Wilshire Mutual Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07076

Wilshire Mutual Funds, Inc.
(Exact name of registrant as specified in charter)

Wilshire Mutual Funds, Inc.

1299 Ocean Avenue, Suite 600

Santa Monica, CA 90401-1085
(Address of principal executive offices) (Zip code)

Jason A. Schwarz

Wilshire Advisors LLC

1299 Ocean Avenue, Suite 600

Santa Monica, CA 90401-1085
(Name and address of agent for service)

(310) 451-3051

Registrant’s telephone number, including area code

Date of fiscal year end: December 31, 2024

Date of reporting period: June 30, 2024

Item 1. Reports to Stockholders.

(a)

	Large Company Growth Portfolio
	Investment Class | DTLGX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Large Company Growth Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$721	1.30%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$254,758,775
Number of Holdings	353
Portfolio Turnover	30%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Information Technology	36.5%
Consumer Discretionary	12.0%
Communication Services	11.8%
Health Care	10.1%
Industrials	5.0%
Financials	4.6%
Asset Backed Securities	2.3%
Consumer Staples	2.1%
Mortgage Securities	2.0%
Cash & Other	13.6%

Top 10 Issuers	(% of Net Assets)
Microsoft Corp.	10.0%
NVIDIA Corp.	9.2%
Amazon.com, Inc.	6.3%
Apple, Inc.	5.3%
Meta Platforms, Inc.	4.5%
Alphabet, Inc.	4.4%
RUSSELL 1000 GROWTH TOTAL RETURN	3.3%
Voya VACS Series SC Fund	2.6%
Eli Lilly & Co.	2.0%
Netflix, Inc.	1.8%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Large Company Growth Portfolio  PAGE 1  TSR-SAR-971897103

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Growth Portfolio  PAGE 2  TSR-SAR-971897103

	Large Company Growth Portfolio
	Institutional Class | WLCGX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Large Company Growth Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$561	1.00%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$254,758,775
Number of Holdings	353
Portfolio Turnover	30%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Information Technology	36.5%
Consumer Discretionary	12.0%
Communication Services	11.8%
Health Care	10.1%
Industrials	5.0%
Financials	4.6%
Asset Backed Securities	2.3%
Consumer Staples	2.1%
Mortgage Securities	2.0%
Cash & Other	13.6%

Top 10 Issuers	(% of Net Assets)
Microsoft Corp.	10.0%
NVIDIA Corp.	9.2%
Amazon.com, Inc.	6.3%
Apple, Inc.	5.3%
Meta Platforms, Inc.	4.5%
Alphabet, Inc.	4.4%
RUSSELL 1000 GROWTH TOTAL RETURN	3.3%
Voya VACS Series SC Fund	2.6%
Eli Lilly & Co.	2.0%
Netflix, Inc.	1.8%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Large Company Growth Portfolio  PAGE 1  TSR-SAR-971897509

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Growth Portfolio  PAGE 2  TSR-SAR-971897509

	Large Company Value Portfolio
	Investment Class | DTLVX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Large Company Value Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$671	1.30%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$165,415,488
Number of Holdings	552
Portfolio Turnover	18%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Financials	21.1%
Information Technology	13.6%
Industrials	10.9%
Health Care	10.3%
Energy	7.2%
Consumer Discretionary	5.9%
Consumer Staples	4.4%
Communication Services	3.9%
Materials	3.3%
Cash & Other	19.4%

Top 10 Issuers	(% of Net Assets)
Voya VACS Series SC Fund	2.8%
RUSSELL 1000 VALUE INDEX TOTAL RETURN	1.5%
Microsoft Corp.	1.5%
Citigroup, Inc.	1.4%
Wells Fargo & Co.	1.3%
Bank of America Corp.	1.2%
Workday, Inc.	1.2%
Berkshire Hathaway, Inc.	1.1%
Telefonaktiebolaget LM Ericsson	1.1%
Elevance Health, Inc.	1.1%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Large Company Value Portfolio  PAGE 1  TSR-SAR-971897202

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Value Portfolio  PAGE 2  TSR-SAR-971897202

	Large Company Value Portfolio
	Institutional Class | WLCVX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Large Company Value Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$521	1.00%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$165,415,488
Number of Holdings	552
Portfolio Turnover	18%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Financials	21.1%
Information Technology	13.6%
Industrials	10.9%
Health Care	10.3%
Energy	7.2%
Consumer Discretionary	5.9%
Consumer Staples	4.4%
Communication Services	3.9%
Materials	3.3%
Cash & Other	19.4%

Top 10 Issuers	(% of Net Assets)
Voya VACS Series SC Fund	2.8%
RUSSELL 1000 VALUE INDEX TOTAL RETURN	1.5%
Microsoft Corp.	1.5%
Citigroup, Inc.	1.4%
Wells Fargo & Co.	1.3%
Bank of America Corp.	1.2%
Workday, Inc.	1.2%
Berkshire Hathaway, Inc.	1.1%
Telefonaktiebolaget LM Ericsson	1.1%
Elevance Health, Inc.	1.1%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Large Company Value Portfolio  PAGE 1  TSR-SAR-971897608

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Value Portfolio  PAGE 2  TSR-SAR-971897608

	Small Company Growth Portfolio
	Investment Class | DTSGX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Small Company Growth Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$671	1.35%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$24,415,103
Number of Holdings	418
Portfolio Turnover	27%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Health Care	26.4%
Industrials	17.8%
Information Technology	17.5%
Consumer Discretionary	12.3%
Financials	7.7%
Energy	5.9%
Consumer Staples	5.7%
Materials	2.6%
Communication Services	1.3%
Cash & Other	2.8%

Top 10 Issuers	(% of Net Assets)
LeMaitre Vascular, Inc.	2.1%
Texas Roadhouse, Inc.	2.1%
Permian Resources Corp.	2.0%
Medpace Holdings, Inc.	2.0%
PDF Solutions, Inc.	1.5%
Casella Waste Systems, Inc.	1.4%
Qualys, Inc.	1.4%
Guidewire Software, Inc.	1.3%
Pegasystems, Inc.	1.2%
Simulations Plus, Inc.	1.2%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Small Company Growth Portfolio  PAGE 1  TSR-SAR-971897301

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Growth Portfolio  PAGE 2  TSR-SAR-971897301

	Small Company Growth Portfolio
	Institutional Class | WSMGX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Small Company Growth Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$551	1.10%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$24,415,103
Number of Holdings	418
Portfolio Turnover	27%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Health Care	26.4%
Industrials	17.8%
Information Technology	17.5%
Consumer Discretionary	12.3%
Financials	7.7%
Energy	5.9%
Consumer Staples	5.7%
Materials	2.6%
Communication Services	1.3%
Cash & Other	2.8%

Top 10 Issuers	(% of Net Assets)
LeMaitre Vascular, Inc.	2.1%
Texas Roadhouse, Inc.	2.1%
Permian Resources Corp.	2.0%
Medpace Holdings, Inc.	2.0%
PDF Solutions, Inc.	1.5%
Casella Waste Systems, Inc.	1.4%
Qualys, Inc.	1.4%
Guidewire Software, Inc.	1.3%
Pegasystems, Inc.	1.2%
Simulations Plus, Inc.	1.2%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Small Company Growth Portfolio  PAGE 1  TSR-SAR-971897707

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Growth Portfolio  PAGE 2  TSR-SAR-971897707

	Small Company Value Portfolio
	Investment Class | DTSVX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Small Company Value Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$671	1.35%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$24,744,616
Number of Holdings	634
Portfolio Turnover	24%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Financials	29.1%
Industrials	18.3%
Consumer Discretionary	11.4%
Energy	8.9%
Materials	6.6%
Real Estate	6.5%
Health Care	5.5%
Information Technology	5.3%
Consumer Staples	4.4%
Cash & Other	4.0%

Top 10 Issuers	(% of Net Assets)
Red Rock Resorts, Inc.	1.7%
Mr Cooper Group, Inc.	1.5%
First Advantage Corp.	1.1%
FTAI Aviation Ltd.	1.1%
Ashland, Inc.	1.1%
Live Oak Bancshares, Inc.	1.0%
Triumph Financial, Inc.	1.0%
Civitas Resources, Inc.	1.0%
Bank OZK	0.9%
Enstar Group Ltd.	0.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Small Company Value Portfolio  PAGE 1  TSR-SAR-971897400

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Value Portfolio  PAGE 2  TSR-SAR-971897400

	Small Company Value Portfolio
	Institutional Class | WSMVX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Small Company Value Portfolio (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$551	1.10%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$24,744,616
Number of Holdings	634
Portfolio Turnover	24%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Financials	29.1%
Industrials	18.3%
Consumer Discretionary	11.4%
Energy	8.9%
Materials	6.6%
Real Estate	6.5%
Health Care	5.5%
Information Technology	5.3%
Consumer Staples	4.4%
Cash & Other	4.0%

Top 10 Issuers	(% of Net Assets)
Red Rock Resorts, Inc.	1.7%
Mr Cooper Group, Inc.	1.5%
First Advantage Corp.	1.1%
FTAI Aviation Ltd.	1.1%
Ashland, Inc.	1.1%
Live Oak Bancshares, Inc.	1.0%
Triumph Financial, Inc.	1.0%
Civitas Resources, Inc.	1.0%
Bank OZK	0.9%
Enstar Group Ltd.	0.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Small Company Value Portfolio  PAGE 1  TSR-SAR-971897806

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Value Portfolio  PAGE 2  TSR-SAR-971897806

	Wilshire 5000® Index Fund
	Investment Class | WFIVX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire 5000® Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$301	0.56%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$268,028,436
Number of Holdings	2,243
Portfolio Turnover	2%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Information Technology	30.0%
Financials	12.4%
Health Care	11.6%
Consumer Discretionary	9.9%
Industrials	9.2%
Communication Services	8.6%
Consumer Staples	5.4%
Energy	3.8%
Real Estate	2.7%
Cash & Other	6.4%

Top 10 Issuers	(% of Net Assets)
Microsoft Corp.	6.1%
Apple, Inc.	6.1%
NVIDIA Corp.	5.6%
Alphabet, Inc.	3.8%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc.	2.1%
Eli Lilly & Co.	1.5%
Broadcom, Inc.	1.4%
Berkshire Hathaway, Inc.	1.2%
JPMorgan Chase & Co.	1.1%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire 5000® Index Fund  PAGE 1  TSR-SAR-971897855

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire 5000® Index Fund  PAGE 2  TSR-SAR-971897855

	Wilshire 5000® Index Fund
	Institutional Class | WINDX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire 5000® Index Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$171	0.33%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$268,028,436
Number of Holdings	2,243
Portfolio Turnover	2%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Information Technology	30.0%
Financials	12.4%
Health Care	11.6%
Consumer Discretionary	9.9%
Industrials	9.2%
Communication Services	8.6%
Consumer Staples	5.4%
Energy	3.8%
Real Estate	2.7%
Cash & Other	6.4%

Top 10 Issuers	(% of Net Assets)
Microsoft Corp.	6.1%
Apple, Inc.	6.1%
NVIDIA Corp.	5.6%
Alphabet, Inc.	3.8%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc.	2.1%
Eli Lilly & Co.	1.5%
Broadcom, Inc.	1.4%
Berkshire Hathaway, Inc.	1.2%
JPMorgan Chase & Co.	1.1%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire 5000® Index Fund  PAGE 1  TSR-SAR-971897863

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire 5000® Index Fund  PAGE 2  TSR-SAR-971897863

	Wilshire International Equity Fund
	Investment Class | WLCTX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire International Equity Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$771	1.50%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$220,854,900
Number of Holdings	1,213
Portfolio Turnover	23%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top Sectors	(% of Net Assets)
Financials	17.9%
Industrials	15.3%
Information Technology	11.1%
Consumer Discretionary	10.3%
Health Care	10.0%
Materials	5.0%
Consumer Staples	4.6%
Communication Services	3.5%
Energy	2.9%
Cash & Other	19.4%

Top 10 Issuers	(% of Net Assets)
Voya VACS Series SC Fund	2.9%
Novo Nordisk AS	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.1%
MS_TRS_MSCI EAFE NET TOTAL RETURN USD INDEX_P	1.2%
AstraZeneca PLC	1.1%
ICON PLC	1.1%
ASM International NV	1.1%
Ferrari NV	1.1%
BAE Systems PLC	1.0%
Canadian Pacific Kansas City Ltd.	1.0%

Top Ten Countries	(% of Net Assets)
United States	13.9%
Britain	9.5%
Japan	9.4%
France	6.6%
Canada	5.1%
Netherlands	4.6%
Taiwan	4.4%
China	3.7%
Switzerland	3.5%
Cash & Other	39.3%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire International Equity Fund  PAGE 1  TSR_SAR_971897822

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire International Equity Fund  PAGE 2  TSR_SAR_971897822

	Wilshire International Equity Fund
	Institutional Class | WLTTX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire International Equity Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$641	1.25%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$220,854,900
Number of Holdings	1,213
Portfolio Turnover	23%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)

Top Sectors	(% of Net Assets)
Financials	17.9%
Industrials	15.3%
Information Technology	11.1%
Consumer Discretionary	10.3%
Health Care	10.0%
Materials	5.0%
Consumer Staples	4.6%
Communication Services	3.5%
Energy	2.9%
Cash & Other	19.4%

Top 10 Issuers	(% of Net Assets)
Voya VACS Series SC Fund	2.9%
Novo Nordisk AS	2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.1%
MS_TRS_MSCI EAFE NET TOTAL RETURN USD INDEX_P	1.2%
AstraZeneca PLC	1.1%
ICON PLC	1.1%
ASM International NV	1.1%
Ferrari NV	1.1%
BAE Systems PLC	1.0%
Canadian Pacific Kansas City Ltd.	1.0%

Top Ten Countries	(% of Net Assets)
United States	13.9%
Britain	9.5%
Japan	9.4%
France	6.6%
Canada	5.1%
Netherlands	4.6%
Taiwan	4.4%
China	3.7%
Switzerland	3.5%
Cash & Other	39.3%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire International Equity Fund  PAGE 1  TSR_SAR_971897814

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire International Equity Fund  PAGE 2  TSR_SAR_971897814

	Wilshire Income Opportunities Fund
	Investment Class | WIORX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investment Class	$571	1.15%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$201,018,290
Number of Holdings	1,490
Portfolio Turnover	56%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Mortgage Securities	24.3%
Government	21.0%
Asset Backed Securities	10.0%
Financial	6.6%
Consumer, Cyclical	6.0%
Consumer, Non-cyclical	4.9%
Energy	4.6%
Industrial	3.4%
Utilities	3.5%
Cash & Other	15.7%

Top 10 Issuers	(% of Net Assets)
United States Treasury Note/Bond	10.9%
Federal Home Loan Mortgage Corp.	3.1%
Federal National Mortgage Association	2.9%
BX Trust	2.4%
Progress Residential Trust	1.8%
Voya VACS Series HYB Fund	1.6%
Freddie Mac Structured Agency Credit Risk Debt Notes	1.6%
Indonesia Treasury Bond	0.8%
Voya VACS Series EMHCD Fund	0.8%
AMSR Trust	0.8%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire Income Opportunities Fund  PAGE 1  TSR_SAR_971897772

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire Income Opportunities Fund  PAGE 2  TSR_SAR_971897772

	Wilshire Income Opportunities Fund
	Institutional Class | WIOPX
	Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1568.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$451	0.90%2

1 Amount shown reflects the expense of the Fund from January 1, 2024 through June 30, 2024. Expenses would have been higher if for a full year.

2 Annualized.

KEY FUND STATISTICS (as of June 30, 2024)

Net Assets	$201,018,290
Number of Holdings	1,490
Portfolio Turnover	56%

WHAT DID THE FUND INVEST IN? (as of June 30, 2024)*

Top Sectors	(% of Net Assets)
Mortgage Securities	24.3%
Government	21.0%
Asset Backed Securities	10.0%
Financial	6.6%
Consumer, Cyclical	6.0%
Consumer, Non-cyclical	4.9%
Energy	4.6%
Industrial	3.4%
Utilities	3.5%
Cash & Other	15.7%

Top 10 Issuers	(% of Net Assets)
United States Treasury Note/Bond	10.9%
Federal Home Loan Mortgage Corp.	3.1%
Federal National Mortgage Association	2.9%
BX Trust	2.4%
Progress Residential Trust	1.8%
Voya VACS Series HYB Fund	1.6%
Freddie Mac Structured Agency Credit Risk Debt Notes	1.6%
Indonesia Treasury Bond	0.8%
Voya VACS Series EMHCD Fund	0.8%
AMSR Trust	0.8%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wilshire.com/research-insights/product-literature.

Wilshire Income Opportunities Fund  PAGE 1  TSR_SAR_971897764

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1568, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire Income Opportunities Fund  PAGE 2  TSR_SAR_971897764

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments are included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 

WILSHIRE MUTUAL FUNDS, INC.

Large Company Growth Portfolio

Large Company Value Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Wilshire 5000 Index^sm Fund

Wilshire International Equity Fund

Wilshire Income Opportunities Fund

Core Financial Statements

June 30, 2024 (Unaudited)

http://advisor.wilshire.com

TABLE OF CONTENTS

			Page
Schedules of Investments
Large Company Growth Portfolio			1
Large Company Value Portfolio			11
Small Company Growth Portfolio			23
Small Company Value Portfolio			28
Wilshire 5000 IndexSM Fund			35
Wilshire International Equity Fund			59
Wilshire Income Opportunities Fund			80
Statements of Assets and Liabilities			134
Statements of Operations			140
Statements of Changes in Net Assets			145
Financial Highlights			149
Notes to Financial Statements			163
Additional Information			194

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 81.6%
Communication Services - 11.6%
Alphabet, Inc. - Class A			14,365			$ 2,616,585
Alphabet, Inc. - Class C			46,803			8,584,606
Liberty Media Corp.- Liberty Formula One - Class C(a)			7,798			560,208
Meta Platforms, Inc. - Class A			22,543			11,366,632
Netflix, Inc.(a)			6,794			4,585,135
Pinterest, Inc. - Class A(a)			29,806			1,313,550
Spotify Technology SA(a)			1,207			378,745
The Trade Desk, Inc. - Class A(a)			2,694			263,123
						29,668,584
Consumer Discretionary - 11.8%
Amazon.com, Inc.(a)			83,592			16,154,154
AutoZone, Inc.(a)			144			426,830
Booking Holdings, Inc.			95			376,343
Burlington Stores, Inc.(a)			2,356			565,440
Carvana Co.(a)			525			67,578
Chipotle Mexican Grill, Inc.(a)			15,700			983,605
Coupang, Inc.(a)			7,670			160,687
Dick’s Sporting Goods, Inc.			834			179,185
DraftKings, Inc. - Class A(a)			17,265			659,005
Ferrari NV			1,255			512,504
Grand Canyon Education, Inc.(a)			1,253			175,307
Light & Wonder, Inc. - Class A(a)			1,286			134,876
Lululemon Athletica, Inc.(a)			3,522			1,052,021
MercadoLibre, Inc.(a)			611			1,004,117
NIKE, Inc. - Class B			6,595			497,065
Ollie’s Bargain Outlet Holdings, Inc.(a)			6,069			595,794
On Holding AG - Class A(a)			8,838			342,914
O’Reilly Automotive, Inc.(a)			83			87,653
PulteGroup, Inc.			1,005			110,651
RH(a)			176			43,022
Ross Stores, Inc.			5,620			816,698
Tesla, Inc.(a)			4,013			794,092
The Home Depot, Inc.			6,294			2,166,647
The TJX Cos., Inc.			10,753			1,183,905
TopBuild Corp.(a)			158			60,873
Tractor Supply Co.			3,375			911,250
Ulta Beauty, Inc.(a)			232			89,522
						30,151,738
Consumer Staples - 2.1%
Celsius Holdings, Inc.(a)			6,255			357,098
Costco Wholesale Corp.			3,510			2,983,465
Monster Beverage Corp.(a)			35,561			1,776,272
Target Corp.			1,827			270,469
						5,387,304
Energy - 0.2%
Antero Midstream Corp.			1,749			25,780
Cameco Corp.			4,470			219,924

			Shares			Value
Matador Resources Co.			2,284			$  136,127
Targa Resources Corp.			558			71,859
Viper Energy, Inc.			42			1,576
						455,266
Financials - 3.7%
American Express Co.			3,004			695,576
Block, Inc.(a)			188			12,124
Citigroup, Inc.			6,457			409,761
Equitable Holdings, Inc.			893			36,488
Fiserv, Inc.(a)			1,963			292,565
Mastercard, Inc. - Class A			1,917			845,704
MSCI, Inc.			503			242,320
Primerica, Inc.			1,194			282,477
S&P Global, Inc.			2,935			1,309,010
SLM Corp.			16,939			352,162
The Progressive Corp.			1,499			311,357
Tradeweb Markets, Inc. - Class A			486			51,516
Visa, Inc. - Class A			17,244			4,526,033
						9,367,093
Health Care - 9.9%
AbbVie, Inc.			1,255			215,258
Amgen, Inc.			1,563			488,359
Boston Scientific Corp.(a)			16,514			1,271,743
Chemed Corp.			162			87,898
Danaher Corp.			2,603			650,359
Edwards Lifesciences Corp.(a)			12,494			1,154,071
Eli Lilly & Co.			5,590			5,061,074
Genmab A/S - ADR(a)			11,689			293,745
HCA Healthcare, Inc.			636			204,334
IDEXX Laboratories, Inc.(a)			2,153			1,048,942
Intuitive Surgical, Inc.(a)			6,293			2,799,441
Madrigal Pharmaceuticals, Inc.(a)			527			147,644
McKesson Corp.			1,505			878,980
Medpace Holdings, Inc.(a)			1,180			485,983
Merck & Co., Inc.			1,101			136,304
Mettler-Toledo International, Inc.(a)			322			450,024
Natera, Inc.(a)			15,177			1,643,517
Nuvalent, Inc. - Class A(a)			1,498			113,638
ResMed, Inc.			1,253			239,849
Stryker Corp.			1,503			511,396
UnitedHealth Group, Inc.			3,751			1,910,234
Vaxcyte, Inc.(a)			6,813			514,450
Veeva Systems, Inc. - Class A(a)			4,875			892,174
Vertex Pharmaceuticals, Inc.(a)			4,424			2,073,617
Waters Corp.(a)			1,242			360,329
West Pharmaceutical Services, Inc.			1,304			429,525
Zoetis, Inc.			6,975			1,209,186
						25,272,074
Industrials - 4.9%
AMETEK, Inc.			2,286			381,099
Armstrong World Industries, Inc.			4,016			454,772
Cintas Corp.			886			620,430

The accompanying notes are an integral part of these financial statements.

1

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Comfort Systems USA, Inc.			294			$  89,411
Copart, Inc.(a)			29,248			1,584,072
Donaldson Co., Inc.			3,016			215,825
Eaton Corp. PLC			736			230,773
EMCOR Group, Inc.			751			274,175
FTI Consulting, Inc.(a)			733			157,984
GFL Environmental, Inc.			33,843			1,317,508
HEICO Corp. - Class A			8,881			1,576,555
Lockheed Martin Corp.			1,466			684,769
Otis Worldwide Corp.			10,582			1,018,623
The Boeing Co.(a)			138			25,117
Trane Technologies PLC			1,208			397,347
TransDigm Group, Inc.			338			431,832
Trex Co., Inc.(a)			4,174			309,377
Uber Technologies, Inc.(a)			4,748			345,085
Verisk Analytics, Inc.			2,946			794,094
Vertiv Holdings Co. - Class A			12,437			1,076,671
Waste Management, Inc.			1,793			382,519
						12,368,038
Information Technology - 36.3%(b)
Adobe, Inc.(a)			4,125			2,291,602
Advanced Micro Devices, Inc.(a)			3,827			620,778
Amphenol Corp. - Class A			4,924			331,730
Appfolio, Inc. - Class A(a)			2,740			670,122
Apple, Inc.			64,126			13,506,218
Applied Materials, Inc.			1,704			402,127
AppLovin Corp. - Class A(a)			20,308			1,690,032
Arista Networks, Inc.(a)			6,585			2,307,911
ASML Holding NV - ADR			764			781,366
Broadcom, Inc.			2,678			4,299,609
Cadence Design Systems, Inc.(a)			4,385			1,349,484
Crowdstrike Holdings, Inc. - Class A(a)			2,048			784,773
Entegris, Inc.			2,133			288,808
HubSpot, Inc.(a)			661			389,851
KLA Corp.			451			371,854
Lam Research Corp.			296			315,196
Manhattan Associates, Inc.(a)			2,251			555,277
Marvell Technology, Inc.			12,042			841,736
Micron Technology, Inc.			6,606			868,887
Microsoft Corp.			57,086			25,514,588
Monolithic Power Systems, Inc.			159			130,647
Motorola Solutions, Inc.			3,211			1,239,606
NetApp, Inc.			6,821			878,545
NVIDIA Corp.			189,961			23,467,782
Onto Innovation, Inc.(a)			1,154			253,372
Palantir Technologies, Inc. - Class A(a)			1,985			50,280
Pure Storage, Inc. - Class A(a)			1,010			64,852
QUALCOMM, Inc.			12,128			2,415,655
Salesforce, Inc.			1,619			416,245
ServiceNow, Inc.(a)			2,128			1,674,034
Smartsheet, Inc. - Class A(a)			4,167			183,681

			Shares			Value
Synopsys, Inc.(a)			840			$499,850
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR			9,526			1,655,714
Texas Instruments, Inc.			6,813			1,325,333
						92,437,545
Materials - 0.6%
Eagle Materials, Inc.			1,329			289,004
Freeport-McMoRan, Inc.			3,532			171,655
Southern Copper Corp.			2,563			276,138
The Sherwin-Williams Co.			2,886			861,269
						1,598,066
Utilities - 0.5%
Constellation Energy Corp.			4,166			834,325
NRG Energy, Inc.			4,706			366,409
Vistra Corp.			251			21,581
						1,222,315
TOTAL COMMON STOCKS (Cost $96,936,325)						207,928,023
OPEN END FUNDS - 3.0%
Voya VACS Series EMHCD Fund			158			1,647
Voya VACS Series HYB Fund			100,709			1,025,220
Voya VACS Series SC Fund - Class SC			625,842			6,521,270
TOTAL OPEN END FUNDS (Cost $7,713,457)						7,548,137
			Par
CORPORATE BONDS - 2.8%
Basic Materials - 0.1%
Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029)			$ 54,000			53,643
Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027)			59,000			57,590
Nutrien Ltd., 5.95%, 11/07/2025			83,000			83,429
PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026)			97,000			90,288
Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027)			65,000			57,960
						342,910
Communications - 0.2%
Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030)			87,000			72,141
AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031)			130,000			105,219
Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027)			17,000			16,313
The Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029)			60,000			52,067
T-Mobile USA, Inc.
2.25%, 02/15/2026 (Callable 07/12/2024)			107,000			101,645
3.75%, 04/15/2027 (Callable 02/15/2027)			51,000			48,990

The accompanying notes are an integral part of these financial statements.

2

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Communications - (Continued)
Verizon Communications, Inc.
2.10%, 03/22/2028 (Callable 01/22/2028)			$ 65,000			$  58,379
2.36%, 03/15/2032 (Callable 12/15/2031)			139,000			113,159
						567,913
Consumer Cyclical - 0.2%
American Honda Finance Corp., 1.20%, 07/08/2025			62,000			59,400
Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028)			90,000			78,873
Lowe’s Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027)			60,000			57,232
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027)			124,000			117,999
Ross Stores, Inc., 4.60%, 04/15/2025 (Callable 03/15/2025)			100,000			99,085
Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026)			90,000			82,889
						495,478
Consumer Non-Cyclical - 0.2%
Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028)			92,000			91,768
Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026)			51,000			47,475
HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029)			86,000			81,270
Keurig Dr Pepper, Inc., 4.42%, 05/25/2025 (Callable 03/25/2025)			14,000			13,849
Nestle Holdings, Inc., 5.25%, 03/13/2026(c)			150,000			150,475
PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029)			69,000			62,390
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(c)			104,000			97,004
						544,231
Energy - 0.2%
Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026)			97,000			89,160
Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029)			65,000			57,773
Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026)			65,000			59,937
MPLX LP
4.88%, 12/01/2024 (Callable 09/01/2024)			62,000			61,692
2.65%, 08/15/2030 (Callable 05/15/2030)			29,000			24,816

			Par			Value
Ovintiv Exploration, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025)			$86,000			$85,570
Plains All American Pipeline LP, 4.65%, 10/15/2025 (Callable 07/15/2025)			86,000			84,859
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026)			50,000			49,562
						513,369
Financials - 1.0%
American Express Co., 2.25%, 03/04/2025 (Callable 02/01/2025)			60,000			58,700
Aviation Capital Group LLC, 6.38%, 07/15/2030 (Callable 05/15/2030)(c)			38,000			39,212
Bank of America Corp.
4.00%, 01/22/2025			63,000			62,292
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026)			279,000			257,555
3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027)			42,000			40,018
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027)			15,000			14,116
2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030)			147,000			126,911
Blackstone Holdings Finance Co. LLC
1.63%, 08/05/2028 (Callable 06/05/2028)(c)			94,000			82,070
2.50%, 01/10/2030 (Callable 10/10/2029)(c)			37,000			32,139
Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026)			83,000			75,706
Fiserv, Inc.
3.85%, 06/01/2025 (Callable 03/01/2025)			48,000			47,155
5.45%, 03/02/2028 (Callable 02/02/2028)			85,000			85,653
Goldman Sachs Group, Inc., 0.86% to 02/12/2025 then SOFR + 0.61%, 02/12/2026 (Callable 02/12/2025)			79,000			76,394
HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028)			200,000			175,555
JPMorgan Chase & Co.
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025)			53,000			51,494
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026)			142,000			130,182
2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027)			44,000			41,237

The accompanying notes are an integral part of these financial statements.

3

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Financials - (Continued)
2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028)			$ 46,000			$  40,862
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031)			17,000			13,876
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031)			62,000			52,272
Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026)			65,000			62,808
Morgan Stanley
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025)			143,000			138,896
0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025)			24,000			22,445
1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026)			159,000			148,551
1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026)			67,000			62,022
6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027)			38,000			39,178
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031)			31,000			25,182
5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033)			92,000			90,666
5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032)			5,000			4,759
Royal Bank of Canada, 1.20%, 04/27/2026			70,000			65,001
Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027(c)			63,000			59,242
The Bank of Nova Scotia, 2.70%, 08/03/2026			94,000			88,942
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027)			35,000			34,249
Wells Fargo & Co.
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026 (Callable 02/11/2025)			34,000			33,203
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 (Callable 04/30/2025)			20,000			19,432
4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025)			20,000			19,757

			Par			Value
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027)			$37,000			$35,222
						2,452,954
Health Care - 0.2%
AbbVie, Inc., 3.80%, 03/15/2025 (Callable 12/15/2024)			109,000			107,635
CVS Health Corp.
3.88%, 07/20/2025 (Callable 04/20/2025)			212,000			208,238
1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030)			130,000			105,280
Royalty Pharma PLC
1.20%, 09/02/2025 (Callable 08/02/2025)			54,000			51,288
1.75%, 09/02/2027 (Callable 07/02/2027)			153,000			137,292
2.20%, 09/02/2030 (Callable 06/02/2030)			61,000			50,465
						660,198
Industrials - 0.1%
Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029)			123,000			108,179
Caterpillar Financial Services Corp., 3.25%, 12/01/2024			82,000			81,302
Parker-Hannifin Corp., 4.25%, 09/15/2027 (Callable 08/15/2027)			86,000			83,780
						273,261
Real Estate - 0.1%
Equinix, Inc.
1.25%, 07/15/2025 (Callable 06/15/2025)			110,000			104,993
2.90%, 11/18/2026 (Callable 09/18/2026)			49,000			46,278
Realty, Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030)			96,000			85,440
						236,711
Technology - 0.2%
Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027)			76,000			67,206
Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026)			61,000			58,587
Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025)			29,000			28,509
Oracle Corp.
3.25%, 11/15/2027 (Callable 08/15/2027)			92,000			86,731
2.95%, 04/01/2030 (Callable 01/01/2030)			176,000			156,136
VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031)			51,000			41,177
						438,346

The accompanying notes are an integral part of these financial statements.

4

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Utilities - 0.3%
Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028)			$62,000			$59,573
Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027)			132,000			124,319
Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025)(d)			87,000			82,348
NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027)			87,000			85,427
Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026)			106,000			101,136
Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026)			70,000			65,889
The AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025)			66,000			61,842
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/2025 (Callable 03/01/2025)(c)			89,000			87,364
WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027)			57,000			56,691
						724,589
TOTAL CORPORATE BONDS (Cost $7,687,865)						7,249,960
COLLATERALIZED LOAN OBLIGATIONS - 1.6%
Arbor Realty Trust, Inc., Series 2021-FL3, Class C, 7.29% (1 mo. Term SOFR + 1.96%), 08/15/2034 (Callable 07/15/2024)(c)			275,000			264,401
Babson CLO Ltd./Cayman Islands, Series 2018-4A, Class A1R, 6.48% (3 mo. Term SOFR + 1.15%), 10/15/2030 (Callable 10/15/2024)(c)			300,000			300,060
Benefit Street Partners CLO Ltd.
Series 2019-19A, Class AR, 6.50% (3 mo. Term SOFR + 1.18%), 01/15/2033 (Callable 01/15/2025)(c)			250,000			249,691
Series 2021-23A, Class A1, 6.67% (3 mo. Term SOFR + 1.34%), 04/25/2034 (Callable 07/25/2024)(c)			250,000			250,141
CIFC Funding Ltd., Series 2022-1A, Class A, 6.64% (3 mo. Term SOFR + 1.32%), 04/17/2035 (Callable 07/17/2024)(c)			250,000			250,148
Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, 7.44% (1 mo. Term SOFR + 2.11%), 07/15/2039 (Callable 07/15/2024)(c)			275,000			269,479
Marble Point CLO, Series 2020-3A, Class AR, 6.99% (3 mo. Term SOFR + 1.40%), 01/19/2034 (Callable 04/19/2025)(c)			300,000			300,479

			Par			Value
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL6, Class C, 7.30% (1 mo. Term SOFR + 1.96%), 07/16/2036 (Callable 07/16/2024)(c)			$175,000			$168,429
Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 6.56% (3 mo. Term SOFR + 1.24%), 01/20/2035 (Callable 07/20/2024)(c)			300,000			300,147
Oaktree CLO Ltd., Series 2019-1A, Class A1R, 6.70% (3 mo. Term SOFR + 1.37%), 04/22/2030 (Callable 07/22/2024)(c)			250,000			250,288
Octagon Investment Partners Ltd., Series 2017-1A, Class A2R, 6.79% (3 mo. Term SOFR + 1.46%), 07/15/2029 (Callable 07/15/2024)(c)			250,000			250,064
OHA Credit Funding, Series 2019-4A, Class AR, 6.74% (3 mo. Term SOFR + 1.41%), 10/22/2036 (Callable 07/22/2024)(c)			500,000			500,531
Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 6.73% (3 mo. Term SOFR + 1.41%), 11/14/2034 (Callable 08/14/2024)(c)			250,000			250,389
TCI-Symphony CLO Ltd., Series  2016-1A, Class AR2, 6.61% (3 mo. Term SOFR + 1.28%), 10/13/2032 (Callable 07/13/2024)(c)			442,306			442,608
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $4,061,072)						4,046,855
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.5%
BBCMS Trust
Series 2020-BID, Class A, 7.58% (1 mo. Term SOFR + 2.25%), 10/15/2037(c)			60,000			59,748
Series 2021-C10, Class XA, 1.40%, 07/15/2054 (Callable 05/15/2031)(e)(f)			980,498			60,610
Benchmark Mortgage Trust
Series 2020-B19, Class XA, 1.87%, 09/15/2053 (Callable 10/15/2030)(e)(f)			976,009			58,651
Series 2021-B29, Class XA, 1.14%, 09/15/2054 (Callable 08/15/2031)(e)(f)			987,675			43,937
BX Trust
Series 2020-VKNG, Class C, 6.84% (1 mo. Term SOFR + 1.51%), 10/15/2037(c)			70,000			69,478
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(c)			200,000			197,507

The accompanying notes are an integral part of these financial statements.

5

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2023-XL3, Class A, 7.09% (1 mo. Term SOFR + 1.76%), 12/09/2040(c)			$200,000			$  199,750
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/2048 (Callable 01/10/2026)			200,000			194,268
DBJPM 20-C9 Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)(e)(f)			695,587			33,998
DK Trust, Series 2024-SPBX, Class A, 6.83% (1 mo. Term SOFR + 1.50%), 03/15/2034(c)			150,000			149,062
Federal Home Loan Mortgage Corp.
Series K110, Class X1, 1.81%, 04/25/2030 (Callable 04/25/2030)(e)(f)			396,373			29,412
Series K118, Class X1, 1.05%, 09/25/2030 (Callable 06/25/2030)(e)(f)			989,857			46,264
Series K123, Class X1, 0.86%, 12/25/2030 (Callable 10/25/2030)(e)(f)			1,389,115			53,147
Series K151, Class X1, 0.49%, 04/25/2030 (Callable 02/25/2030)(e)(f)			2,427,452			40,656
Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class A, 6.87% (1 mo. Term SOFR + 1.54%), 03/15/2039(c)			150,000			149,673
GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, 6.07%, 07/15/2029(c)(f)			225,000			223,670
JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034(c)			108,379			105,648
JP Morgan Mortgage Trust
Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 07/25/2024)(c)(f)			44,259			39,617
Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 05/25/2026)(c)(f)			46,651			40,947
Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 07/25/2033)(c)(f)			86,096			74,601
Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 07/25/2024)(c)(f)			8,679			7,871
Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 06/25/2036)(c)(f)			66,451			57,957
Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 06/25/2030)(c)(f)			63,081			53,877

			Par			Value
Series 2021-INV7, Class A3A, 2.50%, 02/25/2052 (Callable 05/25/2045)(c)(f)			$303,994			$262,207
Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 04/25/2046)(c)(f)			175,537			145,867
Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 04/25/2047)(c)(f)			80,575			77,081
KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class C, 3.02%, 11/05/2044(c)(f)			275,000			182,761
Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2047)(c)(f)			100,000			59,094
Ready Capital Corp., Series 2021-FL5, Class B, 7.21% (1 mo. Term SOFR + 1.86%), 04/25/2038 (Callable 03/25/2025)(c)			186,545			186,347
Sequoia Mortgage Trust
Series 2019-CH2, Class A1, 4.50%, 08/25/2049 (Callable 07/25/2024)(c)(f)			1,827			1,789
Series 2019-CH3, Class A1, 4.00%, 09/25/2049 (Callable 04/25/2026)(c)(f)			5,349			4,881
Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 11/25/2046)(c)(f)			200,000			138,669
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041(c)			190,000			155,001
Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 7.23%, 12/10/2034(c)(f)			225,000			227,467
UBS-Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.06%, 11/15/2052 (Callable 11/15/2029)			250,000			224,030
Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 08/25/2039)(c)(f)(g)			88,780			74,761
WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, 4.21%, 08/15/2047 (Callable 08/15/2024)(f)			180,000			170,279
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,317,190)						3,900,583
ASSET-BACKED SECURITIES - 1.2%
American Airlines Group, Inc.
Series 2015-2, 3.60%, 09/22/2027			62,101			58,681
Series 2016-1, 3.58%, 01/15/2028			3,859			3,627
Series 2016-2, 3.20%, 06/15/2028			27,384			25,325

The accompanying notes are an integral part of these financial statements.

6

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
ASSET-BACKED SECURITIES - (Continued)
Beacon Container Finance LLC, Series 2021-1A, Class A, 2.25%, 10/22/2046 (Callable 07/20/2024)(c)			$73,333			$  65,255
CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 03/15/2027)			150,000			148,988
CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 09/15/2027)			250,000			245,031
COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 07/25/2024)(c)(f)			208,475			167,631
Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047 (Callable 07/18/2024)(c)			99,767			88,925
FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034			180,452			149,822
General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027 (Callable 11/18/2025)			100,000			95,251
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 09/18/2028 (Callable 09/16/2026)			200,000			198,812
Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 12/15/2026)			150,000			151,438
Kubota Credit Owner Trust, Series  2023-1A, Class A3, 5.02%, 06/15/2027 (Callable 11/15/2026)(c)			100,000			99,496
Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 10/25/2028)(c)			112,162			100,163
Loanpal Solar Loan Ltd., Series  2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 06/20/2036)(c)			148,752			120,643
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 06/20/2029)(c)			235,512			218,878
Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 10/20/2032)(c)			46,465			39,030
Navient Student Loan Trust
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 07/15/2028)(c)			50,345			44,504
Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032)(c)			170,983			171,295
OneMain Financial Issuance Trust, Series 2023-1A, Class A, 5.50%, 06/14/2038 (Callable 06/14/2028)(c)			150,000			151,220
Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 02/10/2025)(c)			160,318			155,416

			Par			Value
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 12/15/2025)(c)			$150,000			$143,974
Santander Consumer USA Holdings, Inc., Series 2023-6, Class A3, 5.93%, 07/17/2028 (Callable 01/15/2027)			150,000			151,310
SoFi Consumer Loan Program Trust, Series 2023-1S, Class A, 5.81%, 05/15/2031 (Callable 06/15/2025)(c)			10,973			10,970
SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047 (Callable 11/25/2025)(c)			27,735			27,243
Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)(c)			169,187			153,946
Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051(c)			168,431			144,822
TOTAL ASSET-BACKED SECURITIES (Cost $3,308,634)						3,131,696
U.S. TREASURY SECURITIES - 0.5%
United States Treasury Note/Bond
0.75%, 11/15/2024			52,000			51,122
2.88%, 04/30/2025			9,000			8,830
3.00%, 07/15/2025			61,000			59,713
0.25%, 10/31/2025			55,000			51,674
4.88%, 05/31/2026			83,000			83,169
4.13%, 06/15/2026			120,000			118,613
4.63%, 06/30/2026			211,000			210,637
0.88%, 09/30/2026			156,000			143,569
1.50%, 01/31/2027			44,800			41,461
2.75%, 04/30/2027			2,000			1,905
4.63%, 06/15/2027			111,000			111,330
3.25%, 06/30/2027			2,400			2,316
4.50%, 05/31/2029			86,000			86,591
2.75%, 08/15/2032			19,000			16,907
4.13%, 11/15/2032			84,400			82,989
3.50%, 02/15/2033			178,900			167,663
4.38%, 05/15/2034			23,000			23,007
TOTAL U.S. TREASURY SECURITIES (Cost $1,291,594)						1,261,496

			Shares
REAL ESTATE INVESTMENT TRUSTS - 0.2%
Equinix, Inc.			307			232,276
Simon Property Group, Inc.			1,116			169,409
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $413,796)						401,685

The accompanying notes are an integral part of these financial statements.

7

Large Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
MORTGAGE-BACKED SECURITY-0.1%
ARES Commercial Mortgage Trust, Series 2024-IND, Class A, 7.01% (1 mo. Term SOFR + 1.69%), 07/15/2041(c)			$250,000			$249,453
TOTAL MORTGAGE-BACKED SECURITY (Cost $249,376)						249,453
			Contracts
RIGHT - 0.0%(h)
ABIOMED, Inc., Expires, Exercise Price $0.00(a)(i)			1,153			0
TOTAL RIGHT (Cost $0)						0
TOTAL INVESTMENTS - 92.5% (Cost $125,979,309)						$235,717,888
Money Market Deposit Account - 4.3%(j)(k)						10,955,907
Other Assets in Excess of Liabilities - 3.2%						8,084,980
TOTAL NET ASSETS - 100.0%						$254,758,775

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.

(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $9,692,556 or 3.8% of the Fund’s net assets.

(d)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $17,078 which represented 0.0% of net assets.

(e)
Interest only security.

(f)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.

(g)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(h)
Represents less than 0.05% of net assets.

(i)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024.

(j)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(k)
All or a portion of deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $17,415.

The accompanying notes are an integral part of these financial statements.

8

Large Company Growth Portfolio

Schedule of Futures Contracts

June 30, 2024 (Unaudited)

Description			Contracts Sold			Expiration Date			Notional			Value/Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(5)			09/19/2024			$567,656			$(5,552)
U.S. Treasury 10 Year Notes			(4)			09/19/2024			439,938			(3,914)
U.S. Treasury 2 Year Notes			(21)			09/30/2024			4,288,594			(13,494)
U.S. Treasury 5 Year Note			(8)			09/30/2024			852,625			(6,073)
U.S. Treasury Long Bonds			(8)			09/19/2024			946,500			(11,080)
U.S. Treasury Ultra Bonds			(3)			09/19/2024			376,031			(4,178)
Total Unrealized Appreciation (Depreciation)												$(44,291)

The accompanying notes are an integral part of these financial statements.

9

Large Company Growth Portfolio

Schedule of Total Return Swap Contracts

June 30, 2024 (Unaudited)

Terms of Payments to be Received

Terms of Payments to be Paid

Counterparty

Maturity Date

Payment Frequency

Notional Amount

Value/ Unrealized Appreciation (Depreciation)

Russell 1000 Growth Total Return

Federal Funds Effective Rate + 0.48%

Morgan Stanley

01/31/2025

At Maturity

$47,265,355

$8,495,738

Total Unrealized Appreciation (Depreciation)

$8,495,738

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2024.

The accompanying notes are an integral part of these financial statements.

10

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 80.9%
Communication Services - 3.7%
Alphabet, Inc. - Class A			9,194			$ 1,674,687
Alphabet, Inc. - Class C			340			62,363
AT&T, Inc.			25,200			481,572
Comcast Corp. - Class A			33,598			1,315,698
Electronic Arts, Inc.			1,396			194,505
Liberty Broadband Corp. - Class A(a)			550			30,030
Liberty Broadband Corp. - Class C(a)			410			22,476
Omnicom Group, Inc.			6,137			550,489
Paramount Global - Class B			15,400			160,006
Playtika Holding Corp.			6,008			47,283
Take-Two Interactive Software, Inc.(a)			856			133,099
The New York Times Co. - Class A			973			49,827
Verizon Communications, Inc.			9,400			387,656
Vodafone Group PLC - ADR			36,785			326,283
Warner Bros Discovery, Inc.(a)			40,204			299,118
WPP PLC - ADR			8,000			366,240
						6,101,332
Consumer Discretionary - 5.7%
Adient PLC(a)			5,665			139,982
Amazon.com, Inc.(a)			6,476			1,251,487
Aptiv PLC(a)			6,900			485,898
Booking Holdings, Inc.			73			289,190
BorgWarner, Inc.			7,400			238,576
Carter’s, Inc.			700			43,379
Darden Restaurants, Inc.			460			69,607
Dick’s Sporting Goods, Inc.			1,680			360,948
DoorDash, Inc. - Class A(a)			936			101,818
eBay, Inc.			6,920			371,742
General Motors Co.			33,584			1,560,313
Grand Canyon Education, Inc.(a)			2,318			324,311
Lennar Corp. - Class A			450			67,442
Lennar Corp. - Class B			300			41,829
Lowe’s Cos., Inc.			140			30,864
LVMH Moet Hennessy Louis Vuitton SE			266			203,285
Magna International, Inc.			20,672			866,157
McDonald’s Corp.			174			44,342
NIKE, Inc. - Class B			5,779			435,563
Ollie’s Bargain Outlet Holdings, Inc.(a)			2,210			216,956
O’Reilly Automotive, Inc.(a)			170			179,530
PulteGroup, Inc.			2,566			282,517
Ralph Lauren Corp.			1,030			180,312
Ross Stores, Inc.			4,120			598,718
Royal Caribbean Cruises Ltd.(a)			820			130,733
The Gap, Inc.			4,480			107,027
The TJX Cos., Inc.			1,470			161,847
Toll Brothers, Inc.			1,615			186,016
TopBuild Corp.(a)			660			254,278
Travel + Leisure Co.			2,300			103,454

			Shares			Value
Williams-Sonoma, Inc.			430			$   121,419
Wynn Resorts Ltd.			480			42,960
						9,492,500
Consumer Staples - 4.4%
Altria Group, Inc.			5,420			246,881
Anheuser-Busch InBev SA/NV - ADR			6,700			389,605
Coca-Cola Consolidated, Inc.			250			271,250
Colgate-Palmolive Co.			12,552			1,218,046
Conagra Brands, Inc.			13,800			392,196
Costco Wholesale Corp.			727			617,943
Diageo PLC			6,292			198,007
General Mills, Inc.			1,740			110,072
Kenvue, Inc.			21,119			383,943
Mondelez International, Inc. - Class A			2,265			148,222
PepsiCo, Inc.			1,215			200,390
Pernod Ricard SA			1,053			142,881
Post Holdings, Inc.(a)			570			59,371
Spectrum Brands Holdings, Inc.			180			15,467
The Boston Beer Co., Inc. - Class A(a)			202			61,620
The Coca-Cola Co.			3,493			222,329
The Procter & Gamble Co.			4,499			741,975
Unilever PLC - ADR			20,515			1,128,120
US Foods Holding Corp.(a)			770			40,795
Walmart, Inc.			10,474			709,195
						7,298,308
Energy - 7.0%
Antero Midstream Corp.			15,073			222,176
Antero Resources Corp.(a)			2,250			73,418
APA Corp.			55,464			1,632,860
Baker Hughes Co.			17,355			610,375
Cenovus Energy, Inc.			16,305			320,556
Cheniere Energy, Inc.			770			134,619
Chevron Corp.			3,184			498,041
ConocoPhillips			7,388			845,039
Devon Energy Corp.			3,200			151,680
Diamondback Energy, Inc.			500			100,095
EOG Resources, Inc.			400			50,348
Equitrans Midstream Corp.			7,020			91,120
Exxon Mobil Corp.			10,027			1,154,308
Halliburton Co.			6,840			231,055
Kinder Morgan, Inc.			9,570			190,156
Marathon Oil Corp.			24,358			698,344
Marathon Petroleum Corp.			1,010			175,215
Matador Resources Co.			2,210			131,716
Murphy Oil Corp.			5,550			228,882
NOV, Inc.			48,095			914,286
Occidental Petroleum Corp.			1,880			118,496
Ovintiv, Inc.			15,600			731,172
Schlumberger NV			8,100			382,158
Shell PLC - ADR			14,247			1,028,349
Targa Resources Corp.			588			75,723

The accompanying notes are an integral part of these financial statements.

11

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Energy - (Continued)
TechnipFMC PLC			10,900			$   285,035
TotalEnergies SE			6,214			414,799
Viper Energy, Inc.			1,660			62,300
						11,552,321
Financials - 20.1%
AIB Group PLC			37,181			196,547
Ally Financial, Inc.			4,200			166,614
American Express Co.			2,740			634,447
American International Group, Inc.			15,909			1,181,084
Aon PLC - Class A			1,976			580,114
Arch Capital Group Ltd.(a)			1,482			149,519
Arthur J Gallagher & Co.			2,317			600,821
Axis Capital Holdings Ltd.			4,590			324,284
Bank of America Corp.			40,213			1,599,271
Bank of New York Mellon Corp.			12,997			778,390
Berkshire Hathaway, Inc. - Class B(a)			4,427			1,800,904
BlackRock, Inc.			50			39,366
Block, Inc.(a)			3,530			227,650
Blue Owl Capital, Inc. - Class A			6,610			117,328
Brown & Brown, Inc.			300			26,823
Capital One Financial Corp.			3,890			538,571
Cboe Global Markets, Inc.			1,190			202,371
Chubb Ltd.			2,352			599,948
Cincinnati Financial Corp.			1,300			153,530
Citigroup, Inc.			35,446			2,249,403
Citizens Financial Group, Inc.			31,015			1,117,470
CME Group, Inc.			3,902			767,133
Corebridge Financial, Inc.			18,800			547,456
Discover Financial Services			5,140			672,363
Everest Group Ltd.			232			88,397
Fidelity National Information Services, Inc.			11,830			891,509
Fifth Third Bancorp			1,930			70,426
First Citizens BancShares, Inc. - Class A			174			292,948
First Horizon Corp.			10,290			162,273
Fiserv, Inc.(a)			470			70,049
Hartford Financial Services Group, Inc.			10,747			1,080,503
Janus Henderson Group PLC			3,530			118,996
JPMorgan Chase & Co.			6,207			1,255,428
KeyCorp			14,930			212,155
Loews Corp.			1,440			107,626
M&T Bank Corp.			2,360			357,210
Marsh & McLennan Cos., Inc.			2,465			519,425
Mastercard, Inc. - Class A			2,215			977,169
MGIC Investment Corp.			19,180			413,329
Moody’s Corp.			1,527			642,760
Morningstar, Inc.			879			260,052
MSCI, Inc.			520			250,510
Northern Trust Corp.			3,363			282,425
Old Republic International Corp.			3,460			106,914

			Shares			Value
Pinnacle Financial Partners, Inc.			456			$   36,498
PNC Financial Services Group, Inc.			1,090			169,473
Popular, Inc.			2,400			212,232
Primerica, Inc.			676			159,928
Resona Holdings, Inc.			30,100			199,151
RLI Corp.			1,490			209,628
S&P Global, Inc.			1,095			488,370
SLM Corp.			12,410			258,004
State Street Corp.			11,196			828,504
Stifel Financial Corp.			2,418			203,475
StoneCo Ltd. - Class A(a)			4,710			56,473
Synchrony Financial			6,600			311,454
T Rowe Price Group, Inc.			220			25,368
The Allstate Corp.			481			76,796
The Charles Schwab Corp.			15,781			1,162,902
The Goldman Sachs Group, Inc.			2,215			1,001,889
The Progressive Corp.			1,302			270,438
The Travelers Cos., Inc.			70			14,234
The Western Union Co.			2,860			34,949
Truist Financial Corp.			10,600			411,810
US Bancorp			27,905			1,107,829
Voya Financial, Inc.			1,520			108,148
Wells Fargo & Co.			36,201			2,149,977
Willis Towers Watson PLC			1,425			373,550
						33,302,591
Health Care - 9.9%
Abbott Laboratories			3,930			408,366
Agilent Technologies, Inc.			5,519			715,428
Becton Dickinson & Co.			140			32,719
Bio-Rad Laboratories, Inc. - Class A(a)			1,111			303,425
Bio-Techne Corp.			1,768			126,677
Boston Scientific Corp.(a)			450			34,654
Bristol-Myers Squibb Co.			6,451			267,910
Bruker Corp.			8,008			510,990
Centene Corp.(a)			8,692			576,280
Chemed Corp.			362			196,414
CVS Health Corp.			19,029			1,123,853
Danaher Corp.			1,473			368,029
Elanco Animal Health, Inc.(a)			1,480			21,356
Elevance Health, Inc.			3,240			1,755,626
Envista Holdings Corp.(a)			9,220			153,329
Exelixis, Inc.(a)			9,085			204,140
GE HealthCare Technologies, Inc.			12,358			962,935
Gilead Sciences, Inc.			4,656			319,448
GRAIL, Inc.(a)			0			3
GSK PLC - ADR			6,561			252,599
HCA Healthcare, Inc.			2,444			785,208
Humana, Inc.			1,300			485,745
ICON PLC(a)			1,316			412,527
Illumina, Inc.(a)			1,027			107,198
Incyte Corp.(a)			3,910			237,024
IQVIA Holdings, Inc.(a)			623			131,727
Johnson & Johnson			6,720			982,195

The accompanying notes are an integral part of these financial statements.

12

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Labcorp Holdings, Inc.			1,300			$   264,563
Maravai LifeSciences Holdings, Inc. - Class A(a)			5,988			42,874
Medtronic PLC			14,643			1,152,551
Merck & Co., Inc.			5,530			684,614
Moderna, Inc.(a)			260			30,875
Molina Healthcare, Inc.(a)			150			44,595
Organon & Co.			11,090			229,563
Pfizer, Inc.			6,170			172,637
Sanofi SA - ADR			5,385			261,280
Stryker Corp.			1,440			489,960
The Cigna Group			2,777			917,993
United Therapeutics Corp.(a)			290			92,380
UnitedHealth Group, Inc.			450			229,167
Zimmer Biomet Holdings, Inc.			2,584			280,442
						16,369,299
Industrials - 10.8%
Acuity Brands, Inc.			190			45,874
AECOM			2,280			200,959
Allegion PLC			1,688			199,437
Armstrong World Industries, Inc.			1,220			138,153
Automatic Data Processing, Inc.			860			205,274
Caterpillar, Inc.			980			326,438
Cintas Corp.			460			322,120
CNH Industrial NV			49,030			496,674
Crane Co.			400			57,992
Cummins, Inc.			2,766			765,988
Curtiss-Wright Corp.			114			30,892
Donaldson Co., Inc.			1,930			138,111
Eaton Corp. PLC			1,300			407,615
EMCOR Group, Inc.			1,092			398,667
Equifax, Inc.			919			222,821
Esab Corp.			2,005			189,332
Fastenal Co.			2,070			130,079
FedEx Corp.			4,180			1,253,331
Ferguson PLC			2,114			409,376
Flowserve Corp.			2,590			124,579
Fluor Corp.(a)			5,016			218,447
FTI Consulting, Inc.(a)			121			26,079
Gates Industrial Corp. PLC(a)			4,040			63,872
General Dynamics Corp.			1,867			541,691
General Electric Co.			1,780			282,967
Graco, Inc.			1,934			153,328
Honeywell International, Inc.			2,908			620,974
Howmet Aerospace, Inc.			5,080			394,360
Hubbell, Inc.			534			195,166
IDEX Corp.			821			165,185
Ingersoll Rand, Inc.			2,906			263,981
ITT, Inc.			1,210			156,308
Johnson Controls International PLC			6,575			437,040
MSA Safety, Inc.			1,338			251,129

			Shares			Value
Oshkosh Corp.			3,120			$   337,584
Otis Worldwide Corp.			8,616			829,376
PACCAR, Inc.			6,046			622,375
Parker-Hannifin Corp.			340			171,975
Regal Rexnord Corp.			953			128,865
Republic Services, Inc.			485			94,255
Rockwell Automation, Inc.			1,555			428,060
RTX Corp.			8,060			809,143
Simpson Manufacturing Co., Inc.			962			162,126
Tetra Tech, Inc.			895			183,010
Textron, Inc.			1,919			164,765
The AZEK Co., Inc.(a)			6,710			282,692
The Boeing Co.(a)			6,010			1,093,880
The Timken Co.			3,100			248,403
Trane Technologies PLC			1,244			409,189
TransUnion			2,970			220,255
United Parcel Service, Inc. - Class B			300			41,055
Verisk Analytics, Inc.			970			261,464
Vertiv Holdings Co. - Class A			270			23,374
Watsco, Inc.			831			384,953
Watts Water Technologies, Inc. - Class A			3,104			569,181
Westinghouse Air Brake Technologies Corp.			2,078			328,428
Woodward, Inc.			1,660			289,471
						17,918,118
Information Technology - 13.4%
Accenture PLC - Class A			1,764			535,215
Adobe, Inc.(a)			510			283,325
Amkor Technology, Inc.			2,090			83,642
Analog Devices, Inc.			5,984			1,365,908
ANSYS, Inc.(a)			433			139,209
Applied Materials, Inc.			2,012			474,812
Autodesk, Inc.(a)			1,459			361,030
Cadence Design Systems, Inc.(a)			3,809			1,172,220
Capgemini SE			2,167			430,963
Cirrus Logic, Inc.(a)			580			74,043
Cisco Systems, Inc.			20,570			977,281
Cognizant Technology Solutions Corp. - Class A			3,558			241,944
Corning, Inc.			15,621			606,876
F5, Inc.(a)			8,453			1,455,860
Intel Corp.			5,956			184,457
KLA Corp.			658			542,528
Lam Research Corp.			632			672,985
LiveRamp Holdings, Inc.(a)			1,637			50,649
Manhattan Associates, Inc.(a)			747			184,270
Micron Technology, Inc.			7,807			1,026,855
Microsoft Corp.			5,435			2,429,173
Motorola Solutions, Inc.			410			158,280
NetApp, Inc.			5,230			673,624
Okta, Inc.(a)			420			39,316
Onto Innovation, Inc.(a)			1,070			234,929
Oracle Corp.			2,162			305,274

The accompanying notes are an integral part of these financial statements.

13

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
PTC, Inc.(a)			1,297			$   235,626
Pure Storage, Inc. - Class A(a)			1,160			74,484
QUALCOMM, Inc.			1,020			203,164
Salesforce, Inc.			3,382			869,512
Synopsys, Inc.(a)			1,336			795,000
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR			3,169			550,804
TD SYNNEX Corp.			1,780			205,412
TE Connectivity Ltd.			4,713			708,977
Telefonaktiebolaget LM Ericsson - ADR			285,152			1,759,388
VeriSign, Inc.(a)			219			38,938
Workday, Inc. - Class A(a)			8,636			1,930,664
						22,076,637
Materials - 3.2%
Alcoa Corp.			264			10,502
Ashland, Inc.			1,620			153,074
ATI, Inc.(a)			2,620			145,279
Corteva, Inc.			6,399			345,162
CRH PLC			4,650			348,657
Eagle Materials, Inc.			1,690			367,507
Ecolab, Inc.			190			45,220
Franco-Nevada Corp.			3,066			363,514
Freeport-McMoRan, Inc.			3,060			148,716
Linde PLC			28			12,287
Louisiana-Pacific Corp.			690			56,808
Martin Marietta Materials, Inc.			1,082			586,228
NewMarket Corp.			444			228,913
Newmont Corp.			4,260			178,366
Olin Corp.			14,490			683,203
Packaging Corp. of America			200			36,512
Royal Gold, Inc.			2,303			288,243
RPM International, Inc.			1,673			180,149
SSR Mining, Inc.			14,439			65,120
The Sherwin-Williams Co.			653			194,875
Vulcan Materials Co.			2,715			675,166
Wheaton Precious Metals Corp.			4,396			230,492
						5,343,993
Real Estate - 0.2%
CBRE Group, Inc. - Class A(a)			3,240			288,717
Utilities - 2.5%
American Electric Power Co., Inc.			980			85,985
Constellation Energy Corp.			150			30,041
Dominion Energy, Inc.			13,410			657,090
Duke Energy Corp.			1,100			110,253
Entergy Corp.			770			82,390
Evergy, Inc.			7,820			414,226
Eversource Energy			3,540			200,753
Exelon Corp.			9,230			319,450
IDACORP, Inc.			240			22,356

			Shares			Value
NextEra Energy, Inc.			6,580			$465,930
NiSource, Inc.			2,360			67,992
PPL Corp.			35,903			992,718
Public Service Enterprise Group, Inc.			5,250			386,925
Sempra			190			14,451
The Southern Co.			2,061			159,872
Vistra Corp.			430			36,971
Xcel Energy, Inc.			970			51,808
						4,099,211
TOTAL COMMON STOCKS (Cost $108,084,878)						133,843,027
OPEN END FUNDS - 3.3%
Voya VACS Series EMHCD Fund			115			1,197
Voya VACS Series HYB Fund			84,827			863,544
Voya VACS Series SC Fund - Class SC			433,630			4,518,426
TOTAL OPEN END FUNDS (Cost $5,517,188)						5,383,167
			Par
CORPORATE BONDS - 3.1%
Basic Materials - 0.1%
Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029)			$  39,000			38,742
Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027)			41,000			40,020
Nutrien Ltd., 5.95%, 11/07/2025			59,000			59,305
PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026)			68,000			63,294
Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027)			47,000			41,910
						243,271
Communications - 0.2%
Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030)			64,000			53,069
AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031)			87,000			70,416
Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027)			11,000			10,555
The Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029)			42,000			36,447
T-Mobile USA, Inc.
2.25%, 02/15/2026 (Callable 07/12/2024)			74,000			70,296
3.75%, 04/15/2027 (Callable 02/15/2027)			35,000			33,621
Verizon Communications, Inc.
2.10%, 03/22/2028 (Callable 01/22/2028)			45,000			40,417
2.36%, 03/15/2032 (Callable 12/15/2031)			96,000			78,153
						392,974

The accompanying notes are an integral part of these financial statements.

14

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Consumer Cyclical - 0.2%
American Honda Finance Corp., 1.20%, 07/08/2025			$  44,000			$   42,155
Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028)			60,000			52,582
Lowe’s Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027)			42,000			40,062
O’Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027)			86,000			81,838
Ross Stores, Inc., 4.60%, 04/15/2025 (Callable 03/15/2025)			69,000			68,369
Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026)			64,000			58,943
						343,949
Consumer Non-Cyclical - 0.3%
Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028)			63,000			62,841
Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026)			37,000			34,443
HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029)			60,000			56,700
Johnson & Johnson, 1.30%, 09/01/2030 (Callable 06/01/2030)			60,000			49,478
Keurig Dr Pepper, Inc., 4.42%, 05/25/2025 (Callable 03/25/2025)			7,000			6,924
Nestle Holdings, Inc., 5.25%, 03/13/2026(b)			150,000			150,475
PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029)			25,000			22,605
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(b)			65,000			60,628
						444,094
Energy - 0.2%
Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026)			69,000			63,423
Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029)			46,000			40,885
Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026)			45,000			41,495
MPLX LP
4.88%, 12/01/2024 (Callable 09/01/2024)			44,000			43,782
2.65%, 08/15/2030 (Callable 05/15/2030)			16,000			13,692
Ovintiv Exploration, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025)			60,000			59,700
Plains All American Pipeline LP, 4.65%, 10/15/2025 (Callable 07/15/2025)			60,000			59,204

			Par			Value
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026)			$  34,000			$   33,702
						355,883
Financials - 1.1%
American Express Co., 2.25%, 03/04/2025 (Callable 02/01/2025)			40,000			39,133
Aviation Capital Group LLC, 6.38%, 07/15/2030 (Callable 05/15/2030)(b)			24,000			24,766
Bank of America Corp.
4.00%, 01/22/2025			44,000			43,505
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026)			194,000			179,089
3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027)			26,000			24,773
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027)			10,000			9,411
2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030)			103,000			88,924
Blackstone Holdings Finance Co. LLC
1.63%, 08/05/2028 (Callable 06/05/2028)(b)			62,000			54,131
2.50%, 01/10/2030 (Callable 10/10/2029)(b)			23,000			19,978
Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026)			58,000			52,903
Fiserv, Inc.
3.85%, 06/01/2025 (Callable 03/01/2025)			39,000			38,314
5.45%, 03/02/2028 (Callable 02/02/2028)			60,000			60,461
Goldman Sachs Group, Inc., 0.86% to 02/12/2025 then SOFR + 0.61%, 02/12/2026 (Callable 02/12/2025)			55,000			53,186
HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028)			200,000			175,555
JPMorgan Chase & Co.
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025)			37,000			35,948
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026)			99,000			90,761
2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027)			48,000			44,985

The accompanying notes are an integral part of these financial statements.

15

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Financials - (Continued)
2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028)			$  31,000			$   27,538
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031)			8,000			6,530
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031)			43,000			36,253
Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026)			30,000			28,988
Morgan Stanley
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025)			102,000			99,072
0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025)			16,000			14,964
1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026)			111,000			103,705
1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026)			46,000			42,582
6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027)			26,000			26,806
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031)			15,000			12,185
5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033)			64,000			63,072
5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 (Callable 01/19/2033)			1,000			992
5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039 (Callable 02/07/2034)			1,000			985
Royal Bank of Canada, 1.20%, 04/27/2026			50,000			46,429
Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027(b)			52,000			48,898
The Bank of Nova Scotia, 2.70%, 08/03/2026			66,000			62,449
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027)			23,000			22,506
Wells Fargo & Co.
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026 (Callable 02/11/2025)			23,000			22,461
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 (Callable 04/30/2025)			14,000			13,602

			Par			Value
4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025)			$  14,000			$   13,830
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027)			26,000			24,751
						1,754,421
Health Care - 0.3%
AbbVie, Inc., 3.80%, 03/15/2025 (Callable 12/15/2024)			74,000			73,073
CVS Health Corp.
3.88%, 07/20/2025 (Callable 04/20/2025)			148,000			145,374
1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030)			54,000			43,732
Royalty Pharma PLC
1.20%, 09/02/2025 (Callable 08/02/2025)			38,000			36,091
1.75%, 09/02/2027 (Callable 07/02/2027)			107,000			96,015
2.20%, 09/02/2030 (Callable 06/02/2030)			42,000			34,746
						429,031
Industrials - 0.1%
Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029)			77,000			67,722
Caterpillar Financial Services Corp., 3.25%, 12/01/2024			57,000			56,515
Parker-Hannifin Corp., 4.25%, 09/15/2027 (Callable 08/15/2027)			61,000			59,425
						183,662
Real Estate - 0.1%
Equinix, Inc.
1.25%, 07/15/2025 (Callable 06/15/2025)			77,000			73,495
2.90%, 11/18/2026 (Callable 09/18/2026)			40,000			37,778
Realty, Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030)			69,000			61,410
						172,683
Technology - 0.2%
Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027)			54,000			47,752
Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026)			43,000			41,299
Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025)			24,000			23,594
Oracle Corp.
3.25%, 11/15/2027 (Callable 08/15/2027)			66,000			62,220
2.95%, 04/01/2030 (Callable 01/01/2030)			121,000			107,344

The accompanying notes are an integral part of these financial statements.

16

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
CORPORATE BONDS - (Continued)
Technology - (Continued)
VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031)			$  37,000			$   29,873
						312,082
Utilities - 0.3%
Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028)			47,000			45,160
Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027)			92,000			86,647
Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025)			61,000			57,738
NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027)			70,000			68,735
Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026)			74,000			70,604
Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026)			45,000			42,357
The AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025)			45,000			42,165
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/2025 (Callable 03/01/2025)(b)			59,000			57,915
WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027)			39,000			38,789
						510,110
TOTAL CORPORATE BONDS (Cost $5,358,747)						5,142,160
COLLATERALIZED LOAN OBLIGATIONS - 1.9%
Apidos CLO, Series 2015-23A, Class AR, 6.81% (3 mo. Term SOFR + 1.48%), 04/15/2033 (Callable 07/15/2024)(b)			250,000			250,175
Arbor Realty Trust, Inc., Series 2021-FL3, Class C, 7.29% (1 mo. Term SOFR + 1.96%), 08/15/2034 (Callable 07/15/2024)(b)			225,000			216,328
Benefit Street Partners CLO Ltd., Series 2019-19A, Class AR, 6.50%(3 mo. Term SOFR + 1.18%), 01/15/2033 (Callable 01/15/2025)(b)			250,000			249,691
Carlyle Global Market Strategies, Series 2021-1A, Class A1, 6.73% (3 mo. Term SOFR + 1.40%), 04/15/2034 (Callable 07/15/2024)(b)			250,000			250,512
Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, 7.44% (1 mo. Term SOFR + 2.11%), 07/15/2039 (Callable 07/15/2024)(b)			225,000			220,483

			Par			Value
Madison Park Funding Ltd., Series 2016-21A, Class ABRR, 6.99% (3 mo. Term SOFR + 1.66%), 10/15/2032 (Callable 07/15/2024)(b)			$ 250,000			$   250,064
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL6, Class C, 7.30% (1 mo. Term SOFR + 1.96%), 07/16/2036 (Callable 07/16/2024)(b)			225,000			216,551
Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 6.56% (3 mo. Term SOFR + 1.24%), 01/20/2035 (Callable 07/20/2024)(b)			250,000			250,122
Oaktree CLO Ltd., Series 2019-1A, Class A1R, 6.70% (3 mo. Term SOFR + 1.37%), 04/22/2030 (Callable 07/22/2024)(b)			250,000			250,288
Octagon Investment Partners Ltd., Series 2020-3A, Class AR, 6.74% (3 mo. Term SOFR + 1.41%), 10/20/2034 (Callable 07/20/2024)(b)			250,000			250,192
OHA Credit Funding, Series 2019-3A, Class AR, 6.73% (3 mo. Term SOFR + 1.40%), 07/02/2035 (Callable 07/20/2024)(b)			250,000			250,276
OHA Loan Funding Ltd., Series 2015-1A, Class AR3, 6.74%(3 mo. Term SOFR + 1.41%), 01/19/2037 (Callable 07/19/2024)(b)			270,000			270,390
Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 6.73% (3 mo. Term SOFR + 1.41%), 11/14/2034 (Callable 08/14/2024)(b)			250,000			250,389
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $3,187,372)						3,175,461
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6%
BBCMS Trust, Series 2021-C10, Class XA, 1.40%, 07/15/2054 (Callable 05/15/2031)(c)(d)			980,498			60,610
BX Trust
Series 2020-VKNG, Class C, 6.84% (1 mo. Term SOFR + 1.51%), 10/15/2037(b)			70,000			69,478
Series 2022-CSMO, Class B, 8.47% (1 mo. Term SOFR + 3.14%), 06/15/2027(b)			100,000			100,187
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)			200,000			197,506
Series 2022-PSB, Class A, 7.78% (1 mo. Term SOFR + 2.45%), 08/15/2039(b)			159,598			159,349

The accompanying notes are an integral part of these financial statements.

17

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
DBJPM 20-C9 Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)(c)(d)			$  450,662			$   22,027
DK Trust, Series 2024-SPBX, Class A, 6.83% (1 mo. Term SOFR + 1.50%), 03/15/2034(b)			125,000			124,219
Federal Home Loan Mortgage Corp.
Series K110, Class X1, 1.81%, 04/25/2030 (Callable 04/25/2030)(c)(d)			297,280			22,059
Series K118, Class X1, 1.05%, 09/25/2030 (Callable 06/25/2030)(c)(d)			593,914			27,758
Series K151, Class X1, 0.49%, 04/25/2030 (Callable 02/25/2030)(c)(d)			1,560,505			26,136
GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, 6.07%, 07/15/2029(b)(d)			175,000			173,966
JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034(b)			75,031			73,141
JP Morgan Mortgage Trust
Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 07/25/2024)(b)(d)			31,614			28,298
Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 05/25/2026)(b)(d)			30,692			26,938
Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 07/25/2033)(b)(d)			55,140			47,778
Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 07/25/2024)(b)(d)			7,850			7,118
Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 06/25/2036)(b)(d)			49,839			43,468
Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 06/25/2030)(b)(d)			37,848			32,326
Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 04/25/2046)(b)(d)			175,537			145,867
Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 04/25/2047)(b)(d)			80,575			77,081
KREST Commercial Mortgage Securities Trust, Series 2021-CHIP, Class C, 3.02%, 11/05/2044(b)(d)			225,000			149,532
Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2047)(b)(d)			100,000			59,094

			Par			Value
PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 08/25/2031)(b)(d)			$  30,621			$   25,800
Ready Capital Corp., Series 2021-FL5, Class B, 7.21% (1 mo. Term SOFR + 1.86%), 04/25/2038 (Callable 03/25/2025)(b)			133,246			133,105
Sequoia Mortgage Trust
Series 2013-3, Class A2, 2.50%, 03/25/2043 (Callable 12/25/2027)(d)			42,325			35,505
Series 2019-CH2, Class A1, 4.50%, 08/25/2049 (Callable 07/25/2024) (b)(d)			914			894
Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 11/25/2046) (b)(d)			100,000			69,335
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041(b)			140,000			114,211
Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 7.23%, 12/10/2034(b)(d)			150,000			151,645
UBS-Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.06%, 11/15/2052 (Callable 11/15/2029)			250,000			224,029
Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 08/25/2039)(b)(d)(e)			53,268			44,857
WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, 4.21%, 08/15/2047 (Callable 08/15/2024)(d)			120,000			113,520
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,861,259)						2,586,837
			Shares
REAL ESTATE INVESTMENT TRUSTS - 1.5%
Camden Property Trust			330			36,006
Cousins Properties, Inc.			5,880			136,122
EPR Properties			6,720			282,106
Equinix, Inc.			100			75,660
Equity Residential			2,030			140,760
Host Hotels & Resorts, Inc.			8,860			159,303
Kilroy Realty Corp.			840			26,183
Lamar Advertising Co. - Class A			500			59,765
Mid-America Apartment Communities, Inc.			199			28,379
National Storage Affiliates Trust			6,870			283,182
Park Hotels & Resorts, Inc.			43,640			653,727

The accompanying notes are an integral part of these financial statements.

18

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
SBA Communications Corp.			50			$    9,815
VICI Properties, Inc.			1,310			37,518
Welltower, Inc.			5,548			578,379
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,390,868)						2,506,905
			Par
ASSET-BACKED SECURITIES - 1.5%
American Airlines Group, Inc.
Series 2015-2, 3.60%, 09/22/2027			$  39,124			36,969
Series 2016-1, 3.58%, 01/15/2028			1,286			1,209
Series 2016-2, 3.20%, 06/15/2028			11,736			10,854
CarMax Auto Owner Trust, Series 2023-3, Class B,5.47%, 02/15/2029 (Callable 03/15/2027)			100,000			99,326
CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 09/15/2027)			200,000			196,025
COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 07/25/2024)(b)(d)			138,983			111,754
Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047 (Callable 07/18/2024)(b)			79,813			71,140
FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034			86,162			71,536
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 09/18/2028 (Callable 09/16/2026)			150,000			149,109
Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 12/15/2026)			150,000			151,438
Kubota Credit Owner Trust, Series 2023-1A, Class A3, 5.02%, 06/15/2027 (Callable 11/15/2026)(b)			100,000			99,496
Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 10/25/2028)(b)			74,775			66,775
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 06/20/2029)(b)			185,931			172,798
Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 10/20/2032)(b)			46,465			39,030
Navient Student Loan Trust
Series 2020-GA, Class A, 1.17%, 09/16/2069 (Callable 11/15/2027)(b)			45,542			41,186

			Par			Value
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 07/15/2028)(b)			$  33,563			$   29,670
Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032)(b)			170,983			171,295
OneMain Financial Issuance Trust, Series 2023-1A, Class A, 5.50%, 06/14/2038 (Callable 06/14/2028)(b)			100,000			100,814
Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 02/10/2025)(b)			80,159			77,708
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 12/15/2025)(b)			100,000			95,982
SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, 1.60%, 09/15/2054(b)			87,505			80,103
SoFi Consumer Loan Program Trust, Series 2023-1S, Class A, 5.81%, 05/15/2031 (Callable 06/15/2025)(b)			10,973			10,970
SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047 (Callable 11/25/2025)(b)			16,641			16,346
Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)(b)			101,512			92,368
Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051(b)			126,323			108,616
Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, 06/25/2066 (Callable 07/25/2024)(b)(d)			142,331			113,938
Westlake Automobile Receivables Trust, Series 2022-2A, Class B, 4.31%, 09/15/2027 (Callable 04/15/2026)(b)			200,000			198,956
TOTAL ASSET-BACKED SECURITIES (Cost $2,533,678)						2,415,411
U.S. TREASURY SECURITIES - 0.2%
United States Treasury Note/Bond
0.75%, 11/15/2024			9,900			9,733
2.88%, 04/30/2025			2,000			1,962
3.00%, 07/15/2025			15,000			14,684
4.88%, 05/31/2026			59,000			59,120
4.13%, 06/15/2026			33,000			32,618
4.63%, 06/30/2026			72,000			71,876
0.88%, 09/30/2026			60,200			55,403
1.25%, 11/30/2026			90,100			83,216
1.50%, 01/31/2027			9,900			9,162
2.75%, 04/30/2027			300			286

The accompanying notes are an integral part of these financial statements.

