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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-07076

Wilshire Mutual Funds, Inc.

(Exact name of registrant as specified in charter)

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

Jason A. Schwarz

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

(Name and address of agent for service)

Registrant's telephone number, including area code:

(310) 451-3051

Date of fiscal year end:	December 31

Date of reporting period:	June 30, 2019

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

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

Item 1.

Reports to Stockholders.

Wilshire Mutual Funds, Inc.

SEMI-ANNUAL REPORT

(Unaudited)

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

June 30, 2019

http://advisor.wilshire.com

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Portfolios’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Portfolios or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Portfolios electronically by contacting the Portfolios at (866) 591-1568 or, if you own these shares through a financial intermediary, by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. You can inform the Portfolios that you wish to continue receiving paper copies of your shareholder reports by contacting the Portfolios at (866) 591-1568. If you own shares through a financial intermediary, you may contact your financial intermediary or follow instructions included with this document to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex or at your financial intermediary.

Wilshire Mutual Funds, Inc.

Table of Contents


Letter to Shareholders	1
Commentary:
Large Company Growth Portfolio	3
Large Company Value Portfolio	6
Small Company Growth Portfolio	9
Small Company Value Portfolio	12
Wilshire 5000 Index^SM Fund	15
Wilshire International Equity Fund	18
Wilshire Income Opportunities Fund	22
Disclosure of Fund Expenses	25
Schedule of Investments/Condensed Schedules of Investments:
Large Company Growth Portfolio	28
Large Company Value Portfolio	30
Small Company Growth Portfolio	32
Small Company Value Portfolio	34
Wilshire 5000 Index^SM Fund	36
Wilshire International Equity Fund	38
Wilshire Income Opportunities Fund	42
Statements of Assets and Liabilities	55
Statements of Operations	57
Statements of Changes in Net Assets	59
Financial Highlights:
Large Company Growth Portfolio	63
Large Company Value Portfolio	65
Small Company Growth Portfolio	67
Small Company Value Portfolio	69
Wilshire 5000 Index^SM Fund	71
Wilshire International Equity Fund	73
Wilshire Income Opportunities Fund	77
Notes to Financial Statements	79
Additional Fund Information	106
Board Approval of Subadvisory Agreement	107

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

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

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited)

Dear Wilshire Mutual Fund Shareholder:

We are pleased to present this semi-annual report to all shareholders of the Wilshire Mutual Funds. This report covers the period from January 1, 2019 to June 30, 2019, for all share classes of the Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index Fund, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund.

Market Environment

U.S. Equity

The U.S. stock market, represented by the Wilshire 5000 Total Market Index^SM, was up 18.66% for the first half of the year. This marks the strongest first half-year for U.S. equities in 24 years. Markets have been volatile this year as trade concerns and a possible global economic slowdown continue to sway investor sentiment, while the Q4 2018 selloff created attractive valuations and buying opportunities that propelled markets early in the year. Equity prices are also responding to the actions and statements of the Federal Reserve, which has softened its monetary policy stance over the past few months. Investors are expecting one or more Federal Funds rate cuts and the markets have begun to react strongly to perceived changes in the likelihood and magnitude of future rate cuts.

Non-U.S. Equity

Equity markets outside of the U.S. continue to enjoy a strong 2019, although they are generally underperforming the U.S. equity market. The MSCI All Country World ex-U.S. Index and MSCI Emerging Markets Index returned 13.60% and 10.58%, respectively. Indicators out of Europe are still gloomy as recent data show that the manufacturing sector in Germany has weakened, which could also mean problems for countries with close industrial ties. Manufacturing in Britain has worsened as well, as businesses continue to struggle with the effects of Brexit. These negative headlines were offset by continued corporate earnings growth and expectations that European corporate earnings growth will outpace U.S. corporate earnings growth over the coming twelve months. News out of Japan is also troubling as consumption and capital spending shows little or no growth. Trade negotiations between the U.S. and China, the world’s two largest economies, continue with both countries maintaining firm stances going into the G20. There was some good news following the conference as the two countries agreed to not impose new trade sanctions and, rather, continue negotiations.

Fixed Income

The U.S. Treasury yield curve fell across all maturities during the quarter ended June 30, 2019, with the biggest decreases occurring in the 1- to 10-year portion of the yield curve. The bellwether 10-year Treasury yield ended the quarter at 2.00%, down 41 basis points from March. The Federal Open Market Committee left its overnight rate unchanged during the quarter, at a range of 2.25% to 2.50%. The committee softened some of its messaging to indicate that it is willing to ease should conditions deteriorate. The commitee current forecast, however, is for no rate changes this year and a minor downward adjustment in 2020. Credit spreads tightened modestly within both the investment grade and high yield markets, and the Bloomberg Barclays Long Government/Credit Index and the Bloomberg Barclays US Corporate High Yield Index returned 13.46% and 9.94%, respectively. Emerging market debt benefited from dovish central bank announcements (both in the U.S. and from the ECB), and in the case of local currency issues, currency tailwinds.

Fund Performance Review

The Large Company Growth Portfolio Institutional Class returned 20.71%, underperforming the Russell 1000 Growth Index by 0.78 %. The Large Company Value Portfolio Institutional Class returned 14.29%, underperforming the Russell 1000 Value Index by 1.95%. The Small Company Growth Portfolio Institutional Class returned 20.72%, outperforming the Russell 2000 Growth Index by 0.36%. The Small Company Value Portfolio Institutional Class returned 14.41%,

Wilshire Mutual Funds, Inc.

Letter to Shareholders (Unaudited) - (Continued)

outperforming the Russell 2000 Value Index by 0.94%. The Wilshire 5000 Index Fund Institutional Class returned 18.03%, underperforming the Wilshire 5000 Total Market Index by 0.63%. The Wilshire International Equity Fund Institutional Class returned 14.15%, outperforming the MSCI All Country World ex-USA Investable Market Index by 0.82%. The Wilshire Income Opportunities Fund Institutional Share Class returned 7.60%, outperforming the Bloomberg Barclays U.S. Universal Index by 1.06%. While some of the Funds underperformed during the six month period, we are confident that each fund is well positioned for future growth.

As always, we sincerely appreciate your continued support and confidence in Wilshire Associates.

Sincerely,

Jason Schwarz
President, Wilshire Mutual Funds

Large Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	20.52%
One Year Ended 6/30/19	9.84%
Five Years Ended 6/30/19	11.63%
Ten Years Ended 6/30/19	14.14%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19**	20.71%
One Year Ended 6/30/19	10.18%
Five Years Ended 6/30/19	11.99%
Ten Years Ended 6/30/19	14.51%

RUSSELL 1000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19^**	21.49%
One Year Ended 6/30/19	11.56%
Five Years Ended 6/30/19	13.39%
Ten Years Ended 6/30/19	16.28%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

^*	During the ten years ended June 30, 2019, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the six months ended June 30, 2019, the investment adviser reimbursed expenses in the annualized amount of 0.03% for Investment Class Shares.
^**	Not annualized.
⁽¹⁾	The Russell 1000^®Growth Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire 5000 Total Market Index^SM returned 18.66% for the first half of the year. Global equities reached new highs, albeit with a heightened degree of market volatility. The dovish tone of global central banks has boosted the rally in equities, resulting in a significant decline in global government bond yields. U.S. growth continues to outpace major foreign developed economies, as Gross Domestic Product (“GDP”) in the first half of the year outperformed expectations due to strength in Personal Consumption Expenditures. However, the recent decline in Gross Private Domestic Investment has weighed on GDP growth, which may be an indicator of declining businesses sentiment and lack of willingness to spend due to uncertainty regarding the business cycle and trade.

Sector returns for the Wilshire 5000 Total Market Index were all positive for the first half of 2019. Information Technology (+27.55%), Industrials (+21.92%) and Consumer Discretionary (+19.90%) were the best performing sectors while Health Care (9.99%) and Energy (+11.94%) were the laggards. Large capitalization stocks outperformed small capitalization stocks with the Wilshire U.S. Large-Cap Index^SM returning 18.74% versus 17.85% for the Wilshire U.S. Small-Cap Index^SM. Year to date, Growth has outperformed Value.

Although U.S. real estate securities underperformed broader equities during the quarter ended June 30, 2019, they are still experiencing a surge for the year. Global real estate securities are up double-digits for the year as well. Commodity results were negative for the quarter as crude oil fell -2.8% to $58.47 per barrel. Natural gas prices were down -13.3%, ending the quarter at $2.31 per million BTUs. MLPs were modestly positive for the quarter (+0.12%) but are up significantly for the year. Gold prices finished at approximately $1,414 per troy ounce, up +9.3% from last quarter.

The Wilshire Large Company Growth Portfolio - Institutional Class returned 20.71% in the first six months of 2019, underperforming the Russell 1000 Growth Index return of 21.49% by 0.78%. Sector allocations to Health Care and Information Technology as well as stock selection within Industrials were detractive to performance. Stock selection within Health Care was the primary driver to relative performance.

Despite the Portfolio’s underperformance, we believe the Portfolio is well-positioned going into the second half of 2019 as the market deals with ongoing macroeconomic and geopolitical issues.

Large Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Large Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19*	14.11%
One Year Ended 6/30/19	2.84%
Five Years Ended 6/30/19	5.51%
Ten Years Ended 6/30/19	11.77%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19*	14.29%
One Year Ended 6/30/19	3.15%
Five Years Ended 6/30/19	5.76%
Ten Years Ended 6/30/19	12.03%

RUSSELL 1000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19*	16.24%
One Year Ended 6/30/19	8.46%
Five Years Ended 6/30/19	7.46%
Ten Years Ended 6/30/19	13.19%

Not annualized.

⁽¹⁾

The Russell 1000^® Value Index is an unmanaged index that measures the performance of the largest 1,000 U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire 5000 Total Market Index^SM returned 18.66% for the first half of the year global equities reached new highs, albeit with a heightened degree of market volatility. The dovish tone of global central banks has boosted the rally in equities, resulting in a significant decline in global government bond yields. U.S. growth continues to outpace major foreign developed economies, as Gross Domestic Product (“GDP”) in the first half of the year outperformed expectations due to strength in Personal Consumption Expenditures. However, the recent decline in Gross Private Domestic Investment has weighed on GDP growth, which may be an indicator of declining businesses sentiment and lack of willingness to spend due to uncertainty regarding the business cycle and trade.

The Wilshire Large Company Value Portfolio - Institutional Class returned 14.29% in 2019, underperforming the Russell 1000 Value Index return of 16.24% by 1.95%. Weak stock selection within Health Care and Energy weighted on performance. Conversely, the Portfolio benefited from strong stock selection within Industrials and sector allocation to Industrials.

Despite the Portfolio’s underperformance versus its benchmark, we believe the Portfolio is well-positioned going into the second half of 2019 as the market deals with ongoing macroeconomic and geopolitical uncertainties.

Large Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Small Company Growth Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	20.54%
One Year Ended 6/30/19	2.13%
Five Years Ended 6/30/19	9.77%
Ten Years Ended 6/30/19	14.99%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	20.72%
One Year Ended 6/30/19	2.41%
Five Years Ended 6/30/19	10.07%
Ten Years Ended 6/30/19	15.29%

RUSSELL 2000^® GROWTH INDEX⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19**	20.36%
One Year Ended 6/30/19	(0.49%)
Five Years Ended 6/30/19	8.63%
Ten Years Ended 6/30/19	14.41%

*	During the ten years ended June 30, 2019, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the six months ended June 30, 2019, the investment adviser reduced its fees or reimbursed expenses in the annualized amount of 0.21% and 0.19% of average net assets for Investment Class Shares and Institutional Class Shares, respectively.
**	Not annualized.
⁽¹⁾	The Russell 2000^® Growth Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with higher price-to-book ratios and higher forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Growth Portfolio - Institutional Class returned 20.72% in 2019, outperforming the Russell 2000 Growth Index return of 20.36% by 0.36%. Stock selection within Health Care and Information Technology, and sector allocation to Consumer Staples were detractive. Conversely, the Portfolio benefited from sector allocation in Information Technology, as well as from strong stock selection within Financials and Consumer Discretionary.

We are pleased with the Portfolio’s outperformance for the first half of 2019 and believe that the Portfolio is well-positioned going into the second half of 2019 as the market deals with ongoing macroeconomic and geopolitical issues.

Small Company Growth Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Small Company Value Portfolio

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	14.29%
One Year Ended 6/30/19	(8.88%)
Five Years Ended 6/30/19	5.00%
Ten Years Ended 6/30/19	12.71%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	14.41%
One Year Ended 6/30/19	(8.68%)
Five Years Ended 6/30/19	5.28%
Ten Years Ended 6/30/19	13.02%

RUSSELL 2000^® VALUE INDEX⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19**	13.47%
One Year Ended 6/30/19	(6.24%)
Five Years Ended 6/30/19	5.39%
Ten Years Ended 6/30/19	12.40%

*	During the ten years ended June 30, 2019, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements (excluding fees paid indirectly), historical total returns would have been lower. For the six months ended June 30, 2019, the investment adviser reduced its fees or reimbursed expenses in the annualized amount of 0.25% and 0.21% of average net assets for Investment Class Shares and Institutional Class Shares, respectively.
**	Not annualized.
⁽¹⁾	The Russell 2000^® Value Index is an unmanaged index that measures the performance of the 2,000 smallest U.S. companies with lower price-to-book ratios and lower forecasted growth values. Index performance is presented for general comparative purposes. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot directly invest in any index.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

The Wilshire Small Company Value Portfolio - Institutional Class returned 14.41% in 2019, outperforming the Russell 2000 Value Index return of 13.47% by 0.94%. The Fund benefited from stock selection within Industrials and Financials as well as overweight to Industrials. However, performance was weighed down by weak stock selection within Energy and Health Care.

Small Company Value Portfolio

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Wilshire 5000 Index^sm Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19*	17.87%
One Year Ended 6/30/19	8.35%
Five Years Ended 6/30/19	9.60%
Ten Years Ended 6/30/19	13.97%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19*	18.03%
One Year Ended 6/30/19	8.72%
Five Years Ended 6/30/19	9.90%
Ten Years Ended 6/30/19	14.25%

WILSHIRE 5000 INDEX^SM(1)

Average Annual Total Returns

Six Months Ended 6/30/19*	18.66%
One Year Ended 6/30/19	9.09%
Five Years Ended 6/30/19	10.33%
Ten Years Ended 6/30/19	14.66%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month end may be obtained at http://advisor.wilshire.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table above does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

Outside of the United States, equities also performed well. The MSCI All Country World ex-U.S. Index returned 13.60% for the year-to-date period through June 30. Despite signs of stability, the U.K. and Europe both face cyclical and structural risks to economic growth, due to geopolitical uncertainty and the challenges associated with implementing a unified monetary policy across misaligned economies, respectively. In particular, the European Central Bank has acknowledged this issue and has communicated the willingness to be very supportive of growth through monetary stimulus. The MSCI Emerging Markets Index returned 10.59% during the period as trade war and lower earnings expectations weighed on export-driven economies.

The Wilshire 5000 Index Fund - Institutional Class returned 18.03% in 2019, underperforming the Wilshire 5000 Index return of 18.66% by 0.63%. Relative underperformance is attributable to Fund expenses and is well within the historical range.

