Co., Inc. | 3,355 | 233,072 | ||||||
American States Water Co. | 100 | 4,741 | ||||||
American Water Works Co., Inc. | 1,190 | 92,760 | ||||||
Aqua America, Inc. | 1,326 | 44,156 | ||||||
Atmos Energy Corp. | 760 | 63,041 | ||||||
Avangrid, Inc. | 550 | 24,283 | ||||||
Avista Corp. | 250 | 10,615 | ||||||
Black Hills Corp. (b) | 300 | 20,241 | ||||||
California Water Service Group | 225 | 8,280 | ||||||
Calpine Corp. (a) | 2,000 | 27,060 | ||||||
CenterPoint Energy, Inc. | 2,900 | 79,402 | ||||||
CMS Energy Corp. | 1,800 | 83,250 | ||||||
Consolidated Edison, Inc. | 2,169 | 175,299 | ||||||
Dominion Energy, Inc. | 4,096 | 313,875 | ||||||
DTE Energy Co. | 1,203 | 127,265 | ||||||
Duke Energy Corp. | 5,112 | 427,312 | ||||||
Dynegy, Inc. (a) (b) | 11 | 91 | ||||||
Edison International | 2,291 | 179,133 | ||||||
El Paso Electric Co. | 100 | 5,170 | ||||||
Entergy Corp. | 1,150 | 88,286 | ||||||
Eversource Energy | 2,092 | 127,005 | ||||||
Exelon Corp. | 6,441 | 232,327 | ||||||
FirstEnergy Corp. | 3,030 | 88,355 | ||||||
Fortis, Inc. (b) | 902 | 31,705 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Utilities - 3.1% (Continued) | ||||||||
Genie Energy Ltd. - Class B (b) | 16 | $ | 122 | |||||
Great Plains Energy, Inc. | 1,405 | 41,138 | ||||||
Hawaiian Electric Industries, Inc. (b) | 800 | 25,904 | ||||||
IDACORP, Inc. | 313 | 26,715 | ||||||
MDU Resources Group, Inc. | 1,075 | 28,165 | ||||||
MGE Energy, Inc. | 150 | 9,653 | ||||||
National Fuel Gas Co. (b) | 650 | 36,296 | ||||||
New Jersey Resources Corp. | 500 | 19,850 | ||||||
NextEra Energy, Inc. | 3,414 | 478,403 | ||||||
NiSource, Inc. | 2,140 | 54,270 | ||||||
Northwest Natural Gas Co. | 300 | 17,955 | ||||||
NorthWestern Corp. | 400 | 24,408 | ||||||
NRG Energy, Inc. | 1,852 | 31,891 | ||||||
NRG Yield, Inc. - Class A (b) | 300 | 5,118 | ||||||
NRG Yield, Inc. - Class C (b) | 300 | 5,280 | ||||||
OGE Energy Corp. | 1,175 | 40,878 | ||||||
ONE Gas, Inc. | 287 | 20,035 | ||||||
Ormat Technologies, Inc. | 175 | 10,269 | ||||||
Otter Tail Corp. | 350 | 13,860 | ||||||
PG&E Corp. | 3,775 | 250,547 | ||||||
Pinnacle West Capital Corp. | 716 | 60,975 | ||||||
PNM Resources, Inc. | 400 | 15,300 | ||||||
Portland General Electric Co. | 500 | 22,845 | ||||||
PPL Corp. | 4,700 | 181,702 | ||||||
Public Service Enterprise Group, Inc. | 3,600 | 154,836 | ||||||
SCANA Corp. | 779 | 52,201 | ||||||
Sempra Energy (b) | 1,737 | 195,846 | ||||||
South Jersey Industries, Inc. (b) | 650 | 22,211 | ||||||
Southern Co. (The) | 7,150 | 342,342 | ||||||
Southwest Gas Holdings, Inc. | 325 | 23,745 | ||||||
Spire, Inc. | 350 | 24,413 | ||||||
UGI Corp. | 1,275 | 61,723 | ||||||
Vectren Corp. | 508 | 29,688 | ||||||
WEC Energy Group, Inc. (b) | 2,039 | 125,154 | ||||||
Westar Energy, Inc. | 875 | 46,393 | ||||||
WGL Holdings, Inc. | 350 | 29,201 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 99.1% (Continued) | Shares | Value | ||||||
Utilities - 3.1% (Continued) | ||||||||
Xcel Energy, Inc. | 3,600 | $ | 165,168 | |||||
5,404,201 | ||||||||
Total Common Stocks (Cost $59,188,927) | $ | 173,066,230 | ||||||
RIGHTS - 0.0% (c) | Shares | Value | ||||||
AMR Corp., Escrow (a) | 3,275 | $ | 6,189 | |||||
Asterias Biotherapeutics, Inc. (a) | 9 | 5 | ||||||
Dyax Corp. (a) (b) | 1,200 | 0 | ||||||
Media General, Inc. (a) | 794 | 0 | ||||||
Safeway CVR - Casa Ley (a) | 2,075 | 2,106 | ||||||
Safeway CVR - PDC (a) | 2,075 | 1 | ||||||
Total Rights (Cost $0) | $ | 8,301 |
Wilshire Mutual Funds, Inc. Wilshire 5000 Index Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
MONEY MARKET FUNDS - 2.4% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (d) | 1,256,369 | $ | 1,256,369 | |||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (d) (e) | 2,974,941 | 2,974,941 | ||||||
Total Money Market Funds (Cost $4,231,310) | $ | 4,231,310 | ||||||
Total Investments at Value - 101.5% (Cost $63,420,237) | $ | 177,305,841 | ||||||
Liabilities in Excess of Other Assets - (1.5%) | (2,692,884 | ) | ||||||
Net Assets - 100.0% | $ | 174,612,957 |
ADR - American Depositary Receipt.
CVR - Contingent Value Right.
Ltd. - Limited.
plc - Public Limited Company.
LLC - Limited Liability Corporation.