19

Large Company Value Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Par			Value
U.S. TREASURY SECURITIES - (Continued)
3.25%, 06/30/2027			$    500			$483
1.25%, 09/30/2028			700			615
4.50%, 05/31/2029			6,000			6,041
2.75%, 08/15/2032			5,100			4,538
4.13%, 11/15/2032			4,300			4,228
3.50%, 02/15/2033			24,600			23,055
4.38%, 05/15/2034			14,000			14,004
TOTAL U.S. TREASURY SECURITIES (Cost $403,478)						391,024
TOTAL INVESTMENTS - 94.0% (Cost $130,337,468)						$155,443,992
Money Market Deposit Account - 4.6% (f)						7,582,614
Other Assets in Excess of Liabilities - 1.4%						2,388,882
TOTAL NET ASSETS - 100.0%						$165,415,488

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.

(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $7,346,390 or 4.4% of the Fund’s net assets.

(c)
Interest only security.

(d)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.

(e)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(f)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

The accompanying notes are an integral part of these financial statements.

20

Large Company Value Portfolio

Schedule of Futures Contracts

June 30, 2024 (Unaudited)

Description

Contracts Purchased

Expiration Date

Notional

Value/Unrealized Appreciation (Depreciation)

U.S. Treasury 5 Year Note

2

09/30/2024

$ 213,156

$   (659)

$(659)

Description			Contracts Sold			Expiration Date			Notional			Value/Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(6)			09/19/2024			$ 681,187			$(6,663)
U.S. Treasury 10 Year Notes			(8)			09/19/2024			879,875			(7,829)
U.S. Treasury 2 Year Notes			(7)			09/30/2024			1,429,531			(4,498)
U.S. Treasury Long Bonds			(6)			09/19/2024			709,875			(8,310)
U.S. Treasury Ultra Bonds			(1)			09/19/2024			125,344			(1,392)
												$(28,692)
Total Unrealized Appreciation (Depreciation)												$ (29,351)

The accompanying notes are an integral part of these financial statements.

21

Large Company Value Portfolio

Schedule of Total Return Swap Contracts

June 30, 2024 (Unaudited)

Terms of Payments to be Received

Terms of Payments to be Paid

Counterparty

Maturity Date

Payment Frequency

Notional Amount

Value/ Unrealized Appreciation (Depreciation)

Russell 1000 Value Index Total Return

Federal Funds Effective Rate + 0.42%

Morgan Stanley

01/31/2025

At Maturity

$29,821,747

$2,431,929

Total Unrealized Appreciation (Depreciation)

$2,431,929

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2024.

The accompanying notes are an integral part of these financial statements.

22

Small Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 97.6%
Communication Services - 1.3%
Cargurus, Inc.(a)			1,019			$  26,698
Cars.com, Inc.(a)			355			6,993
Ibotta, Inc. - Class A(a)			469			35,250
Magnite, Inc.(a)			1,747			23,218
MediaAlpha, Inc. - Class A(a)			306			4,030
PubMatic, Inc. - Class A(a)			106			2,153
Shutterstock, Inc.			1,140			44,118
The EW Scripps Co. - Class A(a)			1,190			3,737
Vimeo, Inc.(a)			2,139			7,978
Vivid Seats, Inc. - Class A(a)			23,500			135,125
Yelp, Inc.(a)			583			21,542
						310,842
Consumer Discretionary - 12.3%
Abercrombie & Fitch Co. - Class A(a)			274			48,728
Academy Sports & Outdoors, Inc.			610			32,483
American Eagle Outfitters, Inc.			2,192			43,752
America’s Car-Mart, Inc.(a)			1,377			82,909
Arhaus, Inc.			8,280			140,263
Boot Barn Holdings, Inc.(a)			2,210			284,935
Brinker International, Inc.(a)			100			7,239
Carvana Co.(a)			317			40,804
Cavco Industries, Inc.(a)			11			3,808
Dillard’s, Inc. - Class A(b)			7			3,083
Dine Brands Global, Inc.			64			2,317
Five Below, Inc.(a)			470			51,216
Frontdoor, Inc.(a)			929			31,391
Green Brick Partners, Inc.(a)			684			39,152
Hanesbrands, Inc.(a)			374			1,844
Installed Building Products, Inc.			324			66,640
KB Home			29			2,035
Laureate Education, Inc.			430			6,424
Leslie’s, Inc.(a)			369			1,546
Light & Wonder, Inc. - Class A(a)			175			18,354
M/I Homes, Inc.(a)			33			4,031
Marine Products Corp.			205			2,071
OneSpaWorld Holdings Ltd.(a)			17,386			267,223
Perdoceo Education Corp.			376			8,054
Portillo’s, Inc. - Class A(a)			10,467			101,739
Potbelly Corp.(a)			977			7,845
Revolve Group, Inc.(a)			934			14,860
Shake Shack, Inc. - Class A(a)			263			23,670
Skyline Champion Corp.(a)			3,297			223,372
Steven Madden Ltd.			5,299			224,148
Stitch Fix, Inc. - Class A(a)			2,514			10,433
Stride, Inc.(a)			970			68,385
Sweetgreen, Inc. - Class A(a)			411			12,388
Texas Roadhouse, Inc.			2,938			504,484
The Buckle, Inc.			1,114			41,151
The Cheesecake Factory, Inc.			863			33,907
The Lovesac Co.(a)			4,663			105,291
TopBuild Corp.(a)			694			267,377

			Shares			Value
Tri Pointe Homes, Inc.(a)			149			$  5,550
Universal Technical Institute, Inc.(a)			6,084			95,701
Urban Outfitters, Inc.(a)			850			34,893
Visteon Corp.(a)			223			23,794
Warby Parker, Inc. - Class A(a)			114			1,831
Wolverine World Wide, Inc.			252			3,407
Xponential Fitness, Inc. - Class A(a)			804			12,542
						3,007,070
Consumer Staples - 5.7%
BellRing Brands, Inc.(a)			131			7,485
Cal-Maine Foods, Inc.			365			22,305
Coca-Cola Consolidated, Inc.			11			11,935
elf Beauty, Inc.(a)			1,410			297,115
Grocery Outlet Holding Corp.(a)			5,865			129,734
Inter Parfums, Inc.			8			928
J & J Snack Foods Corp.			870			141,262
Lancaster Colony Corp.			43			8,126
PriceSmart, Inc.			379			30,775
PRIMO WATER CORPORATION			623			13,619
Sprouts Farmers Market, Inc.(a)			2,984			249,641
SunOpta, Inc.(a)			28,568			154,267
The Chefs’ Warehouse, Inc.(a)			4,195			164,067
The Vita Coco Co., Inc.(a)			4,710			131,174
Vital Farms, Inc.(a)			916			42,841
						1,405,274
Energy - 5.9%
Archrock, Inc.			1,494			30,209
ChampionX Corp.			781			25,937
Dorian LPG Ltd.			1,073			45,023
Equitrans Midstream Corp.			4,512			58,566
Excelerate Energy, Inc. - Class A			12,675			233,727
Liberty Energy, Inc.			960			20,054
Magnolia Oil & Gas Corp. - Class A			10,296			260,901
Noble Corp. PLC			596			26,611
Oceaneering International, Inc.(a)			7,472			176,787
Patterson-UTI Energy, Inc.			802			8,309
Permian Resources Corp.			30,345			490,072
REX American Resources Corp.(a)			239			10,896
Riley Exploration Permian, Inc.			96			2,718
Sitio Royalties Corp. - Class A			648			15,299
Weatherford International PLC(a)			328			40,164
						1,445,273
Financials - 7.6%
American Coastal Insurance Corp.(a)			754			7,955
Artisan Partners Asset Management, Inc. - Class A			1,823			75,235
AssetMark Financial Holdings, Inc.(a)			291			10,054
Axos Financial, Inc.(a)			35			2,000
BancFirst Corp.			244			21,399
Cadence Bank			5,258			148,696
Diamond Hill Investment Group, Inc.			41			5,771
First BanCorp/Puerto Rico			210			3,841

The accompanying notes are an integral part of these financial statements.

23

Small Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
First Financial Bankshares, Inc.			871			$  25,721
FirstCash Holdings, Inc.			163			17,095
Flywire Corp.(a)			246			4,032
Hamilton Lane, Inc. - Class A			636			78,597
HCI Group, Inc.			343			31,614
Home BancShares, Inc.			10,807			258,936
HomeTrust Bancshares, Inc.			209			6,276
I3 Verticals, Inc. - Class A(a)			5,998			132,436
Lemonade, Inc.(a)			221			3,647
LendingTree, Inc.(a)			395			16,428
Marqeta, Inc. - Class A(a)			2,416			13,240
Mr Cooper Group, Inc.(a)			704			57,186
NMI Holdings, Inc. - Class A(a)			884			30,091
Pagseguro Digital Ltd. - Class A(a)			2,394			27,986
Palomar Holdings, Inc.(a)			410			33,272
Patria Investments Ltd. - Class A			4,833			58,286
Repay Holdings Corp.(a)			18,660			197,050
Selective Insurance Group, Inc.			545			51,137
StepStone Group, Inc. - Class A			935			42,907
StoneCo Ltd. - Class A(a)			5,365			64,326
Texas Capital Bancshares, Inc.(a)			1,829			111,825
The Bancorp, Inc.(a)			392			14,802
Triumph Financial, Inc.(a)			2,618			214,022
Trupanion, Inc.(a)(b)			476			13,994
Universal Insurance Holdings, Inc.			744			13,957
Victory Capital Holdings, Inc. - Class A			1,026			48,971
Virtus Investment Partners, Inc.			84			18,971
World Acceptance Corp.(a)			35			4,325
						1,866,081
Health Care - 26.4%(c)
ACADIA Pharmaceuticals, Inc.(a)			1,658			26,942
ACELYRIN, Inc.(a)			390			1,720
AdaptHealth Corp.(a)			419			4,190
Adaptive Biotechnologies Corp.(a)			1,380			4,996
Addus HomeCare Corp.(a)			212			24,615
ADMA Biologics, Inc.(a)			2,512			28,084
Agenus, Inc.(a)			241			4,037
Akero Therapeutics, Inc.(a)			255			5,982
Aldeyra Therapeutics, Inc.(a)			247			818
Alkermes PLC(a)			2,925			70,493
Altimmune, Inc.(a)			1,284			8,539
Amicus Therapeutics, Inc.(a)			430			4,266
Amphastar Pharmaceuticals, Inc.(a)			140			5,600
Anavex Life Sciences Corp.(a)(b)			646			2,726
ANI Pharmaceuticals, Inc.(a)			2,289			145,764
Apogee Therapeutics, Inc.(a)			146			5,745
Apollo Medical Holdings, Inc.(a)			74			3,001
Arcturus Therapeutics Holdings, Inc.(a)			60			1,461
Arcus Biosciences, Inc.(a)			114			1,736
Arcutis Biotherapeutics, Inc.(a)			996			9,263
Ardelyx, Inc.(a)			3,755			27,825

			Shares			Value
Arvinas, Inc.(a)			837			$  22,281
AtriCure, Inc.(a)			939			21,381
Avidity Biosciences, Inc.(a)			494			20,180
Axonics, Inc.(a)			73			4,908
Beam Therapeutics, Inc.(a)			506			11,856
BioCryst Pharmaceuticals, Inc.(a)			2,408			14,881
BioLife Solutions, Inc.(a)			10,664			228,530
Blueprint Medicines Corp.(a)			568			61,219
Bridgebio Pharma, Inc.(a)			46			1,165
CareDx, Inc.(a)			1,151			17,875
Castle Biosciences, Inc.(a)			4,549			99,032
Catalyst Pharmaceuticals, Inc.(a)			2,620			40,584
Celldex Therapeutics, Inc.(a)			220			8,142
Cerus Corp.(a)			3,444			6,061
Chemed Corp.			483			262,066
Codexis, Inc.(a)			591			1,832
Coherus Biosciences, Inc.(a)			1,851			3,202
Collegium Pharmaceutical, Inc.(a)			752			24,214
CONMED Corp.			2,191			151,880
Corcept Therapeutics, Inc.(a)			713			23,165
Cytokinetics, Inc.(a)			434			23,514
CytoSorbents Corp.(a)			5,963			4,192
Denali Therapeutics, Inc.(a)			1,668			38,731
Edgewise Therapeutics, Inc.(a)			7,119			128,213
Embecta Corp.			236			2,950
Evolus, Inc.(a)			107			1,161
Fulcrum Therapeutics, Inc.(a)			687			4,259
G1 Therapeutics, Inc.(a)			1,149			2,620
Haemonetics Corp.(a)			712			58,904
Halozyme Therapeutics, Inc.(a)			2,230			116,763
Harmony Biosciences Holdings, Inc.(a)			497			14,994
Harvard Bioscience, Inc.(a)			45,014			128,290
Health Catalyst, Inc.(a)			19,883			127,052
HealthEquity, Inc.(a)			2,550			219,810
Heron Therapeutics, Inc.(a)			2,116			7,406
Hims & Hers Health, Inc.(a)			1,019			20,574
Immunovant, Inc.(a)			163			4,303
Insmed, Inc.(a)			54			3,618
Intellia Therapeutics, Inc.(a)			349			7,811
Intra-Cellular Therapies, Inc.(a)			385			26,369
Iovance Biotherapeutics, Inc.(a)			823			6,600
iRadimed Corp.			237			10,414
KINIKSA PHARMACEUTICALS INTL P ORD SHS Class A(a)			7,818			145,962
Krystal Biotech, Inc.(a)			388			71,252
Kymera Therapeutics, Inc.(a)			81			2,418
Lantheus Holdings, Inc.(a)			1,103			88,560
LeMaitre Vascular, Inc.			6,341			521,737
LifeMD, Inc.(a)			641			4,397
Ligand Pharmaceuticals, Inc.(a)			263			22,160
Medpace Holdings, Inc.(a)			1,189			489,690
MeiraGTx Holdings PLC(a)			513			2,160
Mesa Laboratories, Inc.			1,585			137,530
MiMedx Group, Inc.(a)			5,035			34,893

The accompanying notes are an integral part of these financial statements.

24

Small Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
MoonLake Immunotherapeutics(a)			2,364			$ 103,945
Morphic Holding, Inc.(a)			123			4,191
Novocure Ltd.(a)			99			1,696
Nurix Therapeutics, Inc.(a)			159			3,318
Option Care Health, Inc.(a)			8,795			243,621
OrthoPediatrics Corp.(a)			6,717			193,181
Pacific Biosciences of California, Inc.(a)(b)			611			837
Pacira BioSciences, Inc.(a)			418			11,959
PetIQ, Inc.(a)			228			5,030
Phibro Animal Health Corp. - Class A			154			2,583
Phreesia, Inc.(a)			322			6,826
Pliant Therapeutics, Inc.(a)			7,850			84,388
Privia Health Group, Inc.(a)			784			13,626
Progyny, Inc.(a)			1,113			31,843
Protagonist Therapeutics, Inc.(a)			879			30,457
Prothena Corp. PLC(a)			1,994			41,156
PTC Therapeutics, Inc.(a)			295			9,021
Quanterix Corp.(a)			10,300			136,063
RadNet, Inc.(a)			236			13,905
RAPT Therapeutics, Inc.(a)			922			2,812
Recursion Pharmaceuticals, Inc. - Class A(a)			799			5,993
Relay Therapeutics, Inc.(a)			194			1,265
Repligen Corp.(a)			2,040			257,162
Revance Therapeutics, Inc.(a)			505			1,298
REVOLUTION Medicines, Inc.(a)			316			12,264
Rigel Pharmaceuticals, Inc.(a)			602			4,945
Rocket Pharmaceuticals, Inc.(a)			545			11,734
Sage Therapeutics, Inc.(a)			456			4,952
Schrodinger, Inc.(a)			202			3,907
SI-BONE, Inc.(a)			11,039			142,734
Simulations Plus, Inc.			6,115			297,311
SpringWorks Therapeutics, Inc.(a)			457			17,215
STAAR Surgical Co.(a)			267			12,712
Stoke Therapeutics, Inc.(a)			10,733			145,003
Surgery Partners, Inc.(a)			635			15,107
Surmodics, Inc.(a)			373			15,681
Syndax Pharmaceuticals, Inc.(a)			5,974			122,646
Taysha Gene Therapies, Inc.(a)			24,804			55,561
TG Therapeutics, Inc.(a)			2,320			41,273
The Ensign Group, Inc.			402			49,723
The Joint Corp.(a)			844			11,867
TransMedics Group, Inc.(a)			286			43,077
Twist Bioscience Corp.(a)			265			13,059
UFP Technologies, Inc.(a)			179			47,233
Utah Medical Products, Inc.			75			5,011
Veracyte, Inc.(a)			219			4,746
Vericel Corp.(a)			1,133			51,982
Viking Therapeutics, Inc.(a)			361			19,137
Vir Biotechnology, Inc.(a)			198			1,762
Xenon Pharmaceuticals, Inc.(a)			2,882			112,369

			Shares			Value
Zentalis Pharmaceuticals, Inc.(a)			2,259			$  9,239
Zymeworks, Inc.(a)			9,314			79,262
						6,449,252
Industrials - 17.4%
AAON, Inc.			1,360			118,646
ACV Auctions, Inc. - Class A(a)			773			14,107
AeroVironment, Inc.(a)			87			15,848
AerSale Corp.(a)			14,370			99,440
Alamo Group, Inc.			179			30,967
Alta Equipment Group, Inc.			12,177			97,903
American Woodmark Corp.(a)			119			9,353
Apogee Enterprises, Inc.			667			41,911
Applied Industrial Technologies, Inc.			607			117,758
Argan, Inc.			62			4,536
Aris Water Solutions, Inc. - Class A			12,386			194,089
Array Technologies, Inc.(a)			901			9,244
Atkore, Inc.			414			55,861
Barrett Business Services, Inc.			1,008			33,032
Beacon Roofing Supply, Inc.(a)			701			63,440
Blue Bird Corp.(a)			352			18,955
Brookfield Business Corp.			234			4,778
Casella Waste Systems, Inc. - Class A(a)			3,455			342,805
Chart Industries, Inc.(a)			136			19,630
Cimpress PLC(a)			87			7,622
Columbus McKinnon Corp.			4,580			158,193
Comfort Systems USA, Inc.			120			36,494
Construction Partners, Inc. - Class A(a)			448			24,734
Costamare, Inc.			365			5,997
CSW Industrials, Inc.			105			27,858
Dycom Industries, Inc.(a)			202			34,090
EMCOR Group, Inc.			6			2,190
Enerpac Tool Group Corp.			521			19,892
ESCO Technologies, Inc.			65			6,828
ExlService Holdings, Inc.(a)			2,495			78,243
Exponent, Inc.			159			15,124
Federal Signal Corp.			2,568			214,865
Fluor Corp.(a)			247			10,757
Frontier Group Holdings, Inc.(a)(b)			1,086			5,354
FuelCell Energy, Inc.(a)(b)			1,752			1,119
GMS, Inc.(a)			522			42,078
Granite Construction, Inc.			273			16,918
Griffon Corp.			775			49,492
Healthcare Services Group, Inc.(a)			967			10,231
Huron Consulting Group, Inc.(a)			408			40,188
Janus International Group, Inc.(a)			2,881			36,387
John Bean Technologies Corp.			228			21,653
Kadant, Inc.			6			1,763
Karat Packaging, Inc.			410			12,128
Legalzoom.com, Inc.(a)			161			1,351
Limbach Holdings, Inc.(a)			136			7,742
Maximus, Inc.			61			5,228
Mayville Engineering Co., Inc.(a)			12,566			209,350
McGrath RentCorp(b)			264			28,129

The accompanying notes are an integral part of these financial statements.

25

Small Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Montrose Environmental Group, Inc.(a)			969			$43,179
MSA Safety, Inc.			925			173,613
Mueller Industries, Inc.			1,266			72,086
Mueller Water Products, Inc. - Class A			5,055			90,586
MYR Group, Inc.(a)			105			14,250
NEXTracker, Inc. - Class A(a)			100			4,688
Parsons Corp.(a)			202			16,526
Powell Industries, Inc.			80			11,472
Primoris Services Corp.			71			3,542
Saia, Inc.(a)			285			135,173
Simpson Manufacturing Co., Inc.			43			7,247
SiteOne Landscape Supply, Inc.(a)			739			89,722
Sterling Infrastructure, Inc.(a)			400			47,336
Sun Country Airlines Holdings, Inc.(a)			1,297			16,290
Tennant Co.			121			11,911
Terex Corp.			711			38,991
The AZEK Co., Inc.(a)			6,962			293,309
The Brink’s Co.			135			13,824
TPI Composites, Inc.(a)(b)			3,236			12,912
Trinity Industries, Inc.			65			1,945
UFP Industries, Inc.			416			46,592
Upwork, Inc.(a)			5,568			59,856
Viad Corp.(a)			2,538			86,292
Wabash National Corp.			567			12,383
Watts Water Technologies, Inc. - Class A			111			20,354
WillScot Mobile Mini Holdings Corp.(a)			5,080			191,211
WNS Holdings Ltd.(a)			5,371			281,978
Zurn Elkay Water Solutions Corp.			887			26,078
						4,247,647
Information Technology - 17.9%
908 Devices, Inc.(a)			10,284			52,963
ACI Worldwide, Inc.(a)			468			18,528
ACM Research, Inc. - Class A(a)			573			13,213
Advanced Energy Industries, Inc.			13			1,414
Agilysys, Inc.(a)			364			37,907
Alarm.com Holdings, Inc.(a)			452			28,720
Altair Engineering, Inc. - Class A(a)			107			10,495
Amplitude, Inc. - Class A(a)			488			4,343
Appfolio, Inc. - Class A(a)			959			234,543
Appian Corp. - Class A(a)			414			12,776
Arlo Technologies, Inc.(a)			661			8,619
Arteris, Inc.(a)			20,295			152,415
Asana, Inc. - Class A(a)			200			2,798
AvePoint, Inc.(a)			727			7,575
Axcelis Technologies, Inc.(a)			564			80,195
Badger Meter, Inc.			477			88,889
Bel Fuse, Inc. - Class B			2,599			169,559
BlackLine, Inc.(a)			774			37,500
C3.ai, Inc. - Class A(a)(b)			606			17,550
CEVA, Inc.(a)			9,455			182,387
Cleanspark, Inc.(a)			833			13,286

			Shares			Value
CommVault Systems, Inc.(a)			413			$50,208
DigitalOcean Holdings, Inc.(a)			681			23,665
DoubleVerify Holdings, Inc.(a)			5,772			112,381
ePlus, Inc.(a)			11			811
Fabrinet(a)			346			84,697
FormFactor, Inc.(a)			798			48,303
Guidewire Software, Inc.(a)			2,370			326,799
Impinj, Inc.(a)			87			13,639
indie Semiconductor, Inc. - Class A(a)			11,861			73,182
Insight Enterprises, Inc.(a)			221			43,838
InterDigital, Inc.			628			73,200
Itron, Inc.(a)			918			90,845
Jamf Holding Corp.(a)			152			2,508
Marathon Digital Holdings, Inc.(a)			114			2,263
N-able, Inc.(a)			1,076			16,388
Napco Security Technologies, Inc.			1,093			56,781
OneSpan, Inc.(a)			1,551			19,884
Onto Innovation, Inc.(a)			72			15,808
OSI Systems, Inc.(a)			63			8,664
Paylocity Holding Corp.(a)			725			95,591
PDF Solutions, Inc.(a)			9,943			361,726
Pegasystems, Inc.			4,920			297,808
Photronics, Inc.(a)			623			15,369
PROS Holdings, Inc.(a)			5,986			171,499
Q2 Holdings, Inc.(a)			413			24,916
Qualys, Inc.(a)			2,345			334,397
Radware Ltd.(a)			4,046			73,799
Rambus, Inc.(a)			541			31,789
Rapid7, Inc.(a)			413			17,854
Red Violet, Inc.(a)			89			2,261
Sapiens International Corp. NV			1,229			41,700
SiTime Corp.(a)			123			15,299
SoundThinking, Inc.(a)			3,097			37,721
Sprout Social, Inc. - Class A(a)			485			17,305
SPS Commerce, Inc.(a)			337			63,410
Super Micro Computer, Inc.(a)			46			37,690
Tenable Holdings, Inc.(a)			1,406			61,274
Veeco Instruments, Inc.(a)			3,519			164,373
Verint Systems, Inc.(a)			435			14,007
Workiva, Inc.(a)			2,971			216,853
Yext, Inc.(a)			2,425			12,974
Zuora, Inc. - Class A(a)			2,242			22,263
						4,371,417
Materials - 2.6%
Arcadium Lithium PLC(a)			4,417			14,841
ATI, Inc.(a)			574			31,828
Balchem Corp.			55			8,467
Cabot Corp.			237			21,778
Carpenter Technology Corp.			81			8,876
Century Aluminum Co.(a)			508			8,509
Commercial Metals Co.			66			3,629
Constellium SE(a)			833			15,702

The accompanying notes are an integral part of these financial statements.

26

Small Company Growth Portfolio

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Materials - (Continued)
Ferroglobe Representation & Warranty Insurance Trust(a)(d)			840			$0
Hawkins, Inc.			447			40,677
Hecla Mining Co.			3,007			14,584
Ingevity Corp.(a)			256			11,190
Innospec, Inc.			226			27,931
Kaiser Aluminum Corp.			530			46,587
Materion Corp.			1,682			181,875
Myers Industries, Inc.			680			9,098
Quaker Chemical Corp.			834			141,530
Sylvamo Corp.			701			48,089
						635,191
Real Estate - 0.2%
Compass, Inc. - Class A(a)			2,339			8,420
Opendoor Technologies, Inc.(a)			3,728			6,860
Real Brokerage, Inc.(a)			3,395			13,784
Redfin Corp.(a)			2,215			13,312
						42,376
Utilities - 0.3%
Brookfield Infrastructure Corp. - Class A			561			18,883
Otter Tail Corp.			513			44,934
						63,817
TOTAL COMMON STOCKS (Cost $19,446,475)						23,844,240
REAL ESTATE INVESTMENT TRUSTS - 0.4%
Alexander’s, Inc.			68			15,291
Essential Properties Realty Trust, Inc.			709			19,646
Hannon Armstrong Sustainable Infrastructure Capital, Inc.			454			13,438
National Health Investors, Inc.			511			34,610
Ryman Hospitality Properties, Inc.			54			5,393
UMH Properties, Inc.			169			2,702
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $80,732)						91,080
TOTAL INVESTMENTS - 98.0% (Cost $19,527,207)						$23,935,320
Money Market Deposit Account - 2.4%(e)(f)						585,636
Liabilities in Excess of Other Assets - (0.4)%						(105,853)
TOTAL NET ASSETS - 100.0%						$24,415,103

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

NV - Naamloze Vennootschap

PLC - Public Limited Company

(a)
Non-income producing security.

(b)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $84,358 which represented 0.3% of net assets.

(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024.

(e)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(f)
All or a portion of this deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $87,695.

The accompanying notes are an integral part of these financial statements.

27

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 92.4%
Communication Services - 0.5%
Bandwidth, Inc. - Class A(a)			430			$   7,259
Bumble, Inc. - Class A(a)			3,340			35,103
Emerald Holding, Inc.(a)			1,150			6,544
Magnite, Inc.(a)			1,400			18,606
Stagwell, Inc.(a)			4,810			32,804
TEGNA, Inc.			2,400			33,456
						133,772
Consumer Discretionary - 11.4%
Abercrombie & Fitch Co. - Class A(a)			50			8,892
Accel Entertainment, Inc.(a)			2,450			25,137
Adient PLC(a)			2,253			55,672
Adtalem Global Education, Inc.(a)			1,126			76,804
Advance Auto Parts, Inc.			260			16,466
American Eagle Outfitters, Inc.			2,280			45,509
Asbury Automotive Group, Inc.(a)			120			27,344
Bloomin’ Brands, Inc.			1,200			23,076
Brinker International, Inc.(a)			360			26,060
Carter’s, Inc.			240			14,873
Carvana Co.(a)			650			83,668
Century Communities, Inc.			1,012			82,640
Cooper-Standard Holdings, Inc.(a)			201			2,500
Dave & Buster’s Entertainment, Inc.(a)			520			20,701
Denny’s Corp.(a)			2,220			15,762
Designer Brands, Inc. - Class A			1,920			13,114
Dine Brands Global, Inc.			670			24,254
El Pollo Loco Holdings, Inc.(a)			1,790			20,245
Everi Holdings, Inc.(a)			2,950			24,780
Fox Factory Holding Corp.(a)			190			9,156
Frontdoor, Inc.(a)			1,216			41,089
Genesco, Inc.(a)			560			14,482
G-III Apparel Group Ltd.(a)			890			24,092
Graham Holdings Co. - Class B			25			17,489
Green Brick Partners, Inc.(a)			1,526			87,348
Group 1 Automotive, Inc.			234			69,564
Hanesbrands, Inc.(a)			3,290			16,220
Haverty Furniture Cos., Inc.			880			22,255
Hibbett, Inc.			340			29,651
Hilton Grand Vacations, Inc.(a)			610			24,662
JAKKS Pacific, Inc.(a)			948			16,979
Johnson Outdoors, Inc. - Class A			1,170			40,927
KB Home			2,459			172,573
Kontoor Brands, Inc.			230			15,214
Latham Group, Inc.(a)			1,340			4,060
La-Z-Boy, Inc.			720			26,842
Leggett & Platt, Inc.			1,440			16,502
Leslie’s, Inc.(a)			6,940			29,079
Lindblad Expeditions Holdings, Inc.(a)			702			6,774
M/I Homes, Inc.(a)			764			93,315
MarineMax, Inc.(a)			910			29,457
Marriott Vacations Worldwide Corp.			350			30,562
Meritage Homes Corp.			460			74,451

			Shares			Value
Monarch Casino & Resort, Inc.			370			$  25,208
OneWater Marine, Inc. - Class A(a)			1,090			30,051
Oxford Industries, Inc.			90			9,013
Perdoceo Education Corp.			2,405			51,515
PetMed Express, Inc.			3,400			13,770
Phinia, Inc.			750			29,520
Red Rock Resorts, Inc. - Class A			7,488			411,316
Revolve Group, Inc.(a)			420			6,682
Rocky Brands, Inc.			2,781			102,786
SeaWorld Entertainment, Inc.(a)			670			36,388
Signet Jewelers Ltd.			620			55,540
Six Flags Entertainment Corp.(a)			400			13,256
Sleep Number Corp.(a)			300			2,871
Sonic Automotive, Inc. - Class A			660			35,950
Steven Madden Ltd.			600			25,380
Stitch Fix, Inc. - Class A(a)			5,440			22,576
Strategic Education, Inc.			240			26,558
Taylor Morrison Home Corp.(a)			1,196			66,306
The Aaron’s Co., Inc.			2,448			24,431
The Cheesecake Factory, Inc.			335			13,162
The Goodyear Tire & Rubber Co.(a)			2,790			31,666
Travel + Leisure Co.			770			34,635
Tri Pointe Homes, Inc.(a)			2,160			80,460
Upbound Group, Inc.			500			15,350
Urban Outfitters, Inc.(a)			500			20,525
Vail Resorts, Inc.			146			26,299
Vista Outdoor, Inc.(a)			1,000			37,650
Worthington Enterprises, Inc.			120			5,680
Xponential Fitness, Inc. - Class A(a)			1,528			23,837
Zumiez, Inc.(a)			560			10,909
						2,809,530
Consumer Staples - 4.4%
B&G Foods, Inc.			2,550			20,604
Cal-Maine Foods, Inc.			2,342			143,120
Central Garden & Pet Co.(a)			410			15,785
Edgewell Personal Care Co.			710			28,535
Energizer Holdings, Inc.			910			26,881
Herbalife Ltd.(a)			3,300			34,287
Ingles Markets, Inc. - Class A			138			9,468
Lancaster Colony Corp.			1,071			202,387
Mama’s Creations, Inc.(a)			7,785			52,471
Medifast, Inc.			920			20,074
Natural Grocers by Vitamin Cottage, Inc.			1,449			30,719
Nu Skin Enterprises, Inc. - Class A			1,355			14,282
Oil-Dri Corp. of America			2,219			142,216
Post Holdings, Inc.(a)			1,394			145,199
PriceSmart, Inc.			440			35,728
Primo Water Corp.			1,790			39,129
Seaboard Corp.			11			34,768
The Andersons, Inc.			480			23,808
The Duckhorn Portfolio, Inc.(a)			4,250			30,175
The Hain Celestial Group, Inc.(a)			2,140			14,787
United Natural Foods, Inc.(a)			840			11,004

The accompanying notes are an integral part of these financial statements.

28

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Consumer Staples - (Continued)
Village Super Market, Inc. - Class A			424			$  11,198
WK Kellogg Co.			880			14,485
						1,101,110
Energy - 8.9%
Archrock, Inc.			1,660			33,565
Ardmore Shipping Corp.			950			21,404
Baytex Energy Corp.			9,253			32,201
Berry Corp.			7,730			49,936
Cactus, Inc. - Class A			640			33,754
California Resources Corp.			1,379			73,390
Centrus Energy Corp. - Class A(a)			2,434			104,054
Chord Energy Corp.			433			72,605
Civitas Resources, Inc.			3,415			235,635
Clean Energy Fuels Corp.(a)			2,520			6,728
CONSOL Energy, Inc.			200			20,406
Core Laboratories, Inc.			1,040			21,102
Crescent Energy Co. - Class A			2,640			31,284
DHT Holdings, Inc.			6,460			74,742
Dorian LPG Ltd.			1,394			58,492
Dril-Quip, Inc.(a)			1,350			25,110
Equitrans Midstream Corp.			8,090			105,008
Expro Group Holdings NV(a)			1,550			35,526
Forum Energy Technologies, Inc.(a)			430			7,250
Helix Energy Solutions Group, Inc.(a)			1,710			20,417
Helmerich & Payne, Inc.			1,173			42,392
International Seaways, Inc.			1,742			103,005
Kinetik Holdings, Inc.			510			21,134
Kosmos Energy Ltd.(a)			5,600			31,024
Liberty Energy, Inc.			1,590			33,215
Magnolia Oil & Gas Corp. - Class A			2,400			60,816
Matador Resources Co.			50			2,980
Murphy Oil Corp.			1,696			69,943
National Energy Services Reunited Corp.(a)			4,040			38,380
Newpark Resources, Inc.(a)			2,620			21,772
Northern Oil and Gas, Inc.			840			31,223
Oceaneering International, Inc.(a)			462			10,931
Par Pacific Holdings, Inc.(a)			960			24,240
Patterson-UTI Energy, Inc.			1,684			17,446
Permian Resources Corp.			2,965			47,885
Precision Drilling Corp.(a)			460			32,356
ProFrac Holding Corp. - Class A(a)			1,120			8,299
ProPetro Holding Corp.(a)			2,730			23,669
REX American Resources Corp.(a)			145			6,611
Scorpio Tankers, Inc.			871			70,804
Select Water Solutions, Inc.			1,140			12,198
SFL Corp. Ltd.			7,091			98,423
SilverBow Resources, Inc.(a)			960			36,317
SM Energy Co.			1,770			76,517
Solaris Oilfield Infrastructure, Inc. - Class A			3,230			27,713
Talos Energy, Inc.(a)			2,920			35,478

			Shares			Value
Teekay Corp.(a)			1,090			$   9,777
Teekay Tankers Ltd. - Class A			702			48,305
VAALCO Energy, Inc.			4,000			25,080
Vertex Energy, Inc.(a)			6,460			6,103
Vital Energy, Inc.(a)			700			31,374
World Kinect Corp.			1,320			34,056
						2,202,075
Financials - 28.2%(b)
1st Source Corp.			900			48,258
Alerus Financial Corp.			2,147			42,103
Ambac Financial Group, Inc.(a)			1,650			21,153
American Coastal Insurance Corp.(a)			440			4,642
Arrow Financial Corp.			320			8,336
Artisan Partners Asset Management, Inc. - Class A			1,930			79,651
AssetMark Financial Holdings, Inc.(a)			1,345			46,470
Associated Banc-Corp.			1,620			34,263
Assured Guaranty Ltd.			415			32,017
Axis Capital Holdings Ltd.			460			32,499
Axos Financial, Inc.(a)			782			44,691
Banc of California, Inc.			2,452			31,337
BancFirst Corp.			701			61,478
Banco Latinoamericano de Comercio Exterior SA			1,655			49,104
Bank of Marin Bancorp			1,030			16,676
Bank of NT Butterfield & Son Ltd.			258			9,061
Bank OZK			5,417			222,097
BankUnited, Inc.			2,900			84,883
BayCom Corp.			500			10,175
BCB Bancorp, Inc.			700			7,441
Berkshire Hills Bancorp, Inc.			1,622			36,982
BGC Group, Inc. - Class A			15,262			126,675
BOK Financial Corp.			1,509			138,285
Bread Financial Holdings, Inc.			1,998			89,031
Bridgewater Bancshares, Inc.(a)			900			10,449
Brighthouse Financial, Inc.(a)			580			25,137
Brookline Bancorp, Inc.			3,920			32,732
Cadence Bank			1,930			54,580
Cambridge Bancorp			390			26,910
Camden National Corp.			530			17,490
Capitol Federal Financial, Inc.			3,120			17,129
Cathay General Bancorp			470			17,728
Central Pacific Financial Corp.			1,380			29,256
City Holding Co.			497			52,806
Civista Bancshares, Inc.			510			7,900
CNB Financial Corp.			400			8,164
CNO Financial Group, Inc.			1,722			47,734
Columbia Banking System, Inc.			960			19,094
Community Bank System, Inc.			624			29,459
Community Trust Bancorp, Inc.			685			29,907
ConnectOne Bancorp, Inc.			1,790			33,813
CrossFirst Bankshares, Inc.(a)			1,280			17,946
CVB Financial Corp.			2,366			40,790
Diamond Hill Investment Group, Inc.			120			16,890

The accompanying notes are an integral part of these financial statements.

29

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Dime Community Bancshares, Inc.			1,310			$  26,724
Eagle Bancorp, Inc.			1,920			36,288
Employers Holdings, Inc.			2,010			85,686
Enact Holdings, Inc.			1,490			45,683
Enstar Group Ltd.(a)			720			220,104
Enterprise Financial Services Corp.			400			16,364
Esquire Financial Holdings, Inc.			917			43,649
Essent Group Ltd.			2,882			161,940
Euronet Worldwide, Inc.(a)			170			17,595
Evercore, Inc. - Class A			100			20,843
FB Financial Corp.			692			27,009
Federated Hermes, Inc. - Class B			995			32,716
Financial Institutions, Inc.			550			10,626
First BanCorp/Puerto Rico			1,910			34,934
First Busey Corp.			350			8,473
First Business Financial Services, Inc.			300			11,097
First Financial Bancorp			1,196			26,575
First Financial Corp.			1,268			46,764
First Foundation, Inc.			2,440			15,982
First Hawaiian, Inc.			1,660			34,462
First Internet Bancorp			620			16,752
First Interstate BancSystem, Inc. - Class A			290			8,053
First Merchants Corp.			717			23,869
First Mid Bancshares, Inc.			250			8,220
First of Long Island Corp.			1,570			15,731
First Western Financial, Inc.(a)			2,561			43,537
Flushing Financial Corp.			2,230			29,324
FS Bancorp, Inc.			260			9,477
Fulton Financial Corp.			1,750			29,715
Genworth Financial, Inc. - Class A(a)			7,331			44,279
Great Southern Bancorp, Inc.			220			12,234
Hamilton Lane, Inc. - Class A			650			80,327
Hancock Whitney Corp.			305			14,588
Hanmi Financial Corp.(c)			2,240			37,453
HBT Financial, Inc.			1,280			26,138
Heartland Financial USA, Inc.			441			19,602
Heritage Commerce Corp.			2,100			18,270
Heritage Financial Corp.			910			16,407
Hilltop Holdings, Inc.			870			27,214
Home Bancorp, Inc.			260			10,403
Home BancShares, Inc.			4,191			100,416
Hope Bancorp, Inc.			3,120			33,509
Horace Mann Educators Corp.			960			31,315
Horizon Bancorp, Inc.			2,040			25,235
Independent Bank Corp.			690			18,630
Independent Bank Corp.			779			39,511
Independent Bank Group, Inc.			170			7,738
International Bancshares Corp.			1,909			109,214
Investar Holding Corp.			260			4,004
Janus Henderson Group PLC			1,040			35,058
Kearny Financial Corp.			3,010			18,511

			Shares			Value
Kemper Corp.			580			$  34,411
LendingTree, Inc.(a)			1,244			51,738
Lincoln National Corp.			520			16,172
Live Oak Bancshares, Inc.			7,293			255,693
Mercantile Bank Corp.			200			8,114
Merchants Bancorp			2,630			106,620
Mercury General Corp.			1,301			69,135
MGIC Investment Corp.			1,600			34,480
MidWestOne Financial Group, Inc.			370			8,321
Moelis & Co. - Class A			240			13,646
Mr Cooper Group, Inc.(a)			4,694			381,294
Navient Corp.			2,150			31,304
NCR Atleos Corp.(a)			685			18,509
NMI Holdings, Inc. - Class A(a)			3,315			112,843
Northeast Bank			200			12,172
Northeast Community Bancorp, Inc.			700			12,474
Northfield Bancorp, Inc.			2,700			25,596
Northrim BanCorp, Inc.			422			24,324
OceanFirst Financial Corp.			2,200			34,958
OFG Bancorp			1,245			46,625
Pacific Premier Bancorp, Inc.			700			16,079
Pagseguro Digital Ltd. - Class A(a)			2,140			25,017
Parke Bancorp, Inc.			220			3,828
Pathward Financial, Inc.			138			7,807
Paysafe Ltd.(a)			368			6,506
PCB Bancorp			700			11,396
Peapack-Gladstone Financial Corp.			720			16,308
Perella Weinberg Partners			1,330			21,612
Popular, Inc.			380			33,603
PRA Group, Inc.(a)			1,390			27,327
Preferred Bank			1,965			148,338
Premier Financial Corp.			1,260			25,780
Primis Financial Corp.			1,040			10,899
ProAssurance Corp.(a)			1,130			13,809
PROG Holdings, Inc.			1,195			41,443
Provident Financial Services, Inc.			2,345			33,651
Radian Group, Inc.			1,945			60,490
RBB Bancorp			450			8,465
S&T Bancorp, Inc.			725			24,208
Safety Insurance Group, Inc.			210			15,756
Sandy Spring Bancorp, Inc.			1,350			32,886
Selective Insurance Group, Inc.			318			29,838
ServisFirst Bancshares, Inc.			1,830			115,638
Shore Bancshares, Inc.			782			8,954
Sierra Bancorp			500			11,190
Silvercrest Asset Management Group, Inc. - Class A			2,739			42,701
Simmons First National Corp. - Class A			1,950			34,281
SiriusPoint Ltd.(a)			1,370			16,714
SLM Corp.			1,690			35,135
Southern First Bancshares, Inc.(a)			290			8,480
Southside Bancshares, Inc.			410			11,320
Stewart Information Services Corp.			550			34,144
StoneCo Ltd. - Class A(a)			3,359			40,274

The accompanying notes are an integral part of these financial statements.

30

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Synovus Financial Corp.			870			$  34,965
Territorial Bancorp, Inc.			700			5,670
Texas Capital Bancshares, Inc.(a)			1,080			66,031
The Bancorp, Inc.(a)			1,123			42,404
The Hanover Insurance Group, Inc.			190			23,834
Tompkins Financial Corp.			380			18,582
Towne Bank			290			7,908
Triumph Financial, Inc.(a)			3,068			250,809
TrustCo Bank Corp. NY			910			26,181
UMB Financial Corp.			229			19,103
United Bankshares, Inc.			648			21,021
United Fire Group, Inc.			2,350			50,502
Universal Insurance Holdings, Inc.			2,199			41,253
Univest Financial Corp.			1,270			28,994
Valley National Bancorp			3,620			25,268
Veritex Holdings, Inc.			1,240			26,152
Virtu Financial, Inc. - Class A			1,460			32,777
Virtus Investment Partners, Inc.			340			76,789
WaFd, Inc.			1,223			34,953
Washington Trust Bancorp, Inc.			1,010			27,684
Webster Financial Corp.			895			39,013
Westamerica BanCorp			646			31,350
White Mountains Insurance Group Ltd.			18			32,714
World Acceptance Corp.(a)			290			35,838
WSFS Financial Corp.			420			19,740
Zions Bancorp NA			770			33,395
						6,976,706
Health Care - 5.5%
Adaptive Biotechnologies Corp.(a)			3,468			12,554
Allogene Therapeutics, Inc.(a)			1,750			4,078
ALX Oncology Holdings, Inc.(a)			330			1,990
Apollo Medical Holdings, Inc.(a)			2,834			114,947
Arcus Biosciences, Inc.(a)			280			4,264
Arvinas, Inc.(a)			910			24,224
AtriCure, Inc.(a)			530			12,068
Avidity Biosciences, Inc.(a)			550			22,468
Beam Therapeutics, Inc.(a)			140			3,280
BioCryst Pharmaceuticals, Inc.(a)			2,230			13,781
BioLife Solutions, Inc.(a)			450			9,644
Brookdale Senior Living, Inc.(a)			5,446			37,196
CareDx, Inc.(a)			2,690			41,776
Catalyst Pharmaceuticals, Inc.(a)			409			6,335
Celldex Therapeutics, Inc.(a)			130			4,811
Codexis, Inc.(a)			1,860			5,766
Coherus Biosciences, Inc.(a)			2,930			5,069
Community Health Systems, Inc.(a)			1,540			5,174
Cytokinetics, Inc.(a)			90			4,876
Editas Medicine, Inc.(a)			2,492			11,638
Embecta Corp.			1,160			14,500
Enovis Corp.(a)			4,778			215,966
Generation Bio Co.(a)			4,700			13,254

			Shares			Value
Health Catalyst, Inc.(a)			1,390			$    8,882
Heron Therapeutics, Inc.(a)			1,700			5,950
Inmode Ltd.(a)			1,800			32,832
Innoviva, Inc.(a)			302			4,953
Intellia Therapeutics, Inc.(a)			885			19,806
Iovance Biotherapeutics, Inc.(a)			2,370			19,007
Kiniksa Pharmaceuticals Ltd. - Class A(a)			325			6,068
Kodiak Sciences, Inc.(a)			1,759			4,134
Ligand Pharmaceuticals, Inc.(a)			420			35,389
MeiraGTx Holdings PLC(a)			990			4,168
MiMedx Group, Inc.(a)			4,530			31,393
Myriad Genetics, Inc.(a)			515			12,597
NeoGenomics, Inc.(a)			502			6,963
Nurix Therapeutics, Inc.(a)			886			18,491
PetIQ, Inc.(a)			706			15,574
Phibro Animal Health Corp. - Class A			970			16,267
Protagonist Therapeutics, Inc.(a)			540			18,711
PTC Therapeutics, Inc.(a)			80			2,446
Quanterix Corp.(a)			450			5,945
Relay Therapeutics, Inc.(a)			859			5,601
Replimune Group, Inc.(a)			1,400			12,600
Rigel Pharmaceuticals, Inc.(a)			414			3,403
Rocket Pharmaceuticals, Inc.(a)			290			6,244
Select Medical Holdings Corp.			998			34,990
SIGA Technologies, Inc.			2,260			17,153
Stoke Therapeutics, Inc.(a)			400			5,404
Surgery Partners, Inc.(a)			612			14,559
Tactile Systems Technology, Inc.(a)			1,520			18,149
TruBridge, Inc.(a)			1,860			18,600
Twist Bioscience Corp.(a)			905			44,598
UFP Technologies, Inc.(a)			702			185,237
Utah Medical Products, Inc.			318			21,246
Veracyte, Inc.(a)			3,506			75,975
Verve Therapeutics, Inc.(a)(c)			4,380			21,374
Zynex, Inc.(a)(c)			1,690			15,751
						1,360,119
Industrials - 18.3%
ABM Industries, Inc.			1,160			58,661
AerSale Corp.(a)			3,630			25,120
Alamo Group, Inc.			100			17,300
Alaska Air Group, Inc.(a)			580			23,432
Albany International Corp. - Class A			190			16,045
Allegiant Travel Co.			4,243			213,126
Allient, Inc.			3,726			94,156
American Woodmark Corp.(a)			513			40,322
Apogee Enterprises, Inc.			180			11,310
Aris Water Solutions, Inc. - Class A			860			13,476
Armstrong World Industries, Inc.			210			23,780
Atmus Filtration Technologies, Inc.(a)			1,110			31,946
AZZ, Inc.			553			42,719
Barnes Group, Inc.			770			31,886
Beacon Roofing Supply, Inc.(a)			1,150			104,075
Blue Bird Corp.(a)			150			8,077

The accompanying notes are an integral part of these financial statements.

31

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Brady Corp. - Class A			370			$  24,427
Brookfield Business Corp.			251			5,125
Columbus McKinnon Corp.			670			23,142
Concentrix Corp.			550			34,804
Concrete Pumping Holdings, Inc.(a)			14,833			89,146
Costamare, Inc.			5,680			93,322
Douglas Dynamics, Inc.			3,844			89,950
Ducommun, Inc.(a)			2,586			150,143
DXP Enterprises, Inc.(a)			642			29,429
EMCOR Group, Inc.			78			28,476
Energy Recovery, Inc.(a)			7,035			93,495
Enerpac Tool Group Corp.			470			17,945
Ennis, Inc.			820			17,950
Esab Corp.			492			46,460
ESCO Technologies, Inc.			86			9,033
First Advantage Corp.			17,485			280,984
Flowserve Corp.			680			32,708
FTAI Aviation Ltd.			2,621			270,566
Gates Industrial Corp. PLC(a)			8,675			137,152
Genco Shipping & Trading Ltd.			320			6,819
Gibraltar Industries, Inc.(a)			70			4,798
Global Industrial Co.			289			9,063
Graham Corp.(a)			3,408			95,969
Granite Construction, Inc.			110			6,817
Griffon Corp.			100			6,386
Hawaiian Holdings, Inc.(a)			530			6,588
Healthcare Services Group, Inc.(a)			2,300			24,334
Heartland Express, Inc.			2,310			28,482
Heidrick & Struggles International, Inc.			870			27,475
Hertz Global Holdings, Inc.(a)(c)			1,330			4,695
Hillenbrand, Inc.			780			31,216
Hillman Solutions Corp.(a)			2,930			25,930
Hyster-Yale Materials Handling, Inc.			600			41,838
Insteel Industries, Inc.			780			24,149
Interface, Inc.			2,940			43,159
Janus International Group, Inc.(a)			620			7,831
JELD-WEN Holding, Inc.(a)			920			12,392
JetBlue Airways Corp.(a)			1,670			10,170
Kelly Services, Inc. - Class A			710			15,201
Kennametal, Inc.			280			6,591
Kforce, Inc.			400			24,852
Korn Ferry			480			32,227
Lindsay Corp.			150			18,432
LSI Industries, Inc.			250			3,618
ManpowerGroup, Inc.			470			32,806
Marten Transport Ltd.			970			17,897
Masterbrand, Inc.(a)			1,510			22,167
Matson, Inc.			905			118,528
Maximus, Inc.			410			35,137
Miller Industries, Inc.			1,821			100,191
Moog, Inc. - Class A			115			19,240
MRC Global, Inc.(a)			1,620			20,914

			Shares			Value
Mueller Industries, Inc.			2,406			$  136,998
Mueller Water Products, Inc. - Class A			1,580			28,314
National Presto Industries, Inc.			225			16,904
NOW, Inc.(a)			550			7,552
PAM Transportation Services, Inc.(a)			338			5,871
Powell Industries, Inc.			360			51,624
Preformed Line Products Co.			50			6,227
Primoris Services Corp.			210			10,477
Quad/Graphics, Inc.			1,500			8,175
Resideo Technologies, Inc.(a)			2,170			42,445
Resources Connection, Inc.			2,110			23,294
REV Group, Inc.			1,240			30,864
Rush Enterprises, Inc. - Class A			747			31,277
Safe Bulkers, Inc.			3,173			18,467
SkyWest, Inc.(a)			350			28,725
Steelcase, Inc. - Class A			6,115			79,250
Stem, Inc.(a)(c)			2,330			2,586
Sterling Infrastructure, Inc.(a)			100			11,834
Sun Country Airlines Holdings, Inc.(a)			1,570			19,719
Tennant Co.			150			14,766
Terex Corp.			1,062			58,240
The Brink’s Co.			250			25,600
The Greenbrier Cos., Inc.			670			33,198
Thermon Group Holdings, Inc.(a)			2,370			72,901
Titan Machinery, Inc.(a)			1,370			21,783
Trinity Industries, Inc.			995			29,770
TrueBlue, Inc.(a)			3,100			31,930
TTEC Holdings, Inc.			1,270			7,468
Tutor Perini Corp.(a)			2,970			64,687
UFP Industries, Inc.			653			73,136
UniFirst Corp.			50			8,577
Universal Logistics Holdings, Inc.			150			6,089
V2X, Inc.(a)			560			26,858
Verra Mobility Corp.(a)			630			17,136
Wabash National Corp.			1,929			42,129
WESCO International, Inc.			363			57,543
Willdan Group, Inc.(a)			450			12,983
WNS Holdings Ltd.(a)			3,542			185,955
Zurn Elkay Water Solutions Corp.			2,350			69,090
						4,536,042
Information Technology - 5.3%
ACI Worldwide, Inc.(a)			830			32,860
ACM Research, Inc. - Class A(a)			610			14,067
Aviat Networks, Inc.(a)			280			8,033
Avnet, Inc.			680			35,013
Axcelis Technologies, Inc.(a)			240			34,126
Belden, Inc.			350			32,830
Benchmark Electronics, Inc.			320			12,627
C3.ai, Inc. - Class A(a)(c)			215			6,226
Cirrus Logic, Inc.(a)			220			28,085
Cleanspark, Inc.(a)			300			4,785
Coherent Corp.(a)			220			15,941
CommVault Systems, Inc.(a)			100			12,157

The accompanying notes are an integral part of these financial statements.

32

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Consensus Cloud Solutions, Inc.(a)			1,020			$  17,524
CPI Card Group, Inc.(a)			460			12,535
Crane NXT Co.			590			36,238
Diodes, Inc.(a)			480			34,526
DXC Technology Co.(a)			1,290			24,626
ePlus, Inc.(a)			895			65,944
InterDigital, Inc.			60			6,994
IPG Photonics Corp.(a)			390			32,912
Itron, Inc.(a)			1,140			112,814
Kimball Electronics, Inc.(a)			1,130			24,837
LiveRamp Holdings, Inc.(a)			885			27,382
Methode Electronics, Inc.			2,840			29,394
N-able, Inc.(a)			945			14,392
NVE Corp.			210			15,685
Olo, Inc. - Class A(a)			1,670			7,381
OneSpan, Inc.(a)			2,208			28,306
OSI Systems, Inc.(a)			463			63,672
Photronics, Inc.(a)			2,170			53,534
Plexus Corp.(a)			306			31,573
Progress Software Corp.			648			35,160
Rimini Street, Inc.(a)			29,316			90,000
Sanmina Corp.(a)			1,060			70,225
ScanSource, Inc.(a)			560			24,814
Semtech Corp.(a)			710			21,215
SolarWinds Corp.			480			5,784
TTM Technologies, Inc.(a)			1,790			34,780
Turtle Beach Corp.(a)			940			13,480
Vishay Intertechnology, Inc.			1,540			34,342
Vontier Corp.			860			32,852
Xerox Holdings Corp.			5,150			59,843
						1,299,514
Materials - 6.6%
AdvanSix, Inc.			960			22,003
Alpha Metallurgical Resources, Inc.			20			5,611
Alto Ingredients, Inc.(a)			7,690			11,112
American Vanguard Corp.			429			3,689
Ashland, Inc.			2,836			267,974
Avient Corp.			120			5,238
Cabot Corp.			205			18,837
Carpenter Technology Corp.			857			93,910
Clearwater Paper Corp.(a)			212			10,276
Commercial Metals Co.			824			45,312
Compass Minerals International, Inc.			1,900			19,627
Core Molding Technologies, Inc.(a)			2,867			45,700
Ecovyst, Inc.(a)			3,635			32,606
Greif, Inc. - Class A			395			22,701
Haynes International, Inc.			985			57,819
Hecla Mining Co.			8,610			41,758
Ingevity Corp.(a)			700			30,597
Innospec, Inc.			577			71,311
Kaiser Aluminum Corp.			900			79,110

			Shares			Value
Kronos Worldwide, Inc.			4,750			$  59,612
Mativ Holdings, Inc.			1,150			19,504
Mercer International, Inc.			1,960			16,738
Minerals Technologies, Inc.			560			46,570
Myers Industries, Inc.			900			12,042
Orion Engineered Carbons SA			2,336			51,252
Pactiv Evergreen, Inc.			1,667			18,870
Silgan Holdings, Inc.			390			16,509
Summit Materials, Inc. - Class A(a)			410			15,010
SunCoke Energy, Inc.			7,056			69,149
Sylvamo Corp.			860			58,996
Taseko Mines Ltd.(a)			44,415			108,817
Tredegar Corp.			2,978			14,265
TriMas Corp.			1,000			25,560
Tronox Holdings PLC			1,950			30,596
United States Lime & Minerals, Inc.			508			185,003
						1,633,684
Real Estate - 0.8%
Compass, Inc. - Class A(a)			6,960			25,056
Cushman & Wakefield PLC(a)			3,370			35,048
DigitalBridge Group, Inc.			190			2,603
Forestar Group, Inc.(a)			1,050			33,589
Jones Lang LaSalle, Inc.(a)			148			30,381
Kennedy-Wilson Holdings, Inc.			1,940			18,857
Opendoor Technologies, Inc.(a)			7,240			13,322
Safehold, Inc.			1,419			27,373
						186,229
Utilities - 2.5%
ALLETE, Inc.			570			35,539
Avista Corp.			980			33,918
Black Hills Corp.			920			50,030
Brookfield Infrastructure Corp. - Class A			435			14,642
New Jersey Resources Corp.			110			4,701
Northwest Natural Holding Co.			870			31,416
Northwestern Energy Group, Inc.			640			32,051
ONE Gas, Inc.			1,500			95,775
Otter Tail Corp.			1,476			129,283
PNM Resources, Inc.			885			32,710
Portland General Electric Co.			820			35,457
Southwest Gas Holdings, Inc.			460			32,375
Spire, Inc.			560			34,009
UGI Corp.			2,965			67,898
						629,804
TOTAL COMMON STOCKS (Cost $18,883,552)						22,868,585
REAL ESTATE INVESTMENT TRUSTS - 6.6%
Alexander & Baldwin, Inc.			1,010			17,130
Alexander’s, Inc.			130			29,232
Apollo Commercial Real Estate Finance, Inc.			1,580			15,468
Apple Hospitality REIT, Inc.			2,857			41,541

The accompanying notes are an integral part of these financial statements.

33

Small Company Value Portfolio

Schedule of Investments

as of June 30, 2024 (Unaudited)(Continued)

			Shares			Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
Ares Commercial Real Estate Corp.			2,470			$  16,426
BrightSpire Capital, Inc.			2,460			14,022
City Office REIT, Inc.			1,240			6,175
COPT Defense Properties			475			11,889
CubeSmart			553			24,979
DiamondRock Hospitality Co.			2,791			23,584
Douglas Emmett, Inc.			4,739			63,076
Empire State Realty Trust, Inc. - Class A			6,922			64,928
Essential Properties Realty Trust, Inc.			2,575			71,353
Farmland Partners, Inc.			510			5,880
Franklin BSP Realty Trust, Inc.			3,390			42,714
Granite Point Mortgage Trust, Inc.			4,070			12,088
Great Ajax Corp.			2,113			7,543
Hannon Armstrong Sustainable Infrastructure Capital, Inc.			498			14,741
Innovative Industrial Properties, Inc.			1,510			164,922
Kite Realty Group Trust			2,370			53,041
National Health Investors, Inc.			1,735			117,512
NexPoint Residential Trust, Inc.			172			6,796
Orion Office REIT, Inc.			11,360			40,782
Outfront Media, Inc.			1,220			17,446
Park Hotels & Resorts, Inc.			2,160			32,357
Pebblebrook Hotel Trust			2,460			33,825
PennyMac Mortgage Investment Trust			1,720			23,650
Retail Opportunity Investments Corp.			372			4,624
RLJ Lodging Trust			8,580			82,625
Ryman Hospitality Properties, Inc.			1,817			181,446
Sabra Health Care REIT, Inc.			5,818			89,597
Saul Centers, Inc.			1,090			40,079
Seritage Growth Properties - Class A(a)			3,820			17,839
SL Green Realty Corp.(c)			270			15,293
STAG Industrial, Inc.			782			28,199
The Macerich Co.			2,359			36,423
TPG RE Finance Trust, Inc.			6,380			55,123
Two Harbors Investment Corp.			392			5,178
Uniti Group, Inc.			941			2,748
Urban Edge Properties			1,417			26,172
Xenia Hotels & Resorts, Inc.			4,366			62,565
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,514,064)						1,621,011

			Shares			Value
CLOSED END FUND - 0.0%(d)
NewtekOne, Inc.			670			$   8,422
TOTAL CLOSED END FUND (Cost $8,900)						8,422
TOTAL INVESTMENTS - 99.0% (Cost $20,406,516)						$24,498,018
Money Market Deposit Account - 1.3%(e)(f)						333,041
Liabilities in Excess of Other Assets - (0.3)%						(86,443)
TOTAL NET ASSETS - 100.0%						$24,744,616

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AMBAC American Municipal Bond Assurance Corporation

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)
Non-income producing security.

(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $79,178 which represented 0.3% of net assets.

(d)
Represents less than 0.05% of net assets.

(e)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(f)
All or a portion of this deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $78,762.

The accompanying notes are an integral part of these financial statements.

34

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 95.7%
Communication Services - 8.6%
Alphabet, Inc. - Class A			29,507			$ 5,374,700
Alphabet, Inc. - Class C			26,506			4,861,731
AMC Networks, Inc. - Class A(a)			231			2,231
Anterix, Inc.(a)			141			5,582
AT&T, Inc.			35,908			686,202
Atlanta Braves Holdings, Inc. - Class A(a)			99			4,092
Atlanta Braves Holdings, Inc. - Class C(a)			231			9,111
Bandwidth, Inc. - Class A(a)			117			1,975
Boston Omaha Corp. - Class A(a)			206			2,773
Bumble, Inc. - Class A(a)			510			5,360
Cable One, Inc.			20			7,080
Cardlytics, Inc.(a)			26			213
Cargurus, Inc.(a)			753			19,729
Cars.com, Inc.(a)			215			4,236
Charter Communications, Inc. - Class A(a)			495			147,985
Cinemark Holdings, Inc.(a)			460			9,945
Cogent Communications Holdings, Inc.			234			13,207
Comcast Corp. - Class A			19,764			773,958
EchoStar Corp. - Class A(a)			617			10,989
Electronic Arts, Inc.			1,193			166,221
Endeavor Group Holdings, Inc. - Class A			1,000			27,030
Eventbrite, Inc. - Class A(a)			246			1,191
Fox Corp. - Class A			1,272			43,719
Fox Corp. - Class B			708			22,670
Frontier Communications Parent, Inc.(a)			904			23,667
Getty Images Holdings, Inc.(a)			1,251			4,078
Gogo, Inc.(a)			386			3,713
Gray Television, Inc.			252			1,310
IAC, Inc.(a)			349			16,351
IDT Corp. - Class B			119			4,274
Interpublic Group of Cos., Inc.			1,947			56,638
Iridium Communications, Inc.			606			16,132
John Wiley & Sons, Inc. - Class A			200			8,140
Liberty Broadband Corp. - Class A(a)			85			4,641
Liberty Broadband Corp. - Class C(a)			597			32,728
Liberty Broadband, Inc. - Class C(a)(b)			411			0
Liberty Global Ltd. - Class A(a)			829			14,449
Liberty Global Ltd. - Class C(a)			925			16,511
Liberty Latin America Ltd. - Class C(a)			634			6,099
Liberty Media Corp.- Liberty Formula One - Class C(a)(c)			999			71,768
Liberty Media Corp.-Liberty Formula One - Class A(a)			111			7,130

			Shares			Value
Liberty Media Corp.-Liberty Live - Class A(a)			95			$    3,563
Liberty Media Corp.-Liberty Live - Class C(a)			313			11,979
Liberty Media Corp.-Liberty SiriusXM(a)			935			20,720
Liberty Media Corp.-Liberty SiriusXM(a)			452			10,012
Lions Gate Entertainment Corp. - Class A(a)			399			3,759
Lions Gate Entertainment Corp. - Class B(a)			784			6,719
Live Nation Entertainment, Inc.(a)			703			65,899
Madison Square Garden Entertainment Corp.(a)			192			6,572
Madison Square Garden Sports Corp.(a)			93			17,496
Magnite, Inc.(a)			700			9,303
Match Group, Inc.(a)			1,360			41,317
Meta Platforms, Inc. - Class A			11,022			5,557,513
Netflix, Inc.(a)			2,162			1,459,091
News Corp. - Class A			1,983			54,671
News Corp. - Class B			576			16,353
Nexstar Media Group, Inc.			140			23,241
Omnicom Group, Inc.			992			88,982
Paramount Global - Class B			3,398			35,305
Pinterest, Inc. - Class A(a)			3,330			146,753
PubMatic, Inc. - Class A(a)			268			5,443
QuinStreet, Inc.(a)			121			2,007
ROBLOX Corp. - Class A(a)			2,643			98,346
Roku, Inc.(a)			706			42,311
Rumble, Inc.(a)			175			971
Scholastic Corp.			152			5,391
Shenandoah Telecommunications Co.			300			4,899
Shutterstock, Inc.			122			4,721
Sinclair, Inc.			166			2,213
Snap, Inc. - Class A(a)			5,395			89,611
Sphere Entertainment Co.(a)			192			6,732
Stagwell, Inc.(a)			683			4,658
Taboola.com Ltd.(a)			877			3,017
Take-Two Interactive Software, Inc.(a)			783			121,749
TechTarget, Inc.(a)			144			4,488
TEGNA, Inc.			917			12,783
Telephone and Data Systems, Inc.			391			8,105
The EW Scripps Co. - Class A(a)			175			550
The Marcus Corp.			100			1,137
The New York Times Co. - Class A			782			40,046
The Trade Desk, Inc. - Class A(a)			2,214			216,241
The Walt Disney Co.			9,212			914,659
Thryv Holdings, Inc.(a)			239			4,259
TKO Group Holdings, Inc.			212			22,894
T-Mobile US, Inc.			2,400			422,832

The accompanying notes are an integral part of these financial statements.

35

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Communication Services - (Continued)
TripAdvisor, Inc.(a)			616			$   10,971
United States Cellular Corp.(a)			114			6,363
Verizon Communications, Inc.			21,122			871,071
Vimeo, Inc.(a)			1,060			3,954
Warner Bros Discovery, Inc.(a)			11,965			89,020
Warner Music Group Corp. - Class A			618			18,942
WideOpenWest, Inc.(a)			194			1,050
Yelp, Inc.(a)			351			12,969
Ziff Davis, Inc.(a)			258			14,203
ZipRecruiter, Inc. - Class A(a)			326			2,963
ZoomInfo Technologies, Inc.(a)			1,580			20,177
						23,160,553
Consumer Discretionary - 9.9%
Abercrombie & Fitch Co. - Class A(a)			248			44,104
Academy Sports & Outdoors, Inc.			357			19,010
Accel Entertainment, Inc.(a)			75			770
Acushnet Holdings Corp.			172			10,919
Adient PLC(a)			490			12,108
ADT, Inc.			1,375			10,450
Adtalem Global Education, Inc.(a)			183			12,482
Advance Auto Parts, Inc.			314			19,886
Airbnb, Inc. - Class A(a)			2,102			318,726
Amazon.com, Inc.(a)			46,407			8,968,153
American Axle & Manufacturing Holdings, Inc.(a)			626			4,376
American Eagle Outfitters, Inc.			873			17,425
Aramark			1,263			42,967
Arhaus, Inc.			360			6,098
Arko Corp.			521			3,267
Asbury Automotive Group, Inc.(a)			103			23,471
Autoliv, Inc.			416			44,508
AutoNation, Inc.(a)			152			24,226
AutoZone, Inc.(a)			86			254,913
Bally’s Corp.(a)			172			2,059
Bath & Body Works, Inc.			1,145			44,712
Beazer Homes USA, Inc.(a)			200			5,496
Best Buy Co., Inc.			1,003			84,543
Beyond, Inc.(a)			240			3,139
Big Lots, Inc.(a)(c)			200			346
BJ’s Restaurants, Inc.(a)			68			2,360
Bloomin’ Brands, Inc.			357			6,865
Booking Holdings, Inc.			170			673,455
Boot Barn Holdings, Inc.(a)			154			19,855
BorgWarner, Inc.			1,062			34,239
Bowlero Corp.(c)			519			7,520
Boyd Gaming Corp.			387			21,324
Bright Horizons Family Solutions, Inc.(a)			300			33,024
Brinker International, Inc.(a)			175			12,668
Brunswick Corp.			364			26,488

			Shares			Value
Burlington Stores, Inc.(a)			324			$   77,760
Caesars Entertainment, Inc.(a)			1,221			48,523
Caleres, Inc.			186			6,250
Camping World Holdings, Inc. - Class A			203			3,626
CarMax, Inc.(a)			815			59,772
Carnival Corp.(a)			5,572			104,308
Carter’s, Inc.			172			10,659
Carvana Co.(a)			484			62,300
Cava Group, Inc.(a)			414			38,399
Cavco Industries, Inc.(a)			45			15,578
Century Communities, Inc.			128			10,452
Chegg, Inc.(a)			740			2,338
Chewy, Inc. - Class A(a)			496			13,511
Chipotle Mexican Grill, Inc.(a)			6,800			426,020
Choice Hotels International, Inc.(c)			158			18,802
Churchill Downs, Inc.			332			46,347
Chuy’s Holdings, Inc.(a)			145			3,758
Columbia Sportswear Co.			163			12,890
Coupang, Inc.(a)			5,877			123,123
Coursera, Inc.(a)			645			4,618
Cracker Barrel Old Country Store, Inc.			93			3,921
Crocs, Inc.(a)			270			39,404
Dana, Inc.			900			10,908
Darden Restaurants, Inc.			610			92,305
Dave & Buster’s Entertainment, Inc.(a)			222			8,838
Deckers Outdoor Corp.(a)			130			125,834
Denny’s Corp.(a)			90			639
Designer Brands, Inc. - Class A			303			2,070
Dick’s Sporting Goods, Inc.			297			63,810
Dillard’s, Inc. - Class A(c)			38			16,735
Dine Brands Global, Inc.			78			2,824
Domino’s Pizza, Inc.			175			90,358
DoorDash, Inc. - Class A(a)			1,453			158,057
Dorman Products, Inc.(a)			131			11,984
DR Horton, Inc.			1,486			209,422
DraftKings, Inc. - Class A(a)			2,482			94,738
Dream Finders Homes, Inc. - Class A(a)			193			4,983
Duolingo, Inc.(a)			181			37,769
Dutch Bros, Inc. - Class A(a)			295			12,213
eBay, Inc.			2,568			137,953
Ethan Allen Interiors, Inc.			52			1,450
Etsy, Inc.(a)			610			35,978
European Wax Center, Inc. - Class A(a)			33			328
Everi Holdings, Inc.(a)			548			4,603
Expedia Group, Inc.(a)			653			82,271
Figs, Inc. - Class A(a)			673			3,587
First Watch Restaurant Group, Inc.(a)			195			3,424
Five Below, Inc.(a)			284			30,947

The accompanying notes are an integral part of these financial statements.

36

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Consumer Discretionary - (Continued)
Floor & Decor Holdings, Inc. - Class A(a)			522			$   51,892
Foot Locker, Inc.			475			11,837
Ford Motor Co.			19,930			249,922
Fox Factory Holding Corp.(a)			225			10,843
Frontdoor, Inc.(a)			358			12,097
Funko, Inc. - Class A(a)			237			2,313
GameStop Corp. - Class A(a)(c)			1,424			35,159
General Motors Co.			6,014			279,410
Gentex Corp.			1,120			37,755
Gentherm, Inc.(a)			127			6,264
Genuine Parts Co.			706			97,654
G-III Apparel Group Ltd.(a)			165			4,467
Golden Entertainment, Inc.			100			3,111
Graham Holdings Co. - Class B			20			13,991
Grand Canyon Education, Inc.(a)			139			19,447
Green Brick Partners, Inc.(a)			259			14,825
Group 1 Automotive, Inc.			70			20,810
Guess?, Inc.(c)			138			2,815
H&R Block, Inc.			749			40,618
Hanesbrands, Inc.(a)			1,393			6,867
Harley-Davidson, Inc.			651			21,835
Hasbro, Inc.			672			39,312
Haverty Furniture Cos., Inc.			125			3,161
Helen of Troy Ltd.(a)			127			11,778
Hibbett, Inc.			91			7,936
Hilton Grand Vacations, Inc.(a)			346			13,989
Hilton Worldwide Holdings, Inc.			1,241			270,786
Hovnanian Enterprises, Inc. - Class A(a)			25			3,548
Hyatt Hotels Corp. - Class A			214			32,511
Installed Building Products, Inc.			125			25,710
iRobot Corp.(a)(c)			167			1,521
Jack in the Box, Inc.			88			4,483
KB Home			375			26,318
Kohl’s Corp.			555			12,759
Kontoor Brands, Inc.			268			17,728
Krispy Kreme, Inc.			424			4,562
Kura Sushi USA, Inc. - Class A(a)			3			189
Las Vegas Sands Corp.			2,236			98,943
Laureate Education, Inc.			494			7,380
La-Z-Boy, Inc.			228			8,500
LCI Industries			109			11,268
Lear Corp.			261			29,809
Leggett & Platt, Inc.			706			8,091
Lennar Corp. - Class A			1,202			180,144
Leslie’s, Inc.(a)			854			3,578
Levi Strauss & Co. - Class A			499			9,621
LGI Homes, Inc.(a)			109			9,754
Life Time Group Holdings, Inc.(a)			332			6,252
Light & Wonder, Inc. - Class A(a)			438			45,937
Lithia Motors, Inc.			140			35,343

			Shares			Value
LKQ Corp.			1,351			$   56,188
Lowe’s Cos., Inc.			2,887			636,468
Lululemon Athletica, Inc.(a)			560			167,272
M/I Homes, Inc.(a)			144			17,588
Macy’s, Inc.			1,219			23,405
Malibu Boats, Inc. - Class A(a)			86			3,013
MarineMax, Inc.(a)			165			5,341
Marriott International, Inc. - Class A			1,219			294,718
Marriott Vacations Worldwide Corp.			155			13,535
Mattel, Inc.(a)			1,652			26,862
McDonald’s Corp.			3,627			924,305
Meritage Homes Corp.			171			27,676
MGM Resorts International(a)			1,269			56,394
Mister Car Wash, Inc.(a)			341			2,428
Modine Manufacturing Co.(a)			287			28,755
Mohawk Industries, Inc.(a)			266			30,215
Monarch Casino & Resort, Inc.			82			5,587
Monro, Inc.			167			3,985
Murphy USA, Inc.			96			45,068
National Vision Holdings, Inc.(a)			396			5,184
Newell Brands, Inc.			2,053			13,160
NIKE, Inc. - Class B			5,911			445,512
Nordstrom, Inc.			386			8,191
Norwegian Cruise Line Holdings Ltd.(a)			2,074			38,970
NVR, Inc.(a)			15			113,828
ODP Corp.(a)			176			6,912
Ollie’s Bargain Outlet Holdings, Inc.(a)			289			28,371
O’Reilly Automotive, Inc.(a)			294			310,482
Oxford Industries, Inc.			60			6,009
Papa John’s International, Inc.			173			8,128
Patrick Industries, Inc.			123			13,352
Peloton Interactive, Inc. - Class A(a)			2,543			8,595
Penn Entertainment, Inc.(a)			842			16,297
Penske Automotive Group, Inc.			102			15,200
Perdoceo Education Corp.			208			4,455
Phinia, Inc.			219			8,620
Planet Fitness, Inc. - Class A(a)			440			32,380
Polaris, Inc.			291			22,788
Pool Corp.			190			58,393
Portillo’s, Inc. - Class A(a)			238			2,313
PulteGroup, Inc.			1,048			115,385
PVH Corp.			315			33,349
QuantumScape Corp.(a)(c)			2,099			10,327
Ralph Lauren Corp.			196			34,312
RCI Hospitality Holdings, Inc.			72			3,136
Red Rock Resorts, Inc. - Class A			263			14,447
Revolve Group, Inc.(a)			216			3,437
RH(a)			69			16,866
Rivian Automotive, Inc. - Class A(a)(c)			3,586			48,124
Ross Stores, Inc.			1,679			243,992
Royal Caribbean Cruises Ltd.(a)			1,196			190,678

The accompanying notes are an integral part of these financial statements.