Wilshire 5000 Index^sm Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Wilshire International Equity Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	14.06%
One Year Ended 6/30/19	1.90%
Five Years Ended 6/30/19	2.72%
Ten Years Ended 6/30/19	7.62%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	14.15%
One Year Ended 6/30/19	2.23%
Five Years Ended 6/30/19	2.98%
Ten Years Ended 6/30/19	7.87%

MSCI ALL COUNTRY WORLD EX-USA INVESTABLE MARKET INDEX⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19**	13.33%
One Year Ended 6/30/19	0.26%
Five Years Ended 6/30/19	2.25%
Ten Years Ended 6/30/19	6.78%

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

Average Annual Total Returns

Six Months Ended 6/30/19**	13.60%
One Year Ended 6/30/19	1.29%
Five Years Ended 6/30/19	2.16%
Ten Years Ended 6/30/19	6.54%

On April 2, 2013, the Wilshire International Equity Fund’s investment strategy was changed. Consequently, prior period performance may have been different if the new investment strategy had been in effect during these periods.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

*	During the ten years ended June 30, 2019, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical total returns would have been lower. For the six months ended June 30, 2019, the investment adviser reimbursed expenses in the annualized amount of 0.10% for Investment Class Shares.
**	Not annualized.
⁽¹⁾	Effective June 28, 2019, the Wilshire International Equity Fund’s (the “Fund”) primary benchmark index was changed from MSCI All Country World Ex-U.S. Index (“MSCI ACWI ex-US”) to the MSCI All Country World Ex-USA Investable Market Index (the “MSCI ACWI ex-US IMI”) because the investment adviser has determined that the MSCI ACWI ex-US IMI more closely aligns with the investment strategies of the Fund. The MSCI ACWI ex-US IMI captures large, mid and small cap representation across 22 of 23 Developed Markets countries (excluding the United States) and 26 Emerging Markets countries, covering approximately 99% of the global equity investment opportunity set outside the United States. The MSCI ACWI ex-US is an unmanaged capitalization-weighted measure of stock markets of developed and emerging markets, with the exception of U.S.-based companies. Unlike a mutual fund, the performance of an index assumes no transaction costs, management fees or other expenses. An individual cannot invest directly in an index. Index performance is presented for general comparative purposes.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

Outside of the United States, equities performed well. The MSCI All Country World ex-U.S. Index returned 13.60% for the year-to-date period through June 30. Despite signs of stability, the U.K. and Europe both face cyclical and structural risks to economic growth, due to geopolitical uncertainty and the challenges associated with implementing a unified monetary policy across misaligned economies, respectively. In particular, the European Central Bank has acknowledged this issue and has communicated the willingness to be very supportive of growth through monetary stimulus. The MSCI Emerging Markets Index returned 10.59% during the period as trade war and lower earnings expectations weighed on export-driven economies.

The Wilshire International Equity Fund - Institutional Class returned 14.15% in 2019, outperforming the MSCI All Country World ex-USA Investable Market Index return of 13.33% by 0.82%. Performance was weighed down by weak stock selection in Energy and Utilities as well as sector allocation regional selection in Canada. Conversely, strong stock selection within Consumer Discretionary, Industrials and Information Technology were contributive to returns. Additionally, an overweight to Information Technology aided relative performance.

We are pleased with the Fund’s relative outperformance for 2019 and believe that the Fund is well-positioned going into the second half of 2019 as the market deals with ongoing macroeconomic and geopolitical issues.

Wilshire International Equity Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

^†	Based on percent of the Portfolio’s total investments in securities at value. Includes investments held as collateral for securities on loan (see Note 7 in Notes to Financial Statements).

Wilshire Income Opportunities Fund

Commentary (Unaudited)

INVESTMENT CLASS SHARES

Average Annual Total Returns*

Six Months Ended 6/30/19**	7.42%
One Year Ended 6/30/19	6.83%
Inception (03/30/16) through 6/30/19	4.98%

INSTITUTIONAL CLASS SHARES

Average Annual Total Returns

Six Months Ended 6/30/19**	7.60%
One Year Ended 6/30/19	7.14%
Inception (03/30/16) through 6/30/19	5.15%

Bloomberg Barclays U.S. Universal Index⁽¹⁾

Average Annual Total Returns

Six Months Ended 6/30/19**	6.54%
One Year Ended 6/30/19	8.07%
Inception (03/30/16) through 6/30/19	3.48%

*	During certain periods since inception, certain fees and expenses were reduced or reimbursed. Without fee reductions and expense reimbursements, historical returns would have been lower. For the six months ended June 30, 2019, the investment adviser reimbursed expenses in the annualized amount of 0.08% for Investment Class Shares.
**	Not annualized.
⁽¹⁾	The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield. Some U.S. Universal Index constituents may be eligible for one or more of its contributing subcomponents that are not mutually exclusive. The Bloomberg Barclays U.S. Universal Index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

The Bloomberg Barclays US Aggregate Bond Index returned 6.11% for the first six months of the year as the U.S. Treasury yield curve fell across all maturities, particularly at the front-end of the curve. Credit spread tightened modestly in both investment grade and high yield markets with the Bloomberg Barclays Long Government/Credit Index and the Bloomberg Barclays US Corporate High Yield Index returned 13.46% and 9.94%, respectively. Globally, the trend of declining inflation across developed markets since mid-2018 has persisted into 2019. At the same time, inflation in emerging markets is well below historic levels, albeit higher than developed markets. This trend has fueled a dovish change in sentiment and central bank rhetoric on a global basis, including but not limited to the European Central Bank, Bank of Korea, Bank of Japan, and the U.S. Federal Reserve, all of which are communicating plans for monetary stimulus.

The Wilshire Income Opportunities Fund - Institutional Class returned 7.60% for the first six months of the year, outperforming the Bloomberg Barclays U.S. Universal Index return of 6.54% by 1.06%. Exposures to emerging market debt, investment grade and high yield issues were positive contributors to performance. Allocations to bank loans weighed on relative performance.

Wilshire Income Opportunities Fund

Commentary (Unaudited) - (Continued)

PORTFOLIO SECTOR WEIGHTING^†

(As of June 30, 2019)

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a Portfolio, you incur ongoing costs, which include costs for investment advisory, administrative services, distribution and/or shareholder services and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the Portfolio. A Portfolio’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing fees (in dollars) of investing in the Portfolios and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2019 to June 30, 2019.

The table on the next page illustrates the Portfolios’ costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses, after any applicable fee reductions, that you paid over the period. The “Ending Account Value” shown is derived from each Portfolio’s actual return for the period. The “Expense Ratio” column shows the period’s annualized expense ratio and the “Expenses Paid During Period” column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Portfolios at the beginning of the period.

You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Portfolio in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare the Portfolios’ costs with those of other mutual funds. The “Ending Account Value” shown is derived from hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and assumed rate of return. It assumes that each Portfolio had an annual return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not each Portfolio’s actual return, the results do not apply to your investment. This example is useful in making comparisons to other mutual funds because the U.S. Securities and Exchange Commission (“SEC”) requires all mutual funds to calculate expenses based on an assumed 5% annual return. You can assess the Portfolios’ ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

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

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

	Beginning Account Value 01/01/2019	Ending Account Value 06/30/2019	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 01/01/19-06/30/19⁽²⁾
*Large Company Growth Portfolio*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,205.20	1.30%	$ 7.11
Institutional Class	$ 1,000.00	$ 1,207.10	1.00%	$ 5.47
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.35	1.30%	$ 6.51
Institutional Class	$ 1,000.00	$ 1,019.84	1.00%	$ 5.01
*Large Company Value Portfolio*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,141.10	1.26%	$ 6.69
Institutional Class	$ 1,000.00	$ 1,142.90	0.99%	$ 5.26
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.55	1.26%	$ 6.31
Institutional Class	$ 1,000.00	$ 1,019.89	0.99%	$ 4.96
*Small Company Growth Portfolio*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,205.40	1.33%	$ 7.27
Institutional Class	$ 1,000.00	$ 1,207.20	1.08%	$ 5.91
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.20	1.33%	$ 6.66
Institutional Class	$ 1,000.00	$ 1,019.44	1.08%	$ 5.41
*Small Company Value Portfolio*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,142.90	1.34%	$ 7.12
Institutional Class	$ 1,000.00	$ 1,144.10	1.09%	$ 5.79
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.15	1.34%	$ 6.71
Institutional Class	$ 1,000.00	$ 1,019.39	1.09%	$ 5.46

Wilshire Mutual Funds, Inc.

Disclosure of Fund Expenses (Unaudited) - (Continued)

	Beginning Account Value 01/01/2019	Ending Account Value 06/30/2019	Net Expense Ratio⁽¹⁾	Expenses Paid During Period 01/01/19-06/30/19⁽²⁾
*Wilshire 5000 Index^SM Fund*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,178.70	0.61%	$ 3.30
Institutional Class	$ 1,000.00	$ 1,180.30	0.33%	$ 1.78
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,021.77	0.61%	$ 3.06
Institutional Class	$ 1,000.00	$ 1,023.16	0.33%	$ 1.66
*Wilshire International Equity Fund*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,140.60	1.52%	$ 8.07
Institutional Class	$ 1,000.00	$ 1,141.50	1.27%	$ 6.74
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,017.26	1.52%	$ 7.60
Institutional Class	$ 1,000.00	$ 1,018.50	1.27%	$ 6.36
*Wilshire Income Opportunities Fund*
Based on Actual Fund Return
Investment Class	$ 1,000.00	$ 1,074.20	1.19%	$ 6.12
Institutional Class	$ 1,000.00	$ 1,076.00	0.92%	$ 4.74
Based on Hypothetical 5% Return
Investment Class	$ 1,000.00	$ 1,018.89	1.19%	$ 5.96
Institutional Class	$ 1,000.00	$ 1,020.23	0.92%	$ 4.61

⁽¹⁾	Annualized, based on the Portfolio’s most recent fiscal half-year expenses.
⁽²⁾	Expenses are equal to the Portfolio’s annualized net expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period.

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 99.3%^(a)
Communication Services — 11.4%
Alphabet, Inc. - Class A^(b)		3,119	$	3,377,253
Alphabet, Inc. - Class C^(b)		6,204		6,705,966
Facebook, Inc. - Class A^(b)		56,594		10,922,642
Netflix, Inc.^(b)		8,004		2,940,029
Other Securities^{(c) (d)}				441,686
				24,387,576
Consumer Discretionary — 18.6%
Alibaba Group Holding Ltd. - ADR^(b)		40,153		6,803,926
Amazon.com, Inc.^(b)		7,217		13,666,327
Burlington Stores, Inc.^(b)		11,636		1,979,865
lululemon athletica, inc.^(b)		13,908		2,506,361
Starbucks Corp.		37,062		3,106,908
Ulta Beauty, Inc.^(b)		7,752		2,689,091
Yum China Holdings, Inc.		33,685		1,556,247
Yum! Brands, Inc.		16,002		1,770,941
Other Securities^{(c) (d)}				5,563,600
				39,643,266
Consumer Staples — 6.4%
Coca-Cola Co. (The)		50,007		2,546,356
Colgate-Palmolive Co.		22,495		1,612,217
Danone S.A. - ADR^(d)		127,086		2,151,566
Monster Beverage Corp.^(b)		53,528		3,416,693
Procter & Gamble Co. (The)		20,660		2,265,368
Other Securities^(c)				1,671,394
				13,663,594
Energy — 0.5%
Other Securities^(c)				1,136,723

Financials — 4.6%
CME Group, Inc.		8,590		1,667,406
FactSet Research Systems, Inc.		5,202		1,490,686
SEI Investments Co.		29,124		1,633,857
Other Securities^(c)				5,058,975
				9,850,924
Health Care — 17.1%
ABIOMED, Inc.^(b)		7,002		1,823,951
Alexion Pharmaceuticals, Inc.^(b)		21,260		2,784,634
Align Technology, Inc.^(b)		8,373		2,291,689
Cerner Corp.		27,854		2,041,698
Edwards Lifesciences Corp.^(b)		9,800		1,810,452
Illumina, Inc.^(b)		6,818		2,510,047
Novo Nordisk A/S - ADR		40,082		2,045,785
Regeneron Pharmaceuticals, Inc.^(b)		6,104		1,910,552
UnitedHealth Group, Inc.		13,397		3,269,002
Varian Medical Systems, Inc.^(b)		10,822		1,473,199
Veeva Systems, Inc. - Class A^(b)		13,955		2,262,245
Zoetis, Inc.		27,920		3,168,642
Other Securities^{(c) (d)}				9,016,746
				36,408,642
Industrials — 6.9%
CoStar Group, Inc.^(b)		2,968		1,644,450
Deere & Co.		12,065		1,999,292
Expeditors International of Washington, Inc.		28,081		2,130,225
Union Pacific Corp.		12,994		2,197,415
Other Securities^{(c) (d)}				6,702,745
				14,674,127
Information Technology — 33.0%
Apple, Inc.		22,292		4,412,033
Autodesk, Inc.^(b)		21,093		3,436,050
Cisco Systems, Inc.		49,417		2,704,593
EPAM Systems, Inc.^(b)		10,380		1,796,777
Keysight Technologies, Inc.^(b)		17,355		1,558,652
Microsoft Corp.		54,643		7,319,976
NVIDIA Corp.		26,166		4,297,243
Oracle Corp.		80,359		4,578,052
PayPal Holdings, Inc.^(b)		32,147		3,679,545
PTC, Inc.^(b)		18,119		1,626,361
QUALCOMM, Inc.		33,300		2,533,131
salesforce.com, inc.^(b)		20,640		3,131,707
ServiceNow, Inc.^(b)		12,760		3,503,513
Visa, Inc. - Class A^(d)		66,713		11,578,040
Workday, Inc. - Class A^(b)		10,655		2,190,455
Other Securities^{(c) (d)}				12,091,511
				70,437,639
Materials — 0.1%
Other Securities^{(c) (d)}				214,005

Real Estate — 0.7%
Other Securities^{(c) (d)}				1,510,699

Total Common Stocks(Cost $126,444,241)			$	211,927,195

See Notes to Financial Statements.
28

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
MONEY MARKET FUNDS — 1.1%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(e)		1,758,447	$	1,758,447
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(e) (f)}		565,233		565,233
Total Money Market Funds(Cost $2,323,680)			$	2,323,680

Total Investments at Value — 100.4%(Cost $128,767,921)			$	214,250,875

Liabilities in Excess of Other Assets — (0.4%)				(775,680	)

Net Assets — 100.0%			$	213,475,195

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings and each investment of any issue that exceeds 1% of the Portfolio’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (866) 591-1568; (ii) on the SEC’s website at www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

ADR — American Depositary Receipt.

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

(b)	Non-income producing security.

(c)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of June 30, 2019.

(d)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $14,049,802 (Note 7).

(e)	The rate shown is the 7-day effective yield as of June 30, 2019.

(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $565,233. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $13,619,670 (Note 7).