(a) | Non-income producing security. |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $13,010,738 (Note 6). |
(c) | Percentage rounds to less than 0.1%. |
(d) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(e) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $2,974,941. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,974,941 (Note 6). |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% | Shares | Value | ||||||
Australia - 3.1% | ||||||||
AGL Energy Ltd. (a) | 10,641 | $ | 208,521 | |||||
Alumina Ltd. (a) (b) | 5,399 | 7,952 | ||||||
AMP Ltd. (a) | 32,543 | 129,851 | ||||||
Aristocrat Leisure Ltd. (a) | 12,107 | 209,893 | ||||||
Australia & New Zealand Banking Group Ltd. (a) | 4,487 | 99,033 | ||||||
Bendigo and Adelaide Bank Ltd. (a) | 14,396 | 122,544 | ||||||
BHP Billiton Ltd. (a) | 11,373 | 202,706 | ||||||
Challenger Ltd. (a) | 10,289 | 105,516 | ||||||
Cimic Group Ltd. (a) | 1,372 | 40,937 | ||||||
Coca-Cola Amatil Ltd. (a) | 30,815 | 218,663 | ||||||
Cochlear Ltd. (a) | 3,150 | 376,218 | ||||||
Computershare Ltd. (a) | 7,063 | 76,757 | ||||||
CSL Ltd. (a) | 50,884 | 5,400,169 | ||||||
Macquarie Group Ltd. (a) | 7,378 | 501,720 | ||||||
Medibank Private Ltd. (a) | 86,055 | 185,282 | ||||||
Oil Search Ltd. (a) | 18,029 | 94,408 | ||||||
Origin Energy Ltd. (a) (c) | 41,443 | 218,511 | ||||||
QBE Insurance Group Ltd. (a) | 85,618 | 777,091 | ||||||
Ramsay Health Care Ltd. (a) | 183 | 10,354 | ||||||
Rio Tinto Ltd. (a) | 7,619 | 370,264 | ||||||
Santos Ltd. (a) (c) | 63,283 | 147,182 | ||||||
South32 Ltd. (a) | 10,251 | 21,111 | ||||||
Westpac Banking Corp. (a) | 3,118 | 73,003 | ||||||
9,597,686 | ||||||||
Austria - 0.1% | ||||||||
OMV AG (a) | 5,405 | 280,763 | ||||||
Raiffeisen Bank International AG (a) (c) | 303 | 7,649 | ||||||
288,412 | ||||||||
Belgium - 0.2% | ||||||||
Ageas (a) | 3,706 | 149,252 | ||||||
Colruyt S.A. (a) | 2,361 | 124,357 | ||||||
UCB S.A. (a) (c) | 3,942 | 271,129 | ||||||
544,738 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Bermuda - 0.0% (d) | ||||||||
Hongkong Land Holdings Ltd. (a) | 15,500 | $ | 114,068 | |||||
Brazil - 1.6% | ||||||||
Ambev S.A. - ADR | 347,250 | 1,906,403 | ||||||
Banco Santander Brasil S.A. | 10,900 | 82,609 | ||||||
Cia Siderurgica Nacional S.A. (c) | 13,400 | 29,120 | ||||||
EDP - Energias do Brasil S.A. | 17,950 | 76,498 | ||||||
Embraer S.A. | 34,700 | 158,460 | ||||||
Fibria Celulose S.A. | 800 | 8,185 | ||||||
Lojas Renner S.A. | 1,000 | 8,300 | ||||||
Raia Drogasil S.A. | 103,700 | 2,206,583 | ||||||
Sul America S.A. | 14,113 | 75,607 | ||||||
Vale S.A. | 28,900 | 253,132 | ||||||
4,804,897 | ||||||||
Canada - 3.4% | ||||||||
Bank of Montreal | 3,000 | 220,291 | ||||||
Bank of Nova Scotia | 1,400 | 84,222 | ||||||
Barrick Gold Corp. | 3,800 | 60,455 | ||||||
Brookfield Asset Management, Inc. - Class A | 2,200 | 86,338 | ||||||
CAE, Inc. | 900 | 15,519 | ||||||
Canadian Imperial Bank of Commerce | 3,300 | 268,201 | ||||||
Canadian National Railway | 300 | 24,343 | ||||||
Canadian Natural Resources Ltd. (b) | 61,390 | 1,770,487 | ||||||
Canadian Pacific Railway Ltd. | 26,325 | 4,233,323 | ||||||
Canadian Utilities Ltd. - Series A | 4,100 | 131,751 | ||||||
CCL Industries, Inc. | 4,000 | 202,384 | ||||||
Cenovus Energy, Inc. | 13,700 | 101,001 | ||||||
Commercial Bank (Q.S.C) (The) (c) | 18,282 | 148,959 | ||||||
Constellation Software, Inc. | 100 | 52,317 | ||||||
Dollarama, Inc. | 2,900 | 277,110 | ||||||
Encana Corp. | 5,000 | 43,995 | ||||||
Finning International, Inc. | 1,600 | 31,365 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Canada - 3.4% (Continued) | ||||||||
First Capital Realty, Inc. | 700 | $ | 10,667 | |||||
Franco-Nevada Corp. | 4,100 | 295,847 | ||||||
Husky Energy, Inc. (c) | 22,734 | 258,066 | ||||||
Industrial Alliance Insurance & Financial Services, Inc. | 400 | 17,354 | ||||||
Intact Financial Corp. | 100 | 7,554 | ||||||
Kinross Gold Corp. (c) | 17,000 | 69,089 | ||||||
Manulife Financial Corp. | 15,500 | 290,579 | ||||||
Open Text Corp. | 11,000 | 347,201 | ||||||
Prairiesky Royalty Ltd. | 200 | 4,555 | ||||||
Restaurant Brands International, Inc. | 100 | 6,257 | ||||||
Royal Bank of Canada | 7,300 | 530,074 | ||||||
Saputo, Inc. | 10,100 | 321,286 | ||||||
Shaw Communications, Inc. - Class B | 1,300 | 28,361 | ||||||
SNC-Lavalin Group, Inc. | 2,000 | 86,478 | ||||||
Suncor Energy, Inc. | 8,900 | 260,053 | ||||||
Telus Corp. | 1,100 | 37,978 | ||||||
Trisura Group Ltd. (c) | 12 | 201 | ||||||
Turquoise Hill Resources Ltd. (c) | 16,100 | 42,834 | ||||||
Vermilion Energy, Inc. | 200 | 6,345 | ||||||
10,372,840 | ||||||||
Cayman Islands - 1.6% | ||||||||
China Resources Land Ltd. (a) | 120,000 | 349,592 | ||||||
Ctrip.com International Ltd. - ADR (b) (c) | 66,072 | 3,558,638 | ||||||
GCL-Poly Energy Holdings Ltd. (a) (b) (c) | 1,128,000 | 122,773 | ||||||