37

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Consumer Discretionary - (Continued)
Sally Beauty Holdings, Inc.(a)			700			$    7,511
Savers Value Village, Inc.(a)			813			9,951
SeaWorld Entertainment, Inc.(a)			355			19,280
Service Corp. International			729			51,854
Shake Shack, Inc. - Class A(a)			200			18,000
SharkNinja, Inc.			266			19,990
Shoe Carnival, Inc.			120			4,427
Signet Jewelers Ltd.			218			19,528
Six Flags Entertainment Corp.(a)			327			10,837
Skechers USA, Inc. - Class A(a)			709			49,006
Skyline Champion Corp.(a)			304			20,596
Sleep Number Corp.(a)			90			861
Sonic Automotive, Inc. - Class A			30			1,634
Sonos, Inc.(a)			508			7,498
Standard Motor Products, Inc.			43			1,192
Starbucks Corp.			5,541			431,367
Steven Madden Ltd.			349			14,763
Stoneridge, Inc.(a)			18			287
Strategic Education, Inc.			109			12,062
Stride, Inc.(a)			186			13,113
Sturm Ruger & Co., Inc.			93			3,873
Sweetgreen, Inc. - Class A(a)			430			12,960
Tapestry, Inc.			1,107			47,369
Taylor Morrison Home Corp.(a)			532			29,494
Tempur Sealy International, Inc.			859			40,665
Tesla, Inc.(a)			13,973			2,764,977
Texas Roadhouse, Inc.			332			57,008
The Aaron’s Co., Inc.			200			1,996
The Buckle, Inc.			161			5,947
The Cheesecake Factory, Inc.			300			11,787
The Gap, Inc.			1,034			24,702
The Goodyear Tire & Rubber Co.(a)			1,558			17,683
The Home Depot, Inc.			4,989			1,717,413
The TJX Cos., Inc.			5,720			629,772
The Wendy’s Co.			881			14,942
Thor Industries, Inc.			240			22,428
Toll Brothers, Inc.			540			62,197
TopBuild Corp.(a)			162			62,414
Topgolf Callaway Brands Corp.(a)			650			9,945
Tractor Supply Co.			548			147,960
Travel + Leisure Co.			382			17,182
Tri Pointe Homes, Inc.(a)			522			19,445
Udemy, Inc.(a)			372			3,210
Ulta Beauty, Inc.(a)			246			94,924
Under Armour, Inc. - Class A(a)			706			4,709
Under Armour, Inc. - Class C(a)			595			3,885
Universal Technical Institute, Inc.(a)			300			4,719
Upbound Group, Inc.			194			5,956
Urban Outfitters, Inc.(a)			277			11,371
Vail Resorts, Inc.			197			35,486
Valvoline, Inc.(a)			693			29,938
VF Corp.			1,979			26,717

			Shares			Value
Victoria’s Secret & Co.(a)			336			$    5,937
Vista Outdoor, Inc.(a)			212			7,982
Visteon Corp.(a)			149			15,898
Vizio Holding Corp. - Class A(a)(c)			594			6,415
Warby Parker, Inc. - Class A(a)			541			8,688
Wayfair, Inc. - Class A(a)			501			26,418
Whirlpool Corp.			272			27,798
Williams-Sonoma, Inc.			297			83,864
Wingstop, Inc.			142			60,018
Winmark Corp.			20			7,053
Winnebago Industries, Inc.			175			9,485
Wolverine World Wide, Inc.			533			7,206
Worthington Enterprises, Inc.			191			9,040
Wyndham Hotels & Resorts, Inc.			437			32,338
Wynn Resorts Ltd.			546			48,867
XPEL, Inc.(a)			88			3,129
YETI Holdings, Inc.(a)			494			18,846
Yum! Brands, Inc.			1,413			187,166
						26,540,157
Consumer Staples - 5.4%
Albertsons Cos., Inc. - Class A			1,508			29,783
Altria Group, Inc.			8,851			403,163
Archer-Daniels-Midland Co.			2,662			160,918
B&G Foods, Inc.			250			2,020
BellRing Brands, Inc.(a)			626			35,770
Beyond Meat, Inc.(a)(c)			390			2,617
BJ’s Wholesale Club Holdings, Inc.(a)			651			57,184
Brown-Forman Corp. - Class B			1,547			66,815
Bunge Global SA			756			80,718
Calavo Growers, Inc.			158			3,587
Cal-Maine Foods, Inc.			201			12,283
Campbell Soup Co.			969			43,789
Casey’s General Stores, Inc.			186			70,970
Celsius Holdings, Inc.(a)			810			46,243
Central Garden & Pet Co. - Class A(a)			206			6,804
Church & Dwight Co., Inc.			1,230			127,526
Coca-Cola Consolidated, Inc.			28			30,380
Colgate-Palmolive Co.			4,122			399,999
Conagra Brands, Inc.			2,366			67,242
Constellation Brands, Inc. - Class A			851			218,945
Costco Wholesale Corp.			2,219			1,886,128
Coty, Inc. - Class A(a)			1,605			16,082
Darling Ingredients, Inc.(a)			753			27,673
Dole PLC			419			5,129
Dollar General Corp.			1,112			147,040
Dollar Tree, Inc.(a)			1,115			119,049
Edgewell Personal Care Co.			275			11,052
elf Beauty, Inc.(a)			257			54,155
Energizer Holdings, Inc.			355			10,487
Flowers Foods, Inc.			1,066			23,665
Fresh Del Monte Produce, Inc.			69			1,508
Freshpet, Inc.(a)			222			28,725

The accompanying notes are an integral part of these financial statements.

38

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Consumer Staples - (Continued)
General Mills, Inc.			2,845			$   179,975
Grocery Outlet Holding Corp.(a)			407			9,003
Herbalife Ltd.(a)			328			3,408
Hormel Foods Corp.			1,413			43,082
Ingles Markets, Inc. - Class A			56			3,842
Ingredion, Inc.			309			35,442
Inter Parfums, Inc.			111			12,879
J & J Snack Foods Corp.			84			13,639
John B Sanfilippo & Son, Inc.			24			2,332
Kellanova			1,467			84,617
Kenvue, Inc.			7,783			141,495
Keurig Dr Pepper, Inc.			4,989			166,633
Kimberly-Clark Corp.			1,684			232,729
Lamb Weston Holdings, Inc.			739			62,135
Lancaster Colony Corp.			91			17,196
Maplebear, Inc.(a)			603			19,380
McCormick & Co., Inc.			1,277			90,590
Medifast, Inc.			73			1,593
MGP Ingredients, Inc.			71			5,282
Mission Produce, Inc.(a)			336			3,320
Molson Coors Beverage Co. - Class B			963			48,949
Mondelez International, Inc. - Class A			6,754			441,982
Monster Beverage Corp.(a)			3,799			189,760
National Beverage Corp.(c)			92			4,714
Nu Skin Enterprises, Inc. - Class A			325			3,425
PepsiCo, Inc.			6,884			1,135,378
Performance Food Group Co.(a)			763			50,442
Philip Morris International, Inc.			7,787			789,057
Pilgrim’s Pride Corp.(a)			231			8,891
Post Holdings, Inc.(a)			291			30,311
PriceSmart, Inc.			115			9,338
Reynolds Consumer Products, Inc.			328			9,177
Seaboard Corp.			1			3,161
SpartanNash Co.			169			3,170
Spectrum Brands Holdings, Inc.			158			13,577
Sprouts Farmers Market, Inc.(a)			544			45,511
SunOpta, Inc.(a)			1,100			5,940
Sysco Corp.			2,459			175,548
Target Corp.			2,333			345,377
The Andersons, Inc.			195			9,672
The Boston Beer Co., Inc. - Class A(a)			50			15,252
The Chefs’ Warehouse, Inc.(a)			129			5,045
The Clorox Co.			616			84,065
The Coca-Cola Co.			21,534			1,370,639
The Duckhorn Portfolio, Inc.(a)			229			1,626
The Estee Lauder Cos., Inc. - Class A			1,163			123,743
The Hain Celestial Group, Inc.(a)			600			4,146
The Hershey Co.			755			138,792

			Shares			Value
The J M Smucker Co.			525			$   57,246
The Kraft Heinz Co.			6,069			195,543
The Kroger Co.			3,601			179,798
The Procter & Gamble Co.			11,819			1,949,189
The Simply Good Foods Co.(a)			418			15,102
The Vita Coco Co., Inc.(a)			205			5,709
Tootsie Roll Industries, Inc.			26			801
TreeHouse Foods, Inc.(a)			298			10,919
Tyson Foods, Inc. - Class A			1,402			80,110
United Natural Foods, Inc.(a)			297			3,891
Universal Corp.			109			5,253
US Foods Holding Corp.(a)			1,262			66,861
USANA Health Sciences, Inc.(a)			87			3,936
Utz Brands, Inc.			259			4,310
Vector Group Ltd.			529			5,592
Vital Farms, Inc.(a)			216			10,102
Walgreens Boots Alliance, Inc.			3,650			44,147
Walmart, Inc.			21,456			1,452,786
WD-40 Co.			72			15,814
Weis Markets, Inc.			68			4,268
WK Kellogg Co.			419			6,897
						14,510,983
Energy - 3.8%
Antero Midstream Corp.			1,528			22,523
Antero Resources Corp.(a)			1,436			46,857
APA Corp.			1,812			53,345
Archrock, Inc.			633			12,799
Ardmore Shipping Corp.			262			5,903
Atlas Energy Solutions, Inc.			280			5,580
Baker Hughes Co.			4,978			175,076
Berry Corp.			667			4,309
Bristow Group, Inc.(a)			100			3,353
Cactus, Inc. - Class A			322			16,982
California Resources Corp.			314			16,711
Centrus Energy Corp. - Class A(a)			99			4,232
ChampionX Corp.			915			30,387
Cheniere Energy, Inc.			1,067			186,544
Chesapeake Energy Corp.(c)			495			40,684
Chevron Corp.			9,331			1,459,555
Chord Energy Corp.			209			35,045
Civitas Resources, Inc.			388			26,772
CNX Resources Corp.(a)			862			20,947
Comstock Resources, Inc.			349			3,623
ConocoPhillips			5,907			675,643
CONSOL Energy, Inc.			151			15,407
Core Laboratories, Inc.			251			5,093
Coterra Energy, Inc.			3,761			100,306
Crescent Energy Co. - Class A			315			3,733
CVR Energy, Inc.			539			14,429
Delek US Holdings, Inc.			301			7,453
Devon Energy Corp.			3,139			148,789
Diamond Offshore Drilling, Inc.(a)			459			7,110
Diamondback Energy, Inc.			892			178,569

The accompanying notes are an integral part of these financial statements.

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Energy - (Continued)
Dorian LPG Ltd.			219			$    9,189
Dril-Quip, Inc.(a)			145			2,697
DT Midstream, Inc.			511			36,296
Encore Energy Corp.(a)			1,030			4,058
EOG Resources, Inc.			2,903			365,401
EQT Corp.			1,568			57,985
Equitrans Midstream Corp.			2,321			30,127
Excelerate Energy, Inc. - Class A			203			3,743
Expro Group Holdings NV(a)			554			12,698
Exxon Mobil Corp.			23,233			2,674,583
Green Plains, Inc.(a)			300			4,758
Gulfport Energy Corp.(a)			95			14,345
Halliburton Co.			4,405			148,801
Helix Energy Solutions Group, Inc.(a)			525			6,268
Helmerich & Payne, Inc.			437			15,793
Hess Corp.			1,400			206,528
HF Sinclair Corp.			802			42,779
International Seaways, Inc.			208			12,299
Kinder Morgan, Inc.			9,725			193,236
Kinetik Holdings, Inc.			131			5,429
KLX Energy Services Holdings, Inc.(a)			66			327
Kosmos Energy Ltd.(a)			2,396			13,274
Liberty Energy, Inc.			843			17,610
Magnolia Oil & Gas Corp. - Class A			901			22,831
Marathon Oil Corp.			2,979			85,408
Marathon Petroleum Corp.			1,812			314,346
Matador Resources Co.			583			34,747
Murphy Oil Corp.			792			32,662
Nabors Industries Ltd.(a)			48			3,416
New Fortress Energy, Inc.			540			11,869
Newpark Resources, Inc.(a)			729			6,058
NextDecade Corp.(a)			760			6,034
Northern Oil and Gas, Inc.			500			18,585
NOV, Inc.			2,086			39,655
Occidental Petroleum Corp.			4,386			276,450
Oceaneering International, Inc.(a)			527			12,469
ONEOK, Inc.			2,952			240,736
Ovintiv, Inc.			1,258			58,962
Par Pacific Holdings, Inc.(a)			350			8,837
Patterson-UTI Energy, Inc.			1,757			18,203
PBF Energy, Inc. - Class A			558			25,679
Peabody Energy Corp.			733			16,214
Permian Resources Corp.			1,748			28,230
Phillips 66			2,145			302,810
ProPetro Holding Corp.(a)			504			4,370
Range Resources Corp.			1,174			39,364
REX American Resources Corp.(a)			114			5,197
RPC, Inc.			625			3,906
Schlumberger NV			7,218			340,545

			Shares			Value
Select Water Solutions, Inc.			615			$    6,580
SFL Corp. Ltd.			575			7,981
SilverBow Resources, Inc.(a)			163			6,166
Sitio Royalties Corp. - Class A			319			7,532
SM Energy Co.			630			27,235
Southwestern Energy Co.(a)			5,040			33,919
Talos Energy, Inc.(a)			634			7,703
Targa Resources Corp.			1,074			138,310
Teekay Corp.(a)			486			4,359
TETRA Technologies, Inc.(a)			1,079			3,733
Texas Pacific Land Corp.			112			82,238
The Williams Cos., Inc.			6,063			257,677
Tidewater, Inc.(a)			230			21,898
Uranium Energy Corp.(a)			1,873			11,257
US Silica Holdings, Inc.(a)			456			7,045
Valaris Ltd.(a)			351			26,150
Valero Energy Corp.			1,541			241,567
Viper Energy, Inc.			406			15,237
Vital Energy, Inc.(a)			85			3,810
Vitesse Energy, Inc.			10			237
Weatherford International PLC(a)			360			44,082
World Kinect Corp.			203			5,237
						10,123,519
Financials - 12.4%
1st Source Corp.			103			5,523
Affiliated Managers Group, Inc.			160			24,997
Affirm Holdings, Inc.(a)			1,318			39,817
Aflac, Inc.			2,613			233,367
Ally Financial, Inc.			2,202			87,353
AlTi Global, Inc.(a)			141			735
A-Mark Precious Metals, Inc.			160			5,179
Ambac Financial Group, Inc.(a)			148			1,897
Amerant Bancorp, Inc.			194			4,404
American Express Co.			3,633			841,221
American Financial Group, Inc.			395			48,593
American International Group, Inc.			3,414			253,455
Ameriprise Financial, Inc.			502			214,449
Ameris Bancorp			300			15,105
AMERISAFE, Inc.			107			4,696
Aon PLC - Class A			984			288,883
Apollo Global Management, Inc.			2,556			301,787
Arch Capital Group Ltd.(a)			1,831			184,730
Arthur J Gallagher & Co.			1,081			280,314
Artisan Partners Asset Management, Inc. - Class A			815			33,635
AssetMark Financial Holdings, Inc.(a)			202			6,979
Associated Banc-Corp.			670			14,170
Assurant, Inc.			258			42,892
Assured Guaranty Ltd.			274			21,139
Atlantic Union Bankshares Corp.			613			20,137
Atlanticus Holdings Corp.(a)			228			6,425
AvidXchange Holdings, Inc.(a)			2,090			25,205

The accompanying notes are an integral part of these financial statements.

40

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
Axis Capital Holdings Ltd.			380			$   26,847
Axos Financial, Inc.(a)			270			15,430
B Riley Financial, Inc.(c)			48			847
Banc of California, Inc.			801			10,237
BancFirst Corp.			115			10,085
Banco Latinoamericano de Comercio Exterior SA			226			6,705
Bank First Corp.			22			1,817
Bank of America Corp.			39,903			1,586,942
Bank of Hawaii Corp.			217			12,415
Bank of New York Mellon Corp.			4,740			283,879
Bank of NT Butterfield & Son Ltd.			250			8,780
Bank OZK			548			22,468
BankUnited, Inc.			414			12,118
Banner Corp.			180			8,935
Berkshire Hathaway, Inc. - Class A(a)			1			612,241
Berkshire Hathaway, Inc. - Class B(a)			6,552			2,665,354
Berkshire Hills Bancorp, Inc.			300			6,840
BGC Group, Inc. - Class A			1,563			12,973
BlackRock, Inc.			736			579,468
Block, Inc.(a)			2,803			180,765
Blue Owl Capital, Inc. - Class A			2,332			41,393
BOK Financial Corp.			119			10,905
Bread Financial Holdings, Inc.			303			13,502
Brighthouse Financial, Inc.(a)			294			12,742
Brookfield Asset Management Ltd.			164			6,240
Brookline Bancorp, Inc.			500			4,175
Brown & Brown, Inc.			1,180			105,504
BRP Group, Inc. - Class A(a)			317			11,244
Business First Bancshares, Inc.			30			653
Byline Bancorp, Inc.			146			3,466
Cadence Bank			846			23,925
Cambridge Bancorp			61			4,209
Camden National Corp.			115			3,795
Cannae Holdings, Inc.			369			6,694
Cantaloupe, Inc.(a)			2,223			14,672
Capital One Financial Corp.			1,894			262,224
Capitol Federal Financial, Inc.			420			2,306
Cass Information Systems, Inc.			101			4,047
Cathay General Bancorp			343			12,938
Cboe Global Markets, Inc.			511			86,901
Central Pacific Financial Corp.			231			4,897
Cincinnati Financial Corp.			1,238			146,208
Citigroup, Inc.			9,872			626,477
Citizens Financial Group, Inc.			2,319			83,554
City Holding Co.			74			7,862
Claros Mortgage Trust, Inc.			652			5,229
CME Group, Inc.			1,814			356,632
CNO Financial Group, Inc.			601			16,660
Cohen & Steers, Inc.			133			9,650

			Shares			Value
Coinbase Global, Inc. - Class A(a)			866			$   192,451
Columbia Banking System, Inc.			976			19,413
Columbia Financial, Inc.(a)			232			3,473
Comerica, Inc.			673			34,350
Commerce Bancshares, Inc.			604			33,691
Community Bank System, Inc.			299			14,116
Community Trust Bancorp, Inc.			110			4,803
ConnectOne Bancorp, Inc.			180			3,400
Consumer Portfolio Services, Inc.(a)(c)			738			7,232
Corebridge Financial, Inc.(c)			1,233			35,905
Corpay, Inc.(a)			337			89,780
Crawford & Co. - Class A			75			648
Credit Acceptance Corp.(a)			40			20,587
CrossFirst Bankshares, Inc.(a)			82			1,150
Cullen/Frost Bankers, Inc.			304			30,896
Customers Bancorp, Inc.(a)			121			5,806
CVB Financial Corp.			789			13,602
Diamond Hill Investment Group, Inc.			61			8,586
Dime Community Bancshares, Inc.			140			2,856
Discover Financial Services			1,236			161,681
Donnelley Financial Solutions, Inc.(a)			159			9,480
Eagle Bancorp, Inc.			194			3,667
East West Bancorp, Inc.			687			50,309
Eastern Bankshares, Inc.			662			9,255
eHealth, Inc.(a)			175			793
Employers Holdings, Inc.			179			7,631
Enact Holdings, Inc.			212			6,500
Encore Capital Group, Inc.(a)			154			6,426
Enova International, Inc.(a)			136			8,466
Enstar Group Ltd.(a)			57			17,425
Enterprise Financial Services Corp.			202			8,264
Equitable Holdings, Inc.			1,634			66,765
Erie Indemnity Co. - Class A			123			44,575
Euronet Worldwide, Inc.(a)			307			31,774
Evercore, Inc. - Class A			179			37,309
Everest Group Ltd.			170			64,773
EZCORP, Inc. - Class A(a)			424			4,439
F&G Annuities & Life, Inc.			635			24,162
FactSet Research Systems, Inc.			194			79,204
Farmers National Banc Corp.			315			3,934
FB Financial Corp.			189			7,377
Federal Agricultural Mortgage Corp. - Class C			49			8,860
Federated Hermes, Inc. - Class B			481			15,815
Fidelity National Financial, Inc.			1,842			91,032
Fidelity National Information Services, Inc.			2,889			217,715
Fifth Third Bancorp			3,450			125,890
First American Financial Corp.			527			28,432
First BanCorp/Puerto Rico			978			17,888
First Bancorp/Southern Pines NC			156			4,980

The accompanying notes are an integral part of these financial statements.

41

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
First Busey Corp.			325			$    7,868
First Citizens BancShares, Inc. - Class A			56			94,282
First Commonwealth Financial Corp.			429			5,924
First Community Bankshares, Inc.			51			1,879
First Financial Bancorp			510			11,332
First Financial Bankshares, Inc.			730			21,557
First Financial Corp.			100			3,688
First Foundation, Inc.			478			3,131
First Hawaiian, Inc.			541			11,231
First Horizon Corp.			2,842			44,818
First Interstate BancSystem, Inc. - Class A			446			12,385
First Merchants Corp.			303			10,087
First Mid Bancshares, Inc.			165			5,425
FirstCash Holdings, Inc.			171			17,934
Fiserv, Inc.(a)			2,945			438,923
Flushing Financial Corp.			249			3,274
Flywire Corp.(a)			607			9,949
FNB Corp.			1,919			26,252
Franklin Resources, Inc.			1,434			32,050
Fulton Financial Corp.			889			15,095
Genworth Financial, Inc. - Class A(a)			2,084			12,587
German American Bancorp, Inc.			80			2,828
Glacier Bancorp, Inc.			550			20,526
Global Payments, Inc.			1,361			131,609
Globe Life, Inc.			466			38,342
Goosehead Insurance, Inc. - Class A(a)			134			7,697
Great Southern Bancorp, Inc.			85			4,727
Green Dot Corp. - Class A(a)			15			142
Hamilton Lane, Inc. - Class A			250			30,895
Hancock Whitney Corp.			401			19,180
Hanmi Financial Corp.(c)			200			3,344
HarborOne Bancorp, Inc.			359			3,996
Hartford Financial Services Group, Inc.			1,466			147,392
HCI Group, Inc.			47			4,332
Heartland Financial USA, Inc.			190			8,445
Heritage Commerce Corp.			466			4,054
Heritage Financial Corp.			184			3,318
Hilltop Holdings, Inc.			306			9,572
Home BancShares, Inc.			950			22,762
HomeStreet, Inc.			165			1,881
Hope Bancorp, Inc.			702			7,539
Horace Mann Educators Corp.			249			8,122
Horizon Bancorp, Inc.			262			3,241
Houlihan Lokey, Inc.			266			35,873
Huntington Bancshares, Inc.			7,149			94,224
I3 Verticals, Inc. - Class A(a)			287			6,337

			Shares			Value
Independent Bank Corp.			244			$   12,376
Independent Bank Corp.			171			4,617
Independent Bank Group, Inc.			190			8,649
Interactive Brokers Group, Inc. - Class A			500			61,300
Intercontinental Exchange, Inc.			2,843			389,178
International Bancshares Corp.			280			16,019
International Money Express, Inc.(a)			206			4,293
Invesco Ltd.			3,438			51,432
Jack Henry & Associates, Inc.			358			59,435
Jackson Financial, Inc. - Class A			376			27,922
Jefferies Financial Group, Inc.			818			40,704
JPMorgan Chase & Co.			14,338			2,900,004
Kearny Financial Corp.			459			2,823
Kemper Corp.			300			17,799
KeyCorp			4,743			67,398
Kinsale Capital Group, Inc.			123			47,389
Lakeland Financial Corp.			98			6,029
Lazard, Inc.			581			22,183
Lemonade, Inc.(a)(c)			362			5,973
LendingClub Corp.(a)			494			4,179
LendingTree, Inc.(a)			183			7,611
Lincoln National Corp.			1,083			33,681
Live Oak Bancshares, Inc.			223			7,818
Loews Corp.			955			71,377
LPL Financial Holdings, Inc.			381			106,413
M&T Bank Corp.			846			128,051
Markel Group, Inc.(a)			94			148,112
MarketAxess Holdings, Inc.			182			36,496
Marqeta, Inc. - Class A(a)			4,580			25,098
Marsh & McLennan Cos., Inc.			2,467			519,846
Mastercard, Inc. - Class A			4,155			1,833,020
Mercantile Bank Corp.			108			4,382
Merchants Bancorp			103			4,176
Mercury General Corp.			82			4,357
MetLife, Inc.			3,035			213,027
Metropolitan Bank Holding Corp.(a)			75			3,157
MGIC Investment Corp.			1,215			26,183
Midland States Bancorp, Inc.			35			793
Moelis & Co. - Class A			332			18,878
Moody’s Corp.			915			385,151
Morgan Stanley			6,299			612,200
Morningstar, Inc.			134			39,644
Mr Cooper Group, Inc.(a)			330			26,806
MSCI, Inc.			416			200,408
Nasdaq, Inc.			1,769			106,600
National Bank Holdings Corp. - Class A			156			6,092
National Western Life Group, Inc. - Class A			12			5,963
Navient Corp.			669			9,741
NBT Bancorp, Inc.			200			7,720

The accompanying notes are an integral part of these financial statements.

42

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
NCR Atleos Corp.(a)			320			$    8,646
Nelnet, Inc. - Class A			73			7,363
NerdWallet, Inc. - Class A(a)			275			4,015
New York Community Bancorp, Inc.(c)			3,476			11,193
Nicolet Bankshares, Inc.			38			3,156
NMI Holdings, Inc. - Class A(a)			394			13,412
Northern Trust Corp.			1,545			129,749
Northfield Bancorp, Inc.			338			3,204
Northwest Bancshares, Inc.			517			5,971
NU Holdings Ltd. - Class A(a)			14,862			191,571
OceanFirst Financial Corp.			100			1,589
OFG Bancorp			211			7,902
Old National Bancorp			1,596			27,435
Old Republic International Corp.			1,283			39,645
Old Second Bancorp, Inc.			369			5,465
OneMain Holdings, Inc.			618			29,967
Open Lending Corp.(a)			1,914			10,680
Origin Bancorp, Inc.			124			3,933
Oscar Health, Inc. - Class A(a)			742			11,738
Pacific Premier Bancorp, Inc.			489			11,232
Pagseguro Digital Ltd. - Class A(a)			1,392			16,272
Palomar Holdings, Inc.(a)			121			9,819
Park National Corp.			87			12,384
Pathward Financial, Inc.			106			5,996
Patria Investments Ltd. - Class A			1,522			18,355
Paymentus Holdings, Inc. - Class A(a)			559			10,621
Payoneer Global, Inc.(a)			3,375			18,697
PayPal Holdings, Inc.(a)			5,338			309,764
Peapack-Gladstone Financial Corp.			140			3,171
PennyMac Financial Services, Inc.			250			23,650
Peoples Bancorp, Inc.			167			5,010
Perella Weinberg Partners			658			10,692
Pinnacle Financial Partners, Inc.			368			29,455
Piper Sandler Cos.			85			19,564
PJT Partners, Inc. - Class A			141			15,215
PNC Financial Services Group, Inc.			1,977			307,384
Popular, Inc.			354			31,304
PRA Group, Inc.(a)			117			2,300
Preferred Bank			74			5,586
Premier Financial Corp.			117			2,394
Primerica, Inc.			171			40,455
Principal Financial Group, Inc.			1,209			94,846
ProAssurance Corp.(a)			230			2,811
PROG Holdings, Inc.			248			8,601
Prosperity Bancshares, Inc.			470			28,736
Provident Financial Services, Inc.			807			11,580
Prudential Financial, Inc.			1,778			208,364
QCR Holdings, Inc.			47			2,820
Radian Group, Inc.			745			23,169

			Shares			Value
Raymond James Financial, Inc.			971			$   120,025
Regions Financial Corp.			4,448			89,138
Reinsurance Group of America, Inc.			333			68,355
Remitly Global, Inc.(a)			643			7,793
RenaissanceRe Holdings Ltd.			260			58,113
Renasant Corp.			251			7,666
Repay Holdings Corp.(a)			1,191			12,577
RLI Corp.			195			27,435
Robinhood Markets, Inc. - Class A(a)			2,372			53,868
Ryan Specialty Holdings, Inc.			502			29,071
S&P Global, Inc.			1,576			702,896
S&T Bancorp, Inc.			187			6,244
Safety Insurance Group, Inc.			96			7,203
Sandy Spring Bancorp, Inc.			166			4,044
Seacoast Banking Corp. of Florida			500			11,820
SEI Investments Co.			512			33,121
Selective Insurance Group, Inc.			300			28,149
ServisFirst Bancshares, Inc.			248			15,671
Shift4 Payments, Inc. - Class A(a)			375			27,506
Simmons First National Corp. - Class A			687			12,077
SiriusPoint Ltd.(a)			408			4,978
Skyward Specialty Insurance Group, Inc.(a)			43			1,556
SLM Corp.			1,100			22,869
Southside Bancshares, Inc.			171			4,721
SouthState Corp.			375			28,658
State Street Corp.			1,506			111,444
Stellar Bancorp, Inc.			376			8,633
StepStone Group, Inc. - Class A			321			14,731
Stewart Information Services Corp.			107			6,643
Stifel Financial Corp.			510			42,917
Stock Yards Bancorp, Inc.			175			8,692
StoneX Group, Inc.(a)			141			10,619
Synchrony Financial			2,046			96,551
Synovus Financial Corp.			727			29,218
T Rowe Price Group, Inc.			1,099			126,726
Texas Capital Bancshares, Inc.(a)			203			12,411
TFS Financial Corp.			156			1,969
The Allstate Corp.			1,312			209,474
The Bancorp, Inc.(a)			267			10,082
The Carlyle Group, Inc.			957			38,424
The Charles Schwab Corp.			8,386			617,964
The First Bancshares, Inc.			141			3,663
The Goldman Sachs Group, Inc.			1,627			735,925
The Hanover Insurance Group, Inc.			187			23,457
The Progressive Corp.			2,935			609,629
The Travelers Cos., Inc.			1,152			234,248
The Western Union Co.			1,755			21,446
Toast, Inc. - Class A(a)			2,672			68,857
Tompkins Financial Corp.			39			1,907
Towne Bank			374			10,199

The accompanying notes are an integral part of these financial statements.

43

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Financials - (Continued)
TPG, Inc.			394			$   16,331
Tradeweb Markets, Inc. - Class A			577			61,162
TriCo Bancshares			215			8,508
Triumph Financial, Inc.(a)			132			10,791
Truist Financial Corp.			7,291			283,255
Trupanion, Inc.(a)(c)			112			3,293
TrustCo Bank Corp. NY			153			4,402
Trustmark Corp.			270			8,111
UMB Financial Corp.			243			20,271
United Bankshares, Inc.			707			22,935
United Community Banks, Inc.			615			15,658
United Fire Group, Inc.			166			3,567
Universal Insurance Holdings, Inc.			258			4,840
Univest Financial Corp.			201			4,589
Unum Group			1,000			51,110
Upstart Holdings, Inc.(a)			613			14,461
US Bancorp			8,874			352,298
UWM Holdings Corp.			603			4,179
Valley National Bancorp			2,390			16,682
Veritex Holdings, Inc.			320			6,749
Victory Capital Holdings, Inc. - Class A			193			9,212
Virtu Financial, Inc. - Class A			531			11,921
Virtus Investment Partners, Inc.			38			8,582
Visa, Inc. - Class A			7,925			2,080,075
Voya Financial, Inc.			464			33,014
W R Berkley Corp.			1,007			79,130
WaFd, Inc.			275			7,860
Walker & Dunlop, Inc.			216			21,211
Washington Trust Bancorp, Inc.			100			2,741
Webster Financial Corp.			897			39,100
Wells Fargo & Co.			17,955			1,066,347
WesBanco, Inc.			350			9,769
Westamerica BanCorp			176			8,541
Western Alliance Bancorp			573			35,996
WEX, Inc.(a)			216			38,262
White Mountains Insurance Group Ltd.			12			21,809
Wintrust Financial Corp.			319			31,441
WisdomTree, Inc.			1,021			10,118
World Acceptance Corp.(a)			17			2,101
WSFS Financial Corp.			274			12,878
Zions Bancorp NA			746			32,354
						33,124,973
Health Care - 11.6%
10X Genomics, Inc. - Class A(a)			700			13,615
4D Molecular Therapeutics, Inc.(a)			637			13,371
89bio, Inc.(a)			264			2,115
Abbott Laboratories			8,646			898,406
AbbVie, Inc.			8,865			1,520,525
Acadia Healthcare Co., Inc.(a)			477			32,217
ACADIA Pharmaceuticals, Inc.(a)			903			14,674

			Shares			Value
Accolade, Inc.(a)			570			$    2,041
ACELYRIN, Inc.(a)			579			2,553
AdaptHealth Corp.(a)			397			3,970
Addus HomeCare Corp.(a)			70			8,128
ADMA Biologics, Inc.(a)			1,139			12,734
Agilent Technologies, Inc.			1,479			191,723
agilon health, Inc.(a)			1,608			10,516
Agios Pharmaceuticals, Inc.(a)			300			12,936
Akero Therapeutics, Inc.(a)			269			6,311
Alector, Inc.(a)			560			2,542
Align Technology, Inc.(a)			344			83,052
Alignment Healthcare, Inc.(a)			664			5,192
Alkermes PLC(a)			883			21,280
Alnylam Pharmaceuticals, Inc.(a)			637			154,791
Alphatec Holdings, Inc.(a)			518			5,413
Altimmune, Inc.(a)			457			3,039
ALX Oncology Holdings, Inc.(a)			109			657
Amedisys, Inc.(a)			151			13,862
Amgen, Inc.			2,687			839,553
Amicus Therapeutics, Inc.(a)			1,252			12,420
AMN Healthcare Services, Inc.(a)			188			9,631
Amneal Pharmaceuticals, Inc.(a)			772			4,902
Amphastar Pharmaceuticals, Inc.(a)			217			8,680
AnaptysBio, Inc.(a)			182			4,561
Anavex Life Sciences Corp.(a)(c)			627			2,646
AngioDynamics, Inc.(a)			231			1,398
ANI Pharmaceuticals, Inc.(a)			90			5,731
Anika Therapeutics, Inc.(a)			100			2,533
Apellis Pharmaceuticals, Inc.(a)			490			18,796
Apogee Therapeutics, Inc.(a)			122			4,801
Apollo Medical Holdings, Inc.(a)			202			8,193
Arcellx, Inc.(a)			176			9,713
Arcturus Therapeutics Holdings, Inc.(a)			257			6,258
Arcus Biosciences, Inc.(a)			347			5,285
Arcutis Biotherapeutics, Inc.(a)			702			6,529
Ardelyx, Inc.(a)			927			6,869
Arrowhead Pharmaceuticals, Inc.(a)			563			14,632
Artivion, Inc.(a)			300			7,695
Arvinas, Inc.(a)			300			7,986
Astria Therapeutics, Inc.(a)			80			728
AtriCure, Inc.(a)			208			4,736
Atrion Corp.			9			4,072
Avanos Medical, Inc.(a)			297			5,916
Avantor, Inc.(a)			3,375			71,550
Avid Bioservices, Inc.(a)			330			2,356
Avidity Biosciences, Inc.(a)			312			12,745
Axonics, Inc.(a)			259			17,413
Axsome Therapeutics, Inc.(a)			229			18,434
Azenta, Inc.(a)			282			14,839
Baxter International, Inc.			2,585			86,468
Beam Therapeutics, Inc.(a)			449			10,520
Becton Dickinson & Co.			1,443			337,244

The accompanying notes are an integral part of these financial statements.

44

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Belite Bio, Inc. - ADR(a)			146			$    6,669
BioCryst Pharmaceuticals, Inc.(a)			1,160			7,169
Biogen, Inc.(a)			722			167,374
Biohaven Ltd.(a)			379			13,155
BioLife Solutions, Inc.(a)			211			4,522
BioMarin Pharmaceutical, Inc.(a)			898			73,932
Biomea Fusion, Inc.(a)			63			283
Bio-Rad Laboratories, Inc. - Class A(a)			97			26,492
Bio-Techne Corp.			765			54,812
Blueprint Medicines Corp.(a)			320			34,490
Boston Scientific Corp.(a)			7,346			565,715
Bridgebio Pharma, Inc.(a)			590			14,945
Bristol-Myers Squibb Co.			10,895			452,469
Brookdale Senior Living, Inc.(a)			621			4,241
Bruker Corp.			410			26,162
Cabaletta Bio, Inc.(a)			200			1,496
Cardinal Health, Inc.			1,193			117,296
CareDx, Inc.(a)			240			3,727
Caribou Biosciences, Inc.(a)			465			763
Cassava Sciences, Inc.(a)			248			3,063
Castle Biosciences, Inc.(a)			171			3,723
Catalent, Inc.(a)			886			49,820
Catalyst Pharmaceuticals, Inc.(a)			507			7,853
Celldex Therapeutics, Inc.(a)			262			9,697
Cencora, Inc.			855			192,631
Centene Corp.(a)			2,697			178,811
Cerevel Therapeutics Holdings, Inc.(a)			359			14,680
Certara, Inc.(a)			668			9,252
Charles River Laboratories International, Inc.(a)			250			51,645
Chemed Corp.			75			40,693
Cincor Pharmaceuticals, Inc.(a)(b)			146			0
Cogent Biosciences, Inc.(a)			343			2,891
Collegium Pharmaceutical, Inc.(a)			187			6,021
Concert Pharmaceuticals, Inc.(a)(b)			9,764			0
CONMED Corp.			169			11,715
Corcept Therapeutics, Inc.(a)			430			13,971
CorVel Corp.(a)			41			10,425
Crinetics Pharmaceuticals, Inc.(a)			270			12,093
Cross Country Healthcare, Inc.(a)			193			2,671
CryoPort, Inc.(a)			420			2,902
Cullinan Oncology, Inc.(a)			25			436
CVS Health Corp.			6,313			372,846
Cytek Biosciences, Inc.(a)			397			2,215
Cytokinetics, Inc.(a)			566			30,666
Danaher Corp.			3,379			844,243
DaVita, Inc.(a)			425			58,892
Day One Biopharmaceuticals, Inc.(a)			242			3,335
Definitive Healthcare Corp.(a)			302			1,649
Denali Therapeutics, Inc.(a)			627			14,559

			Shares			Value
DENTSPLY SIRONA, Inc.			1,122			$   27,949
Dexcom, Inc.(a)			1,877			212,814
Disc Medicine, Inc.(a)			100			4,507
DocGo, Inc.(a)			469			1,449
Doximity, Inc. - Class A(a)			692			19,355
Dynavax Technologies Corp.(a)			612			6,873
Dyne Therapeutics, Inc.(a)			202			7,129
Edgewise Therapeutics, Inc.(a)			230			4,142
Editas Medicine, Inc.(a)			429			2,003
Edwards Lifesciences Corp.(a)			2,974			274,708
Elanco Animal Health, Inc.(a)			2,580			37,229
Elevance Health, Inc.			1,163			630,183
Eli Lilly & Co.			4,270			3,865,973
Embecta Corp.			345			4,312
Enanta Pharmaceuticals, Inc.(a)			103			1,336
Encompass Health Corp.			494			42,380
Enhabit, Inc.(a)			236			2,105
Enovis Corp.(a)			195			8,814
Envista Holdings Corp.(a)			798			13,271
Establishment Labs Holdings, Inc.(a)			112			5,089
Evolent Health, Inc. - Class A(a)			492			9,407
Evolus, Inc.(a)			316			3,429
Exact Sciences Corp.(a)			924			39,039
Exelixis, Inc.(a)			1,548			34,784
EyePoint Pharmaceuticals, Inc.(a)			148			1,288
Fate Therapeutics, Inc.(a)			654			2,145
Fortrea Holdings, Inc.(a)			469			10,946
Fulcrum Therapeutics, Inc.(a)			295			1,829
Fulgent Genetics, Inc.(a)			178			3,492
GE HealthCare Technologies, Inc.			2,059			160,437
Geron Corp.(a)			3,800			16,112
Gilead Sciences, Inc.			6,314			433,204
Glaukos Corp.(a)			251			29,706
Globus Medical, Inc. - Class A(a)			579			39,656
GoodRx Holdings, Inc. - Class A(a)			687			5,359
GRAIL, Inc.(a)(c)			135			2,080
Guardant Health, Inc.(a)			570			16,462
Haemonetics Corp.(a)			250			20,682
Halozyme Therapeutics, Inc.(a)			605			31,678
Harmony Biosciences Holdings, Inc.(a)			168			5,069
HCA Healthcare, Inc.			962			309,071
Health Catalyst, Inc.(a)			72			460
HealthEquity, Inc.(a)			430			37,066
HealthStream, Inc.			232			6,473
Henry Schein, Inc.(a)			633			40,575
Hims & Hers Health, Inc.(a)			656			13,245
Hologic, Inc.(a)			1,161			86,204
Humana, Inc.			604			225,685
ICON PLC(a)			403			126,328
ICU Medical, Inc.(a)			100			11,875
Ideaya Biosciences, Inc.(a)			260			9,129
IDEXX Laboratories, Inc.(a)			413			201,214
Illumina, Inc.(a)			812			84,757

The accompanying notes are an integral part of these financial statements.

45

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
ImmunityBio, Inc.(a)(c)			1,044			$    6,598
Immunome, Inc.(a)			251			3,037
Immunovant, Inc.(a)			304			8,026
Inari Medical, Inc.(a)			276			13,289
Incyte Corp.(a)			1,108			67,167
Inhibrx Biosciences, Inc.(a)			38			538
Innoviva, Inc.(a)			242			3,969
Inogen, Inc.(a)			213			1,732
Insmed, Inc.(a)			760			50,920
Inspire Medical Systems, Inc.(a)			141			18,870
Insulet Corp.(a)			346			69,823
Integer Holdings Corp.(a)			148			17,137
Integra LifeSciences Holdings Corp.(a)			378			11,015
Intellia Therapeutics, Inc.(a)			617			13,808
Intra-Cellular Therapies, Inc.(a)			453			31,026
Intuitive Surgical, Inc.(a)			1,763			784,271
Ionis Pharmaceuticals, Inc.(a)			700			33,362
Iovance Biotherapeutics, Inc.(a)			902			7,234
IQVIA Holdings, Inc.(a)			890			188,182
iRhythm Technologies, Inc.(a)			166			17,868
Ironwood Pharmaceuticals, Inc.(a)			708			4,616
iTeos Therapeutics, Inc.(a)			258			3,829
Janux Therapeutics, Inc.(a)			167			6,996
Jazz Pharmaceuticals PLC(a)			316			33,727
Johnson & Johnson			12,086			1,766,490
Keros Therapeutics, Inc.(a)			124			5,667
KINIKSA PHARMACEUTICALS INTL P ORD SHS Class A(a)			106			1,979
Krystal Biotech, Inc.(a)			108			19,833
Kura Oncology, Inc.(a)			403			8,298
Kymera Therapeutics, Inc.(a)			271			8,089
Labcorp Holdings, Inc.			417			84,864
Lantheus Holdings, Inc.(a)			358			28,744
Legend Biotech Corp. - ADR(a)			920			40,747
LeMaitre Vascular, Inc.			104			8,557
LifeStance Health Group, Inc.(a)			653			3,206
Ligand Pharmaceuticals, Inc.(a)			111			9,353
Liquidia Corp.(a)			53			636
Longboard Pharmaceuticals, Inc.(a)			286			7,731
MacroGenics, Inc.(a)			353			1,500
Madrigal Pharmaceuticals, Inc.(a)			79			22,133
MannKind Corp.(a)			3,299			17,221
Maravai LifeSciences Holdings, Inc. - Class A(a)			659			4,718
Masimo Corp.(a)			259			32,618
MaxCyte, Inc.(a)			828			3,246
McKesson Corp.			660			385,466
Medpace Holdings, Inc.(a)			98			40,361
Medtronic PLC			6,666			524,681
Merck & Co., Inc.			12,709			1,573,374
Merit Medical Systems, Inc.(a)			298			25,613

			Shares			Value
Mesa Laboratories, Inc.			34			$    2,950
Mettler-Toledo International, Inc.(a)			108			150,940
MiMedx Group, Inc.(a)			749			5,191
Mirum Pharmaceuticals, Inc.(a)			146			4,992
Moderna, Inc.(a)			1,664			197,600
ModivCare, Inc.(a)			60			1,574
Molina Healthcare, Inc.(a)			292			86,812
Morphic Holding, Inc.(a)			173			5,894
Mural Oncology PLC(a)			88			276
Myriad Genetics, Inc.(a)			450			11,007
Natera, Inc.(a)			743			80,459
National HealthCare Corp.			67			7,263
National Research Corp.			128			2,938
Neogen Corp.(a)			1,159			18,115
NeoGenomics, Inc.(a)			690			9,570
Neurocrine Biosciences, Inc.(a)			480			66,082
Nevro Corp.(a)			162			1,364
Novavax, Inc.(a)			757			9,584
Nurix Therapeutics, Inc.(a)			394			8,223
Nuvalent, Inc. - Class A(a)			159			12,062
Ocular Therapeutix, Inc.(a)			1,177			8,051
Olema Pharmaceuticals, Inc.(a)			354			3,830
OmniAb Operations, Inc.(a)(b)			42			0
OmniAb Operations, Inc.(a)(b)			42			0
OmniAb, Inc.(a)			543			2,036
Omnicell, Inc.(a)			252			6,822
Option Care Health, Inc.(a)			950			26,315
OraSure Technologies, Inc.(a)			573			2,441
Organon & Co.			1,281			26,517
Orthofix Medical, Inc.(a)			298			3,951
OrthoPediatrics Corp.(a)			105			3,020
Owens & Minor, Inc.(a)			312			4,212
Pacira BioSciences, Inc.(a)			279			7,982
Paragon 28, Inc.(a)			316			2,161
Patterson Cos., Inc.			463			11,168
PDS Biotechnology Corp.(a)			151			442
Pediatrix Medical Group, Inc.(a)			600			4,530
Penumbra, Inc.(a)			184			33,114
Perrigo Co. PLC			698			17,925
PetIQ, Inc.(a)			234			5,162
Pfizer, Inc.			28,368			793,737
Phreesia, Inc.(a)			360			7,632
Pliant Therapeutics, Inc.(a)			222			2,387
Premier, Inc. - Class A			627			11,706
Prestige Consumer Healthcare, Inc.(a)			271			18,658
Privia Health Group, Inc.(a)			611			10,619
PROCEPT BioRobotics Corp.(a)			200			12,218
Progyny, Inc.(a)			390			11,158
Protagonist Therapeutics, Inc.(a)			308			10,672
Prothena Corp. PLC(a)			257			5,304
PTC Therapeutics, Inc.(a)			372			11,376
Pulmonx Corp.(a)			288			1,826

The accompanying notes are an integral part of these financial statements.

46

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Health Care - (Continued)
Quanterix Corp.(a)			228			$    3,012
Quest Diagnostics, Inc.			548			75,010
QuidelOrtho Corp.(a)			264			8,770
R1 RCM, Inc.(a)			468			5,878
RadNet, Inc.(a)			264			15,555
RAPT Therapeutics, Inc.(a)			205			625
Recursion Pharmaceuticals, Inc. - Class A(a)			911			6,833
Regeneron Pharmaceuticals, Inc.(a)			554			582,271
REGENXBIO, Inc.(a)			218			2,551
Relay Therapeutics, Inc.(a)			410			2,673
Repligen Corp.(a)			267			33,658
Replimune Group, Inc.(a)			282			2,538
ResMed, Inc.			746			142,799
Revance Therapeutics, Inc.(a)			365			938
REVOLUTION Medicines, Inc.(a)			747			28,991
Revvity, Inc.			625			65,537
Rhythm Pharmaceuticals, Inc.(a)			231			9,485
Rocket Pharmaceuticals, Inc.(a)			400			8,612
Royalty Pharma PLC - Class A			1,915			50,499
RxSight, Inc.(a)			228			13,719
Sage Therapeutics, Inc.(a)			300			3,258
Sana Biotechnology, Inc.(a)			747			4,079
Sanofi SA(a)(b)			155			0
Sarepta Therapeutics, Inc.(a)			463			73,154
Scholar Rock Holding Corp.(a)			187			1,558
Schrodinger, Inc.(a)			309			5,976
Select Medical Holdings Corp.			604			21,176
SI-BONE, Inc.(a)			281			3,633
Silk Road Medical, Inc.(a)			175			4,732
Simulations Plus, Inc.			97			4,716
Soleno Therapeutics, Inc.(a)			91			3,713
Solventum Corp.(a)			699			36,963
Sotera Health Co.(a)			601			7,134
SpringWorks Therapeutics, Inc.(a)			280			10,548
Spyre Therapeutics, Inc.(a)			352			8,276
STAAR Surgical Co.(a)			280			13,331
STERIS PLC			480			105,379
Structure Therapeutics, Inc. - ADR(a)			183			7,186
Stryker Corp.			1,790			609,048
Supernus Pharmaceuticals, Inc.(a)			275			7,356
Surgery Partners, Inc.(a)			422			10,039
Surmodics, Inc.(a)			134			5,633
Syndax Pharmaceuticals, Inc.(a)			387			7,945
Tandem Diabetes Care, Inc.(a)			348			14,021
Tango Therapeutics, Inc.(a)			331			2,840
Tarsus Pharmaceuticals, Inc.(a)			66			1,794
Teladoc Health, Inc.(a)			839			8,205
Teleflex, Inc.			234			49,217
Tenaya Therapeutics, Inc.(a)			2,941			9,117
Tenet Healthcare Corp.(a)			474			63,056

			Shares			Value
TG Therapeutics, Inc.(a)			795			$   14,143
The Cigna Group			1,443			477,013
The Cooper Cos., Inc.			996			86,951
The Ensign Group, Inc.			264			32,654
The Pennant Group, Inc.(a)			150			3,478
Thermo Fisher Scientific, Inc.			1,913			1,057,889
Tourmaline Bio, Inc.			121			1,556
TransMedics Group, Inc.(a)			156			23,497
Travere Therapeutics, Inc.(a)			326			2,680
Treace Medical Concepts, Inc.(a)			218			1,450
TruBridge, Inc.(a)			100			1,000
Twist Bioscience Corp.(a)			376			18,529
UFP Technologies, Inc.(a)			46			12,138
Ultragenyx Pharmaceutical, Inc.(a)			353			14,508
United Therapeutics Corp.(a)			226			71,992
UnitedHealth Group, Inc.			4,625			2,355,328
Universal Health Services, Inc. - Class B			292			54,000
US Physical Therapy, Inc.			93			8,595
Vanda Pharmaceuticals, Inc.(a)			481			2,718
Varex Imaging Corp.(a)			282			4,154
Vaxcyte, Inc.(a)			938			70,828
Veeva Systems, Inc. - Class A(a)			727			133,048
Vera Therapeutics, Inc.(a)			198			7,164
Veracyte, Inc.(a)			440			9,535
Vericel Corp.(a)			230			10,552
Vertex Pharmaceuticals, Inc.(a)			1,292			605,586
Verve Therapeutics, Inc.(a)(c)			193			942
Viatris, Inc.			5,852			62,207
Viking Therapeutics, Inc.(a)			461			24,438
Vir Biotechnology, Inc.(a)			580			5,162
Viridian Therapeutics, Inc.(a)			242			3,148
Waters Corp.(a)			301			87,326
West Pharmaceutical Services, Inc.			385			126,815
Xencor, Inc.(a)			269			5,092
Y-mAbs Therapeutics, Inc.(a)			304			3,672
Zentalis Pharmaceuticals, Inc.(a)			312			1,276
Zimmer Biomet Holdings, Inc.			1,007			109,290
Zimvie, Inc.(a)			127			2,318
Zoetis, Inc.			2,295			397,861
Zymeworks, Inc.(a)			387			3,293
						31,180,009
Industrials - 9.2%
3D Systems Corp.(a)			848			2,603
3M Co.			2,797			285,825
A O Smith Corp.			636			52,012
AAON, Inc.			321			28,004
AAR Corp.(a)			187			13,595
ABM Industries, Inc.			382			19,318
ACCO Brands Corp.			825			3,877
Acuity Brands, Inc.			159			38,389
ACV Auctions, Inc. - Class A(a)			684			12,483
Advanced Drainage Systems, Inc.			355			56,938

The accompanying notes are an integral part of these financial statements.

47

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
AECOM			701			$   61,786
AeroVironment, Inc.(a)			126			22,952
AGCO Corp.			299			29,266
Air Lease Corp.			501			23,813
Air Transport Services Group, Inc.(a)			401			5,562
Alamo Group, Inc.			63			10,899
Alaska Air Group, Inc.(a)			596			24,078
Albany International Corp. - Class A			165			13,934
Alight, Inc. - Class A(a)			1,773			13,085
Allegiant Travel Co.			73			3,667
Allegion PLC			451			53,286
Allison Transmission Holdings, Inc.			477			36,204
Ameresco, Inc. - Class A(a)			181			5,215
American Airlines Group, Inc.(a)			4,118			46,657
American Woodmark Corp.(a)			101			7,939
AMETEK, Inc.			1,157			192,883
Apogee Enterprises, Inc.			118			7,415
Applied Industrial Technologies, Inc.			203			39,382
ArcBest Corp.			109			11,672
Archer Aviation, Inc. - Class A(a)(c)			1,807			6,361
Arcosa, Inc.			273			22,771
Argan, Inc.			19			1,390
Armstrong World Industries, Inc.			217			24,573
Array Technologies, Inc.(a)			750			7,695
Astec Industries, Inc.			92			2,729
Astronics Corp.(a)			241			4,827
Atkore, Inc.			202			27,256
Atmus Filtration Technologies, Inc.(a)			330			9,497
Automatic Data Processing, Inc.			2,041			487,166
Avis Budget Group, Inc.			148			15,469
Axon Enterprise, Inc.(a)			398			117,108
AZZ, Inc.			130			10,042
Barnes Group, Inc.			273			11,305
Barrett Business Services, Inc.			96			3,146
Beacon Roofing Supply, Inc.(a)			316			28,598
Bloom Energy Corp. - Class A(a)(c)			750			9,180
Blue Bird Corp.(a)			138			7,431
Boise Cascade Co.			214			25,513
Booz Allen Hamilton Holding Corp.			621			95,572
Brady Corp. - Class A			261			17,231
BrightView Holdings, Inc.(a)			204			2,713
Broadridge Financial Solutions, Inc.			589			116,033
Builders FirstSource, Inc.(a)			633			87,614
BWX Technologies, Inc.			439			41,705
CACI International, Inc. - Class A(a)			111			47,744
Cadre Holdings, Inc.			61			2,047

			Shares			Value
Carlisle Cos., Inc.			237			$   96,035
Carrier Global Corp.			4,213			265,756
Casella Waste Systems, Inc. - Class A(a)			276			27,385
Caterpillar, Inc.			2,505			834,415
CBIZ, Inc.(a)			220			16,302
CECO Environmental Corp.(a)			217			6,260
Ceridian HCM Holding, Inc.(a)			780			38,688
CH Robinson Worldwide, Inc.			581			51,198
Chart Industries, Inc.(a)			200			28,868
Cimpress PLC(a)			157			13,755
Cintas Corp.			433			303,213
Clean Harbors, Inc.(a)			252			56,990
Columbus McKinnon Corp.			101			3,489
Comfort Systems USA, Inc.			169			51,396
Concentrix Corp.			285			18,035
Conduent, Inc.(a)			1,184			3,860
Construction Partners, Inc. - Class A(a)			212			11,705
Copart, Inc.(a)			4,415			239,116
Core & Main, Inc. - Class A(a)			962			47,080
CRA International, Inc.			15			2,583
Crane Co.			280			40,594
CSG Systems International, Inc.			167			6,875
CSW Industrials, Inc.			73			19,368
CSX Corp.			9,822			328,546
Cummins, Inc.			672			186,097
Curtiss-Wright Corp.			191			51,757
Deere & Co.			1,305			487,587
Delta Air Lines, Inc.			3,224			152,947
Deluxe Corp.			200			4,492
Donaldson Co., Inc.			592			42,364
Douglas Dynamics, Inc.			169			3,955
Dover Corp.			696			125,593
Driven Brands Holdings, Inc.(a)			420			5,347
Ducommun, Inc.(a)			100			5,806
Dun & Bradstreet Holdings, Inc.			1,224			11,334
DXP Enterprises, Inc.(a)			100			4,584
Dycom Industries, Inc.(a)			152			25,652
Eaton Corp. PLC			1,999			626,786
EMCOR Group, Inc.			241			87,984
Emerson Electric Co.			2,848			313,736
Encore Wire Corp.			74			21,447
Energy Recovery, Inc.(a)			281			3,734
Enerpac Tool Group Corp.			290			11,072
EnerSys			202			20,911
Ennis, Inc.			50			1,094
Enovix Corp.(a)(c)			827			12,785
Enpro, Inc.			118			17,177
Enviri Corp.(a)			768			6,628
Equifax, Inc.			663			160,751
Esab Corp.			280			26,440
ESCO Technologies, Inc.			136			14,285
ExlService Holdings, Inc.(a)			865			27,126

The accompanying notes are an integral part of these financial statements.

48

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Expeditors International of Washington, Inc.			737			$   91,970
Exponent, Inc.			255			24,256
Fastenal Co.			2,895			181,922
Federal Signal Corp.			319			26,691
FedEx Corp.			1,151			345,116
Ferguson PLC			1,012			195,974
First Advantage Corp.			366			5,882
Flowserve Corp.			701			33,718
Fluence Energy, Inc.(a)			667			11,566
Fluor Corp.(a)			903			39,326
Fortive Corp.			1,784			132,194
Fortune Brands Innovations, Inc.			636			41,302
Forward Air Corp.			152			2,894
Franklin Covey Co.(a)			104			3,952
Franklin Electric Co., Inc.			206			19,842
FTAI Infrastructure, Inc.			975			8,414
FTI Consulting, Inc.(a)			180			38,795
Gates Industrial Corp. PLC(a)			835			13,201
GATX Corp.			168			22,236
GE Vernova, Inc.(a)			1,379			236,512
Genco Shipping & Trading Ltd.			206			4,390
Generac Holdings, Inc.(a)			321			42,443
General Dynamics Corp.			1,370			397,492
General Electric Co.			5,450			866,386
Genpact Ltd.			845			27,201
Gibraltar Industries, Inc.(a)			138			9,460
Global Industrial Co.			10			314
GMS, Inc.(a)			191			15,397
Graco, Inc.			871			69,053
Granite Construction, Inc.			246			15,245
Great Lakes Dredge & Dock Corp.(a)			638			5,602
Griffon Corp.			260			16,604
GXO Logistics, Inc.(a)			623			31,461
H&E Equipment Services, Inc.			166			7,332
Hawaiian Holdings, Inc.(a)			325			4,040
Hayward Holdings, Inc.(a)			1,094			13,456
Healthcare Services Group, Inc.(a)			375			3,967
Heartland Express, Inc.			340			4,192
HEICO Corp.(c)			206			46,064
HEICO Corp. - Class A			366			64,972
Heidrick & Struggles International, Inc.			39			1,232
Helios Technologies, Inc.			150			7,162
Herc Holdings, Inc.			143			19,060
Hertz Global Holdings, Inc.(a)(c)			1,622			5,726
Hexcel Corp.			320			19,984
Hillenbrand, Inc.			325			13,006
Hillman Solutions Corp.(a)			977			8,646
HNI Corp.			274			12,335
Honeywell International, Inc.			3,274			699,130

			Shares			Value
Howmet Aerospace, Inc.			2,054			$   159,452
Hub Group, Inc. - Class A			286			12,312
Hubbell, Inc.			273			99,776
Huntington Ingalls Industries, Inc.			202			49,759
Huron Consulting Group, Inc.(a)			109			10,736
Hyster-Yale Materials Handling, Inc.			62			4,323
ICF International, Inc.			97			14,401
IDEX Corp.			379			76,255
IES Holdings, Inc.(a)			98			13,654
Illinois Tool Works, Inc.			1,496			354,492
Ingersoll Rand, Inc.			2,044			185,677
Innodata, Inc.(a)			937			13,896
Insperity, Inc.			190			17,330
Insteel Industries, Inc.			55			1,703
Interface, Inc.			483			7,090
ITT, Inc.			405			52,318
Jacobs Solutions, Inc.			641			89,554
Janus International Group, Inc.(a)			533			6,732
JB Hunt Transport Services, Inc.			412			65,920
JELD-WEN Holding, Inc.(a)			322			4,337
JetBlue Airways Corp.(a)			1,750			10,657
Joby Aviation, Inc.(a)(c)			2,389			12,184
John Bean Technologies Corp.			151			14,340
Johnson Controls International PLC			3,413			226,862
Kadant, Inc.			54			15,864
KBR, Inc.			652			41,819
Kelly Services, Inc. - Class A			233			4,989
Kennametal, Inc.			304			7,156
Kforce, Inc.			69			4,287
Kirby Corp.(a)			300			35,919
Knight-Swift Transportation Holdings, Inc.			748			37,340
Korn Ferry			285			19,135
Kratos Defense & Security Solutions, Inc.(a)			758			15,168
L3Harris Technologies, Inc.			949			213,126
Landstar System, Inc.			171			31,546
Legalzoom.com, Inc.(a)			741			6,217
Leidos Holdings, Inc.			685			99,928
Lennox International, Inc.			167			89,342
Leonardo DRS, Inc.(a)			332			8,469
Lincoln Electric Holdings, Inc.			266			50,178
Lindsay Corp.			58			7,127
Lockheed Martin Corp.			1,213			566,592
Lyft, Inc. - Class A(a)			1,606			22,645
ManpowerGroup, Inc.			256			17,869
Marten Transport Ltd.			308			5,683
Masco Corp.			1,080			72,004
MasTec, Inc.(a)			333			35,628
Masterbrand, Inc.(a)			726			10,658
Matson, Inc.			175			22,920

The accompanying notes are an integral part of these financial statements.

49

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
Matthews International Corp. - Class A			100			$    2,505
Maximus, Inc.			330			28,281
McGrath RentCorp(c)			114			12,147
MDU Resources Group, Inc.			900			22,590
Mercury Systems, Inc.(a)			345			9,312
Miller Industries, Inc.			104			5,722
MillerKnoll, Inc.			460			12,185
Montrose Environmental Group, Inc.(a)			185			8,244
Moog, Inc. - Class A			135			22,586
MRC Global, Inc.(a)			586			7,565
MSA Safety, Inc.			195			36,600
MSC Industrial Direct Co., Inc. - Class A			245			19,431
Mueller Industries, Inc.			600			34,164
Mueller Water Products, Inc. - Class A			928			16,630
MYR Group, Inc.(a)			77			10,450
NEXTracker, Inc. - Class A(a)			556			26,065
Nordson Corp.			258			59,841
Norfolk Southern Corp.			1,123			241,097
Northrop Grumman Corp.			752			327,834
NOW, Inc.(a)			649			8,911
NV5 Global, Inc.(a)			70			6,508
nVent Electric PLC			806			61,748
Old Dominion Freight Line, Inc.			948			167,417
OPENLANE, Inc.(a)			361			5,989
Oshkosh Corp.			312			33,758
Otis Worldwide Corp.			2,018			194,253
Owens Corning			438			76,089
PACCAR, Inc.			2,596			267,232
Parker-Hannifin Corp.			642			324,730
Parsons Corp.(a)			550			44,996
Paychex, Inc.			1,623			192,423
Paycom Software, Inc.			252			36,046
Paycor HCM, Inc.(a)			222			2,819
Paylocity Holding Corp.(a)			213			28,084
Pitney Bowes, Inc.			1,050			5,334
Powell Industries, Inc.			33			4,732
Primoris Services Corp.			238			11,874
Proto Labs, Inc.(a)			130			4,016
Quanex Building Products Corp.			112			3,097
Quanta Services, Inc.			734			186,502
RBC Bearings, Inc.(a)			145			39,118
Regal Rexnord Corp.			384			51,924
Republic Services, Inc.			1,579			306,863
Resideo Technologies, Inc.(a)			758			14,826
Resources Connection, Inc.			200			2,208
REV Group, Inc.			220			5,476
Robert Half, Inc.			597			38,196
Rocket Lab USA, Inc.(a)			1,121			5,381

			Shares			Value
Rockwell Automation, Inc.			584			$   160,764
Rollins, Inc.			1,432			69,867
RTX Corp.			6,661			668,698
Rush Enterprises, Inc. - Class A			342			14,320
RXO, Inc.(a)			636			16,631
Ryder System, Inc.			207			25,643
Saia, Inc.(a)			135			64,029
Schneider National, Inc. - Class B			218			5,267
Science Applications International Corp.			253			29,740
Sensata Technologies Holding PLC			783			29,276
Shoals Technologies Group, Inc. - Class A(a)			971			6,059
Simpson Manufacturing Co., Inc.			224			37,751
SiteOne Landscape Supply, Inc.(a)			230			27,924
SkyWest, Inc.(a)			155			12,721
Snap-on, Inc.			259			67,700
Southwest Airlines Co.			3,051			87,289
Spirit AeroSystems Holdings, Inc. - Class A(a)			594			19,525
SPX Technologies, Inc.(a)			229			32,550
SS&C Technologies Holdings, Inc.			1,090			68,310
Standex International Corp.			50			8,058
Stanley Black & Decker, Inc.			904			72,221
Steelcase, Inc. - Class A			551			7,141
Stericycle, Inc.(a)			494			28,716
Sterling Check Corp.(a)			444			6,571
Sterling Infrastructure, Inc.(a)			145			17,159
Stratasys Ltd.(a)			380			3,188
Sun Country Airlines Holdings, Inc.(a)			326			4,095
Sunrun, Inc.(a)			1,141			13,532
Symbotic, Inc.(a)			224			7,876
Tennant Co.			99			9,746
Terex Corp.			353			19,359
Tetra Tech, Inc.			253			51,733
Textron, Inc.			979			84,057
The AZEK Co., Inc.(a)			791			33,325
The Boeing Co.(a)			3,082			560,955
The Brink’s Co.			213			21,811
The Gorman-Rupp Co.			58			2,129
The Greenbrier Cos., Inc.			109			5,401
The Manitowoc Co., Inc.(a)			268			3,090
The Middleby Corp.(a)			281			34,453
The Shyft Group, Inc.			75			890
The Timken Co.			302			24,199
The Toro Co.			515			48,158
Thermon Group Holdings, Inc.(a)			89			2,738
Titan International, Inc.(a)			375			2,779
Titan Machinery, Inc.(a)			167			2,655
TPI Composites, Inc.(a)(c)			1,567			6,252
Trane Technologies PLC			1,137			373,993
Transcat, Inc.(a)			59			7,061

The accompanying notes are an integral part of these financial statements.

50

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Industrials - (Continued)
TransDigm Group, Inc.			272			$   347,510
TransUnion			1,035			76,756
Trex Co., Inc.(a)			524			38,839
TriNet Group, Inc.			236			23,600
Trinity Industries, Inc.			359			10,741
Triumph Group, Inc.(a)			454			6,996
TrueBlue, Inc.(a)			55			567
TTEC Holdings, Inc.			54			318
Tutor Perini Corp.(a)			200			4,356
Uber Technologies, Inc.(a)			10,027			728,762
UFP Industries, Inc.			321			35,952
U-Haul Holding Co.(a)			29			1,790
U-Haul Holding Co.			478			28,690
UniFirst Corp.			86			14,752
Union Pacific Corp.			3,053			690,772
United Airlines Holdings, Inc.(a)			1,602			77,953
United Parcel Service, Inc. - Class B			3,665			501,555
United Rentals, Inc.			332			214,714
Upwork, Inc.(a)			1,673			17,985
V2X, Inc.(a)			108			5,180
Valmont Industries, Inc.			92			25,249
Veralto Corp.			1,207			115,232
Verisk Analytics, Inc.			724			195,154
Verra Mobility Corp.(a)			778			21,162
Vertiv Holdings Co. - Class A			1,916			165,868
Vestis Corp.			703			8,598
Viad Corp.(a)			100			3,400
Vicor Corp.(a)			89			2,951
VSE Corp.			105			9,269
Wabash National Corp.			195			4,259
Waste Management, Inc.			2,013			429,453
Watsco, Inc.			166			76,898
Watts Water Technologies, Inc. - Class A			128			23,471
Werner Enterprises, Inc.			290			10,391
WESCO International, Inc.			221			35,033
Westinghouse Air Brake Technologies Corp.			898			141,929
Willdan Group, Inc.(a)			64			1,846
WillScot Mobile Mini Holdings Corp.(a)			927			34,892
Woodward, Inc.			273			47,606
WW Grainger, Inc.			223			201,200
Xometry, Inc. - Class A(a)			195			2,254
XPO, Inc.(a)			558			59,232
Xylem, Inc.			1,190			161,400
Zurn Elkay Water Solutions Corp.			730			21,462
						24,746,123
Information Technology - 30.0%(d)
A10 Networks, Inc.			327			4,529
Accenture PLC - Class A			3,143			953,618

			Shares			Value
ACI Worldwide, Inc.(a)			560			$   22,170
ACM Research, Inc. - Class A(a)			346			7,979
Adeia, Inc.			458			5,123
Adobe, Inc.(a)			2,256			1,253,298
ADTRAN Holdings, Inc.			374			1,967
Advanced Energy Industries, Inc.			173			18,815
Advanced Micro Devices, Inc.(a)			8,033			1,303,033
Aehr Test Systems(a)			132			1,474
Agilysys, Inc.(a)			128			13,330
Akamai Technologies, Inc.(a)			745			67,110
Alarm.com Holdings, Inc.(a)			253			16,076
Alkami Technology, Inc.(a)			304			8,658
Allegro MicroSystems, Inc.(a)			302			8,528
Alpha & Omega Semiconductor Ltd.(a)			148			5,531
Altair Engineering, Inc. - Class A(a)			274			26,874
Ambarella, Inc.(a)			160			8,632
Amdocs Ltd.			551			43,485
American Software, Inc. - Class A			309			2,821
Amkor Technology, Inc.			587			23,492
Amphenol Corp. - Class A			5,976			402,603
Amplitude, Inc. - Class A(a)			314			2,795
Analog Devices, Inc.			2,483			566,770
ANSYS, Inc.(a)			440			141,460
Appfolio, Inc. - Class A(a)			91			22,256
Appian Corp. - Class A(a)			213			6,573
Apple, Inc.			77,537			16,330,843
Applied Materials, Inc.			4,161			981,954
Applied Optoelectronics, Inc.(a)			226			1,874
AppLovin Corp. - Class A(a)			783			65,161
Arista Networks, Inc.(a)			1,342			470,344
Arlo Technologies, Inc.(a)			613			7,994
Arrow Electronics, Inc.(a)			271			32,726
Asana, Inc. - Class A(a)			399			5,582
ASGN, Inc.(a)			250			22,042
Aspen Technology, Inc.(a)			136			27,014
Atlassian Corp. - Class A(a)			771			136,374
Autodesk, Inc.(a)			1,083			267,988
AvePoint, Inc.(a)			419			4,366
Avnet, Inc.			458			23,582
Axcelis Technologies, Inc.(a)			150			21,328
Badger Meter, Inc.			134			24,971
Bel Fuse, Inc. - Class B			33			2,153
Belden, Inc.			229			21,480
Benchmark Electronics, Inc.			136			5,367
Bentley Systems, Inc. - Class B			1,054			52,025
BigCommerce Holdings, Inc.(a)			323			2,603
BILL Holdings, Inc.(a)			502			26,415
Blackbaud, Inc.(a)			200			15,234
BlackLine, Inc.(a)			240			11,628
Box, Inc. - Class A(a)			708			18,720
Braze, Inc. - Class A(a)			253			9,827
Broadcom, Inc.			2,305			3,700,747
C3.ai, Inc. - Class A(a)(c)			589			17,057

The accompanying notes are an integral part of these financial statements.

51

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Cadence Design Systems, Inc.(a)			1,363			$   419,463
Calix, Inc.(a)			308			10,912
CCC Intelligent Solutions Holdings, Inc.(a)			1,360			15,110
CDW Corp./DE			674			150,868
Cerence, Inc.(a)			271			767
CEVA, Inc.(a)			176			3,395
Ciena Corp.(a)			743			35,798
Cirrus Logic, Inc.(a)			292			37,277
Cisco Systems, Inc.			20,305			964,691
Cleanspark, Inc.(a)			1,185			18,901
Clear Secure, Inc. - Class A			415			7,765
Clearfield, Inc.(a)			62			2,391
Clearwater Analytics Holdings, Inc. - Class A(a)			516			9,556
Cloudflare, Inc. - Class A(a)			1,498			124,079
Cognex Corp.			895			41,850
Cognizant Technology Solutions Corp. - Class A			2,490			169,320
Coherent Corp.(a)			744			53,910
Cohu, Inc.(a)			226			7,481
CommVault Systems, Inc.(a)			228			27,718
Confluent, Inc. - Class A(a)			961			28,378
Consensus Cloud Solutions, Inc.(a)			108			1,855
Corning, Inc.			3,904			151,670
Corsair Gaming, Inc.(a)			381			4,206
Couchbase, Inc.(a)			157			2,867
Crane NXT Co.			260			15,969
Credo Technology Group Holding Ltd.(a)			470			15,012
Crowdstrike Holdings, Inc. - Class A(a)			1,109			424,958
CTS Corp.			112			5,671
Datadog, Inc. - Class A(a)			1,399			181,436
Dell Technologies, Inc. - Class C			1,183			163,148
Diebold Nixdorf, Inc.(a)			188			7,234
Digi International, Inc.(a)			182			4,173
Digimarc Corp.(a)			114			3,535
DigitalOcean Holdings, Inc.(a)			270			9,383
Diodes, Inc.(a)			233			16,760
DocuSign, Inc.(a)			981			52,484
Dolby Laboratories, Inc. - Class A			300			23,769
Domo, Inc. - Class B(a)			254			1,961
DoubleVerify Holdings, Inc.(a)(c)			698			13,590
Dropbox, Inc. - Class A(a)			1,271			28,559
DXC Technology Co.(a)			797			15,215
Dynatrace, Inc.(a)			1,357			60,712
E2open Parent Holdings, Inc. - Class A(a)			1,214			5,451
Edgio, Inc.(a)			675			7,371
eGain Corp.(a)			150			947
Elastic NV(a)			391			44,539

			Shares			Value
Enphase Energy, Inc.(a)			663			$   66,108
Entegris, Inc.			753			101,956
Envestnet, Inc.(a)			268			16,774
EPAM Systems, Inc.(a)			290			54,552
ePlus, Inc.(a)			132			9,726
Everbridge, Inc.(a)			190			6,648
Evolv Technologies Holdings, Inc.(a)			722			1,841
Extreme Networks, Inc.(a)			685			9,213
F5, Inc.(a)			288			49,602
Fabrinet(a)			185			45,286
Fair Isaac Corp.(a)			123			183,105
FARO Technologies, Inc.(a)			170			2,720
Fastly, Inc. - Class A(a)			589			4,341
First Solar, Inc.(a)			514			115,886
Five9, Inc.(a)			321			14,156
Flex Ltd.(a)			2,100			61,929
FormFactor, Inc.(a)			429			25,967
Fortinet, Inc.(a)			3,162			190,574
Freshworks, Inc. - Class A(a)			748			9,492
Gartner, Inc.(a)			386			173,337
Gen Digital, Inc.			3,017			75,365
Gitlab, Inc. - Class A(a)			700			34,804
GLOBALFOUNDRIES, Inc.(a)(c)			388			19,617
GoDaddy, Inc. - Class A(a)			719			100,451
Grid Dynamics Holdings, Inc.(a)			258			2,712
Guidewire Software, Inc.(a)			426			58,741
Harmonic, Inc.(a)			547			6,438
HashiCorp, Inc. - Class A(a)			559			18,833
Hewlett Packard Enterprise Co.			6,527			138,177
HP, Inc.			4,810			168,446
HubSpot, Inc.(a)			246			145,088
Hut 8 Corp.(a)(c)			771			11,557
Ichor Holdings Ltd.(a)			183			7,055
Impinj, Inc.(a)			147			23,045
indie Semiconductor, Inc. - Class A(a)			774			4,776
Infinera Corp.(a)			1,127			6,863
Informatica, Inc. - Class A(a)			585			18,065
Insight Enterprises, Inc.(a)			175			34,713
Intapp, Inc.(a)			252			9,241
Intel Corp.			21,224			657,307
InterDigital, Inc.			121			14,104
International Business Machines Corp.			4,617			798,510
Intuit, Inc.			1,366			897,749
IonQ, Inc.(a)(c)			694			4,879
IPG Photonics Corp.(a)			131			11,055
Itron, Inc.(a)			213			21,078
Jabil, Inc.			622			67,667
Jamf Holding Corp.(a)			327			5,396
JFrog Ltd.(a)			414			15,546
Juniper Networks, Inc.			1,570			57,242
Keysight Technologies, Inc.(a)			891			121,844

The accompanying notes are an integral part of these financial statements.