See Notes to Financial Statements.
29

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 98.5%^(a)
Communication Services — 5.5%
AT&T, Inc.		103,172	$	3,457,293
Comcast Corp. - Class A		53,924		2,279,907
Verizon Communications, Inc.		32,974		1,883,805
Other Securities^(b)				2,969,278
				10,590,283
Consumer Discretionary — 9.5%
Ford Motor Co.		229,062		2,343,304
Lear Corp.		15,454		2,152,278
Lowe’s Cos., Inc.		15,119		1,525,658
Mohawk Industries, Inc.^(c)		10,078		1,486,203
Target Corp.		27,573		2,388,098
Other Securities^{(b) (d)}				8,262,580
				18,158,121
Consumer Staples — 4.0%
Philip Morris International, Inc.		22,963		1,803,284
Walmart, Inc.		17,751		1,961,308
Other Securities^(b)				3,862,285
				7,626,877
Energy — 10.1%
BP plc - ADR		45,459		1,895,640
EOG Resources, Inc.		19,852		1,849,412
Exxon Mobil Corp.		33,157		2,540,821
Halliburton Co.		76,373		1,736,722
National Oilwell Varco, Inc.		81,943		1,821,594
Phillips 66		20,692		1,935,530
Royal Dutch Shell plc - Class A - ADR		22,295		1,450,736
Schlumberger Ltd.		42,142		1,674,723
Other Securities^{(b) (d)}				4,308,277
				19,213,455
Financials — 27.0%
American International Group, Inc.		46,735		2,490,040
AXA Equitable Holdings, Inc.		78,734		1,645,540
Bank of America Corp.		173,460		5,030,339
Capital One Financial Corp.		26,591		2,412,867
Chubb Ltd.		13,668		2,013,159
Citigroup, Inc.		41,006		2,871,650
JPMorgan Chase & Co.		39,010		4,361,318
MetLife, Inc.		40,355		2,004,433
Morgan Stanley		43,345		1,898,944
Northern Trust Corp.		17,291		1,556,190
U.S. Bancorp		39,411		2,065,136
Wells Fargo & Co.		98,337		4,653,306
Other Securities^{(b) (d)}				18,493,943
				51,496,865
Health Care — 11.4%
CVS Health Corp.		37,221		2,028,173
Johnson & Johnson		19,141		2,665,958
McKesson Corp.		11,395		1,531,374
Medtronic plc		19,461		1,895,306
Merck & Co., Inc.		23,959		2,008,962
Pfizer, Inc.		45,640		1,977,125
Other Securities^(b)				9,602,155
				21,709,053
Industrials — 10.7%
General Electric Co.		463,629		4,868,105
Stanley Black & Decker, Inc.		18,689		2,702,617
United Technologies Corp.		12,301		1,601,590
Westinghouse Air Brake Technologies Corp.^(d)		23,227		1,666,771
Other Securities^(b)				9,539,085
				20,378,168
Information Technology — 8.4%
Cognizant Technology Solutions Corp. - Class A		25,602		1,622,910
Hewlett Packard Enterprise Co.		114,735		1,715,288
International Business Machines Corp.		10,964		1,511,936
Oracle Corp.		71,045		4,047,434
QUALCOMM, Inc.		21,671		1,648,512
Other Securities^{(b) (d)}				5,507,012
				16,053,092
Materials — 2.7%
Linde plc		11,926		2,394,740
Other Securities^{(b) (d)}				2,792,622
				5,187,362
Real Estate — 2.8%
HCP, Inc.^(d)		61,673		1,972,302
Other Securities^{(b) (d)}				3,443,151
				5,415,453
Utilities — 6.4%
Dominion Energy, Inc.		32,772		2,533,931
Edison International		23,541		1,586,899
Entergy Corp.		28,448		2,928,152
Exelon Corp.		45,735		2,192,536

See Notes to Financial Statements.
30

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 98.5%^(a) (Continued)
Utilities — 6.4% (Continued)
Other Securities^(b)			$	2,882,304
				12,123,822
Total Common Stocks(Cost $167,855,211)			$	187,952,551

MONEY MARKET FUNDS — 1.4%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(e)		2,508,295	$	2,508,295
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(e) (f)}		117,111		117,111
Total Money Market Funds(Cost $2,625,406)			$	2,625,406

Total Investments at Value — 99.9%(Cost $170,480,617)			$	190,577,957

Other Assets in Excess of Liabilities — 0.1%				207,900

Net Assets — 100.0%			$	190,785,857

ADR — American Depositary Receipt.

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

(b)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of June 30, 2019.

(c)	Non-income producing security.

(d)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $5,634,669 (Note 7).

(e)	The rate shown is the 7-day effective yield as of June 30, 2019.

(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $117,111. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,567,232 (Note 7).

See Notes to Financial Statements.
31

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 97.1%^(a)
Communication Services — 1.5%
Cogent Communications Holdings, Inc.		7,680	$	455,884
Other Securities^(b)				490,727
				946,611
Consumer Discretionary — 10.0%
Chegg, Inc.^(c)		13,931		537,598
Oxford Industries, Inc.^(d)		6,514		493,761
Skyline Champion Corp.^(c)		37,410		1,024,285
Steven Madden Ltd.		20,632		700,456
TopBuild Corp.^(c)		10,114		837,035
Other Securities^{(b) (d)}				2,709,915
				6,303,050
Consumer Staples — 5.7%
Calavo Growers, Inc.^(d)		7,690		743,931
Inter Parfums, Inc.		18,650		1,240,039
J & J Snack Foods Corp.		7,433		1,196,340
Other Securities^{(b) (d)}				408,279
				3,588,589
Energy — 1.3%
Select Energy Services, Inc. - Class A^(c)		64,480		748,613
Other Securities^(b)				80,548
				829,161
Financials — 7.4%
Banc of California, Inc.		25,385		354,628
CenterState Bank Corp.		29,165		671,670
Goosehead Insurance, Inc. - Class A^(d)		17,647		843,526
LegacyTexas Financial Group, Inc.		7,104		289,204
LendingTree, Inc.^{(c) (d)}		1,610		676,249
Other Securities^{(b) (d)}				1,793,046
				4,628,323
Health Care — 26.7%
BioTelemetry, Inc.^{(c) (d)}		11,373		547,609
Cambrex Corp.^(c)		12,785		598,466
Enanta Pharmaceuticals, Inc.^(c)		3,240		273,391
Heska Corp.^(c)		4,815		410,094
HMS Holdings Corp.^(c)		9,674		313,341
Integer Holdings Corp.^(c)		9,200		772,065
LeMaitre Vascular, Inc.		13,735		384,305
Medidata Solutions, Inc.^(c)		6,385		577,906
Medpace Holdings, Inc.^(c)		12,626		825,993
Mesa Laboratories, Inc.		4,260		1,040,889
Neogen Corp.^(c)		12,256		761,220
NeoGenomics, Inc.^(c)		35,010		768,119
PRA Health Sciences, Inc.^(c)		15,750		1,561,613
Repligen Corp.^{(c) (d)}		15,840		1,361,448
Supernus Pharmaceuticals, Inc.^(c)		14,433		477,587
Tabula Rasa HealthCare, Inc. (c) (d)		16,430		820,349
Tactile Systems Technology, Inc. (c)^(d)		11,832		673,477
Other Securities^{(b) (d)}				4,612,850
				16,780,722
Industrials — 15.1%
Axon Enterprise, Inc.^{(c) (d)}		16,290		1,045,980
Kratos Defense & Security Solutions, Inc.^(c)		24,390		558,287
Marten Transport Ltd.^(d)		20,700		375,705
Mercury Systems, Inc.^(c)		9,040		635,963
Saia, Inc.^(c)		10,091		652,585
SiteOne Landscape Supply, Inc. (c)^(d)		14,074		975,329
Other Securities^{(b) (d)}				5,240,807
				9,484,656
Information Technology — 25.8%
AppFolio, Inc. - Class A^{(c) (d)}		4,537		463,999
Box, Inc. - Class A^(c)		47,949		844,382
Cabot Microelectronics Corp.		5,465		601,587
EVO Payments, Inc. - Class A^(c)		36,937		1,164,624
MAXIMUS, Inc.		17,138		1,243,190
Mimecast Ltd.^(c)		24,475		1,143,227
Pegasystems, Inc.		24,635		1,754,258
Qualys, Inc.^{(c) (d)}		14,000		1,219,120
Silicon Laboratories, Inc.^(c)		7,090		733,105
WNS Holdings Ltd. - ADR^(c)		29,119		1,723,844
Workiva, Inc.^(c)		14,234		826,853
Other Securities^{(b) (d)}				4,509,543
				16,227,732
Materials — 2.0%
Ferroglobe Representation & Warranty Insurance Trust^{(c) (e) (f)}		840		0
Quaker Chemical Corp.^(d)		3,675		745,584
Other Securities^(b)				493,393
				1,238,977

See Notes to Financial Statements.
32

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 97.1%^(a) (Continued)
Real Estate — 1.2%
Other Securities^{(b) (d)}			$	767,903

Utilities — 0.4%
Other Securities^{(b) (d)}				258,046

Total Common Stocks(Cost $47,346,515)			$	61,053,770

MONEY MARKET FUNDS — 4.7%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(g)		1,822,932	$	1,822,932
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(g) (h)}		1,119,629		1,119,629
Total Money Market Funds(Cost $2,942,561)			$	2,942,561

Total Investments at Value — 101.8%(Cost $50,289,076)			$	63,996,331

Liabilities in Excess of Other Assets — (1.8%)				(1,142,713	)

Net Assets — 100.0%			$	62,853,618

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any illiquid investments or investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (866) 591-1568; (ii) on the SEC’s website at www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

ADR — American Depositary Receipt.

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

(b)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of June 30, 2019.

(c)	Non-income producing security.

(d)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $12,008,905 (Note 7).

(e)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of June 30, 2019, representing 0.0% of net assets (Note 2).

(f)	Illiquid security. The total value of such securities is $0 as of June 30, 2019, representing 0.0% of net assets.

(g)	The rate shown is the 7-day effective yield as of June 30, 2019.

(h)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $1,119,629. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,090,664 (Note 7).

See Notes to Financial Statements.
33

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 96.5%^(a)
Communication Services — 1.1%
Other Securities^{(b) (d)}			$	662,500

Consumer Discretionary — 7.2%
Hooker Furniture Corp.		28,777		593,381
Stoneridge, Inc.^(c)		14,113		445,265
Taylor Morrison Home Corp. - Class A^(c)		38,015		796,793
Other Securities^{(b) (d)}				2,391,327
				4,226,766
Consumer Staples — 1.8%
Landec Corp.^(c)		65,795		616,499
Other Securities^{(b) (d)}				405,080
				1,021,579
Energy — 7.0%
Centennial Resource Development, Inc. - Class A (c) (d)		82,405		625,454
Equitrans Midstream Corp.^(d)		41,440		816,782
PDC Energy, Inc.^(c)		13,520		487,531
WPX Energy, Inc.^(c)		43,725		503,275
Other Securities^{(b) (d)}				1,650,089
				4,083,131
Financials — 28.0%
Ameris Bancorp^(d)		32,096		1,257,841
Bank of N.T. Butterfield & Son Ltd. (The)		25,076		851,580
Cadence Bancorp.		15,230		316,784
CVB Financial Corp.		14,860		312,506
Essent Group Ltd.^(c)		8,120		381,559
First Horizon National Corp.^(d)		45,337		676,881
HomeStreet, Inc.^(c)		20,655		612,213
PacWest Bancorp^(d)		15,065		584,974
Radian Group, Inc.		12,746		291,246
RenaissanceRe Holdings Ltd.		6,255		1,113,452
Texas Capital Bancshares, Inc.^(c)		9,275		569,207
Western Alliance Bancorp.^(c)		25,592		1,144,473
Other Securities^{(b) (d)}				8,317,131
				16,429,847
Health Care — 2.3%
LivaNova plc^(c)		6,925		498,322
Other Securities^{(b) (d)}				865,531
				1,363,853
Industrials — 19.3%
Alamo Group, Inc.		6,055		605,075
Albany International Corp. - Class A		4,035		334,542
Apogee Enterprises, Inc.		11,410		495,650
Astronics Corp.^(c)		11,480		461,726
Barnes Group, Inc.		7,515		423,395
BMC Stock Holdings, Inc.^(c)		33,180		703,416
EnerSys		10,177		697,124
Federal Signal Corp.		16,803		449,480
GP Strategies Corp.^(c)		20,375		307,256
HNI Corp.		12,265		433,935
Knight-Swift Transportation Holdings, Inc.^(d)		22,679		744,778
Quanta Services, Inc.		24,160		922,671
Other Securities^{(b) (d)}				4,723,591
				11,302,639
Information Technology — 12.2%
Coherent, Inc.^(c)		4,389		598,528
Entegris, Inc.^(d)		14,814		552,858
Mellanox Technologies Ltd.^(c)		9,000		996,030
Methode Electronics, Inc.		18,550		529,974
Rambus, Inc.^(c)		43,820		527,593
Verint Systems, Inc.^(c)		4,925		264,866
Other Securities^{(b) (d)}				3,713,517
				7,183,366
Materials — 5.5%
Boise Cascade Co.		9,945		279,554
Kaiser Aluminum Corp.		5,932		579,023
Materion Corp.		5,853		396,892
Neenah, Inc.		7,525		508,314
P.H. Glatfelter Co.^(d)		46,525		785,342
Other Securities^{(b) (d)}				661,969
				3,211,094
Real Estate — 9.4%
Brandywine Realty Trust		49,329		706,391
First Industrial Realty Trust, Inc.		7,080		260,119
PotlatchDeltic Corp.		9,534		371,635
RLJ Lodging Trust^(d)		16,590		294,307
RPT Realty^(d)		86,685		1,049,754
STAG Industrial, Inc.		10,307		311,684
Other Securities^{(b) (d)}				2,544,515
				5,538,405

See Notes to Financial Statements.
34

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 96.5%^(a) (Continued)
Utilities — 2.7%
ONE Gas, Inc.		3,592	$	324,357
Other Securities^{(b) (d)}				1,269,573
				1,593,930
Total Common Stocks(Cost $54,395,186)			$	56,617,110

MONEY MARKET FUNDS — 4.3%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(e)		2,384,068	$	2,384,068
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(e) (f)}		138,067		138,067
Total Money Market Funds(Cost $2,522,135)			$	2,522,135

Total Investments at Value — 100.8%(Cost $56,917,321)			$	59,139,245

Liabilities in Excess of Other Assets — (0.8%)				(441,230	)

Net Assets — 100.0%			$	58,698,015

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

(b)	Represents issuers not identified as a top 50 holding in terms of market value and issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, as of June 30, 2019.

(c)	Non-income producing security.

(d)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $7,797,418 (Note 7).

(e)	The rate shown is the 7-day effective yield as of June 30, 2019.

(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $138,067. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,753,094 (Note 7).