Sunac China Holdings Ltd. (a) (b) | 69,000 | 144,148 | ||||||
Sunny Optical Technology Group Co. Ltd. (a) | 42,000 | 376,111 | ||||||
TAL Education Group - ADR (b) (c) | 329 | 40,240 | ||||||
Weibo Corp. - ADR (b) (c) | 2,518 | 167,371 | ||||||
YY, Inc. - ADR (b) (c) | 2,800 | 162,484 | ||||||
4,921,357 | ||||||||
Chile - 0.1% | ||||||||
AES Gener S.A. | 100,219 | 35,292 | ||||||
Colbun S.A. | 34,446 | 7,364 | ||||||
Enel Chile S.A. | 1,764,859 | 193,757 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Chile - 0.1% (Continued) | ||||||||
Enel Generacion Chile S.A. | 49,113 | $ | 37,062 | |||||
273,475 | ||||||||
China - 3.7% | ||||||||
Agricultural Bank of China Ltd. - H Shares (a) | 509,000 | 240,563 | ||||||
Aluminum Corp. of China Ltd. - H Shares (a) (c) | 226,000 | 115,712 | ||||||
Baidu.com, Inc. - ADR (c) | 16,636 | 2,975,515 | ||||||
Belle International Holdings Ltd. (a) | 97,000 | 76,460 | ||||||
China Coal Energy Co. Ltd. - H Shares (a) (b) | 275,000 | 133,134 | ||||||
China Communications Services Corp. Ltd. - H Shares (a) | 164,000 | 94,469 | ||||||
China Construction Bank Corp. - H Shares (a) | 1,040,000 | 808,752 | ||||||
China Everbright Ltd. (a) | 78,000 | 169,643 | ||||||
China Shenhua Energy Co. Ltd. - H Shares (a) | 49,000 | 109,019 | ||||||
Great Wall Motor Co. Ltd. - H Shares (a) (b) | 300,500 | 370,857 | ||||||
Huaneng Renewables Corp. Ltd. - H Shares (a) | 418,000 | 128,940 | ||||||
Jiangxi Copper Co. Ltd. (a) | 64,000 | 105,029 | ||||||
Kunlun Energy Co. Ltd. (a) | 374,000 | 317,069 | ||||||
NetEase, Inc. - ADR | 1,913 | 575,105 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. (a) | 68,000 | 53,348 | ||||||
Shanghai Electric Group Co. Ltd. (a) (c) | 250,000 | 119,988 | ||||||
Tencent Holdings Ltd. (a) | 127,255 | 4,565,268 | ||||||
Weichai Power Co. Ltd. - H Shares (a) | 158,000 | 138,075 | ||||||
Yanzhou Coal Mining Co. Ltd. - H Shares (a) (c) | 162,000 | 145,220 | ||||||
11,242,166 | ||||||||
Colombia - 0.0% (d) | ||||||||
Interconexion Electrica S.A. | 17,647 | 77,369 | ||||||
Czech Republic - 0.0% (d) | ||||||||
CEZ A/S (a) | 1,361 | 23,691 | ||||||
Denmark - 4.4% | ||||||||
Carlsberg A/S - Series B (a) | 24,341 | 2,601,220 | ||||||
Chr. Hansen Holding A/S (a) | 39,943 | 2,904,936 | ||||||
Coloplast A/S - Series B (a) | 39,610 | 3,310,826 | ||||||
Danske Bank A/S (a) | 8,602 | 330,946 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Denmark - 4.4% (Continued) | ||||||||
Genmab A/S (a) (c) | 2,557 | $ | 545,205 | |||||
ISS A/S (a) | 2,393 | 94,000 | ||||||
Novo Nordisk A/S - Class B (a) | 9,381 | 403,077 | ||||||
Novozymes A/S (a) | 64,098 | 2,804,240 | ||||||
Pandora A/S (a) | 3,666 | 342,129 | ||||||
William Demant Holding A/S (a) (c) | 5,321 | 137,676 | ||||||
13,474,255 | ||||||||
Finland - 0.4% | ||||||||
Nokian Renkaat OYJ (a) | 8,925 | 369,455 | ||||||
Orion OYJ - Class B (a) | 664 | 42,419 | ||||||
Sampo OYJ - A Shares (a) | 1,075 | 55,156 | ||||||
Stora Enso OYJ (a) | 7,262 | 93,844 | ||||||
UPM-Kymmene OYJ (a) | 25,471 | 726,333 | ||||||
1,287,207 | ||||||||
France - 9.0% | ||||||||
Alstom S.A. (a) (c) | 14,022 | 489,748 | ||||||
Asml Holding N.V. (a) | 951 | 123,971 | ||||||
Atos SE (a) | 4,592 | 644,337 | ||||||
AXA S.A. (a) | 88,743 | 2,430,196 | ||||||
Carrefour S.A. (a) (b) | 72,670 | 1,837,326 | ||||||
Casino Guichard Perrachon S.A. (a) | 3,122 | 184,907 | ||||||
Cie Generale des Etablissements Michelin (a) | 928 | 123,517 | ||||||
EADS N.V. (a) (c) | 28,112 | 2,320,068 | ||||||
Eiffage (a) (c) | 4,815 | 437,420 | ||||||
Engie S.A. (c) | 159,850 | 2,412,851 | ||||||
Essilor International S.A. (a) | 37,762 | 4,804,038 | ||||||
Eutelsat Communications S.A. (a) | 7,530 | 192,136 | ||||||
Groupe Bruxelle Lambert S.A. (a) | 84 | 8,086 | ||||||
Hermes International (a) | 5,979 | 2,953,623 | ||||||
Hochtief AG (a) | 1,191 | 218,653 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 14,681 | 3,671,240 | ||||||
Orange S.A. (a) | 126,030 | 2,005,852 | ||||||
Remy Cointreau S.A. (a) | 433 | 50,474 | ||||||
Renault S.A. (a) | 1,033 | 93,465 | ||||||
SCOR SE (a) | 5,758 | 228,764 | ||||||
Sodexo S.A. (a) | 1,820 | 235,232 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
France - 9.0% (Continued) | ||||||||
Total S.A. - ADR (b) | 34,037 | $ | 1,687,895 | |||||
Unibail-Rodamco SE (a) | 1,434 | 361,352 | ||||||
Veolia Environnement S.A. (a) | 2,640 | 55,856 | ||||||
Vinci S.A. (a) | 772 | 65,856 | ||||||
27,636,863 | ||||||||
Germany - 4.0% | ||||||||
adidas AG (a) | 13,980 | 2,680,777 | ||||||
Allianz SE (a) | 2,654 | 523,772 | ||||||
BASF SE (a) | 1,384 | 128,454 | ||||||
Bayer AG (a) | 3,238 | 419,698 | ||||||
Brenntag AG (a) | 4,157 | 241,093 | ||||||
Continental AG (a) | 561 | 121,367 | ||||||
Deutsche Lufthansa AG (a) | 14,517 | 330,852 | ||||||
E.ON SE (a) (c) | 201,070 | 1,898,185 | ||||||