52

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Kimball Electronics, Inc.(a)			204			$    4,484
KLA Corp.			678			559,018
Knowles Corp.(a)			458			7,905
Kulicke & Soffa Industries, Inc.			303			14,905
Kyndryl Holdings, Inc.(a)			1,207			31,756
Lam Research Corp.			655			697,477
Lattice Semiconductor Corp.(a)			660			38,273
Lightwave Logic, Inc.(a)			874			2,613
Littelfuse, Inc.			119			30,415
LiveRamp Holdings, Inc.(a)			375			11,603
Lumentum Holdings, Inc.(a)			357			18,178
MACOM Technology Solutions Holdings, Inc.(a)			259			28,871
Manhattan Associates, Inc.(a)			306			75,484
Marathon Digital Holdings, Inc.(a)(c)			1,667			33,090
Marvell Technology, Inc.			4,329			302,597
MaxLinear, Inc.(a)			475			9,567
MeridianLink, Inc.(a)			187			3,994
Methode Electronics, Inc.			233			2,412
Microchip Technology, Inc.			2,634			241,011
Micron Technology, Inc.			5,495			722,757
Microsoft Corp.			36,783			16,440,162
MicroStrategy, Inc. - Class A(a)(c)			75			103,311
Mirion Technologies, Inc.(a)			1,265			13,586
Mitek Systems, Inc.(a)			85			950
MKS Instruments, Inc.			351			45,834
MongoDB, Inc.(a)			356			88,986
Monolithic Power Systems, Inc.			230			188,986
Motorola Solutions, Inc.			827			319,263
N-able, Inc.(a)			173			2,635
Napco Security Technologies, Inc.			177			9,195
Navitas Semiconductor Corp.(a)			263			1,034
nCino, Inc.(a)			330			10,379
NCR Voyix Corp.(a)			640			7,904
NetApp, Inc.			1,043			134,338
NETGEAR, Inc.(a)			50			765
NetScout Systems, Inc.(a)			295			5,396
Novanta, Inc.(a)			179			29,197
Nutanix, Inc. - Class A(a)			1,191			67,708
NVIDIA Corp.			120,820			14,926,103
Okta, Inc.(a)			790			73,952
Olo, Inc. - Class A(a)			606			2,679
ON Semiconductor Corp.(a)			2,165			148,411
Onto Innovation, Inc.(a)			245			53,792
Oracle Corp.			8,031			1,133,977
OSI Systems, Inc.(a)			67			9,214
PagerDuty, Inc.(a)			430			9,860
Palantir Technologies, Inc. - Class A(a)			9,444			239,217
Palo Alto Networks, Inc.(a)			1,602			543,094
PAR Technology Corp.(a)			100			4,709

			Shares			Value
PC Connection, Inc.			80			$    5,136
PDF Solutions, Inc.(a)			190			6,912
Pegasystems, Inc.			181			10,956
Perficient, Inc.(a)			167			12,490
Photronics, Inc.(a)			241			5,945
Plexus Corp.(a)			130			13,413
Power Integrations, Inc.			280			19,653
PowerSchool Holdings, Inc. - Class A(a)			356			7,971
Procore Technologies, Inc.(a)			678			44,958
Progress Software Corp.			200			10,852
PROS Holdings, Inc.(a)			262			7,506
PTC, Inc.(a)			607			110,274
Pure Storage, Inc. - Class A(a)			1,477			94,838
Q2 Holdings, Inc.(a)			240			14,479
Qorvo, Inc.(a)			487			56,511
QUALCOMM, Inc.			5,597			1,114,810
Qualys, Inc.(a)			189			26,951
Rambus, Inc.(a)			535			31,437
Rapid7, Inc.(a)			324			14,007
RingCentral, Inc. - Class A(a)			260			7,332
Riot Platforms, Inc.(a)(c)			1,173			10,721
Rogers Corp.(a)			57			6,875
Roper Technologies, Inc.			541			304,940
Salesforce, Inc.			4,712			1,211,455
Samsara, Inc. - Class A(a)			772			26,016
Sanmina Corp.(a)			263			17,424
ScanSource, Inc.(a)			70			3,102
Seagate Technology Holdings PLC			1,060			109,466
SEMrush Holdings, Inc. - Class A(a)			145			1,942
Semtech Corp.(a)			300			8,964
SentinelOne, Inc. - Class A(a)			1,153			24,271
ServiceNow, Inc.(a)			1,025			806,337
Silicon Laboratories, Inc.(a)			143			15,820
SiTime Corp.(a)			103			12,811
Skyworks Solutions, Inc.			798			85,051
SMART Global Holdings, Inc.(a)			139			3,179
Smartsheet, Inc. - Class A(a)			665			29,313
Snowflake, Inc. - Class A(a)			1,572			212,361
SoFi Technologies, Inc.(a)			8,553			56,535
SolarWinds Corp.			352			4,242
SoundHound AI, Inc. - Class A(a)(c)			1,535			6,063
Sprinklr, Inc. - Class A(a)			487			4,685
Sprout Social, Inc. - Class A(a)			244			8,706
SPS Commerce, Inc.(a)			176			33,116
Squarespace, Inc. - Class A(a)			258			11,257
Super Micro Computer, Inc.(a)			244			199,921
Synaptics, Inc.(a)			208			18,346
Synopsys, Inc.(a)			763			454,031
TD SYNNEX Corp.			312			36,005
Teledyne Technologies, Inc.(a)			235			91,175
Tenable Holdings, Inc.(a)			539			23,490
Teradata Corp.(a)			534			18,455
Teradyne, Inc.			786			116,556

The accompanying notes are an integral part of these financial statements.

53

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Information Technology - (Continued)
Texas Instruments, Inc.			4,562			$   887,446
The Hackett Group, Inc.			40			869
Trimble, Inc.(a)			1,227			68,614
TTM Technologies, Inc.(a)			488			9,482
Twilio, Inc. - Class A(a)			860			48,857
Tyler Technologies, Inc.(a)			213			107,092
Ubiquiti, Inc.			33			4,807
UiPath, Inc. - Class A(a)			2,042			25,893
Ultra Clean Holdings, Inc.(a)			240			11,760
Unisys Corp.(a)			638			2,635
Unity Software, Inc.(a)			1,221			19,853
Universal Display Corp.			221			46,465
Varonis Systems, Inc.(a)			450			21,587
Veeco Instruments, Inc.(a)			337			15,741
Verint Systems, Inc.(a)			375			12,075
VeriSign, Inc.(a)			519			92,278
Vertex, Inc. - Class A(a)			161			5,804
Viasat, Inc.(a)			490			6,223
Viavi Solutions, Inc.(a)			1,328			9,123
Vishay Intertechnology, Inc.			598			13,335
Vontier Corp.			800			30,560
Weave Communications, Inc.(a)			328			2,959
Western Digital Corp.(a)			1,598			121,080
Wolfspeed, Inc.(a)(c)			659			14,999
Workday, Inc. - Class A(a)			1,038			232,055
Workiva, Inc.(a)(c)			259			18,904
Xerox Holdings Corp.			573			6,658
Xperi, Inc.(a)			319			2,619
Yext, Inc.(a)			383			2,049
Zebra Technologies Corp. - Class A(a)			257			79,395
Zeta Global Holdings Corp. - Class A(a)			671			11,843
Zoom Video Communications, Inc. - Class A(a)			1,117			66,115
Zscaler, Inc.(a)			429			82,450
Zuora, Inc. - Class A(a)			657			6,524
						80,466,339
Materials - 2.5%
AdvanSix, Inc.			144			3,300
Air Products and Chemicals, Inc.			1,107			285,661
Albemarle Corp.			597			57,025
Alcoa Corp.			929			36,956
Alpha Metallurgical Resources, Inc.			55			15,429
American Vanguard Corp.			244			2,098
AptarGroup, Inc.			314			44,214
Arcadium Lithium PLC(a)(c)			5,390			18,110
Arch Resources, Inc.			95			14,462
Ashland, Inc.			249			23,528
Aspen Aerogels, Inc.(a)			416			9,922
ATI, Inc.(a)			584			32,383

			Shares			Value
Avery Dennison Corp.			409			$   89,428
Avient Corp.			483			21,083
Axalta Coating Systems Ltd.(a)			675			23,065
Balchem Corp.			171			26,325
Ball Corp.			1,568			94,111
Berry Global Group, Inc.			578			34,015
Cabot Corp.			255			23,432
Carpenter Technology Corp.			212			23,231
Celanese Corp.			561			75,673
Century Aluminum Co.(a)			341			5,712
CF Industries Holdings, Inc.			900			66,708
Clearwater Paper Corp.(a)			130			6,301
Cleveland-Cliffs, Inc.(a)			2,575			39,629
Coeur Mining, Inc.(a)			1,908			10,723
Commercial Metals Co.			556			30,574
Compass Minerals International, Inc.			222			2,293
Corteva, Inc.			3,487			188,089
CRH PLC			3,444			258,231
Crown Holdings, Inc.			583			43,369
Dow, Inc.			3,563			189,017
DuPont de Nemours, Inc.			2,093			168,466
Eagle Materials, Inc.			169			36,751
Eastman Chemical Co.			583			57,117
Ecolab, Inc.			1,269			302,022
Ecovyst, Inc.(a)			550			4,933
Element Solutions, Inc.			1,211			32,842
Ferroglobe Representation & Warranty Insurance Trust(a)(b)			500			0
FMC Corp.			599			34,472
Freeport-McMoRan, Inc.			7,089			344,525
Graphic Packaging Holding Co.			1,499			39,289
Greif, Inc. - Class A			91			5,230
Hawkins, Inc.			65			5,915
Haynes International, Inc.			42			2,465
HB Fuller Co.			268			20,625
Hecla Mining Co.			3,124			15,151
Huntsman Corp.			909			20,698
Ingevity Corp.(a)			207			9,048
Innospec, Inc.			129			15,943
International Flavors & Fragrances, Inc.			1,164			110,824
International Paper Co.			1,690			72,924
Kaiser Aluminum Corp.			53			4,659
Knife River Corp.(a)			278			19,499
Koppers Holdings, Inc.			156			5,770
Linde PLC			2,378			1,043,490
Louisiana-Pacific Corp.			395			32,520
LSB Industries, Inc.(a)			333			2,724
LyondellBasell Industries NV - Class A			1,272			121,680
Martin Marietta Materials, Inc.			341			184,754
Materion Corp.			93			10,056
Mativ Holdings, Inc.			371			6,292

The accompanying notes are an integral part of these financial statements.

54

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Materials - (Continued)
Minerals Technologies, Inc.			180			$   14,969
MP Materials Corp.(a)(c)			646			8,224
Myers Industries, Inc.			200			2,676
NewMarket Corp.			31			15,983
Newmont Corp.			5,840			244,521
Nucor Corp.			1,201			189,854
O-I Glass, Inc.(a)			647			7,201
Olin Corp.			601			28,337
Olympic Steel, Inc.			36			1,614
Packaging Corp. of America			449			81,969
Pactiv Evergreen, Inc.			197			2,230
Piedmont Lithium, Inc.(a)(c)			92			918
PPG Industries, Inc.			1,184			149,054
PureCycle Technologies, Inc.(a)(c)			1,337			7,915
Quaker Chemical Corp.			74			12,558
Radius Recycling, Inc. - Class A			162			2,474
Ramaco Resources, Inc.(a)			236			2,938
Reliance Steel & Aluminum Co.			295			84,252
Royal Gold, Inc.			341			42,680
RPM International, Inc.			620			66,762
Ryerson Holding Corp.			173			3,374
Sealed Air Corp.			666			23,170
Sensient Technologies Corp.			162			12,019
Silgan Holdings, Inc.			400			16,932
Sonoco Products Co.			473			23,991
Southern Copper Corp.			530			57,102
Steel Dynamics, Inc.			780			101,010
Stepan Co.			97			8,144
Summit Materials, Inc. - Class A(a)			580			21,234
SunCoke Energy, Inc.			555			5,439
Sylvamo Corp.			156			10,702
The Chemours Co.			824			18,598
The Mosaic Co.			1,678			48,494
The Scotts Miracle-Gro Co.			175			11,386
The Sherwin-Williams Co.			1,176			350,954
TimkenSteel Corp.(a)			104			2,108
TriMas Corp.			223			5,700
Tronox Holdings PLC			721			11,312
United States Lime & Minerals, Inc.			17			6,191
United States Steel Corp.			1,079			40,786
Vulcan Materials Co.			657			163,383
Warrior Met Coal, Inc.			276			17,325
Westlake Corp.			157			22,737
Westrock Co.			1,284			64,534
Worthington Steel, Inc.			191			6,372
						6,544,907
Real Estate - 0.2%
Anywhere Real Estate, Inc.(a)			595			1,969
CBRE Group, Inc. - Class A(a)			1,557			138,744
CoStar Group, Inc.(a)			2,027			150,282
DigitalBridge Group, Inc.			763			10,453

			Shares			Value
eXp World Holdings, Inc.(c)			290			$    3,273
Forestar Group, Inc.(a)			47			1,503
Howard Hughes Holdings, Inc.(a)			236			15,297
Jones Lang LaSalle, Inc.(a)			317			65,074
Kennedy-Wilson Holdings, Inc.			609			5,919
Marcus & Millichap, Inc.			126			3,971
NET Lease Office Properties			74			1,822
Newmark Group, Inc. - Class A			765			7,826
Redfin Corp.(a)			865			5,199
Safehold, Inc.			300			5,787
Spirit MTA REIT(a)(b)			300			0
St Joe Co.			268			14,660
Star Holdings(a)			78			941
Tejon Ranch Co.(a)			50			853
Zillow Group, Inc. - Class A(a)			247			11,125
Zillow Group, Inc. - Class C(a)			761			35,303
						480,001
Utilities - 2.1%
ALLETE, Inc.			284			17,707
Alliant Energy Corp.			1,265			64,389
Altus Power, Inc.(a)			429			1,682
Ameren Corp.			1,314			93,439
American Electric Power Co., Inc.			2,631			230,844
American States Water Co.			220			15,965
American Water Works Co., Inc.			970			125,285
Atmos Energy Corp.			752			87,721
Avangrid, Inc.			327			11,618
Avista Corp.			333			11,525
Black Hills Corp.			353			19,196
California Water Service Group			289			14,014
CenterPoint Energy, Inc.			3,177			98,423
Chesapeake Utilities Corp.			102			10,832
Clearway Energy, Inc. - Class A			90			2,039
Clearway Energy, Inc. - Class C			471			11,629
CMS Energy Corp.			1,463			87,092
Consolidated Edison, Inc.			1,742			155,770
Constellation Energy Corp.			1,589			318,229
Dominion Energy, Inc.			4,196			205,604
DTE Energy Co.			1,049			116,449
Duke Energy Corp.			3,844			385,284
Edison International			1,964			141,035
Entergy Corp.			1,091			116,737
Essential Utilities, Inc.			1,206			45,020
Evergy, Inc.			1,153			61,074
Eversource Energy			1,746			99,016
Exelon Corp.			5,043			174,538
FirstEnergy Corp.			2,905			111,174
Hawaiian Electric Industries, Inc.			566			5,105
IDACORP, Inc.			268			24,964
MGE Energy, Inc.			151			11,283
Middlesex Water Co.			66			3,449
Montauk Renewables, Inc.(a)			328			1,870
National Fuel Gas Co.			454			24,602

The accompanying notes are an integral part of these financial statements.

55

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Utilities - (Continued)
New Jersey Resources Corp.			558			$   23,849
NextEra Energy, Inc.			10,264			726,794
NiSource, Inc.			2,249			64,794
Northwest Natural Holding Co.			223			8,053
Northwestern Energy Group, Inc.			330			16,526
NRG Energy, Inc.			1,094			85,179
OGE Energy Corp.			1,042			37,199
ONE Gas, Inc.			287			18,325
Ormat Technologies, Inc.			300			21,510
Otter Tail Corp.			196			17,168
PG&E Corp.			10,254			179,035
Pinnacle West Capital Corp.			577			44,071
PNM Resources, Inc.			480			17,741
Portland General Electric Co.			500			21,620
PPL Corp.			3,706			102,471
Public Service Enterprise Group, Inc.			2,545			187,567
Sempra			3,181			241,947
SJW Group			180			9,760
Southwest Gas Holdings, Inc.			325			22,874
Spire, Inc.			291			17,672
Sunnova Energy International, Inc.(a)(c)			2,119			11,824
The AES Corp.			3,666			64,412
The Southern Co.			5,057			392,271
The York Water Co.			128			4,748
UGI Corp.			1,134			25,969
Unitil Corp.			106			5,490
Vistra Corp.			1,780			153,044
WEC Energy Group, Inc.			1,618			126,948
Xcel Energy, Inc.			2,829			151,097
						5,704,561
TOTAL COMMON STOCKS (Cost $57,896,406)						256,582,125
REAL ESTATE INVESTMENT TRUSTS - 2.5%
Acadia Realty Trust			558			9,999
AGNC Investment Corp.			3,371			32,159
Agree Realty Corp.			446			27,625
Alexander & Baldwin, Inc.			248			4,206
Alexandria Real Estate Equities, Inc.			868			101,530
American Assets Trust, Inc.			228			5,103
American Homes 4 Rent - Class A			1,662			61,760
American Tower Corp.			2,339			454,655
Americold Realty Trust, Inc.			988			25,234
Annaly Capital Management, Inc.			2,551			48,622
Apartment Investment and Management Co. - Class A(a)			826			6,848
Apollo Commercial Real Estate Finance, Inc.			709			6,941
Apple Hospitality REIT, Inc.			981			14,264
Arbor Realty Trust, Inc.(c)			1,329			19,071

			Shares			Value
Ares Commercial Real Estate Corp.			3,429			$   22,803
Armada Hoffler Properties, Inc.			467			5,179
ARMOUR Residential REIT, Inc.(c)			309			5,988
AvalonBay Communities, Inc.			719			148,754
Blackstone Mortgage Trust, Inc. - Class A(c)			829			14,441
Boston Properties, Inc.			785			48,325
Brandywine Realty Trust			646			2,894
BrightSpire Capital, Inc.			2,200			12,540
Brixmor Property Group, Inc.			1,591			36,736
Broadstone Net Lease, Inc.			915			14,521
Camden Property Trust			516			56,301
CareTrust REIT, Inc.			612			15,361
CBL & Associates Properties, Inc.			204			4,770
Centerspace			64			4,328
Chatham Lodging Trust			425			3,621
Chimera Investment Corp.			977			12,501
Community Healthcare Trust, Inc.			154			3,602
COPT Defense Properties			501			12,540
CoreCivic, Inc.(a)			686			8,904
Cousins Properties, Inc.			839			19,423
Crown Castle, Inc.			2,198			214,745
CubeSmart			1,094			49,416
DiamondRock Hospitality Co.			1,103			9,320
Digital Realty Trust, Inc.			1,576			239,631
Douglas Emmett, Inc.			854			11,367
Dynex Capital, Inc.			405			4,836
Easterly Government Properties, Inc.			627			7,756
EastGroup Properties, Inc.			227			38,613
Ellington Credit Co.			1,917			13,323
Elme Communities			425			6,770
Empire State Realty Trust, Inc. - Class A			745			6,988
EPR Properties			422			17,716
Equinix, Inc.			474			358,628
Equity Commonwealth(a)			482			9,351
Equity LifeStyle Properties, Inc.			896			58,356
Equity Residential			1,885			130,706
Essential Properties Realty Trust, Inc.			830			22,999
Essex Property Trust, Inc.			322			87,648
Extra Space Storage, Inc.			1,060			164,735
Farmland Partners, Inc.			384			4,428
Federal Realty Investment Trust			414			41,802
First Industrial Realty Trust, Inc.			645			30,644
Four Corners Property Trust, Inc.			497			12,261
Franklin BSP Realty Trust, Inc.			422			5,317
Gaming and Leisure Properties, Inc.			1,308			59,135
Getty Realty Corp.			219			5,839
Gladstone Commercial Corp.			312			4,452
Gladstone Land Corp.			269			3,683
Global Medical REIT, Inc.			581			5,275
Global Net Lease, Inc.			842			6,189

The accompanying notes are an integral part of these financial statements.

56

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Shares			Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
Granite Point Mortgage Trust, Inc.			3,969			$     11,788
Hannon Armstrong Sustainable Infrastructure Capital, Inc.			773			22,881
Healthcare Realty Trust, Inc.			2,086			34,377
Healthpeak Properties, Inc.			2,741			53,724
Highwoods Properties, Inc.			510			13,398
Host Hotels & Resorts, Inc.			3,576			64,296
Hudson Pacific Properties, Inc.			815			3,920
Independence Realty Trust, Inc.			1,266			23,725
Innovative Industrial Properties, Inc.			150			16,383
InvenTrust Properties Corp.			272			6,735
Invesco Mortgage Capital, Inc.			2,179			20,417
Invitation Homes, Inc.			3,081			110,577
Iron Mountain, Inc.			1,492			133,713
JBG SMITH Properties			497			7,569
Kilroy Realty Corp.			620			19,325
Kimco Realty Corp.			3,306			64,335
Kite Realty Group Trust			1,127			25,222
KKR Real Estate Finance Trust, Inc.			295			2,670
Ladder Capital Corp.			1,427			16,111
Lamar Advertising Co. - Class A			422			50,442
LTC Properties, Inc.			251			8,659
LXP Industrial Trust			1,665			15,185
Medical Properties Trust, Inc.(c)			2,958			12,749
MFA Financial, Inc.			1,268			13,492
Mid-America Apartment Communities, Inc.			579			82,571
National Health Investors, Inc.			228			15,442
National Storage Affiliates Trust			285			11,748
NETSTREIT Corp.			318			5,120
New York Mortgage Trust, Inc.			627			3,662
NexPoint Residential Trust, Inc.			152			6,006
NNN REIT, Inc.			936			39,874
Omega Healthcare Investors, Inc.			1,238			42,401
Orchid Island Capital, Inc.			894			7,456
Outfront Media, Inc.			722			10,325
Paramount Group, Inc.			1,239			5,737
Park Hotels & Resorts, Inc.(c)			982			14,710
Peakstone Realty Trust			296			3,138
Pebblebrook Hotel Trust			664			9,130
PennyMac Mortgage Investment Trust			450			6,187
Phillips Edison & Co., Inc.			626			20,476
Piedmont Office Realty Trust, Inc. - Class A			597			4,328
Plymouth Industrial REIT, Inc.			286			6,115
PotlatchDeltic Corp.			420			16,544
Prologis, Inc.			4,625			519,434

			Shares			Value
Public Storage			802			$   230,695
Rayonier, Inc.			777			22,603
Ready Capital Corp.			1,095			8,957
Realty Income Corp.			4,221			222,953
Redwood Trust, Inc.			692			4,491
Regency Centers Corp.			946			58,841
Retail Opportunity Investments Corp.			725			9,012
Rexford Industrial Realty, Inc.			1,095			48,826
Rithm Capital Corp.			3,029			33,046
RLJ Lodging Trust			855			8,234
Ryman Hospitality Properties, Inc.			287			28,660
Sabra Health Care REIT, Inc.			1,058			16,293
Saul Centers, Inc.			18			662
SBA Communications Corp.			548			107,572
Service Properties Trust			584			3,002
Simon Property Group, Inc.			1,641			249,104
SITE Centers Corp.			809			11,730
SL Green Realty Corp.(c)			357			20,220
STAG Industrial, Inc.			961			34,654
Starwood Property Trust, Inc.			1,518			28,751
Summit Hotel Properties, Inc.			268			1,605
Sun Communities, Inc.			614			73,889
Sunstone Hotel Investors, Inc.			940			9,832
Tanger, Inc.			583			15,805
Terreno Realty Corp.			399			23,613
The GEO Group, Inc.(a)			632			9,076
The Macerich Co.			1,161			17,926
TPG RE Finance Trust, Inc.			1,158			10,005
Two Harbors Investment Corp.			891			11,770
UDR, Inc.			1,607			66,128
UMH Properties, Inc.			256			4,093
Uniti Group, Inc.			1,189			3,472
Universal Health Realty Income Trust			117			4,579
Urban Edge Properties			694			12,818
Ventas, Inc.			2,019			103,494
Veris Residential, Inc.			312			4,680
VICI Properties, Inc.			5,188			148,584
Vornado Realty Trust			895			23,530
Welltower, Inc.			2,858			297,946
Weyerhaeuser Co.			3,665			104,049
WP Carey, Inc.			1,041			57,307
Xenia Hotels & Resorts, Inc.			560			8,025
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,338,209)						6,646,107

The accompanying notes are an integral part of these financial statements.

57

Wilshire 5000 Index^SM Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Contracts			Value
RIGHTS - 0.0%(e)
ABIOMED, Inc., Expires , Exercise Price $0.00(a)(b)			239			$0
AMR CORP ESCROW, Expires , Exercise Price $0.00(a)(b)			3,275			0
Bristol-Myers Squibb Co., Expires 01/24/2025, Exercise Price $12.00(a)(b)			277			0
TOTAL RIGHTS (Cost $0)						0

TOTAL INVESTMENTS - 98.2% (Cost $61,234,615)						$263,228,232
Money Market Deposit Account - 2.1%(f)(g)						5,598,220
Liabilities in Excess of Other Assets - (0.3)%						(798,016)
TOTAL NET ASSETS - 100.0%						$268,028,436

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

AMBAC - American Municipal Bond Assurance Corporation

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)
Non-income producing security.

(b)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024.

(c)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $805,556 which represented 0.3% of net assets.

(d)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(e)
Represents less than 0.05% of net assets.

(f)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(g)
All or a portion of this deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $848,882.

The accompanying notes are an integral part of these financial statements.

58

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited)

			Shares			Value
COMMON STOCKS - 80.8%
Australia - 1.9%
Accent Group Ltd.			50,528			$   65,070
Atlassian Corp. - Class A(a)			8,780			1,553,006
Audinate Group Ltd.(a)			5,561			58,427
Aussie Broadband Ltd.(a)			12,686			29,187
BHP Group Ltd.			5,289			151,511
Boral Ltd.			22,769			86,730
Centuria Capital Group			19,968			21,839
Cettire Ltd.(a)			17,708			13,703
Cochlear Ltd.			51			11,262
Computershare Ltd.			8,333			146,382
CSL Ltd.			157			30,787
Data#3 Ltd.			23,929			133,162
Emeco Holdings Ltd.			57,028			27,052
Fortescue Metals Group Ltd.			267			3,814
Inghams Group Ltd.			25,990			62,740
Insurance Australia Group Ltd.			25,229			120,096
Jumbo Interactive Ltd.			1,924			22,241
Mader Group Ltd.			6,327			26,503
Medibank Pvt Ltd.			75,817			188,509
Monadelphous Group Ltd.			13,486			114,905
Neuren Pharmaceuticals Ltd.(a)			2,337			32,981
Nick Scali Ltd.			2,593			23,806
Northern Star Resources Ltd.			21,540			185,097
OceanaGold Corp.			17,869			41,014
Perenti Ltd.			187,542			124,825
Perseus Mining Ltd.			114,133			177,106
Pro Medicus Ltd.			1,248			118,507
QBE Insurance Group Ltd.			854			9,904
Ramelius Resources Ltd.			68,055			86,301
REA Group Ltd.			390			50,876
Regis Healthcare Ltd.			7,624			22,162
Seven Group Holdings Ltd.			5,665			141,723
Seven West Media Ltd.(a)			71,252			8,780
Technology One Ltd.			11,696			144,469
Wesfarmers Ltd.			923			39,970
Westgold Resources Ltd.			13,707			21,924
Yancoal Australia Ltd.			7,717			34,042
						4,130,413
Austria - 0.3%
ANDRITZ AG			1,457			89,923
Erste Group Bank AG			2,358			111,677
Kontron AG			2,128			43,793
Porr Ag			6,295			94,150
Vienna Insurance Group AG Wiener Versicherung Gruppe			7,298			238,332
						577,875
Belgium - 0.2%
Colruyt Group N.V			2,529			120,755
Fagron			1,080			21,074
Melexis NV			1,442			123,231

			Shares			Value
Titan Cement International SA			3,103			$   97,023
X-Fab Silicon Foundries SE(a)(b)			3,818			24,261
						386,344
Bermuda - 0.7%
Arch Capital Group Ltd.(a)			16,190			1,633,409
Brazil - 1.4%
Ambev SA			448,000			915,218
Banco do Brasil SA			58,200			277,252
BB Seguridade Participacoes SA			2,600			15,339
Cia de Saneamento do Parana			23,400			114,779
CPFL Energia SA			8,300			48,686
Cury Construtora e Incorporadora SA			12,900			47,538
Klabin SA			22,220			85,182
Marcopolo SA			72,800			64,464
NU Holdings Ltd. - Class A(a)			107,950			1,391,476
TIM SA			30,400			86,630
Vibra Energia SA			12,200			45,656
						3,092,220
Britain - 9.2%
3i Group PLC			31,385			1,210,321
4imprint Group PLC			1,730			127,420
Allfunds Group PLC			10,959			61,315
AstraZeneca PLC			15,853			2,471,410
BAE Systems PLC			137,062			2,288,579
Barclays PLC			226,582			597,797
Beazley PLC			7,446			66,702
Bloomsbury Publishing PLC			3,510			27,779
Bodycote PLC			6,725			58,024
British American Tobacco PLC			4,537			139,467
BT Group PLC			53,438			94,865
Burberry Group PLC			2,361			26,216
Coca-Cola Europacific Partners PLC			69			5,028
Compass Group PLC			38,096			1,037,199
Cranswick PLC			1,054			59,221
Currys PLC(a)			106,869			97,334
Darktrace PLC(a)			3,511			25,615
Domino's Pizza Group PLC			26,235			101,643
Dunelm Group PLC			1,619			21,789
EnQuest PLC(a)			104,803			18,034
Ferguson PLC			7,740			1,487,436
Frasers Group PLC(a)			4,041			45,115
Future PLC			2,042			27,140
Games Workshop Group PLC			1,498			202,206
Harbour Energy PLC			17,506			69,037
HSBC Holdings PLC			158,488			1,371,549
IMI PLC			8,097			180,697
Imperial Brands PLC			5,896			150,960
InterContinental Hotels Group PLC			197			20,654
J D Wetherspoon PLC(a)			4,751			43,993
J Sainsbury PLC			226,031			729,208

The accompanying notes are an integral part of these financial statements.

59

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Britain - (Continued)
JD Sports Fashion PLC			6,107			$    9,140
Johnson Service Group PLC			41,459			82,748
Lancashire Holdings Ltd.			9,652			74,878
Man Group PLC			61,064			186,798
Marks & Spencer Group PLC			69,749			251,190
Mitchells & Butlers PLC(a)			7,969			28,772
Molten Ventures PLC(a)			11,205			51,968
Morgan Sindall Group PLC			1,346			43,173
NatWest Group PLC			190,474			747,137
Next PLC			336			38,423
OSB Group PLC			16,496			89,518
Paragon Banking Group PLC			10,686			99,251
Pets at Home Group PLC			7,503			28,053
Reckitt Benckiser Group PLC			23,972			1,293,623
Rio Tinto PLC			2,482			163,379
Rolls-Royce Holdings PLC(a)			48,245			278,875
Serco Group PLC			58,650			133,328
Serica Energy PLC			11,957			20,556
Shell PLC			4,909			176,416
Shell PLC			28,898			1,038,180
Standard Chartered PLC			66,613			600,199
Stolt-Nielsen Ltd.			3,992			188,827
Tesco PLC			320,736			1,241,718
TI Fluid Systems PLC(b)			10,835			17,876
Travis Perkins PLC(a)			24,814			241,514
Tullow Oil PLC(a)			45,344			18,365
Unilever PLC			891			49,056
Vodafone Group PLC			122,856			108,239
Volution Group PLC			7,867			44,746
Wise PLC - Class A(a)			10,351			89,043
						20,298,742
Canada - 4.7%
ADENTRA, Inc.			1,566			42,663
AGF Mangement Ltd. - Class B			5,091			31,445
Alamos Gold, Inc. - Class A			6,294			98,731
Badger Infrastructure Solutions Ltd.			1,953			58,802
Barrick Gold Corp.			2,600			43,370
Bird Construction, Inc.			3,311			64,911
Bombardier, Inc. - Class B(a)			468			30,012
Brookfield Asset Management Ltd. - Class A			5,400			205,571
Brookfield Corp.			3,600			149,731
Calibre Mining Corp.(a)			75,848			99,796
Cameco Corp.			300			14,760
Canadian Natural Resources Ltd.			32,740			1,166,200
Canadian Pacific Kansas City Ltd.			26,940			2,120,986
CCL Industries, Inc. - Class B			4,800			252,412
Cenovus Energy, Inc.			7,900			155,280
CES Energy Solutions Corp.			7,502			42,225
CI Financial Corp.			17,900			188,414
Cogeco, Inc.			2,507			88,328

			Shares			Value
Docebo, Inc.(a)			734			$   28,345
Dollarama, Inc.			3,000			273,915
Dundee Precious Metals, Inc.			17,724			138,755
Enbridge, Inc.			2,500			88,940
Fairfax Financial Holdings Ltd.			74			84,184
First Quantum Minerals Ltd.			2,100			27,585
Fortuna Silver Mines, Inc.(a)			3,864			18,896
George Weston Ltd.			350			50,346
iA Financial Corp., Inc.			747			46,910
IAMGOLD Corp.(a)			17,109			64,281
IGM Financial, Inc.			3,000			82,826
Kinross Gold Corp.			19,100			159,021
Magna International, Inc.			17,345			726,993
Magna International, Inc.			5,495			230,241
MDA Space Ltd.(a)			3,290			32,851
MEG Energy Corp.(a)			3,020			64,614
New Gold, Inc.(a)			20,913			41,274
North American Construction Group Ltd.			5,743			110,742
Northland Power, Inc.			5,100			87,681
Obsidian Energy Ltd.(a)			7,113			53,242
Onex Corp.			1,100			74,794
Parkland Corp.(a)			3,800			106,524
Pason Systems, Inc.			5,598			75,415
Precision Drilling Corp.(a)			426			29,956
Propel Holdings, Inc.			1,270			22,716
Quebecor, Inc. - Class B			3,800			80,192
Resolute Forest Products(a)(c)			1,388			0
Rogers Sugar, Inc.			14,831			60,493
Shopify, Inc. - Class A(a)			1,100			72,695
Sienna Senior Living, Inc.			14,164			147,536
Silvercorp Metals, Inc.			11,339			37,961
SilverCrest Metals, Inc.(a)			4,966			40,583
Sun Life Financial, Inc.			2,600			127,487
Suncor Energy, Inc.			1,000			38,120
The Descartes Systems Group, Inc.(a)			500			48,445
Thomson Reuters Corp.			1,930			325,337
TMX Group Ltd.			5,300			147,527
Torex Gold Resources, Inc.(a)			2,559			39,656
Transcontinental, Inc. - Class A			5,653			62,478
Vermilion Energy, Inc.			2,815			30,989
Waste Connections, Inc.			7,300			1,280,128
Winpak Ltd.			814			26,567
WSP Global, Inc.			1,600			249,149
						10,390,027
Chile - 0.0%(d)
Cia Sud Americana de Vapores SA			16			1
Empresa Nacional de Telecomunicaciones SA			6,177			18,294
Enel Chile SA			32,107			1,811
						20,106

The accompanying notes are an integral part of these financial statements.

60

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
China - 3.7%
37 Interactive Entertainment Network Technology Group Co. Ltd. - Class A			4,800			$    8,608
Alibaba Group Holding Ltd.			155,048			1,393,895
Aluminum Corp. of China Ltd. - Class H			38,000			25,925
ANE Cayman, Inc.(a)			65,000			56,220
ANTA Sports Products Ltd.			1,900			18,099
Atour Lifestyle Holdings Ltd. - ADR			1,256			23,048
Autohome, Inc. - ADR			143			3,925
Baidu, Inc. - ADR(a)			3,345			289,276
Baidu, Inc. - Class A(a)			16,900			182,885
Bank of Beijing Co. Ltd.			44,700			35,919
Bank of Jiangsu Co. Ltd. - Class A			28,606			29,224
Bank of Ningbo Co. Ltd. - Class A			2,100			6,377
Baoshan Iron & Steel Co. Ltd. - Class A			48,232			44,151
Beijing Jingneng Clean Energy Co. Ltd.			98,000			23,352
Beijing New Building Materials PLC - Class A			2,600			10,605
Bilibili, Inc. - Class Z(a)			880			13,725
Binjiang Service Group Co. Ltd.			8,500			17,876
BYD Co. Ltd. - Class H			3,000			89,033
Chaoju Eye Care Holdings Ltd.			37,500			14,225
China BlueChemical Ltd. - Class H			132,000			37,540
China CITIC Bank Corp. Ltd. - H Shares - Class H			8,000			5,125
China CSSC Holdings Ltd. - Class A			6,200			34,750
China Merchants Bank Co. Ltd. - Class H			107,500			488,242
China Resources Medical Holdings Co. Ltd.			98,000			44,271
China Shenhua Energy Co. Ltd. - Class H			6,000			27,617
China Three Gorges Renewables Group Co. Ltd. - Class A			60,600			36,370
China Yangtze Power Co. Ltd. - Class A			18,600			74,058
Chongqing Changan Automobile Co. Ltd. - Class A			18,100			33,467
CIMC Enric Holdings Ltd.			22,000			22,165
CMOC Group Ltd. - Class A			37,400			43,600
CMOC Group Ltd. - Class H			36,000			32,803
CRRC Corp. Ltd. - Class A			20,570			21,247
Dongyue Group Ltd.			23,000			24,999
E-Commodities Holdings Ltd.			132,000			24,864
Eoptolink Technology, Inc. Ltd.			1,500			21,856
FAW Jiefang Group Co. Ltd.			3,600			3,881
FinVolution Group - ADR			8,299			39,586
First Tractor Co. Ltd. - Class H			70,000			66,188

			Shares			Value
Fu Shou Yuan International Group Ltd.			86,000			$   53,613
Fufeng Group Ltd.			111,000			75,375
GF Securities Co. Ltd. - Class H			173,600			144,001
Goneo Group Co. Ltd. - Class A			1,334			14,161
Great Wall Motor Co., Ltd. - Class H			42,500			65,489
Gree Electric Appliances, Inc. of Zhuhai - Class A			5,200			28,075
Greentown Management Holdings Co. Ltd.(b)			24,000			16,678
Guanghui Energy Co. Ltd. - Class A			4,500			4,146
Guangzhou Haige Communications Group, Inc. Co. - Class A			3,000			4,280
Haier Smart Home Co. Ltd. - Class H			251,000			838,654
Huadian Power International Corp. Ltd. - Class A			18,000			17,203
JD.com, Inc. - Class A			8,100			104,648
Jiangxi Copper Co. Ltd. - Class A			4,500			14,615
Jiangxi Copper Co. Ltd. - Class H			39,000			77,433
JNBY Design Ltd.			51,000			99,377
Kingnet Network Co. Ltd.			1,700			2,229
Kingsoft Corp. Ltd.			9,200			26,551
Kweichow Moutai Co. Ltd. - Class A			800			161,346
LexinFintech Holdings Ltd. - ADR			13,528			22,321
Li Auto, Inc. - Class A(a)			2,900			25,895
Lonking Holdings Ltd.			464,000			86,637
Luzhou Laojiao Co. Ltd. - Class A - Class A			200			3,953
MINISO Group Holding Ltd.			8,800			41,962
NetEase, Inc.			4,900			93,552
People's Insurance Co. Group of China Ltd. - Class H			86,000			29,501
PetroChina Co. Ltd. - Class H			106,000			107,214
PICC Property & Casualty Co. Ltd. - Class H - Class H			4,000			4,963
Qifu Technology, Inc. - ADR			3,255			64,221
SDIC Power Holdings Co. Ltd. - Class A			15,800			39,666
Shaanxi Coal Industry Co. Ltd. - Class A			6,200			22,009
Shandong Gold Mining Co. Ltd. - Class A			1,100			4,101
Shanghai Chicmax Cosmetic Co. Ltd.			3,300			17,493
Shanghai Construction Group Co. Ltd. - Class A			14,000			4,143
Shanghai Electric Power Co. Ltd. - Class A			6,000			8,169
Shenzhen Capchem Technology Co. Ltd. - Class A			600			2,359
Sichuan Swellfun Co. Ltd. - Class A			1,000			5,178
Sinomine Resource Group Co. Ltd. - Class A			1,600			5,899

The accompanying notes are an integral part of these financial statements.

61

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
China - (Continued)
Sinopec Engineering Group Co. Ltd. - Class H			215,000			$   148,647
Sinotruk Hong Kong Ltd.			18,000			46,691
Tencent Holdings Ltd.			13,480			639,774
Tencent Music Entertainment Group - ADR			14,712			206,704
Tianqi Lithium Corp. - Class A			3,200			13,166
Tongcheng Travel Holdings Ltd.			46,800			93,112
Tongling Nonferrous Metals Group Co. Ltd. - Class A			8,100			4,011
Trip.com Group Ltd.(a)			1,920			90,912
Vipshop Holdings Ltd. - ADR			11,985			156,045
Weichai Power Co. Ltd. - Class A			12,412			27,752
Weichai Power Co. Ltd. - Class H			324,000			617,616
Weilong Delicious Global Holdings Ltd.			28,400			19,996
Western Mining Co. Ltd. - Class A			3,300			8,123
Xiamen C & D, Inc. - Class A			6,600			8,113
Xiamen Tungsten Co. Ltd.			1,400			3,316
Yangzijiang Shipbuilding Holdings Ltd.			134,100			242,809
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - Class H(a)(b)			14,800			17,734
Yintai Gold Co. Ltd. - Class A			5,900			13,165
YongXing Special Materials Technology Co. Ltd. - Class A			900			4,430
Yuexiu Services Group Ltd.			124,500			49,557
Yunnan Aluminium Co. Ltd. - Class A			7,500			13,914
Yunnan Chihong Zinc&Germanium Co. Ltd.			11,000			8,055
Yutong Bus Co. Ltd. - Class A			3,500			12,439
ZEEKR Intelligent Technology Holding Ltd. - ADR(a)			1			15
Zhejiang Century Huatong Group Co. Ltd. - Class A(a)			15,800			7,465
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. - Class A			2,900			11,456
Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class A - Class A			14,970			15,828
						8,186,952
Colombia - 0.0%(d)
Bancolombia SA			404			3,436
Czech Republic - 0.0%(d)
CEZ AS			830			31,219
Denmark - 3.1%
ALK-Abello AS(a)			8,178			178,680
Carlsberg AS - Class B			64			7,659
Danske Bank AS			16,168			481,342

			Shares			Value
Demant AS(a)			121			$    5,230
Dfds AS			1,104			31,097
Genmab AS(a)			1,707			428,080
H Lundbeck AS			14,822			82,686
H Lundbeck AS - Class A			4,773			22,878
NKT AS(a)			420			36,594
Novo Nordisk AS			37,119			5,302,678
Pandora A/S			28			4,206
Per Aarsleff Holding AS			2,494			136,520
ROCKWOOL AS - Class B			335			135,772
						6,853,422
Egypt - 0.0%(d)
Abou Kir Fertilizers & Chemical Industries			26,954			32,886
Telecom Egypt Co.			26,840			17,413
						50,299
Finland - 0.9%
Incap Oyj(a)			2,110			26,810
Kemira Oyj			3,165			77,113
Nokia Oyj			352,322			1,340,422
Nordea Bank Abp			45,737			542,913
Orion Oyj - Class B			114			4,866
Wartsila OYJ Abp			1,697			32,656
						2,024,780
France - 6.5%
Accor SA			11,126			458,718
Air Liquide SA			38			6,542
Amundi SA(b)			14,987			961,679
AXA SA			797			26,243
Bouygues SA			4,702			150,576
Bureau Veritas SA			3,911			107,952
Capgemini SE			574			113,693
Carrefour SA			1,091			15,416
Catana Group			7,520			34,379
CGG SA(a)			85,567			43,338
Cie Generale des Etablissements Michelin SCA			32,649			1,259,760
Dassault Systemes SE			5,050			190,104
Eiffage SA			762			70,351
Elis SA			4,094			89,102
Hermes International			138			317,635
Jacquet Metals SACA			893			14,000
Kaufman & Broad SA			605			16,539
La Francaise des Jeux SAEM(b)			3,111			105,613
L’Oreal SA			2,643			1,162,165
LVMH Moet Hennessy Louis Vuitton SE			1,580			1,213,363
Mersen SA			1,384			47,093
Publicis Groupe SA			1,685			178,599
Renault SA			87			4,437
Rexel SA			47,838			1,230,712
Rubis SCA			4,175			117,771
Safran SA			9,513			2,001,400

The accompanying notes are an integral part of these financial statements.

62

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
France - (Continued)
Sanofi			14,448			$ 1,388,761
Schneider Electric SE			4,830			1,152,456
SEB SA			592			60,361
Societe BIC SA			269			15,831
Societe Generale SA			6,002			140,138
Sopra Steria Group SACA			280			54,284
Teleperformance SE			13,342			1,399,462
Thales SA			287			46,117
Verallia SA(b)			3,952			143,792
Vinci SA			876			92,151
						14,430,533
Germany - 3.3%
Amadeus Fire AG			961			109,213
Atoss Software AG			2,006			240,134
BASF SE			29,453			1,423,188
Bayer AG			24,942			705,334
Cliq Digital AG			2,490			18,018
Commerzbank AG			16,868			256,210
Covestro AG(a)(b)			13,567			795,253
CTS Eventim AG & Co. KGaA			1,164			97,152
Daimler Truck Holding AG			32,065			1,275,694
Deutsche Rohstoff AG			743			30,712
Evonik Industries AG			211			4,304
Fresenius Medical Care AG & Co. KGaA			19,413			742,407
Heidelberg Materials AG			495			51,294
Ionos SE(a)			965			26,289
KION Group AG			712			29,798
Knorr-Bremse AG			2,663			203,361
Krones AG			313			39,283
LEG Immobilien SE			874			71,367
MBB SE			234			25,959
Mensch und Maschine Software SE			391			23,122
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen			211			105,507
Nemetschek SE			1,306			128,431
Puma SE			1,808			83,094
Rational AG			100			83,357
SAP SE			1,515			307,598
Siemens AG			1,042			193,801
SMA Solar Technology AG			329			9,287
SUESS MicroTec SE			3,930			258,837
thyssenkrupp AG			5,184			22,449
TUI AG(a)			2,587			18,236
						7,378,689
Greece - 0.1%
Aegean Airlines SA			2,638			32,954
FF Group(a)(c)			2,880			0
Hellenic Telecommunications Organization SA			2,400			34,551
JUMBO SA			1,032			29,611

			Shares			Value
National Bank of Greece SA(a)			1,556			$   12,977
Piraeus Financial Holdings SA(a)			2,621			9,565
						119,658
Hong Kong - 1.4%
AIA Group Ltd.			23,600			160,030
Bank of East Asia Ltd.			29,400			37,336
BOC Hong Kong Holdings Ltd.			15,500			47,845
Bosideng International Holdings Ltd.			8,000			4,983
Brilliance China Automotive Holdings Ltd.			294,000			309,078
China Overseas Land & Investment Ltd.			676,000			1,170,971
China Overseas Property Holdings Ltd.			20,000			11,940
CLP Holdings Ltd.			500			4,043
Cowell e Holdings, Inc.(a)			10,000			31,344
Dah Sing Banking Group Ltd.			96,400			80,251
First Pacific Co. Ltd.			204,000			94,810
Galaxy Entertainment Group Ltd.			127,000			591,565
Geely Automobile Holdings Ltd.			18,000			20,249
Gemdale Properties & Investment Corp. Ltd.			1,008,000			31,722
Hong Kong & China Gas Co. Ltd.			14,000			10,645
Hong Kong Exchanges & Clearing Ltd.			700			22,303
HUTCHMED China Ltd.(a)			11,000			38,618
JS Global Lifestyle Co. Ltd.(b)			235,500			46,236
Kunlun Energy Co. Ltd.			36,000			37,240
Man Wah Holdings Ltd.			44,400			30,490
Sinofert Holdings Ltd.			476,000			60,844
Skyworth Group Ltd.			84,000			33,121
Stella International Holdings Ltd.			17,500			35,519
Theme International Holdings Ltd.			300,000			18,784
United Laboratories International Holdings Ltd.			62,000			65,528
Wasion Holdings Ltd.			26,000			22,767
Wharf Real Estate Investment Co. Ltd.			1,000			2,643
Yue Yuen Industrial Holdings Ltd.			22,500			43,486
						3,064,391
Hungary - 0.3%
Magyar Telekom Telecommunications PLC			35,265			99,636
OTP Bank Nyrt			9,236			457,925
						557,561
India - 2.9%
ABB India Ltd.			1,838			186,523
Adani Green Energy Ltd.(a)			1,157			24,608
Ahluwalia Contracts India Ltd.			1,597			23,760
Ajanta Pharma Ltd.			4,884			133,919
Alembic Pharmaceuticals Ltd.			2,195			23,052
Allcargo Logistics Ltd.(a)			33,051			23,864

The accompanying notes are an integral part of these financial statements.

63

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
India - (Continued)
Angel One Ltd.			651			$   20,157
Archean Chemical Industries Ltd.			2,828			22,694
Bajaj Auto Ltd			763			86,790
Bank of Baroda			21,114			69,644
BEML Ltd.			640			33,876
Bharat Electronics Ltd.			8,914			32,508
Bharat Petroleum Corp. Ltd.			55,744			201,865
Britannia Industries Ltd.(a)			283			18,587
Can Fin Homes Ltd.			2,761			30,176
CG Power & Industrial Solutions Ltd.			7,965			66,877
Chennai Petroleum Corp. Ltd.			4,302			50,442
CMS Info Systems Ltd.			9,571			56,346
Coal India Ltd.			35,110			198,278
CRISIL Ltd.			412			20,957
Cummins India Ltd.			620			29,399
Dr Reddy's Laboratories Ltd.			1,064			81,507
Fusion Micro Finance Ltd.(a)			6,150			33,004
GHCL Ltd.			6,864			46,381
Godawari Power and Ispat Ltd.			18,279			231,747
Great Eastern Shipping Co. Ltd.			14,405			210,783
Gujarat Pipavav Port Ltd.			18,177			45,385
Gujarat State Petronet Ltd.			4,852			17,183
Happy Forgings Ltd.(a)			1,423			20,721
Hero MotoCorp Ltd.			2,342			156,616
Hindustan Aeronautics Ltd.(a)			575			36,266
ICICI Bank Ltd. - ADR			51,640			1,487,748
Indian Oil Corp. Ltd.			5,608			11,063
Jupiter Life Line Hospitals Ltd.(a)			1,375			21,424
Kaveri Seed Co. Ltd.			8,084			90,298
Kirloskar Ferrous Industries Ltd.			2,160			17,758
KPIT Technologies Ltd.			1,880			36,733
Manappuram Finance Ltd.			23,361			58,150
Motilal Oswal Financial Services Ltd.			21,824			159,848
Narayana Hrudayalaya Ltd.			3,551			51,268
NESCO Ltd.			8,997			99,492
NMDC Steel Ltd.(a)			32,328			21,827
Oil & Natural Gas Corp. Ltd.			57,052			186,747
Oil India Ltd.			7,170			61,919
Petronet LNG Ltd.			25,721			101,549
PI Industries Ltd.			1,991			90,453
Power Grid Corp. of India Ltd.			129,275			510,238
Procter & Gamble Health Ltd.			1,081			65,507
PTC India Ltd.			61,347			150,312
Punjab National Bank			3,119			4,602
Rainbow Children's Medicare Ltd.			2,395			35,806
Sanghvi Movers Ltd.			3,545			44,814
Sarda Energy & Minerals Ltd.			18,540			51,356
Shyam Metalics & Energy Ltd.			4,590			36,688
Siemens Ltd.			912			83,968
Sun TV Network Ltd.			3,889			34,977

			Shares			Value
Sunteck Realty Ltd.			6,780			$   45,403
Syngene International Ltd.(b)			10,085			85,633
Tata Motors Ltd.			20,671			244,407
The Karur Vysya Bank Ltd.			55,168			136,363
UltraTech Cement Ltd.			1,352			188,555
						6,448,821
Indonesia - 0.3%
Adaro Energy Indonesia Tbk PT			303,700			51,766
Astra International Tbk PT			220,500			59,924
Astra Otoparts Tbk PT			186,500			21,584
Bank Rakyat Indonesia Persero Tbk PT			1,336,700			372,911
Ciputra Development Tbk PT			689,500			47,623
Pakuwon Jati Tbk PT			3,205,100			71,452
Summarecon Agung Tbk PT			924,100			28,221
Triputra Agro Persada PT			785,600			26,844
United Tractors Tbk PT			52,300			70,189
						750,514
Ireland - 2.4%
Bank of Ireland Group PLC			97,440			1,015,098
Cairn Homes PLC			17,126			29,155
Experian PLC			32,041			1,485,857
ICON PLC(a)			7,650			2,398,046
James Hardie Industries PLC(a)			3,737			118,702
PDD Holdings, Inc. - ADR(a)			2,714			360,826
						5,407,684
Israel - 0.7%
Ashdod Refinery Ltd.			884			13,509
Cellebrite DI Ltd.(a)(e)			7,994			95,528
Isras Investment Co. Ltd.			621			108,152
Ituran Location and Control Ltd.			2,480			61,107
Monday.com Ltd.(a)			4,660			1,121,942
Nova Ltd.(a)			830			194,660
Oil Refineries Ltd.			169,666			39,060
						1,633,958
Italy - 2.5%
Anima Holding SpA(b)			10,594			52,692
Banca Monte dei Paschi di Siena SpA			12,252			57,158
Banco BPM SpA			12,205			78,953
BPER Banca			7,677			38,902
Buzzi SpA			4,442			179,251
Danieli & C Officine Meccaniche SpA			1,380			39,256
Enel SpA			145,495			1,014,902
Ferrari NV			5,776			2,361,565
Fincantieri SpA(a)			7,701			37,440
Intesa Sanpaolo SpA			171,166			639,120
Iren SpA			11,747			24,387
Iveco Group NV			15,516			174,776
Leonardo SpA			3,071			71,582
Moncler SpA			1,036			63,446

The accompanying notes are an integral part of these financial statements.

64

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Italy - (Continued)
OVS SpA(b)			17,342			$   45,925
Recordati Industria Chimica e Farmaceutica SpA			2,947			154,103
Reply SpA			388			57,414
UniCredit SpA			9,615			358,259
Unipol Gruppo SpA			2,261			22,388
Webuild SpA			56,121			122,671
						5,594,190
Japan - 9.1%
Abalance Corp.			1,200			10,781
Aeon Co. Ltd.			1,500			32,113
Aeon Hokkaido Corp.			17,500			98,874
Aica Kogyo Co. Ltd.			7,200			156,983
Anycolor, Inc.(a)			1,400			24,115
AOKI Holdings, Inc.			4,300			35,730
Aoyama Trading Co. Ltd.			18,600			172,470
Asics Corp.			8,000			123,104
Avex, Inc.			9,100			77,215
Axell Corp.			1,500			13,739
Bank of Iwate Ltd.			1,400			25,017
Bridgestone Corp.			100			3,941
Canon, Inc.			11,500			312,480
Capcom Co. Ltd.			300			5,674
Chiyoda Corp.(a)			35,300			66,118
Chubu Electric Power Co., Inc.			13,200			156,440
Chugoku Electric Power Co., Inc.			19,600			128,099
Concordia Financial Group Ltd.			1,400			8,236
Credit Saison Co. Ltd.			1,600			33,308
Cybozu, Inc.			1,800			22,463
Dai-ichi Life Holdings, Inc.			1,100			29,533
Daiseki Eco. Solution Co. Ltd.			2,900			18,658
DD GROUP Co. Ltd.(a)			2,600			19,186
Disco Corp.			300			114,952
Dowa Holdings Co. Ltd.			900			32,077
Endo Lighting Corp.			2,700			25,807
ENEOS Holdings, Inc.			36,300			187,212
Fast Retailing Co. Ltd.			200			50,739
Ferrotec Holdings Corp.			3,800			65,827
Fuji Co. Ltd.			1,400			17,568
Fuji Seal International, Inc.			3,100			47,593
Fukuoka Financial Group, Inc.			16,300			437,443
GS Yuasa Corp.			11,200			222,854
H.U. Group Holdings, Inc.			1,300			18,964
Hachijuni Bank Ltd.			9,500			62,005
Hagihara Industries, Inc.			4,900			47,839
Hanwa Co. Ltd.			2,900			111,390
Heiwa Corp.			7,800			100,447
Hisamitsu Pharmaceutical Co., Inc.			900			20,820
Hitachi Ltd.			7,500			169,061
Honda Motor Co. Ltd.			48,400			520,672
Hyakugo Bank Ltd.			24,600			105,889

			Shares			Value
Idemitsu Kosan Co. Ltd.			5,000			$   32,476
Inpex Corp.			11,300			166,867
Insource Co. Ltd.			3,100			17,012
Ishizuka Glass Co. Ltd.			1,100			20,172
Isuzu Motors Ltd.			13,500			179,393
J Trust Co. Ltd.			14,600			37,045
Japan Communications, Inc.(a)			29,000			33,974
Japan Post Bank Co. Ltd.			14,300			135,373
Japan Post Holdings Co. Ltd.			1,500			14,909
Japan Tobacco, Inc.(e)			5,000			135,360
JINS Holdings, Inc.			2,200			53,744
Juroku Financial Group, Inc.			2,500			74,225
Justsystems Corp.			1,600			30,022
Kansai Electric Power Co Inc/The			1,300			21,896
Kansai Paint Co. Ltd.			2,800			45,080
KDDI Corp.			500			13,250
Kintetsu Department Store Co. Ltd.			2,200			31,040
Komatsu Ltd.			36,100			1,050,581
Konica Minolta, Inc.			7,000			19,409
Koshidaka Holdings Co. Ltd.			8,400			45,260
Kumiai Chemical Industry Co. Ltd.			4,300			21,566
Kyoei Steel Ltd.			7,100			92,390
Lasertec Corp.			600			135,561
Leopalace21 Corp.			6,000			19,223
Makita Corp.			4,500			122,888
Management Solutions Co. Ltd.			1,800			16,212
Marubeni Corp.			10,400			194,269
Maruzen Showa Unyu Co. Ltd.			2,300			78,462
Matsuda Sangyo Co. Ltd.			7,700			140,312
Mazda Motor Corp.			22,500			218,660
MCJ Co. Ltd.			6,900			64,762
Megmilk Snow Brand Co. Ltd.			8,800			142,304
MINEBEA MITSUMI, Inc.			42,800			882,664
Miroku Jyoho Service Co. Ltd.			3,900			48,312
Mitsubishi Electric Corp.			4,100			65,542
Mitsubishi Motors Corp.			62,800			173,558
Mitsubishi UFJ Financial Group, Inc.			21,600			233,040
Mitsui & Co. Ltd.			2,800			63,873
Mizuho Financial Group, Inc.			21,700			454,406
Morinaga Milk Industry Co. Ltd.			7,400			154,914
MS&AD Insurance Group Holdings, Inc.			19,300			431,106
MTG Co. Ltd.			4,300			40,505
Namura Shipbuilding Co. Ltd.			3,500			52,748
NEC Corp.			3,900			318,905
NET One Systems Co. Ltd.			4,300			78,855
Nexon Co. Ltd.			4,900			91,004
NGK Insulators Ltd.			9,000			115,106
Nichicon Corp.			16,000			119,234
Nikkiso Co. Ltd.			14,200			102,074
Nippon Paper Industries Co. Ltd.			20,800			124,007
Nippon Sheet Glass Co. Ltd.(a)			7,200			18,965
Nippon Shinyaku Co. Ltd.			1,900			38,382

The accompanying notes are an integral part of these financial statements.

65

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Japan - (Continued)
Nipro Corp.			5,500			$   43,213
Nishi-Nippon Railroad Co. Ltd.			10,300			165,103
Nitto Denko Corp.			700			55,493
NPC, Inc./Japan			3,200			24,224
NTN Corp.			72,600			145,258
Oita Bank Ltd.			2,400			53,256
Olympus Corp.			25,200			405,415
Ono Pharmaceutical Co. Ltd.			14,000			191,163
Optorun Co. Ltd.			1,300			16,428
Oriental Shiraishi Corp.			53,200			119,584
ORIX Corp.			700			15,530
Osaka Gas Co. Ltd.			1,500			33,116
Pan Pacific International Holdings Corp.			2,900			68,046
Pressance Corp.			11,000			133,841
Prestige International, Inc.			9,400			41,147
Rakus Co. Ltd.			6,000			76,986
Recruit Holdings Co. Ltd.			1,700			91,492
Renesas Electronics Corp.			11,400			215,244
Resona Holdings, Inc.			124,700			828,016
Round One Corp.			12,300			63,340
Sac's Bar Holdings, Inc.			4,000			20,239
Sakata INX Corp.			18,200			204,946
San ju San Financial Group, Inc.			3,900			52,107
San-Ai Obbli Co. Ltd.			4,400			56,641
Sanko Gosei Ltd.			8,000			36,049
Sanyo Shokai Ltd.			3,700			55,411
SCREEN Holdings Co. Ltd.			800			72,873
SCSK Corp.			5,500			109,577
Shibaura Machine Co. Ltd.			1,900			45,441
Siix Corp.			13,600			108,963
Skymark Airlines, Inc.			6,100			26,815
Solasto Corp.			15,900			46,142
Sompo Holdings, Inc.			4,200			89,742
Sony Group Corp.			600			50,983
Subaru Corp.			9,800			208,739
Sumitomo Corp.			12,300			308,889
Sumitomo Mitsui Financial Group, Inc.			7,000			468,225
Sumitomo Rubber Industries Ltd.			8,400			83,959
Sun Frontier Fudousan Co. Ltd.			9,100			114,342
Suntory Beverage & Food Ltd.			20,800			738,364
Suzuken Co. Ltd.			700			21,255
T Hasegawa Co. Ltd.			1,000			20,894
T&D Holdings, Inc.			3,600			63,104
Takara Holdings, Inc.			12,300			83,290
Takasago International Corp.			2,100			51,562
Takeda Pharmaceutical Co. Ltd.			7,800			202,322
TDK Corp.			10,900			666,104
Tess Holdings Co. Ltd.			6,400			17,321
The 77 Bank Ltd.			2,200			61,376
The Shiga Bank Ltd.			1,800			47,314

			Shares			Value
Toei Co. Ltd.			3,100			$   73,294
Tokai Carbon Co. Ltd.			14,400			82,544
Tokyo Century Corp.			1,900			17,841
Tokyo Electron Ltd.			1,200			263,516
Tokyo Gas Co. Ltd.			10,900			232,554
Tokyo Steel Manufacturing Co. Ltd.			5,500			55,865
Tokyu Fudosan Holdings Corp.			4,800			32,200
Toray Industries, Inc.			114,900			542,635
Toyo Engineering Corp.			10,800			59,174
Toyoda Gosei Co. Ltd.			1,400			24,700
Toyota Boshoku Corp.			1,300			17,214
Toyota Motor Corp.			8,800			181,177
Toyota Tsusho Corp.			6,300			123,367
Traders Holdings Co. Ltd.			5,800			28,175
Unicharm Corp.			4,800			153,784
United Arrows Ltd.			1,600			19,733
Universal Entertainment Corp.			9,200			90,365
World Co. Ltd.			1,500			19,694
YAMABIKO Corp.			11,500			163,857
ZERIA Pharmaceutical Co. Ltd.			8,400			110,445
						20,155,351
Luxembourg - 0.4%
ArcelorMittal SA			40,748			928,984
Malaysia - 0.3%
Bumi Armada Bhd(a)			207,100			24,594
CIMB Group Holdings Bhd			3,500			5,036
Dialog Group Bhd			207,200			104,790
Eco World Development Group Bhd			84,300			26,762
Fraser & Neave Holdings Bhd			10,700			72,100
Genting Bhd			2,700			2,693
MISC Bhd			46,200			83,277
My EG Services Bhd			121,900			26,381
Sime Darby Bhd			8,500			4,717
Sime Darby Property Bhd			470,500			133,511
SP Setia Bhd Group			204,700			59,727
YTL Power International Bhd			24,200			24,640
						568,228
Mexico - 0.2%
Arca Continental SAB de CV			2,500			24,583
Cemex SAB de CV			74,100			47,388
Coca-Cola Femsa SAB de CV			3,810			32,771
Controladora Vuela Cia de Aviacion SAB de CV - Class A - Class A(a)			116,500			73,804
GCC SAB de CV			4,800			45,248
Grupo Aeroportuario del Centro Norte SAB de CV			1,000			8,486
Grupo Financiero Banorte SAB de CV			200			1,557
Grupo Mexico SAB de CV - Class B			23,500			126,793

The accompanying notes are an integral part of these financial statements.

66

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Mexico - (Continued)
Promotora y Operadora de Infraestructura SAB de CV			8,555			$   79,167
						439,797
Netherlands - 4.6%
Adyen NV(a)(b)			1,100			1,311,478
Argenx SE(a)			75			32,421
ASM International NV			3,128			2,382,594
ASML Holding NV			950			980,113
ASML Holding NV - ADR			1,850			1,892,050
BE Semiconductor Industries NV			285			47,618
Heijmans NV - CVA			3,037			61,851
IMCD NV			860			119,054
ING Groep NV			65,198			1,117,147
Koninklijke Philips NV(a)			21,536			541,549
NN Group NV			2,039			94,843
Prosus NV			795			28,163
Randstad NV			25,240			1,143,021
Signify NV(b)			1,617			40,325
Universal Music Group NV			7,259			215,181
Wolters Kluwer NV			916			151,425
						10,158,833
New Zealand - 0.1%
Xero Ltd.(a)			2,099			190,082
Norway - 0.6%
Aker Solutions ASA			5,107			21,135
BW Offshore Ltd.			12,407			35,737
DNB Bank ASA			17,617			345,935
Equinor ASA			18,573			530,681
Hoegh Autoliners ASA			14,519			170,870
Kongsberg Gruppen ASA			35			2,851
Protector Forsikring ASA			1,186			28,476
Veidekke ASA			3,177			33,998
Wallenius Wilhelmsen ASA			10,315			104,888
						1,274,571
Philippines - 0.1%
BDO Unibank, Inc.			54,262			118,796
Century Pacific Food, Inc.			61,200			33,420
Megaworld Corp.			526,000			15,698
Metropolitan Bank & Trust Co.			9,870			11,376
Robinsons Land Corp.			379,800			96,501
						275,791
Poland - 0.2%
Bank Polska Kasa Opieki SA			1,985			82,780
InPost SA(a)			1,272			22,320
Powszechna Kasa Oszczednosci Bank Polski SA			242			3,775
Powszechny Zaklad Ubezpieczen SA			6,900			88,019
Santander Bank Polska SA			470			62,961

			Shares			Value
Tauron Polska Energia SA(a)			104,819			$   103,095
						362,950
Portugal - 0.0%(d)
Banco Comercial Portugues SA - Class R			252,997			91,377
Qatar - 0.0%(d)
The Commercial Bank PSQC			16,325			19,236
Russia - 0.0%(d)
Novolipetsk Steel PJSC(c)			46,050			0
PhosAgro PJSC - GDR(a)(c)			5,089			0
Sberbank of Russia PJSC(c)			29,200			0
Severstal PAO(c)			608			0
Surgutneftegas PJSC(c)			168,940			0
Tatneft PJSC(c)			19,624			0
						0
Saudi Arabia - 0.2%
Al Babtain Power & Telecommunication Co.			2,041			20,868
Alinma Bank			3,231			26,863
Arab National Bank			31,670			170,935
Bawan Co.			1,821			21,328
Etihad Etisalat Co.			3,608			51,637
National Medical Care Co.			821			47,498
Riyad Bank			1,907			13,238
Saudi Chemical Co. Holding			21,185			63,652
Saudi Telecom Co.			2,993			29,925
Sumou Real Estate Co.			3,064			33,310
The Saudi Investment Bank			3,672			12,565
						491,819
Singapore - 1.0%
Best World International Ltd.(a)			14,200			26,081
DBS Group Holdings Ltd.			16,500			434,786
Oversea-Chinese Banking Corp. Ltd.			12,800			136,131
Sea Ltd. - ADR - ADR(a)			21,833			1,559,313
Singapore Airlines Ltd.			6,700			34,013
United Overseas Bank Ltd.			1,100			25,401
						2,215,725
South Africa - 0.4%
AVI Ltd.			25,075			129,972
Barloworld Ltd.			4,234			19,513
Harmony Gold Mining Co. Ltd.			10,230			94,540
Investec Ltd.			6,917			50,332
Investec PLC			29,656			215,196
Kumba Iron Ore Ltd.			281			6,758
MTN Group Ltd.			2,449			11,370
Netcare Ltd.			31,440			21,882
Reunert Ltd.			6,086			23,448
Sappi Ltd.			9,664			25,643
Standard Bank Group Ltd.			21,468			248,595
						847,249

The accompanying notes are an integral part of these financial statements.

67

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
South Korea - 2.0%
AfreecaTV Co. Ltd.			477			$   45,535
Asia Paper Manufacturing Co. Ltd.			3,640			22,236
BNK Financial Group, Inc.			8,451			51,902
Chong Kun Dang Pharmaceutical Corp.			348			24,729
CJ Logistics Corp.			348			24,095
Daewoong Co. Ltd.			2,179			24,303
DB Insurance Co. Ltd.			2,172			180,527
DGB Financial Group, Inc.			4,019			23,462
Dongjin Semichem Co. Ltd.			1,841			53,063
F&F Holdings Co. Ltd.			995			10,818
Hankook Tire & Technology Co. Ltd.			2,706			88,757
Hanmi Pharm Co. Ltd.			235			46,061
Hanwha Aerospace Co. Ltd.			288			52,085
Hanwha Life Insurance Co. Ltd.			20,594			44,991
HD Hyundai Infracore Co. Ltd.			5,084			28,089
HMM Co. Ltd.			6,743			96,033
Hyundai Marine & Fire Insurance Co. Ltd.			2,394			60,097
Hyundai Rotem Co. Ltd.			3,652			108,238
JB Financial Group Co. Ltd.			20,466			217,192
Jeisys Medical, Inc.(a)			6,930			64,788
Jin Air Co. Ltd.(a)			2,343			19,899
KakaoBank Corp.			5,822			85,549
KB Financial Group, Inc.			5,440			308,474
KCC Corp.			440			98,275
Kia Corp.			2,927			273,904
KIWOOM Securities Co. Ltd.			1,905			174,755
Kolmar Korea Co. Ltd.			552			28,428
KoMiCo Ltd.			1,190			68,826
Korea Electric Terminal Co. Ltd.			1,719			85,802
Korea Investment Holdings Co. Ltd.			1,371			69,311
Korean Air Lines Co. Ltd.			6,436			108,359
Krafton, Inc.(a)			317			64,675
KT&G Corp.			524			33,506
Kyung Dong Navien Co. Ltd.			2,091			77,284
LG Corp.			79			4,608
LIG Nex1 Co. Ltd.			351			56,114
Mgame Corp			6,202			27,520
NH Investment & Securities Co. Ltd.			2,222			20,456
OCI Holdings Co. Ltd.			877			56,151
Orion Corp.			81			5,418
Samsung Card Co. Ltd.			875			24,308
Samsung Electronics Co. Ltd.			10,014			588,481
Samsung Fire & Marine Insurance Co. Ltd.			117			33,004
SeAH Steel Holdings Corp.			124			17,339
Shinhan Financial Group Co. Ltd.			19,280			669,841

			Shares			Value
SL Corp.			1,921			$   62,003
Youngone Corp.			753			19,023
						4,348,314
Spain - 0.8%
Acciona SA			399			47,329
ACS Actividades de Construccion y Servicios SA			2,303			99,270
Banco Bilbao Vizcaya Argentaria SA			3,804			37,950
Banco de Sabadell SA			21,771			42,052
CaixaBank SA			168,663			892,580
Gestamp Automocion SA(b)			13,099			38,903
Industria de Diseno Textil SA			8,363			413,280
Laboratorios Farmaceuticos Rovi SA			334			31,314
Mapfre SA			8,240			18,970
Prosegur Cia de Seguridad SA			20,055			36,740
						1,658,388
Sweden - 1.9%
Alfa Laval AB			103			4,491
Assa Abloy AB - Class B			7,226			204,786
Atlas Copco AB - Class A			2,679			50,489
Atlas Copco AB - Class B			30,587			495,382
Attendo AB(b)			13,710			56,656
Betsson AB			13,745			159,914
BioGaia AB - Class B			1,709			19,958
Camurus AB(a)			4,791			271,638
Castellum AB(a)			5,278			64,586
Fortnox AB			14,069			85,295
G5 Entertainment AB			1,113			12,051
H & M Hennes & Mauritz AB - Class B - Class B			15,289			241,398
Hemnet Group AB			5,512			166,298
Hoist Finance AB(a)(b)			7,368			37,382
Loomis AB			1,529			39,889
Modern Times Group MTG AB - Class B(a)			6,731			54,283
NCAB Group AB			6,877			53,636
Nyfosa AB			5,550			53,525
Peab AB - Class B - Class B			23,456			146,895
Skandinaviska Enskilda Banken AB - Class A			15,577			230,739
SkiStar AB			1,675			23,363
Spotify Technology SA(a)			3,720			1,167,299
SSAB AB - Class B			3,681			19,895
Tele2 AB - Class B			3,772			37,935
The Thule Group AB(b)			711			18,578
Trelleborg AB - Class B			3,930			152,261
Volvo AB - Class A			7,180			187,763
Volvo AB - Class B			2,663			68,316
Volvo Car AB(a)			16,421			50,948
						4,175,649

The accompanying notes are an integral part of these financial statements.

68

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Switzerland - 3.5%
ABB Ltd.			4,593			$   254,260
Autoneum Holding AG			161			23,228
Coca-Cola HBC AG			7,894			268,235
dormakaba Holding AG			61			31,282
Ferrexpo PLC(a)			7,905			4,504
Georg Fischer AG			576			38,496
Glencore PLC			4,334			24,711
Inficon Holding AG			166			251,142
IWG PLC			8,509			18,644
Julius Baer Group Ltd.			16,331			911,834
LEM Holding SA			28			44,559
Nestle SA			2,169			221,406
Novartis AG			7,937			850,310
Partners Group Holding AG			78			100,309
Roche Holding AG			6,409			1,778,590
Schindler Holding Ag			573			143,574
SGS SA			599			53,291
Sika AG			137			38,999
Swiss Re AG			4,966			617,003
Swissquote Group Holding SA			137			43,048
Temenos AG			228			15,725
UBS Group AG			63,687			1,864,219
Valiant Holding AG			176			19,918
Zurich Insurance Group AG			299			159,071
						7,776,358
Taiwan - 4.4%
Accton Technology Corp.			11,000			186,853
Advancetek Enterprise Co. Ltd.			12,000			22,877
Advantech Co. Ltd.			6,599			75,056
Ambassador Hotel			17,000			37,893
Ardentec Corp.			60,000			126,367
Asia Vital Components Co. Ltd.			3,000			71,288
Asustek Computer, Inc.			11,000			168,183
Cheng Shin Rubber Industry Co. Ltd.			63,000			96,103
Chicony Power Technology Co. Ltd.			49,000			205,901
Compal Electronics, Inc.			119,000			126,739
CTBC Financial Holding Co. Ltd.			109,000			127,131
CviLux Corp.			15,000			27,829
Depo Auto Parts Ind Co. Ltd.			40,000			293,316
Dynapack International Technology Corp.			14,000			42,797
Elan Microelectronics Corp.			5,000			23,778
Elitegroup Computer Systems Co. Ltd.(a)			26,000			26,323
Eva Airways Corp.			33,000			38,710
Far Eastern Department Stores Ltd.			279,000			292,111
FIT Hon Teng Ltd.(a)(b)			68,000			30,115
Formosa Advanced Technologies Co. Ltd.			39,000			46,598
Fortune Electric Co. Ltd.			1,000			28,999
Genius Electronic Optical Co. Ltd.			4,000			81,185

			Shares			Value
Getac Holdings Corp.			78,000			$   273,300
Global Unichip Corp.			1,000			49,091
Hon Hai Precision Industry Co. Ltd.			101,961			668,373
International Games System Co. Ltd.			4,000			166,169
ITE Technology, Inc.			22,000			115,190
J&V Energy Technology Co. Ltd.			4,000			28,376
L&K Engineering Co. Ltd.			10,000			73,460
Lotes Co. Ltd.			3,000			149,401
Makalot Industrial Co. Ltd.			2,000			25,990
MediaTek, Inc.			12,000			513,003
Merry Electronics Co. Ltd.			41,000			173,782
Nan Pao Resins Chemical Co. Ltd.			20,000			210,287
Pan German Universal Motors Ltd.			2,000			18,284
Pou Chen Corp.			4,000			4,306
Sanyang Motor Co. Ltd.			14,000			34,033
Shanghai Commercial & Savings Bank Ltd.			139,000			197,030
Silicon Motion Technology Corp. - ADR			370			29,966
Sinon Corp.			17,000			23,042
Sinyi Realty, Inc.			21,000			20,508
Sitronix Technology Corp.			3,000			23,878
Taiwan Semiconductor Manufacturing Co. Ltd.			157,600			4,687,262
Topkey Corp.			3,000			18,500
Tripod Technology Corp.			3,000			20,106
United Microelectronics Corp.			3,000			5,187
						9,704,676
Thailand - 0.5%
Amata Corp. PCL			51,100			31,097
Bangkok Bank PCL - NVDR			62,800			223,255
Ichitan Group PCL			301,700			142,736
Krung Thai Bank PCL - NVDR			62,700			29,199
Ngern Tid Lor PCL			55,896			28,058
Prima Marine PCL			99,300			23,223
PTT Exploration & Production PCL - NVDR			49,800			206,078
R&B Food Supply PCL			117,035			29,890
Rojana Industrial Park PCL			390,100			64,652
Sappe PCL			24,500			67,660
SCB X PCL			93,000			261,026
						1,106,874
Turkey - 0.3%
Akbank TAS			137,796			270,418
BIM Birlesik Magazalar AS			644			10,743
Haci Omer Sabanci Holding AS			12,015			35,480
MLP Saglik Hizmetleri AS(a)(b)			6,104			65,415
Sok Marketler Ticaret AS			27,999			53,904
Turkcell Iletisim Hizmetleri AS			47,020			144,772
Turkiye Is Bankasi AS - Class C			17,302			8,392
Turkiye Petrol Rafinerileri AS			8,127			41,165
						630,289

The accompanying notes are an integral part of these financial statements.