See Notes to Financial Statements.
35

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 98.3%^(a)
Communication Services — 9.1%
Actua Corp.^{(b) (c) (d)}		100	$	63
Alphabet, Inc. - Class C^(b)		4,133		4,467,400
AT&T, Inc.		48,128		1,612,769
Comcast Corp. - Class A		27,208		1,150,354
Facebook, Inc. - Class A^(b)		15,539		2,999,027
Netflix, Inc.^(b)		2,752		1,010,865
Verizon Communications, Inc.		26,423		1,509,546
Walt Disney Co. (The)		10,226		1,427,959
Other Securities^{(e) (f)}				3,260,199
				17,438,182
Consumer Discretionary — 10.5%
Amazon.com, Inc.^(b)		2,898		5,487,739
Home Depot, Inc. (The)		7,344		1,527,331
McDonald’s Corp.		5,138		1,066,956
NIKE, Inc. - Class B		9,049		759,663
Starbucks Corp.		9,473		794,121
Other Securities^{(e) (f)}				10,462,259
				20,098,069
Consumer Staples — 6.6%
Coca-Cola Co. (The)		25,840		1,315,774
Costco Wholesale Corp.		2,971		785,116
PepsiCo, Inc.		9,119		1,195,774
Philip Morris International, Inc.		10,726		842,312
Procter & Gamble Co. (The)		16,340		1,791,680
Walmart, Inc.		9,309		1,028,552
Other Securities^{(e) (f)}				5,691,183
				12,650,391
Energy — 4.6%
Chevron Corp.		12,863		1,600,671
Exxon Mobil Corp.		27,928		2,140,122
Other Securities^{(e) (f)}				5,062,947
				8,803,740
Financials — 13.7%
Bank of America Corp.		63,858		1,851,881
Berkshire Hathaway, Inc. - Class B (b)		14,686		3,130,614
Citigroup, Inc.		16,485		1,154,444
JPMorgan Chase & Co.		21,642		2,419,575
Wells Fargo & Co.		29,157		1,379,708
Other Securities^{(e) (f)}				16,358,536
				26,294,758
Health Care — 13.2%
Abbott Laboratories		12,635		1,062,603
AbbVie, Inc.		9,790		711,928
Amgen, Inc.		3,950		727,905
Eli Lilly & Co.		6,272		694,874
Johnson & Johnson		17,485		2,435,310
Merck & Co., Inc.		17,765		1,489,594
Pfizer, Inc.		38,422		1,664,440
Thermo Fisher Scientific, Inc.		2,831		831,408
UnitedHealth Group, Inc.		6,246		1,524,085
Other Securities^{(e) (f)}				14,182,304
				25,324,451
Industrials — 9.8%
Boeing Co. (The)		3,988		1,451,673
Honeywell International, Inc.		4,552		794,734
Union Pacific Corp.		4,857		821,366
United Technologies Corp.		5,348		696,310
Other Securities^{(e) (f)}				15,052,656
				18,816,739
Information Technology — 20.9%
Adobe, Inc.^(b)		3,131		922,548
Apple, Inc.		32,343		6,401,326
Broadcom, Inc.		2,530		728,285
Cisco Systems, Inc.		29,388		1,608,405
Intel Corp.		29,498		1,412,068
International Business Machines Corp.		6,425		886,008
Mastercard, Inc. - Class A		6,525		1,726,057
Microsoft Corp.		51,102		6,845,623
Oracle Corp.		19,130		1,089,835
PayPal Holdings, Inc.^(b)		7,725		884,204
Texas Instruments, Inc.		6,205		712,085
Visa, Inc. - Class A^(f)		11,316		1,963,891
Other Securities^{(e) (f)}				14,944,091
				40,124,426
Materials — 2.5%
Ferroglobe Representation Warranty & Insurance Trust (b)^{(c) (d)}		500		0
Other Securities^{(e) (f)}				4,794,191
				4,794,191

See Notes to Financial Statements.
36

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 98.3%^(a) (Continued)
Real Estate — 4.2%
New York REIT Liquidating, LLC (b) (c)^{(d) (f)}		130	$	1,715
Other Securities^{(e) (f)}				7,991,014
				7,992,729
Utilities — 3.2%
Other Securities^{(e) (f)}				6,199,927

Total Common Stocks(Cost $55,368,066)			$	188,537,603

RIGHTS — 0.0%^(g)
AMR Corp., Escrow^{(b) (c) (d)}		3,275	$	426
Galectin Therapeutics, Inc. (b) (c)^(d)		3,690		0
Hertz Global Holdings, Inc. (b) (c) (d)^(f)		430		838
Media General, Inc. - CVR (b) (c) (d)^(f)		794		0
Schulman A, Inc.^{(b) (c) (d)}		81		0
Total Rights (Cost $2,185)			$	1,264

MONEY MARKET FUNDS — 1.6%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(h)		2,444,764	$	2,444,764
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(h) (i)}		738,590		738,590
Total Money Market Funds(Cost $3,183,354)			$	3,183,354

Total Investments at Value — 99.9%(Cost $58,553,605)			$	191,722,221

Other Assets in Excess of Liabilities — 0.1%				135,233

Net Assets — 100.0%			$	191,857,454

CVR — Contingent Value Right.

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

(b)	Non-income producing security.

(c)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $3,042 as of June 30, 2019, representing 0.0% (g) of net assets (Note 2).

(d)	Illiquid security. The total value of such securities is $3,042 as of June 30, 2019, representing 0.0% (g) of net assets.

(e)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of June 30, 2019.

(f)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $11,889,763 (Note 7).

(g)	Percentage rounds to less than 0.1%.

(h)	The rate shown is the 7-day effective yield as of June 30, 2019.

(i)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $738,590. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,296,734 (Note 7).

See Notes to Financial Statements.
37

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 97.8%
Argentina — 0.0%^(a)
Other Securities^{(b) (c)}			$	33,258

Australia — 3.3%
CSL Ltd.^(d)		34,128		5,167,794
Other Securities^{(b) (c) (d)}				7,438,840
				12,606,634
Austria — 0.3%
Other Securities^{(b) (d)}				985,552

Belgium — 0.6%
Other Securities^{(b) (d)}				2,438,558

Bermuda — 0.4%
Other Securities^{(b) (c) (d)}				1,404,563

Brazil — 1.0%
Other Securities^(b)				3,698,709

Canada — 6.0%
Canadian Pacific Railway Ltd.		20,273		4,769,021
Shopify, Inc. - Class A^{(c) (e)}		18,322		5,499,349
Other Securities^{(b) (c)}				12,910,437
				23,178,807
Cayman Islands — 2.8%
Tencent Holdings Ltd.^(d)		114,005		5,157,639
Other Securities^{(b) (c) (d)}				5,461,612
				10,619,251
Chile — 0.1%
Other Securities^(b)				332,180

China — 0.7%
Other Securities^{(b) (c) (d)}				2,841,427

Cyprus — 0.0%^(a)
Other Securities^{(b) (d)}				80,109

Czech Republic — 0.4%
Other Securities^{(b) (d)}				1,535,749

Denmark — 3.2%
A.P. Moller-Maerska A/S - Series B^{(c) (d)}		2,466		3,068,594
Chr. Hansen Holding A/S^(d)		30,761		2,894,869
DSV A/S^(d)		29,869		2,941,304
Other Securities^{(b) (c) (d)}				3,280,939
				12,185,706
Finland — 0.4%
Other Securities^{(b) (c) (d)}				1,536,897

France — 9.2%
EssilorLuxottica S.A.^(d)		18,816		2,453,511
LVMH Moet Hennessy Louis Vuitton SE^(d)		13,602		5,782,755
Pernod Ricard S.A.^(d)		18,274		3,365,756
Publicis Groupe S.A.^(d)		42,319		2,233,709
Rexel S.A.^(d)		278,831		3,539,145
Schneider Electric SE^(d)		32,150		2,909,124
Ubisoft Entertainment S.A.^{(d) (e)}		29,261		2,288,540
Other Securities^{(b) (c) (d)}				12,616,750
				35,189,290
Germany — 3.2%
adidas AG^(d)		14,148		4,377,118
Volkswagon AG^(d)		16,862		2,892,378
Other Securities^{(b) (d)}				5,154,934
				12,424,430
Greece — 0.0%^(a)
FF Group^{(e) (f) (g)}		2,880		0
Other Securities^(b)				69,218
				69,218
Guernsey — 0.0%^(a)
Other Securities^{(b) (d)}				204,358

Hong Kong — 4.1%
AIA Group Ltd.^(d)		453,465		4,897,038
China Resources Power Holdings Co. Ltd.^(d)		2,100,504		3,063,958
Lenovo Group Ltd.^(d)		2,961,000		2,292,708
Other Securities^{(b) (c) (d)}				5,266,034
				15,519,738
Hungary — 0.0%^(a)
Other Securities^{(b) (d)}				138,447

India — 1.4%
HDFC Bank Ltd. - ADR		33,986		4,419,539
Other Securities^{(b) (d)}				870,991
				5,290,530
Indonesia — 0.2%
Other Securities^{(b) (d)}				667,921

See Notes to Financial Statements.
38

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Ireland — 2.1%
Accenture plc - Class A		25,392	$	4,691,679
Other Securities^{(b) (d)}				3,193,760
				7,885,439
Isle of Man — 0.0%^(a)
Other Securities^{(b) (d)}				144,573

Israel — 0.3%
Other Securities^{(b) (c) (d)}				990,190

Italy — 1.7%
Enel SpA^(d)		323,417		2,256,153
Other Securities^{(b) (c) (d)}				4,374,914
				6,631,067
Japan — 13.1%
Fujitsu Ltd.^(d)		35,800		2,502,046
Hitachi Metals Ltd.^(d)		273,400		3,100,411
Honda Motor Co.^(d)		113,600		2,937,694
Inpex Corp.^(d)		379,800		3,442,411
Keyence Corp.^(d)		8,990		5,544,592
Sumitomo Mitsui Financial Group, Inc.^(d)		71,400		2,530,939
Other Securities^{(b) (d)}				30,074,360
				50,132,453
Jersey — 1.9%
Experian plc^(d)		194,253		5,883,709
Other Securities^{(b) (d)}				1,449,023
				7,332,732
Korea (Republic of) — 2.6%
Other Securities^{(b) (d)}				10,162,279

Luxembourg — 0.0%^(a)
Other Securities^{(b) (d)}				136,818

Malaysia — 0.2%
Other Securities^{(b) (d)}				905,089

Mauritius — 0.0%^(a)
Other Securities^{(b) (d)}				40,298

Mexico — 0.9%
Wal-Mart de Mexico S.A.B. de C.V.		946,231		2,582,938
Other Securities^(b)				725,644
				3,308,582
Netherlands — 3.1%
ASML Holding N.V. - ADR^(c)		10,964		2,279,744
Other Securities^{(b) (d)}				9,495,565
				11,775,309
New Zealand — 0.1%
Other Securities^{(b) (d)}				221,156

Norway — 0.3%
Other Securities^{(b) (d)}				1,079,214

Philippines — 0.2%
Other Securities^{(b) (d)}				639,475

Poland — 0.1%
Other Securities^{(b) (d)}				372,706

Portugal — 0.1%
Other Securities^{(b) (d)}				443,736

Russia — 1.0%
Other Securities^{(b) (d)}				3,809,283

Singapore — 1.2%
Other Securities^{(b) (c) (d)}				4,643,327

South Africa — 0.5%
Other Securities^{(b) (c) (d)}				1,886,446

Spain — 2.0%
Amadeus IT Group S.A.^(d)		45,165		3,579,245
Other Securities^{(b) (d)}				4,208,628
				7,787,873
Sweden — 2.4%
Atlas Copco AB - Class A^(d)		85,831		2,750,709
Other Securities^{(b) (c) (d)}				6,300,606
				9,051,315
Switzerland — 8.3%
Alcon, Inc.^(e)		61,054		3,770,101
Chubb Ltd.		25,821		3,803,175
Geberit AG^(d)		6,197		2,896,672
Nestlé S.A.^(d)		55,690		5,765,214
Roche Holdings AG^(d)		15,310		4,305,031
Sika AG^(d)		15,355		2,623,316
Other Securities^{(b) (d)}				8,673,009
				31,836,518

See Notes to Financial Statements.
39

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
COMMON STOCKS — 97.8% (Continued)
Taiwan — 4.2%
Hon Hai Precision Industry Co. Ltd.^(d)		925,400	$	2,314,496
Taiwan Semiconductor Manufacturing Co. Ltd.^(d)		330,000		2,530,198
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		85,909		3,365,055
Other Securities^{(b) (d)}				7,926,923
				16,136,672
Thailand — 0.2%
Other Securities^{(b) (d)}				848,033

Turkey — 0.4%
Other Securities^{(b) (d)}				1,415,943

United Arab Emirates — 0.0%^(a)
Other Securities^{(b) (d)}				82,620

United Kingdom — 11.3%
Compass Group plc^(d)		174,253		4,177,062
HSBC Holdings plc^(d)		298,530		2,491,556
John Wood Group plc^(d)		515,317		2,967,116
TechnipFMC plc		98,456		2,553,949
Tesco plc^(d)		933,867		2,691,975
Travis Perkins plc^(d)		191,510		3,097,342
Vodafone Group plc^(d)		1,375,105		2,253,835
Other Securities^{(b) (d)}				23,150,315
				43,383,150
United States — 2.3%
Mettler-Toledo International, Inc.^(e)		5,454		4,581,360
ResMed, Inc.		28,898		3,526,423
Other Securities^{(b) (c) (d)}				525,533
				8,633,316
Total Common Stocks(Cost $338,445,899)			$	374,696,944

	Shares		Value
PREFERRED STOCKS — 0.3%
Brazil — 0.2%
Other Securities^(b)			$	472,437

Colombia — 0.0%^(a)
Other Securities^(b)				102,729

Germany — 0.1%
Other Securities^{(b) (d)}				439,078

Korea (Republic of) — 0.0%^(a)
CJ Corp.^{(e) (f) (g)}		15		485

Total Preferred Stocks(Cost $928,108)			$	1,014,729

RIGHTS — 0.0%^(a)
Chile — 0.0%
Enel Americas S.A.^{(e) (f) (g)}		316,791	$	0

Spain — 0.0%^(a)
Repsol S.A.^{(e) (f) (g)}		36,486		20,238

Taiwan — 0.0%^(a)
China Life Insurance Co. Ltd. (e) (f)^(g)		26,008		3,568

Total Rights (Cost $24,623)			$	23,806

See Notes to Financial Statements.
40

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Condensed Schedule of Investments - (Continued)

June 30, 2019
(Unaudited)

	Shares		Value
MONEY MARKET FUNDS — 1.3%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(h)		4,216,898	$	4,216,898
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(h) (i)}		913,808		913,808
Total Money Market Funds(Cost $5,130,706)			$	5,130,706

Total Investments at Value — 99.4%(Cost $344,529,336)			$	380,866,185

Other Assets in Excess of Liabilities — 0.6%				2,171,568

Net Assets — 100.0%			$	383,037,753

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings, each investment of any issuer that exceeds 1% of the Fund’s net assets, and any illiquid investments or investments classified as Level 3. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (866) 591-1568; (ii) on the SEC’s website at www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

(a)	Percentage rounds to less than 0.1%.

(b)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any issuers not classified as illiquid or Level 3 investments, as of June 30, 2019.

(c)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $9,009,901 (Note 7).

(d)	Level 2 security (Note 2).

(e)	Non-income producing security.

(f)	Illiquid security. The total value of such securities is $24,291 as of June 30, 2019, representing 0.0% (a) of net assets.

(g)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $24,291 as of June 30, 2019, representing 0.0% (a) of net assets (Note 2).

(h)	The rate shown is the 7-day effective yield as of June 30, 2019.

(i)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2018 was $913,808. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $8,406,826 (Note 7).

ADR — American Depositary Receipt.