Evonik Industries AG (a) | 16,192 | 518,262 | ||||||
Fresenius Medical Care AG & Co. KGaA (a) | 21,320 | 2,057,407 | ||||||
Fresenius Se & Co. KGaA (a) | 2,668 | 229,067 | ||||||
Hannover Rueck SE (a) | 2,360 | 283,481 | ||||||
HeidelbergCement AG (a) | 98 | 9,500 | ||||||
Infineon Technologies AG (a) | 390 | 8,284 | ||||||
LANXESS AG (a) | 4,791 | 363,368 | ||||||
Linde AG (a) | 964 | 183,509 | ||||||
METRO AG (a) | 5,257 | 177,601 | ||||||
OSRAM Licht AG (a) | 7,321 | 584,405 | ||||||
RWE AG (a) (c) | 1,472 | 29,406 | ||||||
SAP SE (a) | 7,707 | 806,741 | ||||||
Siemens AG (a) | 931 | 128,069 | ||||||
thyssenkrupp AG (a) | 4,111 | 117,169 | ||||||
Volkswagon AG (a) | 1,958 | 304,123 | ||||||
12,144,590 | ||||||||
Greece - 0.0% (d) | ||||||||
FF Group (a) (c) | 2,985 | 72,947 | ||||||
JUMBO S.A. (a) | 5,237 | 95,702 | ||||||
168,649 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Hong Kong - 4.8% | ||||||||
AIA Group Ltd. (a) | 678,400 | $ | 4,963,419 | |||||
Asm Pacific Technology Ltd. (a) | 15,200 | 205,090 | ||||||
Bank of East Asia Ltd. (The) (a) (b) | 2,200 | 9,456 | ||||||
Cheung Kong Property Holdings Ltd. (a) | 35,000 | 273,885 | ||||||
China Evergrande Group (a) | 89,000 | 159,668 | ||||||
China Mobile (Hong Kong) (a) (c) | 500 | 5,301 | ||||||
China Mobile Ltd. - ADR (b) | 47,024 | 2,496,504 | ||||||
CITIC Ltd. (a) | 130,000 | 195,434 | ||||||
CK Hutchison Holdings Ltd. (a) | 169,125 | 2,122,441 | ||||||
First Pacific Co. Ltd. (a) | 182,000 | 134,218 | ||||||
Geely Automobile Holdings (a) | 10,000 | 21,553 | ||||||
Guangdong Investment Ltd. (a) | 78,000 | 107,497 | ||||||
Guangzhou R&F Properties Co. Ltd (a) | 8,000 | 12,440 | ||||||
Hang Lung Group Ltd. (a) | 38,000 | 157,229 | ||||||
Honk Kong Exhanges & Clear (a) | 900 | 23,251 | ||||||
Hysan Development Co. Ltd. (a) | 54,000 | 257,709 | ||||||
Jardine Matheson Holdings Ltd. (a) | 600 | 38,518 | ||||||
Kerry Properties Ltd. (a) | 61,500 | 208,816 | ||||||
Kingsoft Corp. Ltd. (a) (b) | 71,000 | 184,824 | ||||||
Nine Dragons Paper Holdings Ltd. (a) | 150,000 | 199,753 | ||||||
PCCW Ltd. (a) (c) | 36,000 | 20,459 | ||||||
Shanghi Industrial Holdings Ltd. (a) | 19,000 | 56,207 | ||||||
Shangri-La Asia Ltd. (a) (c) | 120,000 | 203,518 | ||||||
Sino-Ocean Group Holding Ltd. (a) | 235,000 | 114,944 | ||||||
Swire Pacific Ltd. - Class A (a) | 10,500 | 102,497 | ||||||
Swire Properties Ltd. (a) | 64,600 | 212,949 | ||||||
Wheelock & Co. Ltd. (a) | 38,000 | 286,619 | ||||||
Yue Yuen Industrial Holdings Ltd. (a) | 12,000 | 49,770 | ||||||
ZTE Corp. - Class H (a) (c) | 761,400 | 1,816,125 | ||||||
14,640,094 | ||||||||
Hungary - 0.0% (d) | ||||||||
MOL Hungarian Oil & Gas plc | 1,525 | 119,683 | ||||||
OTP Bank plc | 301 | 10,072 | ||||||
129,755 | ||||||||
India - 1.8% | ||||||||
HDFC Bank Ltd. - ADR | 44,131 | 3,838,073 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
India - 1.8% (Continued) | ||||||||
Tata Motors Ltd. - ADR | 55,355 | $ | 1,827,269 | |||||
5,665,342 | ||||||||
Indonesia - 0.0% (d) | ||||||||
Bank Danamon Indonesia Tbk PT (a) | 236,500 | 90,558 | ||||||
Ireland - 0.8% | ||||||||
ICON plc (c) | 26,582 | 2,599,454 | ||||||
Israel - 0.1% | ||||||||
Bank Leumi Le-Israel (a) | 89,243 | 433,594 | ||||||
Italy - 2.1% | ||||||||
Assicurazioni Generali SpA (a) | 11,254 | 185,769 | ||||||
Enel SpA (a) | 8,923 | 47,861 | ||||||
Fiat Chrysler Automobiles (a) (c) | 10,717 | 113,226 | ||||||
Intesa Sanpaolo SpA (a) | 810,736 | 2,578,923 | ||||||
Leonardo-Finmeccanica SpA (a) | 870 | 14,486 | ||||||
Luxottica Group SpA (a) | 38,061 | 2,215,562 | ||||||
Mediobanca SpA (a) | 5,585 | 55,255 | ||||||
Recordati SpA (a) | 9,596 | 389,156 | ||||||
Snam SpA (a) | 42,104 | 183,757 | ||||||
Telecom Italia SpA/Milano (a) (c) | 154,013 | 142,495 | ||||||
Telecom Italia SpA/Milano - Savings Shares | 248,688 | 183,214 | ||||||
Terna Rete Elettrica Nazionale SpA (a) | 59,389 | 320,783 | ||||||
6,430,487 | ||||||||
Japan - 12.8% | ||||||||
Amada Holdings Co. Ltd. (a) | 24,600 | 285,365 | ||||||
Astellas Pharma, Inc. (a) | 31,100 | 381,200 | ||||||
Bridgestone Corp. (a) | 11,100 | 479,892 | ||||||
Canon, Inc. (a) | 21,800 | 741,567 | ||||||
Central Japan Railway Co. (a) | 2,300 | 375,645 | ||||||
Daicel Corp. (a) | 8,400 | 104,994 | ||||||
Dai-ichi Life Insurance Holdings, Inc. (a) | 3,000 | 54,457 | ||||||
Daiichi Sankyo Co. Ltd. (a) | 6,200 | 146,345 | ||||||
Daikin Industries Ltd. (a) | 3,600 | 369,348 | ||||||
Dena Co. Ltd. (a) | 6,800 | 152,840 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Japan - 12.8% (Continued) | ||||||||
Eisai Co. Ltd. (a) | 1,000 | $ | 55,330 | |||||
Fuji Electric Co. Ltd. (a) | 13,000 | 68,763 | ||||||
Fuji Heavy Industries Ltd. (a) | 9,800 | 332,314 | ||||||
Fujitsu Ltd. (a) | 6,000 | 44,380 | ||||||
Hino Motors Ltd. (a) | 10,600 | 118,360 | ||||||
Hitachi High Technologies | 2,900 | 112,421 | ||||||