69

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
COMMON STOCKS - (Continued)
United Arab Emirates - 0.3%
Abu Dhabi Commercial Bank PJSC			138,834			$   303,035
Abu Dhabi Islamic Bank PJSC			50,551			159,351
Deyaar Development PJSC			92,888			18,087
Emirates NBD Bank PJSC			28,106			126,096
Orascom Construction PLC			6,316			35,795
						642,364
United States - 2.5%
Aon PLC - Class A			4,110			1,206,614
Chord Energy Corp.			366			61,371
Coupang, Inc.(a)			58,850			1,232,907
EPAM Systems, Inc.(a)			2,660			500,373
Linde PLC			2,480			1,088,249
Primo Water Corp.			2,931			64,060
Southern Copper Corp.			748			80,589
STERIS PLC			5,420			1,189,907
						5,424,070
Uruguay - 0.7%
MercadoLibre, Inc.(a)			880			1,446,192
Vietnam - 0.2%
Vietnam Dairy Products JSC			187,500			481,903
TOTAL COMMON STOCKS (Cost $143,590,923)						178,480,313
OPEN END FUNDS - 3.3%
Voya VACS Series EMHCD Fund			136			1,411
Voya VACS Series HYB Fund			95,062			967,729
Voya VACS Series SC Fund - Class SC			612,056			6,377,623
TOTAL OPEN END FUNDS (Cost $7,503,453)						7,346,763
			Par
CORPORATE BONDS - 3.2%
Bermuda - 0.0%(d)
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026)(b)			$93,000			86,744
Britain - 0.2%
HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028)			200,000			175,555
Royalty Pharma PLC
1.20%, 09/02/2025 (Callable 08/02/2025)			52,000			49,388
1.75%, 09/02/2027 (Callable 07/02/2027)			145,000			130,114
2.20%, 09/02/2030 (Callable 06/02/2030)			57,000			47,155
						402,212

			Par			Value
Canada - 0.2%
Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026)			$  93,000			$   85,483
Nutrien Ltd., 5.95%, 11/07/2025			80,000			80,413
Royal Bank of Canada, 1.20%, 04/27/2026			74,000			68,715
The Bank of Nova Scotia, 2.70%, 08/03/2026			90,000			85,158
						319,769
Japan - 0.0%(d)
Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027(b)			71,000			66,765
United States - 2.8%
AbbVie, Inc., 3.80%, 03/15/2025 (Callable 12/15/2024)			104,000			102,697
Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030)			88,000			72,970
Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028)			65,000			62,456
American Express Co., 2.25%, 03/04/2025 (Callable 02/01/2025)			56,000			54,787
American Honda Finance Corp., 1.20%, 07/08/2025			60,000			57,484
Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028)			86,000			85,784
Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027)			74,000			65,437
AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031)			119,000			96,316
Bank of America Corp.
4.00%, 01/22/2025			61,000			60,314
1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026)			265,000			244,632
3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027)			40,000			38,113
3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027)			15,000			14,116
2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030)			144,000			124,321
5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 (Callable 09/15/2033)			2,000			2,057
Blackstone Holdings Finance Co. LLC
1.63%, 08/05/2028 (Callable 06/05/2028)(b)			92,000			80,324
2.50%, 01/10/2030 (Callable 10/10/2029)(b)			36,000			31,270
Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026)			57,000			54,745

The accompanying notes are an integral part of these financial statements.

70

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
United States - (Continued)
Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026)			$   79,000			$   72,057
Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029)			118,000			103,782
Caterpillar Financial Services Corp., 3.25%, 12/01/2024			77,000			76,345
CVS Health Corp.
3.88%, 07/20/2025 (Callable 04/20/2025)			201,000			197,433
1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030)			119,000			96,372
Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027)			117,000			110,192
Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029)			52,000			51,656
Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025)(e)			82,000			77,615
Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029)			59,000			52,440
Equinix, Inc.
1.25%, 07/15/2025 (Callable 06/15/2025)			109,000			104,038
2.90%, 11/18/2026 (Callable 09/18/2026)			59,000			55,722
Fiserv, Inc.
3.85%, 06/01/2025 (Callable 03/01/2025)			44,000			43,226
5.45%, 03/02/2028 (Callable 02/02/2028)			82,000			82,630
Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026)			49,000			45,613
Goldman Sachs Group, Inc., 0.86% to 02/12/2025 then SOFR + 0.61%, 02/12/2026 (Callable 02/12/2025)			74,000			71,559
HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029)			84,000			79,380
Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028)			84,000			73,615
Intel Corp., 3.70%, 07/29/2025 (Callable 04/29/2025)			28,000			27,526
JPMorgan Chase & Co.
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025)			52,000			50,522
1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026)			134,000			122,848

			Par			Value
2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027)			$  66,000			$   61,855
2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028)			43,000			38,197
1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031)			16,000			13,060
2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031)			59,000			49,743
Keurig Dr Pepper, Inc., 4.42%, 05/25/2025 (Callable 03/25/2025)			14,000			13,849
Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026)			62,000			57,170
Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026)			63,000			60,875
Lowe’s Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027)			57,000			54,371
Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027)			16,000			15,353
Morgan Stanley
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025)			140,000			135,982
0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025)			21,000			19,640
1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026)			149,000			139,208
1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026)			64,000			59,245
6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027)			36,000			37,116
2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031)			30,000			24,370
5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033)			86,000			84,753
5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032)			7,000			6,663
MPLX LP
4.88%, 12/01/2024 (Callable 09/01/2024)			60,000			59,702
2.65%, 08/15/2030 (Callable 05/15/2030)			26,000			22,249

The accompanying notes are an integral part of these financial statements.

71

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
CORPORATE BONDS - (Continued)
United States - (Continued)
Nestle Holdings, Inc., 5.25%, 03/13/2026(b)			$  150,000			$   150,475
NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027)			84,000			82,482
Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027)			56,000			54,662
Oracle Corp.
3.25%, 11/15/2027 (Callable 08/15/2027)			89,000			83,903
2.95%, 04/01/2030 (Callable 01/01/2030)			172,000			152,588
O'Reilly Automotive, Inc., 3.60%, 09/01/2027 (Callable 06/01/2027)			119,000			113,240
Ovintiv Exploration, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025)			82,000			81,590
Parker-Hannifin Corp., 4.25%, 09/15/2027 (Callable 08/15/2027)			83,000			80,857
PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029)			68,000			61,485
Plains All American Pipeline, 4.65%, 10/15/2025 (Callable 07/15/2025)			82,000			80,912
PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026)			92,000			85,633
Realty, Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030)			98,000			87,220
Ross Stores, Inc., 4.60%, 04/15/2025 (Callable 03/15/2025)			98,000			97,104
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026)			46,000			45,597
Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026)			104,000			99,227
Southwestern Electric Power Co., 1.65%, 03/15/2026 (Callable 02/15/2026)			74,000			69,654
Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027)			59,000			52,610
The AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025)			57,000			53,409
The Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029)			58,000			50,331
T-Mobile USA, Inc.
2.25%, 02/15/2026 (Callable 07/12/2024)			103,000			97,845

			Par			Value
3.75%, 04/15/2027 (Callable 02/15/2027)			$  46,000			$   44,187
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/2025 (Callable 03/01/2025)(b)			88,000			86,383
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027)			35,000			34,249
Verizon Communications, Inc.
2.10%, 03/22/2028 (Callable 01/22/2028)			59,000			52,991
2.36%, 03/15/2032 (Callable 12/15/2031)			130,000			105,832
VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031)			50,000			40,369
Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026)			86,000			79,205
WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027)			53,000			52,713
Wells Fargo & Co.
2.16% to 02/11/2025 then 3 mo. Term SOFR + 1.01%, 02/11/2026 (Callable 02/11/2025)			33,000			32,227
2.19% to 04/30/2025 then SOFR + 2.00%, 04/30/2026 (Callable 04/30/2025)			20,000			19,432
4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025)			20,000			19,757
3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027)			36,000			34,270
						6,078,234
TOTAL CORPORATE BONDS (Cost $7,361,573)						6,953,724
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.9%
Alen Mortgage Trust, Series 2021-ACEN, Class C, 7.69% (1 mo. Term SOFR + 2.36%), 04/15/2034(b)			200,000			156,099
BANK-2020, Series 2020-BN30, Class XA, 1.39%, 12/15/2053(f)(g)			958,199			57,440
BBCMS Trust, Series 2021-AGW, Class A, 6.69% (1 mo. Term SOFR + 1.36%), 06/15/2036 (Callable 06/15/2025)(b)			100,000			94,520
Benchmark Mortgage Trust, Series 2020-B19, Class XA, 1.87%, 09/15/2053 (Callable 10/15/2030)(f)(g)			976,009			58,651

The accompanying notes are an integral part of these financial statements.

72

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
BX Trust
Series 2020-VKNG, Class C, 6.84% (1 mo. Term SOFR + 1.51%), 10/15/2037(b)			$  70,000			$    69,478
Series 2022-LBA6, Class A, 6.33% (1 mo. Term SOFR + 1.00%), 01/15/2039(b)			200,000			197,507
Series 2022-PSB, Class A, 7.78% (1 mo. Term SOFR + 2.45%), 08/15/2039(b)			159,598			159,349
Computershare Corporate Trust, Series 2021-FCMT, Class A, 6.64% (1 mo. Term SOFR + 1.31%), 05/15/2031(b)			100,000			98,713
DBJPM 20-C9 Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)(f)(g)			773,963			37,829
DK Trust, Series 2024-SPBX, Class A, 6.83% (1 mo. Term SOFR + 1.50%), 03/15/2034(b)			175,000			173,906
DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, 6.04%, 01/15/2041(b)(g)			100,000			99,887
ELM Trust, Series 2024-ELM, Class B15, 6.00%, 06/10/2039(b)(g)			100,000			100,054
Federal Home Loan Mortgage Corp.
Series K110, Class X1, 1.81%, 04/25/2030 (Callable 04/25/2030)(f)(g)			495,466			36,765
Series K118, Class X1, 1.05%, 09/25/2030 (Callable 06/25/2030)(f)(g)			989,857			46,264
Series K151, Class X1, 0.49%, 04/25/2030 (Callable 02/25/2030)(f)(g)			2,600,842			43,560
Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class A, 6.87% (1 mo. Term SOFR + 1.54%), 03/15/2039(b)			150,000			149,673
GS Mortgage Securities Corp. II
Series 2015-GS1, Class A3, 3.73%, 11/10/2048 (Callable 11/10/2025)			150,000			144,620
Series 2024-FAIR, Class A, 6.07%, 07/15/2029(b)(g)			225,000			223,670
JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034(b)			125,052			121,901
JP Morgan Mortgage Trust
Series 2015-3, Class A3, 3.50%, 05/25/2045 (Callable 07/25/2024)(b)(g)			50,582			45,277

			Par			Value
Series 2017-2, Class A3, 3.50%, 05/25/2047 (Callable 05/25/2026)(b)(g)			$  50,334			$   44,179
Series 2018-5, Class A1, 3.50%, 10/25/2048 (Callable 07/25/2033)(b)(g)			97,898			84,827
Series 2019-1, Class A3, 4.00%, 05/25/2049 (Callable 07/25/2024)(b)(g)			8,998			8,160
Series 2019-INV3, Class A3, 3.50%, 05/25/2050 (Callable 06/25/2036)(b)(g)			99,677			86,936
Series 2020-2, Class A15, 3.50%, 07/25/2050 (Callable 06/25/2030)(b)(g)			63,081			53,877
Series 2022-6, Class A3, 3.00%, 11/25/2052 (Callable 04/25/2046)(b)(g)			175,537			145,867
Series 2023-2, Class A3A, 5.00%, 07/25/2053 (Callable 04/25/2047)(b)(g)			80,575			77,081
Mcp Holding Co. LLC, Series 2023-SHIP, Class C, 5.69%, 09/10/2038(b)(g)			150,000			146,643
Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2047)(b)(g)			200,000			118,187
PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 08/25/2031)(b)(g)			61,241			51,600
Ready Capital Corp., Series 2021-FL5, Class B, 7.21% (1 mo. Term SOFR + 1.86%), 04/25/2038 (Callable 03/25/2025)(b)			213,194			212,968
Sequoia Mortgage Trust
Series 2013-3, Class A2, 2.50%, 03/25/2043 (Callable 12/25/2027)(g)			74,068			62,134
Series 2019-CH2, Class A1, 4.50%, 08/25/2049 (Callable 07/25/2024)(b)(g)			914			894
Series 2019-CH3, Class A1, 4.00%, 09/25/2049 (Callable 04/25/2026)(b)(g)			5,349			4,881
Series 2020-4, Class A8, 2.50%, 11/25/2050 (Callable 11/25/2046)(b)(g)			200,000			138,669
SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041(b)			220,000			179,475
Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, 7.23%, 12/10/2034(b)(g)			175,000			176,919
UBS-Barclays Commercial Mortgage Trust, Series 2019-C5, Class A4, 3.06%, 11/15/2052 (Callable 11/15/2029)			250,000			224,030

The accompanying notes are an integral part of these financial statements.

73

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 08/25/2039)(b)(g)(h)			$   88,780			$   74,761
WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, 4.21%, 08/15/2047 (Callable 08/15/2024)(g)			207,000			195,821
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,631,352)						4,203,072
COLLATERALIZED LOAN OBLIGATIONS - 1.5%
Apidos CLO, Series 2015-23A, Class AR, 6.81% (3 mo. Term SOFR + 1.48%), 04/15/2033 (Callable 07/15/2024)(b)			400,000			400,280
Benefit Street Partners CLO Ltd., Series 2019-19A, Class AR, 6.50% (3 mo. Term SOFR + 1.18%), 01/15/2033 (Callable 01/15/2025)(b)			250,000			249,691
Betony CLO 2, Series 2018-1A, Class A1, 6.67% (3 mo. Term SOFR + 1.34%), 04/30/2031 (Callable 07/30/2024)(b)			192,280			192,417
Carlyle Global Market Strategies, Series 2021-1A, Class A1, 6.73% (3 mo. Term SOFR + 1.40%), 04/15/2034 (Callable 07/15/2024)(b)			250,000			250,512
Madison Park Funding Ltd., Series 2016-21A, Class ABRR, 6.99% (3 mo. Term SOFR + 1.66%), 10/15/2032 (Callable 07/15/2024)(b)			250,000			250,064
Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 6.56% (3 mo. Term SOFR + 1.24%), 01/20/2035 (Callable 07/20/2024)(b)			250,000			250,122
Oaktree CLO Ltd., Series 2019-1A, Class A1R, 6.70% (3 mo. Term SOFR + 1.37%), 04/22/2030 (Callable 07/22/2024)(b)			250,000			250,288
Octagon Investment Partners Ltd., Series 2020-3A, Class AR, 6.74% (3 mo. Term SOFR + 1.41%), 10/20/2034 (Callable 07/20/2024)(b)			400,000			400,307
Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 6.73% (3 mo. Term SOFR + 1.41%), 11/14/2034 (Callable 08/14/2024)(b)			250,000			250,389

			Par			Value
TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 6.61% (3 mo. Term SOFR + 1.28%), 10/13/2032 (Callable 07/13/2024)(b)			$ 442,306			$   442,608
AB BSL CLO Ltd., Series 2023-4A, Class A, 7.32% (3 mo. Term SOFR + 2.00%), 04/20/2036 (Callable 04/20/2025)(b)			250,000			251,995
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $3,173,519)						3,188,673
ASSET-BACKED SECURITIES - 1.4%
Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 02/10/2025)(b)			160,318			155,417
American Airlines Group, Inc.
Series 2015-2, 3.60%, 09/22/2027			65,827			62,201
Series 2016-1, 3.58%, 01/15/2028			5,788			5,441
Series 2016-2, 3.20%, 06/15/2028			25,428			23,516
CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 03/15/2027)			150,000			150,199
CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 09/15/2027)			300,000			294,038
COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 07/25/2024)(b)(g)			208,475			167,631
Container Leasing International LLC, Series 2022-1A, Class A, 2.72%, 01/18/2047 (Callable 07/18/2024)(b)			59,860			53,355
FedEx Corp., Series 2020-1AA, 1.88%, 02/20/2034			177,200			147,122
GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 09/18/2028 (Callable 09/16/2026)			200,000			198,812
Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 12/15/2026)			150,000			151,438
Kubota Credit Owner Trust, Series 2023-1A, Class A3, 5.02%, 06/15/2027 (Callable 11/15/2026)(b)			100,000			99,496
Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 10/25/2028)(b)			112,162			100,163

The accompanying notes are an integral part of these financial statements.

74

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Par			Value
ASSET-BACKED SECURITIES - (Continued)
Loanpal Solar Loan Ltd., Series 2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 06/20/2036)(b)			$  178,502			$   145,380
Mosaic Solar Loans LLC
Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 06/20/2029)(b)			235,512			218,878
Series 2020-2A, Class A, 1.44%, 08/20/2046 (Callable 10/20/2032)(b)			69,697			58,546
Navient Student Loan Trust
Series 2020-GA, Class A, 1.17%, 09/16/2069 (Callable 11/15/2027)(b)			79,699			72,076
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 07/15/2028)(b)			50,345			44,504
Series 2023-A, Class A, 5.51%, 10/15/2071 (Callable 10/15/2032)(b)			170,983			171,294
Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 12/15/2025)(b)			150,000			143,974
Santander Consumer USA Holdings, Inc., Series 2023-6, Class A3, 5.93%, 07/17/2028 (Callable 01/15/2027)			200,000			201,746
SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, 1.60%, 09/15/2054(b)			153,134			140,181
SoFi Consumer Loan Program Trust, Series 2023-1S, Class A, 5.81%, 05/15/2031 (Callable 06/15/2025)(b)			10,973			10,970
SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047 (Callable 11/25/2025)(b)			27,735			27,243
Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)(b)			203,024			184,735
Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051(b)			168,431			144,822
TOTAL ASSET-BACKED SECURITIES (Cost $3,369,375)						3,173,178

			Shares			Value
REAL ESTATE INVESTMENT TRUSTS - 0.9%
Australia - 0.0%(d)
Centuria Industrial REIT			9,373			$   18,817
Stockland			5,207			14,490
The GPT Group			14,724			39,306
						72,613
Britain - 0.1%
Custodian Property Income REIT PLC			22,851			21,683
Land Securities Group PLC			4,801			37,640
LondonMetric Property PLC			8,779			21,479
The British Land Co. PLC			4,344			22,529
Tritax Big Box REIT PLC			48,474			95,007
						198,338
Canada - 0.2%
Boardwalk Real Estate Investment Trust			4,988			256,975
First Capital Real Estate Investment Trust			4,331			46,537
Primaris Real Estate Investment Trust			19,462			188,780
						492,292
France - 0.1%
Covivio SA			1,713			81,720
Hammerson PLC(a)			121,066			42,378
Klepierre SA			2,712			72,670
						196,768
Hong Kong - 0.0%(d)
Link REIT			3,000			11,655
India - 0.0%(d)
Mindspace Business Parks REIT(b)			10,674			42,622
Japan - 0.2%
Activia Properties, Inc.			82			186,175
Global One Real Estate Investment Corp.			385			243,962
Ichigo Office REIT Investment Corp.			38			19,525
Japan Excellent, Inc.			32			23,600
NTT UD REIT Investment Corp.			47			33,994
			507,256
Malaysia - 0.1%
Pavilion Real Estate Investment Trust			355,800			104,824
Mexico - 0.1%
Fibra Uno Administracion SAB de CV			73,500			90,715

The accompanying notes are an integral part of these financial statements.

75

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Shares			Value
REAL ESTATE INVESTMENT TRUSTS - (Continued)
Netherlands - 0.0%(d)
Eurocommercial Properties NV			729			$   17,521
Wereldhave NV			3,489			49,532
						67,053
Philippines - 0.0%(d)
AREIT, Inc.			56,900			33,485
Singapore - 0.0%(d)
AIMS APAC REIT			20,400			18,802
South Africa - 0.0%(d)
Vukile Property Fund Ltd.			22,904			19,196
Spain - 0.1%
Lar Espana Real Estate Socimi SA			15,654			114,667
Turkey - 0.0%(d)
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)			129,195			38,393
Torunlar Gayrimenkul Yatirim Ortakligi AS			18,873			31,005
						69,398
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,131,736)						2,039,684
PREFERRED STOCKS - 0.5%
Brazil - 0.4%
Azul SA 0.00% (35621652),			7,400			9,703
Cia de Saneamento do Parana 0.00%,			194,500			193,801
Cia Energetica de Minas Gerais 0.00% (136109 + 0.00%),			136,370			240,778
Itau Unibanco Holding SA 0.00% (136112 + 0.00%),			51,921			300,375
Metalurgica Gerdau SA 0.00%,			17,000			32,448
						777,105
Colombia - 0.0%(d)
Bancolombia SA 0.00% (158348 + 0.00%),			2,997			24,607
Germany - 0.1%
Bayerische Motoren Werke AG 0.00%,			1,812			159,850
Draegerwerk AG & Co. KGaA 0.00%,			350			18,627
FUCHS SE 0.00%,			1,025			46,826
Schaeffler AG 0.00% (47298477 + 0.00%),			10,882			62,600
						287,903
Russia - –%(d)
Surgutneftegas PJSC 0.00%,(c)			270,800			0

			Shares			Value
South Korea - 0.0%(d)
Hyundai Motor Co. 0.00% (117621 + 0.00%),			290			$   38,150
Kumho Petrochemical Co. Ltd. 0.00%,			400			19,314
Samsung Electronics Co Ltd 0.00%,			588			27,002
						84,466
TOTAL PREFERRED STOCKS (Cost $1,219,385)						1,174,081
			Par
U.S. TREASURY SECURITIES - 0.4%
United States Treasury Note/Bond
0.75%, 11/15/2024			$26,400			25,955
0.25%, 10/31/2025			26,000			24,428
4.88%, 05/31/2026			78,000			78,158
4.13%, 06/15/2026			53,700			53,079
4.63%, 06/30/2026			72,000			71,876
0.88%, 09/30/2026			103,800			95,528
1.25%, 11/30/2026			8,800			8,128
1.50%, 01/31/2027			8,300			7,681
2.75%, 04/30/2027			400			381
4.63%, 06/15/2027			44,000			44,131
3.25%, 06/30/2027			1,100			1,062
4.50%, 05/31/2029			107,000			107,736
4.25%, 06/30/2029			11,000			10,955
1.63%, 05/15/2031			126,700			106,349
2.75%, 08/15/2032			8,100			7,208
4.13%, 11/15/2032			62,200			61,160
4.38%, 05/15/2034			94,000			94,029
TOTAL U.S. TREASURY SECURITIES (Cost $829,800)						797,844
MORTGAGE-BACKED SECURITY - 0.1%
ARES Commercial Mortgage Trust, Series 2024-IND, Class A, 7.01% (1 mo. Term SOFR + 1.69%), 07/15/2041(b)			250,000			249,453
TOTAL MORTGAGE-BACKED SECURITY (Cost $249,375)						249,453

The accompanying notes are an integral part of these financial statements.

76

Wilshire International Equity Fund

Schedule of Investments

June 30, 2024 (Unaudited) (Continued)

			Contracts			Value
RIGHT - 0.0%(d)
Italy - 0.0%(d)
Fincantieri SpA, Expires 07/12/2024, Exercise Price $2.62(a)			7,701			$13,814
TOTAL RIGHT (Cost $10,227)						13,814
TOTAL INVESTMENTS - 94.0% (Cost $174,070,718)						$207,620,599
Money Market Deposit Account - 4.0%(i)(j)						8,837,967
Other Assets in Excess of Liabilities - 2.0%						4,396,334
TOTAL NET ASSETS - 100.0%						$220,854,900

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

NVDR - Non-Voting Depositary Receipt

PJSC - Public Joint Stock Company

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

(a)
Non-income producing security.

(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $13,129,556 or 5.9% of the Fund’s net assets.

(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2024.

(d)
Represents less than 0.05% of net assets.

(e)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $298,060 which represented 0.1% of net assets.

(f)
Interest only security.

(g)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.

(h)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(i)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(j)
All or a portion of this deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $313,224.

The accompanying notes are an integral part of these financial statements.

77

Wilshire International Equity Fund

Schedule of Futures Contracts

June 30, 2024 (Unaudited)

Description

Contracts Purchased

Expiration Date

Notional

Value/Unrealized Appreciation (Depreciation)

U.S. Treasury 5 Year Note

5

09/30/2024

$532,891

$(1,649)

$(1,649)

Description			Contracts Sold			Expiration Date			Notional			Value/Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(4)			09/19/2024			$454,125			$(4,442)
U.S. Treasury 10 Year Notes			(12)			09/19/2024			1,319,813			(11,743)
U.S. Treasury 2 Year Notes			(21)			09/30/2024			4,288,594			(13,493)
U.S. Treasury Long Bonds			(8)			09/19/2024			946,500			(11,080)
U.S. Treasury Ultra Bonds			(3)			09/19/2024			376,031			(4,178)
												$(44,936)
Total Unrealized Appreciation (Depreciation)												$(46,585)

The accompanying notes are an integral part of these financial statements.

78

Wilshire International Equity Fund

Schedule of Total Return Swap Contracts

June 30, 2024 (Unaudited)

Terms of Payments to be Received

Terms of Payments to be Paid

Counterparty

Maturity Date

Payment Frequency

Notional Amount

Value/ Unrealized Appreciation (Depreciation)

MS_TRS_MSCI EAFE NET TOTAL RETURN USD INDEX_P

Federal Funds Effective Rate + 0.13%

Morgan Stanley

01/31/2025

Monthly

$28,846,516

$2,737,438

MSCI EMERGING NET TOTAL RETURN USD INDEX

Federal Funds Effective Rate + 0.21%

Goldman Sachs

01/31/2025

At Maturity

11,727,100

887,899

Total Unrealized Appreciation (Depreciation)

$3,625,337

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2024.

The accompanying notes are an integral part of these financial statements.

79

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)

						Par			Value
CORPORATE BONDS - 32.1%
Asset Backed Securities - 0.1%
Retained Vantage Data Centers Issuer LLC, Series 2023-1A, Class B, 5.75%, 09/15/2048 (Callable 09/15/2028)(a)						$  100,000			$  94,694
Basic Materials - 1.8%
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/2030 (Callable 07/01/2030)						200,000			174,500
ArcelorMittal SA, 6.00%, 06/17/2034 (Callable 03/17/2034)						42,000			41,837
Arsenal AIC Parent LLC, 8.00%, 10/01/2030 (Callable 10/01/2026)(a)						25,000			26,250
Braskem Netherlands Finance BV
5.88%, 01/31/2050(a)						200,000			147,500
8.50% to 01/23/2026 then 5 yr. CMT Rate + 8.22%, 01/23/2081 (Callable 10/24/2025)						200,000			199,750
CAP SA, 3.90%, 04/27/2031 (Callable 01/27/2031)						200,000			160,000
Cia de Minas Buenaventura SAA, 5.50%, 07/23/2026 (Callable 07/31/2024)						200,000			193,000
Cleveland-Cliffs, Inc.
5.88%, 06/01/2027 (Callable 08/01/2024)						85,000			84,150
6.75%, 04/15/2030 (Callable 04/15/2026)(a)						324,000			321,165
4.88%, 03/01/2031 (Callable 03/01/2026)(a)						117,000			102,814
Coeur Mining, Inc., 5.13%, 02/15/2029 (Callable 08/01/2024)(a)						25,000			23,469
Corp. Nacional del Cobre de Chile, 6.44%, 01/26/2036 (Callable 10/26/2035)(a)						200,000			206,500
CSN Resources SA, 5.88%, 04/08/2032 (Callable 04/08/2027)						200,000			167,250
Freeport-McMoRan, Inc.
4.13%, 03/01/2028 (Callable 08/01/2024)						25,000			23,969
4.38%, 08/01/2028 (Callable 08/01/2024)						50,000			48,250
4.63%, 08/01/2030 (Callable 08/01/2025)						105,000			100,931
5.40%, 11/14/2034 (Callable 05/14/2034)						95,000			93,337

						Par			Value
5.45%, 03/15/2043 (Callable 09/15/2042)						$  400,000			$  376,000
Glencore Funding LLC
1.63%, 04/27/2026 (Callable 03/27/2026)(a)						50,000			46,722
5.37%, 04/04/2029 (Callable 03/04/2029)(a)						85,000			84,575
Hudbay Minerals, Inc., 4.50%, 04/01/2026 (Callable 08/01/2024)(a)						110,000			107,250
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (Callable 08/01/2024)(a)						25,000			25,187
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, 4.75%, 05/15/2025 (Callable 04/15/2025)(a)						225,000			222,750
Iris Holdings, Inc., 8.75% (includes 9.50% PIK), 02/15/2026 (Callable 08/01/2024)(a)						25,000			20,566
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029 (Callable 10/15/2024)(a)						25,000			23,531
Mativ Holdings, Inc., 6.88%, 10/01/2026 (Callable 08/01/2024)(a)						25,000			24,781
Minsur SA, 4.50%, 10/28/2031						200,000			176,250
NOVA Chemicals Corp., 8.50%, 11/15/2028 (Callable 11/15/2025)(a)						25,000			26,469
Novelis Corp.
3.25%, 11/15/2026 (Callable 08/01/2024)(a)						85,000			79,687
3.88%, 08/15/2031 (Callable 08/15/2026)(a)						25,000			21,594
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.00%, 01/27/2030 (Callable 01/27/2025)(a)						25,000			22,625
Southern Copper Corp., 3.88%, 04/23/2025						50,000			49,187
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029 (Callable 08/01/2024)(a)						20,000			7,600
Tronox, Inc., 4.63%, 03/15/2029 (Callable 08/01/2024)(a)						25,000			22,500

The accompanying notes are an integral part of these financial statements.

80

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Basic Materials - (Continued)
UPL CORP Ltd., 4.63%, 06/16/2030						$  200,000			$  165,000
Vale Overseas Ltd., 6.40%, 06/28/2054 (Callable 12/28/2053)						31,000			30,613
WR Grace Holdings LLC, 5.63%, 08/15/2029 (Callable 08/15/2024)(a)						20,000			18,400
									3,665,959
Communications - 2.3%
AT&T, Inc., 3.50%, 09/15/2053 (Callable 03/15/2053)						115,000			78,087
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/2026 (Callable 08/01/2024)(a)						20,000			11,800
CCO Holdings LLC / CCO Holdings Capital Corp.
5.50%, 05/01/2026 (Callable 08/01/2024)(a)						85,000			83,831
5.13%, 05/01/2027 (Callable 08/01/2024)(a)						15,000			14,400
4.75%, 03/01/2030 (Callable 09/01/2024)(a)						40,000			34,650
4.75%, 02/01/2032 (Callable 02/01/2027)(a)						25,000			20,438
4.25%, 01/15/2034 (Callable 01/15/2028)(a)						25,000			19,000
Charter Communications Operating LLC / Charter Communications Operating Capital
2.80%, 04/01/2031 (Callable 01/01/2031)						70,000			57,221
5.75%, 04/01/2048 (Callable 10/01/2047)						90,000			75,087
5.13%, 07/01/2049 (Callable 01/01/2049)						305,000			233,480
Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029 (Callable 08/01/2024)(a)						15,000			12,525
CT Trust, 5.13%, 02/03/2032 (Callable 02/03/2027)						200,000			175,750
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (Callable 08/01/2024)(a)						65,000			61,100

						Par			Value
DISH DBS Corp., 5.75%, 12/01/2028 (Callable 12/01/2027)(a)(b)						$  20,000			$  13,650
Expedia Group, Inc.
5.00%, 02/15/2026 (Callable 11/15/2025)						80,000			79,326
3.25%, 02/15/2030 (Callable 11/15/2029)						90,000			81,000
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (Callable 08/01/2024)(a)						10,000			9,737
5.00%, 05/01/2028 (Callable 08/01/2024)(a)						20,000			18,775
6.75%, 05/01/2029 (Callable 08/01/2024)(a)						15,000			13,762
GCI LLC, 4.75%, 10/15/2028 (Callable 07/17/2024)(a)						25,000			22,750
Gray Television, Inc.
10.50%, 07/15/2029 (Callable 07/15/2026)(a)						15,000			15,094
5.38%, 11/15/2031 (Callable 11/15/2026)(a)						25,000			14,188
LCPR Senior Secured Financing DAC, 5.13%, 07/15/2029 (Callable 08/01/2024)(a)						200,000			166,000
Level 3 Financing, Inc., 10.50%, 04/15/2029 (Callable 03/22/2027)(a)						25,000			24,938
Match Group Holdings II LLC
4.63%, 06/01/2028 (Callable 08/01/2024)(a)						25,000			23,344
4.13%, 08/01/2030 (Callable 05/01/2025)(a)						60,000			53,175
McGraw-Hill Education, Inc.
5.75%, 08/01/2028 (Callable 08/01/2024)(a)						20,000			19,275
8.00%, 08/01/2029 (Callable 08/01/2024)(a)						25,000			24,250
Millicom International Cellular SA, 6.25%, 03/25/2029 (Callable 07/11/2024)						180,000			173,025
Netflix, Inc.
5.88%, 11/15/2028						15,000			15,452
5.38%, 11/15/2029(a)						40,000			40,260

The accompanying notes are an integral part of these financial statements.

81

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Communications - (Continued)
Network i2i Ltd., 5.65% to 04/15/2025 then 5 yr. CMT Rate + 4.27%, Perpetual (Callable 01/15/2025)						$  200,000			$  198,250
News Corp.
3.88%, 05/15/2029 (Callable 07/12/2024)(a)						305,000			280,219
5.13%, 02/15/2032 (Callable 02/15/2027)(a)						20,000			18,925
Outfront Media Capital LLC / Outfront Media Capital Corp., 4.63%, 03/15/2030 (Callable 03/15/2025)(a)						25,000			22,406
Paramount Global
6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057 (Callable 02/28/2027)(c)						25,000			20,298
6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 (Callable 03/30/2027)						76,000			65,613
Scripps Escrow II, Inc., 3.88%, 01/15/2029 (Callable 08/01/2024)(a)						25,000			17,375
Sirius XM Radio, Inc.
3.13%, 09/01/2026 (Callable 08/01/2024)(a)						85,000			79,687
5.00%, 08/01/2027 (Callable 08/01/2024)(a)						25,000			23,875
4.13%, 07/01/2030 (Callable 07/01/2025)(a)						235,000			199,750
Stagwell Global LLC, 5.63%, 08/15/2029 (Callable 08/15/2024)(a)						25,000			23,000
Telecom Italia Capital SA, 6.38%, 11/15/2033(a)						200,000			195,500
T-Mobile USA, Inc.
2.63%, 02/15/2029 (Callable 07/12/2024)						90,000			80,467
3.38%, 04/15/2029 (Callable 07/12/2024)						95,000			87,693
2.88%, 02/15/2031 (Callable 02/15/2026)						85,000			73,466
3.50%, 04/15/2031 (Callable 04/15/2026)						190,000			170,623

						Par			Value
5.15%, 04/15/2034 (Callable 01/15/2034)						$  33,000			$  32,475
5.50%, 01/15/2055 (Callable 07/15/2054)(b)						40,000			38,572
Townsquare Media, Inc., 6.88%, 02/01/2026 (Callable 08/01/2024)(a)						30,000			29,550
Uber Technologies, Inc., 8.00%, 11/01/2026 (Callable 08/01/2024)(a)						115,000			115,862
Univision Communications, Inc.
6.63%, 06/01/2027 (Callable 07/12/2024)(a)						110,000			105,325
7.38%, 06/30/2030 (Callable 06/30/2025)(a)						15,000			13,987
Verizon Communications, Inc., 5.50%, 02/23/2054 (Callable 08/23/2053)						80,000			78,148
Viavi Solutions, Inc., 3.75%, 10/01/2029 (Callable 10/01/2024)(a)						25,000			21,125
Virgin Media Finance PLC, 5.00%, 07/15/2030 (Callable 07/15/2025)(a)						200,000			165,000
Virgin Media Secured Finance PLC
5.50%, 05/15/2029 (Callable 07/12/2024)(a)						276,000			251,160
4.50%, 08/15/2030 (Callable 08/15/2025)(a)						200,000			168,918
Vmed O2 UK Financing I PLC
3.25%, 01/31/2031 (Callable 01/31/2026)(a)			EUR			150,000			141,144
4.25%, 01/31/2031 (Callable 01/31/2026)(a)						215,000			178,988
									4,582,771
Consumer, Cyclical - 3.7%
1011778 BC ULC / New Red Finance, Inc.
3.88%, 01/15/2028 (Callable 08/01/2024)(a)						167,000			156,354
3.50%, 02/15/2029 (Callable 07/12/2024)(a)						336,000			304,500
Adient Global Holdings Ltd., 8.25%, 04/15/2031 (Callable 04/15/2026)(a)						25,000			26,062

The accompanying notes are an integral part of these financial statements.

82

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Cyclical - (Continued)
Allison Transmission, Inc., 5.88%, 06/01/2029 (Callable 08/01/2024)(a)						$  25,000			$  24,656
Amer Sports Co., 6.75%, 02/16/2031 (Callable 02/16/2027)(a)						25,000			24,875
American Airlines, Inc., 8.50%, 05/15/2029 (Callable 11/15/2025)(a)						30,000			31,087
American Airlines, Inc./ AAdvantage Loyalty IP Ltd.
5.50%, 04/20/2026(a)						16,667			16,521
5.75%, 04/20/2029(a)						335,000			326,206
Arko Corp., 5.13%, 11/15/2029 (Callable 11/15/2024)(a)						25,000			21,750
Asbury Automotive Group, Inc., 4.75%, 03/01/2030 (Callable 03/01/2025)						25,000			23,000
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 08/01/2029 (Callable 08/01/2024)(a)						25,000			22,437
AutoZone, Inc., 5.10%, 07/15/2029 (Callable 06/15/2029)						30,000			29,887
Bath & Body Works, Inc., 6.75%, 07/01/2036						25,000			24,844
BCPE Empire Holdings, Inc., 7.63%, 05/01/2027 (Callable 08/01/2024)(a)						35,000			33,775
BCPE Ulysses Intermediate, Inc., 7.75% (includes 8.50% PIK), 04/01/2027 (Callable 08/01/2024)(a)						25,000			24,375
Brinker International, Inc., 5.00%, 10/01/2024 (Callable 07/12/2024)(a)						15,000			14,944
Caesars Entertainment, Inc., 6.50%, 02/15/2032 (Callable 02/15/2027)(a)						55,000			55,069
Carnival Corp.
5.75%, 03/01/2027 (Callable 12/01/2026)(a)						35,000			34,475
5.75%, 01/15/2030 (Callable 10/15/2029)(a)			EUR			100,000			110,398
CCM Merger, Inc., 6.38%, 05/01/2026 (Callable 08/01/2024)(a)						25,000			24,906
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (Callable 05/15/2027)(a)						15,000			15,488

						Par			Value
Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (Callable 08/01/2024)(a)						$  15,000			$  14,475
Delta Air Lines 2020-1 Class A Pass Through Trust, 2.50%, 06/10/2028						63,856			57,952
Delta Air Lines, Inc., 7.38%, 01/15/2026 (Callable 12/15/2025)						35,000			35,700
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028(a)						655,000			637,250
Dollar Tree, Inc., 4.00%, 05/15/2025 (Callable 03/15/2025)						152,000			149,805
Dream Finders Homes, Inc., 8.25%, 08/15/2028 (Callable 08/15/2025)(a)						25,000			25,562
Ferrellgas LP / Ferrellgas Finance Corp., 5.38%, 04/01/2026 (Callable 08/01/2024)(a)						20,000			19,550
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030 (Callable 01/15/2025)(a)						20,000			17,550
Ford Motor Co., 3.25%, 02/12/2032 (Callable 11/12/2031)						703,000			581,635
Ford Motor Credit Co. LLC
5.63%, 10/09/2028			GBP			100,000			126,340
3.63%, 06/17/2031 (Callable 03/17/2031)						245,000			210,840
Foundation Building Materials, Inc., 6.00%, 03/01/2029 (Callable 08/01/2024)(a)						25,000			21,937
Full House Resorts, Inc., 8.25%, 02/15/2028 (Callable 07/17/2024)(a)						15,000			14,325
Gap, Inc., 3.88%, 10/01/2031 (Callable 10/01/2026)(a)						25,000			20,813
Gates Corp./DE, 6.88%, 07/01/2029 (Callable 07/01/2026)(a)						25,000			25,406
General Motors Financial Co., Inc., 2.40%, 10/15/2028 (Callable 08/15/2028)						85,000			75,074
Hilton Domestic Operating Co., Inc.
4.88%, 01/15/2030 (Callable 01/15/2025)						160,000			153,600
4.00%, 05/01/2031 (Callable 05/01/2026)(a)						25,000			22,375

The accompanying notes are an integral part of these financial statements.

83

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Cyclical - (Continued)
3.63%, 02/15/2032 (Callable 08/15/2026)(a)						$  100,000			$  86,500
Home Depot, Inc., 4.95%, 06/25/2034 (Callable 03/25/2034)						29,000			28,619
Hyatt Hotels Corp.
5.25%, 06/30/2029 (Callable 05/30/2029)						80,000			79,155
5.75%, 04/23/2030 (Callable 01/23/2030)						223,000			225,783
Hyundai Capital America, 5.30%, 01/08/2029 (Callable 12/08/2028)(a)						80,000			79,674
Installed Building Products, Inc., 5.75%, 02/01/2028 (Callable 07/17/2024)(a)						25,000			24,406
Interface, Inc., 5.50%, 12/01/2028 (Callable 07/17/2024)(a)						25,000			23,625
LCM Investments Holdings II LLC, 4.88%, 05/01/2029 (Callable 08/01/2024)(a)						25,000			23,250
Light & Wonder International, Inc.
7.00%, 05/15/2028 (Callable 07/17/2024)(a)						25,000			25,094
7.25%, 11/15/2029 (Callable 11/15/2024)(a)						25,000			25,531
Lithia Motors, Inc., 4.38%, 01/15/2031 (Callable 10/15/2025)(a)						25,000			22,219
Lowe’s Cos., Inc., 5.63%, 04/15/2053 (Callable 10/15/2052)						25,000			24,185
M/I Homes, Inc., 3.95%, 02/15/2030 (Callable 08/15/2029)						25,000			22,250
Macy’s Retail Holdings LLC
5.88%, 04/01/2029 (Callable 08/01/2024)(a)						20,000			19,400
6.13%, 03/15/2032 (Callable 03/15/2027)(a)						25,000			23,813
Marriott International, Inc./MD, 5.30%, 05/15/2034 (Callable 02/15/2034)						73,000			71,457
Mattamy Group Corp., 4.63%, 03/01/2030 (Callable 03/01/2025)(a)						20,000			18,400
McDonald’s Corp., 5.45%, 08/14/2053 (Callable 02/14/2053)						40,000			38,520

						Par			Value
MGM Resorts International
5.50%, 04/15/2027 (Callable 01/15/2027)(b)						$  85,000			$  83,619
4.75%, 10/15/2028 (Callable 07/15/2028)						45,000			42,863
Michaels Cos., Inc.
5.25%, 05/01/2028 (Callable 07/12/2024)(a)						50,000			39,750
7.88%, 05/01/2029 (Callable 07/12/2024)(a)						10,000			6,450
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (Callable 08/01/2024)(a)						30,000			27,862
Murphy Oil USA, Inc., 5.63%, 05/01/2027 (Callable 08/01/2024)						25,000			24,687
NCL Corp. Ltd.
5.88%, 02/15/2027 (Callable 07/12/2024)(a)						115,000			113,706
7.75%, 02/15/2029 (Callable 11/15/2028)(a)(b)						25,000			25,969
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
5.63%, 09/01/2029 (Callable 09/01/2024)(a)						50,000			35,500
5.88%, 09/01/2031 (Callable 09/01/2026)(a)						97,000			65,960
Raising Cane’s Restaurants LLC, 9.38%, 05/01/2029 (Callable 11/01/2025)(a)						25,000			26,937
Ritchie Bros Holdings, Inc., 7.75%, 03/15/2031 (Callable 03/15/2026)(a)						25,000			26,031
Royal Caribbean Cruises Ltd.
4.25%, 07/01/2026 (Callable 01/01/2026)(a)						85,000			82,131
5.38%, 07/15/2027 (Callable 10/15/2026)(a)						92,000			90,390
5.50%, 04/01/2028 (Callable 10/01/2027)(a)						240,000			236,400
6.25%, 03/15/2032 (Callable 03/15/2027)(a)						15,000			15,113

The accompanying notes are an integral part of these financial statements.

84

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Cyclical - (Continued)
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 03/01/2032 (Callable 03/01/2027)						$  25,000			$  24,656
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (Callable 03/01/2025)(a)						55,000			53,625
Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc., 6.63%, 05/01/2032 (Callable 05/01/2027)(a)						35,000			35,569
Sonic Automotive, Inc., 4.63%, 11/15/2029 (Callable 11/15/2024)(a)						30,000			27,037
Station Casinos LLC
4.50%, 02/15/2028 (Callable 08/01/2024)(a)						25,000			23,500
6.63%, 03/15/2032 (Callable 03/15/2027)(a)						30,000			29,738
STL Holding Co. LLC, 8.75%, 02/15/2029 (Callable 02/15/2026)(a)						25,000			26,000
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (Callable 06/01/2026)(a)						20,000			18,000
Tempur Sealy International, Inc., 3.88%, 10/15/2031 (Callable 10/15/2026)(a)						25,000			21,000
Travel + Leisure Co., 4.50%, 12/01/2029 (Callable 09/01/2029)(a)						170,000			155,975
United Airlines Holdings, Inc., 4.88%, 01/15/2025						25,000			24,750
United Airlines, Inc.
4.38%, 04/15/2026 (Callable 10/15/2025)(a)						85,000			82,025
4.63%, 04/15/2029 (Callable 10/15/2028)(a)						85,000			79,369
Vail Resorts, Inc., 6.50%, 05/15/2032 (Callable 05/15/2027)(a)						15,000			15,113
Victra Holdings LLC / Victra Finance Corp., 7.75%, 02/15/2026 (Callable 08/01/2024)(a)						50,000			49,562

						Par			Value
Viking Cruises Ltd.
5.88%, 09/15/2027 (Callable 08/05/2024)(a)						$  55,000			$  54,450
9.13%, 07/15/2031 (Callable 07/15/2026)(a)						65,000			70,362
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.38%, 02/01/2030 (Callable 02/01/2025)(a)						25,000			19,594
Walgreens Boots Alliance, Inc., 4.80%, 11/18/2044 (Callable 05/18/2044)(b)						25,000			19,497
White Cap Buyer LLC, 6.88%, 10/15/2028 (Callable 08/01/2024)(a)						25,000			23,969
William Carter Co., 5.63%, 03/15/2027 (Callable 08/01/2024)(a)						110,000			108,075
WMG Acquisition Corp., 3.00%, 02/15/2031 (Callable 02/15/2026)(a)(b)						345,000			297,562
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027 (Callable 02/15/2027)(a)						25,000			24,281
Yum! Brands, Inc.
4.75%, 01/15/2030 (Callable 10/15/2029)(a)						307,000			292,034
3.63%, 03/15/2031 (Callable 2/15/2030)						395,000			347,600
4.63%, 01/31/2032 (Callable 10/01/2026)						175,000			160,563
									7,444,953
Consumer, Non-Cyclical - 4.2%
1375209 BC Ltd., 9.00%, 01/30/2028 (Callable 07/12/2024)(a)						3,000			2,872
AbbVie, Inc., 4.70%, 05/14/2045 (Callable 11/14/2044)						87,000			77,830
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 (Callable 08/01/2024)(a)						25,000			24,437
Adani International Container Terminal Pvt Ltd., 3.00%, 02/16/2031 (Callable 08/18/2030)						172,000			143,620
Adani Ports & Special Economic Zone Ltd., 4.20%, 08/04/2027 (Callable 02/04/2027)						300,000			277,875

The accompanying notes are an integral part of these financial statements.

85

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Non-Cyclical - (Continued)
AdaptHealth LLC
4.63%, 08/01/2029 (Callable 08/01/2024)(a)						$  25,000			$  21,562
5.13%, 03/01/2030 (Callable 03/01/2025)(a)						20,000			17,400
ADT Security Corp., 4.13%, 08/01/2029 (Callable 08/01/2028)(a)						25,000			22,969
AHP Health Partners, Inc., 5.75%, 07/15/2029 (Callable 08/01/2024)(a)						25,000			23,687
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
4.63%, 01/15/2027 (Callable 08/01/2024)(a)						85,000			81,919
3.50%, 03/15/2029 (Callable 08/01/2024)(a)						25,000			22,406
Allergan Funding SCS, 2.63%, 11/15/2028 (Callable 08/15/2028)			EUR			100,000			99,144
Allied Universal Holdco LLC, 7.88%, 02/15/2031 (Callable 02/15/2027)(a)						30,000			29,963
Allied Universal Holdco LLC / Allied Universal Finance Corp.
6.63%, 07/15/2026 (Callable 08/01/2024)(a)						15,000			14,944
9.75%, 07/15/2027 (Callable 08/01/2024)(a)						20,000			19,800
Alta Equipment Group, Inc., 9.00%, 06/01/2029 (Callable 06/01/2026)(a)						25,000			23,125
APi Group DE, Inc., 4.75%, 10/15/2029 (Callable 10/15/2024)(a)						25,000			23,219
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.00%, 02/15/2031 (Callable 11/15/2026)(a)						25,000			24,625
BAT Capital Corp., 4.54%, 08/15/2047 (Callable 02/15/2047)						37,000			28,261
Bausch + Lomb Corp., 8.38%, 10/01/2028 (Callable 10/01/2025)(a)						65,000			66,381

						Par			Value
Bausch Health Cos., Inc.
6.13%, 02/01/2027 (Callable 08/01/2024)(a)						$   15,000			$  12,487
14.00%, 10/15/2030 (Callable 10/15/2025)(a)						1,000			763
Becle SAB de CV, 2.50%, 10/14/2031 (Callable 07/14/2031)(a)						205,000			162,195
BellRing Brands, Inc., 7.00%, 03/15/2030 (Callable 03/15/2027)(a)						25,000			25,625
Bimbo Bakeries USA, Inc., 5.38%, 01/09/2036 (Callable 10/09/2035)(a)						200,000			194,893
Brink’s Co.
6.50%, 06/15/2029 (Callable 06/15/2026)(a)						20,000			20,175
6.75%, 06/15/2032 (Callable 06/15/2027)(a)						20,000			20,150
Bristol-Myers Squibb Co.
5.50%, 02/22/2044 (Callable 08/22/2043)						15,000			14,799
5.55%, 02/22/2054 (Callable 08/22/2053)						65,000			64,051
Campbell Soup Co., 5.40%, 03/21/2034 (Callable 12/21/2033)						36,000			35,749
Centene Corp.
4.63%, 12/15/2029 (Callable 12/15/2024)						90,000			85,275
3.38%, 02/15/2030 (Callable 02/15/2025)						305,000			270,306
3.00%, 10/15/2030 (Callable 07/15/2030)						285,000			243,675
2.50%, 03/01/2031 (Callable 12/01/2030)						275,000			224,682
Chobani LLC / Chobani Finance Corp., Inc., 7.63%, 07/01/2029 (Callable 01/01/2026)(a)						25,000			25,750
CHS/Community Health Systems, Inc.
6.00%, 01/15/2029 (Callable 07/17/2024)(a)						25,000			22,000
5.25%, 05/15/2030 (Callable 05/15/2025)(a)						25,000			20,688

The accompanying notes are an integral part of these financial statements.

86

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Non-Cyclical - (Continued)
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032 (Callable 07/15/2027)(a)						$  10,000			$  10,138
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 6.63%, 07/15/2030 (Callable 07/16/2026)(a)						30,000			30,375
CPI CG, Inc.
8.63%, 03/15/2026 (Callable 08/01/2024)(a)						25,000			25,562
10.00%, 07/15/2029 (Callable 07/15/2026)(a)						25,000			25,938
CVS Health Corp.
5.30%, 06/01/2033 (Callable 03/01/2033)						40,000			38,860
5.88%, 06/01/2053 (Callable 12/01/2052)(b)						60,000			57,322
Darling Ingredients, Inc., 6.00%, 06/15/2030 (Callable 06/15/2025)(a)						290,000			285,650
DaVita, Inc., 4.63%, 06/01/2030 (Callable 06/01/2025)(a)						25,000			22,594
Duke University, 3.30%, 10/01/2046						163,000			122,048
Elevance Health, Inc.
2.38%, 01/15/2025 (Callable 12/15/2024)						70,000			68,777
4.55%, 05/15/2052 (Callable 11/15/2051)						30,000			24,671
Encompass Health Corp., 4.75%, 02/01/2030 (Callable 02/01/2025)						25,000			23,312
Fiesta Purchaser, Inc., 7.88%, 03/01/2031 (Callable 03/01/2027)(a)						25,000			25,813
Fortrea Holdings, Inc., 7.50%, 07/01/2030 (Callable 07/01/2026)(a)						15,000			14,869
Garda World Security Corp.
4.63%, 02/15/2027 (Callable 08/01/2024)(a)						85,000			80,962
6.00%, 06/01/2029 (Callable 08/01/2024)(a)						60,000			54,450
Gilead Sciences, Inc., 5.55%, 10/15/2053 (Callable 04/15/2053)						25,000			24,944

						Par			Value
Graham Holdings Co., 5.75%, 06/01/2026 (Callable 07/12/2024)(a)						$  25,000			$  24,781
HCA, Inc.
3.50%, 09/01/2030 (Callable 03/01/2030)						666,000			601,065
5.60%, 04/01/2034 (Callable 01/01/2034)						285,000			282,619
5.25%, 06/15/2049 (Callable 12/15/2048)						90,000			80,663
IQVIA, Inc., 6.25%, 02/01/2029 (Callable 01/01/2029)						55,000			56,581
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl
3.63%, 01/15/2032 (Callable 01/15/2027)						200,000			172,500
5.75%, 04/01/2033 (Callable 01/01/2033)						66,000			65,588
Keurig Dr Pepper, Inc., 5.20%, 03/15/2031 (Callable 01/15/2031)						80,000			79,779
Kraft Heinz Foods Co.
6.88%, 01/26/2039						90,000			99,408
7.13%, 08/01/2039(a)						95,000			106,670
4.38%, 06/01/2046 (Callable 12/01/2045)						290,000			235,352
Kronos Acquisition Holdings, Inc., 8.25%, 06/30/2031 (Callable 06/30/2027)(a)						15,000			15,038
Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (Callable 08/01/2024)(a)						35,000			33,337
LifePoint Health, Inc., 10.00%, 06/01/2032 (Callable 06/01/2027)(a)						65,000			66,300
MARB BondCo PLC
3.95%, 01/29/2031 (Callable 01/29/2026)						200,000			165,191
3.95%, 01/29/2031 (Callable 01/29/2026)(a)						200,000			164,988
Massachusetts Institute of Technology, 2.99%, 07/01/2050 (Callable 01/01/2050)						110,000			78,036
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (Callable 08/01/2024)(a)						30,000			27,862

The accompanying notes are an integral part of these financial statements.

87

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Non-Cyclical - (Continued)
Medline Borrower LP
3.88%, 04/01/2029 (Callable 10/01/2024)(a)(b)						$  25,000			$  23,000
5.25%, 10/01/2029 (Callable 10/01/2024)(a)						30,000			28,537
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (Callable 04/01/2026)(a)						5,000			5,044
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (Callable 10/01/2024)(a)						25,000			17,656
ModivCare, Inc., 5.88%, 11/15/2025(a)						25,000			25,367
MPH Acquisition Holdings LLC, 5.50%, 09/01/2028 (Callable 09/01/2024)(a)						25,000			18,750
NESCO Holdings II, Inc., 5.50%, 04/15/2029 (Callable 08/01/2024)(a)						25,000			23,187
Owens & Minor, Inc., 6.63%, 04/01/2030 (Callable 04/01/2025)(a)(b)						55,000			49,981
Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/2033 (Callable 02/19/2033)						56,000			54,453
Philip Morris International, Inc., 5.25%, 02/13/2034 (Callable 11/13/2033)						40,000			39,112
Post Holdings, Inc.
5.63%, 01/15/2028 (Callable 07/17/2024)(a)						265,000			260,031
5.50%, 12/15/2029 (Callable 12/15/2024)(a)						85,000			81,812
4.63%, 04/15/2030 (Callable 04/15/2025)(a)						25,000			22,969
4.50%, 09/15/2031 (Callable 09/15/2026)(a)						5,000			4,475
President and Fellows of Harvard College, 2.52%, 10/15/2050 (Callable 04/15/2050)						110,000			70,342
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.75%, 04/15/2026(a)						5,000			4,950
Primo Water Holdings, Inc., 4.38%, 04/30/2029 (Callable 08/01/2024)(a)						25,000			23,000

						Par			Value
Prumo Participacoes e Investimentos S/A, 7.50%, 12/31/2031 (Callable 10/29/2024)						$  148,915			$  148,171
Quanta Services, Inc., 2.35%, 01/15/2032 (Callable 10/15/2031)						88,000			71,274
Rede D’or Finance Sarl, 4.95%, 01/17/2028 (Callable 10/17/2027)(a)						200,000			190,000
Royalty Pharma PLC, 5.15%, 09/02/2029 (Callable 08/02/2029)						43,000			42,654
Rutas 2 & 7 Finance Ltd., 0.00%, 09/30/2036(d)						333,333			227,500
Select Medical Corp., 6.25%, 08/15/2026 (Callable 08/01/2024)(a)						25,000			25,062
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/2029 (Callable 08/01/2024)(a)						25,000			21,969
Sotera Health Holdings LLC, 7.38%, 06/01/2031 (Callable 06/01/2027)(a)						85,000			85,000
Star Parent, Inc., 9.00%, 10/01/2030 (Callable 10/01/2026)(a)						25,000			26,188
Teleflex, Inc., 4.25%, 06/01/2028 (Callable 08/01/2024)(a)						25,000			23,469
Tenet Healthcare Corp.
6.25%, 02/01/2027 (Callable 07/17/2024)						20,000			19,950
6.13%, 10/01/2028 (Callable 08/01/2024)						25,000			24,844
6.13%, 06/15/2030 (Callable 06/15/2025)						35,000			34,781
Thermo Fisher Scientific, Inc., 0.50%, 03/01/2028 (Callable 12/01/2027)			EUR			100,000			96,656
Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031)						90,000			74,027
Triton Water Holdings, Inc., 6.25%, 04/01/2029 (Callable 08/01/2024)(a)						25,000			24,031
United Natural Foods, Inc., 6.75%, 10/15/2028 (Callable 08/01/2024)(a)						50,000			45,125

The accompanying notes are an integral part of these financial statements.

88

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Consumer, Non-Cyclical - (Continued)
United Rentals North America, Inc.
6.00%, 12/15/2029 (Callable 12/15/2025)(a)						$  150,000			$  150,563
4.00%, 07/15/2030 (Callable 07/15/2025)						110,000			99,138
3.88%, 02/15/2031 (Callable 08/15/2025)						230,000			204,700
3.75%, 01/15/2032 (Callable 07/15/2026)						25,000			21,656
UnitedHealth Group, Inc.
5.05%, 04/15/2053 (Callable 10/15/2052)						60,000			55,464
4.95%, 05/15/2062 (Callable 11/15/2061)						33,000			29,099
US Foods, Inc., 7.25%, 01/15/2032 (Callable 09/15/2026)(a)						25,000			25,938
Varex Imaging Corp., 7.88%, 10/15/2027 (Callable 08/01/2024)(a)(b)						25,000			25,281
Verisk Analytics, Inc., 5.25%, 06/05/2034 (Callable 03/05/2034)						37,000			36,304
VT Topco, Inc., 8.50%, 08/15/2030 (Callable 08/15/2026)(a)						20,000			21,000
Wand NewCo 3, Inc., 7.63%, 01/30/2032 (Callable 01/30/2027)(a)						45,000			46,294
WASH Multifamily Acquisition, Inc., 5.75%, 04/15/2026 (Callable 08/01/2024)(a)						15,000			14,644
Williams Scotsman, Inc., 4.63%, 08/15/2028 (Callable 08/01/2024)(a)						25,000			23,531
									8,468,324
Energy - 4.5%
AI Candelaria Spain SA, 7.50%, 12/15/2028 (Callable 09/15/2028)						191,666			188,312
Aker BP ASA, 3.75%, 01/15/2030 (Callable 10/15/2029)(a)						185,000			169,038
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 03/01/2027 (Callable 07/17/2024)(a)						110,000			108,762

						Par			Value
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 04/01/2028 (Callable 08/01/2024)(a)						$  25,000			$  24,719
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.88%, 06/30/2029 (Callable 09/01/2024)(a)						25,000			24,344
Baytex Energy Corp., 8.50%, 04/30/2030 (Callable 04/30/2026)(a)						25,000			26,000
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.25%, 07/15/2032 (Callable 07/15/2027)(a)						15,000			15,375
BP Capital Markets America, Inc.
4.89%, 09/11/2033 (Callable 06/11/2033)						33,000			32,025
5.23%, 11/17/2034 (Callable 08/17/2034)						32,000			31,677
Buckeye Partners LP, 6.88%, 07/01/2029 (Callable 07/01/2026)(a)						40,000			40,144
Canacol Energy Ltd., 5.75%, 11/24/2028 (Callable 11/24/2024)						200,000			106,000
Cenovus Energy, Inc.
3.50%, 02/07/2028 (Callable 12/07/2027)			CAD			100,000			70,306
5.25%, 06/15/2037 (Callable 12/15/2036)						17,000			15,989
6.75%, 11/15/2039						434,000			463,267
5.40%, 06/15/2047 (Callable 12/15/2046)						92,000			83,484
Cheniere Energy Partners LP, 4.00%, 03/01/2031 (Callable 03/01/2026)						370,000			336,237
Cheniere Energy, Inc., 4.63%, 10/15/2028 (Callable 07/12/2024)						80,000			77,600
Chord Energy Corp., 6.38%, 06/01/2026 (Callable 08/01/2024)(a)						25,000			24,875
Civitas Resources, Inc.
8.38%, 07/01/2028 (Callable 07/01/2025)(a)						20,000			20,950
8.75%, 07/01/2031 (Callable 07/01/2026)(a)						190,000			202,825

The accompanying notes are an integral part of these financial statements.

89

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
CNX Resources Corp., 6.00%, 01/15/2029 (Callable 08/01/2024)(a)						$   20,000			$   19,500
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/2033 (Callable 08/15/2033)(a)						45,000			46,162
Continental Resources, Inc./OK
5.75%, 01/15/2031 (Callable 07/15/2030)(a)						227,000			223,311
2.88%, 04/01/2032 (Callable 01/01/2032)(a)						376,000			304,090
Cosan Overseas Ltd., 8.25%, Perpetual (Callable 08/05/2024)						200,000			202,000
Crescent Energy Finance LLC, 7.63%, 04/01/2032 (Callable 04/01/2027)(a)						20,000			20,300
Delek Logistics Partners LP / Delek Logistics Finance Corp., 8.63%, 03/15/2029 (Callable 03/15/2026)(a)						25,000			25,656
Devon Energy Corp., 5.25%, 10/15/2027 (Callable 07/12/2024)						17,000			16,904
DT Midstream, Inc., 4.13%, 06/15/2029 (Callable 08/01/2024)(a)						25,000			23,062
Ecopetrol SA
4.63%, 11/02/2031 (Callable 08/02/2031)						50,000			41,000
5.88%, 11/02/2051 (Callable 05/02/2051)						300,000			208,500
Enbridge, Inc.
3.13%, 11/15/2029 (Callable 08/15/2029)						175,000			157,082
7.20% to 06/27/2034 then 5 yr. CMT Rate + 2.97%, 06/27/2054 (Callable 03/27/2034)						140,000			140,794
8.50% to 01/15/2034 then 5 yr. CMT Rate + 4.43%, 01/15/2084 (Callable 10/15/2033)						210,000			222,664
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (Callable 08/01/2024)(a)						25,000			25,437
Enerflex Ltd., 9.00%, 10/15/2027 (Callable 10/15/2024)(a)						25,000			25,344

						Par			Value
Energy Transfer LP
5.75%, 04/01/2025 (Callable 07/17/2024)						$   25,000			$   24,937
7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual (Callable 05/15/2030)						175,000			173,250
5.95%, 05/15/2054 (Callable 11/15/2053)						40,000			38,178
8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 (Callable 02/15/2029)						185,000			190,836
EnLink Midstream LLC, 5.38%, 06/01/2029 (Callable 03/01/2029)						25,000			24,469
EQT Corp.
3.63%, 05/15/2031 (Callable 05/15/2030)(a)						350,000			306,722
5.75%, 02/01/2034 (Callable 11/01/2033)						80,000			78,736
Fermaca Enterprises S de RL de CV, 6.38%, 03/30/2038 (Callable 09/30/2037)						183,744			179,840
Global Partners LP / GLP Finance Corp., 8.25%, 01/15/2032 (Callable 01/15/2027)(a)						25,000			25,625
GNL Quintero SA, 4.63%, 07/31/2029						129,440			126,042
Guara Norte Sarl, 5.20%, 06/15/2034						165,630			153,208
Harvest Midstream I LP, 7.50%, 05/15/2032 (Callable 05/15/2027)(a)						30,000			30,375
Hess Midstream Operations LP, 5.63%, 02/15/2026 (Callable 08/01/2024)(a)						60,000			59,550
Hilcorp Energy I LP / Hilcorp Finance Co.
5.75%, 02/01/2029 (Callable 08/01/2024)(a)						50,000			48,250
8.38%, 11/01/2033 (Callable 11/01/2028)(a)						5,000			5,319
Kinder Morgan Energy Partners LP, 6.95%, 01/15/2038						75,000			81,039
Kinder Morgan, Inc., 5.30%, 12/01/2034 (Callable 06/01/2034)						55,000			53,307
Kinetik Holdings LP, 5.88%, 06/15/2030 (Callable 06/15/2025)(a)						25,000			24,500

The accompanying notes are an integral part of these financial statements.

90

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
Kodiak Gas Services LLC, 7.25%, 02/15/2029 (Callable 02/15/2026)(a)						$   55,000			$  56,375
Matador Resources Co.
6.88%, 04/15/2028 (Callable 04/15/2025)(a)						25,000			25,344
6.50%, 04/15/2032 (Callable 04/15/2027)(a)						20,000			19,975
MC Brazil Downstream Trading SARL, 7.25%, 06/30/2031(a)						190,150			169,234
Moss Creek Resources Holdings, Inc., 7.50%, 01/15/2026 (Callable 08/01/2024)(a)						25,000			24,969
MPLX LP, 5.50%, 06/01/2034 (Callable 03/01/2034)						40,000			39,389
Murphy Oil Corp., 6.38%, 07/15/2028 (Callable 07/17/2024)						25,000			25,125
NGL Energy Operating LLC / NGL Energy Finance Corp.
8.13%, 02/15/2029 (Callable 02/15/2026)(a)						25,000			25,500
8.38%, 02/15/2032 (Callable 02/15/2027)(a)						25,000			25,438
Occidental Petroleum Corp.
6.63%, 09/01/2030 (Callable 03/01/2030)						245,000			256,638
6.13%, 01/01/2031 (Callable 07/01/2030)						200,000			204,500
7.50%, 05/01/2031						70,000			77,175
6.45%, 09/15/2036						30,000			31,275
ONEOK, Inc., 6.63%, 09/01/2053 (Callable 03/01/2053)(b)						35,000			37,256
Ovintiv, Inc.
6.50%, 08/15/2034						190,000			196,716
6.50%, 02/01/2038						115,000			116,859
Permian Resources Operating LLC
5.38%, 01/15/2026 (Callable 08/01/2024)(a)						85,000			83,725
5.88%, 07/01/2029 (Callable 08/01/2024)(a)						25,000			24,656
7.00%, 01/15/2032 (Callable 01/15/2027)(a)						15,000			15,375

						Par			Value
Petroleos del Peru SA, 4.75%, 06/19/2032						$  200,000			$  149,000
Petroleos Mexicanos, 6.75%, 09/21/2047						200,000			132,000
Petrorio Luxembourg Holding Sarl, 6.13%, 06/09/2026 (Callable 08/01/2024)(a)						200,000			196,000
QatarEnergy, 2.25%, 07/12/2031 (Callable 04/12/2031)(a)						235,000			195,416
Reliance Industries Ltd., 4.13%, 01/28/2025						250,000			247,727
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027 (Callable 09/15/2026)						70,000			69,388
Schlumberger Holdings Corp., 5.00%, 11/15/2029 (Callable 10/15/2029)(a)						64,000			63,388
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 7.88%, 11/01/2028 (Callable 11/01/2025)(a)						15,000			15,487
Southwestern Energy Co.
5.70%, 01/23/2025 (Callable 10/23/2024)						88,000			87,670
5.38%, 02/01/2029 (Callable 07/17/2024)						25,000			24,281
Sunoco LP / Sunoco Finance Corp.
6.00%, 04/15/2027 (Callable 08/01/2024)						35,000			34,869
4.50%, 05/15/2029 (Callable 07/17/2024)						25,000			23,344
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (Callable 02/15/2026)(a)						15,000			15,073
Talos Production, Inc., 9.00%, 02/01/2029 (Callable 02/01/2026)(a)						25,000			26,250
TransCanada PipeLines Ltd., 4.10%, 04/15/2030 (Callable 01/15/2030)						310,000			292,419
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 (Callable 02/15/2030)						30,000			27,041
Transocean Poseidon Ltd., 6.88%, 02/01/2027 (Callable 08/01/2024)(a)						30,375			30,337
Transocean, Inc., 8.00%, 02/01/2027 (Callable 07/12/2024)(a)						13,000			12,967

The accompanying notes are an integral part of these financial statements.

91

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Energy - (Continued)
Var Energi ASA, 7.50%, 01/15/2028 (Callable 12/15/2027)(a)						$  200,000			$  210,565
Venture Global LNG, Inc.
8.13%, 06/01/2028 (Callable 06/01/2025)(a)						45,000			46,350
8.38%, 06/01/2031 (Callable 06/01/2026)(a)						15,000			15,562
9.88%, 02/01/2032 (Callable 02/01/2027)(a)						15,000			16,294
Vital Energy, Inc., 7.88%, 04/15/2032 (Callable 04/15/2027)(a)						10,000			10,163
Weatherford International Ltd., 8.63%, 04/30/2030 (Callable 10/30/2024)(a)						10,000			10,325
Western Midstream Operating LP, 4.05%, 02/01/2030 (Callable 11/01/2029)						210,000			194,775
Williams Cos., Inc.
3.50%, 11/15/2030 (Callable 08/15/2030)						30,000			27,245
5.15%, 03/15/2034 (Callable 12/15/2033)						48,000			46,687
									9,064,065
Financial - 6.7%
Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 (Callable 05/15/2026)(a)						20,000			19,950
Agree LP, 5.63%, 06/15/2034 (Callable 03/15/2034)						55,000			54,464
Air Lease Corp.
1.88%, 08/15/2026 (Callable 07/15/2026)						75,000			69,489
4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.15%, Perpetual (Callable 12/15/2026)						130,000			117,975
5.20%, 07/15/2031 (Callable 05/15/2031)						58,000			56,682
Alexandria Real Estate Equities, Inc., 3.00%, 05/18/2051 (Callable 11/18/2050)						130,000			78,152

						Par			Value
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 6.75%, 10/15/2027 (Callable 08/01/2024)(a)						$  25,000			$  24,562
Ally Financial, Inc., 6.70%, 02/14/2033 (Callable 11/16/2032)						25,000			24,780
American Express Co., 5.10% to 02/16/2027 then SOFR + 1.00%, 02/16/2028 (Callable 02/16/2027)						151,000			150,158
American Homes 4 Rent LP, 5.50%, 02/01/2034 (Callable 11/01/2033)						60,000			59,086
American Tower Corp.
0.50%, 01/15/2028 (Callable 10/15/2027)			EUR			100,000			95,414
5.55%, 07/15/2033 (Callable 04/15/2033)						75,000			74,699
AmWINS Group, Inc., 4.88%, 06/30/2029 (Callable 08/01/2024)(a)						20,000			18,575
Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp., 5.25%, 04/15/2030 (Callable 04/15/2025)(a)						20,000			11,850
Ares Capital Corp., 3.25%, 07/15/2025 (Callable 06/15/2025)						40,000			38,861
Aretec Group, Inc., 7.50%, 04/01/2029 (Callable 08/01/2024)(a)						25,000			24,062
Athene Global Funding, 5.93% (SOFR + 0.56%), 08/19/2024(a)						80,000			80,027
Athene Holding Ltd., 6.25%, 04/01/2054 (Callable 10/01/2053)						85,000			84,869
Aviation Capital Group LLC, 5.38%, 07/15/2029 (Callable 06/15/2029)(a)						59,000			58,417
Avolon Holdings Funding Ltd., 5.75%, 03/01/2029 (Callable 02/01/2029)(a)						140,000			138,405
Banco de Credito del Peru SA
3.13% to 07/01/2025 then 5 yr. CMT Rate + 3.00%, 07/01/2030 (Callable 07/01/2025)						190,000			183,350
3.25% to 09/30/2026 then 5 yr. CMT Rate + 2.45%, 09/30/2031 (Callable 09/30/2026)						50,000			46,438

The accompanying notes are an integral part of these financial statements.

92

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Financial - (Continued)
Banco del Estado de Chile, 7.95% to 05/02/2029 then 5 yr. CMT Rate + 3.23%, Perpetual (Callable 05/02/2029)(a)						$  200,000			$  206,500
Banco do Estado do Rio Grande do Sul SA, 5.38% to 01/28/2026 then 5 yr. CMT Rate + 4.93%, 01/28/2031 (Callable 01/28/2026)						200,000			186,950
Banco Industrial SA/Guatemala, 4.88% to 01/29/2026 then 5 yr. CMT Rate + 4.44%, 01/29/2031 (Callable 01/29/2026)						150,000			144,375
Banco Internacional del Peru SAA Interbank, 4.00% to 07/08/2025 then 5 yr. CMT Rate + 3.71%, 07/08/2030 (Callable 07/08/2025)						200,000			194,000
Banco Mercantil del Norte SA/Grand Cayman, 6.63% to 01/24/2032 then 10 yr. CMT Rate + 5.03%, Perpetual (Callable 01/24/2032)						300,000			261,750
Bancolombia SA, 8.63% to 12/24/2029 then 5 yr. CMT Rate + 4.32%, 12/24/2034 (Callable 06/24/2029)						200,000			203,500
Bank Negara Indonesia Persero Tbk PT, 3.75%, 03/30/2026						200,000			190,750
Bank of America Corp.
3.38% to 04/02/2025 then SOFR + 1.33%, 04/02/2026 (Callable 04/02/2025)						250,000			245,672
2.65% to 03/11/2031 then SOFR + 1.22%, 03/11/2032 (Callable 03/11/2031)						2,000			1,692
2.69% to 04/22/2031 then SOFR + 1.32%, 04/22/2032 (Callable 04/22/2031)						10,000			8,412
2.30% to 07/21/2031 then SOFR + 1.22%, 07/21/2032 (Callable 07/21/2031)						2,000			1,640
4.57% to 04/27/2032 then SOFR + 1.83%, 04/27/2033 (Callable 04/27/2032)						5,000			4,714

						Par			Value
5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034)						$  30,000			$  30,003
2.48% to 09/21/2031 then 5 yr. CMT Rate + 1.20%, 09/21/2036 (Callable 09/21/2031)						158,000			125,756
Bank of Montreal
3.80% to 12/15/2027 then 5 yr. Swap Rate USD + 1.43%, 12/15/2032 (Callable 12/15/2027)						85,000			79,211
7.33% to 11/26/2027 then Government of Canada 5 Year Bond Yield + 4.10%, 11/26/2082 (Callable 11/26/2027)			CAD			270,000			200,322
Bank of Nova Scotia, 8.63% to 10/27/2027 then 5 yr. CMT Rate + 4.39%, 10/27/2082 (Callable 10/27/2027)						200,000			205,804
BBVA Bancomer SA/Texas, 5.13% to 01/17/2028 then 5 yr. CMT Rate + 2.65%, 01/18/2033 (Callable 01/17/2028)						200,000			180,582
Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 (Callable 03/19/2039)			GBP			120,000			105,767
BlackRock Funding, Inc., 5.25%, 03/14/2054 (Callable 09/14/2053)						50,000			48,384
BNG Bank NV, 3.30%, 07/17/2028			AUD			305,000			192,952
Boston Properties LP, 2.75%, 10/01/2026 (Callable 07/01/2026)						28,000			26,108
BroadStreet Partners, Inc., 5.88%, 04/15/2029 (Callable 08/01/2024)(a)						25,000			23,312
Brown & Brown, Inc., 2.38%, 03/15/2031 (Callable 12/15/2030)						95,000			78,093
Citigroup, Inc., 3.06% to 01/25/2032 then SOFR + 1.35%, 01/25/2033 (Callable 01/25/2032)						121,000			102,502
Citizens Financial Group, Inc., 6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035 (Callable 04/25/2034)						25,000			26,095
Crown Castle, Inc., 3.65%, 09/01/2027 (Callable 06/01/2027)						85,000			80,937

The accompanying notes are an integral part of these financial statements.