See Notes to Financial Statements.
41

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments

June 30, 2019
(Unaudited)

	Par Value		Value
U.S. TREASURY OBLIGATIONS — 11.2%
U.S. Treasury Bills — 1.0%
2.406%, due 09/05/19^(a)	$	1,880,000	$	1,872,762
2.385%, due 11/07/19^(a)		1,300,000		1,290,404
				3,163,166
U.S. Treasury Bonds — 2.6%
4.375%, due 02/15/38		880,000		1,162,425
2.750%, due 11/15/42^(b)		1,195,000		1,251,389
3.125%, due 02/15/43		1,850,000		2,061,305
3.000%, due 02/15/49^(b)		2,280,300		2,500,848
Other Securities^{(b) (c)}				1,299,600
				8,275,567
U.S. Treasury Notes — 7.2%
1.750%, due 06/15/22		1,338,000		1,339,464
1.750%, due 06/30/24		3,836,000		3,833,003
3.000%, due 09/30/25		1,000,000		1,067,656
2.250%, due 08/15/27		960,000		982,500
2.375%, due 05/15/29^(b)		2,000,000		2,065,625
Other Securities^{(b) (c)}				13,425,238
				22,713,486
U.S. Treasury Inflation-Protected Notes — 0.4%
Other Securities^(c)				1,350,997

Total U.S. Treasury Obligations(Cost $34,171,752)			$	35,503,216

AGENCY MORTGAGE-BACKED OBLIGATIONS — 8.3%
Federal Home Loan Mortgage Corp. — 2.3%
Series 4249, Class CS, 4.300%, due 09/15/43	$	1,263,587	$	1,209,533
Series 4355, Class ZX, 4.000%, due 05/15/44		4,273,488		4,701,251
Other Securities^{(c) (d)}				1,241,476
				7,152,260
Federal Home Loan Mortgage Corp. Interest-Only Strips — 0.3%
Other Securities^{(c) (d)}				1,014,083

Federal National Mortgage Association — 2.9%
Series 2016-75, Class ZP, 3.000%, due 10/25/46		1,382,552		1,318,782
Series TBA, 3.500%, due 02/25/48		1,700,000		1,738,051
Series TBA, 4.000%, due 05/25/48		1,350,000		1,395,272
Other Securities^{(b) (c) (d)}				4,799,145
				9,251,250
Federal National Mortgage Association Interest-Only Strips — 1.6%
Series 2009-78, Class XS, 4.336% (1MO LIBOR + 674), due 10/25/39^(d)		6,229,155		1,341,248
Other Securities^{(c) (d)}				3,782,713
				5,123,961
Government National Mortgage Association — 0.6%
Series TBA, 3.000%, due 04/20/47		1,650,000		1,683,709

Government National Mortgage Association Interest-Only Strips — 0.6%
Other Securities^{(c) (d)}				1,883,824

Total Agency Mortgage-Backed Obligations (Cost $24,892,962)			$	26,109,087

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.6%
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 4.916%, due 03/25/37^(d)	$	4,008,599	$	2,581,634
BX Trust, Series 2018-MCSF, Class F, 144A, 5.086%, due 04/15/35^{(d) (e)}		140,000		140,701
BX Trust, Series 2018-GW, Class G, 144A, 5.360% (1MO LIBOR + 292), due 05/15/35 (d)^(e)		83,000		83,570
Castlelake Aircraft Securitization, Series 2019-1A, Class C, 144A, 6.899%, due 04/15/39^(d)		976,071		972,883
CIM Trust, Series 2016-2, Class B2, 144A, 8.273%, due 02/01/56^(d)		1,000,000		1,009,094
CIM Trust, Series 2016-3, Class B2, 144A, 7.312%, due 02/27/56^(d)		1,000,000		1,005,849

See Notes to Financial Statements.
42

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.6% (Continued)
CIM Trust, Series 2016-1, Class B2, 144A, 7.453%, due 07/26/55^(d)	$	1,000,000	$	1,010,803
CLNS Trust, Series 2017-IKPR, Class F, 144A, 6.953% (1MO LIBOR + 450), due 06/11/32 (d)^(e)		84,000		84,630
Commercial Mortgage Trust, Series 2016-GCT, Class F, 144A, 3.461%, due 08/10/29 (d) (e)		150,000		146,972
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 2.574% (1MO LIBOR + 175), due 09/25/36 (d)		1,397,517		1,366,702
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 3.795%, due 09/25/37^(d)		1,656,991		1,605,317
Credit Suisse Commercial Mortgage Trust, Series 2017-LSTK, Class E, 144A, 3.331%, due 04/05/33^{(d) (e)}		170,000		168,565
DBGS Mortgage Trust, Series 2018-5BP, Class F, 144A, 4.890% (1MO LIBOR + 245), due 06/15/33^{(d) (e)}		140,000		139,716
Dryden Senior Loan Fund, Series 2018-60A, Class C, 144A, 4.647% (3MO LIBOR + 205), due 07/15/31^(d)		1,000,000		979,986
FREMF Mortgage Trust, Series 2014-K503, Class D, 144A, 0.000%, due 10/25/47^{(d) (e)}		1,064,300		1,049,084
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class F, 144A, 4.540% (1MO LIBOR + 210), due 07/15/35^(d)		1,000,000		988,302
GSAA Home Equity Trust, Series 2005-6, Class M-1, 2.860% (1MO LIBOR + 43), due 06/25/35^(d)		1,300,000		1,255,671
Home Partners of America Trust, Series 2018-1, Class E, 144A, 4.282% (1MO LIBOR + 185), due 07/17/37^(d)		1,000,000		999,997
IMT Trust, Series 2017-APTS, Class FFL, 144A, 5.290% (1MO LIBOR + 285), due 06/15/34^{(d) (e)}		56,000		55,737
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class E, 144A, 5.440% (1MO LIBOR + 300), due 06/15/32^{(d) (e)}		26,502		26,717
JPMorgan Chase Commercial Mortgage Trust, Series 2011-C5, Class D, 5.375%, due 08/15/46^{(d) (e)}		268,000		271,929
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class FFX, 144A, 5.542%, due 07/05/23^(d)		1,500,000		1,541,499
JPMorgan Chase Commercial Mortgage Trust, Series 2018-BCON, Class E, 3.756%, due 01/05/31^{(d) (e)}		300,000		303,386
Madison Avenue Trust, Series 2013-650M, Class E, 4.034%, due 10/12/32^{(d) (e)}		268,000		265,811
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C17, Class C, 4.465%, due 08/15/47^(d)		1,117,000		1,144,007
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C20, Class D, 144A, 3.071%, due 02/15/48^{(d) (e)}		42,000		39,045
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C22, Class C, 4.378%, due 04/15/48^(d)		1,000,000		1,034,006
Morgan Stanley Capital I Trust, Series 2018-SUN, Class G, 144A, 5.490% (1MO LIBOR + 305), due 07/15/35^{(d) (e)}		40,000		40,251

See Notes to Financial Statements.
43

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Par Value		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 18.6% (Continued)
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 2.810% (1MO LIBOR + 380), due 12/25/35 (d)	$	1,000,000	$	973,377
MSCG Trust, Series 2018-SELF, Class F, 144A, 5.490% (1MO LIBOR + 305), due 10/15/28 (d) (e)		199,000		199,251
PFP Ltd., Series 2017-4, Class D, 144A, 6.073% (1MO LIBOR + 360), due 07/14/35 (d)		1,000,000		999,795
PR Mortgage Loan Trust, Series 2014-1, Class APT, 144A, 5.911%, due 10/25/49 (d) (e)		1,865,055		1,855,548
Slide, Series 2018-FUN, Class F, 144A, 5.440% (1MO LIBOR + 300), due 06/15/31^(d)		1,224,832		1,234,795
Wells Fargo Commercial Mortgage Trust, Series 2015-LC5, Class D, 144A, 4.761%, due 10/15/45^{(d) (e)}		385,000		397,457
Other Securities^{(c) (d)}				32,878,299
Total Non-Agency Mortgage-Backed Obligations (Cost $57,954,737)			$	58,850,386

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS — 2.9%
FREMF Mortgage Trust, Series 2014-K503, Class X2A, 144A, 0.100%, due 10/25/47^{(d) (e)}	$	263,070	$	51
FREMF Mortgage Trust, Series 2014-K503, Class X2B, 144A, 0.100%, due 10/25/47^{(d) (e)}		2,554,200		1,265
L Street Securities, Series 2017-PM1, Class XIO, 144A, 0.000%, due 11/25/47^(d)		818,978,210		1,167,208
Other Securities^{(c) (d)}				8,113,767
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $8,795,932)			$	9,282,291

ASSET-BACKED SECURITIES — 2.3%
Helios Issuer, LLC, Series 2017-1A, Class A, 144A, 4.940%, due 09/20/49^(d)	$	1,081,513	$	1,149,543
Wingstop Funding, LLC, Series 2018-1, Class A2, 144A, 4.970%, due 12/05/48^(d)		997,500		1,042,217
Other Securities^{(c) (d)}				5,184,686
Total Asset-Backed Securities (Cost $7,148,604)			$	7,376,446

COLLATERALIZED LOAN OBLIGATIONS — 3.3%
Annisa CLO Ltd., Series 2016-2A, Class CR, 144A, 4.592% (3MO LIBOR + 200), due 07/20/31^(d)	$	1,000,000	$	977,746
Babson CLO Ltd., Series 2012-II, Class SUB, 144A, 0.000%, due 05/15/23^(e)		1,000,000		34,632
Other Securities^{(c) (d)}				9,298,316
Total Collateralized Loan Obligations(Cost $11,179,022)			$	10,310,694

INVESTMENT-GRADE CORPORATE OBLIGATIONS — 6.9%
Communication Services — 0.6%
Other Securities^{(b) (c)}			$	1,966,371

Consumer Discretionary — 0.4%
Other Securities^(c)(d)				1,129,263

Consumer Staples — 0.4%
Other Securities^(c)(d)				1,166,040

Energy — 1.4%
Other Securities^{(b) (c)}				4,476,991

Financials — 1.9%
Other Securities^{(b) (c) (d)}				6,114,667

See Notes to Financial Statements.
44

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Par Value		Value
INVESTMENT-GRADE CORPORATE OBLIGATIONS — 6.9% (Continued)
Health Care — 0.6%
Other Securities^{(b) (c) (d)}			$	1,905,347

Industrials — 0.3%
Other Securities^{(b) (c)}				825,782

Information Technology — 0.7%
Other Securities^(c)				2,314,588

Materials — 0.2%
Other Securities^(c)				568,629

Real Estate — 0.2%
Other Securities^(c)				553,902

Utilities — 0.2%
Other Securities^{(b) (c)}				735,304

Total Investment-Grade Corporate Obligations (Cost $20,716,039)			$	21,756,884

HIGH YIELD CORPORATE OBLIGATIONS — 11.2%
Communication Services — 1.5%
Other Securities^{(b) (c)}			$	4,792,748

Consumer Discretionary — 1.6%
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24^(e)	$	55,000		52,594
PetSmart, Inc., 144A, 7.125%, due 03/15/23^(e)		30,000		28,125
Other Securities^{(b) (c)}				4,914,184
				4,994,903
Consumer Staples — 0.7%
Other Securities^{(b) (c)}				2,273,344

Energy — 2.3%
Other Securities^{(b) (c)}				7,145,123

Financials — 1.4%
Other Securities^{(b) (c) (d)}				4,588,589

Health Care — 0.6%
Other Securities^{(b) (c)}				1,948,192

Industrials — 0.8%
Other Securities^{(b) (c)}				2,621,078

Information Technology — 0.8%
Other Securities^{(b) (c)}				2,395,663

Materials — 1.0%
Other Securities^{(b) (c)}				3,165,777

Real Estate — 0.1%
Other Securities^(c)				374,405

Utilities — 0.4%
Other Securities^{(b) (c)}				1,182,014

Total High Yield Corporate Obligations(Cost $34,476,166)			$	35,481,836

FOREIGN BONDS — 23.5%
Argentina — 0.9%
Other Securities^{(b) (c)}			$	2,968,754

Australia — 0.4%
Other Securities^(c)				1,372,368

Austria — 0.2%
Other Securities^(c)				686,154

Bermuda — 0.5%
Digicel Group Ltd., 144A, 9.125%, due 04/01/24^(e)	$	602,566		126,539
Other Securities^(c)				1,280,194
				1,406,733
Brazil — 1.3%
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/23		4,560		1,364,612
Other Securities^{(b) (c)}				2,782,847
				4,147,459

See Notes to Financial Statements.
45

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Par Value		Value
FOREIGN BONDS — 23.5% (Continued)
Canada — 2.4%
Canadian Government, 2.250%, due 03/01/24		1,311,000	$	1,039,555
Other Securities^{(b) (c)}				6,461,914
				7,501,469
Cayman Islands — 0.9%
Other Securities^(c)				2,774,684

Chile — 1.0%
Other Securities^{(b) (c)}				3,074,647

Colombia — 0.8%
Other Securities^(c)				2,581,709

Costa Rica — 0.1%
Other Securities^(c)				211,750

Curacao — 0.1%
Other Securities^{(b) (c)}				211,750

Dominican Republic — 0.1%
Other Securities^{(b) (c)}				465,493

Finland — 0.1%
Other Securities^(c)				234,494

Germany — 0.3%
Other Securities^(c)				1,069,124

Hungary — 0.3%
Other Securities^(c)				858,210

India — 0.5%
Other Securities^(c)				1,733,853

Indonesia — 1.2%
Other Securities^(c)				3,701,602

Ireland — 0.7%
Other Securities^{(b) (c)}				2,300,371

Israel — 0.3%
Other Securities^(c)				864,243

Japan — 0.4%
Other Securities^{(c) (d)}				1,304,091

Liberia — 0.0%^(f)
Other Securities^(c)				65,081

Luxembourg — 1.4%
Other Securities^{(b) (c)}				4,556,129

Malaysia — 0.4%
Other Securities^(c)				1,279,801

Mauritius — 0.1%
Other Securities^(c)				403,304

Mexico — 1.7%
Other Securities^{(b) (c) (d)}				5,509,895

Mongolia — 0.1%
Other Securities^{(b) (c)}				418,370

Netherlands — 1.6%
Petrobras Global Finance B.V., 5.750%, due 02/01/29	$	1,015,000		1,056,869
Other Securities^{(b) (c)}				4,129,952
				5,186,821
New Zealand — 0.3%
Other Securities^(c)				996,307

Norway — 0.6%
Norwegian Government Bond, 144A, 3.750%, due 05/25/21		7,980,000		978,911
Other Securities^{(c) (d)}				827,951
				1,806,862
Panama — 0.4%
Other Securities^{(b) (c)}				1,228,193

Paraguay — 0.1%
Other Securities^(c)				206,187

Peru — 0.1%
Other Securities^{(b) (c)}				429,534

Philippines — 0.9%
Other Securities^{(c) (d)}				2,697,019

See Notes to Financial Statements.
46

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Par Value		Value
FOREIGN BONDS — 23.5% (Continued)
Portugal — 0.3%
Other Securities^(c)			$	946,254

Puerto Rico — 0.1%
Other Securities^(c)				302,743

Qatar — 0.1%
Other Securities^(c)				443,605

Saudi Arabia — 0.2%
Other Securities^(c)				605,084

Singapore — 1.4%
Other Securities^{(b) (c)}				4,393,741

Spain — 0.2%
Other Securities^(c)				548,750

Sweden — 0.2%
Other Securities^(c)				512,414

Thailand — 0.1%
Other Securities^(c)				202,250

United Kingdom — 0.4%
Other Securities^(c)				1,291,157

Virgin Islands British — 0.3%
Other Securities^(c)				775,142

Total Foreign Bonds(Cost $72,301,652)			$	74,273,601

LOAN PARTICIPATIONS — 4.8%
Allied Universal Holdco, LLC, 4.700% (3MO LIBOR + 425), due 06/26/26^{(c) (e)}	$	10,811	$	10,811
Capital Automotive, L.P., 8.483% (3MO LIBOR + 600), due 03/21/25^{(d) (e)}		37,957		37,981
CPA Global, 5.833% (3MO LIBOR + 325), due 10/04/24 (d) (e)		306,560		299,969
Radiology Partners, Inc., 7.342% (3MO LIBOR + 425), due 07/09/25^{(d) (e)}		149,624		149,531
RentPath, LLC, 7.240% (3MO LIBOR + 475), due 12/17/21 (d)^(e)		214,968		123,222
Tribune Media Co., 5.499% (3MO LIBOR + 300), due 12/27/20^{(d) (e)}		42,521		42,424
Other Securities^{(c) (d)}				14,461,070
Total Loan Participations(Cost $15,365,260)			$	15,125,008

	Shares
COMMON STOCKS — 0.2%
Financials — 0.2%
Other Securities^(c)			$	500,154

Industrials — 0.0%^(f)
Other Securities^(c)				25,016

Total Common Stocks(Cost $570,128)			$	525,170

PREFERRED STOCKS — 0.9%
U.S. Bancorp, 5.500%^(e)		6,900	$	178,986
Other Securities^(c)				2,569,171
Total Preferred Stocks(Cost $2,716,605)			$	2,748,157

PURCHASED OPTIONS — 0.0%^(f)
Other Securities^(c) (Cost $40,999)			$	38,440

PURCHASED SWAPTION CONTRACTS — 0.00%^(f)
Other Securities^(c) (Cost $28,500)			$	48,259

See Notes to Financial Statements.
47

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Investments - (continued)

June 30, 2019
(Unaudited)

	Shares		Value
AFFILIATED REGISTERED INVESTMENT COMPANIES — 5.8%
Voya Emerging Markets Hard Currency Debt Fund - Class P		342,061	$	3,345,353
Voya Floating Rate Fund - Class P		1,377,092		13,164,995
Voya High Yield Bond Fund - Class P		215,924		1,720,916
Total Affiliated Registered Investment Companies (Cost $18,277,918)			$	18,231,264

MONEY MARKET FUNDS — 10.2%
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(g)		12,347,287	$	12,347,287
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(g) (h)}		20,030,015		20,030,015
Total Money Market Funds(Cost $32,377,302)			$	32,377,302

Total Investments at Value — 110.1%(Cost $340,985,078)			$	348,038,041

Liabilities in Excess of Other Assets — (10.1%)				(31,867,915	)

Net Assets — 100.0%			$	316,170,126

The Condensed Schedule of Investments does not reflect the complete portfolio holdings. It includes the Portfolio’s 50 largest holdings, each investment of any issue that exceeds 1% of the Portfolio’s net assets, and any illiquid investments. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange commission (“SEC”). The complete schedule of portfolio holdings is available (i) without charge, upon request, by calling (866) 591-1568; (ii) on the SEC’s website at www.sec.gov; and (iii) on our website at http://advisor.wilshire.com.