Hitachi Ltd. (a) | 36,000 | 221,975 | ||||||
Hoshizaki Electric Corp. (a) | 600 | 54,441 | ||||||
Iida Group Holdings Co. Ltd. (a) | 4,800 | 80,123 | ||||||
Japan Airlines Co. Ltd. (a) | 10,700 | 331,455 | ||||||
Japan Post Bank Co. Ltd. (a) (c) | 9,800 | 125,810 | ||||||
JTEKT Corp. (a) | 500 | 7,358 | ||||||
Kajima Corp. (a) | 20,000 | 169,040 | ||||||
Kakaku.com, Inc. (a) | 12,500 | 179,694 | ||||||
Kamigumi Co. Ltd. (a) | 21,000 | 220,758 | ||||||
Kawasaki Heavy Industries Ltd. (a) | 47,000 | 139,907 | ||||||
Keyence Corp. (a) | 9,960 | 4,384,863 | ||||||
Kikkoman Corp. (a) | 11,800 | 377,477 | ||||||
Kirin Holdings Co. Ltd. (a) (c) | 2,600 | 53,039 | ||||||
Koito Manufacturing Co. Ltd. (a) | 10,300 | 532,642 | ||||||
Komatsu Ltd. (a) | 79,400 | 2,038,086 | ||||||
Kurita Water Industries Ltd. (a) | 5,200 | 142,248 | ||||||
Kyocera Corp. (a) | 3,000 | 174,370 | ||||||
Lawson, Inc. (a) | 2,100 | 146,971 | ||||||
Lion Corp. (a) | 5,700 | 118,234 | ||||||
Maruichi Steel Tube Ltd. (a) | 1,400 | 40,734 | ||||||
Mazda Motor Corp. (a) | 125,500 | 1,763,214 | ||||||
Medipal Holdings Corp. (a) | 100 | 1,854 | ||||||
MEIJI Holdings Co. Ltd. (a) | 7,200 | 583,867 | ||||||
Mitsubishi Corp. (a) | 400 | 8,409 | ||||||
Mitsubishi Electric Corp. (a) | 2,000 | 28,927 | ||||||
Mitsubishi Estate Co. Ltd. (a) | 102,900 | 1,923,575 | ||||||
Mitsubishi UFJ Financial Group, Inc. (a) (c) | 56,800 | 383,135 | ||||||
Mixi, Inc. (a) | 3,200 | 178,086 | ||||||
MS&AD Insurance Group Holdings, Inc. (a) | 17,500 | 590,279 | ||||||
Murata Manufacturing Co. Ltd. (a) | 13,800 | 2,106,885 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Japan - 12.8% (Continued) | ||||||||
Nidec Corp. (a) | 200 | $ | 20,549 | |||||
Nikon Corp. (a) | 10,400 | 166,711 | ||||||
Nippon Electric Glass Co. Ltd. (a) | 7,000 | 255,355 | ||||||
Nippon Holdings Co. Ltd. (a) | 1,500 | 57,070 | ||||||
Nissan Motor Co. Ltd. (a) | 300 | 2,996 | ||||||
Nomura Research Institute Ltd. (a) | 2,667 | 105,369 | ||||||
OJI Holdings Corp. (a) | 18,000 | 93,199 | ||||||
Ono Pharmaceutical Co. Ltd. (a) | 7,400 | 161,411 | ||||||
Osaka Gas Co. Ltd. (a) (c) | 30,000 | 122,851 | ||||||
Otsuka Holdings Co. Ltd. (a) | 45,300 | 1,934,181 | ||||||
Panasonic Corp. (a) | 182,048 | 2,480,561 | ||||||
Sankyo Co. Ltd. (a) | 2,700 | 91,724 | ||||||
Secom Co. Ltd. (a) | 36,000 | 2,739,181 | ||||||
Sega Sammy Holdings, Inc. (a) | 17,500 | 235,949 | ||||||
Seiko Epson Corp. (a) | 90,430 | 2,017,800 | ||||||
Seven & i Holdings Co. Ltd. (a) | 1,900 | 78,406 | ||||||
Shimadzu Corp. (a) | 500 | 9,528 | ||||||
Shimamura Co. Ltd. (a) | 200 | 24,519 | ||||||
Shin-Etsu Chemical Co. Ltd. (a) | 1,400 | 127,424 | ||||||
Shionogi & Co. Ltd. (a) | 10,000 | 557,604 | ||||||
Sompo Holdings, Inc. (a) | 4,300 | 166,911 | ||||||
Sumitomo Heavy Industries Ltd. (a) | 2,000 | 13,272 | ||||||
Sumitomo Mitsui Financial Group, Inc. (a) | 80,000 | 3,123,695 | ||||||
Sundrug Co. Ltd. (a) | 4,400 | 164,138 | ||||||
Suntory Beverage & Food Ltd. (a) | 6,600 | 306,787 | ||||||
Suzuki Motor Corp. (a) (c) | 600 | 28,584 | ||||||
Sysmex Corp. (a) | 33,975 | 2,033,621 | ||||||
T&D Holdings, Inc. (a) | 7,400 | 113,167 | ||||||
Taisei Corp. (a) | 8,000 | 73,176 | ||||||
Tokio Marine Holdings, Inc. (a) | 5,500 | 228,883 | ||||||
Tokyo Electron Ltd. (a) | 100 | 13,520 | ||||||
Tokyo Tatemono Co. Ltd. (a) | 5,100 | 67,041 | ||||||
Tokyu Fudosan Holdings Corp. (a) | 30,000 | 177,923 | ||||||
Toyo Suisan Kaisha Ltd. (a) | 1,200 | 46,042 | ||||||
Toyoda Gosei Co. Ltd. (a) | 1,200 | 28,755 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Japan - 12.8% (Continued) | ||||||||
Toyota Motor Corp. (a) | 6,000 | $ | 315,395 | |||||
39,113,975 | ||||||||
Jersey - 1.6% | ||||||||
Experian plc (a) | 222,598 | $ | 4,568,783 | |||||
Glencore plc (a) (c) | 100,273 | 375,782 | ||||||
4,944,565 | ||||||||
Korea (Republic of) - 3.0% | ||||||||
Amorepacific Corp. (a) | 11,849 | 3,145,040 | ||||||
BNK Financial Group, Inc. (a) | 18,131 | 173,260 | ||||||
Daewoo Engineering & Construction Co. Ltd. (a) (c) | 10,263 | 67,939 | ||||||
DGB Financial Group, Inc. (a) | 19,378 | 199,661 | ||||||
Dongbu Insurance Co. Ltd. (a) | 164 | 9,740 | ||||||
Hana Financial Group, Inc. (a) | 27,054 | 1,067,786 | ||||||
Hankook Tire Co. Ltd. (a) | 3,323 | 184,603 | ||||||
Hanwha Chemical Corp. (a) | 1,609 | 42,434 | ||||||
Hanwha Corp. (a) | 4,378 | 181,320 | ||||||
Hanwha Life Insurance Co. Ltd. (a) | 19,224 | 116,832 | ||||||
Hyundai Department Store Co. Ltd. (a) | 1,208 | 116,610 | ||||||
Hyundai Engineering & Construction Co. Ltd. (a) | 2,292 | 92,280 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. (a) | 5,563 | 191,225 | ||||||
Hyundai Steel Co. (a) | 517 | 28,065 | ||||||
KB Financial Group, Inc. (a) | 5,981 | 301,800 | ||||||
KT Corp. (a) | 1,089 | 31,032 | ||||||
LG Corp. (a) | 189 | 12,770 | ||||||