93

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Financial - (Continued)
Danske Bank AS, 6.47% (1 yr. CMT Rate + 2.10%), 01/09/2026 (Callable 01/09/2025)(a)						$  200,000			$  200,510
Equinix, Inc.
3.90%, 04/15/2032 (Callable 01/15/2032)						40,000			36,437
2.95%, 09/15/2051 (Callable 03/15/2051)						75,000			46,478
F&G Annuities & Life, Inc., 6.50%, 06/04/2029 (Callable 05/04/2029)						35,000			35,001
Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 (Callable 08/18/2027)(a)						50,000			42,183
Freedom Mortgage Corp.
7.63%, 05/01/2026 (Callable 07/17/2024)(a)						85,000			84,150
6.63%, 01/15/2027 (Callable 08/01/2024)(a)						25,000			24,150
GGAM Finance Ltd., 6.88%, 04/15/2029 (Callable 04/15/2026)(a)						30,000			30,375
Global Aircraft Leasing Co. Ltd., 6.50% (includes 7.25% PIK), 09/15/2024 (Callable 08/01/2024)(a)						51,887			49,552
Goldman Sachs Group, Inc.
6.19% (SOFR + 0.82%), 09/10/2027 (Callable 09/10/2026)(b)						160,000			159,868
0.25%, 01/26/2028 (Callable 10/26/2027)			EUR			75,000			71,801
2.00%, 11/01/2028			EUR			63,000			63,319
GTCR AP Finance, Inc., 8.00%, 05/15/2027 (Callable 08/01/2024)(a)						25,000			25,062
Host Hotels & Resorts LP
3.38%, 12/15/2029 (Callable 09/15/2029)						185,000			165,536
3.50%, 09/15/2030 (Callable 06/15/2030)						155,000			136,699
5.70%, 07/01/2034 (Callable 04/01/2034)						80,000			78,360
HUB International Ltd., 7.25%, 06/15/2030 (Callable 06/15/2026)(a)						15,000			15,300

						Par			Value
InRetail Shopping Malls, 5.75%, 04/03/2028 (Callable 07/11/2024)						$  250,000			$  243,750
Intercorp Financial Services, Inc., 4.13%, 10/19/2027 (Callable 07/19/2027)						200,000			186,000
Iron Mountain, Inc., 7.00%, 02/15/2029 (Callable 08/15/2025)(a)						45,000			45,731
Itau Unibanco Holding SA/Cayman Island, 4.63% to 02/27/2025 then 5 yr. CMT Rate + 3.22%, Perpetual (Callable 02/27/2025)						200,000			194,000
JPMorgan Chase & Co.
2.08% to 04/22/2025 then SOFR + 1.85%, 04/22/2026 (Callable 04/22/2025)						500,000			485,790
4.85% to 07/25/2027 then SOFR + 1.99%, 07/25/2028 (Callable 07/25/2027)						36,000			35,637
4.45% to 12/05/2028 then 3 mo. Term SOFR + 1.59%, 12/05/2029 (Callable 12/05/2028)						11,000			10,662
2.96% to 01/25/2032 then SOFR + 1.26%, 01/25/2033 (Callable 01/25/2032)						163,000			138,072
Kreditanstalt fuer Wiederaufbau, 2.88%, 02/17/2027			NOK			430,000			39,019
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
4.25%, 02/01/2027 (Callable 08/01/2024)(a)						85,000			80,537
4.75%, 06/15/2029 (Callable 08/01/2024)(a)						25,000			23,094
Macquarie Airfinance Holdings Ltd., 6.50%, 03/26/2031 (Callable 01/26/2031)(a)						10,000			10,263
Markel Group, Inc., 6.00%, 05/16/2054 (Callable 11/16/2053)						15,000			14,856
Morgan Stanley
2.19% to 04/28/2025 then SOFR + 1.99%, 04/28/2026 (Callable 04/28/2025)						611,000			593,464

The accompanying notes are an integral part of these financial statements.

94

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Financial - (Continued)
0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025)						$  499,000			$  466,675
5.42% to 07/21/2033 then SOFR + 1.88%, 07/21/2034 (Callable 07/21/2033)						3,000			2,988
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 03/15/2031 (Callable 03/15/2026)						25,000			16,188
National Bank of Canada, 5.60% to 07/02/2026 then SOFR + 1.04%, 07/02/2027 (Callable 07/02/2026)						250,000			249,925
Nationstar Mortgage Holdings, Inc.
5.00%, 02/01/2026 (Callable 08/01/2024)(a)						85,000			83,087
5.13%, 12/15/2030 (Callable 12/15/2025)(a)						25,000			22,906
5.75%, 11/15/2031 (Callable 11/15/2026)(a)						40,000			37,600
Navient Corp.
5.00%, 03/15/2027 (Callable 09/15/2026)						20,000			19,050
4.88%, 03/15/2028 (Callable 06/15/2027)						25,000			22,969
Northern Trust Corp., 3.38% to 05/08/2027 then 3 mo. LIBOR US + 1.13%, 05/08/2032 (Callable 05/08/2027)(c)						5,000			4,707
OneMain Finance Corp.
3.50%, 01/15/2027 (Callable 08/01/2024)						85,000			79,688
6.63%, 01/15/2028 (Callable 07/15/2027)						60,000			60,225
7.50%, 05/15/2031 (Callable 05/15/2027)						35,000			35,438
Ontario Teachers’ Finance Trust, 2.00%, 04/16/2031 (a)						250,000			210,166
Oversea-Chinese Banking Corp. Ltd., 1.83% to 09/10/2025 then 5 yr. CMT Rate + 1.58%, 09/10/2030 (Callable 09/10/2025)						200,000			191,003

						Par			Value
Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (Callable 06/01/2027)(a)						$  50,000			$  50,375
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 7.00%, 02/01/2030 (Callable 08/01/2026)(a)						75,000			75,656
PennyMac Financial Services, Inc., 7.88%, 12/15/2029 (Callable 12/15/2026)(a)						20,000			20,600
Popular, Inc., 7.25%, 03/13/2028 (Callable 02/13/2028)						160,000			162,807
PRA Group, Inc., 5.00%, 10/01/2029 (Callable 10/01/2024)(a)						25,000			21,406
Provident Financial Services, Inc., 9.00% to 05/15/2029 then 3 mo. Term SOFR + 4.77%, 05/15/2034 (Callable 05/15/2029)						110,000			110,700
RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 (Callable 07/15/2025)(a)						25,000			25,750
RLJ Lodging Trust LP, 3.75%, 07/01/2026 (Callable 08/01/2024)(a)						85,000			80,644
Royal Bank of Canada
4.20% to 02/24/2027 then Government of Canada 5 Year Bond Yield + 2.71%, Perpetual (Callable 02/24/2027)			CAD			200,000			122,835
5.15%, 02/01/2034						32,000			31,689
7.50% to 05/02/2029 then 5 yr. CMT Rate + 2.89%, 05/02/2084 (Callable 05/02/2029)						315,000			321,593
SBA Communications Corp.
3.88%, 02/15/2027 (Callable 07/12/2024)						440,000			419,100
3.13%, 02/01/2029 (Callable 08/01/2024)						220,000			196,140
Sun Communities Operating LP, 2.70%, 07/15/2031 (Callable 04/15/2031)						43,000			35,567
Toronto-Dominion Bank
2.67%, 09/09/2025			CAD			264,000			188,062
8.13% to 10/31/2027 then 5 yr. CMT Rate + 4.08%, 10/31/2082 (Callable 10/31/2027)						205,000			209,258

The accompanying notes are an integral part of these financial statements.

95

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Financial - (Continued)
United Overseas Bank Ltd., 1.75% to 03/16/2026 then 5 yr. CMT Rate + 1.52%, 03/16/2031 (Callable 03/16/2026)						$  200,000			$  187,302
United Wholesale Mortgage LLC
5.50%, 11/15/2025 (Callable 08/01/2024)(a)						85,000			84,363
5.75%, 06/15/2027 (Callable 08/01/2024)(a)						25,000			24,406
US Bancorp, 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual (Callable 01/15/2027)						155,000			140,081
VFH Parent LLC / Valor Co.-Issuer, Inc., 7.50%, 06/15/2031 (Callable 06/15/2027)(a)						25,000			25,031
VICI Properties LP, 5.13%, 05/15/2032 (Callable 02/15/2032)						175,000			166,250
VICI Properties LP / VICI Note Co., Inc.
4.63%, 12/01/2029 (Callable 12/01/2024)(a)						190,000			179,550
4.13%, 08/15/2030 (Callable 02/15/2025)(a)						165,000			149,944
Webster Financial Corp., 3.88% to 11/01/2025 then 3 mo. Term SOFR + 3.69%, 11/01/2030 (Callable 11/01/2025)						125,000			113,497
Wells Fargo & Co.
4.54% (SOFR + 1.56%), 08/15/2026 (Callable 08/15/2025)						519,000			512,685
4.81% to 07/25/2027 then SOFR + 1.98%, 07/25/2028 (Callable 07/25/2027)						35,000			34,512
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 (Callable 07/25/2028)						95,000			95,931
5.56% to 07/25/2033 then SOFR + 1.99%, 07/25/2034 (Callable 07/25/2033)						5,000			4,979
Westpac Banking Corp., 3.02% to 11/18/2031 then 5 yr. CMT Rate + 1.53%, 11/18/2036 (Callable 11/18/2031)						92,000			75,106

						Par			Value
Willis North America, Inc., 4.50%, 09/15/2028 (Callable 06/15/2028)						$80,000			$77,407
									13,477,545
Government - 2.4%
Asian Development Bank, 3.00%, 10/14/2026			AUD			130,000			83,806
Asian Infrastructure Investment Bank, 0.20%, 12/15/2025			GBP			125,000			147,597
European Bank for Reconstruction & Development
20.00%, 03/19/2025						200,000			210,710
5.00%, 01/15/2026			INR			10,900,000			127,144
6.30%, 10/26/2027			INR			11,300,000			132,627
European Investment Bank
1.25%, 02/17/2027			NOK			1,000,000			87,055
0.25%, 01/20/2032			EUR			230,000			201,799
Indonesia Government International Bond, 1.10%, 03/12/2033			EUR			100,000			84,722
Inter-American Development Bank
2.75%, 10/30/2025			AUD			115,000			74,892
2.70%, 01/29/2026			AUD			135,000			87,416
4.70%, 10/03/2030			AUD			195,000			129,647
International Bank for Reconstruction & Development
1.90%, 01/16/2025			CAD			130,000			93,654
1.25%, 03/16/2026			NOK			620,000			55,133
5.00%, 06/22/2026			NZD			365,000			221,940
1.80%, 01/19/2027			CAD			145,000			100,297
4.25%, 09/18/2030			CAD			95,000			70,975
1.20%, 08/08/2034			EUR			360,000			323,917
International Development Association, 1.75%, 02/17/2027			NOK			540,000			47,579
International Finance Corp.
6.30%, 11/25/2024			INR			11,510,000			137,641
0.38%, 09/10/2025			NZD			250,000			143,593
4.60%, 10/19/2028			AUD			160,000			106,813
Kommunalbanken AS, 4.25%, 07/16/2025			AUD			184,000			122,097
New Zealand Government Bond
2.75%, 04/15/2025			NZD			585,000			349,071
3.50%, 04/14/2033			NZD			665,000			371,635
New Zealand Local Government Funding Agency Bond
2.75%, 04/15/2025			NZD			230,000			137,049
4.70%, 08/01/2028			AUD			155,000			103,131
Nordic Investment Bank, 3.00%, 08/23/2027			NOK			1,060,000			96,268
Perusahaan Penerbit SBSN Indonesia III, 4.15%, 03/29/2027(a)						200,000			194,750

The accompanying notes are an integral part of these financial statements.

96

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Government - (Continued)
Philippine Government International Bond
0.88%, 05/17/2027			EUR			$  285,000			$  279,967
6.25%, 01/14/2036			PHP			5,000,000			80,169
Province of Alberta Canada, 0.63%, 04/18/2025			EUR			100,000			104,648
Province of Ontario Canada, 3.10%, 01/31/2034			EUR			100,000			105,808
Province of Quebec Canada, 0.20%, 04/07/2025			EUR			100,000			104,378
Treasury Corp. of Victoria, 4.25%, 12/20/2032			AUD			305,000			193,880
									4,911,808
Industrial - 2.7%
AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (Callable 03/15/2026)(a)						45,000			45,731
Advanced Drainage Systems, Inc., 6.38%, 06/15/2030 (Callable 07/15/2025)(a)						55,000			55,069
AGCO Corp., 5.80%, 03/21/2034 (Callable 12/21/2033)						30,000			29,795
Airbus SE, 1.63%, 06/09/2030 (Callable 03/09/2030)			EUR			100,000			96,155
Allegion US Holding Co., Inc., 5.60%, 05/29/2034 (Callable 02/28/2034)						33,000			33,044
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/2028 (Callable 10/15/2025)(a)						25,000			26,313
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/2028 (Callable 08/01/2024)(a)						200,000			175,750
Arrow Electronics, Inc., 5.88%, 04/10/2034 (Callable 01/10/2034)						40,000			39,341
Artera Services LLC, 8.50%, 02/15/2031 (Callable 02/15/2027)(a)						15,000			15,431
Ball Corp.
6.88%, 03/15/2028 (Callable 11/15/2024)						275,000			281,531
2.88%, 08/15/2030 (Callable 05/15/2030)						380,000			322,525
Berry Global, Inc., 5.63%, 07/15/2027 (Callable 08/01/2024)(a)						95,000			93,456

						Par			Value
Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/2034(d)						$  253,472			$  189,787
Boeing Co.
5.15%, 05/01/2030 (Callable 02/01/2030)						485,000			463,714
6.39%, 05/01/2031 (Callable 03/01/2031)(a)						11,000			11,165
5.81%, 05/01/2050 (Callable 11/01/2049)						145,000			129,477
6.86%, 05/01/2054 (Callable 11/01/2053)(a)						25,000			25,440
Bombardier, Inc.
7.88%, 04/15/2027 (Callable 08/01/2024)(a)						42,000			42,105
7.50%, 02/01/2029 (Callable 02/01/2026)(a)						15,000			15,506
8.75%, 11/15/2030 (Callable 11/15/2026)(a)						25,000			27,000
7.25%, 07/01/2031 (Callable 07/01/2027)(a)						5,000			5,125
7.00%, 06/01/2032 (Callable 06/01/2027)(a)						5,000			5,056
Brand Industrial Services, Inc., 10.38%, 08/01/2030 (Callable 08/01/2026)(a)						20,000			21,575
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (Callable 08/01/2024)(a)						110,000			108,763
Builders FirstSource, Inc., 6.38%, 03/01/2034 (Callable 03/01/2029)(a)						35,000			34,650
Burlington Northern Santa Fe LLC, 5.50%, 03/15/2055 (Callable 09/15/2054)						42,000			42,096
Cascades, Inc./Cascades USA, Inc., 5.38%, 01/15/2028 (Callable 08/01/2024)(a)						25,000			24,000
Cellnex Telecom SA, 1.88%, 06/26/2029 (Callable 03/26/2029)			EUR			100,000			97,309
Cemex SAB de CV
5.13% to 09/08/2026 then 5 yr. CMT Rate + 4.53%, Perpetual (Callable 06/08/2026)						200,000			192,500

The accompanying notes are an integral part of these financial statements.

97

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Industrial - (Continued)
3.88%, 07/11/2031 (Callable 07/11/2026)(a)						$  200,000			$  176,000
Chart Industries, Inc., 7.50%, 01/01/2030 (Callable 01/01/2026)(a)						25,000			25,875
Clean Harbors, Inc., 6.38%, 02/01/2031 (Callable 02/01/2026)(a)						25,000			25,000
Clydesdale Acquisition Holdings, Inc., 8.75%, 04/15/2030 (Callable 04/15/2025)(a)						25,000			24,406
CNH Industrial Capital LLC, 5.10%, 04/20/2029 (Callable 03/20/2029)						40,000			39,765
CSX Corp., 3.80%, 11/01/2046 (Callable 05/01/2046)						100,000			77,314
EMRLD Borrower LP / Emerald Co.-Issuer, Inc.
6.63%, 12/15/2030 (Callable 06/15/2026)(a)						55,000			55,344
6.75%, 07/15/2031 (Callable 07/15/2027)(a)						15,000			15,188
Energizer Holdings, Inc., 4.75%, 06/15/2028 (Callable 08/01/2024)(a)						25,000			23,375
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/2028 (Callable 08/01/2024)(a)						25,000			24,219
7.88%, 12/01/2030 (Callable 12/01/2026)(a)						40,000			41,850
Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (Callable 04/15/2027)(a)						60,000			59,700
GFL Environmental, Inc.
5.13%, 12/15/2026 (Callable 08/01/2024)(a)						25,000			24,656
4.00%, 08/01/2028 (Callable 07/12/2024)(a)						25,000			23,250
Global Infrastructure Solutions, Inc., 5.63%, 06/01/2029 (Callable 08/01/2024)(a)						25,000			23,406
Graham Packaging Co., Inc., 7.13%, 08/15/2028 (Callable 08/01/2024)(a)						25,000			23,562

						Par			Value
Griffon Corp., 5.75%, 03/01/2028 (Callable 08/01/2024)						$  30,000			$  28,800
Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (Callable 02/15/2026)(a)						40,000			41,400
Imola Merger Corp., 4.75%, 05/15/2029 (Callable 08/01/2024)(a)						25,000			23,344
Intelligent Packaging Ltd. Finco, Inc. / Intelligent Packaging Ltd. Co.-Issuer LLC, 6.00%, 09/15/2028 (Callable 08/01/2024)(a)						25,000			24,188
Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 0.38%, 09/15/2027 (Callable 07/15/2027)			EUR			100,000			96,969
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/2034						257,498			253,314
Madison IAQ LLC
4.13%, 06/30/2028 (Callable 08/01/2024)(a)						20,000			18,650
5.88%, 06/30/2029 (Callable 08/01/2024)(a)						40,000			37,200
MasTec, Inc., 5.90%, 06/15/2029 (Callable 05/15/2029)						27,000			27,043
Masterbrand, Inc., 7.00%, 07/15/2032 (Callable 07/15/2027)(a)						25,000			25,281
Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (Callable 04/01/2027)(a)						30,000			30,150
MV24 Capital BV, 6.75%, 06/01/2034						157,660			150,171
New Enterprise Stone & Lime Co., Inc., 9.75%, 07/15/2028 (Callable 08/01/2024)(a)						25,000			25,406
Northrop Grumman Corp., 5.20%, 06/01/2054 (Callable 12/01/2053)						76,000			70,825
Owens Corning, 5.70%, 06/15/2034 (Callable 03/15/2034)						32,000			32,186
Owens-Brockway Glass Container, Inc., 7.25%, 05/15/2031 (Callable 05/15/2026)(a)						25,000			25,000

The accompanying notes are an integral part of these financial statements.

98

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Industrial - (Continued)
Packaging Corp. of America, 3.00%, 12/15/2029 (Callable 09/15/2029)						$  86,000			$  76,763
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (Callable 10/15/2024)(a)						20,000			18,600
Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.20%, 04/01/2027 (Callable 01/01/2027)(a)						80,000			77,558
Sealed Air Corp.
4.00%, 12/01/2027 (Callable 09/01/2027)(a)						25,000			23,406
5.00%, 04/15/2029 (Callable 04/15/2025)(a)						100,000			95,125
Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 (Callable 11/15/2026)(a)						20,000			20,600
Sensata Technologies, Inc., 3.75%, 02/15/2031 (Callable 02/15/2026)(a)						25,000			21,750
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/2031 (Callable 11/15/2026)(a)						25,000			26,438
Standard Industries, Inc./NJ
5.00%, 02/15/2027 (Callable 08/01/2024)(a)						85,000			82,663
3.38%, 01/15/2031 (Callable 07/15/2025)(a)(b)						25,000			21,031
Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (Callable 07/12/2024)(a)						25,000			24,125
TransDigm, Inc.
5.50%, 11/15/2027 (Callable 08/01/2024)						60,000			58,875
7.13%, 12/01/2031 (Callable 12/01/2026)(a)						320,000			329,200
Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (Callable 12/31/2025)(a)						45,000			49,106
Veralto Corp., 5.35%, 09/18/2028 (Callable 08/18/2028)(a)						76,000			76,302

						Par			Value
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028 (Callable 08/01/2024)(a)						$  25,000			$  23,188
WRKCo, Inc., 3.75%, 03/15/2025 (Callable 01/15/2025)						80,000			78,857
XPO, Inc., 7.13%, 06/01/2031 (Callable 06/01/2026)(a)						30,000			30,563
									5,376,396
Technology - 1.0%
AthenaHealth Group, Inc., 6.50%, 02/15/2030 (Callable 02/15/2025)(a)						20,000			18,375
Atlassian Corp., 5.25%, 05/15/2029 (Callable 04/15/2029)						35,000			34,847
Broadcom, Inc., 3.50%, 02/15/2041 (Callable 08/15/2040)(a)						197,000			149,390
CDW LLC / CDW Finance Corp., 3.57%, 12/01/2031 (Callable 09/01/2031)						40,000			34,729
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (Callable 06/15/2025)(a)						20,000			20,250
Cloud Software Group, Inc., 6.50%, 03/31/2029 (Callable 09/30/2025)(a)						25,000			23,969
Dell International LLC / EMC Corp., 8.35%, 07/15/2046 (Callable 01/15/2046)						110,000			138,528
DIGICEL GROUP
0.00%, 12/31/2030(a)(e)						38,775			7,880
0.00%, 12/31/2030(a)(e)						2,694			2,677
0.00%, 12/31/2030(a)(e)						97,752			2,315
0.00%, 12/31/2030(a)(e)						860			855
Entegris, Inc., 3.63%, 05/01/2029 (Callable 08/01/2024)(a)						25,000			22,406
Fidelity National Information Services, Inc., 1.00%, 12/03/2028 (Callable 09/03/2028)			EUR			100,000			95,467
Fiserv, Inc., 5.45%, 03/15/2034 (Callable 12/15/2033)						72,000			71,144
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (Callable 06/01/2027)(a)						25,000			25,563
Gartner, Inc., 3.75%, 10/01/2030 (Callable 10/01/2025)(a)						125,000			111,719
Marvell Technology, Inc., 5.95%, 09/15/2033 (Callable 06/15/2033)						69,000			71,501

The accompanying notes are an integral part of these financial statements.

99

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Technology - (Continued)
MSCI, Inc.
3.63%, 09/01/2030 (Callable 03/01/2025)(a)						$  340,000			$  305,150
3.88%, 02/15/2031 (Callable 06/01/2025)(a)						155,000			139,887
3.63%, 11/01/2031 (Callable 11/01/2026)(a)						161,000			141,278
3.25%, 08/15/2033 (Callable 08/15/2027)(a)						80,000			65,800
NCR Atleos Corp., 9.50%, 04/01/2029 (Callable 10/01/2026)(a)						25,000			26,969
NetApp, Inc., 1.88%, 06/22/2025 (Callable 05/22/2025)						80,000			77,107
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.88%, 06/18/2026 (Callable 04/18/2026)						154,000			149,485
Open Text Corp., 3.88%, 02/15/2028 (Callable 08/01/2024)(a)						25,000			23,062
Oracle Corp.
6.25%, 11/09/2032 (Callable 08/09/2032)						30,000			31,743
3.80%, 11/15/2037 (Callable 05/15/2037)						25,000			20,586
Qorvo, Inc., 3.38%, 04/01/2031 (Callable 04/01/2026)(a)						32,000			27,320
Take-Two Interactive Software, Inc., 4.95%, 03/28/2028 (Callable 02/28/2028)						75,000			74,091
UKG, Inc., 6.88%, 02/01/2031 (Callable 02/01/2027)(a)						40,000			40,350
Virtusa Corp., 7.13%, 12/15/2028 (Callable 08/01/2024)(a)						25,000			23,250
Workday, Inc., 3.70%, 04/01/2029 (Callable 02/01/2029)						85,000			79,544
									2,057,237
Utilities - 2.7%
Adani Transmission Step-One Ltd., 4.25%, 05/21/2036						151,000			124,575
AEP Texas, Inc., 5.45%, 05/15/2029 (Callable 04/15/2029)						25,000			25,143

						Par			Value
AEP Transmission Co. LLC, 5.40%, 03/15/2053 (Callable 09/15/2052)						$  30,000			$   28,648
AES Corp.
3.95%, 07/15/2030 (Callable 04/15/2030)(a)						30,000			27,300
7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 (Callable 10/15/2029)(b)						100,000			101,083
American Electric Power Co., Inc., 6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 (Callable 09/15/2034)						290,000			286,991
Arizona Public Service Co., 5.70%, 08/15/2034 (Callable 05/15/2034)						35,000			34,796
Black Hills Corp., 6.00%, 01/15/2035 (Callable 10/15/2034)						25,000			25,190
Brazos Securitization LLC
5.01%, 09/01/2031(a)						173,908			171,620
5.41%, 09/01/2050(a)						200,000			200,210
Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy, 7.88%, 02/15/2039 (Callable 11/15/2038)(a)						200,000			208,234
Calpine Corp., 5.00%, 02/01/2031 (Callable 02/01/2026)(a)						25,000			23,250
Chile Electricity PEC SpA, 0.00%, 01/25/2028(a)(d)						198,056			158,321
Cometa Energia SAB de CV, 6.38%, 04/24/2035 (Callable 01/24/2035)						156,200			151,905
Dominion Energy, Inc.
7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054 (Callable 03/03/2034)						155,000			161,588
6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, 02/01/2055 (Callable 11/03/2029)						35,000			35,744
DPL, Inc., 4.13%, 07/01/2025 (Callable 04/01/2025)						225,000			219,937
DTE Energy Co., 5.85%, 06/01/2034 (Callable 03/01/2034)						62,000			62,670
Duke Energy Corp.
4.88% to 09/16/2024 then 5 yr. CMT Rate + 3.39%, Perpetual (Callable 09/16/2024)						51,000			50,681

The accompanying notes are an integral part of these financial statements.

100

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
CORPORATE BONDS - (Continued)
Utilities - (Continued)
5.00%, 08/15/2052 (Callable 02/15/2052)						$  25,000			$  21,938
E.ON SE, 0.63%, 11/07/2031 (Callable 08/07/2031)			EUR			75,000			65,598
Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076 (Callable 06/15/2026)(c)						260,000			257,400
Empresa Electrica Angamos SA, 4.88%, 05/25/2029						86,900			77,775
Empresa Electrica Cochrane SpA, 5.50%, 05/14/2027						91,240			88,275
Empresas Publicas de Medellin ESP, 4.38%, 02/15/2031 (Callable 11/15/2030)						400,000			329,000
Entergy Arkansas LLC, 5.75%, 06/01/2054 (Callable 12/01/2053)						20,000			20,085
Essential Utilities, Inc., 2.70%, 04/15/2030 (Callable 01/15/2030)						90,000			78,183
EUSHI Finance, Inc., 7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054 (Callable 09/15/2029)(a)						80,000			80,300
Eversource Energy, 5.50%, 01/01/2034 (Callable 10/01/2033)						41,000			40,443
JSW Hydro Energy Ltd., 4.13%, 05/18/2031 (Callable 05/18/2026)						304,000			268,280
LLPL Capital Pte Ltd., 6.88%, 02/04/2039(a)						232,260			232,841
Mexico Generadora de Energia S de RL, 5.50%, 12/06/2032						241,936			234,991
Minejesa Capital BV, 5.63%, 08/10/2037						200,000			181,250
Mong Duong Finance Holdings BV, 5.13%, 05/07/2029 (Callable 07/31/2024)						210,820			197,907
National Rural Utilities Cooperative Finance Corp., 8.50% (3 mo. Term SOFR + 3.17%), 04/30/2043 (Callable 08/01/2024)						125,000			122,705
NextEra Energy Capital Holdings, Inc. 5.55%, 03/15/2054 (Callable 09/15/2053)						85,000			82,567

						Par			Value
6.75% to 06/15/2034 then 5 yr. CMT Rate + 2.46%, 06/15/2054 (Callable 03/15/2034)						$  18,000			$   17,993
5.65% to 05/01/2029 then 3 mo. LIBOR US + 3.16%, 05/01/2079 (Callable 05/01/2029)(c)						110,000			105,050
NiSource, Inc., 5.35%, 04/01/2034 (Callable 01/01/2034)						80,000			78,213
Oglethorpe Power Corp., 5.80%, 06/01/2054 (Callable 12/01/2053)(a)						11,000			10,727
Pacific Gas and Electric Co., 6.95%, 03/15/2034 (Callable 12/15/2033)						72,000			77,336
Pike Corp.
5.50%, 09/01/2028 (Callable 08/01/2024)(a)						30,000			28,575
8.63%, 01/31/2031 (Callable 01/31/2027)(a)						15,000			15,825
San Diego Gas & Electric Co., 5.55%, 04/15/2054 (Callable 10/15/2053)						80,000			78,954
South Jersey Industries, Inc., 5.02%, 04/15/2031						109,000			86,964
Southern California Edison Co., 5.45%, 06/01/2031 (Callable 04/01/2031)						79,000			79,833
Southern Co., 3.75% to 09/15/2026 then 5 yr. CMT Rate + 2.92%, 09/15/2051 (Callable 06/15/2026)						90,000			84,171
TransAlta Corp., 7.75%, 11/15/2029 (Callable 11/15/2025)						25,000			26,063
Vistra Operations Co. LLC
5.63%, 02/15/2027 (Callable 07/12/2024)(a)						110,000			108,212
7.75%, 10/15/2031 (Callable 10/15/2026)(a)						20,000			20,825
6.88%, 04/15/2032 (Callable 04/15/2027)(a)						20,000			20,300
									5,316,465
TOTAL CORPORATE BONDS (Cost $67,615,717)									64,460,217

The accompanying notes are an integral part of these financial statements.

101

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - 16.8%
American Tower Depositor Sub LLC, 5.49%, 03/15/2028 (Callable 03/15/2027)(a)						$  155,000			$  155,455
Angel Oak Mortgage Trust LLC, Series 2019-2, Class B2, 6.29%, 03/25/2049 (Callable 07/25/2024)(a)(f)						1,300,000			1,298,572
Arroyo Mortgage Trust
Series 2019-1, Class A1, 3.81%, 01/25/2049 (Callable 07/25/2024)(a)(f)						39,453			36,879
Series 2019-2, Class A3, 3.80%, 04/25/2049 (Callable 07/25/2024)(a)(f)						77,963			72,386
ARZ Trust, Series 2024-BILT, Class C, 6.36%, 06/11/2029(a)						250,000			250,665
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2017-BNK3, Class B, 3.88%, 02/15/2050 (Callable 02/15/2027)(f)						350,000			324,408
BANK-2017, Series  2017-BNK8, Class XE, 1.43%, 11/15/2050 (Callable 08/15/2027)(a)(f)(g)						7,050,000			260,015
BANK-2018, Series  2018-BN11, Class XA, 0.59%, 03/15/2061 (Callable 01/15/2028)(f)(g)						11,056,762			166,129
BANK-2019, Series  2019-BN21, Class XA, 0.96%, 10/17/2052 (Callable 07/15/2029)(f)(g)						4,006,772			136,523
Bayview Asset Management LLC/Private Equity, Series 2022-2, Class AF, 5.00% (30 day avg SOFR US + 0.85%), 12/25/2051 (Callable 12/25/2047)(a)						422,033			391,356
BBCMS Trust
Series 2019-BWAY, Class E, 8.29% (1 mo. Term SOFR + 2.96%), 11/15/2034(a)						100,000			5,040
Series 2021-C11, Class XD, 1.64%, 09/15/2054(a)(f)(g)						1,255,000			106,468
BCRR Trust, Series  2016-FRR3, Class E, 7.23% (30 day avg SOFR US + 18.46%), 05/26/2026(a)						797,720			765,087

						Par			Value
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class 1M1, 5.38%, 01/25/2035 (Callable 07/25/2024)(f)						$  140,262			$   130,100
Benchmark Mortgage Trust
Series 2018-B2, Class C, 4.43%, 02/15/2051 (Callable 02/15/2028)(f)						150,000			125,012
Series 2018-B4, Class XD, 1.75%, 07/15/2051 (Callable 04/15/2028) (a)(f)(g)						7,000,000			391,546
Series 2019-B10, Class XB, 1.08%, 03/15/2062 (Callable 01/15/2029) (a)(f)(g)						2,820,000			105,014
Series 2020-B17, Class XA, 1.54%, 03/15/2053 (Callable 01/15/2030)(f)(g)						2,524,757			118,752
Series 2020-B18, Class XA, 1.91%, 07/15/2053 (Callable 05/15/2030)(f)(g)						1,499,061			88,287
BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 7.02% (1 mo. Term SOFR + 1.69%), 03/15/2041(a)						350,000			346,937
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class B, 7.65% (1 mo. Term SOFR + 2.32%), 05/15/2039(a)						100,000			99,997
BPR Trust, Series 2021-TY, Class D, 7.79% (1 mo. Term SOFR + 2.46%), 09/15/2038(a)						100,000			96,950
BSPRT 2017-FL1 Co.-Issuer LLC
Series 2023-FL10, Class A, 7.59% (1 mo. Term SOFR + 2.26%), 09/15/2035 (Callable 03/15/2025)(a)						100,000			100,350
Series 2023-FL10, Class B, 8.59% (1 mo. Term SOFR + 3.27%), 09/15/2035 (Callable 03/15/2025)(a)						100,000			100,830
BX Trust
Series 2019-CALM, Class E, 7.44% (1 mo. Term SOFR + 2.11%), 11/15/2032(a)						136,500			135,635

The accompanying notes are an integral part of these financial statements.

102

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2020-VKNG, Class A, 6.37% (1 mo. Term SOFR + 1.04%), 10/15/2037(a)						$  122,780			$  122,089
Series 2021-21M, Class A, 6.17% (1 mo. Term SOFR + 0.84%), 10/15/2036(a)						67,491			66,648
Series 2021-21M, Class E, 7.61% (1 mo. Term SOFR + 2.29%), 10/15/2036(a)						175,000			171,062
Series 2021-ARIA, Class C, 7.09% (1 mo. Term SOFR + 1.76%), 10/15/2036(a)						350,000			343,893
Series 2021-CIP, Class A, 6.36% (1 mo. Term SOFR + 1.04%), 12/15/2038(a)						110,000			108,762
Series 2021-LBA, Class EV, 7.44% (1 mo. Term SOFR + 2.11%), 02/15/2036(a)						197,702			192,415
Series 2021-RISE, Class A, 6.19% (1 mo. Term SOFR + 0.86%), 11/15/2036(a)						412,665			407,764
Series 2021-SDMF, Class D, 6.83% (1 mo. Term SOFR + 1.50%), 09/15/2034(a)						335,738			326,190
Series 2021-VOLT, Class A, 6.14% (1 mo. Term SOFR + 0.81%), 09/15/2036(a)						115,000			113,504
Series 2021-XL2, Class A, 6.13% (1 mo. Term SOFR + 0.80%), 10/15/2038(a)						98,547			97,500
Series 2022-CLS, Class A, 5.76%, 10/13/2027(a)						135,000			133,554
Series 2022-GPA, Class A, 7.49% (1 mo. Term SOFR + 2.17%), 08/15/2039(a)						177,378			177,433
Series 2022-GPA, Class B, 7.99% (1 mo. Term SOFR + 2.66%), 08/15/2041(a)						108,398			108,465
Series 2022-LBA6, Class C, 6.93% (1 mo. Term SOFR + 1.60%), 01/15/2039(a)						350,000			343,874
Series 2023-XL3, Class A, 7.09% (1 mo. Term SOFR + 1.76%), 12/09/2040(a)						450,000			449,438

						Par			Value
Series 2024-BIO, Class D, 8.97% (1 mo. Term SOFR + 3.64%), 02/15/2041(a)						$  100,000			$   98,750
Series 2024-XL5, Class A, 6.72% (1 mo. Term SOFR + 1.39%), 03/15/2041(a)						148,642			147,713
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A, 6.70% (1 mo. Term SOFR + 1.37%), 12/15/2037(a)						100,000			100,000
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XA, 1.76%, 05/10/2058 (Callable 05/10/2026)(f)(g)						611,588			13,257
Chase Home Lending Mortgage Trust Series 2024-5, Series  2024-6, Class A9A, 6.00%, 05/25/2055 (Callable 04/25/2037)(a)(f)						500,000			490,898
CIM Trust
Series 2018-INV1, Class A10, 4.00%, 08/25/2048 (Callable 06/25/2037)(a)(f)						188,718			171,338
Series 2019-INV2, Class A3, 4.00%, 05/25/2049 (Callable 12/25/2028)(a)(f)						13,793			12,572
Series 2019-J1, Class B2, 3.93%, 08/25/2049 (Callable 01/25/2028)(a)(f)						165,661			149,414
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class D, 5.26%, 11/10/2046 (Callable 07/10/2024)(a)(f)						46,825			44,950
Series 2015-GC27, Class C, 4.57%, 02/10/2048 (Callable 01/10/2025)(f)						164,000			156,864
Series 2016-C1, Class XA, 1.98%, 05/10/2049 (Callable 06/10/2026)(f)(g)						710,346			17,670
Series 2016-P4, Class D, 4.09%, 07/10/2049 (Callable 07/10/2026)(a)(f)						500,000			386,387
Series 2017-P8, Class XA, 1.01%, 09/15/2050 (Callable 07/15/2027)(f)(g)						952,133			20,721

The accompanying notes are an integral part of these financial statements.

103

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2019-C7, Class XA, 0.98%, 12/15/2072 (Callable 10/15/2029)(f)(g)						$  3,900,427			$  134,589
Series 2023-SMRT, Class A, 6.01%, 10/12/2040(a)(f)						100,000			100,782
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD4, Class XA, 1.38%, 05/10/2050 (Callable 05/10/2027)(f)(g)						1,350,598			37,566
Cold Storage Trust, Series 2020-ICE5, Class A, 6.34% (1 mo. Term SOFR + 1.01%), 11/15/2037(a)						98,299			97,932
Commercial Mortgage Pass Through Certificates
Series 2013-CR12, Class XA, 0.74%, 10/10/2046 (Callable 07/10/2024)(f)(g)						226,038			11
Series 2015-LC21, Class XA, 0.75%, 07/10/2048 (Callable 07/10/2025)(f)(g)						1,202,466			4,498
Computershare Corporate Trust
Series 2015-SG1, Class A4, 3.79%, 09/15/2048 (Callable 08/15/2025)						291,173			288,402
Series 2018-C45, Class XA, 0.92%, 06/15/2051 (Callable 04/15/2028)(f)(g)						4,704,410			114,658
Series 2021-C59, Class E, 2.50%, 04/15/2054 (Callable 04/15/2031)(a)						400,000			240,910
Countrywide Alternative Loan Trust
Series 2007-16CB, Class 5A4, 6.25%, 08/25/2037 (Callable 07/25/2024)						459,110			221,567
Series 2007-OA4, Class A1, 5.80% (1 mo. Term SOFR + 0.45%), 05/25/2047 (Callable 07/25/2024)						229,945			207,909
Countrywide Home Loan Mortgage Pass Through Trust, Series 2007-HY5, Class 3A1, 5.06%, 09/25/2037 (Callable 07/25/2024)(f)						560,813			498,636

						Par			Value
Credit Suisse Mortgage Capital Certificates, Series  2019-NQM1, Class A1, 3.66%, 10/25/2059 (Callable 07/25/2024)(a)(h)						$   9,420			$   9,134
CSAIL Commercial Mortgage Trust
Series 2016-C6, Class XA, 2.02%, 01/15/2049 (Callable 02/15/2026)(f)(g)						586,995			13,531
Series 2017-CX10, Class XA, 0.89%, 11/15/2050 (Callable 09/15/2027)(f)(g)						4,685,919			104,706
Series 2018-CX12, Class XA, 0.70%, 08/15/2051 (Callable 06/15/2028)(f)(g)						4,083,268			77,951
DK Trust, Series 2024-SPBX, Class C, 7.28% (1 mo. Term SOFR + 1.95%), 03/15/2034(a)						400,000			397,500
ELM Trust, Series 2024-ELM, Class C15, 6.19%, 06/10/2039(a)(f)						300,000			300,151
Fannie Mae Connecticut Avenue Securities
Series 2022-R01, Class 1M1, 6.34% (30 day avg SOFR US + 1.00%), 12/25/2041 (Callable 12/25/2026)(a)						37,140			37,181
Series 2022-R03, Class 1M1, 7.44% (30 day avg SOFR US + 2.10%), 03/25/2042 (Callable 03/25/2027)(a)						17,431			17,727
Series 2022-R04, Class 1M1, 7.34% (30 day avg SOFR US + 2.00%), 03/25/2042 (Callable 03/25/2027)(a)						36,472			37,075
Series 2022-R05, Class 2M2, 8.34% (30 day avg SOFR US + 3.00%), 04/25/2042 (Callable 04/25/2027)(a)						240,000			248,446
Series 2022-R06, Class 1M1, 8.09% (30 day avg SOFR US + 2.75%), 05/25/2042 (Callable 05/25/2027)(a)						121,537			125,101

The accompanying notes are an integral part of these financial statements.

104

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2022-R08, Class 1M2, 8.94% (30 day avg SOFR US + 3.60%), 07/25/2042 (Callable 07/25/2027)(a)						$  300,000			$  317,263
Series 2022-R09, Class 2M1, 7.84% (30 day avg SOFR US + 2.50%), 09/25/2042 (Callable 09/25/2027)(a)						81,494			82,988
Series 2023-R01, Class 1M1, 7.74% (30 day avg SOFR US + 2.40%), 12/25/2042 (Callable 12/25/2027)(a)						48,280			49,665
Series 2023-R03, Class 2M2, 9.24% (30 day avg SOFR US + 3.90%), 04/25/2043 (Callable 04/25/2028)(a)						65,000			69,627
Series 2023-R06, Class 1M2, 8.04% (30 day avg SOFR US + 2.70%), 07/25/2043 (Callable 07/25/2028)(a)						85,000			88,393
Series 2024-R02, Class 1M1, 6.44% (30 day avg SOFR US + 1.10%), 02/25/2044 (Callable 02/25/2029)(a)						221,980			222,187
Federal Home Loan Mortgage Corp.
Series 2980, Class SC, 1.25% (-1 x 30 day avg SOFR US + 6.59%), 05/15/2035(g)(i)						193,999			11,413
Series 2989, Class SG, 0.00% (-7 x 30 day avg SOFR US + 33.15%), 08/15/2034(i)						105,699			99,628
Series 3311, Class IA, 0.96% (-1 x 30 day avg SOFR US + 6.30%), 05/15/2037(g)(i)						950,911			76,799
Series 3359, Class SC, 0.27% (-1 x 30 day avg SOFR US + 5.61%), 08/15/2037(g)(i)						400,401			21,398
Series 3966, Class SA, 0.45% (-1 x 30 day avg SOFR US + 5.79%), 12/15/2041(g)(i)						455,707			33,784

						Par			Value
Series 4077, Class TS, 0.55% (-1 x 30 day avg SOFR US + 5.89%), 05/15/2041(g)(i)						$  273,495			$  20,932
Series 4089, Class SH, 0.55% (-1 x 30 day avg SOFR US + 5.89%), 08/15/2042(g)(i)						412,361			31,606
Series 4249, Class CS, 0.57% (-1 x 30 day avg SOFR US + 4.56%), 09/15/2043(i)						531,152			362,283
Series 4993, Class KS, 0.60% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2050(g)(i)						1,383,639			178,351
Series K109, Class X1, 1.69%, 04/25/2030 (Callable 04/25/2030)(f)(g)						660,950			47,489
Series K117, Class X1, 1.33%, 08/25/2030 (Callable 07/25/2030)(f)(g)						1,273,764			72,944
Series K-1515, Class X1, 1.63%, 02/25/2035 (Callable 11/25/2034)(f)(g)						792,888			86,172
Series K-1518, Class X1, 0.95%, 10/25/2035 (Callable 07/25/2035)(f)(g)						1,469,172			93,376
Series K-1521, Class X1, 1.09%, 08/25/2036 (Callable 06/25/2036)(f)(g)						813,145			64,136
Series KL06, Class XFX, 1.47%, 12/25/2029 (Callable 12/25/2024)(f)(g)						956,000			48,711
Federal National Mortgage Association
Series 2007-50, Class SX, 1.00% (-1 x 30 day avg SOFR US + 6.34%), 06/25/2037(g)(i)						1,587,933			130,945
Series 2008-22, Class SB, 0.71% (-1 x 30 day avg SOFR US + 6.05%), 04/25/2048(g)(i)						1,229,018			105,665
Series 2009-52, Class PI, 5.00%, 07/25/2039(g)						62,689			9,279
Series 2009-78, Class XS, 1.29% (-1 x 30 day avg SOFR US + 6.63%), 10/25/2039(g)(i)						2,179,203			225,907
Series 2009-86, Class IP, 5.50%, 10/25/2039(g)						57,444			10,494

The accompanying notes are an integral part of these financial statements.

105

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2010-19, Class SM, 0.80% (-1 x 30 day avg SOFR US + 6.14%), 03/25/2040(g)(i)						$  3,466,335			$   279,536
Series 2011-124, Class NS, 1.05% (-1 x 30 day avg SOFR US + 6.39%), 12/25/2041(g)(i)						318,491			35,586
Series 2012-20, Class SA, 1.00% (-1 x 30 day avg SOFR US + 6.34%), 03/25/2042(g)(i)						309,963			29,568
Series 2012-76, Class SC, 0.55% (-1 x 30 day avg SOFR US + 5.89%), 07/25/2042(g)(i)						152,328			14,098
Series 2013-60, Class CI, 3.00%, 06/25/2031(g)						189,847			386
Series 2014-28, Class SD, 0.60% (-1 x 30 day avg SOFR US + 5.94%), 05/25/2044(g)(i)						698,555			55,584
Series 2014-63, Class BI, 3.50%, 06/25/2033(g)						127,529			481
Series 2017-53, Class IE, 4.00%, 07/25/2047(g)						139,414			28,884
Series 2019-33, Class PS, 0.60% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2049(g)(i)						3,946,793			396,813
Series 2019-83, Class QS, 0.50% (-1 x 30 day avg SOFR US + 5.84%), 01/25/2050(g)(i)						4,326,129			498,198
Series 2020-53, Class DI, 3.00%, 08/25/2060(g)						1,392,409			235,987
Series 2020-79, Class IT, 4.00%, 11/25/2050(g)						5,261,784			1,091,944
Series 2020-99, Class IC, 3.50%, 04/25/2050(g)						3,960,445			739,952
Series 2021-R02, Class 2B2, 11.54% (30 day avg SOFR US + 6.20%), 11/25/2041 (Callable 11/25/2026)(a)						55,000			58,219
First Republic Mortgage Loan Trust, Series 2020-1, Class B1, 2.88%, 04/25/2050(a)(f)						692,238			636,687
Flagstar Mortgage Trust, Series 2018-6RR, Class B1, 4.93%, 10/25/2048 (Callable 03/25/2027)(a)(f)						430,454			405,647

						Par			Value
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2021-DNA5, Class M2, 6.99% (30 day avg SOFR US + 1.65%), 01/25/2034 (Callable 01/25/2034)(a)						$   213,224			$  214,640
Series 2021-HQA4, Class B1, 9.09% (30 day avg SOFR US + 3.75%), 12/25/2041 (Callable 12/25/2026)(a)						700,000			724,732
Series 2021-HQA4, Class M2, 7.69% (30 day avg SOFR US + 2.35%), 12/25/2041 (Callable 12/25/2026)(a)						400,000			404,886
Series 2022-DNA2, Class M1B, 7.74% (30 day avg SOFR US + 2.40%), 02/25/2042 (Callable 02/25/2027)(a)						500,000			512,578
Series 2022-DNA3, Class M1A, 7.34% (30 day avg SOFR US + 2.00%), 04/25/2042 (Callable 04/25/2027)(a)						109,976			111,431
Series 2022-DNA4, Class M1A, 7.54% (30 day avg SOFR US + 2.20%), 05/25/2042 (Callable 05/25/2027)(a)						123,756			125,784
Series 2022-DNA4, Class M1B, 8.69% (30 day avg SOFR US + 3.35%), 05/25/2042 (Callable 05/25/2027)(a)						160,000			168,104
Series 2022-DNA6, Class M1A, 7.49% (30 day avg SOFR US + 2.15%), 09/25/2042 (Callable 09/25/2027)(a)						108,646			110,038
Series 2022-DNA7, Class M1A, 7.84% (30 day avg SOFR US + 2.50%), 03/25/2052 (Callable 09/25/2027)(a)						89,289			90,847

The accompanying notes are an integral part of these financial statements.

106

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Series 2022-HQA1, Class M1B, 8.84% (30 day avg SOFR US + 3.50%), 03/25/2042 (Callable 03/25/2027)(a)						$  85,000			$  89,266
Series 2022-HQA3, Class M1B, 8.89% (30 day avg SOFR US + 3.55%), 08/25/2042 (Callable 08/25/2027)(a)						125,000			131,999
Series 2024-HQA1, Class M2, 7.34% (30 day avg SOFR US + 2.00%), 03/25/2044 (Callable 03/25/2029)(a)						250,000			251,068
FREMF Mortgage Trust
Series 2019-KF71, Class C, 11.44% (30 day avg SOFR US + 6.11%), 10/25/2029 (Callable 10/25/2029)(a)						149,954			145,771
Series 2019-KG01, Class X2A, 0.10%, 04/25/2029 (Callable 02/25/2029)(a)(g)						5,060,383			11,920
Series 2019-KG01, Class X2B, 0.10%, 05/25/2029 (Callable 02/25/2029)(a)(g)						570,000			2,012
Government National Mortgage Association
Series 2010-133, Class SD, 0.63% (-1 x 1 mo. Term SOFR + 5.96%), 10/16/2040(g)(i)						1,562,370			60,037
Series 2014-102, Class SY, 0.20% (-1 x 1 mo. Term SOFR + 5.54%), 02/20/2044(g)(i)						1,405,810			66,143
Series 2018-83, Class HI, 5.00%, 01/20/2048(g)						644,525			110,422
Great Wolf Trust, Series  2024-WOLF, Class A, 6.87% (1 mo. Term SOFR + 1.54%), 03/15/2039(a)						350,000			349,238
Greystone Commercial Real Estate Notes, Series 2019-FL2, Class C, 7.44% (1 mo. Term SOFR + 2.11%), 09/15/2037 (Callable 07/15/2024)(a)						200,000			198,874

						Par			Value
GS Mortgage Securities Corp. II
Series 2018-RIVR, Class C, 6.88% (1 mo. Term SOFR + 1.55%), 07/15/2035(a)						$  122,000			$   9,366
Series 2019-GC42, Class XA, 0.93%, 09/10/2052 (Callable 06/10/2029)(f)(g)						2,160,114			74,965
Series 2020-GC47, Class XA, 1.24%, 05/12/2053 (Callable 02/12/2030)(f)(g)						1,459,512			71,880
Series 2020-GSA2, Class XA, 1.82%, 12/12/2053 (Callable 10/10/2030) (a)(f)(g)						1,190,024			89,272
Series 2024-FAIR, Class A, 6.07%, 07/15/2029(a)(e)(f)						400,000			397,636
GS Mortgage-Backed Securities Trust
Series 2020-PJ6, Class A4, 2.50%, 05/25/2051 (Callable 02/25/2039)(a)(f)						309,556			244,865
Series 2022-PJ1, Class A4, 2.50%, 05/28/2052 (Callable 10/25/2043)(a)(f)						260,979			205,378
GSAA Trust
Series 2006-4, Class 4A3, 4.24%, 03/25/2036 (Callable 07/25/2024)(f)						381,891			222,167
Series 2007-7, Class A4, 6.00% (1 mo. Term SOFR + 0.65%), 07/25/2037 (Callable 07/25/2024)						93,166			89,302
GSCG Trust, Series  2019-600C, Class E, 4.12%, 09/06/2034(a)(f)						183,000			14,150
HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 6.07%, 05/10/2039(a)(f)						500,000			499,282
Hundred Acre Wood Trust, Series 2021-INV1, Class A27, 2.50%, 07/25/2051 (Callable 07/25/2042)(a)(f)						309,000			242,782
INTOWN Mortgage Trust, Series 2022-STAY, Class B, 8.62% (1 mo. Term SOFR + 3.29%), 08/15/2039 (Callable 08/15/2024)(a)						140,000			140,255

The accompanying notes are an integral part of these financial statements.

107

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
JP Morgan Chase Commercial Mortgage Securities, Series 2018-AON, Class D, 4.77%, 07/05/2031(a)(f)						$  132,000			$  82,984
JP Morgan Mortgage Trust
Series 2018-8, Class B1, 4.04%, 01/25/2049 (Callable 07/25/2024)(a)(f)						433,616			385,900
Series 2019-8, Class A15, 3.50%, 03/25/2050 (Callable 11/25/2031)(a)(f)						7,708			6,666
Series 2019-8, Class B2A, 3.17%, 03/25/2050 (Callable 11/25/2031)(a)(f)						180,758			151,714
Series 2020-4, Class A5, 3.00%, 11/25/2050 (Callable 07/25/2029)(a)(f)						180,438			150,893
Series 2022-5, Class A9, 2.80%, 09/25/2052 (Callable 03/25/2046)(a)(f)						445,986			356,669
JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class XA, 1.63%, 06/15/2049 (Callable 03/15/2026)(f)(g)						866,864			15,620
KSL Commercial Mortgage Trust, Series 2023-HT, Class A, 7.62% (1 mo. Term SOFR + 2.29%), 12/15/2036(a)						300,000			300,750
Life Mortgage Trust US
Series 2022-BMR2, Class A1, 6.62% (1 mo. Term SOFR + 1.30%), 05/15/2039 (Callable 05/15/2025)(a)						170,000			166,978
Series 2022-BMR2, Class B, 7.12% (1 mo. Term SOFR + 1.79%), 05/15/2039 (Callable 05/15/2025)(a)						250,000			243,437
LSTAR Commercial Mortgage Trust
Series 2016-4, Class C, 4.76%, 03/10/2049 (Callable 03/10/2026)(a)(f)						274,000			248,199
Series 2016-4, Class XA, 1.83%, 03/10/2049 (Callable 03/10/2026)(a)(f)(g)						820,534			12,250

						Par			Value
Series 2017-5, Class X, 0.99%, 03/10/2050 (Callable 03/10/2027)(a)(f)(g)						$  1,787,148			$  28,831
Med Trust, Series  2021-MDLN, Class D, 7.44% (1 mo. Term SOFR + 2.11%), 11/15/2038(a)						348,328			348,111
MF1 Multifamily Housing Mortgage Loan Trust
Series 2023-FL12, Class C, 9.12% (1 mo. Term SOFR + 3.78%), 10/19/2038 (Callable 04/19/2025)(a)						100,000			100,375
Series 2024-FL15, Class B, 0.00% (1 mo. Term SOFR + 2.49%), 08/18/2041 (Callable 07/18/2026)(a)						100,000			99,750
MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 8.04% (1 mo. Term SOFR + 2.72%), 04/15/2038(a)						251,663			249,272
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C19, Class XA, 1.02%, 12/15/2047 (Callable 10/15/2026)(f)(g)						1,747,657			2,898
Morgan Stanley Capital I, Inc.
Series 2016-UB12, Class XA, 0.78%, 12/15/2049 (Callable 09/15/2026)(f)(g)						2,592,289			29,866
Series 2019-NUGS, Class E, 7.69% (1 mo. Term SOFR + 2.36%), 12/15/2036(a)						147,000			29,895
Series 2019-NUGS, Class F, 8.29% (1 mo. Term SOFR + 2.96%), 12/15/2036(a)						125,000			10,102
Series 2019-PLND, Class E, 7.59% (1 mo. Term SOFR + 2.26%), 05/15/2036 (Callable 07/15/2024)(a)						189,000			52,920
One New York Plaza Trust, Series 2020-1NYP, Class C, 7.64% (1 mo. Term SOFR + 2.31%), 01/15/2036(a)						160,000			147,168
PR Mortgage Loan Trust, Series 2014-1, Class APT, 5.86%, 10/25/2049 (Callable 05/25/2032)(a)(f)						952,535			871,071

The accompanying notes are an integral part of these financial statements.

108

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)
Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2047)(a)(f)						$  200,000			$  118,187
Rate Mortgage Trust, Series 2021-HB1, Class A31, 2.50%, 12/25/2051 (Callable 06/25/2049)(a)(f)						438,582			344,047
RCKT Mortgage Trust, Series 2021-1, Class B3, 2.72%, 03/25/2051 (Callable 06/25/2044)(a)(f)						454,269			361,147
RLGH Trust, Series  2021-TROT, Class A, 6.24% (1 mo. Term SOFR + 0.91%), 04/15/2036(a)						100,000			98,286
SCOTT Trust 2023-SFS, Series 2023-SFS, Class AS, 6.20%, 03/10/2040(a)						100,000			97,922
Sequoia Mortgage Trust, Series 2021-3, Class B3, 2.65%, 05/25/2051 (Callable 08/25/2042)(a)(f)						460,342			359,878
SG Commercial Mortgage Securities LLC, Series 2016-C5, Class XA, 2.01%, 10/10/2048 (Callable 07/10/2026)(f)(g)						904,940			22,340
SMRT 2022-MINI, Series 2022-MINI, Class B, 6.68% (1 mo. Term SOFR + 1.35%), 01/15/2039(a)						250,000			246,249
UBS Commercial Mortgage Trust
Series 2017-C4, Class C, 4.68%, 10/15/2050 (Callable 10/15/2027)(f)						250,000			217,940
Series 2018-C9, Class XA, 1.08%, 03/15/2051 (Callable 03/15/2028)(f)(g)						2,165,340			60,001
UBS-Barclays Commercial Mortgage Trust, Series 2019-C3, Class XA, 1.47%, 05/15/2052 (Callable 03/15/2029)(f)(g)						1,398,797			69,167

						Par			Value
Verus Securitization Trust
Series 2022-INV1, Class A1, 5.04%, 08/25/2067 (Callable 08/25/2025)(a)(h)						$   81,317			$  80,882
Series 2024-1, Class A1, 5.71%, 01/25/2069 (Callable 01/25/2027)(a)(h)						93,080			92,650
WaMu Mortgage Pass Through Certificates, Series  2007-HY3, Class 1A1, 3.83%, 03/25/2037 (Callable 07/25/2024)(f)						332,556			252,300
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $39,230,671)									33,860,891
U.S. TREASURY SECURITIES - 10.9%
United States Treasury Note/Bond
4.88%, 05/31/2026						61,000			61,124
1.50%, 01/31/2027						240,000			222,113
2.63%, 05/31/2027						40,000			37,938
4.63%, 06/15/2027						972,000			974,886
0.75%, 01/31/2028						100,000			87,781
4.50%, 05/31/2029						7,000			7,048
0.63%, 05/15/2030						1,550,000			1,252,594
0.63%, 08/15/2030						2,850,000			2,283,563
0.88%, 11/15/2030						3,000,000			2,426,250
1.88%, 02/15/2032						515,000			432,278
2.88%, 05/15/2032						1,725,000			1,554,117
2.75%, 08/15/2032						1,110,000			987,727
3.50%, 02/15/2033						1,030,000			965,303
4.38%, 05/15/2034						158,000			158,049
1.13%, 05/15/2040						1,650,000			1,014,234
1.38%, 11/15/2040						9,800,000			6,180,125
2.38%, 02/15/2042						570,000			414,853
2.75%, 11/15/2042						90,000			68,948
4.63%, 05/15/2044						692,000			690,702
3.00%, 02/15/2049						1,280,000			969,600
2.00%, 02/15/2050						688,000			417,745
3.63%, 02/15/2053						545,000			463,591
4.25%, 02/15/2054						298,000			283,798
TOTAL U.S. TREASURY SECURITIES (Cost $22,827,025)									21,954,367

The accompanying notes are an integral part of these financial statements.

109

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
ASSET-BACKED SECURITIES - 8.0%
ACE Securities Corp., Series 2007-D1, Class A4, 6.93%, 02/25/2038 (Callable 11/25/2036)(a)(h)						$  256,842			$  204,666
ACREC Trust, Series 2021-FL1, Class C, 7.60% (1 mo. Term SOFR + 2.26%), 10/16/2036 (Callable 07/16/2024)(a)						375,000			363,601
Air Canada, 3.70%, 01/15/2026(a)						461,640			442,258
AMSR Trust
Series 2021-SFR1, Class E2, 2.90%, 06/17/2038(a)						1,200,000			1,049,270
Series 2021-SFR3, Class H, 4.90%, 10/17/2038(a)						550,000			501,658
Applebee’s Funding LLC, Series 2019-1A, Class A2II, 4.72%, 06/05/2049 (Callable 09/05/2024)(a)						99,000			95,493
Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046 (Callable 10/17/2028)(a)						61,219			54,692
Blackstone Mortgage Trust, Inc., Series 2021-FL4, Class A, 6.49% (1 mo. Term SOFR + 1.16%), 05/15/2038 (Callable 07/15/2026)(a)						96,285			91,471
Bojangles Issuer LLC, Series 2020-1A, Class A2, 3.83%, 10/20/2050 (Callable 07/20/2024)(a)						98,250			92,884
Citigroup Mortgage Loan Trust, Inc., Series 2015-RP2, Class B4, 4.25%, 01/25/2053 (Callable 06/25/2026)(a)						427,684			406,514
CLNC Ltd., Series 2019-FL1, Class B, 7.35% (1 mo. Term SOFR + 2.01%), 08/20/2035 (Callable 07/19/2024)(a)						100,000			98,061
COLT Funding LLC, Series 2022-5, Class A1, 4.55%, 04/25/2067 (Callable 04/25/2025)(a)(f)						79,420			78,181
Compass Datacenters LLC, Series 2024-1A, Class B, 7.00%, 02/25/2049 (Callable 02/25/2027)(a)						250,000			249,767

						Par			Value
Countrywide Alternative Loan Trust, Series 2006-HY11, Class A1, 5.70% (1 mo. Term SOFR + 0.35%), 06/25/2036 (Callable 07/25/2024)						$  208,790			$  186,094
DataBank Issuer, Series 2023-1A, Class A2, 5.12%, 02/25/2053 (Callable 02/25/2026)(a)						605,000			582,763
DB Master Finance Parent LLC, Series 2019-1A, Class A2II, 4.02%, 05/20/2049 (Callable 08/20/2024)(a)						85,725			82,568
Exeter Automobile Receivables Trust, Series 2024-1A, Class B, 5.29%, 08/15/2028 (Callable 07/15/2028)						100,000			99,562
First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF10, Class M1, 6.73% (1 mo. Term SOFR + 1.39%), 07/25/2034 (Callable 07/25/2024)						73,010			71,396
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037(a)						93,952			88,874
GCAT, Series 2022-NQM4, Class A1, 5.27%, 08/25/2067 (Callable 08/25/2025)(a)(h)						83,447			82,157
GM Financial Leasing Trust, Series 2022-3, Class C, 5.13%, 08/20/2026 (Callable 12/20/2024)						250,000			247,284
GSAA Trust, Series 2005-6, Class M1, 6.10% (1 mo. Term SOFR + 0.76%), 06/25/2035 (Callable 07/25/2024)						130,654			128,820
Helios Issuer LLC, Series 2020-2A, Class A, 2.73%, 11/01/2055 (Callable 10/30/2030)(a)						449,358			359,479
Home Partners of America Trust, Series 2019-1, Class B, 3.16%, 09/17/2039 (Callable 09/17/2024)(a)						76,284			70,625
KREF, Series 2022-FL3, Class A, 6.79% (1 mo. Term SOFR + 1.45%), 02/17/2039 (Callable 07/17/2024)(a)						100,000			99,688

The accompanying notes are an integral part of these financial statements.

110

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
ASSET-BACKED SECURITIES - (Continued)
Legacy Mortgage Asset Trust, Series 2020-GS3, Class A2, 8.00%, 05/25/2060 (Callable 07/25/2024)(a)(h)						$  977,971			$  899,163
Marlette Funding Trust, Series 2022-3A, Class A, 5.18%, 11/15/2032 (Callable 11/15/2026)(a)						462			462
Mill City Solar Loan, Series 2019-2GS, Class A, 3.69%, 07/20/2043 (Callable 08/20/2034)(a)						66,241			58,109
Morgan Stanley ABS Capital I, Inc., Series 2006-NC1, Class M1, 6.03% (1 mo. Term SOFR + 0.68%), 12/25/2035 (Callable 07/25/2024)						107,587			106,167
Mosaic Solar Loans LLC
Series 2018-1A, Class A, 4.01%, 06/22/2043 (Callable 04/20/2030)(a)						142,706			133,844
Series 2018-2GS, Class A, 4.20%, 02/22/2044 (Callable 07/20/2030)(a)						157,155			143,865
Series 2018-2GS, Class B, 4.74%, 02/22/2044 (Callable 07/20/2030)(a)						98,591			85,579
MVW Owner Trust, Series 2018-1A, Class A, 3.45%, 01/21/2036 (Callable 07/20/2024)(a)						12,297			12,295
Navient Student Loan Trust
Series 2019-GA, Class A, 2.40%, 10/15/2068 (Callable 03/15/2027)(a)						45,487			42,478
Series 2020-BA, Class A2, 2.12%, 01/15/2069 (Callable 05/15/2027)(a)						95,667			88,738
Series 2020-HA, Class A, 1.31%, 01/15/2069 (Callable 11/15/2027)(a)						58,560			53,889
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 07/15/2028)(a)						50,345			44,504
Series 2021-BA, Class A, 0.94%, 07/15/2069 (Callable 05/15/2029)(a)						43,830			38,503

						Par			Value
Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 07/15/2030)(a)						$  393,373			$  336,333
Neighborly Issuer, Series 2021-1A, Class A2, 3.58%, 04/30/2051 (Callable 10/30/2026)(a)						485,000			435,307
OCCU Auto Receivables Trust, Series 2022-1A, Class A3, 5.50%, 10/15/2027 (Callable 05/15/2027)(a)						135,000			134,680
Pagaya AI Debt Selection Trust, Series 2023-3, Class A, 7.60%, 12/16/2030 (Callable 04/15/2025)(a)						211,433			212,490
PennyMac Mortgage Investment Trust, Series 2017-PM1, Class XIO, 0.00%, 10/25/2048(a)(g)						140,120,352			547,380
Progress Residential Trust
Series 2020-SFR3, Class G, 4.11%, 10/17/2027(a)						2,000,000			1,941,306
Series 2021-SFR3, Class G, 4.25%, 05/17/2026(a)						1,100,000			1,007,836
Series 2021-SFR6, Class G, 4.00%, 07/17/2038 (Callable 07/17/2026)(a)						700,000			635,375
Renaissance Home Equity Loan Trust, Series 2004-4, Class MF2, 5.82%, 02/25/2035 (Callable 07/25/2024)(h)						262,180			222,195
Santander Consumer USA Holdings, Inc., Series 2022-3, Class C, 4.49%, 08/15/2029 (Callable 05/15/2026)						200,000			196,389
SBA Depositor LLC, Series 2022-1, 6.60%, 01/15/2028 (Callable 01/15/2027)(a)						210,000			214,808
SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, 01/25/2054 (Callable 01/25/2029)(a)						99,750			100,627
SoFi Consumer Loan Program Trust, Series 2023-1S, Class A, 5.81%, 05/15/2031 (Callable 06/15/2025)(a)						10,973			10,970
SoFi Professional Loan Program LLC
Series 2018-C, Class R1, 0.00%, 01/25/2048 (Callable 05/25/2026)(a)						10,000			81,210

The accompanying notes are an integral part of these financial statements.

111

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
ASSET-BACKED SECURITIES - (Continued)
Series 2020-C, Class AFX, 1.95%, 02/15/2046 (Callable 07/15/2028)(a)						$  73,465			$  67,079
Series 2021-B, Class R1, 0.00%, 02/15/2047 (Callable 09/15/2029)(a)						10,000			327,479
Structured Asset Securities Corp., Series 2006-BC3, Class A3, 5.78% (1 mo. Term SOFR + 0.43%), 10/25/2036 (Callable 07/25/2024)						424,803			326,068
Sunnova Energy International, Inc., Series 2023-A, Class A, 5.30%, 05/20/2050 (Callable 05/20/2028)(a)						93,369			89,338
Sunrun, Inc., Series 2019-1A, Class A, 3.98%, 06/30/2054 (Callable 03/30/2028)(a)						93,379			85,760
Taco Bell Corp., Series 2016-1A, Class A23, 4.97%, 05/25/2046 (Callable 08/25/2024)(a)						251,250			246,159
T-Mobile US, Inc., Series 2022-1A, Class A, 4.91%, 05/22/2028 (Callable 01/20/2026)(a)						160,000			159,012
Vericrest Opportunity Loan Transferee, Series 2021-NPL1, Class A2, 4.95%, 02/27/2051 (Callable 07/25/2024)(a)(h)						717,500			691,961
Verus Securitization Trust, Series 2022-8, Class A3, 6.13%, 09/25/2067 (Callable 10/25/2025)(a)(h)						85,334			87,633
Wendy’s SPV Guarantor LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049 (Callable 09/15/2024)(a)						89,495			85,738
Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 09/05/2024)(a)						246,250			224,126
Zaxby’s Operating Co. LP, Series 2021-1A, Class A2, 3.24%, 07/30/2051 (Callable 07/30/2025)(a)						145,875			129,366
TOTAL ASSET-BACKED SECURITIES (Cost $17,408,609)									16,132,047

						Par			Value
FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.9%
Abu Dhabi Government International Bond, 3.88%, 04/16/2050(a)						$200,000			$  158,032
Airservices Australia, 5.40%, 11/15/2028 (Callable 08/15/2028)			AUD			150,000			101,628
Brazil Notas do Tesouro Nacional Serie B, 6.00%, 08/15/2050			BRL			190,000			141,488
Bundesrepublik Deutschland Bundesanleihe
0.00%, 02/15/2031			EUR			175,000			160,273
0.00%, 05/15/2035			EUR			105,000			85,510
Canadian Government Bond
1.50%, 09/01/2024			CAD			25,000			18,172
1.25%, 03/01/2025			CAD			465,000			332,806
China Government Bond, 2.69%, 08/12/2026			CNY			910,000			127,799
Colombia Government International Bond, 4.13%, 05/15/2051 (Callable 11/15/2050)						200,000			120,750
CPPIB Capital, Inc., 2.25%, 12/01/2031(a)			CAD			145,000			93,825
Finland Government Bond, 3.00%, 09/15/2033(a)			EUR			225,000			239,798
Guatemala Government Bond, 4.38%, 06/05/2027						200,000			191,250
Indonesia Government International Bond
3.85%, 10/15/2030						200,000			185,529
3.05%, 03/12/2051						200,000			133,918
Indonesia Treasury Bond
8.38%, 09/15/2026			IDR			1,606,000,000			101,587
5.13%, 04/15/2027			IDR			1,385,000,000			81,315
6.38%, 08/15/2028			IDR			5,707,000,000			343,535
9.00%, 03/15/2029			IDR			1,457,000,000			95,908
6.50%, 02/15/2031			IDR			5,458,000,000			323,414
8.75%, 05/15/2031			IDR			3,000,000,000			199,658
6.38%, 04/15/2032			IDR			3,726,000,000			218,577
6.63%, 05/15/2033			IDR			1,779,000,000			105,447
6.63%, 02/15/2034			IDR			1,680,000,000			99,333
7.50%, 06/15/2035			IDR			1,015,000,000			63,776
7.50%, 05/15/2038			IDR			1,447,000,000			90,823
Inter-American Development Bank, 4.60%, 03/01/2029			CAD			120,000			90,626
Ireland Government Bond, 1.10%, 05/15/2029			EUR			45,000			44,545
Korea Treasury Bond
2.38%, 03/10/2027			KRW			804,700,000			571,083
2.13%, 06/10/2027			KRW			293,300,000			206,414
3.13%, 09/10/2027			KRW			103,300,000			74,839

The accompanying notes are an integral part of these financial statements.

112

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
FOREIGN GOVERNMENT DEBT OBLIGATIONS - (Continued)
1.38%, 12/10/2029			KRW			377,860,000			$  249,267
4.25%, 12/10/2032			KRW			178,720,000			139,070
3.25%, 06/10/2033			KRW			207,000,000			150,092
Malaysia Government Bond
3.88%, 03/14/2025			MYR			361,000			76,837
3.90%, 11/30/2026			MYR			360,000			77,144
3.90%, 11/16/2027			MYR			805,000			172,537
3.73%, 06/15/2028			MYR			400,000			85,133
4.50%, 04/15/2030			MYR			640,000			140,852
3.84%, 04/15/2033			MYR			980,000			207,407
3.83%, 07/05/2034			MYR			360,000			76,034
Mexican Bonos
5.00%, 03/06/2025			MXN			7,324,000			392,684
7.75%, 05/29/2031			MXN			21,110,000			1,036,435
New South Wales Treasury Corp.
1.50%, 02/20/2032			AUD			455,000			239,840
2.00%, 03/08/2033			AUD			175,000			92,843
New Zealand Government Bond
0.50%, 05/15/2026			NZD			390,000			219,078
4.25%, 05/15/2034			NZD			210,000			123,564
4.50%, 05/15/2035			NZD			270,000			161,183
New Zealand Local Government Funding Agency Bond
2.25%, 05/15/2031			NZD			25,000			12,793
3.50%, 04/14/2033			NZD			262,000			141,305
3.00%, 05/15/2035			NZD			215,000			106,660
Norway Government Bond
1.75%, 03/13/2025(a)			NOK			1,475,000			135,564
1.25%, 09/17/2031(a)			NOK			2,425,000			192,908
2.13%, 05/18/2032(a)			NOK			5,115,000			429,872
Philippine Government Bond
2.63%, 08/12/2025			PHP			18,365,000			301,360
3.63%, 09/09/2025			PHP			6,865,000			113,620
6.13%, 08/22/2028			PHP			10,645,000			180,347
6.25%, 02/28/2029			PHP			9,700,000			164,519
6.75%, 09/15/2032			PHP			9,250,000			159,515
8.00%, 09/30/2035			PHP			3,300,000			61,921
Province of Quebec Canada, 4.50%, 09/08/2033						153,000			149,123
Queensland Treasury Corp.
4.50%, 08/22/2035(a)			AUD			165,000			103,700
5.25%, 07/21/2036(a)			AUD			385,000			255,448
Republic of Italy Government International Bond, 1.25%, 02/17/2026						200,000			187,004
Singapore Government Bond
2.38%, 06/01/2025			SGD			5,000			3,645
3.38%, 09/01/2033			SGD			265,000			198,121

						Par			Value
South Australian Government Financing Authority, 4.75%, 05/24/2038			AUD			160,000			$  99,359
Treasury Corp. of Victoria, 2.25%, 11/20/2034			AUD			150,000			76,716
United Kingdom Gilt
0.25%, 01/31/2025			GBP			180,000			222,190
3.25%, 01/31/2033			GBP			145,000			171,746
TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS (Cost $12,590,766)									11,909,094
MORTGAGE-BACKED SECURITIES - 4.9%
BANK-2020, Series 2020-BN30, Class XA, 1.39%, 12/15/2053(f)(g)						1,245,658			74,671
Benchmark Mortgage Trust
Series 2021-B25, Class XA, 1.21%, 04/15/2054 (Callable 02/15/2031)(f)(g)						2,208,419			110,178
Series 2023-V2, Class XA, 1.22%, 05/15/2055 (Callable 03/15/2028)(f)(g)						1,799,574			60,148
BX Trust
Series 2024-CNYN, Class C, 7.27% (1 mo. Term SOFR + 1.94%), 04/15/2029(a)						298,073			296,583
Series 2024-KING, Class B, 7.07% (1 mo. Term SOFR + 1.74%), 05/15/2034(a)						383,000			378,702
Federal Home Loan Mortgage Corp.
Pool RA7672, 4.50%, 07/01/2052						225,020			212,484
Pool RA7784, 4.50%, 08/01/2052						188,090			177,729
Pool SD1571, 5.00%, 08/01/2052						109,162			106,636
Pool SD1741, 5.00%, 10/01/2052						161,390			157,656
Pool SD1805, 5.00%, 11/01/2052						90,474			87,928
Pool SD1822, 5.00%, 11/01/2052						117,992			115,262
Pool SD7557, 4.50%, 12/01/2052						206,259			196,508
Pool SD7563, 4.50%, 05/01/2053						568,934			542,217
Pool U69911, 4.00%, 04/01/2045						3,889,247			3,678,958

The accompanying notes are an integral part of these financial statements.