CLO — Collateralized Loan Obligation.

LIBOR — London Interbank Offered Rate.

144A — Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. Management has determined that these securities are liquid. The total value of such securities is $94,667,274 as of June 30, 2019, representing 29.9% of net assets.

(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.

(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $22,129,883 (Note 7).

(c)	Represents issuers not identified as a top 50 holding in terms of market value, issues or issuers not exceeding 1% of net assets individually or in the aggregate, respectively, or any illiquid investments as of June 30, 2019.

(d)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.

(e)	Illiquid security. The total value of such securities is $6,354,500 as of June 30, 2019, representing 2.0% of net assets.

(f)	Percentage rounds to less than 0.1%.

(g)	The rate shown is the 7-day effective yield as of June 30, 2019.

(h)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $20,030,015. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,541,618 (Note 7).

LIBOR rates as of June 30, 2019:

1MO LIBOR 2.39800%

3MO LIBOR 2.31988%

See Notes to Financial Statements.
48

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Futures Contracts

June 30, 2019
(Unaudited)

FUTURES CONTRACTS	Contracts		Expiration Date		Notional Value		Value/ Unrealized Appreciation
TREASURY FUTURES
2-Year U.S. Treasury Note Future		53		09/30/2019	$	11,402,867	$	64,279
5-Year U.S. Treasury Note Future		246		09/30/2019		29,060,672		439,470
10-Year U.S. Treasury Note Future		25		09/19/2019		3,198,438		65,787
U.S. Treasury Long Bond Future		12		09/19/2019		1,867,125		63,003
Total Futures Contracts					$	45,529,102	$	632,539

The average monthly notional amount of futures contracts during the six months ended June 30, 2019 was $45,056,139.

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Futures Contracts Sold Short

June 30, 2019
(Unaudited)

FUTURES CONTRACTS SOLD SHORT	Contracts		Expiration Date		Notional Value		Value/ Unrealized Depreciation
TREASURY FUTURES
5-Year U.S. Treasury Note Future		3		09/30/2019	$	354,398	$	(521	)
CME Ultra Long-Term U.S. Treasury Bond Future		18		09/19/2019		3,196,125		(66,538	)
U.S. Treasury Long Bond Future		15		09/19/2019		2,333,906		(4,124	)
Ultra 10-Year U.S. Treasury Note Future		5		09/19/2019		690,469		(1,330	)

Total Futures Contracts Sold Short					$	6,574,898	$	(72,513	)

The average monthly notional amount of futures contracts sold short during the six months ended June 30, 2019 was $4,569,639.

See Notes to Financial Statements.
49

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts

June 30, 2019
(Unaudited)

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at June 30, 2019		Fund Delivering		U.S. $ Value at June 30, 2019		Unrealized Appreciation		Unrealized Depreciation
Australia and New Zealand Banking Group Ltd.		9/18/2019		USD		1,926,622		AUD		1,933,538	$	—	$	(6,916	)
Australia and New Zealand Banking Group Ltd.		9/18/2019		USD		971,919		NZD		985,593		—		(13,674	)
Barclays Capital, Inc.		7/26/2019		NOK		3,070,705		USD		3,061,885		8,820		—
Barclays Capital, Inc.		7/26/2019		SEK		527,588		USD		528,000		—		(412	)
BNP Paribas		7/26/2019		EUR		184,591		USD		185,084		—		(493	)
BNP Paribas		7/26/2019		USD		6,004		CAD		6,047		—		(43	)
BNP Paribas		7/26/2019		USD		145,000		EUR		145,022		—		(22	)
Brown Brothers Harriman & Co.		7/26/2019		AUD		888,784		USD		874,549		14,234		—
Brown Brothers Harriman & Co.		7/26/2019		EUR		390,091		USD		390,000		91		—
Brown Brothers Harriman & Co.		7/26/2019		GBP		953,504		USD		951,000		2,504		—
Brown Brothers Harriman & Co.		7/26/2019		SEK		111,517		USD		110,251		1,266		—
Brown Brothers Harriman & Co.		7/26/2019		USD		62,855		EUR		63,106		—		(251	)
Brown Brothers Harriman & Co.		7/26/2019		USD		496,000		EUR		495,691		309		—
Brown Brothers Harriman & Co.		7/26/2019		USD		871,000		EUR		870,612		388		—
Brown Brothers Harriman & Co.		7/26/2019		USD		645,000		GBP		643,710		1,290		—
Brown Brothers Harriman & Co.		7/26/2019		USD		963,006		GBP		965,652		—		(2,646	)
Brown Brothers Harriman & Co.		7/26/2019		USD		384,000		GBP		382,691		1,309		—
Brown Brothers Harriman & Co.		7/26/2019		USD		131,000		GBP		131,012		—		(12	)
Brown Brothers Harriman & Co.		7/26/2019		USD		184,563		NOK		183,538		1,025		—
Brown Brothers Harriman & Co.		7/26/2019		USD		250,000		NOK		248,539		1,461		—
Brown Brothers Harriman & Co.		7/26/2019		USD		904,332		NZD		926,047		—		(21,716	)
Brown Brothers Harriman & Co.		7/26/2019		USD		528,000		NZD		528,100		—		(100	)
CIBC, Toronto		9/18/2019		CAD		603,466		USD		590,000		13,466		—
CIBC, Toronto		9/18/2019		CAD		600,847		USD		590,000		10,847		—
CIBC, Toronto		9/18/2019		USD		2,478,134		CAD		2,534,296		—		(56,163	)

See Notes to Financial Statements.
50

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

June 30, 2019
(Unaudited)

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at June 30, 2019		Fund Delivering		U.S. $ Value at June 30, 2019		Unrealized Appreciation		Unrealized Depreciation
Citigroup		7/1/2019		EUR		112,750		USD		111,330	$	1,420	$	—
Citigroup		7/26/2019		NZD		880,313		USD		876,000		4,313		—
Citigroup		7/26/2019		USD		761,000		NOK		759,708		1,292		—
Citigroup		7/26/2019		USD		1,500,000		JPY		1,500,645		—		(645	)
Citigroup		9/18/2019		CAD		213,149		NOK		212,806		343		—
Citigroup		9/18/2019		CAD		225,575		NOK		224,568		1,007		—
Citigroup		9/18/2019		EUR		82,462		USD		81,431		1,031		—
Citigroup		9/18/2019		MXP		168,447		USD		164,020		4,427		—
Citigroup		9/18/2019		MXP		42,497		USD		41,005		1,492		—
Citigroup		9/18/2019		NOK		225,868		CAD		225,575		293		—
Citigroup		9/18/2019		USD		962,844		BRL		972,707		—		(9,863	)
Citigroup		9/18/2019		USD		662,888		EUR		669,412		—		(6,524	)
Citigroup		9/18/2019		USD		7,367,070		EUR		7,414,254		—		(47,185	)
Citigroup		9/18/2019		USD		112,022		EUR		113,459		—		(1,437	)
Citigroup		9/18/2019		USD		615,075		MXP		618,079		—		(3,004	)
Goldman Sachs Bank, USA		7/26/2019		CHF		478,794		USD		481,000		—		(2,206	)
Goldman Sachs Bank, USA		7/26/2019		CHF		132,140		USD		132,000		140		—
Goldman Sachs Bank, USA		7/26/2019		EUR		3,008,924		USD		3,017,000		—		(8,076	)
Goldman Sachs Bank, USA		7/26/2019		USD		1,349,000		CHF		1,348,914		86		—
Goldman Sachs Bank, USA		7/26/2019		USD		2,909,000		EUR		2,909,626		—		(626	)
Goldman Sachs Bank, USA		9/18/2019		MXP		840,754		USD		818,566		22,188		—
Goldman Sachs Bank, USA		9/18/2019		MXP		205,697		USD		204,548		1,149		—
Goldman Sachs Bank, USA		9/18/2019		USD		470,000		JPY		471,996		—		(1,996	)
Goldman Sachs Bank, USA		9/18/2019		USD		204,641		MXP		205,176		—		(535	)
Goldman Sachs Bank, USA		9/18/2019		USD		204,641		MXP		206,081		—		(1,440	)
HSBC Bank, USA		7/26/2019		NZD		535,536		USD		530,000		5,536		—
HSBC Bank, USA		9/18/2019		CAD		443,503		NOK		438,361		5,142		—
HSBC Bank, USA		9/18/2019		JPY		472,098		USD		470,000		2,098		—
HSBC Bank, USA		9/18/2019		USD		150,502		GBP		150,537		—		(35	)
HSBC Bank, USA		9/18/2019		USD		1,186,667		JPY		1,189,094		—		(2,427	)
JPMChase, New York		7/26/2019		NZD		175,621		USD		173,000		2,621		—
JPMChase, New York		7/26/2019		USD		354,839		JPY		353,547		1,292		—
JPMChase, New York		9/18/2019		CAD		222,033		NOK		221,220		813		—
JPMChase, New York		9/18/2019		EUR		334,706		CAD		336,896		—		(2,190	)
JPMChase, New York		9/18/2019		NOK		210,436		CAD		210,236		200		—
JPMChase, New York		9/18/2019		USD		590,000		CAD		600,953		—		(10,953	)
JPMChase, New York		9/18/2019		USD		590,000		CAD		599,266		—		(9,266	)
JPMChase, New York		9/18/2019		USD		1,785,791		SGD		1,802,258		—		(16,467	)
Morgan Stanley Capital		7/26/2019		CAD		4,659,739		USD		4,619,613		40,126		—
Morgan Stanley Capital		7/26/2019		CHF		127,756		USD		128,000		—		(244	)
Morgan Stanley Capital		7/26/2019		USD		587,000		AUD		588,579		—		(1,579	)

See Notes to Financial Statements.
51

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

June 30, 2019
(Unaudited)

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at June 30, 2019		Fund Delivering		U.S. $ Value at June 30, 2019		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley Capital		7/26/2019		USD		2,007,000		CAD		2,006,631	$	369	$	—
Morgan Stanley Capital		7/26/2019		USD		137,000		GBP		136,986		14		—
Morgan Stanley Capital		7/26/2019		USD		131,000		NZD		131,356		—		(356	)
Morgan Stanley Capital		9/18/2019		CAD		426,298		NOK		425,670		628		—
Morgan Stanley Capital		9/18/2019		CAD		225,575		NOK		224,963		612		—
Morgan Stanley Capital		9/18/2019		CAD		210,236		NOK		209,787		449		—
Morgan Stanley Capital		9/18/2019		EUR		83,081		USD		82,932		149		—
Morgan Stanley Capital		9/18/2019		EUR		669,412		USD		667,443		1,969		—
Morgan Stanley Capital		9/18/2019		NOK		225,836		CAD		225,575		261		—
Morgan Stanley Capital		9/18/2019		NOK		44,376		CAD		44,350		26		—
Morgan Stanley Capital		9/18/2019		USD		928,786		JPY		930,631		—		(1,845	)
Royal Bank of Canada, Toronto		9/18/2019		USD		273,207		CAD		279,208		—		(6,001	)
Royal Bank of Canada, Toronto		9/18/2019		USD		1,780,000		CAD		1,793,923		—		(13,923	)
Standard Chartered Securities N.A.		9/18/2019		JPY		883,857		USD		890,000		—		(6,143	)
Standard Chartered Securities N.A.		9/18/2019		JPY		888,441		USD		890,000		—		(1,559	)
State Street Bank, Boston		7/26/2019		AUD		115,044		USD		115,000		44		—
State Street Bank, Boston		7/26/2019		CHF		656,102		USD		656,000		102		—
State Street Bank, Boston		7/26/2019		CHF		581,953		USD		583,119		—		(1,166	)
State Street Bank, Boston		7/26/2019		NZD		235,764		USD		231,000		4,764		—
State Street Bank, Boston		7/26/2019		USD		937,000		CHF		941,264		—		(4,264	)
State Street Bank, Boston		7/26/2019		USD		636,853		GBP		634,425		2,428		—
State Street Bank, Boston		9/18/2019		USD		593,333		JPY		594,649		—		(1,316	)
State Street Bank, Boston		9/18/2019		USD		409,283		MXP		412,961		—		(3,678	)
State Street Bank, Boston		9/18/2019		USD		205,025		MXP		209,005		—		(3,980	)
State Street Bank, Boston		9/18/2019		USD		205,025		MXP		205,307		—		(282	)
State Street Bank, Boston		9/18/2019		USD		205,025		MXP		205,560		—		(535	)
UBS AG, Stamford		9/18/2019		EUR		334,706		CAD		336,930		—		(2,224	)
UBS AG, Stamford		9/18/2019		NOK		849,032		CAD		852,595		—		(3,563	)
UBS AG, Stamford		9/18/2019		NOK		450,508		CAD		451,149		—		(641	)
UBS AG, Stamford		9/18/2019		USD		1,744,924		NOK		1,780,261		—		(35,338	)

Total											$	165,834	$	(315,960	)

See Notes to Financial Statements.
52

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule of Forward Foreign Currency Contracts
(Continued)

June 30, 2019
(Unaudited)

AUD - Australian Dollar	EUR - Euro	NOK - Norway Krona
BRL - Brazilian Real	GBP - British Pound Sterling	NZD - New Zealand Dollar
CAD - Canadian Dollar	JPY - Japanese Yen	SEK - Swedish Krona
CHF - Swiss Franc	MXP - Mexican Peso	SGD - Singapore Dollar

For the period ended June 30, 2019, the average volume of activity of forward foreign currency contracts was as follows:

Average Monthly Notional Amount Purchased		$	86,712,536
Average Monthly Notional Amount Sold		$	110,729,386

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Purchased Options

June 30, 2019
(Unaudited)

PURCHASED OPTIONS	Contracts		Notional Amount		Value		Unrealized Appreciation (Depreciation)
Currency Call Options
Chinese Yuan, 07/11/19 at 7.00^(a)		2,010,000	$	2,010,000	$	1,672	$	(4,428	)
Mexican Peso, 12/20/19 at 20.825^(a)		1,230,000		1,230,000		16,984		2,052
Mexican Peso, 02/20/20 at 21.25^(a)		1,170,000		1,170,000		19,784		(183	)

Total Purchased Options (Cost $40,999)			$	4,410,000	$	38,440	$	(2,559	)

(a)	Illiquid security. The total value of such securities is $38,440 as of June 30, 2019, representing 0.0% of net assets.