LG Display Co. Ltd. (a) | 1,628 | 52,621 | ||||||
LG Electronics, Inc. (a) | 1,346 | 94,372 | ||||||
Lotte Shopping Co. Ltd. (a) | 570 | 151,171 | ||||||
OCI Co. Ltd. (a) | 1,439 | 112,708 | ||||||
Samsung Electronics Co. Ltd (a) | 647 | 1,346,774 | ||||||
Samsung Heavy Industries Co. Ltd. (a) (c) | 6,453 | 70,254 | ||||||
Shinhan Financial Group Co. Ltd. (a) | 7,842 | 338,141 | ||||||
SK Innovation Co. Ltd. (a) (c) | 2,253 | 311,844 | ||||||
Woori Bank (a) | 39,148 | 630,251 | ||||||
9,070,533 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Luxembourg - 0.9% | ||||||||
Arcelormittal (c) | 106,941 | $ | 2,425,868 | |||||
Eurofins Scientific | 230 | 129,554 | ||||||
SES S.A. (a) | 3,480 | 81,530 | ||||||
2,636,952 | ||||||||
Malaysia - 0.1% | ||||||||
AirAsia BHD (a) | 132,900 | 100,593 | ||||||
IOI Properties Group Berhad (a) | 147,300 | 75,468 | ||||||
UMW Holdings Berhad (a) (c) | 6,500 | 9,037 | ||||||
185,098 | ||||||||
Mexico - 0.9% | ||||||||
Grupo Aerportuario Del Pacifico SAB de CV | 4,000 | 45,073 | ||||||
Wal-Mart de Mexico SAB de CV | 1,228,645 | 2,848,796 | ||||||
2,893,869 | ||||||||
Netherlands - 5.0% | ||||||||
Aegon N.V. (a) | 412,597 | 2,111,735 | ||||||
AerCap Holdings N.V. (c) | 79,730 | 3,701,865 | ||||||
Akzo Nobel N.V. (a) | 4,507 | 391,986 | ||||||
CNH Industrial N.V. (a) | 52,990 | 600,975 | ||||||
Koninklijke DSM N.V. (a) | 28,188 | 2,050,283 | ||||||
Koninklijke KPN N.V. (a) | 677,158 | 2,167,391 | ||||||
Koninklijke Vopak N.V. (a) | 6,362 | 294,822 | ||||||
NN Group N.V. (a) | 10,235 | 363,186 | ||||||
Randstad Holding N.V. (a) | 5,175 | 301,723 | ||||||
Royal Dutch Shell plc - Class A - ADR (b) | 51,730 | 2,751,519 | ||||||
STMicroelectronics N.V. (a) | 12,415 | 178,530 | ||||||
Wolters Kluwer N.V. (a) | 8,306 | 351,302 | ||||||
15,265,317 | ||||||||
New Zealand - 0.0% (d) | ||||||||
Ryman Healthcare Ltd. (a) | 1,283 | 7,795 | ||||||
Norway - 0.7% | ||||||||
DNB ASA (a) | 117,241 | 1,995,882 | ||||||
Norsk Hydro ASA (a) | 2,266 | 12,539 | ||||||
Orkla ASA (a) (c) | 12,145 | 123,434 | ||||||
2,131,855 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Philippines - 0.1% | ||||||||
Alliance Global Group, Inc. (a) | 82,100 | $ | 23,276 | |||||
Pldt, Inc. (a) | 4,280 | 152,431 | ||||||
175,707 | ||||||||
Poland - 0.1% | ||||||||
Alior Bank S.A. (a) (c) | 470 | 7,829 | ||||||
Grupa Lotos S.A. (a) (c) | 8,671 | 119,386 | ||||||
PGE Polska Grupa Energetyczna S.A. (a) | 41,848 | 136,726 | ||||||
Tauron Polska Energia S.A. (a) (c) | 93,681 | 90,508 | ||||||
354,449 | ||||||||
Portugal - 0.1% | ||||||||
Jeronimo Martins SGPS S.A. (a) | 9,149 | 178,632 | ||||||
Qatar - 0.0% (d) | ||||||||
Doha Bank QSC | 13,818 | 113,144 | ||||||
Russian Federation - 1.2% | ||||||||
Inter RAO UES PJSC | 2,814,000 | 182,910 | ||||||
Rostelecom PJSC (c) | 14,200 | 17,176 | ||||||
RusHydro PJSC | 10,602,000 | 143,127 | ||||||
Severstal PJSC (c) | 6,680 | 87,896 | ||||||
Tatneft PJSC (c) | 69,260 | 441,470 | ||||||
Yandex N.V. - Class A (c) | 102,758 | 2,696,371 | ||||||
3,568,950 | ||||||||
Singapore - 1.2% | ||||||||
Capitaland Ltd. (a) | 13,900 | 35,318 | ||||||
DBS Group Holdings Ltd. (a) | 157,010 | 2,363,003 | ||||||
Genting Singapore plc (a) | 406,200 | 320,015 | ||||||
Hutchison Port Holdings Trust | 208,600 | 89,698 | ||||||
Jardine Cycle & Carriage Ltd. (a) | 4,600 | 148,097 | ||||||
Oversea-Chinese Banking Corp. Ltd. (a) | 6,100 | 47,781 | ||||||
Sats Ltd. (a) | 63,300 | 234,810 | ||||||
Sembcorp Industries Ltd. (a) | 3,600 | 8,048 | ||||||
Singapore Exchange Ltd. (a) | 34,100 | 181,726 | ||||||
Singapore Technologies Engineering Ltd. (a) | 3,300 | 8,816 | ||||||
Wilmar International Ltd. (a) | 51,400 | 125,016 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Singapore - 1.2% (Continued) | ||||||||
Yangzijiang Shipbuildings Holdings Ltd. (a) | 56,600 | $ | 48,907 | |||||
3,611,235 | ||||||||
South Africa - 0.2% | ||||||||
Capitec Bank Holdings Ltd. (a) (c) | 2,819 | 178,832 | ||||||
Exxaro Resources Ltd. (a) | 12,456 | 88,488 | ||||||
Fortress Income Fund Ltd (a) | 72,911 | 193,452 | ||||||
Growthpoint Properties Ltd. (a) | 5,230 | 9,783 | ||||||
Impala Platinum Holdings Ltd. (a) (c) | 19,841 | 55,929 | ||||||
526,484 | ||||||||
South Korea - 0.1% | ||||||||
Korea Gas Corp. (a) | 848 | 39,416 | ||||||
KT&G Corp. (a) | 1,985 | 202,927 | ||||||
242,343 | ||||||||
Spain - 3.3% | ||||||||
Abertis Infraestructuras S.A. (a) | 3,447 | 63,898 | ||||||
ACS Actividades de Construccion y Servicios S.A. (a) | 68,005 | 2,629,463 | ||||||
Amadeus IT Group S.A. (a) | 14,442 | 863,322 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. - ADR (b) | 278,190 | 2,325,669 | ||||||
Banco Bilbao Vizcaya Argentaria S.A. (a) | 29,848 | 248,644 | ||||||
Bankinter S.A. (a) | 29,810 | 275,010 | ||||||
CaixaBank S.A (a) | 17,451 | 83,426 | ||||||
Dassault Systemes S.A. (a) | 318 | 28,523 | ||||||