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
MORTGAGE-BACKED SECURITIES - (Continued)
Series 2021-P011, Class X1, 1.78%, 09/25/2045(f)(g)						$  518,697			$  58,736
Series K122, Class X1, 0.97%, 11/25/2030 (Callable 08/25/2030)(f)(g)						1,838,587			79,489
Series KG04, Class X1, 0.94%, 11/25/2030 (Callable 08/25/2030)(f)(g)						1,891,424			78,223
Federal National Mortgage Association
Pool CB4099, 4.50%, 07/01/2052						271,091			257,514
Pool CB4339, 4.50%, 08/01/2052						328,310			312,893
Pool CB4562, 5.00%, 09/01/2052						326,750			317,148
Pool CB8316, 5.00%, 04/01/2054						173,767			169,353
Pool CB8526, 5.00%, 05/01/2054						192,341			186,493
Pool FS2914, 4.50%, 09/01/2052						208,315			197,882
Pool FS3331, 5.00%, 11/01/2052						162,362			158,605
Pool MA5039, 5.50%, 06/01/2053						4,121			4,066
Series 419, Class C4, 3.50%, 04/25/2044(g)						1,986,356			316,575
Government National Mortgage Association
Series 2022-192, Class IO, 0.67%, 09/16/2064 (Callable 10/16/2047)(f)(g)						3,490,783			207,509
Series 2024-15, Class BI, 0.74%, 10/16/2065 (Callable 03/16/2048)(f)(g)						3,494,467			209,066
Series 2024-35, Class IB, 0.80%, 07/16/2065 (Callable 02/16/2048)(f)(g)						3,165,286			206,691
Great Wolf Trust, Series 2024-WLF2, Class A, 7.02% (1 mo. Term SOFR + 1.69%), 05/15/2041(a)						250,000			249,844
Med Trust, Series 2021-MDLN, Class C, 7.24% (1 mo. Term SOFR + 1.91%), 11/15/2038(a)						99,522			99,429
MFRA Trust, Series 2020-NQM3, Class A3, 1.63%, 01/26/2065 (Callable 07/25/2024)(a)(f)						92,583			85,564

						Par			Value
Velocity Commercial Capital Loan Trust, Series 2020-2, Class A2, 5.00%, 05/25/2050(a)(f)						$  500,000			$  466,939
TOTAL MORTGAGE-BACKED SECURITIES (Cost $9,971,191)									9,857,679
COLLATERALIZED LOAN OBLIGATIONS - 4.8%
Arbor Realty Trust, Inc., Series 2021-FL4, Class D, 8.34% (1 mo. Term SOFR + 3.01%), 11/15/2036 (Callable 07/15/2024)(a)						275,000			253,000
ARES CLO, Series 2018-49A, Class C, 7.54% (3 mo. Term SOFR + 2.21%), 07/22/2030 (Callable 07/22/2024)(a)						1,000,000			999,935
BDS Ltd., Series 2020-FL5, Class C, 7.50% (1 mo. Term SOFR + 2.16%), 02/16/2037 (Callable 07/16/2024)(a)						267,328			265,052
BlueMountain CLO Ltd., Series 2021-28A, Class C, 7.59% (3 mo. Term SOFR + 2.26%), 04/15/2034 (Callable 07/15/2024)(a)						250,000			248,011
Canyon Capital CLO Ltd.
Series 2014-1A, Class CR, 8.34% (3 mo. Term SOFR + 3.01%), 01/30/2031 (Callable 07/30/2024)(a)						250,000			245,080
Series 2021-2A, Class D, 8.94% (3 mo. Term SOFR + 3.61%), 04/15/2034 (Callable 07/15/2024)(a)						500,000			501,466
Cent CLO, Series 2018-27A, Class DR, 9.42% (3 mo. Term SOFR + 4.09%), 01/25/2035 (Callable 07/25/2024)(a)						500,000			500,527
CIFC Funding Ltd.
Series 2015-4A, Class BR2, 7.49% (3 mo. Term SOFR + 2.16%), 04/20/2034 (Callable 07/20/2024)(a)						250,000			250,251
Series 2021-4A, Class D, 8.49% (3 mo. Term SOFR + 3.16%), 07/15/2033 (Callable 07/15/2024)(a)						500,000			500,770

The accompanying notes are an integral part of these financial statements.

114

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
COLLATERALIZED LOAN OBLIGATIONS - (Continued)
Empower CLO Ltd., Series 2024-2A, Class C, 7.43% (3 mo. Term SOFR + 2.10%), 07/15/2037 (Callable 07/15/2026)(a)						$  500,000			$  500,426
LCM LP, Series 24A, Class CR, 7.49% (3 mo. Term SOFR + 2.16%), 03/20/2030 (Callable 07/20/2024)(a)						250,000			249,475
Madison Park Funding Ltd., Series 2016-21A, Class BRR, 7.79% (3 mo. Term SOFR + 2.46%), 10/15/2032 (Callable 07/15/2024)(a)						250,000			250,426
Neuberger Berman CLO Ltd., Series 2021-40A, Class C, 7.34% (3 mo. Term SOFR + 2.01%), 04/16/2033 (Callable 07/16/2024)(a)						250,000			250,221
Oak Hill Credit Partners, Series 2016-13A, Class DR, 8.79% (3 mo. Term SOFR + 3.46%), 10/25/2034 (Callable 07/21/2024)(a)						500,000			502,361
Octagon Investment Partners Ltd., Series 2012-1A, Class CRR, 9.49% (3 mo. Term SOFR + 4.16%), 07/15/2029 (Callable 07/15/2024)(a)						500,000			500,844
OHA Credit Funding
Series 2020-5A, Class E, 11.84% (3 mo. Term SOFR + 6.51%), 04/18/2033 (Callable 07/18/2024)(a)						500,000			503,374
Series 2021-8A, Class C, 7.49% (3 mo. Term SOFR + 2.16%), 01/18/2034 (Callable 07/18/2024)(a)						250,000			250,024
Palmer Square CLO Ltd., Series 2023-1A, Class C, 8.57% (3 mo. Term SOFR + 3.25%), 01/20/2036 (Callable 01/20/2025)(a)						500,000			507,015
Palmer Square Loan Funding Ltd., Series 2022-2A, Class B, 7.53% (3 mo. Term SOFR + 2.20%), 10/15/2030 (Callable 07/15/2024)(a)						800,000			800,027

						Par			Value
TCI-Flatiron CLO Ltd., Series 2018-1A, Class CR, 7.34% (3 mo. Term SOFR + 2.01%), 01/29/2032 (Callable 07/29/2024)(a)						$  250,000			$  250,041
TCW CLO Ltd.
Series 2021-1A, Class C, 7.49% (3 mo. Term SOFR + 2.16%), 03/18/2034 (Callable 07/20/2024)(a)						250,000			250,188
Series 2023-1A, Class C, 8.82% (3 mo. Term SOFR + 3.50%), 04/28/2036 (Callable 04/28/2025)(a)						400,000			402,583
TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 7.48% (1 mo. Term SOFR + 2.15%), 02/15/2039 (Callable 07/15/2024)(a)						100,000			98,813
Wind River CLO Ltd., Series 2014-3A, Class DR2, 8.99% (3 mo. Term SOFR + 3.66%), 10/22/2031 (Callable 07/22/2024)(a)						500,000			490,044
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $9,572,072)									9,569,954
BANK LOANS - 4.5%
Basic Materials - 0.2%
Hexion Holdings Corp., Senior Secured First Lien, 9.98% (3 mo. SOFR US + 4.50%), 03/15/2029 (Callable 07/31/2024)						29,848			29,786
INEOS US Finance LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/31/2031 (Callable 07/31/2024)						125,806			126,278
INEOS US Petrochem LLC, Senior Secured First Lien, 9.69% (1 mo. SOFR US + 4.25%), 03/29/2029 (Callable 07/31/2024)						64,838			64,797
Lummus Technology Holdings V LLC, Senior Secured First Lien, 8.96% (1 mo. SOFR US + 3.50%), 12/31/2029 (Callable 07/31/2024)						38,620			38,813

The accompanying notes are an integral part of these financial statements.

115

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Basic Materials - (Continued)
Olympus Water US Holding Corp., Senior Secured First Lien, 8.85% (3 mo. SOFR US + 3.50%), 06/23/2031 (Callable 07/31/2024)						$  55,000			$  55,172
									314,846
Communications - 0.2%
Acuris Finance US, Inc., Senior Secured First Lien, 9.48% (3 mo. SOFR US + 4.00%), 02/16/2028 (Callable 07/31/2024)						65,000			65,094
Altice France SA, Senior Secured First Lien, 10.83% (3 mo. SOFR US + 5.50%), 08/31/2028 (Callable 07/31/2024)						24,787			18,281
Cengage Learning, Inc., Senior Secured First Lien, 9.54% (6 mo. SOFR US + 4.25%), 03/24/2031 (Callable 07/31/2024)						24,938			25,039
CSC Holdings LLC, Senior Secured First Lien, 7.94% (1 Month Synthetic LIBOR + 2.50%), 04/15/2027 (Callable 07/31/2024)(c)						24,806			20,678
Directv Financing LLC, Senior Secured First Lien, 10.46% (1 mo. SOFR US + 5.00%), 08/02/2027 (Callable 07/31/2024)						13,972			14,017
Frontier Communications Holdings LLC, 8.58% (1 mo. Term SOFR + 3.50%), 06/23/2031 (Callable 07/31/2024)						55,000			55,000
Gogo Intermediate Holdings LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 04/28/2028 (Callable 07/31/2024)						54,084			54,002
NEP Group, Inc. First Lien, 8.69% (includes 0.00% PIK) (1 mo. Term SOFR + 3.25%), 08/19/2026						34,996			33,275
StubHub Holdco Sub LLC, Senior Secured First Lien, 10.08% (1 mo. SOFR US + 4.75%), 03/15/2030 (Callable 07/31/2024)						39,408			39,469

						Par			Value
Zayo Group Holdings, Inc., Senior Secured First Lien, 8.46% (1 mo. SOFR US + 3.00%), 03/09/2027 (Callable 07/31/2024)						$   20,000			$  17,467
									342,322
Consumer, Cyclical - 1.5%
1011778 BC ULC, Senior Secured First Lien
7.09% (1 mo. SOFR US + 1.75%), 09/23/2030 (Callable 07/31/2024)						890,188			889,062
AAdvantage Loyalty IP Ltd., Senior Secured First Lien
10.34% (3 mo. SOFR US + 4.75%), 04/20/2028 (Callable 07/31/2024)						212,000			219,288
ABG Intermediate Holdings 2 LLC, 8.10% (1 mo. Term SOFR + 2.75%), 12/21/2028 (Callable 07/31/2024)						15,000			15,033
Air Canada, Senior Secured First Lien, 7.85% (3 mo. SOFR US + 2.50%), 03/21/2031 (Callable 07/31/2024)						39,900			40,006
American Airlines, Inc., Senior Secured First Lien, 7.77% (6 mo. SOFR US + 2.50%), 06/04/2029 (Callable 06/04/2024)						121,718			121,672
BCPE Empire Holdings, Inc. First Lien, 9.33% (1 mo. Term SOFR + 4.00%), 12/26/2028 (Callable 07/31/2024)						64,838			64,931
Caesars Entertainment, Inc., Senior Secured First Lien, 8.10% (1 mo. SOFR US + 2.75%), 02/06/2030 (Callable 07/31/2024)						52,113			52,214
Carnival Corp., Senior Secured First Lien
8.09% (1 mo. SOFR US + 2.75%), 08/09/2027 (Callable 07/31/2024)						89,000			89,557
8.09% (1 mo. SOFR US + 2.75%), 10/18/2028 (Callable 07/31/2024)						210,625			211,447

The accompanying notes are an integral part of these financial statements.

116

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June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Consumer, Cyclical - (Continued)
Cedar Fair LP, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 2.00%), 05/01/2031 (Callable 07/31/2024)						$  30,000			$  29,986
ClubCorp Holdings, Inc., Senior Secured First Lien
10.56% (3 mo. SOFR US + 5.00%), 09/18/2026						1,029			1,036
10.60% (3 mo. SOFR US + 5.00%), 09/18/2026						25,236			25,400
EG America LLC, Senior Secured First Lien, 11.24% (Daily US Secured Overnight Financing Rate + 5.50%), 02/07/2028 (Callable 07/31/2024)						29,925			29,613
Fertitta Entertainment LLC/NV, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 3.75%), 01/29/2029 (Callable 03/18/2024)						132,396			132,701
Great Outdoors Group LLC, Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 03/06/2028 (Callable 07/31/2024)						99,706			99,748
Harbor Freight Tools USA, Inc., Senior Secured First Lien, 7.84% (1 mo. SOFR US + 2.50%), 06/11/2031 (Callable 07/31/2024)						35,000			34,942
Hunter Douglas, Inc., Senior Secured First Lien
8.84% (3 mo. SOFR US + 3.50%), 02/26/2029 (Callable 07/31/2024)						45,364			45,129
8.84% (3 mo. SOFR US + 3.50%), 02/26/2029 (Callable 07/31/2024)						16,657			16,571
LBM Acquisition LLC First Lien, 9.07% (1 mo. Term SOFR + 3.75%), 06/06/2031 (Callable 07/31/2024)						34,919			34,383
LC Ahab US Bidco LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 05/01/2031 (Callable 07/31/2024)						45,000			45,141

						Par			Value
Mileage Plus Holdings LLC, Senior Secured First Lien, 10.74% (3 mo. SOFR US + 5.25%), 06/21/2027 (Callable 07/31/2024)						$  115,333			$  117,823
Motion Finco Sarl, Senior Secured First Lien, 8.83% (3 mo. SOFR US + 3.50%), 11/30/2029 (Callable 07/31/2024)						84,788			84,915
Ontario Gaming GTA LP, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.25%), 08/01/2030 (Callable 07/31/2024)						34,825			35,037
Ovg Business Services LLC First Lien, 8.33% (1 mo. Term SOFR + 3.00%), 06/25/2031 (Callable 07/31/2024)						40,000			39,975
PetSmart LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 02/14/2028 (Callable 07/31/2024)						72,938			72,816
Resideo Funding, Inc. First Lien, 6.82% (1 mo. Term SOFR + 2.00%), 05/14/2031 (Callable 07/31/2024)						40,000			40,000
Station Casinos LLC, Senior Secured First Lien, 7.59% (1 mo. SOFR US + 2.25%), 03/14/2031 (Callable 07/31/2024)						34,913			34,939
SWF Holdings I Corp., Senior Secured First Lien, 9.46% (1 mo. SOFR US + 4.00%), 10/06/2028 (Callable 07/31/2024)						14,310			12,289
Travel + Leisure Co. First Lien, 8.69% (1 mo. Term SOFR + 3.25%), 12/14/2029 (Callable 07/31/2024)						65,000			65,276
United Airlines, Inc., Senior Secured First Lien
8.09% (1 mo. SOFR US + 2.75%), 02/24/2031 (Callable 07/31/2024)						309,225			310,385
WestJet Airlines Ltd., Senior Secured First Lien, 8.43% (1 mo. SOFR US + 3.00%), 12/11/2026 (Callable 07/31/2024)						4,167			4,184

The accompanying notes are an integral part of these financial statements.

117

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Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Consumer, Cyclical - (Continued)
WestJet Loyalty LP, Senior Secured First Lien, 9.05% (3 mo. SOFR US + 3.75%), 02/14/2031 (Callable 07/31/2024)						$  70,000			$  70,403
White Cap Buyer LLC, 8.58% (1 mo. Term SOFR + 3.25%), 10/19/2029 (Callable 07/31/2024)						15,000			15,043
									3,100,945
Consumer, Non-Cyclical - 0.9%
ADMI Corp., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 12/23/2027						49,605			48,706
Allied Universal Holdco LLC, Senior Secured First Lien, 9.19% (1 mo. SOFR US + 3.75%), 05/15/2028 (Callable 07/31/2024)						123,765			123,429
APi Group DE, Inc., Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 01/03/2029 (Callable 07/31/2024)						5,000			5,004
Aveanna Healthcare LLC, Senior Secured First Lien, 9.20% (3 mo. SOFR US + 3.75%), 07/17/2028 (Callable 07/31/2024)						118,227			113,499
Bausch + Lomb Corp., Senior Secured First Lien, 8.69% (1 mo. SOFR US + 3.25%), 05/10/2027 (Callable 07/31/2024)						131,913			130,677
Camelot US Acquisition LLC, Senior Secured First Lien
8.08% (1 mo. SOFR US + 2.75%), 01/31/2031 (Callable 07/31/2024)						7,423			7,446
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 (Callable 07/31/2024)						31,846			31,941
8.09% (1 mo. SOFR US + 2.75%), 01/31/2031 (Callable 07/31/2024)						631			633
CHG Healthcare Services, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 09/29/2028 (Callable 07/31/2024)						64,175			64,349

						Par			Value
Concentra Health Services, Inc., 7.83% (1 mo. Term SOFR + 2.25%), 06/26/2031 (Callable 07/31/2024)						$   25,000			$  25,125
EAB Global, Inc. First Lien, 8.93% (1 mo. Term SOFR + 3.50%), 08/16/2028 (Callable 07/31/2024)						30,000			30,007
Gainwell Acquisition Corp., Senior Secured First Lien, 9.43% (3 mo. SOFR US + 4.00%), 10/01/2027 (Callable 07/31/2024)						130,234			126,435
Garda World Security Corp., Senior Secured First Lien, 9.59% (3 mo. SOFR US + 4.25%), 02/01/2029 (Callable 07/31/2024)						74,810			75,371
Grant Thornton LLP/Chicago, Senior Secured First Lien, 8.60% (3 mo. SOFR US + 3.25%), 05/30/2031 (Callable 07/31/2024)						35,000			35,144
Grifols Worldwide Operations USA, Inc., Senior Secured First Lien, 7.44% (1 mo. SOFR US + 2.00%), 11/15/2027 (Callable 07/31/2024)						22,128			21,796
Kronos Acquisition Holdings, Inc., 9.34% (1 mo. Term SOFR + 4.00%), 06/27/2031 (Callable 07/31/2024)						20,000			19,900
Kronos Acquisition Holdings, Inc., Senior Secured First Lien
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026 (Callable 07/31/2024)						23,038			23,047
9.31% (3 mo. SOFR US + 3.75%), 12/22/2026 (Callable 07/31/2024)						9,821			9,825
LifePoint Health, Inc., Senior Secured First Lien, 10.06% (3 mo. SOFR US + 4.75%), 11/16/2028 (Callable 07/31/2024)						124,236			125,067
Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 05/04/2028 (Callable 07/31/2024)						61,546			61,759

The accompanying notes are an integral part of these financial statements.

118

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Consumer, Non-Cyclical - (Continued)
Medline Borrower LP, 7.83% (1 mo. Term SOFR + 2.25%), 10/23/2028 (Callable 07/31/2024)						$  120,000			$  120,150
Organon & Co., Senior Secured First Lien, 7.83% (1 mo. SOFR US + 2.50%), 05/17/2031 (Callable 07/31/2024)						14,927			14,955
Pacific Dental Services, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/17/2031 (Callable 07/31/2024)						79,800			80,058
Packaging Coordinators Midco, Inc., Senior Secured First Lien, 8.58% (3 mo. SOFR US + 3.25%), 11/30/2027 (Callable 07/31/2024)						70,000			70,321
Radiology Partners T/L, Senior Secured First Lien
9.09% (3 mo. SOFR US + 3.50%), 01/31/2029						31,630			30,080
9.09% (includes 0.00% PIK) (3 mo. SOFR US + 3.50%), 01/31/2029						446			424
Radnet Management, Inc., Senior Secured First Lien, 7.83% (3 mo. SOFR US + 2.50%), 04/10/2031 (Callable 07/31/2024)						15,000			15,028
Sotera Health Holdings LLC, Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 05/30/2031 (Callable 07/31/2024)						125,000			124,948
Triton Water Holdings, Inc., Senior Secured First Lien, 8.81% (3 mo. SOFR US + 3.25%), 03/31/2028 (Callable 07/31/2024)						125,000			125,187
United Rentals North America, Inc. First Lien, 7.08% (1 mo. Term SOFR + 1.75%), 02/14/2031 (Callable 07/31/2024)						75,000			75,738
Vestis Corp., Senior Secured First Lien, 7.58% (3 mo. SOFR US + 2.25%), 02/24/2031 (Callable 07/31/2024)						34,913			34,789

						Par			Value
Wand NewCo 3, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/30/2031 (Callable 07/31/2024)						$   60,000			$  60,466
									1,831,304
Energy - 0.0%(j)
Apro LLC, 9.08% (1 mo. Term SOFR + 3.75%), 06/26/2031 (Callable 07/31/2024)						45,000			45,056
WaterBridge Midstream Operating LLC, 10.33% (1 mo. Term SOFR + 4.75%), 06/27/2029 (Callable 07/31/2024)						15,000			14,925
									59,981
Financial - 0.5%
Acrisure LLC, Senior Secured First Lien, 8.59% (3 mo. SOFR US + 3.25%), 11/06/2030 (Callable 07/31/2024)						127,605			127,605
Alliant Holdings Intermediate LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 11/06/2030 (Callable 07/31/2024)						99,500			99,857
Allspring Buyer LLC, Senior Secured First Lien, 8.89% (3 mo. SOFR US + 3.25%), 11/01/2028 (Callable 07/31/2024)						99,721			99,632
AmWINS Group, Inc., Senior Secured First Lien, 7.71% (1 mo. SOFR US + 2.25%), 02/22/2028 (Callable 07/31/2024)						19,948			19,956
Ardonagh Group Finco Pty Ltd., 0.00% (1 mo. Term SOFR + 3.75%), 02/17/2031 (Callable 08/01/2024)						65,000			64,675
AssuredPartners, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 02/14/2031 (Callable 07/31/2024)						84,788			85,105
Asurion LLC, Senior Secured First Lien, 9.69% (1 mo. SOFR US + 4.25%), 08/21/2028 (Callable 07/31/2024)						44,773			44,498
BroadStreet Partners, Inc. First Lien, 8.58% (1 mo. Term SOFR + 3.25%), 06/16/2031 (Callable 07/31/2024)						35,000			34,947

The accompanying notes are an integral part of these financial statements.

119

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Financial - (Continued)
CPI Holdco B LLC, Senior Secured First Lien, 7.34% (1 mo. SOFR US + 2.00%), 05/19/2031 (Callable 07/31/2024)						$  20,000			$  20,003
Edelman Financial Engines Center LLC, Senior Secured Second Lien, 10.59% (1 mo. SOFR US + 5.25%), 10/31/2028 (Callable 07/31/2024)						25,000			25,094
GTCR Everest Borrower LLC, 8.31% (1 mo. Term SOFR + 3.00%), 06/03/2031 (Callable 07/31/2024)						20,000			20,038
OneDigital Borrower LLC, Senior Secured First Lien, 9.68% (1 mo. SOFR US + 4.25%), 11/16/2027 (Callable 07/31/2024)						153,330			153,139
OneDigital Borrower LLC
9.08% (1 mo. Term SOFR + 3.25%), 06/13/2031 (Callable 07/31/2024)						90,000			89,888
11.08% (1 mo. Term SOFR + 5.25%), 06/14/2032 (Callable 07/31/2024)						30,000			29,925
Sedgwick Claims Management Services, Inc., 0.00% (1 mo. Term SOFR + 3.00%), 06/27/2031 (Callable 08/01/2024)						75,000			74,813
									989,175
Industrial - 0.7%
AECOM, Senior Secured First Lien, 7.22% (1 mo. SOFR US + 1.88%), 04/17/2031 (Callable 07/31/2024)						245,000			246,710
Artera Services LLC, Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 02/10/2031 (Callable 07/31/2024)						34,913			35,140
Berry Global, Inc., Senior Secured First Lien, 7.19% (1 mo. SOFR US + 1.75%), 07/02/2029 (Callable 07/31/2024)						392,362			393,039
Brand Industrial Services, Inc., Senior Secured First Lien, 9.83% (3 mo. SOFR US + 4.50%), 08/01/2030 (Callable 07/31/2024)						29,850			29,983

						Par			Value
Charter Next Generation, Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 12/01/2027 (Callable 07/31/2024)						$   19,923			$  19,980
Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 9.12% (1 mo. SOFR US + 3.68%), 04/13/2029 (Callable 07/31/2024)						34,822			34,942
Dynasty Acquisition Co., Inc., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028 (Callable 07/31/2024)						75,231			75,590
Emrld Borrower LP, 7.84% (1 mo. Term SOFR + 2.50%), 06/18/2031 (Callable 07/31/2024)						30,000			30,037
Kenan Advantage Group, Inc., Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 01/25/2029 (Callable 07/31/2024)						74,813			75,280
MIWD Holdco II LLC, Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 03/28/2031 (Callable 07/31/2024)						20,000			20,146
Pretium PKG Holdings, Inc., Senior Secured First Lien
7.83% (includes 0.00% PIK) (3 mo. SOFR US + 2.50%), 10/02/2028						22,216			22,905
7.83% (includes 0.00% PIK) (3 mo. SOFR US + 2.50%), 10/02/2028						329			339
8.52% (includes 0.00% PIK) (3 mo. SOFR US + 3.20%), 10/02/2028						35,940			31,303
8.52% (includes 0.00% PIK) (3 mo. SOFR US + 3.20%), 10/02/2028						521			454
Restaurant Technologies, Inc., Senior Secured First Lien
9.58% (3 mo. SOFR US + 4.25%), 04/02/2029 (Callable 07/31/2024)						33,468			32,622
9.58% (3 mo. SOFR US + 4.25%), 04/02/2029 (Callable 07/31/2024)						3,177			3,097
9.58% (3 mo. SOFR US + 4.25%), 04/02/2029 (Callable 07/31/2024)						3,177			3,097

The accompanying notes are an integral part of these financial statements.

120

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Industrial - (Continued)
Standard Aero Ltd., Senior Secured First Lien, 8.84% (1 mo. SOFR US + 3.50%), 08/24/2028 (Callable 07/31/2024)						$  29,007			$  29,146
Titan Acquisition Ltd./Canada, Senior Secured First Lien, 10.33% (6 mo. SOFR US + 5.00%), 04/24/2029 (Callable 07/31/2024)						90,000			90,319
TransDigm, Inc., Senior Secured First Lien, 8.08% (3 mo. SOFR US + 2.75%), 03/22/2030 (Callable 07/31/2024)						29,925			30,016
TransDigm, Inc. First Lien, 7.84% (3 mo. Term SOFR + 3.25%), 02/28/2031 (Callable 07/31/2024)						75,000			75,244
TricorBraun Holdings, Inc., Senior Secured First Lien, 8.71% (1 mo. SOFR US + 3.25%), 03/03/2028 (Callable 07/31/2024)						43,229			43,215
									1,322,604
Technology - 0.5%
Access CIG LLC, Senior Secured First Lien, 10.33% (3 mo. SOFR US + 5.00%), 08/18/2028 (Callable 07/31/2024)						123,791			124,739
Applied Systems, Inc., Senior Secured Second Lien, 10.58% (3 mo. SOFR US + 5.25%), 02/23/2032 (Callable 07/31/2024)						10,000			10,368
Ascend Learning LLC, Senior Secured First Lien
8.94% (1 mo. SOFR US + 3.50%), 12/11/2028 (Callable 07/31/2024)						63,368			63,385
8.94% (1 mo. SOFR US + 3.50%), 12/11/2028 (Callable 07/31/2024)						61,377			61,393
AthenaHealth Group, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 02/15/2029 (Callable 07/31/2024)						65,953			65,819
Boxer Parent Co., Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 12/29/2028 (Callable 07/31/2024)						124,375			124,785

						Par			Value
Central Parent, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 07/06/2029 (Callable 07/31/2024)						$   75,000			$  74,133
Cornerstone OnDemand, Inc., Senior Secured First Lien, 9.21% (1 mo. SOFR US + 3.75%), 10/16/2028 (Callable 07/31/2024)						38,583			36,525
Cotiviti, Inc., Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 04/30/2031 (Callable 07/31/2024)						99,750			99,501
Dcert Buyer, Inc., Senior Secured First Lien, 9.34% (1 mo. SOFR US + 4.00%), 10/16/2026 (Callable 07/31/2024)						62,672			61,223
Epicor Software Corp. First Lien, 8.57% (1 mo. Term SOFR + 3.25%), 05/30/2031 (Callable 07/31/2024)						2,100			2,112
Epicor Software Corp., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 05/30/2031 (Callable 07/31/2024)						17,900			17,997
McAfee T/L B, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 3.25%), 03/01/2029						39,078			39,087
Mitchell International, Inc., Senior Secured First Lien, 8.59% (1 mo. SOFR US + 3.25%), 06/17/2031 (Callable 07/31/2024)						130,000			129,056
Mitchell International, Inc., 10.58% (1 mo. Term SOFR + 5.25%), 06/17/2032 (Callable 07/31/2024)						30,000			29,981
Modena Buyer LLC, 9.82% (1 mo. Term SOFR + 4.50%), 04/21/2031 (Callable 07/31/2024)						45,000			43,981
									984,085
Utilities - 0.0%(j)
Hamilton Projects Acquiror LLC, Senior Secured First Lien, 9.09% (1 mo. SOFR US + 3.75%), 05/30/2031 (Callable 07/31/2024)						15,000			15,115

The accompanying notes are an integral part of these financial statements.

121

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
BANK LOANS - (Continued)
Utilities - (Continued)
Vistra Zero Operating Co. LLC, Senior Secured First Lien, 8.09% (1 mo. SOFR US + 2.75%), 04/30/2031 (Callable 07/31/2024)						$  14,963			$  15,051
									30,166
TOTAL BANK LOANS (Cost $8,948,340)									8,975,428
						Shares
OPEN END FUNDS - 2.8%
Voya VACS Series EMCD Fund						105,884			907,421
Voya VACS Series EMHCD Fund						161,758			1,683,903
Voya VACS Series HYB Fund						306,782			3,123,044
TOTAL OPEN END FUNDS (Cost $6,370,776)									5,714,368
						Par
FOREIGN GOVERNMENT AGENCY ISSUES - 1.3%
CDP Financial, Inc., 4.20%, 12/02/2030			CAD			250,000			183,908
Export-Import Bank of India, 3.88%, 02/01/2028(a)						200,000			191,352
Indian Railway Finance Corp. Ltd., 3.25%, 02/13/2030(a)						200,000			179,023
Kuntarahoitus Oyj, 5.97% (Norway Interbank Offered Rate Fixing 3 Month + 1.25%), 01/10/2025			NOK			1,000,000			94,263
NOTA DO TESOURO NACIONAL (PRICES NEAR 1000)
10.00%, 01/01/2025			BRL			2,790,000			496,695
10.00%, 01/01/2027			BRL			2,395,000			411,312
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 4.13%, 05/15/2027(a)						250,000			240,937
Province of British Columbia Canada, 4.20%, 07/06/2033						145,000			138,258
Province of Ontario Canada
1.35%, 12/02/2030			CAD			395,000			247,031
3.45%, 06/02/2045			CAD			210,000			133,497
Republic of Austria Government Bond, 2.90%, 02/20/2033(a)			EUR			110,000			116,603

						Par			Value
Treasury Corp. of Victoria, 4.75%, 09/15/2036			AUD			145,000			$  91,581
TOTAL FOREIGN GOVERNMENT AGENCY ISSUES (Cost $2,723,459)									2,524,460
CONVERTIBLE BONDS - 1.2%
Communications - 0.3%
Liberty Broadband Corp., 3.13%, 03/31/2053 (Callable 04/06/2026)(a)						380,000			363,418
Liberty Media Corp., 2.38%, 09/30/2053 (Callable 09/30/2028)(a)						100,000			106,502
Uber Technologies, Inc., 0.88%, 12/01/2028(a)						162,000			193,020
									662,940
Consumer, Cyclical - 0.4%
Air Canada, 4.00%, 07/01/2025(b)						100,000			105,023
American Airlines Group, Inc., 6.50%, 07/01/2025						225,000			232,618
Burlington Stores, Inc., 1.25%, 12/15/2027(a)						160,000			205,624
Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027						165,000			150,574
Southwest Airlines Co., 1.25%, 05/01/2025						180,000			179,975
									873,814
Financial - 0.1%
DBS Group Holdings Ltd., 1.82% to 03/10/2026 then 5 yr. CMT Rate + 1.10%, 03/10/2031 (Callable 03/10/2026)						200,000			187,622
Utilities - 0.4%
American Water Capital Corp., 3.63%, 06/15/2026						190,000			186,061
CenterPoint Energy, Inc., 4.25%, 08/15/2026(a)						210,000			211,254
PNM Resources, Inc., 5.75%, 06/01/2054(a)						130,000			127,605
Southern Co., 4.50%, 06/15/2027(a)						190,000			191,434
									716,354
TOTAL CONVERTIBLE BONDS (Cost $2,498,247)									2,440,730

The accompanying notes are an integral part of these financial statements.

122

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
MUNICIPAL BONDS - 1.2%
Arlington Higher Education Finance Corp., 4.00%, 02/15/2049 (Callable 02/15/2032) (Obligor: Harmony Public Schools)						$   5,000			$   4,742
Board of Regents of the University of Texas System, 2.44%, 08/15/2049 (Callable 02/15/2049)						255,000			162,450
Bowling Green City School District, 4.13%, 10/01/2053 (Callable 10/01/2032)						30,000			29,183
City of Charlotte NC Airport Revenue, 4.00%, 07/01/2051 (Callable 07/01/2031)						5,000			4,900
City of Florence SC Combined Waterworks & Sewerage System Revenue, 3.00%, 09/01/2038 (Callable 09/01/2029)						5,000			4,528
City of Jersey Village TX, 4.00%, 03/15/2049 (Callable 03/15/2034)						10,000			9,640
City of Norfolk VA, 1.80%, 10/01/2031 (Callable 10/01/2030)						90,000			73,636
City of Wilson NC, 4.00%, 10/01/2040 (Callable 10/01/2033)						5,000			5,043
Commonwealth of Massachusetts, 2.90%, 09/01/2049						45,000			31,446
Corp. ForGreer, 4.25%, 09/01/2054 (Callable 09/01/2034)						45,000			44,246
County of Durham NC, 5.00%, 06/01/2042 (Callable 06/01/2034)						40,000			45,086
County of Nassau NY, 4.00%, 04/01/2051 (Callable 04/01/2034)						20,000			19,947
Fayetteville School District No 1, 4.00%, 02/01/2041 (Callable 08/01/2029)						15,000			15,026
Fort Mill Public Facilities Corp., 4.00%, 08/01/2044 (Callable 08/01/2034)						5,000			4,943
Greenwood Independent School District, 4.00%, 02/15/2054 (Callable 02/15/2033)						20,000			18,840
Hardin County School District Finance Corp., 4.00%, 02/01/2044 (Callable 02/01/2033)						10,000			9,749

						Par			Value
Louisiana Local Government Environmental Facilities & Community Development Auth, 5.20%, 12/01/2039						$  155,000			$  154,033
Massachusetts Development Finance Agency, 5.00%, 09/01/2059 (Callable 09/01/2029) (Obligor: Worcester Polytechnic Inst)						60,000			62,400
Massachusetts Educational Financing Authority
6.07%, 07/01/2033						125,000			126,199
5.95%, 07/01/2044 (Callable 07/01/2033)						110,000			109,681
Massachusetts School Building Authority, 2.95%, 05/15/2043 (Callable 05/15/2030)						75,000			56,257
Massachusetts Water Resources Authority, 3.12%, 08/01/2039 (Callable 08/01/2029)						155,000			127,222
Metropolitan Washington Airports Authority Aviation Revenue, 5.25%, 10/01/2053 (Callable 10/01/2032)(k)						20,000			21,278
Midland County Hospital District, 4.13%, 05/15/2049 (Callable 05/15/2034)						10,000			9,661
Needville Independent School District, 4.00%, 08/15/2054 (Callable 08/15/2034)						25,000			23,578
New Hampshire Business Finance Authority, 6.89%, 04/01/2034 (Callable 01/01/2034) (Obligor: Wheeling Power Co)(a)						100,000			102,249
New Jersey Infrastructure Bank, 3.00%, 09/01/2037 (Callable 09/01/2031)						10,000			9,134
Northeast Metropolitan Regional Vocational School District, 4.00%, 05/15/2053 (Callable 05/15/2033)						40,000			38,883
Ohio Higher Educational Facility Commission, 4.00%, 07/01/2044 (Callable 07/01/2030) (Obligor: Kenyon College)						40,000			38,683

The accompanying notes are an integral part of these financial statements.

123

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

						Par			Value
MUNICIPAL BONDS - (Continued)
Oregon Health & Science University, 4.00%, 07/01/2051 (Callable 01/01/2032) (Obligor: Or Hlth & Science Univ Ob)						$   5,000			$   4,832
Oregon State University, 4.00%, 04/01/2044 (Callable 04/01/2034)						15,000			15,044
Rhode Island Health and Educational Building Corp., 5.00%, 05/15/2046 (Callable 05/15/2034)						25,000			27,000
Sacramento City Unified School District/CA, 4.00%, 08/01/2054 (Callable 08/01/2034)						20,000			19,293
South Carolina Jobs-Economic Development Authority, 4.00%, 04/01/2052 (Callable 04/01/2032) (Obligor: Furman University)						15,000			14,382
South Carolina Public Service Authority, 5.74%, 01/01/2030						50,000			50,759
State Board of Administration Finance Corp.
2.15%, 07/01/2030						48,000			40,866
5.53%, 07/01/2034 (Callable 01/01/2034)						155,000			156,161
State of Texas, 5.24%, 10/01/2043 (Callable 10/01/2033)						210,000			212,671
Temple Independent School District/TX, 4.00%, 02/01/2049 (Callable 02/01/2034)						5,000			4,901
Texas Natural Gas Securitization Finance Corp., 5.17%, 04/01/2041						135,000			134,575
Town of Maynard MA, 4.00%, 04/15/2054 (Callable 04/15/2033)						50,000			48,847
University of Nebraska Facilities Corp., 3.04%, 10/01/2049 (Obligor: University Of Nebraska)						110,000			79,738
University of Virginia, 2.26%, 09/01/2050 (Callable 03/01/2050)						310,000			185,210

						Par			Value
Virginia Commonwealth University Health System Authority, 4.00%, 07/01/2054 (Callable 07/01/2034) (Obligor: Va Comwlth Univ Hlth Obl)						$   60,000			$  57,137
TOTAL MUNICIPAL BONDS (Cost $2,432,477)									2,414,079
						Shares
CONVERTIBLE PREFERRED STOCKS - 0.3%
Utilities - 0.3%
NextEra Energy, Inc.
6.93%, 09/01/2025(b)						8,365			347,064
7.30%, 06/01/2027						3,500			173,215
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $578,419)									520,279
						Par
COLLATERALIZED DEBT OBLIGATIONS - 0.1%
BDS 2021-FL10 Ltd., Series 2021-FL10, Class A, 6.80% (1 mo. Term SOFR + 1.46%), 12/16/2036 (Callable 07/16/2024)(a)						$90,590			90,194
LFT CRE 2021-FL1 Ltd., Series 2021-FL1, Class B, 7.19% (1 mo. Term SOFR + 1.86%), 06/15/2039 (Callable 07/15/2024)(a)						100,000			98,055
TOTAL COLLATERALIZED DEBT OBLIGATIONS (Cost $187,748)									188,249
						Shares
PREFERRED STOCKS - 0.1%
Financial - 0.1%
Bank of Hawaii Corp. 8.00%, Perpetual (Callable 08/01/2029)(b)						5,875			150,106
Citizens Financial Group, Inc. 7.38%, Perpetual (Callable 07/06/2029)						50			1,323
First Horizon Corp. Series F, 4.70%, Perpetual (Callable 07/10/2026)						783			13,366
TOTAL PREFERRED STOCKS (Cost $161,240)									164,795

The accompanying notes are an integral part of these financial statements.

124

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

			Notional Amount			Contracts			Value
PURCHASED OPTIONS - 0.0%
Call Options - 0.0%(j)
3 Mo. Euribor, Expiration: 12/16/2024; Exercise Price: $97.38(l)(m)			$3,624,632			14			$1,125
USD/CNH, Counterparty: Standard Chartered Securities N.A., Expiration: 06/20/2025; Exercise Price: $7.50			1,171,000			1,171,000			8,451
USD/JPY, Counterparty: BNP Paribas Securities Corp.;
Expiration: 11/26/2025; Exercise Price: $165.00			99,000			99,000			1,341
Expiration: 09/09/2032; Exercise Price: $140.00			1,058,600			1,058,600			33,831
Total Call Options									44,748
Put Options - 0.0%(j)
3 Mo. Euribor, Expiration: 12/16/2024; Exercise Price: $96.38(l)(m)			3,624,632			14			1,124
EUR/MXN, Counterparty: Deutsche Bank, Expiration: 07/19/2024; Exercise Price: $17.50			53,547			50,000			50
USD/JPY, Counterparty: BNP Paribas Securities Corp., Expiration: 02/27/2025; Exercise Price: $107.50			437,000			437,000			58
USD/TRY, Counterparty: Bank of America, Expiration: 04/02/2025; Exercise Price: $36.00			60,000			60,000			649
Total Put Options									1,881
TOTAL PURCHASED OPTIONS (Cost $71,686)									46,629
						Par
SHORT-TERM INVESTMENTS - 0.5%
U.S. Treasury Bills - 0.5%
5.32%, 10/01/2024(n)						$1,000,000			986,660
TOTAL SHORT-TERM INVESTMENTS (Cost $986,631)									986,660
TOTAL INVESTMENTS - 95.4% (Cost $204,175,074)									$191,719,926
Money Market Deposit Account - 4.5%(o)(p)									9,045,928
Other Assets in Excess of Liabilities - 0.1%									252,436
TOTAL NET ASSETS - 100.0%									$201,018,290

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury Rate

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

PIK - Payment in Kind

PLC - Public Limited Company

SA - Sociedad Anónima

SAA - Sociedad Anomina Abierta

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CNY - Chinese Yuan Renminbi

EUR - Euro

GBP - British Pound

IDR - Indonesian Rupiah

INR - Indian Rupee

KRW - South Korean Won

MXN - Mexican Peso

MYR - Malaysian Ringgit

NOK - Norwegian Krone

NZD - New Zealand Dollar

PHP - Philippine Peso

SGD - Singapore Dollar

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2024, the value of these securities total $77,237,975 or 38.4% of the Fund’s net assets.

(b)
All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $1,198,135 which represented 0.6% of net assets.

(c)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(d)
Zero coupon bonds make no periodic interest payments.

(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $411,363 or 0.2% of net assets as of June 30, 2024.

(f)
Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2024.

(g)
Interest only security.

(h)
Step coupon bond. The rate disclosed is as of June 30, 2024.

(i)
Inverse floating rate security whose interest rate moves in the opposite direction of reference interest rates. Reference interest rates are typically based on a negative multiplier or slope. Interest rate may also be subject to a cap or floor.

The accompanying notes are an integral part of these financial statements.

125

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2024 (Unaudited)(Continued)

(j)
Represents less than 0.05% of net assets.

(k)
Security subject to the Alternative Minimum Tax (“AMT”). As of June 30, 2024, the total value of securities subject to the AMT was $21,278 or 0.0% of net assets.

(l)
Exchange-traded.

(m)
100 shares per contract.

(n)
The rate shown is the effective yield as of June 30, 2024.

(o)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2024 was 5.28%.

(p)
All or a portion of this deposit account has been pledged as collateral. The total value of assets committed as collateral as of June 30, 2024 is $1,240,978.

The accompanying notes are an integral part of these financial statements.

126

Wilshire Income Opportunities Fund

Schedule of Written Options

June 30, 2024 (Unaudited)

			Notional Amount			Contracts			Value
WRITTEN OPTIONS - 0.0%(a)
Call Options - 0.0%(a)
3 Mo. Euribor, Expiration: 12/16/2024; Exercise Price: $97.63(b)(c)			$(3,624,632)			(14)			$(750)
Japanese Yen, Counterparty: BNP Paribas Securities Corp.; Expiration: 09/09/2027; Exercise Price: $140.00			(1,058,600)						​(31,531)
Japanese Yen, Counterparty: Bank of America; Expiration: 09/09/2027; Exercise Price: $140.00			(1,058,600)						(31,531)
Total Call Options									(63,812)
Put Options - 0.0%(a)
3 Mo. Euribor, Expiration: 12/16/2024; Exercise Price: $96.63(b)(c)			(3,624,632)			(14)			(4,217)
Chinese Yuan Renminbi, Counterparty: Standard Chartered Securities N.A.; Expiration: 06/20/2025; Exercise Price: $6.83			(1,171,000)						(8,898)
Total Put Options									(13,115)
TOTAL WRITTEN OPTIONS (Premiums received $44,202)									$(76,927)

Percentages are stated as a percent of net assets.

(a)
Represents less than 0.05% of net assets.

(b)
Exchange-traded.

(c)
100 shares per contract.

The accompanying notes are an integral part of these financial statements.

127

WILSHIRE INCOME OPPORTUNITIES FUND

SCHEDULE OF INTEREST RATE SWAPTIONS

June 30, 2024 (Unaudited)

Counterparty			Description			Exercise Rate			Expiration Date			Notional Amount			Value			Upfront Premium Received (Paid)			Unrealized Appreciation (Depreciation)
Calls Purchased
Mizuho Capital Markets LLC			10-Year Interest Rate Swap, SOFR, Pay Floating Rate			3.630%			08/26/2024			$1,342,000			$6,886			$(7,838)			$(952)
Barclays Capital, Inc.			Interest Rate, SOFR			0.000%			05/25/2027			2,436,500			52,899			—			52,899
Barclays Capital, Inc.			30-Year Interest Rate Swap, SOFR, Pay Floating Rate			0.000%			06/14/2027			775,000			19,772			—			19,772
Calls Written
UBS AG			Interest Rate, SOFR			4.350%			07/03/2024			16,618,000			(814)			8,974			8,160
Mizuho Capital Markets LLC			Interest Rate, SOFR			3.880%			08/26/2024			1,342,000			(16,652)			18,117			1,465
Puts Purchased
Goldman Sachs			Interest Rate, EURIBOR			3.100%			12/20/2024			3,355,000			7,179			(10,632.00)			(3,453)
Mizuho Capital Markets LLC			10-Year Interest Rate Swap, SOFR			4.130%			08/26/2024			1,342,000			7,806			(8,052.00)			(246)
Puts Written
UBS AG			Interest Rate, EURIBOR			3.000%			04/09/2029			1,997,000			(78,349)			—			(78,349)
Mizuho Capital Markets LLC			10-Year Interest Rate, SOFR, Pay Floating Rate			3.880%			08/26/2024			1,342,000			(18,352)			18,117			(235)
Goldman Sachs			Interest Rate, EURIBOR			3.280%			12/20/2024			3,355,000			(4,337)			6,609			2,272
Goldman Sachs			Interest Rate, EURIBOR			3.453%			12/20/2024			3,355,000			(2,634)			4,023			1,389
Total Interest Rate Swaptions															$(26,596)			$29,318			$2,722

EURIBOR - Euro Interbank Offer Rate

SOFR - Secured Overnight Financing Rate.

The accompanying notes are an integral part of these financial statements.

128

Wilshire Income Opportunities Fund

Schedule of Futures Contracts

June 30, 2024 (Unaudited)

Description			Contracts Purchased			Expiration Date			Notional			Value/Unrealized Appreciation (Depreciation)
Euro-Bund			3			09/06/2024			$422,876			$3,821
U.S. Treasury 2 Year Notes			401			09/30/2024			82,151,376			259,658
U.S. Treasury 5 Year Notes			263			09/30/2024			28,259,750			229,703
												$493,182

Description			Contracts Sold			Expiration Date			Notional			Value/Unrealized Appreciation (Depreciation)
10 Year U.S. Ultra Treasury Notes			(24)			09/19/2024			$2,724,750			$13,109
Euro-BTP Italian Government Bonds			(4)			09/06/2024			493,879			5,951
U.S. Treasury 10 Year Notes			(46)			09/19/2024			5,075,105			(15,824)
U.S. Treasury Long Bonds			(28)			09/19/2024			3,351,525			(38,774)
U.S. Treasury Ultra Bonds			(14)			09/19/2024			1,740,038			14,775
												$(20,763)
Total Unrealized Appreciation (Depreciation)												$472,419

The accompanying notes are an integral part of these financial statements.

129

Wilshire Income Opportunities Fund

Schedule of Forward Currency Contracts

June 30, 2024 (Unaudited)

Counterparty			Settlement Date			Currency Purchased						Currency Sold						Unrealized Appreciation (Depreciation)
Australia and New Zealand Banking Group Ltd.			09/18/2024			NZD			333,109			AUD			306,250			$ (1,844)
Australia and New Zealand Banking Group Ltd.			09/18/2024			USD			1,999,932			NZD			3,235,219			29,393
Bank of America			04/03/2025			USD			45,940			TRY			2,127,000			(3,039)
Barclays Capital, Inc.			09/18/2024			EUR			918,750			NOK			10,495,843			2,843
Barclays Capital, Inc.			09/18/2024			MXN			5,771,532			USD			306,250			5,149
Barclays Capital, Inc.			09/18/2024			NOK			3,476,581			EUR			306,250			(3,016)
Barclays Capital, Inc.			08/02/2024			USD			1,679			GBP			1,306			28
Barclays Capital, Inc.			08/02/2024			USD			361			JPY			56,650			7
Barclays Capital, Inc.			09/18/2024			USD			307,566			MXN			5,743,791			(2,337)
Barclays Capital, Inc.			08/02/2024			USD			1,177			NOK			12,362			18
Barclays Capital, Inc.			09/18/2024			USD			715,465			NOK			7,616,315			655
BNP Paribas Securities Corp.			08/02/2024			SEK			4,660			USD			453			(13)
BNY Mellon Capital Markets LLC			09/18/2024			AUD			612,500			NZD			664,663			4,636
BNY Mellon Capital Markets LLC			09/18/2024			NZD			328,531			AUD			301,681			(1,578)
Brown Brothers Harriman Investments LLC			08/02/2024			JPY			56,659			USD			357			(3)
Canadian Imperial Bank Of Commerce			09/18/2024			AUD			2,413,446			NZD			2,605,642			26,395
Canadian Imperial Bank Of Commerce			09/18/2024			CAD			60,000			JPY			6,822,360			998
Canadian Imperial Bank Of Commerce			09/18/2024			EUR			138,233			NOK			1,589,433			(535)
Canadian Imperial Bank Of Commerce			09/18/2024			JPY			48,289,307			USD			306,250			(2,268)
Canadian Imperial Bank Of Commerce			09/18/2024			NOK			6,993,336			EUR			611,875			(1,589)
Canadian Imperial Bank Of Commerce			09/18/2024			NZD			985,837			AUD			909,612			(7,641)
Canadian Imperial Bank Of Commerce			09/18/2024			USD			257,239			CAD			350,634			427
Citibank Global Markets, Inc.			09/18/2024			EUR			612,500			NOK			7,013,498			368
Citibank Global Markets, Inc.			09/18/2024			EUR			37,263			USD			40,057			11
Citibank Global Markets, Inc.			09/18/2024			NZD			657,896			AUD			603,362			(2,648)
Citibank Global Markets, Inc.			08/30/2024			USD			140,847			BRL			770,728			3,968
Citibank Global Markets, Inc.			09/18/2024			USD			304,020			CAD			415,267			(130)
Citibank Global Markets, Inc.			09/18/2024			USD			2,305,005			EUR			2,126,051			18,927
Citibank Global Markets, Inc.			09/18/2024			USD			124,398			MXN			2,283,041			1,218
Goldman Sachs			09/18/2024			CAD			598,117			USD			435,311			2,763
Goldman Sachs			09/18/2024			MXN			11,883,958			USD			626,000			15,191
Goldman Sachs			09/18/2024			NOK			5,564,831			EUR			488,679			(3,188)
Goldman Sachs			09/18/2024			SGD			518,240			USD			383,317			372
Goldman Sachs			04/03/2025			TRY			2,127,000			USD			45,890			3,089
Goldman Sachs			09/18/2024			USD			107,769			MXN			1,976,348			1,136
HSBC Bank			09/18/2024			CAD			164,272			USD			120,000			316
HSBC Bank			09/18/2024			NOK			3,487,345			EUR			306,250			(2,005)
HSBC Bank			09/18/2024			SGD			1,036,388			USD			766,633			675
HSBC Bank			09/18/2024			USD			3,210,835			SGD			4,317,562			14,251
J.P. Morgan Securities, Inc.			09/18/2024			EUR			582,715			NOK			6,691,326			(1,422)
J.P. Morgan Securities, Inc.			09/18/2024			JPY			47,984,536			USD			306,250			(4,186)
J.P. Morgan Securities, Inc.			09/18/2024			NOK			2,083,043			EUR			182,429			(661)
J.P. Morgan Securities, Inc.			09/18/2024			USD			124,348			MXN			2,296,902			421
Mizuho Securities USA LLC			08/02/2024			USD			1,641			CAD			2,245			(1)
Mizuho Securities USA LLC			08/23/2024			ZAR			10,551,835			USD			577,717			(295)
Morgan Stanley			09/18/2024			EUR			306,250			NOK			3,470,731			3,565

The accompanying notes are an integral part of these financial statements.

130

Wilshire Income Opportunities Fund

Schedule of Forward Currency Contracts

June 30, 2024 (Unaudited)(Continued)

Counterparty			Settlement Date			Currency Purchased						Currency Sold						Unrealized Appreciation (Depreciation)
Morgan Stanley			08/02/2024			EUR			15,441			USD			16,749			(184)
Morgan Stanley			09/18/2024			MXN			2,307,186			USD			123,428			$1,054
Morgan Stanley			09/18/2024			NOK			7,002,985			EUR			612,500			(1,355)
Morgan Stanley			09/18/2024			USD			130,294			CAD			177,959			(47)
Morgan Stanley			09/18/2024			USD			759,937			GBP			595,521			6,674
Morgan Stanley			09/18/2024			USD			378,436			SGD			506,545			3,407
Morgan Stanley			08/23/2024			USD			577,099			ZAR			10,551,835			(323)
Royal Bank of Canada Investment Management (USA) Ltd.			09/18/2024			CAD			473,107			USD			345,683			831
Royal Bank of Canada Investment Management (USA) Ltd.			09/18/2024			EUR			612,500			NOK			6,997,506			1,869
Royal Bank of Canada Investment Management (USA) Ltd.			09/18/2024			NOK			9,067,342			EUR			795,554			(4,442)
Royal Bank of Canada Investment Management (USA) Ltd.			09/18/2024			NZD			981,215			AUD			905,042			(7,401)
Royal Bank of Canada Investment Management (USA) Ltd.			09/18/2024			USD			607,157			CAD			828,801			125
Standard Chartered Securities N.A.			08/02/2024			USD			7,104			EUR			6,647			(27)
Standard Chartered Securities N.A.			08/30/2024			USD			590,140			MXN			10,777,125			7,001
State Street Bank & Trust Co.			09/18/2024			JPY			6,784,030			CAD			60,000			(1,240)
State Street Bank & Trust Co.			09/18/2024			JPY			46,519,005			USD			300,000			(7,162)
State Street Bank & Trust Co.			08/02/2024			NZD			2,574			USD			1,597			(29)
State Street Bank & Trust Co.			08/02/2024			USD			3,395			AUD			5,071			9
State Street Bank & Trust Co.			08/02/2024			USD			5,800			CHF			5,139			54
State Street Bank & Trust Co.			08/02/2024			USD			27,666			EUR			25,805			(17)
State Street Bank & Trust Co.			08/02/2024			USD			366			JPY			56,659			12
State Street Bank & Trust Co.			09/18/2024			USD			876,231			MXN			16,195,884			2,393
State Street Bank & Trust Co.			09/18/2024			USD			2,002,813			NZD			3,239,880			29,435
UBS AG			08/02/2024			EUR			2,051			USD			2,205			(4)
UBS AG			09/18/2024			JPY			48,758,124			USD			306,250			684
UBS AG			09/18/2024			NOK			13,961,238			EUR			1,225,000			(6,908)
UBS AG			09/18/2024			NOK			615,000			SEK			600,529			817
UBS AG			09/18/2024			SEK			604,748			NOK			615,000			(417)
UBS AG			09/18/2024			SGD			1,037,580			USD			766,633			1,558
UBS AG			09/18/2024			USD			28,645			AUD			43,072			(150)
Total Unrealized Appreciation (Depreciation)																		$124,638

AUD - Australian Dollar

CAD - Canadian Dollar

EUR - Euro

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

SEK - Swedish Krona

SGD - Singapore Dollar

TRY - Turkish Lira

USD - United States Dollar

ZAR - South African Rand

The accompanying notes are an integral part of these financial statements.

131

Wilshire Income Opportunities Fund

Schedule of Centrally Cleared Interest Rate Swap Contracts

June 30, 2024 (Unaudited)

Paid by the Fund						Received by the Fund						Maturity Date			Notional Amount (000)						Value			Premium Piad (Received)			Unrealized Appreciation (Depreciation)
Rate			Frequency			Rate			Frequency
4.53%			Annually			SOFR			Annually			06/18/2026			USD			$6,533			$10,159			$—			$10,159
SOFR			Annually			3.39%			Annually			08/25/2024			USD			7,700			(154,243)			—			(154,243)
BR IDOR			At Maturity			10.06%			At Maturity			01/02/2025			BRL			15,244			​(13,242)			—			​(13,242)
BR IDOR			At Maturity			9.69%			At Maturity			01/02/2026			BRL			5,969			​1,282			(315)			​1,597
BR IDOR			At Maturity			0.00%			At Maturity			01/04/2027			BRL			2,016			(9,444)			—			(9,444)
TIIE			28 Days			9.31%			​At Maturity			02/03/2027			MXN			13,600			(12,385)			—			(12,385)
TIIE			28 Days			9.99%			28 Days			06/25/2027			MXN			5,090			632			—			632
TIIE			28 Days			8.44%			28 Days			07/20/2028			MXN			13,229			(30,070)			—			(30,070)
																					$​(207,311)			$(315)			$(206,996)

BR IDOR - Brazil Cetip DI Interbank Deposit Overnight Rate

SOFR - Secured Overnight Financing Rate

TIIE - Mexican Interbank Equilibrium Interest Rate

BRL - Brazillian Real

MXN - Mexican Peso

USD - U.S. Dollar

The accompanying notes are an integral part of these financial statements.

132

Wilshire Income Opportunities Fund

Schedule of OVER THE COUNTER EXCHANGE RATE VOLATILITY SWAP CONTRACTS

June 30, 2024 (Unaudited)

Terms of Payments to be Received

Terms of Payments to be Paid

Counterparty

Maturity Date

Payment Frequency

Notional Amount

Value/ Unrealized Appreciation (Depreciation)

6-Month GBP/USD

6.53%

Goldman Sachs

09/17/2024

Quarterly

$3,000

$21

6-Month GBP/USD

6.60%

Deutsche Bank

09/17/2024

Quarterly

3,000

23

6-Month GBP/USD

6.63%

BNP Paribas Securities Corp.

09/17/2024

Quarterly

3,000

24

6-Month USD/CAD

5.19%

BNP Paribas Securities Corp.

09/13/2024

Quarterly

5,000

34

6-Month USD/CAD

5.20%

Deutsche Bank

09/13/2024

Quarterly

5,000

35

6-Month USD/CAD

5.20%

​UBS AG

10/03/2024

Quarterly

3,000

46

6-Month USD/CAD

5.56%

​BNP Paribas Securities Corp.

10/10/2024

Quarterly

4,000

156

Total Unrealized Appreciation (Depreciation)

$339

The accompanying notes are an integral part of these financial statements.

133

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)

			Large Company Growth Portfolio			Large Company Value Portfolio
ASSETS:
Unaffiliated investments, at value* (Note 2)			$228,169,751			$150,060,825
Investments in affiliated registered investment companies, at value (Note 6)			7,548,137			5,383,167
Cash and cash equivalents			10,920,671			7,582,281
Cash proceeds from securities lending (Note 8)			17,415			—
Margin deposits for futures contracts			100,600			65,310
Receivable for capital shares sold			50,129			47,541
Receivable for investment securities sold			394,626			24,223
Net unrealized appreciation on swap contracts			​8,495,738			2,431,929
Net variation margin receivable on futures contracts			17,820			12,633
Securities lending income receivable			332			8
Dividends and interest receivable			204,510			272,866
Foreign withholding tax reclaims receivable			14,194			11,987
Other assets			​22,920			21,406
Total assets			255,956,843			165,914,176
LIABILITIES:
Payable upon return of securities loaned (Note 8)			17,415			—
Payable for capital shares redeemed			184,755			35,836
Payable for investment securities purchased			537,447			268,165
Investment advisory fees payable (Note 3)			155,087			96,837
Distribution fees payable (Note 4)			40,797			1,069
Shareholder service fees payable (Note 4)			29,678			10,662
Administration fees payable			34,190			26,303
Foreign withholding tax payable			1,089			1,695
Line of credit payable (Note 5)			140,000			—
Accrued interest expense (Note 5)			457			98
Accrued expenses and other payables			57,153			58,023
Total liabilities			1,198,068			498,688
NET ASSETS			$ 254,758,775			$165,415,488
* Includes value of securities on loan			$17,078			$—
Net Assets Consist of:
Paid-in capital			$120,374,635			$130,601,698
Distributable earnings			134,384,140			34,813,790
NET ASSETS			$ 254,758,775			$165,415,488
Net Asset Value Per Share:
Investment Class
Net assets applicable to Investment Class			$73,202,846			$3,939,446
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)			1,675,612			182,881
Net asset value, offering and redemption price per share			$43.69			$21.54

The accompanying notes are an integral part of these financial statements.

134

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)(Continued)

			Large Company Growth Portfolio			Large Company Value Portfolio
Institutional Class
Net assets applicable to Institutional Class			$181,555,929			$161,476,042
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)			3,449,509			7,562,258
Net asset value, offering and redemption price per share			$52.63			$21.35
Unaffiliated investments, at cost (Note 2)			$118,265,852			$124,820,280
Investments in affiliated registered investment companies, at cost (Note 6)			$7,713,457			$5,517,188

The accompanying notes are an integral part of these financial statements.

135

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)(Continued)

			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 IndexSM Fund
ASSETS:
Unaffiliated investments, at value* (Note 2)			$23,935,320			$24,498,018			$263,228,232
Cash and cash equivalents			497,941			254,279			4,749,440
Cash proceeds from securities lending (Note 8)			87,695			78,762			848,882
Receivable for capital shares sold			3,280			6,723			116,063
Receivable for investment securities sold			28,166			(2,144)			27,501
Securities lending income receivable			44			69			796
Dividends and interest receivable			6,286			31,780			162,435
Foreign withholding tax reclaims receivable			—			15			1,676
Other assets			18,539			18,601			19,514
Total assets			24,577,271			24,886,103			269,154,539
LIABILITIES:
Payable upon return of securities loaned (Note 8)			87,695			78,762			848,882
Payable for capital shares redeemed			4,527			6,966			95,600
Payable for investment securities purchased			12,558			—			—
Investment advisory fees payable (Note 3)			5,557			4,197			21,740
Distribution fees payable (Note 4)			7,528			1,262			58,948
Shareholder service fees payable (Note 4)			4,387			4,873			5,919
Administration fees payable			8,227			9,146			40,327
Foreign withholding tax payable			—			103			38
Accrued interest expense (Note 5)			5			3			—
Accrued expenses and other payables			31,684			36,175			54,649
Total liabilities			162,168			141,487			1,126,103
NET ASSETS			$ 24,415,103			$24,744,616			$268,028,436
* Includes value of securities on loan			$84,358			$79,178			$805,556
Net Assets Consist of:
Paid-in capital			$23,185,665			$19,813,213			$60,595,490
Distributable earnings			1,229,438			4,931,403			207,432,946
Net assets			$ 24,415,103			$24,744,616			$268,028,436
Net Asset Value Per Share:
Investment Class
Net assets applicable to Investment Class			​$5,621,040			$5,269,593			$212,570,184
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)			​348,483			206,750			6,855,575
Net asset value, offering and redemption price per share			​$16.13			$25.49			$31.01

The accompanying notes are an integral part of these financial statements.

136

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)(Continued)

			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 IndexSM Fund
Institutional Class
Net assets applicable to Institutional Class			​$18,794,063			$19,475,023			$55,458,252
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)			​965,403			741,370			1,784,861
Net asset value, offering and redemption price per share			​$19.47			$26.27			$31.07
Unaffiliated investments, at cost (Note 2)			$19,527,207			$20,406,516			$61,234,615

The accompanying notes are an integral part of these financial statements.

137

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)(Continued)

			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
ASSETS:
Unaffiliated investments, at value* (Note 2)			$200,273,836			$186,005,558
Investments in affiliated registered investment companies, at value (Note 6)			7,346,763			5,714,368
Cash and cash equivalents			8,524,743			7,846,257
Foreign currency, at value			511,710			61,748
Cash proceeds from securities lending (Note 8)			313,224			1,240,978
Margin deposits for futures contracts			99,375			786,663
Margin deposits for swap contracts			360,000			​539,243
Net variation margin receivable on swaps			—			3,322
Receivable for capital shares sold			26,779			44,213
Receivable for investment securities sold			121,001			1,095,314
Unrealized appreciation on swap contracts			3,625,337			—
Unrealized appreciation on swaption contracts			—			​85,957
Unrealized appreciation on foreign forward currency contracts (Note 7)			—			​192,743
Net variation margin receivable on futures contracts			18,039			36,931
Securities lending income receivable			699			842
Dividends and interest receivable			657,963			1,781,113
Foreign withholding tax reclaims receivable			559,317			—
Other assets			56,155			​24,552
Total assets			222,494,941			​205,459,802
LIABILITIES:
Options written, at value			—			76,927
Swaption premium received			—			29,318
Payable upon return of securities loaned (Note 8)			313,224			1,240,978
Due to broker			—			899
Payable for capital shares redeemed			46,116			​472,473
Payable for investment securities purchased			861,369			2,154,508
Payable for distributions			—			26,928
Unrealized depreciation on swaption contracts			—			​83,235
Unrealized depreciation on foreign forward currency contracts (Note 7)			—			​68,105
Investment advisory fees payable (Note 3)			158,557			77,007
Accrued Directors’ fees (Note 3)			—			6,200
Distribution fees payable (Note 4)			194			46
Shareholder service fees payable (Note 4)			16,646			18,418
Administration fees payable			41,005			33,799
Foreign withholding tax payable			33,936			6,752
Accrued interest expense (Note 5)			4			—
Accrued expenses and other payables			168,990			145,919
Total liabilities			1,640,041			​4,441,512
NET ASSETS			$ 220,854,900			$201,018,290
* Includes value of securities on loan			$298,060			$1,198,135

The accompanying notes are an integral part of these financial statements.

138

Statements of Assets and Liabilities

June 30, 2024 (Unaudited)(Continued)

			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Net Assets Consist of:
Paid-in capital			$172,435,655			$240,522,939
Distributable earnings (Accumulated losses)			48,419,245			(39,504,649)
Net assets			$220,854,900			$201,018,290
Net Asset Value Per Share:
Investment Class
Net assets applicable to Investment Class			$760,100			$199,073
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†			66,660			22,563
Net asset value, offering and redemption price per share(a)			$11.40			$8.82
Institutional Class
Net assets applicable to Institutional Class			$220,094,800			$200,819,217
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)†			19,549,469			23,041,797
Net asset value, offering and redemption price per share(a)			$11.26			$8.72
Unaffiliated investments, at cost (Note 2)			$166,567,265			$197,804,298
Investments in affiliated registered investment companies, at cost (Note 6)			$7,503,453			$6,370,776
Foreign currency, at cost			$508,566			$62,005
Premiums received for options written			$—			$44,202

†
For Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share).

(a)
For Wilshire International Equity Fund, a redemption fee may apply to redemptions of shares held for sixty days or less, subject to certain exceptions (Note 2).

The accompanying notes are an integral part of these financial statements.

139

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)

			Large Company Growth Portfolio			Large Company Value Portfolio
INVESTMENT INCOME:
Dividends			$490,054			$ 1,362,547
Dividends from affiliated investment companies (Note 6)			195,031			140,258
Interest			771,075			536,103
Income from securities lending (Note 8)			738			131
Foreign taxes withheld			(3,047)			(17,787)
Total income			1,453,851			2,021,252
EXPENSES:
Investment advisory fee (Note 3)			911,206			625,131
Shareholder Service fees (Note 4)
Institutional Class			43,824			37,448
Investment Class			42,307			1,476
Distribution (12b-1) fees (Note 4)
Investment Class			84,126			4,855
Administration and accounting fees (Note 3)			70,471			53,838
Directors’ fees and expenses (Note 3)			38,710			27,921
Pricing costs			21,614			24,292
Professional fees			22,338			18,964
Registration and filing fees			19,662			18,548
Transfer agent fees (Note 3)			19,288			15,090
Printing expense			14,215			11,640
Custodian fees (Note 3)			12,641			15,870
Insurance expense			8,864			6,281
Other			6,929			6,757
Interest expense (Note 2)			4,467			117
Total expenses			1,320,662			868,228
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)			(6,329)			(28,778)
Fees paid indirectly (Note 4)			(137)			—
Net expenses			1,314,196			839,450
Net investment income			139,655			1,181,802
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains (losses) from:
Sale of unaffiliated investments			13,645,209			6,670,463
Futures contracts			2,179			(8,042)
Foreign currency transactions			—			(172)

The accompanying notes are an integral part of these financial statements.

140

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)(Continued)

			Large Company Growth Portfolio			Large Company Value Portfolio
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments			$30,644,687			$ 2,656,043
Investments in affiliated investment company shares			106,089			71,760
Futures contracts			208,885			138,575
Swap contracts			7,004,726			1,082,565
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			—			(96)
Net realized and unrealized gains on investments and foreign currency transactions			51,611,775			10,611,096
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$ 51,751,430			$11,792,898

The accompanying notes are an integral part of these financial statements.

141

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)(Continued)

			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 IndexSM Fund
INVESTMENT INCOME:
Dividends			$71,216			$284,089			$1,748,501
Interest			13,313			9,223			79,755
Income from securities lending (Note 8)			394			1,278			6,182
Foreign taxes withheld			(166)			(381)			(148)
Other income			—			—			58
Total income			84,757			294,209			1,834,348
EXPENSES:
Investment advisory fee (Note 3)			106,356			107,330			126,418
Administration and accounting fees (Note 3)			17,836			19,478			83,621
Registration and filing fees			17,059			17,396			18,837
Shareholder Service fees (Note 4)
Institutional Class			12,053			12,046			8,529
Investment Class			2,411			3,500			62,355
Transfer agent fees (Note 3)			11,854			11,855			19,922
Professional fees			11,608			11,310			20,892
Distribution (12b-1) fees (Note 4)
Investment Class			7,087			6,680			201,147
Custodian fees (Note 3)			6,887			8,240			7,508
Pricing costs			6,305			10,267			34,784
Printing expense			6,976			8,502			11,007
Directors’ fees and expenses (Note 3)			4,352			4,379			39,146
Other			2,452			2,453			2,961
Insurance expense			970			1,033			9,143
Interest expense (Note 5)			—			47			100
Total expenses			214,206			224,516			646,370
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)			(69,392)			(78,891)			—
Fees paid indirectly (Note 4)			(156)			(197)			—
Net expenses			144,658			145,428			646,370
Net investment income (loss)			(59,901)			148,781			1,187,978
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains (losses) from:
Sale of unaffiliated investments			853,109			700,778			4,784,230
Net change in unrealized appreciation on:			—
Unaffiliated investments			(971,439)			(915,738)			25,428,696
Net realized and unrealized gains on investments and foreign currency transactions			(118,330)			(214,960)			30,212,926
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$ (178,231)			$(66,179)			$31,400,904

The accompanying notes are an integral part of these financial statements.

142

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)(Continued)

			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
INVESTMENT INCOME:
Dividends			$3,729,928			$16,265
Dividends from affiliated investment companies (Note 6)			189,399			200,430
Interest			688,675			5,173,714
Income from securities lending (Note 7)			3,384			5,136
Foreign taxes withheld			(403,895)			(13,465)
Total income			4,207,491			5,382,080
EXPENSES:
Investment advisory fee (Note 3)			1,110,131			595,181
Custodian fees (Note 3)			137,687			51,419
Administration and accounting fees (Note 3)			81,861			67,739
Shareholder service fees (Note 4)
Institutional Class			46,478			48,558
Investment Class			577			198
Pricing costs			47,721			146,709
Directors’ fees and expenses (Note 3)			37,883			35,017
Professional fees			29,380			30,109
Registration and filing fees			20,708			20,048
Transfer agent fees (Note 3)			17,659			15,840
Printing expense			11,883			10,323
Insurance expense			8,507			7,524
Interest expense (Note 2)			731			—
Other			6,399			7,464
Distribution (12b-1) fees (Note 4)
Investment Class			880			247
Total expenses			1,558,485			1,036,376
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)			(169,212)			(143,357)
Fees paid indirectly (Note 4)			(2,288)			—
Net expenses			1,386,985			893,019
Net investment income			2,820,506			4,489,061
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):
Net realized gains (losses) from:
Sale of unaffiliated investments			8,745,278			(4,661,670)
Foreign capital gains tax			(36,863)			—
Long-term capital gain distribution from affiliated registered investment companies			18,998			—
Futures contracts			—			(655,187)
Forward foreign currency contracts			(305)			(102,450)
Option contracts written			—			7,010
Swap contracts			(721,917)			(249,757)
Swaption contracts			—			70,878
Foreign currency transactions			(26,050)			(15,505)

The accompanying notes are an integral part of these financial statements.

143

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2024 (Unaudited)(Continued)

			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments			$2,802,934			$1,723,243
Investments in affiliated investment company shares			104,152			(34,294)
Futures contracts			203,348			328,489
Forward foreign currency contracts			—			455,995
Option contracts written			—			(39,264)
Swap contracts			1,988,929			​189,277
Swaption contracts			—			44,806
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			(23,844)			​(13,927)
Net realized and unrealized gains on investments and foreign currency transactions			13,035,662			(2,952,356)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS			$15,856,168			$1,536,705

The accompanying notes are an integral part of these financial statements.

144

Statements of Changes in Net Assets

			Large Company Growth Portfolio						Large Company Value Portfolio
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
OPERATIONS:
Net invesment income			$139,655			$558,971			$1,181,802			$2,301,168
Net realized gains (losses) on investments and foreign currency transactions			13,647,388			16,788,643			6,662,249			5,724,592
Long-term capital gain distributions from registered investment companies			—			19,427			—			13,461
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			37,964,387			56,221,726			3,948,847			17,035,908
Net increase (decrease) in net assets resulting from operations			51,751,430			73,588,767			11,792,898			25,075,129
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares			—			(54,970)			—			(101,588)
Institutional Class shares			—			(496,403)			—			(4,920,987)
Total distributions to shareholders			—			(551,373)			—			(5,022,575)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold			232,101			578,048			112,952			14,239
Shares issued as reinvestment of distributions			—			53,564			—			84,509
Shares redeemed			(4,452,024)			(7,751,707)			(123,210)			(898,217)
Net increase (decrease) in net assets from Investment Class share transactions			(4,219,923)			(7,120,095)			(10,258)			(799,469)
Institutional Class shares:
Shares sold			3,568,550			9,008,926			2,842,018			11,432,969
Shares issued as reinvestment of distributions			—			481,686			—			4,865,123
Shares redeemed			(26,073,492)			(44,707,625)			(14,161,271)			(40,337,685)
Net increase (decrease) in net assets from Institutional Class share transactions			(22,504,942)			(35,217,013)			(11,319,253)			(24,039,593)
Net Increase (Decrease) in Net Assets			25,026,565			30,700,286			463,387			(4,786,508)
NET ASSETS:
Beginning of period			229,732,210			199,031,924			164,952,101			169,738,609
End of period			$254,758,775			$229,732,210			$165,415,488			$164,952,101

The accompanying notes are an integral part of these financial statements.

145

Statements of Changes in Net Assets(Continued)

			Small Company Growth Portfolio						Small Company Value Portfolio
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
OPERATIONS:
Net investment income (loss)			$(59,901)			$(129,447)			$148,781			$329,881
Net realized gains (losses) on investments			853,109			(788,445)			700,778			584,893
Net change in unrealized appreciation (depreciation) on investments			(971,439)			4,832,235			(915,738)			2,826,133
Net increase (decrease) in net assets resulting from operations			(178,231)			3,914,343			(66,179)			3,740,907
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares			—			—			—			(212,336)
Institutional Class shares			—			—			—			(826,843)
Total distributions to shareholders			—			—			—			(1,039,179)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold			35,955			71,315			10,166			64,701
Shares issued as reinvestment of distributions			—			—			—			210,092
Shares redeemed			(366,446)			(974,072)			(235,477)			(569,823)
Net decrease in net assets from Investment Class share transactions			(330,491)			(902,757)			(225,311)			(295,030)
Institutional Class shares:
Shares sold			505,329			7,155,108			488,618			5,562,960
Shares issued as reinvestment of distributions			—			—			—			813,868
Shares redeemed			(1,258,129)			(6,973,033)			(1,615,500)			(7,082,366)
Net increase (decrease) in net assets from Institutional Class share transactions			(752,800)			182,075			(1,126,882)			(705,538)
Net Increase (Decrease) in Net Assets			(1,261,522)			3,193,661			(1,418,372)			1,701,160
NET ASSETS:
Beginning of period			25,676,625			22,482,964			26,162,988			24,461,828
End of period			$ 24,415,103			$25,676,625			$24,744,616			$26,162,988

The accompanying notes are an integral part of these financial statements.