See Notes to Financial Statements.
53

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Schedule Of Interest Rate Swaptions Purchased

June 30, 2019
(Unaudited)

Counterparty	Description	Exercise Rate			Expiration Date		Notional Amount		Value			Unrealized Appreciation (Depreciation)
Calls
Bank of America, N.A.	Interest Rate, 3MO LIBOR		0.000	%		02/25/20	$	6,176,000	$	1,112		$	1,112
Bank of America, N.A.	Interest Rate, 3MO LIBOR		5.270	%		02/26/20		5,187,000		(37	)		(37	)
Bank of America, N.A.	Interest Rate, 3MO LIBOR		5.295	%		03/02/20		4,947,000		(1,341	)		(1,341	)
Barclays Capital	Interest Rate, 3MO LIBOR		5.020	%		03/14/20		2,737,000		6,643			6,643
JPMChase Bank	Interest Rate, 3MO LIBOR		5.078	%		03/19/20		3,212,000		5,974			5,974
Morgan Stanley Capital	Interest Rate, 3MO LIBOR		4.955	%		05/01/30		1,826,000		5,772			5,772
Morgan Stanley Capital	Interest Rate, 3MO LIBOR		5.003	%		05/20/30		609,000		1,636			1,636
										19,759			19,759
Puts
Morgan Stanley Capital	Interest Rate, 3MO LIBOR		2.200	%		08/07/19		150,000,000		28,500			—

Total Interest Rate Swaptions Purchased									$	48,259		$	19,759

LIBOR — London Interbank Offered Rate.

See Notes to Financial Statements.
54

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities

June 30, 2019 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
ASSETS:
Investments in unaffiliated securities, at value*(Note 2)	$	214,250,875	$	190,577,957	$	63,996,331	$	59,139,245	$	191,722,221	$	380,866,185	$	329,806,777
Investments in affiliated securities, at value (Note 5)		—		—		—		—		—		—		18,231,264
Foreign currency, at value		—		—		—		—		—		399,533		233,502
Margin deposits for futures contracts		—		—		—		—		—		—		438,092
Receivable for capital shares sold		25,955		20,823		5,871		8,205		839,513		76,749		28,316
Receivable for investment securities sold		426,802		337,711		32,317		96,118		—		1,511,712		6,210,746
Unrealized appreciation on foreign forward currency contracts (Note 6)		—		—		—		—		—		—		165,834
Net variation margin receivable on futures contracts		—		—		—		—		—		—		38,834
Dividends and interest receivable		83,192		229,048		26,709		86,654		172,665		1,044,512		2,736,438
Foreign withholding tax reclaims receivable		7,659		4,012		—		—		—		1,226,082		—
Other assets		37,095		33,402		27,700		28,060		29,088		45,614		41,182
Total Assets		214,831,578		191,202,953		64,088,928		59,358,282		192,763,487		385,170,387		357,930,985
LIABILITIES:
Payable upon return of securities loaned (Note 7)		565,233		117,111		1,119,629		138,067		738,590		913,808		20,030,015
Distributions payable		—		—		—		—		—		—		43,576
Payable for capital shares redeemed		503,362		58,668		15,177		16,268		—		126,583		2,265,246
Payable for investment securities purchased		63,058		67,136		22,840		443,866		19,124		686,028		18,655,666
Net unrealized depreciation on currency contracts		—		—		—		—		—		103		—
Net variation margin payable on swaption and foreign forward currency contracts		—		—		—		—		—		—		180,000
Unrealized depreciation on foreign forward currency contracts (Note 6)		—		—		—		—		—		—		315,960
Investment advisory fees payable (Note 3)		128,812		115,007		32,877		30,487		15,431		305,765		155,256
Distribution fees payable (Note 4)		19,779		259		11,325		130		68,938		—		—
Shareholder service fees payable (Note 4)		28,218		15,712		7,550		7,370		16,970		24,072		28,376
Administration fees payable		7,100		6,300		2,100		1,900		6,300		12,600		10,800
Accrued expenses and other payables		40,821		36,903		23,812		22,179		40,680		63,675		75,964
Total Liabilities		1,356,383		417,096		1,235,310		660,267		906,033		2,132,634		41,760,859
NET ASSETS	$	213,475,195	$	190,785,857	$	62,853,618	$	58,698,015	$	191,857,454	$	383,037,753	$	316,170,126
*Includes value of securities on loan	$	14,049,802	$	5,634,669	$	12,008,905	$	7,797,418	$	11,889,763	$	9,009,901	$	22,129,883

See Notes to Financial Statements.
55

Wilshire Mutual Funds, Inc.

Statements of Assets and Liabilities - (Continued)

June 30, 2019 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO		SMALL COMPANY VALUE PORTFOLIO		WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND		WILSHIRE INCOME OPPORTUNITIES FUND
NET ASSETS CONSIST OF:
Paid-in capital	$	116,126,375	$	166,675,799	$	50,177,626	$	57,285,007	$	54,333,440	$	347,332,792	$	309,708,936
Accumulated earnings		97,348,820		24,110,058		12,675,992		1,413,008		137,524,014		35,704,961		6,461,190

NET ASSETS	$	213,475,195	$	190,785,857	$	62,853,618	$	58,698,015	$	191,857,454	$	383,037,753	$	316,170,126

NET ASSET VALUE PER SHARE:
INVESTMENT CLASS
Net assets applicable to Investment Class	$	64,344,580	$	5,673,785	$	9,907,370	$	5,044,374	$	154,121,055	$	2,961,971	$	1,750,922
Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)^†		1,601,982		288,769		378,587		243,511		7,036,203		278,651		167,965
Net asset value, offering and redemption price per share^(a)	$	40.17	$	19.65	$	26.17	$	20.72	$	21.90	$	10.63	$	10.42

INSTITUTIONAL CLASS
Net assets applicable to Institutional Class	$	149,130,615	$	185,112,072	$	52,946,248	$	53,653,641	$	37,736,399	$	380,075,782	$	314,419,204
Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)^†		3,393,550		9,523,585		1,850,782		2,531,227		1,720,850		36,234,070		30,305,975
Net asset value, offering and redemption price per share^(a)	$	43.95	$	19.44	$	28.61	$	21.20	$	21.93	$	10.49	$	10.37

Investments in unaffiliated securities, at cost (Note 2)	$	128,767,921	$	170,480,617	$	50,289,076	$	56,917,321	$	58,553,605	$	344,529,336	$	322,707,160
Investments in affiliated securities, at cost (Note 5)	$	—	$	—	$	—	$	—	$	—	$	—	$	18,277,918
Cash collateral for securities on loan, at cost	$	565,233	$	117,111	$	1,119,629	$	138,067	$	738,590	$	913,808	$	20,030,015
Foreign currency, at cost	$	—	$	—	$	—	$	—	$	—	$	400,212	$	229,826

^†	For Wilshire International Equity Fund, (40,000,000 shares authorized, per class, par value $.001 per share).
^(a)	For Wilshire International Equity Fund, a redemption fee may apply to redemptions of shares held for sixty days or less, subject to certain exceptions (Note 2).

See Notes to Financial Statements.
56

Wilshire Mutual Funds, Inc.

Statements of Operations

For the Six Months Ended June 30, 2019 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO			LARGE COMPANY VALUE PORTFOLIO			SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND			WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
INVESTMENT INCOME:
Dividends	$	1,033,085		$	2,886,067		$	190,049		$	528,493		$	1,936,619		$	6,344,931		$	197,168
Interest		—			—			—			—			—			—			6,683,915
Income from securities lending (Note 7)		35,583			5,327			14,165			5,897			18,994			13,442			—
Income distributions from affiliated investments (Note 5)		—			—			—			—			—			—			525,035
Foreign taxes withheld		(23,429	)		(24,732	)		—			—			(7	)		(678,560	)		(14,404	)
Total income		1,045,239			2,866,662			204,214			534,390			1,955,606			5,679,813			7,391,714

EXPENSES:
Investment advisory fee (Note 3)		798,707			710,528			255,433			245,251			91,481			1,859,407			929,842
Shareholder Service fees (Note 4)
Investment Class		39,594			1,861			4,198			2,789			45,654			2,107			1,338
Institutional Class		42,371			43,963			18,021			18,927			4,728			68,471			84,490
Distribution (12b-1) fees (Note 4)
Investment Class		78,089			6,903			11,917			6,379			184,236			3,698			2,252
Administration and accounting fees (Note 3)		43,660			38,800			12,429			11,830			37,536			76,359			63,752
Transfer agent fees (Note 3)		36,769			24,059			25,702			24,559			25,293			46,945			21,661
Registration and filing fees		24,703			26,058			23,610			23,807			26,357			30,540			31,093
Custodian fees (Note 3)		25,821			22,920			7,166			6,633			21,305			55,694			36,885
Pricing costs		3,301			3,020			4,581			4,038			16,026			41,667			94,075
Professional fees		20,938			19,687			13,134			12,991			19,464			30,472			40,772
Directors’ fees and expenses (Note 3)		20,093			17,803			5,659			5,432			17,165			34,944			30,844
Postage and supplies		12,323			8,994			9,326			9,258			4,038			8,952			8,001
Printing expense		5,896			5,381			1,947			1,912			4,954			10,396			9,990
Insurance expense		4,694			4,203			1,207			1,178			3,636			8,209			6,519
Interest expense (Note 2)		4,750			4,406			564			516			78			17,661			1,617
Other		9,908			9,249			6,492			7,888			9,141			65,623			70,843
Total expenses		1,171,617			947,835			401,386			383,388			511,092			2,361,145			1,433,974
Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3)		—			—			—			—			—			9,593			—
Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3)		(6,801	)		—			(58,344	)		(59,109	)		—			(1,444	)		(696	)
Fees paid indirectly (Note 4)		(1,370	)		(978	)		(7,057	)		(4,580	)		—			(4,209	)		—
Net expenses		1,163,446			946,857			335,985			319,699			511,092			2,365,085			1,433,278

Net investment income (loss)		(118,207	)		1,919,805			(131,771	)		214,691			1,444,514			3,314,728			5,958,436

See Notes to Financial Statements.
57

Wilshire Mutual Funds, Inc.

Statements of Operations - (Continued)

For the Six Months Ended June 30, 2019 (Unaudited)

	LARGE COMPANY GROWTH PORTFOLIO		LARGE COMPANY VALUE PORTFOLIO		SMALL COMPANY GROWTH PORTFOLIO			SMALL COMPANY VALUE PORTFOLIO			WILSHIRE 5000 INDEX^SM FUND		WILSHIRE INTERNATIONAL EQUITY FUND			WILSHIRE INCOME OPPORTUNITIES FUND
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 5):
Net realized gains (losses) from:
Sale of unaffiliated investments	$	10,396,586	$	2,565,963	$	(34,909	)	$	(301,324	)	$	3,265,850	$	(8,301	)	$	(579,341	)
Sale of affiliated investment company shares		—		—		—			—			—		—			(105,300	)
Futures contracts		—		—		—			—			—		—			295,367
Swaption contracts		—		—		—			—			—		—			(398,112	)
Option contracts		—		—		—			—			—		—			9,938
Swap contracts		—		—		—			—			—		—			(570,302	)
Foreign currency transactions		—		519		—			—			—		8,386			710,172
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		30,168,921		21,395,601		11,126,644			7,531,988			24,884,678		47,798,225			15,738,507
Investments in affiliated investment company shares		—		—		—			—			—		—			690,012
Futures contracts		—		—		—			—			—		—			463,212
Swaption contracts		—		—		—			—			—		—			19,760
Option contracts		—		—		—			—			—		—			(2,559	)
Swap contracts		—		—		—			—			—		—			880,052
Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		—		—		—			—			—		18,012			7,633
Net realized and unrealized gains on investments and foreign currency transactions		40,565,507		23,962,083		11,091,735			7,230,664			28,150,528		47,816,321			17,159,039

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,447,300	$	25,881,888	$	10,959,964		$	7,445,355		$	29,595,042	$	51,131,049		$	23,117,475

See Notes to Financial Statements.
58

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
OPERATIONS:
Net investment income (loss)	$	(118,207	)	$	(601,788	)	$	1,919,805		$	3,740,941
Net realized gains on investments and foreign currency transactions		10,396,586			25,974,339			2,566,482			9,938,112
Net change in unrealized appreciation (depreciation) on investments		30,168,921			(28,195,505	)		21,395,601			(38,506,539	)
Net increase (decrease) in net assets resulting from operations		40,447,300			(2,822,954	)		25,881,888			(24,827,486	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		—			(8,482,489	)		—			(424,524	)
Institutional Class shares		—			(20,828,265	)		—			(15,990,332	)
Total distributions to shareholders		—			(29,310,754	)		—			(16,414,856	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		252,344			2,252,835			184,793			620,461
Shares issued as reinvestment of distributions		—			8,313,397			—			412,505
Shares redeemed		(4,055,651	)		(8,669,710	)		(365,049	)		(1,323,295	)
Net increase (decrease) in net assets from Investment Class share transactions		(3,803,307	)		1,896,522			(180,256	)		(290,329	)

Institutional Class shares:
Shares sold		5,030,946			74,083,600			6,445,368			134,075,440
Shares issued as reinvestment of distributions		—			16,422,748			—			12,737,140
Shares redeemed		(32,899,498	)		(90,407,735	)		(29,050,904	)		(76,059,960	)
Net increase (decrease) in net assets from Institutional Class share transactions		(27,868,552	)		98,613			(22,605,536	)		70,752,620

Net increase (decrease) in net assets		8,775,441			(30,138,573	)		3,096,096			29,219,949

NET ASSETS:
Beginning of period		204,699,754			234,838,327			187,689,761			158,469,812
End of period	$	213,475,195		$	204,699,754		$	190,785,857		$	187,689,761

See Notes to Financial Statements.
59

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
OPERATIONS:
Net investment income (loss)	$	(131,771	)	$	(240,048	)	$	214,691		$	272,242
Net realized gains (losses) on investments		(34,909	)		1,672,145			(301,324	)		1,531,328
Net change in unrealized appreciation (depreciation) on investments		11,126,644			(7,310,302	)		7,531,988			(13,059,180	)
Net increase (decrease) in net assets resulting from operations		10,959,964			(5,878,205	)		7,445,355			(11,255,610	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		—			(522,031	)		—			(291,975	)
Institutional Class shares		—			(2,569,642	)		—			(2,927,272	)
Total distributions to shareholders		—			(3,091,673	)		—			(3,219,247	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		997,373			1,798,054			394,665			748,289
Shares issued as reinvestment of distributions		—			484,890			—			283,145
Shares redeemed		(967,097	)		(4,319,410	)		(814,813	)		(1,293,114	)
Net increase (decrease) in net assets from Investment Class share transactions		30,276			(2,036,466	)		(420,148	)		(261,680	)

Institutional Class shares:
Shares sold		4,233,367			27,211,535			4,781,863			34,701,944
Shares issued as reinvestment of distributions		—			2,113,320			—			2,450,563
Shares redeemed		(5,134,907	)		(13,538,044	)		(4,849,182	)		(10,900,194	)
Net increase (decrease) in net assets from Institutional Class share transactions		(901,540	)		15,786,811			(67,319	)		26,252,313

Net increase in net assets		10,088,700			4,780,467			6,957,888			11,515,776

NET ASSETS:
Beginning of period		52,764,918			47,984,451			51,740,127			40,224,351
End of period	$	62,853,618		$	52,764,918		$	58,698,015		$	51,740,127

See Notes to Financial Statements.
60

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018			Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	1,444,514		$	2,764,503		$	3,314,728		$	5,271,940
Net realized gains on investments and foreign currency transactions		3,265,850			6,686,319			84			16,191,912
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		24,884,678			(18,868,145	)		47,816,237			(77,244,693	)
Net increase (decrease) in net assets resulting from operations		29,595,042			(9,417,323	)		51,131,049			(55,780,841	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		—			(7,653,094	)		—			(131,992	)
Institutional Class shares		—			(1,953,310	)		—			(19,598,049	)
Total distributions to shareholders		—			(9,606,404	)		—			(19,730,041	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		4,964,444			15,029,035			333,984			1,204,559
Shares issued as reinvestment of distributions		—			7,336,674			—			125,874
Redemption fees (Note 2)		—			—			12			160
Shares redeemed		(8,872,001	)		(22,235,511	)		(544,583	)		(2,195,013	)
Net increase (decrease) in net assets from Investment Class share transactions		(3,907,557	)		130,198			(210,587	)		(864,420	)

Institutional Class shares:
Shares sold		1,035,062			2,772,314			24,506,308			193,084,996
Shares issued as reinvestment of distributions		—			1,508,386			—			15,327,740
Redemption fees (Note 2)		—			—			450			2,476
Shares redeemed		(1,172,158	)		(3,487,814	)		(78,861,014	)		(100,880,391	)
Net increase (decrease) in net assets from Institutional Class share transactions		(137,096	)		792,886			(54,354,256	)		107,534,821

Net increase (decrease) in net assets		25,550,389			(18,100,643	)		(3,433,794	)		31,159,519

NET ASSETS:
Beginning of period		166,307,065			184,407,708			386,471,547			355,312,028
End of period	$	191,857,454		$	166,307,065		$	383,037,753		$	386,471,547

See Notes to Financial Statements.
61

Wilshire Mutual Funds, Inc.