Enagas S.A. (a) (b) | 20,766 | 582,812 | ||||||
Grifols S.A. (a) | 1,309 | 36,498 | ||||||
Iberdrola S.A. (a) | 51,733 | 409,973 | ||||||
Industria de Diseno Textil S.A. (a) | 46,957 | 1,803,470 | ||||||
Red Electrica Corporacion S.A. | 15,810 | 330,376 | ||||||
Repsol S.A. (a) | 24,232 | 371,520 | ||||||
10,052,604 | ||||||||
Sweden - 1.7% | ||||||||
Alfa Laval AB (a) | 4,786 | 97,936 | ||||||
Atlas Copco AB - A Shares (a) | 60,378 | 2,321,138 | ||||||
Boliden AB (a) | 4,519 | 123,500 | ||||||
Electrolux AB - Series B (a) | 5,313 | 174,182 | ||||||
Getinge AB - B Shares (a) | 14,796 | 289,735 | ||||||
Husqvarna AB - B Shares (a) | 24,164 | 240,143 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Sweden - 1.7% (Continued) | ||||||||
Millicom International Cellular S.A. (a) (b) | 433 | $ | 25,606 | |||||
Nordea Bank AB (a) | 3,694 | 47,038 | ||||||
Skandinaviska Enskilda Banken AB (a) | 4,085 | 49,445 | ||||||
SKF AB - B Shares (a) | 33,900 | 688,237 | ||||||
Svenska Handelsbanken AB (a) | 5,113 | 73,213 | ||||||
Swedbank AB - A Shares (a) | 17,761 | 433,378 | ||||||
Swedish Match AB (a) | 9,163 | 322,750 | ||||||
Telefonaktiebolaget LM Ericsson - B Shares (a) | 1,466 | 10,538 | ||||||
Telia Co. AB (a) (c) | 54,077 | 249,165 | ||||||
5,146,004 | ||||||||
Switzerland - 8.6% | ||||||||
Adecco Group AG (a) | 36,116 | 2,751,282 | ||||||
Chubb Ltd. | 33,525 | 4,873,865 | ||||||
Geberit AG (a) | 585 | 273,160 | ||||||
Givaudan S.A. (a) | 57 | 114,211 | ||||||
Julius Baer Group Ltd. (a) (c) | 38,622 | 2,040,556 | ||||||
Lonza Group AG (a) (c) | 1,640 | 355,236 | ||||||
Nestlé S.A. (a) | 66,110 | 5,765,719 | ||||||
Novartis AG (a) | 9,542 | 796,978 | ||||||
Partners Group Holding AG (a) (c) | 1,438 | 892,832 | ||||||
Roche Holdings AG (a) (c) | 14,637 | 3,739,816 | ||||||
Schindler Holding AG (a) | 1,039 | 220,272 | ||||||
SGS S.A. (a) | 1,300 | 3,151,961 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. (a) | 83,302 | 133,711 | ||||||
Sika AG (a) | 17 | 109,138 | ||||||
Sonova Holding AG (a) | 726 | 118,096 | ||||||
Straumann Holding AG (a) | 308 | 175,390 | ||||||
Swiss Life Holding AG (a) (c) | 745 | 252,002 | ||||||
Swiss Re AG (a) | 6,262 | 573,843 | ||||||
26,338,068 | ||||||||
Taiwan - 2.2% | ||||||||
Acer, Inc. (a) (c) | 25,000 | 13,103 | ||||||
Asia Cement Corp. (a) | 202,000 | 173,314 | ||||||
AU Optronics Corp. (a) | 907,000 | 414,236 | ||||||
Catcher Technology Co. Ltd. (a) | 6,000 | 71,553 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Taiwan - 2.2% (Continued) | ||||||||
Chang Hwa Commercial Bank Ltd. (a) (c) | 200,000 | $ | 114,751 | |||||
Formosa Petrochemical Corp. (a) | 12,000 | 41,411 | ||||||
Foxconn Technology Co. Ltd. (a) | 15,301 | 46,177 | ||||||
Highwealth Construction Corp. (a) (c) | 4,000 | 6,625 | ||||||
Innolux Corp. (a) | 130,000 | 67,915 | ||||||
Inventec Corp. (a) | 17,000 | 13,854 | ||||||
Lite-On Technology Corp. (a) | 169,568 | 278,498 | ||||||
MediaTek, Inc. (a) | 35,000 | 299,606 | ||||||
Pegatron Corp. (a) | 3,000 | 9,390 | ||||||
Phison Electronics Corp. (a) | 14,000 | 173,056 | ||||||
Powertech Technology, Inc. (a) (c) | 3,000 | 9,260 | ||||||
Shin Kong Financial Holding Co. Ltd. (a) (c) | 736,000 | 195,886 | ||||||
Synnex Technology International Corp. (a) (c) | 93,000 | 104,247 | ||||||
Taiwan Business Bank (a) | 448,191 | 125,283 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. (a) | 75,274 | 39,982 | ||||||
Taiwan Fertilizer Co. Ltd. (a) | 66,000 | 87,782 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (b) | 111,549 | 3,899,752 | ||||||
Transcend Information, Inc. (a) | 15,000 | 50,287 | ||||||
Wistron Corp. (a) | 250,268 | 254,550 | ||||||
WPG Holdings Ltd. (a) | 57,000 | 76,085 | ||||||
Yulon Motor Co. Ltd. (a) | 79,000 | 70,927 | ||||||
6,637,530 | ||||||||
Thailand - 0.1% | ||||||||
KCE Electronics Public Co. Ltd. (a) | 24,900 | 79,587 | ||||||
PTT Exploration & Production PCL N.V. (a) | 68,300 | 173,469 | ||||||
Siam Commercial Bank PCL N.V. (The) (a) | 7,400 | 33,882 | ||||||
TMB Bank plc (a) | 672,100 | 45,541 | ||||||
332,479 | ||||||||
Turkey - 0.2% | ||||||||
Aselsan Elektronik Sanayi Ve Ticaret A.S. (a) | 2,859 | 17,759 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (a) (c) | 132,532 | 110,724 | ||||||
Eregli Demir Ve Celik Fabrik (a) | 11,850 | 23,735 | ||||||
Tofas Turk Otomobil Fabrika AS (a) | 533 | 4,377 | ||||||
Turkiye Garanti Bankasi AS (a) | 23,368 | 65,033 | ||||||
Turkiye Halk Bankasi AS (a) | 55,538 | 207,535 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
Turkey - 0.2% (Continued) | ||||||||
Turkiye Vakiflar Bankasi TAO (a) | 36,020 | $ | 66,221 | |||||
Yapi ve Kredi Bankasi AS (a) (c) | 7,184 | 9,164 | ||||||
504,548 | ||||||||
United Arab Emirates - 0.1% | ||||||||
Aldar Properties PJSC | 269,566 | 168,804 | ||||||
DXB Entertainment PJSC (c) | 293,671 | 60,447 | ||||||