146

Statements of Changes in Net Assets(Continued)

			Wilshire 5000 IndexSM Fund						Wilshire International Equity Fund
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
OPERATIONS:
Net investment income			$1,187,978			$2,535,828			$2,820,506			$3,882,275
Net realized gains (losses) on investments and foreign currency transactions			4,784,230			4,900,392			7,960,143			11,538,459
Long-term capital gain distributions from regulated investment companies			—			—			—			18,998
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			25,428,696			41,518,268			5,075,519			20,455,542
Net increase (decrease) in net assets resulting from operations			31,400,904			48,954,488			15,856,168			35,895,274
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares			(983)			(6,240,531)			—			(22,934)
Institutional Class shares			—			(1,713,998)			—			(7,452,891)
Total distributions to shareholders			983			(7,954,529)			—			(7,475,825)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold			4,103,156			12,812,128			99,800			103,561
Shares issued as reinvestment of distributions			215			5,965,429			—			20,986
Redemption fees (Note 2)			—			—			2			13
Shares redeemed			(8,085,757)			(16,624,087)			(159,388)			(502,227)
Net increase (decrease) in net assets from Investment Class share transactions			(3,982,386)			2,153,470			(59,586)			(377,667)
Institutional Class shares:
Shares sold			2,491,084			1,275,887			3,791,137			14,402,821
Shares issued as reinvestment of distributions			—			1,316,816			—			7,350,782
Redemption fees (Note 2)			—			—			643			3,569
Shares redeemed			(2,400,680)			(4,721,777)			(20,069,370)			(50,462,767)
Net increase (decrease) in net assets from Institutional Class share transactions			90,404			(2,129,074)			(16,277,590)			(28,705,595)
Net Increase (Decrease) in Net Assets			27,507,939			41,024,355			(481,008)			(663,813)
NET ASSETS:
Beginning of period			240,520,497			199,496,142			221,335,908			221,999,721
End of period			$ 268,028,436			$240,520,497			$220,854,900			$221,335,908

The accompanying notes are an integral part of these financial statements.

147

Statements of Changes in Net Assets(Continued)

			Wilshire Income Opportunities Fund
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
OPERATIONS:
Net investment income			$4,489,061			$9,271,364
Net realized losses on investments and foreign currency transactions			(5,606,681)			(11,832,790)
Long-term capital gain distributions from regulated investment companies			—			4,633
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies			2,654,325			16,103,877
Net increase (decrease) in net assets resulting from operations			1,536,705			13,547,084
DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):
Investment Class shares			(4,079)			(8,572)
Institutional Class shares			(4,421,663)			(7,085,603)
Total distributions to shareholders			(4,425,742)			(7,094,175)
CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):
Investment Class shares:
Shares sold			5,500			19,634
Shares issued as reinvestment of distributions			3,803			8,058
Shares redeemed			(12,485)			(349,098)
Net decrease in net assets from Investment Class share transactions			(3,182)			(321,406)
Institutional Class shares:
Shares sold			8,016,172			20,328,631
Shares issued as reinvestment of distributions			4,367,899			7,002,325
Shares redeemed			(10,797,459)			(64,358,117)
Net decrease in net assets from Institutional Class share transactions			1,586,612			(37,027,161)
Net Decrease in Net Assets			(1,305,607)			(30,895,658)
NET ASSETS:
Beginning of period			202,323,897			233,219,555
End of period			$ 201,018,290			$202,323,897

The accompanying notes are an integral part of these financial statements.

148

Large Company Growth Portfolio

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$35.37			$25.32			$44.34			$44.34			$38.88			$33.33
Income (loss) from investment operations:
Net investment income (loss)(a)			(0.02)			0.01			(0.05)			(0.27)			(0.19)			(0.15)
Net realized and unrealized gains (losses) on investments			8.34			10.07			(13.71)			10.33			15.00			9.61
Total from investment operations			8.32			10.08			(13.76)			10.06			14.81			9.46
Less distributions:
From net investment income			—			(0.03)			—			—			—			—
From realized capital gains			—			—			(5.26)			(10.06)			(9.35)			(3.91)
Total distributions			—			(0.03)			(5.26)			(10.06)			(9.35)			(3.91)
Net asset value, end of period			$ 43.69			$ 35.37			$ 25.32			$ 44.34			$ 44.34			$ 38.88
Total return(b)			23.52%(g)			39.81%			(31.74)%			23.03%			38.82%			28.61%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$73,203			$63,069			$51,110			$86,217			$77,659			$64,470
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(c)			1.30%(h)			1.30%(d)			1.30%(d)			1.30%(d)			1.30%(d)			1.30%(d)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c)(e)			1.31%(h)			1.33%			1.31%			1.30%			1.31%			1.32%
Net investment loss(f)			(0.11)%(h)			0.03%			(0.15)%			(0.55)%			(0.43)%			(0.37)%
Portfolio turnover rate			30%(g)			66%			75%			85%			84%			43%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
Ratio does not include expenses from underlying funds.

(d)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.30%, 1.30%, 1.30% and 1.30% for the period ended June 30, 2024 and the years ended December 31, 2021, 2020, and 2019, respectively (Note 3).

(e)
The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.31%, 1.33%, 1.31% 1.30%, 1.31%, and 1.32% for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(f)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(g)
Not annualized.

(h)
Annualized.

See Notes to Financial Statements.

149

Large Company Growth Portfolio

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$42.55			$30.43			$51.72			$50.18			$42.99			$36.41
Income (loss) from investment operations:
Net investment income (loss)(a)			0.05			0.12			0.07			(0.12)			(0.06)			(0.03)
Net realized and unrealized gains (losses) on investments(b)			10.03			12.13			(16.06)			11.72			16.65			10.52
Total from investment operations			10.08			12.25			(15.99)			11.60			16.59			10.49
Less distributions:
From net investment income			—			(0.13)			(0.04)			—			(0.05)			—
From realized capital gains			—			—			(5.26)			(10.06)			(9.35)			(3.91)
Total distributions			—			(0.13)			(5.30)			(10.06)			(9.40)			(3.91)
Net asset value, end of period			$52.63			$42.55			$30.43			$51.72			$50.18			$42.99
Total return(c)			23.69%(h)			40.24%			(31.53)%			23.42%			39.25%			29.02%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$181,556			$166,663			$147,922			$208,370			$184,704			$146,459
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(d)			1.00%(i)			1.00%(g)			1.00%(g)			0.97%(g)			0.98%			1.00%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d)(e)			1.00%(i)			1.01%			1.00%			0.97%			0.98%			1.00%
Net investment income (loss)(f)			0.20%(i)			0.33%			0.17%			(0.22)%			(0.12)%			(0.07)%
Portfolio turnover rate			30%(h)			66%			75%			85%			84%			43%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
Ratio does not include expenses from underlying funds.

(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 1.00%, 1.01%, 1.00%, 0.97%, 0.98%, and 1.00%, for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(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 1.00%, 1.01%, 1.00%, 0.97%, 0.98%, 1.00%, and 0.99%, for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(g)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(h)
Not annualized.

(i)
Annualized.

See Notes to Financial Statements.

150

Large Company Value Portfolio

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$20.12			$17.84			$22.29			$19.75			$20.11			$17.22
Income (loss) from investment operations:
Net investment income(a)			0.12			0.21			0.12			0.05			0.22			0.31
Net realized and unrealized gains (losses) on investments and foreign currency transactions			1.30			2.63			(2.62)			4.99			(0.39)			3.74
Total from investment operations			1.42			2.84			(2.50)			5.04			(0.17)			4.05
Less distributions:
From net investment income			—			(0.12)			(0.21)			(0.28)			—			(0.32)
From realized capital gains			—			(0.44)			(1.74)			(2.22)			(0.19)			(0.84)
Total distributions			—			(0.56)			(1.95)			(2.50)			(0.19)			(1.16)
Net asset value, end of period			$ 21.54			$ 20.12			$ 17.84			$ 22.29			$ 19.75			$ 20.11
Total return(b)			7.06%(f)			15.96%			(11.46)%			25.82%			(0.81)%			23.63%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$3,939			$3,683			$4,029			$6,068			$5,509			$6,070
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(c)			1.30%(g)			1.30%			1.29%			1.32%			1.32%			1.26%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c)(d)			1.32%(g)			1.32%			1.29%			1.32%			1.32%			1.26%
Net investment income(e)			1.13%(g)			1.12%			0.62%			0.24%			1.32%			1.61%
Portfolio turnover rate			18%(f)			50%			38%			87%			77%			48%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
Ratio does not include expenses from underlying funds.

(d)
The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.32%, 1.32%, 1.29%, 1.32%, 1.32%, and 1.26% for the period ended June 30, 2024, and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(e)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(f)
Not annualized.

(g)
Annualized.

See Notes to Financial Statements.

151

Large Company Value Portfolio

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$19.91			$17.66			$22.29			$19.56			$19.86			$17.01
Income (loss) from investment operations:
Net investment income(a)			0.15			0.27			0.18			0.13			0.28			0.36
Net realized and unrealized gains (losses) on investments and foreign currency transactions			1.29			2.59			(2.80)			5.14			(0.39)			3.71
Total from investment operations			1.44			2.86			(2.62)			5.27			(0.11)			4.07
Less distributions:
From net investment income			—			(0.17)			(0.27)			(0.32)			—			(0.38)
From realized capital gains			—			(0.44)			(1.74)			(2.22)			(0.19)			(0.84)
Total distributions			—			(0.61)			(2.01)			(2.54)			(0.19)			(1.22)
Net asset value, end of period			$21.35			$19.91			$17.66			$22.29			$19.56			$19.86
Total return(b)			7.23%(f)			16.27%			(11.97)%			27.26%			(0.52)%			23.99%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$161,476			$161,269			$165,710			$223,288			$187,545			$186,069
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(c)			1.00%(g)			1.00%			1.00%			0.99%			0.99%			0.98%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(c)(d)			1.04%(g)			1.05%			1.02%			0.99%			0.99%			0.98%
Net investment income(e)			1.43%(g)			1.42%			0.92%			0.57%			1.65%			1.88%
Portfolio turnover rate			18%(f)			50%			38%			87%			77%			48%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
Ratio does not include expenses from underlying funds.

(d)
The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.04%, 1.05%, 1.02%, 0.99%, 0.98%, and 0.98% for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(e)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(f)
Not annualized.

(g)
Annualized.

See Notes to Financial Statements.

152

Small Company Growth Portfolio

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$16.26			$13.79			$25.11			$30.94			$27.09			$21.71
Income (loss) from investment operations:
Net investment loss(a)			(0.05)			(0.10)			(0.14)			(0.29)			(0.24)			(0.17)
Net realized and unrealized gains (losses) on investments			(0.08)			2.57			(7.65)			4.07			7.84			6.07
Total from investment operations			(0.13)			2.47			(7.79)			3.78			7.60			5.90
Less distributions:
From realized capital gains			—			—			(3.53)			(9.61)			(3.75)			(0.52)
Net asset value, end of period			$ 16.13			$ 16.26			$ 13.79			$ 25.11			$ 30.94			$ 27.09
Total return(b)			(0.80)%(f)			17.91%			(31.59)%			13.07%			28.98%			27.23%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$5,621			$6,004			$5,938			$10,817			$11,128			$9,823
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly			1.35%(g)			1.35%			1.34%(e)			1.35%			1.35%			1.35%(c)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d)			1.87%(g)			1.67%			1.87%			1.63%			1.63%			1.54%
Net investment loss			(0.67)%(g)			(0.69)%			(0.74)%			(0.88)%			(0.91)%			(0.67)%
Portfolio turnover rate			27%(f)			81%			57%			65%			50%			67%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Advisor. If this expense offset was excluded, the ratio would have been 1.35% for the year ended December 31, 2019 (Note 3).

(d)
The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.87%, 1.67%, 1.87%, 1.63%, 1.63%, and 1.54%, for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(e)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.35% for the year ended December 31, 2022 (Note 4).

(f)
Not annualized.

(g)
Annualized.

See Notes to Financial Statements.

153

Small Company Growth Portfolio

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$19.60			$16.58			$29.12			$34.40			$29.70			$23.70
Income (loss) from investment operations:
Net investment loss(a)			(0.04)			(0.08)			(0.11)			(0.24)			(0.19)			(0.12)
Net realized and unrealized gains (losses) on investments			(0.09)			3.10			(8.90)			4.57			8.64			6.64
Total from investment operations			(0.13)			3.02			(9.01)			4.33			8.45			6.52
Less distributions:
From realized capital gains			—			—			(3.53)			(9.61)			(3.75)			(0.52)
Net asset value, end of period			$19.47			$ 19.60			$ 16.58			$ 29.12			$ 34.40			$ 29.70
Total return(b)			(0.66)%(f)			18.21%			(31.42)%			13.36%			29.30%			27.56%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$18,794			$19,673			$16,545			$28,146			$36,932			$53,301
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly			1.10%(g)			1.10%			1.09%(e)			1.10%			1.10%			1.10%(c)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d)			1.66%(g)			1.64%			1.67%			1.38%			1.36%			1.27%
Net investment loss			(0.42)%(g)			(0.44)%			(0.48)%			(0.64)%			(0.66)%			(0.43)%
Portfolio turnover rate			27%(f)			81%			57%			65%			50%			67%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Advisor. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3).

(d)
The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.66%, 1.64%, 1.67%, 1.38%, 1.36% and 1.27% for the period ended June 30, 2024 and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(e)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2022 (Note 4).

(f)
Not annualized.

(g)
Annualized.

See Notes to Financial Statements.

154

Small Company Value Portfolio

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$25.57			$22.69			$28.06			$21.45			$21.85			$18.13
Income (loss) from investment operations:
Net investment income(a)			0.12			0.25			0.17			0.07			0.06			0.14
Net realized and unrealized gains (losses) on investments(b)			(0.20)			3.63			(3.01)			6.80			0.03			3.72
Total from investment operations			(0.08)			3.88			(2.84)			6.87			0.09			3.86
Less distributions:
From net investment income			—			(0.04)			(0.18)			(0.24)			—			(0.14)
From realized capital gains			—			(0.96)			(2.35)			(0.02)			(0.49)			—
Total distributions			—			(1.00)			(2.53)			(0.26)			(0.49)			(0.14)
Net asset value, end of period			$ 25.49			$ 25.57			$ 22.69			$ 28.06			$ 21.45			$ 21.85
Total return(c)			(0.31)%(f)			17.29%			(10.33)%			32.04%			0.47%			21.32%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$5,270			$5,517			$5,189			$6,751			$5,186			$5,355
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly			1.35%(e)(g)			1.35%			1.35%			1.35%			1.35%			1.35%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d)			1.98%(g)			1.97%			1.89%			1.75%			1.84%			1.56%
Net investment income (loss)			0.98%(g)			1.06%			0.66%			0.28%			0.36%			0.69%
Portfolio turnover rate			66%(f)			65%			52%			45%			54%			168%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.98%, 1.97%, 1.89%, 1.75% 1.84%, and 1.56% for the period ended June 30, 2024, and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(e)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2023 (Note 4).

(f)
Not annualized.

(g)
Annualized.

See Notes to Financial Statements.

155

Small Company Value Portfolio

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$26.33			$23.32			$28.78			$21.99			$22.33			$18.53
Income (loss) from investment operations:
Net investment income(a)			0.16			0.32			0.23			0.13			0.11			0.19
Net realized and unrealized gains (losses) on investments(b)			(0.22)			3.75			(3.09)			7.00			0.04			3.81
Total from investment operations			(0.06)			4.07			(2.86)			7.13			0.15			4.00
Less distributions:
From net investment income			—			(0.10)			(0.25)			(0.32)			—			(0.20)
From realized capital gains			—			(0.96)			(2.35)			(0.02)			(0.49)			—
Total distributions			—			(1.06)			(2.60)			(0.34)			(0.49)			(0.20)
Net asset value, end of period			$ 26.27			$ 26.33			$ 23.32			$ 28.78			$ 21.99			$ 22.33
Total return(c)			(0.23)%(g)			17.62%			(10.13)%			32.40%			0.73%			21.60%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$19,475			$20,646			$19,273			$30,347			$34,796			$55,078
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly			1.10%(f)(h)			1.10%			1.10%			1.10%			1.10%			1.10%(d)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(e)			1.72%(h)			1.72%			1.60%			1.46%			1.52%			1.28%
Net investment income			1.23%(h)			1.32%			0.96%			0.49%			0.59%			0.92%
Portfolio turnover rate			66%(g)			65%			52%			45%			54%			168%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2019 (Note 3).

(e)
The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.72%, 1.72%, 1.60%, 1.46% 1.52%, and 1.28% for the period ended June 30, 2024, and the years ended December 31, 2023, 2022, 2021, 2020, and 2019, respectively (Note 4).

(f)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.10% for the year ended December 31, 2022 (Note 4).

(g)
Not annualized.

(h)
Annualized.

See Notes to Financial Statements.

156

Wilshire 5000 Index^SM Fund

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$27.41			$22.68			$29.40			$25.14			$22.93			$18.58
Income (loss) from investment operations:
Net investment income(a)			0.13			0.28			0.25			0.23			0.26			0.31
Net realized and unrealized gains (losses) on investments and foreign currency transactions			3.47			5.36			(5.80)			6.16			4.25			5.20
Total from investment operations			3.60			5.64			(5.55)			6.39			4.51			5.51
Less distributions:
From net investment income			—			(0.28)			(0.25)			(0.22)			(0.26)			(0.30)
From realized capital gains			—			(0.63)			(0.92)			(1.91)			(2.04)			(0.86)
Total distributions			—			(0.91)			(1.17)			(2.13)			(2.30)			(1.16)
Net asset value, end of period			$31.01			$27.41			$22.68			$29.40			$25.14			$22.93
Total return(b)			13.13%(c)			24.41%			(18.98)%			25.59%			19.93%			29.74%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$212,570			$191,607			$157,124			$202,121			$164,172			$162,114
Operating expenses			0.56%(d)			0.59%			0.57%			0.52%			0.61%			0.62%
Net investment income			0.89%(d)			1.10%			0.98%			0.81%			1.13%			1.34%
Portfolio turnover rate			2%(c)			5%			21%			9%			9%			3%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
Not annualized.

(d)
Annualized.

See Notes to Financial Statements.

157

Wilshire 5000 Index^SM Fund

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$27.43			$22.69			$29.42			$25.15			$22.93			$18.58
Income (loss) from investment operations:
Net investment income(a)			0.16			0.34			0.30			0.29			0.33			0.37
Net realized and unrealized gains (losses) on investments and foreign currency transactions			3.48			5.37			(5.81)			6.17			4.26			5.20
Total from investment operations			3.64			5.71			(5.51)			6.46			4.59			5.57
Less distributions:
From net investment income			—			(0.34)			(0.30)			(0.28)			(0.33)			(0.36)
From realized capital gains			—			(0.63)			(0.92)			(1.91)			(2.04)			(0.86)
Total distributions			—			(0.97)			(1.22)			(2.19)			(2.37)			(1.22)
Net asset value, end of period			$ 31.07			$ 27.43			$ 22.69			$ 29.42			$ 25.15			$ 22.93
Total return(b)			13.27%(c)			25.21%			(18.83)%			25.85%			20.28%			30.08%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$55,458			$48,913			$42,372			$56,073			$48,571			$40,266
Operating expenses			0.33%(d)			0.35%			0.35%			0.31%			0.31%			0.33%
Net investment income			1.12%(d)			1.34%			1.17%			1.02%			1.44%			1.61%
Portfolio turnover rate			2%(c)			5%			21%			9%			9%			3%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(c)
Not annualized.

(d)
Annualized.

See Notes to Financial Statements.

158

Wilshire International Equity Fund

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$10.64			$9.36			$11.64			$12.38			$11.37			$9.32
Income (loss) from investment operations:
Net investment income(a)			0.12			0.16			0.13			0.09			0.05			0.12
Net realized and unrealized gains (losses) on investments and foreign currency transactions			0.64			1.44			(2.32)			1.41			1.81			2.07
Total from investment operations			0.76			1.60			(2.19)			1.50			1.86			2.19
Less distributions:
From net investment income			—			(0.26)			0.00			(0.39)			(0.02)			(0.14)
From realized capital gains			—			(0.06)			(0.09)			(1.85)			(0.83)			—
Total distributions			—			(0.32)			(0.09)			(2.24)			(0.85)			(0.14)
Redemption fees (Note 2)			0.00(b)			0.00(b)			0.00(b)			0.00(b)			0.00(b)			0.00(b)
Net asset value, end of period			$ 11.40			$ 10.64			$ 9.36			$ 11.64			$ 12.38			$ 11.37
Total return(c)			7.14%(i)			17.12%			(18.88)%			12.48%			16.55%			23.52%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$760			$776			$1,037			$3,269			$2,438			$2,612
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(d)			1.50%(h)(j)			1.50%			1.50%			1.50%			1.50%			1.50%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(d)			1.77%(f)(j)			1.77%(f)			1.75%(f)			1.76%(f)			1.69%(f)			1.63%
Net investment income(g)			2.24%(j)			1.53%			1.36%			0.65%			0.44%			1.21%
Portfolio turnover rate			23%(i)			55%			48%			53%			61%			54%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Amount rounds to less than $0.01 per share.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
Ratio does not include expenses from underlying funds.

(e)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.50% (Note 3).

(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 1.77%, 1.77%, 1.75%, 1.76%, 1.69% and 1.63% for the period ended June 30, 2024, and the years ended December 31, 2023, 2022, 2021 and 2020, respectively (Note 4).

(g)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(h)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of extraordinary expenses such as interest expense. If these expenses were excluded, the ratio would have been 1.50% for the period ended June 30, 2024

(i)
Not annualized.

(j)
Annualized.

See Notes to Financial Statements.

159

Wilshire International Equity Fund

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$10.49			$9.25			$11.47			$12.20			$11.19			$9.19
Income (loss) from investment operations:
Net investment income(a)			0.14			0.18			0.15			0.12			0.08			0.14
Net realized and unrealized gains (losses) on investments and foreign currency transactions			0.63			1.43			(2.28)			1.39			1.78			2.05
Total from investment operations			0.77			1.61			(2.13)			1.51			1.86			2.19
Less distributions:
From net investment income			—			(0.31)			—			(0.39)			(0.02)			(0.19)
From realized capital gains			—			(0.06)			(0.09)			(1.85)			(0.83)			—
Total distributions			—			(0.37)			(0.09)			(2.24)			(0.85)			(0.19)
Redemption fees (Note 2)			0.00(b)			0.00(b)			0.00(b)			0.00(b)			0.00(b)			0.00(b)
Net asset value, end of period			$11.26			$10.49			$9.25			$11.47			$12.20			$11.19
Total return(c)			7.34%(i)			17.34%			(18.63)%			12.78%			16.82%			23.81%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$220,095			$220,560			$220,963			$295,154			$305,433			$387,493
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(e)			1.25%(h)(j)			1.25%			1.25%			1.25%			1.25%			1.25%(e)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(e)			1.40%(f)(j)			1.43%(f)			1.40%(f)			1.38%(f)			1.32%(f)			1.29%
Net investment income(j)			2.54%(j)			1.76%			1.57%			0.90%			0.71%			1.39%
Portfolio turnover rate			23%(i)			55%			48%			53%			61%			54%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Amount rounds to less than $0.01 per share.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
Ratio does not include expenses from underlying funds.

(e)
The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.25% (Note 3).

(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 1.40%, 1.43%, 1.40%, 1.38% and 1.32% for the period ended June 30, 2024, and the years ended December 31, 2023, 2022, 2021 and 2020, respectively (Note 4).

(g)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(h)
The ratio of operating expenses after fee reductions and expense reimbursements includes the effect of extraordinary expenses such as interest expense. If these expenses were excluded, the ratio would have been 1.25% for the period ended June 30, 2024

(i)
Not annualized.

(j)
Annualized.

See Notes to Financial Statements.

160

Wilshire Income Opportunities Fund

FINANCIAL HIGHLIGHTS

For a Fund Share Outstanding Throughout Each Period.

			Investment Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$8.95			$8.66			$10.08			$10.39			$10.42			$9.88
Income (loss) from investment operations:
Net investment income(a)			0.19			0.36			0.27			0.26			0.33			0.35
Net realized and unrealized gains (losses) on investments and foreign currency transactions(b)			(0.14)			0.18			(1.40)			(0.22)			0.03			0.58
Total from investment operations			0.05			0.54			(1.13)			0.04			0.36			0.93
Less distributions:
From net investment income			(0.18)			(0.25)			(0.29)			(0.26)			(0.35)			(0.39)
From realized capital gains			—			—			0.00			(0.09)			(0.04)			—
Total distributions			(0.18)			(0.25)			(0.29)			(0.35)			(0.39)			(0.39)
Net asset value, end of period			$ 8.82			$ 8.95			$ 8.66			$ 10.08			$ 10.39			$ 10.42
Total return(c)			0.61%(h)			6.34%			(11.18)%			0.40%			3.59%(d)			9.58%(d)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$199			$205			$516			$2,136			$1,998			$1,913
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(e)			1.15%(i)			1.15%			1.15%			1.15%			1.15%			1.18%(f)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(e)			1.45%(i)			1.41%			1.32%			1.31%			1.29%			1.26%
Net investment income(g)			4.27%(i)			4.12%			2.95%			2.49%			3.24%			3.37%
Portfolio turnover rate			56%(h)			66%			78%			109%			104%			89%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.

(e)
Ratio does not include expenses from underlying funds.

(f)
The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.15% for the year ended December 31, 2019.

(g)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(h)
Not annualized.

(i)
Annualized.

See Notes to Financial Statements.

161

Wilshire Income Opportunities Fund

FINANCIAL HIGHLIGHTS - (CONTINUED)

For a Fund Share Outstanding Throughout Each Period.

			Institutional Class Shares
			Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31,
						2023			2022			2021			2020			2019
Net asset value, beginning of period			$8.84			$8.58			$9.99			$10.33			$10.37			$9.83
Income (loss) from investment operations:
Net investment income(a)			0.20			0.38			0.31			0.28			0.35			0.38
Net realized and unrealized gains (losses) on investments and foreign currency transactions(b)			(0.13)			0.18			(1.40)			(0.22)			0.03			0.58
Total from investment operations			0.07			0.56			(1.09)			0.06			0.38			0.96
Less distributions:
From net investment income			(0.19)			(0.30)			(0.32)			(0.31)			(0.38)			(0.42)
From realized capital gains			​—			—			—			(0.09)			(0.04)			—
Total distributions			(0.19)			(0.30)			(0.32)			(0.40)			(0.42)			(0.42)
Net asset value, end of period			$8.72			$8.84			$8.58			$9.99			$10.33			$10.37
Total return(c)			0.74%(h)			6.61%			(10.91)%			0.63%			3.77%(d)			9.94%(d)
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)			$200,819			$202,119			$232,704			$301,210			$306,671			$295,437
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly(e)			0.90%(i)			0.90%			0.90%			0.90%			0.90%			0.92%(f)
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly(e)			1.04%(i)			1.05%			0.96%			0.92%			0.92%			0.92%
Net investment income(g)			4.52%(i)			4.43%			3.37%			2.75%			3.48%			3.66%
Portfolio turnover rate			56%(h)			66%			78%			109%			104%			89%

(a)
The selected per share data was calculated using the average shares outstanding method for the year.

(b)
Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(c)
Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.

(d)
The returns reflect the actual performance for each period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.

(e)
Ratio does not include expenses from underlying funds.

(f)
The ratio of operating expenses after fee reductions and expense reimbursements includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 0.89% for the year ended December 31, 2019.

(g)
Ratio does not include net investment income of the investment companies in which the Portfolio invests.

(h)
Not annualized.

(i)
Annualized.

See Notes to Financial Statements.

162

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2024 (Unaudited)

1. Organization

Wilshire Mutual Funds, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which was incorporated under Maryland law on July 30, 1992. The Company operates as a series company and presently offers seven series: Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund (each a “Portfolio” and collectively the “Portfolios”). The Large Company Growth Portfolio is an open-end non-diversified investment company. The Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are open-end diversified investment companies. The Company accounts separately for the assets, liabilities and operations of each Portfolio.

The investment objective of Large Company Growth Portfolio is to seek capital appreciation.

The investment objective of Large Company Value Portfolio is to seek capital appreciation.

The investment objective of Small Company Growth Portfolio is to seek capital appreciation.

The investment objective of Small Company Value Portfolio is to seek capital appreciation.

The investment objective of Wilshire 5000 Index^SM Fund is to replicate as closely as possible the performance of the Wilshire 5000 Index^SM before the deduction of the Portfolio’s expenses.

The investment objective of Wilshire International Equity Fund is to seek capital appreciation.

The primary investment objective of Wilshire Income Opportunities Fund is to maximize current income. Long-term capital appreciation is a secondary objective.

Each of the Portfolios currently offers Investment and Institutional Class shares, each of which has equal rights as to voting privileges except that the Investment Class has exclusive voting rights for its service and distribution plan. Investment income, realized and unrealized capital gains and losses and the common expenses of each Portfolio are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of such Portfolio. Each class of shares differs with respect to its service and distribution expenses.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Portfolios follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

The end of the reporting period for the Portfolios is June 30, 2024, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2024 (the “current fiscal period”).

Use of Estimates – The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material.

Security Valuation – Securities listed or traded on U.S. exchanges, including options, futures, swaptions and swap contracts, are valued at the last sales price on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Securities quoted on the National Association of Securities Dealers Automatic Quotation (NASDAQ) System, for which there have been sales, are valued at the NASDAQ official closing price. If there are no such sales, a security is valued at the mean between the last bid and ask prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and ask prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for

163

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee of Wilshire Advisors LLC (the “Adviser”) it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Adviser’s Pricing Committee, whose members include at least two representatives of the Adviser, one of whom is an officer of the Company. The Adviser has been named the valuation designee to implement the daily pricing and fair valuation procedures of the Portfolios. 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 in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

Wilshire International Equity Fund uses a third-party pricing agent who provides a daily fair value for foreign securities. In the event that the Adviser believes that the fair values provided are not reliable, the Adviser may request that a meeting of the Pricing Committee be held.

In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 – 

Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date;

Level 2 – 

Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

Level 3 – 

Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the current fiscal period, there have been no significant changes to the Portfolios’ fair value methodologies.

164

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

The following is a summary of the inputs used to value the Portfolios’ investments as of the end of the current fiscal period:

Large Company Growth Portfolio

			Level 1			Level 2			Level 3			Total
Common Stocks			$207,928,023			$—			$    —			$207,928,023
Open End Funds			7,548,137			—			—			7,548,137
Corporate Bonds			—			7,249,960			—			7,249,960
Collateralized Loan Obligations			—			4,046,855			—			4,046,855
Collateralized Mortage Obligations			—			3,900,583			—			3,900,583
Asset-Backed Securities			—			3,131,969			—			3,131,969
U.S. Treasury Securities			—			1,261,496			—			1,261,496
Real Estate Investment Trusts			401,685			—			—			401,685
Mortgage-Backed Security			—			249,453			—			249,453
Right			—			—			—*			—
Total			$215,877,845			$19,840,043			$—			$235,717,888
Other Financial Instruments**
Assets
Total Return Swap			$8,495,738			$—			$—			$8,495,738
Total Assets			$8,495,738			$—			$—			$8,495,738
Liabilities
Futures			$(44,291)			$—			$—			$(44,291)
Total Liabilities			$(44,291)			$—			$—			$(44,291)

Large Company Value Portfolio

			Level 1			Level 2			Level 3			Total
Common Stocks			$133,843,027			$—			$    —			$133,843,027
Open End Funds			5,383,167			—			—			5,383,167
Corporate Bonds			—			5,142,160			—			5,142,160
Collateralized Loan Obligations			—			3,175,461			—			3,175,461
Collateralized Mortgage Obligations			—			2,586,837			—			2,586,837
Real Estate Invesment Trusts			2,506,905			—			—			2,506,905
Asset-Backed Securities			—			2,415,411			—			2,415,411
U.S. Treasury Securities			—			391,024			—			391,024
Total			$141,733,099			$13,710,893			$—			$155,443,992
Other Financial Instruments**
Assets
Total Return Swaps			$2,431,929			$—			$—			$2,431,929
Total Assets			$2,431,929			$—			$—			$2,431,929
Liabilities
Futures			$(29,351)			$—			$—			$(29,351)
Total Liabilities			$(29,351)			$—			$—			$(29,351)

165

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

Small Company Growth Portfolio

			Level 1			Level 2			Level 3			Total
Common Stocks			$23,844,240			$    —			$    —*			$23,844,240
Real Estate Investment Trusts			91,080			—			—			91,080
Total			$23,935,320			$—			$—			$23,935,320

Small Company Value Portfolio

			Level 1			Level 2			Level 3			Total
Common Stocks			$22,868,585			$    —			$    —			$22,868,585
Real Estate Investment Trusts			1,621,011			—			—			1,621,011
Closed End Fund			8,422			—			—			8,422
Total			$24,498,018			$—			$—			$24,498,018

Wilshire 5000 Index^SM Fund

			Level 1			Level 2			Level 3			Total
Common Stocks			$256,582,125			$    —			$    —*			$256,582,125
Real Estate Investment Trusts			6,646,107			—			—			6,646,107
Rights			—			—			—*			—
Total			$263,228,232			$—			$—			$263,228,232

Wilshire International Equity Fund

			Level 1			Level 2			Level 3			Total
Common Stocks			$35,482,956			$142,997,357			$    —*			$178,480,313
Open End Funds			7,346,763			—			—			7,346,763
Corporate Bonds			—			6,953,724			—			6,953,724
Collateralized Mortgage Obligations			—			4,203,072			—			4,203,072
Collateralized Loan Obligations			—			3,188,673			—			3,188,673
Asset-Backed Securities			—			3,173,178			—			3,173,178
Real Estate Investment Trusts			583,007			1,456,677			_			2,039,684
Preferred Stocks			801,712			372,369			—			1,174,081
U.S. Treasury Securities			—			797,844			—			797,844
Mortgage-Backed Security			—			249,453			—			249,453
Right			13,814			—			—			13,814
Total			$44,228,252			$163,392,347			$—			$207,620,599
Other Financial Instruments**
Asset
Total Return Swaps			$—			$3,625,337			$—			$3,625,337
Total Assets			$—			$3,625,337			$—			$3,625,337
Liabilities
Futures			$(46,585)			$—			$—			$(46,585)
Total Liabilities			$(46,585)			$—			$—			$(46,585)

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Wilshire Income Opportunities Fund

			Level 1			Level 2			Level 3			Total
Assets:
Investments:
Corporate Bonds			$—			$64,446,491			$13,726			$64,460,217
Collateralized Mortgage Obligations			—			33,463,255			397,636			33,860,891
U.S. Treasury Securities			—			21,954,367			—			21,954,367
Asset-Backed Securities			—			16,132,047			—			16,132,047
Foreign Government Debt Obligations			—			11,909,094			—			11,909,094
Mortgage-Backed Securities			—			9,857,679			—			9,857,679
Collateralized Loan Obligations			—			9,569,954			—			9,569,954
Bank Loans			—			8,975,428			—			8,975,428
Open End Funds			5,714,368			—			—			5,714,368
Foreign Government Agency Issues			—			2,524,460			—			2,524,460
Convertible Bonds			—			2,440,730			—			2,440,730
Municipal Bonds			—			2,414,079			—			2,414,079
Convertible Preferred Stocks			520,279			—			—			520,279
Collateralized Debt Obligations			—			188,249			—			188,249
Preferred Stocks			164,795			—			—			164,795
Purchased Options			2,249			44,380			—			46,629
U.S. Treasury Bills			—			986,660			—			986,660
Total Investments			$6,401,691			$184,906,873			$411,362			$191,719,926
Other Financial Instruments*:
Assets:
Forwards			$—			$​192,743			$   —			$​192,743
Futures			527,017			—			—			527,017
Swaptions			—			​85,957			—			​85,957
Swaps			—			12,727			—			12,727
Total Other Financial Instruments			$527,017			​$291,427			$—			​$818,444
Liabilities:
Investments:
Written Options			$(4,967)			$(71,960)			$—			$(76,927)
Total Investments			$(4,967)			$(71,960)			$—			$(76,927)
Other Financial Instruments*:
Forwards			$—			$​(68,105)			$—			$​(68,105)
Futures			(54,598)			—			—			(54,598)
Swaptions			—			​(83,235)			—			​(83,235)
Swaps			—			(219,384)			—			(219,384)
Total Other Financial Instruments			$(54,598)			​$(370,724)			$—			​$(425,322)

*
Includes securities that have been fair valued at $0.

**
Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Refer to the Portfolios’ Schedules of Investments for a listing of the securities by industry or sector type. Large Company Value Portfolio, Small Company Value Portfolio, and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

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as of the end of the current fiscal period. Large Company Growth Portfolio held rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Small Company Growth Portfolio held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Wilshire 5000 Index^SM Fund held common stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

Russian and Ukraine Securities – The continued hostilities between the two countries may still result in more widespread conflict and could have a severe adverse effect on the region and the markets. Sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have additional significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events.

Cash and Cash Equivalents – Idle cash may be swept into various overnight demand deposits and is classified as Cash and cash equivalents on the Statements of Assets and Liabilities. The Portfolios maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept overnight are available on the next business day.

Option Transactions – Wilshire Income Opportunities Fund may purchase and write call and put options on securities, securities indices, swaps (“swaptions”) and foreign currencies, provided such options are traded on a national securities exchange or an over-the-counter market. When the Portfolio writes a covered call or put option, an amount equal to the premium received is included as a liability in the Statements of Assets and Liabilities. The amount of the liability is subsequently marked-to-market to reflect the current value of the option. If an option expires on its stipulated expiration date or if the Portfolio enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. If a written put option is exercised, the cost of the security acquired is decreased by the premium originally received. As a writer of an option, the Portfolio has no control over whether the underlying securities are subsequently sold (call) or purchased (put). As a result, the Portfolio bears the market risk of an unfavorable change in the price of the security or index underlying the written option. When the Portfolio purchases a call or put option, an amount equal to the premium paid is included as an investment in the Portfolio’s Statements of Assets and Liabilities and is subsequently marked-to-market to reflect the current value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If the Portfolio exercises a call, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Written and purchased options are non-income producing securities. The option techniques utilized are generally to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Portfolio, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets.

Total Return Swaps – The Large Company Growth Portfolio, Large Company Value Portfolio, and the Wilshire International Equity Fund enter into total return swaps. In a swap transaction, two parties generally agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount” (i.e., the return on or increase in value of a particular dollar amount invested in a particular security or other asset or in a “basket” of securities representing a particular index). A party’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). An equity swap is an agreement in which at least one party’s payments are based on the rate of return of an equity security or equity index. The other party’s payments can be based on a fixed rate, a non-equity

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variable rate or even a different equity index. For financial reporting purposes, the unrealized value of such swaps is netted and displayed on the Statements of Assets and Liabilities. Cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as margin deposits for swap contracts on the Statements of Assets and Liabilities. The Portfolios use swaps to gain equity exposure of the underlying index.

Interest Rate Swaps – Wilshire Income Opportunities Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The value of fixed-rate bonds held by the Portfolio may decrease if interest rates rise. In order to reduce such risks, the Portfolio may enter into interest rate swaps. Interest rate swaps involve the exchange of commitments to pay and receive a fixed or floating rate of interest based on a notional principal amount. The risks of interest rate swaps include changes in market conditions that will affect their value or cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Portfolio’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the swap’s remaining life. Upon entering into a swap contract, the Portfolio is required to satisfy an initial margin requirement by delivering cash to the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as margin deposits for swap contracts on the Statements of Assets and Liabilities. Net periodic interest payments to be received or paid are accrued and settled daily and are recorded as realized gain (loss) on the Statements of Operations. Interest rate swaps are marked-to-market daily and the change is recorded as an unrealized gain (loss) on swap contracts on the Statements of Operations.

Credit Default Swaps – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of their portfolios, as a duration management technique and to protect against any increase in the price of securities the Portfolios anticipate purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statements of Operations. In the case of credit default swaps where the Portfolios are selling protection, the notional amount approximates the maximum loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Swap Contracts on the Statements of Assets and Liabilities.

Futures Contracts – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund held futures contracts. They may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. These Portfolios may use futures contacts as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns and/or assist in managing cash. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Portfolios deposit and maintain as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin deposits for futures contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules 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.

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Investment Transactions and Investment Income – Investment transactions are recorded on a trade-date basis. Realized gains and losses from investment transactions are recorded on the identified cost basis. Dividend income is recognized on the ex-dividend date and interest income is accrued as earned. Discounts and premiums on fixed income securities purchased are accreted or amortized using the effective interest method. Gains and losses on paydowns of mortgage-backed securities are reflected in interest income on the Statements of Operations. Distributions received on investments that represent a return of capital or capital gain are reclassed as a reduction of cost of investments and/or as a realized gain. Withholding taxes on foreign dividends have been provided for in accordance with the Company’s understanding of the applicable country’s tax rules and rates. Settlement on bank loan transactions may be in excess of seven business days.

Foreign Taxes – The Portfolios may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Portfolios invest.

Mortgage, Asset-backed and Collateralized Loan Securities – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations (“CLOs”), which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolios’ return and result in losses to the Portfolios if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations (“CMOs”). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.

Investments in CLOs may be subject to certain tax provisions that could result in the Portfolios incurring tax or recognizing income prior to receiving cash distributions related to such income. CLOs that fail to comply with certain U.S. tax disclosure requirements may be subject to withholding requirements that could adversely affect cash flows and investment results. Any unrealized losses a Portfolio experiences with respect to its CLO investments may be an indication of future realized losses.

Stripped Mortgage-Backed Securities (“SMBS”) – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund may invest in SMBS. SMBS are derivative multi-class mortgage-backed securities which are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in

the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on

the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.

Loan Participations and Assignments – Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the

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right to receive payments of principal and interest. When purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations. The Portfolio currently holds $0 in unfunded loan commitments.

Foreign Currency Transactions – The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:

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

•
purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions.

The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Foreign currency transactions are related to gains and losses between trade and settlement dates on currency transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

Centrally Cleared Swaps – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statements of Assets and Liabilities as “Net variation margin receivable on swap contracts” or “Net variation margin payable on swap contracts” and settled daily against the Portfolio’s margin account. Because the Portfolio’s margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the Commodity Futures Trading Commission (“CFTC”), or the applicable regulator. Customer Account Agreements (“CAA”) and related addendums governing the Company’s cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.

Over-the-Counter (“OTC”) Derivative Contracts – To reduce counterparty risk for OTC transactions, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund have entered into master netting arrangements, established within the International Swap Dealers Association, Inc. (“ISDA”) master agreements, which allow the Portfolios 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 Portfolios 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 Portfolios. For financial reporting purposes, the

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Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA master agreement or other similar agreement, the collateral requirements are typically calculated by netting the mark-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio or the counterparty.

The following table presents, by derivative type, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund’s financial derivative instruments net of the related collateral pledged by counterparty at the end of the current fiscal period:

Assets			Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts Presented in the Statement of Assets and Liabilities			Gross Amounts not Offset in the Statement of Assets and Liabilities						Net Amount
												Financial Instruments			Collateral Received
Large Company Growth Portfolio
Description/Counterparty
Total Return Swaps
Morgan Stanley			$8,495,738			$   —			$8,495,738			$   —			$   —			$8,495,738
Large Company Value Portfolio
Total Return Swaps
Morgan Stanley			​$2,431,929			$   —			​$2,431,929			$   —			$   —			​$2,431,929
Wilshire International Equity Fund
Total Return Swaps Goldman Sachs			$887,899			$   —			$887,899			$   —			$   —			$887,899
​Morgan Stanley			2,737,438			—			2,737,438			—			—			2,737,438
			$3,625,337			$—			$3,625,337			$—			$—			$3,625,337

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Assets			Gross Amounts of Recognized Assets			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts Presented in the Statement of Assets and Liabilities			Gross Amounts not Offset in the Statement of Assets and Liabilities						Net Amount
												Financial Instruments			Collateral Received
Wilshire Income Opportunities Fund
Description / Counterparty
Forward Foreign Currency Contracts
Australia and New Zealand Banking Group Ltd.			$  29,393			$   —			$  29,393			$(1,844)			$   —			$  27,549
Barclays Capital, Inc.			8,700			—			8,700			(5,353)			—			3,347
BNY Mellon Capital Markets LLC			4,636			—			4,636			(1,578)			—			3,058
Canadian Imperial Bank Of Commerce			27,820			—			27,820			(12,033)			—			15,787
Citibank Global Markets, Inc.			24,492			—			24,492			(2,778)			—			21,714
Goldman Sachs			22,551			—			22,551			(3,188)			—			19,363
HSBC Bank			15,242			—			15,242			(2,005)			—			13,237
J.P. Morgan Securities, Inc.			421			—			421			(421)			—			—
Morgan Stanley			14,700			—			14,700			(1,909)			—			12,791
Royal Bank of Canada Investment Management (USA) Ltd.			2,825			—			2,825			(2,825)			—			—
Standard Chartered Securities North America LLC			7,001			—			7,001			(27)			—			6,974
State Street Bank & Trust Co.			31,903			—			31,903			(8,448)			—			23,455
UBS AG			3,059			—			3,059			(3,059)			—			—
Total Forward Foreign Currency Contracts			192,743			—			192,743			(45,468)			—			147,275
Purchased Options
Bank of America			$    649			$   —			$    649			$   —			$   —			$    649
BNP Paribas Securities Corp.			35,230			—			35,230			—			—			35,230
Deutsche Bank			50			—			50			—			—			50
Euribor			2,249			—			2,249			—			—			2,249
Standard Chartered Securities North America LLC			8,451			—			8,451			—			—			8,451
Total Purchased Options			46,629			—			46,629			—			—			46,629
Swaptions
Barclays Capital, Inc.			72,671			—			72,671			—			—			72,671
Goldman Sachs			3,661			—			3,661			(3,453)			—			208
Mizuho Capital Markets LLC			1,465			—			1,465			(1,433)			—			32
UBS AG			8,160			—			8,160			(8,160)			—			—
Total Swaptions			85,957			—			85,957			(13,046)			—			72,911
			$325,329			$—			$325,329			$(58,514)			$—			$266,815

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Liabilities			Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Statement of Assets and Liabilities			Net Amounts Presented in the Statement of Assets and Liabilities			Gross Amounts not Offset in the Statement of Assets and Liabilities
												Financial Instruments			Collateral Pledged			Net Amount
Description / Counterparty
Forward Foreign Currency Contracts
Australia and New Zealand Banking Group Ltd.			$1,844			$   —			$1,844			$(1,844)			$   —			$—
Bank of America			3,039			—			3,039			—			—			3,039
Barclays Capital, Inc.			5,353			—			5,353			(5,353)			—			—
BNP Paribas Securities Corp.			13			—			13			—			—			13
BNY Mellon Capital Markets LLC			1,578			—			1,578			(1,578)			—			—
Brown Brothers Harriman Investments LLC			3			—			3			—			—			3
Canadian Imperial Bank Of Commerce			12,033			—			12,033			(12,033)			—			—
Citibank Global Markets, Inc.			2,778			—			2,778			(2,778)			—			—
Goldman Sachs			3,188			—			3,188			(3,188)			—			—
HSBC Bank			2,005			—			2,005			(2,005)			—			—
J.P. Morgan Securities, Inc.			6,269			—			6,269			(421)			—			5,848
Mizuho Securities USA LLC			296			—			296			—			—			296
Morgan Stanley			1,909			—			1,909			(1,909)			—			—
Royal Bank of Canada Investment Management (USA) Ltd.			11,843			—			11,843			(2,825)			—			9,018
Standard Chartered Securities North America LLC			27			—			27			(27)			—			—
State Street Bank & Trust Co.			8,448			—			8,448			(8,448)			—			—
UBS AG			7,479			—			7,479			(3,059)			—			4,420
Total Forward Foreign Currency Contracts			68,105			—			68,105			(45,468)			—			22,637
Written Options
Bank of America			31,531			—			31,531			—			—			31,531
BNP Paribas Securities Corp.			31,531			—			31,531			—			—			31,531
Euribor			4,967			—			4,967			—			—			4,967
Standard Chartered Securities North America LLC			8,898			—			8,898			—			—			8,898
Total Written Options			76,927			—			76,927			—			—			76,927
Swaptions
Barclays Capital, Inc.			—			—			—			—			—			—
Goldman Sachs			3,453			—			3,453			(3,453)			—			—
Mizuho Capital Markets LLC			1,433			—			1,433			(1,433)			—			—
UBS AG			78,349			—			78,349			(8,160)			—			70,189
Total Swaptions			83,235			—			83,235			(13,046)			—			70,189
			$228,267			$—			$228,267			$(58,514)			$—			$169,753

*
Actual collateral pledged, or margin deposits in the case of futures contracts, may be larger than than reported in order to satisfy broker or exchange requirements.

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June 30, 2024 (Unaudited)(Continued)

Due to the absence of a master netting agreement relating to the Funds’ participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 8 for collateral related to securities on loan.

Expense Policy – Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of a Portfolio other than distribution and service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis.

Expenses that are attributable to both the Company and the Wilshire Variable Insurance Trust (an affiliated registered investment company) are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of each Class of each Portfolio’s shares.

Investments in REITs – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.

Master Limited Partnerships (“MLPs”) – Each Portfolio may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management.

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

Redemption Fees – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the current fiscal period and the six months ended June 30, 2024, Wilshire International Equity Fund collected $645 and $3,582, respectively, in redemption fees.

New Accounting Pronouncements and Other Regulatory Matters – In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the Funds’ financial statements.

In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Fund to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There was an 18-month transition period after the effective date of the amendment. The implementation of this rule will not have any impact on the financial statements.

3. Investment Adviser and Other Service Providers

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees, computed daily and paid monthly, of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for Wilshire 5000 Index^SM Fund; 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund; and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.

The Adviser has entered into expense limitation agreements with Large Company Growth Portfolio and Large Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2025. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.

During the current fiscal period, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

Portfolio			Fee Reductions/ Reimbursements			Fees Recouped
Large Company Growth Portfolio			$6,329			$    —
Large Company Value Portfolio			​28,778			—
Small Company Growth Portfolio			69,392			—

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June 30, 2024 (Unaudited)(Continued)

Portfolio			Fee Reductions/ Reimbursements			Fees Recouped
Small Company Value Portfolio			​$ 78,891			$   —
Wilshire International Equity Fund			169,212			—
Wilshire Income Opportunities Fund			143,357			—

As of the end of the current fiscal period, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $53,824, $137,327, $415,413, $455,455, $1,165,045, and $656,452, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

Portfolio			December 31, 2024			December 31, 2025			December 31, 2026			December 31, 2027
Large Company Growth Portfolio			$—			$10,018			$37,477			$6,329
Large Company Value Portfolio			—			30,491			78,058			​28,778
Small Company Growth Portfolio			​57,688			154,221			134,112			69,392
Small Company Value Portfolio			​68,923			148,103			159,538			78,891
Wilshire International Equity Fund			​254,569			359,553			381,711			169,212
Wilshire Income Opportunities Fund			​46,008			159,407			307,680			143,357

The Board has approved Los Angeles Capital Management LLC (“L.A. Capital”), Pzena Investment Management, LLC (“Pzena”), Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS”), Ranger Investment Management, LLC (“Ranger”), AllianceBernstein, L.P. (“AllianceBernstein”), Granahan Investment Management, Inc. (“Granahan”), DoubleLine^® Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”), Manulife Asset Management (US) LLC (“Manulife”), Lazard Asset Management LLC (“Lazard”), Hotchkis & Wiley Capital Management, LLC (“H&W”), Diamond Hill Capital Management, Inc. (“Diamond Hill”), and Fred Alger Management, LLC (“Alger Management”), (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, AllianceBernstein, Alger Management and Voya each manage a portion of Large Company Growth Portfolio. L.A. Capital, H&W, MFS and Voya each manage a portion of Large Company Value Portfolio. L.A. Capital, Ranger, and Granahan each manage a portion of Small Company Growth Portfolio. L.A. Capital, H&W and Diamond Hill each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 Index^SM Fund. L.A. Capital, Pzena, Lazard, WCM and Voya each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.

The Sub-Advisers are subject to the Adviser’s oversight. The fees of the Sub-Advisers are paid by the Adviser.

The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the current fiscal period, there was one of such transactions by a Portfolio.

U.S. Bank N.A. serves as the Trust’s custodian. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the “Administrator”), serves as the Company’s administrator and accounting agent and also serves as the Trust’s transfer agent and dividend disbursing agent. Foreside Fund Services, LLC, serves as the Company’s principal underwriter. Certain officers and an interested Trustee of the Trust may also be officers or employees of the Adviser, Administrator or their affiliates. They receive no fees for serving as officers or as an interested Trustee of the Trust.

Officers’ and Directors’ Expenses – The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $56,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of

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$12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: a quarterly Board meeting or a special in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a virtual special Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a virtual special Committee meeting fee of $1,500.

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

The Board has adopted a shareholder services and distribution plan (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. During the current fiscal period, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio, except Large Company Growth Portfolio, Small Company Growth Portfolio, and Wilshire 5000 Index^SM Fund. Large Company Growth Portfolio, Small Company Growth Portfolio, and Wilshire 5000 Index^SM Fund incurred distribution and service fee expenses totaling 0.24%, 0.07% and 0.20% of the average net assets of their Investment Class Shares, respectively.

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

Portfolio			Investment Class			Institutional Class
Large Company Growth Portfolio			0.062%			0.025%
Large Company Value Portfolio			0.038%			0.023%
Small Company Growth Portfolio			0.042%			0.062%
Small Company Value Portfolio			0.065%			0.060%
Wilshire 5000 IndexSM Fund			0.031%			0.016%
Wilshire International Equity Fund			0.082%			0.021%
Wilshire Income Opportunities Fund			0.099%			0.024%

Fees Paid Indirectly – The Company has a brokerage commission recapture program with Cowen and Company, LLC (“Cowen”), pursuant to which a portion of the Portfolios’ commissions generated from transactions directed to Cowen are used to reduce the Portfolios’ expenses. Under such program, Cowen, as introducing broker, retains a portion of the Portfolios’ commissions.

Such commissions rebated to the Portfolios during the current fiscal period were as follows:

Large Company Growth Portfolio			$ 137
Large Company Value Portfolio			—
Small Company Growth Portfolio			156
Small Company Value Portfolio			197
Wilshire 5000 IndexSM Fund			—
Wilshire International Equity Fund			2,288
Wilshire Income Opportunities Fund			—

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

For the current fiscal period, Cowen retained the following commissions:

Large Company Growth Portfolio			$27
Large Company Value Portfolio			​55
Small Company Growth Portfolio			​166
Small Company Value Portfolio			​46
Wilshire 5000 IndexSM Fund			​—
Wilshire International Equity Fund			​327
Wilshire Income Opportunities Fund			—

5. Line of Credit

The Company and the Wilshire Variable Insurance Trust have a $75,000,000 umbrella line of credit (the “Line”), which is uncommitted and senior secured with U.S. Bank N.A. The Line serves as a temporary liquidity service to meet redemption requests that otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio are secured by the Portfolio’s assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 3, 2025. Interest is charged at the prime rate, which was 8.50% as of the end of the current fiscal period. As of June 30, 2024, Large Company Growth Portfolio had $140,000 outstanding borrowings. During the current fiscal period, the Portfolios’ Line activity was as follows:

Fund			Average Interest Rate			Interest Expense			Maximum Borrowings			Maximum Borrowings Date			Average Borrowings
Large Company Growth Portfolio			8.50%			$4,467			$1,405,000			May 29, 2024			$107,401
Large Company Value Portfolio			8.50%			117			186,000			April 4, 2022			4,016
Small Company Value Portfolio			8.50%			47			74,000			January 4, 2024			1,093
Wilshire 5000 IndexSM Fund			8.50%			100			142,000			February 6, 2024			2,324
Wilshire International Equity Fund			8.50%			731			354,000			April 11, 2024			14,709

6. Investment Transactions

During the current fiscal period aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:

Portfolio			Purchases			Sales and Maturities
Large Company Growth Portfolio			$63,661,700			$87,924,587
Large Company Value Portfolio			27,194,276			39,042,937
Small Company Growth Portfolio			6,681,449			8,064,160
Small Company Value Portfolio			6,083,490			7,461,300
Wilshire 5000 IndexSM Fund			4,475,784			11,177,319
Wilshire International Equity Fund			44,768,900			58,599,623
Wilshire Income Opportunities Fund			46,574,008			45,760,411

Purchases and sales and maturities of long-term U.S. Government securities during the current fiscal period were:

Portfolio			Purchases			Sales and Maturities
Large Company Growth Portfolio			$3,802,611			$4,145,757
Large Company Value Portfolio			946,588			955,098
Wilshire International Equity Fund			2,252,164			2,369,652
Wilshire Income Opportunities Fund			61,616,818			61,781,602

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

Due to Voya managing a portion of Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period, certain securities held by such Portfolios are considered affiliated investments. Purchases and sales of shares of affiliated registered

investment companies by Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International

Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period, and the value of such investments as of the end of the current fiscal period, were as follows:

Fund			Value as of December 31, 2023			Purchases			Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation			Value as of June 30, 2024			Income Distribution			Long-Term Capital Gain Distribution
Large Company Growth Portfolio
Voya VACS Series EMHCD Fund			$1,598			$52			$  —			$  —			$(3)			$1,647			$52			$  —
Voya VACS Series HYB Fund			997,468			39,450			—			—			(11,698)			1,025,220			39,493			—
Voya VACS Series SC Fund			6,251,175			152,305			—			—			117,790			6,521,270			155,486			—
			$  7,250,241			$191,807			$—			$—			$106,089			$7,548,137			$195,031			$—
Large Company Value Portfolio
Voya VACS Series EMHCD Fund			$1,161			$38			$  —			$  —			$(2)			$1,197			$38			$  —
Voya VACS Series HYB Fund			840,168			33,229			—			—			(9,853)			863,544			33,080			—
Voya VACS Series SC Fund			4,331,284			105,527			—			—			81,615			4,518,426			107,140			—
			$5,172,613			$138,794			$—			$—			$71,760			$5,383,167			$140,258			$—
Wilshire International Equity Fund
Voya VACS Series EMHCD Fund			$1,370			$44			$  —			$  —			$(3)			$1,411			$45			$  —
Voya VACS Series HYB Fund			941,533			37,238			—			—			(11,042)			967,729			37,282			—
Voya VACS Series SC Fund			6,113,476			148,950			—			—			115,197			6,377,623			152,072			—
			$7,056,379			$186,232			$—			$—			$104,152			$7,346,763			$189,399			$—

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

Fund			Value as of December 31, 2023			Purchases			Proceeds from Sales			Realized Loss			Change in Unrealized Appreciation			Value as of June 30, 2024			Income Distribution			Long-Term Capital Gain Distribution
Wilshire Income Opportunities Fund
Voya VACS Series EMCD Fund			$876,138			$27,032			$  —			$  —			$4,251			$907,421			$26,687			$   —
Voya VACS Series EMHCD Fund			1,633,795			53,018			—			—			(2,910)			1,683,903			53,414			—
Voya VACS Series HYB Fund			3,038,503			120,176			—			—			(35,635)			3,123,044			120,329			—
			$5,548,436			$200,226			$—			$—			$(34,294)			$5,714,368			$200,430			$—

7. Derivative Transactions

Small Company Growth Portfolio, Small Company Value Portfolio and Wilshire 5000 Index^SM Fund did not hold any derivative instruments as of or during the current fiscal period.

At the end of the current fiscal period, Large Company Growth Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

Derivative Assets

Derivative Liabilities

Risk

Derivative Type

Statements of Assets and Liabilities Location

Fair Value Amount

Statements of Assets and Liabilities Location

Fair Value Amount

Interest Rate

Futures contracts*

Net variation margin recievable on futures contracts

$17,820

N/A

$  —

Equity

Total return swap contracts

Net unrealized appreciation on swap contracts

8,495,739

N/A

—

$8,513,559

$—

*
Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts.

 
For futures contracts, only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

At the end of the current fiscal period, Large Company Value Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

Derivative Assets

Derivative Liabilities

Risk

Derivative Type

Statements of Assets and Liabilities Location

Fair Value Amount

Statements of Assets and Liabilities Location

Fair Value Amount

Interest Rate

Futures contracts*

Net variation margin recievable on futures contracts

$12,633

N/A

$  —

Equity

Total return swap contracts

Net unrealized appreciation on swap contracts

2,431,929

N/A

—

$2,444,562

$—

*
Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts.

 
For futures contracts, only current day’s variation margin is reported within the Statement of Assets and Liabilities.

At the end of the current fiscal period,Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

Derivative Assets

Derivative Liabilities

Risk

Derivative Type

Statements of Assets and Liabilities Location

Fair Value Amount

Statements of Assets and Liabilities Location

Fair Value Amount

Interest Rate

Futures contracts*

Net variation margin recievable on futures contracts

$18,039

N/A

$  —

Equity

Total return swap contracts

Net unrealized appreciation on swap contracts

3,625,337

N/A

—

$3,643,376

$—

*
Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts.

 
For futures contracts, only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

At the end of the current fiscal period, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

Derivative Assets

Derivative Liabilities

Risk

Derivative Type

Statements of Assets and Liabilities Location

Fair Value Amount

Statements of Assets and Liabilities Location

Fair Value Amount

Interest Rate

Futures contracts*

Net variation margin receivable on futures contracts

$36,931

N/A

$—

Centrally cleared interest rate swaps*

Net variation margin payable on swap contracts

3,322

N/A

—

OTC interest rate swaptions

Unrealized appreciation on swaption contracts

​85,957

Unrealized depreciation on swaption contracts

​83,235

OTC interest rate options

Unaffiliated investments, at value

2,249

Options written, at value

4,967

Currency

Forward foreign currency exchange contracts

Unrealized appreciation on foreign forward currency contracts

​192,743

Unrealized depreciation on foreign forward currency contracts

​68,105

OTC currency options

Unaffiliated investments, at value

44,380

Options written, at value

71,960

​$365,582

​$228,267

*
Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts, Schedule of Centrally Cleared Credit Default Swaps, and Schedule of Centrally Cleared Interest Rate Swaps. For futures contracts, centrally cleared credit default swaps, and centrally cleared interest rate swaps, only current day’s variation margin is reported within the Statements of Assets and Liabilities.

For the current fiscal period, the effect of derivative contracts in Large Company Growth Portfolio’s Statements of Operations was as follows:

Statements of Operations

Risk

Derivative Type

Location

Net Realized Gains (Losses)

Net Change in Unrealized Appreciation (Depreciation)

Interest Rate

Futures contracts

Futures contracts

$2,179

$208,885

Equity

Total return swap contracts

Swap contracts

​—

7,004,726

For the current fiscal period, the effect of derivative contracts in Large Company Value Portfolio’s Statement of Operations was as follows:

Statements of Operations

Risk

Derivative Type

Location

Net Realized Gains (Losses)

Net Change in Unrealized Appreciation (Depreciation)

Interest Rate

Futures contracts

Futures contracts

$(8,042)

$138,575

Equity

Swap contracts

Swap contracts

​—

1,082,565

183

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

For the current fiscal period, the effect of derivative contracts in Wilshire International Equity Fund’s

Statements of Operations was as follows:

Statements of Operations

Risk

Derivative Type

Location

Net Realized Gains (Losses)

Net Change in Unrealized Appreciation (Depreciation)

Currency

Forward foreign currency exchange contracts

Forward foreign currency contracts

$(305)

$203,348

Equity

Swap contracts

Swap contracts

(721,917)

1,988,929

For the current fiscal period, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

Statements of Operations

Risk

Derivative Type

Location

Net Realized Gains (Losses)

Net Change in Unrealized Appreciation (Depreciation)

Interest Rate

Futures contracts

Futures contracts

$(649,006)

​$328,489

Interest Rate

Swaptions

Swaption contracts

70,878

44,806

Interest Rate

Swap contracts

Swap contracts

(249,757)

​191,438

Interest Rate

Written options

Option contracts written

1,632

—

Interest Rate

Purchased options

Unaffiliated investments

3,299

(11,892)

Interest Rate Total

(822,954)

​552,841

Currency

Forward foreign currency exchange contracts

Forward foreign currency contracts

(102,450)

455,995

Currency

Written options

Option contracts written

5,378

(39,264)

Currency

Purchased options

Unaffiliated investments

16,508

27,404

Currency

Swap contracts

Swap contracts

—

​(2,161)

Currency Total

(80,564)

​441,974

Equity

Futures contracts

Futures contracts

(6,181)

—

Equity Total

(6,181)

—

The average monthly notional amount outstanding of options, swaptions, swaps, futures and forwards during the six months ended June 30, 2024 were as follows:

			Large Company Growth Portfolio			Large Company Value Portfolio			Wilshire International Equity Fund			Wilshire Income Opportunity Fund
Written Options
Long			$   —			$   —			$   —			$10,390,040
Short			—			—			—			(9,302,954)
Swaptions
Long			—			—			—			8,642,898
Short			—			—			—			(17,074,650)

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

			Large Company Growth Portfolio			Large Company Value Portfolio			Wilshire International Equity Fund			Wilshire Income Opportunity Fund
Total Return Swaps			$42,731,662			$29,226,540			$39,411,501			$—
Interest Rate Swaps			—			—			—			15,240,962
Futures
Long			28,339			602,882			198,732			46,544,608
Short			(6,253,140)			(3,507,940)			(5,946,702)			(13,668,958)
Forwards
Purchased			—			—			—			30,228,938
Sold			—			—			—			42,043,896
Volatility Swaps			—			—			—			13,857

8. 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 a U.S. Bank Money Market Deposit Account. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. U.S. Bank N.A., the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the cash collateral at the end of the current fiscal period are shown on the Statements of Assets and Liabilities. Proceeds from cash collateral received from securities on loan were invested in a U.S. Bank Money Market Deposit Account and classified as Cash and cash equivalents on the Statements of Assets and Liabilities.

The following table is a summary of the Portfolios’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of the end of the current fiscal period:

Portfolio			Gross Amount of Recognized Assets (Value of Securities on Loan)			Value of Cash Collateral Received*
Large Company Growth Portfolio			$17,078			$17,078
Small Company Growth Portfolio			84,358			84,358
Small Company Value Portfolio			79,178			79,178
Wilshire 5000 IndexSM Fund			805,556			805,556
Wilshire International Equity Fund			298,060			298,060
Wilshire Income Opportunities Fund			1,198,135			1,198,135

*
The amount of collateral reflected in the table above does not include any over collateralization received by the Portfolios.

185

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

9. Capital Share Transactions.

Transactions in shares of the Portfolios are summarized below:

			Large Company Growth Portfolio						Large Company Value Portfolio						Small Company Growth Portfolio
			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold			5,866			18,752			5,641			776			2,196			4,694
Shares issued as reinvestment of distributions			—			1,511			—			4,245			—			—
Shares redeemed			(113,450)			(255,533)			(5,809)			(47,758)			(22,936)			(66,098)
Net increase (decrease) in Investment Class shares outstanding			(107,584)			(235,270)			(168)			(42,737)			(20,740)			(61,404)
Shares outstanding at beginning of period			1,783,196			2,018,466			183,049			225,786			369,223			430,627
Shares outstanding at end of period			1,675,612			1,783,196			182,881			183,049			348,483			369,223

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

			Large Company Growth Portfolio						Large Company Value Portfolio						Small Company Growth Portfolio
			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023
Institutional Class shares:
Shares sold			75,630			249,847			136,592			618,815			25,821			393,666
Shares issued as reinvestment of distributions			—			11,294			—			246,073			—			—
Shares redeemed			(543,392)			(1,204,634)			(672,343)			(2,150,378)			​(64,005)			(387,791)
Net increase (decrease) in Institutional Class shares outstanding			(467,762)			(943,493)			(535,751)			(1,285,490)			​(38,184)			5,875
Shares outstanding at beginning of period			3,917,271			4,860,764			8,098,009			9,383,499			1,003,587			997,712
Shares outstanding at end of period			3,449,509			3,917,271			7,562,258			8,098,009			​965,403			1,003,587

			Small Company Value Portfolio						Wilshire 5000 IndexSM Fund						Wilshire International Equity Fund
			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold			403			2,744			141,655			503,184			8,808			9,973
Shares issued as reinvestment of distributions			—			8,522			8			218,328			-			1,975
Shares redeemed			(9,361)			(24,246)			(277,633)			(659,183)			(15,073)			(49,750)
Net increase (decrease) in Investment Class shares outstanding			(8,958)			(12,980)			(135,970)			62,329			(6,265)			(37,802)
Shares outstanding at beginning of period			215,708			228,688			6,991,545			6,929,216			72,925			110,727
Shares outstanding at end of period			206,750			215,708			6,855,575			6,991,545			66,660			72,925

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

			Small Company Value Portfolio						Wilshire 5000 IndexSM Fund						Wilshire International Equity Fund
			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023			Six Months Ended June 30, 2024			Year Ended December 31, 2023
Institutional Class shares:
Shares sold			18,771			221,560			84,739			52,303			347,953			1,437,388
Shares issued as reinvestment of distributions			—			31,929			—			48,123			—			701,059
Shares redeemed			(61,658)			(295,717)			(82,985)			(184,792)			(1,824,015)			(5,013,247)
Net increase (decrease) in Institutional Class shares outstanding .			(42,887)			(42,228)			1,754			(84,366)			(1,476,062)			(2,874,800)
Shares outstanding at beginning of period			784,257			826,485			1,783,107			1,867,473			21,025,531			23,900,331
Shares outstanding at end of period			741,370			784,257			1,784,861			1,783,107			19,549,469			21,025,531

			Wilshire Income Opportunities Fund
			Six Months Ended June 30, 2024			Year Ended December 31, 2023
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold			629			2,206
Shares issued as reinvestment of distributions			430			923
Shares redeemed			(1,418)			(39,784)
Net decrease in Investment Class shares outstanding.			(359)			(36,655)
Shares outstanding at beginning of period			22,922			59,577
Shares outstanding at end of period			22,563			22,922
Institutional Class shares:
Shares sold			916,669			2,359,540
Shares issued as reinvestment of distributions			499,732			809,773
Shares redeemed			(1,232,106)			(7,440,824)
Net decrease in Institutional Class shares outstanding .			184,295			(4,271,511)
Shares outstanding at beginning of period			22,857,502			27,129,013
Shares outstanding at end of period			23,041,797			22,857,502

188

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

10. Significant Shareholders

At the end of the current fiscal period, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

Portfolio
Large Company Growth Portfolio (4 omnibus shareholders)			87%
Large Company Value Portfolio (4 omnibus shareholders)			95%
Small Company Growth Portfolio (4 omnibus shareholders)			81%
Small Company Value Portfolio (4 omnibus shareholders)			90%
Wilshire 5000 IndexSM Fund (2 omnibus shareholders)			67%
Wilshire International Equity Fund (4 omnibus shareholders)			97%
Wilshire Income Opportunities Fund (4 omnibus shareholders)			97%

As of the end of the current fiscal period, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

Portfolio
Large Company Growth Portfolio			30%
Large Company Value Portfolio			48%
Small Company Growth Portfolio			28%
Small Company Value Portfolio			28%
Wilshire 5000 IndexSM Fund			0%
Wilshire International Equity Fund			51%
Wilshire Income Opportunities Fund			50%

11. Tax Information.

No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and net realized gains. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities of returns filed within the past three years and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The federal tax cost of portfolio securities and unrealized appreciation and depreciation, including derivatives, and the components of distributable earnings (accumulated losses) for income tax purposes as of December 31, 2023, for each Portfolio are as follows:

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

			Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Tax cost of Investments			$140,511,090			$137,831,499			$21,084,041			$21,847,341
Unrealized Appreciation			83,448,253			27,957,536			6,893,694			6,370,954
Unrealized Depreciation			(6,609,252)			(6,681,715)			(2,536,824)			(2,070,115)
Net unrealized appreciation (depreciation)			76,839,001			21,275,821			4,356,870			4,300,839
Undistributed Ordinary Income			1,701,183			833,962			—			330,508
Undistributed Long-Term Capital Gain			4,092,526			911,057			—			366,235
Distributable earnings			5,793,709			1,745,019			—			696,743
Other accumulated gain/(loss)			—			52			(2,949,201)			—
Total distributable earnings			82,632,710			23,020,892			1,407,669			4,997,582

			Wilshire 5000 IndexSM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax cost of Investments			$64,348,210			$180,795,444			$208,042,900
Unrealized Appreciation			180,666,374			41,739,360			4,699,366
Unrealized Depreciation			(5,263,033)			(12,400,327)			(19,914,413)
Net unrealized appreciation (depreciation)			175,403,341			29,339,033			(15,215,047)
Undistributed Ordinary Income			—			1,802,622			—
Undistributed Long-Term Capital Gain			658,961			1,411,159			—
Distributable earnings			658,961			3,213,781			—
Other accumulated gain/(loss)			(29,277)			10,263			(21,400,565)
Total distributable earnings (accumulated losses)			176,033,025			32,563,077			(36,615,612)

The differences between book and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax deferral of losses on wash sales, significant debt modifications, and investment in passive foreign investment companies.

At December 31, 2023, the Wilshire 5000 Index Fund had post-October capital loss deferral of $29,275.

As of December 31, 2023, Income Opportunity Fund and Small Company Growth Portfolio had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:

Portfolio			Short-Term Loss			Long-Term Loss			Total
Small Company Growth Portfolio			$2,949,201			$—			$2,949,201
Wilshire Income Opportunities Fund			6,844,849			14,562,119			21,406,968

These CLCFs may be utilized in the current and futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. During the year ended December 31, 2023, Wilshire International Equity Fund utilized $2,497,901 of CLCF.

The tax character of distributions declared during the years ended December 31, 2023 and December 31, 2022 was as follows:

Portfolio			2023 Ordinary Income			2023 Long-Term Capital Gains			2022 Ordinary Income			2022 Long-Term Capital Gains
Large Company Growth Fund			$551,373			$—			$171,788			$31,530,544
Large Company Value Portfolio			1,410,988			3,611,587			5,889,980			12,018,006
Small Company Growth Portfolio			—			—			—			4,298,514

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

Portfolio			2023 Ordinary Income			2023 Long-Term Capital Gains			2022 Ordinary Income			2022 Long-Term Capital Gains
Small Company Value Portfolio			$86,218			$952,961			$249,102			$2,318,391
Wilshire 5000 IndexSM Fund			2,585,421			5,369,108			2,294,416			7,789,311
Wilshire International Equity Fund			6,294,982			1,180,843			—			2,053,351
Wilshire Income Opportunities Fund			7,094,175			—			8,922,423			—

The Portfolios designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gains to zero for the tax year ended June 30, 2024.

For the year ended December 31, 2023, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences between income tax regulations and GAAP:

			Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio
Distributable earnings (accumulated losses)			$(86,715)			$(576,189)			$72,495			$ (304,336)
Paid-in capital			86,715			576,189			(72,495)			304,336

			Wilshire 5000 IndexSM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Distributable earnings (accumulated losses)			$(462,648)			$(170,636)			$12,982
Paid-in capital			462,648			170,636			(12,982)

Such reclassifications, primarily related to the use of utilization of earnings and profits distributed to shareholders on redemption of shares, are the result of permanent differences between financial statement and income tax reporting requirements and had no effect on each Portfolio’s net assets or NAV per share.

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. Certain Investment Risks

Asset-Backed Securities (“ABS”) Risk – Investors in ABS, including mortgage-backed securities (“MBS”) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

Collateralized Debt Obligation (“CDO”) Risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

Forward Contracts Risk – There may be an imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of Wilshire Income Opportunities Fund’s NAV. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

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

Credit Risk – A Portfolio’s debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies’ credit quality should deteriorate, it could cause the individual security’s credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio’s ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.

Counterparty Credit Risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio’s Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.

Foreign Security Risk – Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in foreign countries. The market values of the Portfolios’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline.

Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.

Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase

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Notes to Financial Statements

June 30, 2024 (Unaudited)(Continued)

the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of the end of the current fiscal period, Large Company Growth Portfolio had 36.3% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Growth Portfolio had 26.4% of the value of its net assets invested in stocks within the Health Care sector; Small Company Value Portfolio had 28.2% of the value of its net assets invested in stocks within the Financials sector; and Wilshire 5000 Index Fund^SM had 30.0% of the value of its net assets invested in stocks within the Information Technology sector.

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

14. Subsequent Event Evaluation

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

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WILSHIRE MUTUAL FUNDS, INC.

ADDITIONAL INFORMATION

Information on Proxy Voting

A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio’s proxy voting record relating to portfolio securities held during most recent 12-month period ended June 30, is available at no charge, upon request by calling (866) 591-1568, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at www.sec.gov.

Information on Form N-PORT

The Company files its complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

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(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no changes in or disagreements with accountants during the period covered by this report.

Item 9. Proxy Disclosure for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7(a).

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(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 Item 2 requirements through filing an exhibit. Incorporated by reference to previous Form N-CSR filing.

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.

(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

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

By (Signature and Title)*	/s/ Jason Schwarz
	Jason A. Schwarz President and Principal Executive Officer

Date 9/5/2024

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 Schwarz
	Jason A. Schwarz President Principal Executive Officer

Date 9/5/2024

By (Signature and Title)*	/s/ Michael Wauters
	Michael Wauters
	Treasurer, Principal Financial Officer and Principal Principal Financial Officer

Date 9/4/2024

* Print the name and title of each signing officer under his or her signature.