229,251 | ||||||||
United Kingdom - 7.6% | ||||||||
3i Group plc (a) | 26,338 | 309,700 | ||||||
Aberdeen Asset Management plc (a) | 10,377 | 40,859 | ||||||
Anglo American plc (a) (c) | 25,614 | 342,062 | ||||||
AstraZeneca plc (a) | 6,579 | 440,727 | ||||||
Barclays plc (a) | 96,217 | 254,497 | ||||||
BHP Billiton plc (a) | 181,636 | 2,783,060 | ||||||
British American Tobacco plc (a) | 8,132 | 554,192 | ||||||
BT Group plc (a) | 93,282 | 358,727 | ||||||
Burberry Group plc (a) | 1,766 | 38,218 | ||||||
Centrica plc (a) (c) | 81,282 | 211,943 | ||||||
Compass Group plc (a) | 202,124 | 4,266,754 | ||||||
Croda International plc (a) | 10,052 | 509,108 | ||||||
Diageo plc (a) | 18,610 | 550,011 | ||||||
G4S plc (a) | 83,685 | 355,940 | ||||||
GlaxoSmithKline plc (a) | 13,565 | 288,789 | ||||||
HSBC Holdings plc | 16,932 | 156,945 | ||||||
HSBC Holdings plc - ADR (b) | 46,990 | 2,179,866 | ||||||
InterContinental Hotels Group plc | 1,501 | 83,427 | ||||||
Johnson Matthey plc (a) | 1,586 | 59,364 | ||||||
Legal & General Group plc (a) (c) | 2,844 | 9,571 | ||||||
Mondi plc (a) | 1,131 | 29,660 | ||||||
Old Mutual plc (a) | 9,559 | 24,119 | ||||||
Prudential plc (a) | 9,643 | 221,365 | ||||||
Reckitt Benckiser Group plc (a) | 54,681 | 5,543,716 | ||||||
Rolls-Royce Holdings plc (a) (c) | 28,913 | 335,383 | ||||||
Sky plc (a) | 30,245 | 391,745 | ||||||
Smith & Nephew plc (a) | 12,082 | 208,658 | ||||||
Smith & Nephew plc - ADR (b) | 56,345 | 1,963,623 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
COMMON STOCKS - 96.4% (Continued) | Shares | Value | ||||||
United Kingdom - 7.6% (Continued) | ||||||||
Standard Chartered plc (a) (c) | 43,033 | $ | 435,889 | |||||
Standard Life plc (a) (c) | 904 | 4,701 | ||||||
Tesco plc (a) (c) | 210,959 | 464,499 | ||||||
23,417,118 | ||||||||
United States - 3.4% | ||||||||
Accenture plc - Class A | 32,967 | 4,077,359 | ||||||
Check Point Software Technologies Ltd. (b) (c) | 2,737 | 298,552 | ||||||
Core Laboratories N.V. (b) | 26,829 | 2,716,973 | ||||||
DP World Ltd. (a) | 4,214 | 88,113 | ||||||
Momo, Inc. (b) (c) | 8,085 | 298,822 | ||||||
Schlumberger Ltd. | 44,535 | 2,932,184 | ||||||
Thomson Reuters Corp. | 900 | 41,657 | ||||||
Yum China Holdings, Inc. (c) | 602 | 23,737 | ||||||
10,477,397 | ||||||||
Total Common Stocks (Cost $251,377,745) | $ | 295,117,449 | ||||||
PREFERRED STOCKS - 0.4% | Shares | Value | ||||||
Brazil - 0.2% | ||||||||
Cia Paranaense de Energia | 8,900 | $ | 65,813 | |||||
Gerdau S.A. | 33,800 | 105,077 | ||||||
Petroleo Brasileiro S.A. (c) | 45,200 | 169,575 | ||||||
Vale S.A. (c) | 35,000 | 284,588 | ||||||
625,053 | ||||||||
Germany - 0.1% | ||||||||
Volkswagon AG (a) | 2,487 | 379,921 | ||||||
Korea (Republic of) - 0.1% | ||||||||
Samsung Electronics Co. Ltd. (a) (c) | 62 | 101,030 | ||||||
Total Preferred Stocks (Cost $851,389) | $ | 1,106,004 | ||||||
RIGHTS - 0.0% (d) | Shares | Value | ||||||
Doha Bank QSC (Cost $4,193) | 2,357 | $ | 3,480 |
Wilshire Mutual Funds, Inc. Wilshire International Equity Fund Schedule of Investments - (Continued) | June 30, 2017 (Unaudited) |
Money Market Funds - 5.3% | Shares | Value | ||||||
Northern Trust Institutional Government Select Portfolio - Institutional Class, 0.81% (e) | 8,317,783 | $ | 8,317,783 | |||||
Northern Trust Institutional Liquid Portfolio - Institutional Class, 1.04% (e) (f) | 7,920,767 | 7,920,767 | ||||||
Total Money Market Funds (Cost $16,238,550) | $ | 16,238,550 | ||||||
Total Investments at Value - 102.1% (Cost $268,471,877) | $ | 312,465,483 | ||||||
Liabilities in Excess of Other Assets - (2.1)% | (6,287,088 | ) | ||||||
Net Assets - 100.0% | $ | 306,178,395 |
(a) | Security value has been determined in good faith by the Board of Trustees. The total value of such securities is $217,612,837 at June 30, 2017, representing 71.1% of net assets (Note 2). |
(b) | This security or a partial position of this security is on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $20,186,181 (Note 6). |
(c) | Non-income producing security. |
(d) | Percentage rounds to less than 0.1%. |
(e) | The rate shown is the 7-day effective yield as of June 30, 2017. |
(f) | This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2017 was $7,920,767. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,920,767 (Note 6). |
ADR - | American Depositary Receipt. |
Ltd. - | Limited. |
plc - | Public Limited Company. |
(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.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 | September 8, 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 | September 8, 2017 | ||
By (Signature and Title)* | /s/ Michael Wauters | ||
Michael Wauters, Treasurer, Principal Financial Officer and Principal Accounting Officer | |||
Date | September 8, 2017 |
* | Print the name and title of each signing officer under his or her signature. |