Statements of Changes in Net Assets - (Continued)

	WILSHIRE INCOME OPPORTUNITIES FUND
	Six Months Ended June 30, 2019 (Unaudited)			Year Ended December 31, 2018
OPERATIONS:
Net investment income	$	5,958,436		$	11,096,338
Net realized losses from sale of unaffiliated investments, sale of affiliated investment company shares, futures contracts, swaption contracts, swap contracts and foreign currency transactions		(637,578	)		(1,718,164	)
Long-term capital gain distributions from regulated investment companies		—			35
Net change in unrealized appreciation (depreciation) on unaffiliated investments, investments in affiliated investment company shares, futures contracts, swaption contracts, swap contracts and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies		17,796,617			(10,976,703	)
Net increase (decrease) in net assets resulting from operations		23,117,475			(1,598,494	)

DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 10)
Investment Class shares		(31,912	)		(55,546	)
Institutional Class shares		(6,207,218	)		(10,726,134	)
Total distributions to shareholders		(6,239,130	)		(10,781,680	)

CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 8):
Investment Class shares:
Shares sold		244,702			890,690
Shares issued as reinvestment of distributions		30,626			51,573
Shares redeemed		(486,002	)		(5,398,236	)
Net decrease in net assets from Investment Class share transactions		(210,674	)		(4,455,973	)

Institutional Class shares:
Shares sold		20,437,754			87,947,585
Shares issued as reinvestment of distributions		6,164,929			10,662,683
Shares redeemed		(41,165,305	)		(84,345,512	)
Net increase (decrease) in net assets from Institutional Class share transactions		(14,562,622	)		14,264,756

Net increase (decrease) in net assets		2,105,049			(2,571,391	)

NET ASSETS:
Beginning of period		314,065,077			316,636,468
End of period	$	316,170,126		$	314,065,077

See Notes to Financial Statements.
62

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	33.33		$	39.53		$	33.93		$	36.82		$	38.66		$	41.60

Income (loss) from investment operations:
Net investment income (loss)^(a)		(0.06	)		(0.20	)		(0.08	)		0.04			(0.14	)		(0.26	)
Net realized and unrealized gains (losses) on investments		6.90			(0.35	)		9.24			1.26			2.53			3.61
Total from investment operations		6.84			(0.55	)		9.16			1.30			2.39			3.35

Less distributions:
From net investment income		—			—			—			(0.01	)		—			—
From realized capital gains		—			(5.65	)		(3.56	)		(4.18	)		(4.23	)		(6.29	)
Total distributions		—			(5.65	)		(3.56	)		(4.19	)		(4.23	)		(6.29	)

Net asset value, end of period	$	40.17		$	33.33		$	39.53		$	33.93		$	36.82		$	38.66

Total return^(b)		20.52	%^(c)		(1.90	%)		26.93	%		3.33	%		6.18	%		7.97	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	64,345		$	56,671		$	64,130		$	62,634		$	107,381		$	103,733
Operating expenses^(d)		1.30	%^(e)(f)		1.31	%		1.30	%		1.32	%		1.33	%		1.38	%
Net investment income (loss)		(0.32	%)^(e)		(0.48	%)		(0.21	%)		0.10	%		(0.34	%)		(0.61	%)
Portfolio turnover rate		25	%^(c)		69	%		51	%		75	%		104	%		62	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	The ratio of operating expenses to average net assets includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.30%^(e), 1.31%, 1.30%, 1.32%, 1.34% and 1.38% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Note 4).
^(e)	Annualized.
^(f)	The ratio of operating expenses for the six months ended June 30, 2019 includes expense reimbursements by the investment adviser. If these expense reimbursements were excluded, the ratio would have been 1.33%^(e) for the six months ended June 30, 2019 (Note 3).

See Notes to Financial Statements.
63

Wilshire Mutual Funds, Inc.

Large Company Growth Portfolio

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	36.41		$	42.53		$	36.19		$	39.04		$	40.62		$	43.28

Income (loss) from investment operations:
Net investment income (loss)^(a)		(0.01	)		(0.07	)		0.05			0.15			(0.01	)		(0.13	)
Net realized and unrealized gains (losses) on investments		7.55			(0.40	)		9.87			1.34			2.66			3.76
Total from investment operations		7.54			(0.47	)		9.92			1.49			2.65			3.63

Less distributions:
From net investment income		—			—			(0.02	)		(0.16	)		—			(0.00	)^(b)
From realized capital gains		—			(5.65	)		(3.56	)		(4.18	)		(4.23	)		(6.29	)
Total distributions		—			(5.65	)		(3.58	)		(4.34	)		(4.23	)		(6.29	)

Net asset value, end of period	$	43.95		$	36.41		$	42.53		$	36.19		$	39.04		$	40.62

Total return^(c)		20.71	%^(d)		(1.58	%)		27.35	%		3.61	%		6.52	%		8.32	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	149,131		$	148,029		$	170,708		$	152,167		$	122,219		$	134,534
Operating expenses^(e)		1.00	%^(f)		0.98	%		0.98	%		1.04	%		1.01	%		1.06	%
Net investment income (loss)		(0.03	%)^(f)		(0.16	%)		0.11	%		0.37	%		(0.02	%)		(0.29	%)
Portfolio turnover rate		25	%^(d)		69	%		51	%		75	%		104	%		62	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Amount rounds to less than $0.01 per share.
^(c)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(d)	Not annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.00%^(f), 0.99%, 0.98%, 1.04%, 1.02% and 1.06% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4).
^(f)	Annualized.

See Notes to Financial Statements.
64

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	17.22		$	21.18		$	20.40		$	18.62		$	21.19		$	21.44

Income (loss) from investment operations:
Net investment income^(a)		0.17			0.29			0.30			0.37			0.20			0.18
Net realized and unrealized gains (losses) on investments and foreign currency transactions		2.26			(2.73	)		2.67			2.56			(1.33	)		2.14
Total from investment operations		2.43			(2.44	)		2.97			2.93			(1.13	)		2.32

Less distributions:
From net investment income		—			(0.29	)		(0.30	)		(0.14	)		(0.19	)		(0.23	)
From realized capital gains		—			(1.23	)		(1.89	)		(1.01	)		(1.25	)		(2.34	)
Total distributions		—			(1.52	)		(2.19	)		(1.15	)		(1.44	)		(2.57	)

Net asset value, end of period	$	19.65		$	17.22		$	21.18		$	20.40		$	18.62		$	21.19

Total return^(b)		14.11	%^(c)		(11.71	%)		14.64	%		15.73	%		(5.33	%)		10.77	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	5,674		$	5,137		$	6,547		$	10,112		$	52,864		$	61,566
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.26	%^(d)		1.24	%		1.26	%		1.26	%		1.27	%		1.29	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(e)		1.26	%^(d)		1.24	%		1.26	%		1.27	%		1.29	%		1.30	%
Net investment income		1.78	%^(d)		1.40	%		1.38	%		1.87	%		0.96	%		0.80	%
Portfolio turnover rate		28	%^(c)		65	%		39	%		174	%		55	%		57	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.26%^(d), 1.24%, 1.26%, 1.26%, 1.27% and 1.29% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
65

Wilshire Mutual Funds, Inc.

Large Company Value Portfolio

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	17.01		$	20.95		$	20.20		$	18.67		$	21.24		$	21.48

Income (loss) from investment operations:
Net investment income^(a)		0.19			0.35			0.36			0.40			0.26			0.24
Net realized and unrealized gains (losses) on investments and foreign currency transactions		2.24			(2.71	)		2.65			2.55			(1.33	)		2.14
Total from investment operations		2.43			(2.36	)		3.01			2.95			(1.07	)		2.38

Less distributions:
From net investment income		—			(0.35	)		(0.37	)		(0.41	)		(0.25	)		(0.28	)
From realized capital gains		—			(1.23	)		(1.89	)		(1.01	)		(1.25	)		(2.34	)
Total distributions		—			(1.58	)		(2.26	)		(1.42	)		(1.50	)		(2.62	)

Net asset value, end of period	$	19.44		$	17.01		$	20.95		$	20.20		$	18.67		$	21.24

Total return^(b)		14.29	%^(c)		(11.47	%)		14.99	%		15.78	%		(5.07	%)		11.05	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	185,112		$	182,553		$	151,923		$	175,497		$	53,343		$	63,499
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		0.99	%^(d)		0.97	%		0.98	%		1.04	%		1.01	%		1.00	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(e)		0.99	%^(d)		0.97	%		0.98	%		1.05	%		1.02	%		1.01	%
Net investment income		2.03	%^(d)		1.70	%		1.67	%		2.09	%		1.23	%		1.09	%
Portfolio turnover rate		28	%^(c)		65	%		39	%		174	%		55	%		57	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.99%^(d), 0.97%, 0.98%, 1.04%, 1.01% and 1.00% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
66

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	21.71		$	25.05		$	24.41		$	22.64		$	23.44		$	24.95

Income (loss) from investment operations:
Net investment loss^(a)		(0.08	)		(0.17	)		(0.19	)		(0.15	)		(0.15	)		(0.25	)
Net realized and unrealized gains (losses) on investments		4.54			(1.75	)		3.51			4.80			0.70			1.09
Total from investment operations		4.46			(1.92	)		3.32			4.65			0.55			0.84

Less distributions:
From realized capital gains		—			(1.42	)		(2.68	)		(2.88	)		(1.35	)		(2.35	)

Net asset value, end of period	$	26.17		$	21.71		$	25.05		$	24.41		$	22.64		$	23.44

Total return^(b)		20.54	%^(c)		(7.87	%)		13.66	%		20.44	%		2.29	%		3.44	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	9,907		$	8,162		$	11,386		$	8,633		$	12,642		$	11,398
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.33	%^(d)		1.35	%		1.48	%		1.51	%		1.46	%		1.50	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(e)		1.54	%^(d)		1.54	%		1.64	%		1.60	%		1.64	%		1.55	%
Net investment loss		(0.64	%)^(d)		(0.65	%)		(0.75	%)		(0.57	%)		(0.59	%)		(1.00	%)
Portfolio turnover rate		41	%^(c)		92	%		110	%		114	%		63	%		77	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.56%^(d), 1.54%, 1.60%, 1.64% and 1.56% for the periods ended June 30, 2019, December 31, 2018, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
67

Wilshire Mutual Funds, Inc.

Small Company Growth Portfolio

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	23.70		$	27.14		$	26.18		$	24.04		$	24.75		$	26.14

Income (loss) from investment operations:
Net investment loss^(a)		(0.05	)		(0.11	)		(0.14	)		(0.08	)		(0.07	)		(0.18	)
Net realized and unrealized gains (losses) on investments		4.96			(1.91	)		3.78			5.10			0.71			1.14
Total from investment operations		4.91			(2.02	)		3.64			5.02			0.64			0.96

Less distributions:
From realized capital gains		—			(1.42	)		(2.68	)		(2.88	)		(1.35	)		(2.35	)

Net asset value, end of period	$	28.61		$	23.70		$	27.14		$	26.18		$	24.04		$	24.75

Total return^(b)		20.72	%^(c)		(7.63	%)		13.96	%		20.79	%		2.53	%		3.75	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	52,946		$	44,603		$	36,599		$	28,454		$	14,414		$	15,483
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.08	%^(d)		1.10	%		1.23	%		1.27	%		1.19	%		1.20	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(e)		1.27	%^(d)		1.27	%		1.34	%		1.33	%		1.36	%		1.24	%
Net investment loss		(0.40	%)^(d)		(0.37	%)		(0.47	%)		(0.32	%)		(0.28	%)		(0.70	%)
Portfolio turnover rate		41	%^(c)		92	%		110	%		114	%		63	%		77	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.29%^(d), 1.27%, 1.33%, 1.37% and 1.29% for the periods ended June 30, 2019, December 31, 2018, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
68

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	18.13		$	22.99		$	23.75		$	20.74		$	22.86		$	24.33

Income (loss) from investment operations:
Net investment income (loss)^(a)		0.06			0.05			(0.05	)		0.10			0.01			(0.08	)
Net realized and unrealized gains (losses) on investments		2.53			(3.77	)		2.09			4.99			(0.89	)		1.53
Total from investment operations		2.59			(3.72	)		2.04			5.09			(0.88	)		1.45

Less distributions:
From net investment income		—			(0.05	)		—			(0.09	)		(0.00	)^(b)		—
From capital gains		—			(1.09	)		(2.80	)		(1.99	)		(1.24	)		(2.92	)
Total distributions		—			(1.14	)		(2.80	)		(2.08	)		(1.24	)		(2.92	)

Net asset value, end of period	$	20.72		$	18.13		$	22.99		$	23.75		$	20.74		$	22.86

Total return^(c)		14.29	%^(d)		(16.35	%)		8.65	%		24.86	%		(3.83	%)		6.17	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	5,044		$	4,792		$	6,305		$	9,097		$	14,287		$	14,120
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.34	%^(e)		1.35	%		1.45	%		1.51	%		1.49	%		1.49	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(f)		1.59	%^(e)		1.57	%		1.69	%		1.60	%		1.67	%		1.56	%
Net investment income (loss)		0.55	%^(e)		0.21	%		(0.25	%)		0.48	%		0.06	%		(0.35	%)
Portfolio turnover rate		36	%^(d)		74	%		88	%		99	%		49	%		53	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Amount rounds to less than $0.01 per share.
^(c)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.61%^(e), 1.58%, 1.71%, 1.61%, 1.67% and 1.57% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
69

Wilshire Mutual Funds, Inc.

Small Company Value Portfolio

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	18.53		$	23.49		$	24.14		$	21.08		$	23.21		$	24.59

Income (loss) from investment operations:
Net investment income (loss)^(a)		0.08			0.11			0.01			0.16			0.08			(0.02	)
Net realized and unrealized gains (losses) on investments		2.59			(3.88	)		2.14			5.08			(0.90	)		1.56
Total from investment operations		2.67			(3.77	)		2.15			5.24			(0.82	)		1.54

Less distributions:
From net investment income		—			(0.10	)		—			(0.19	)		(0.07	)		—
From realized capital gains		—			(1.09	)		(2.80	)		(1.99	)		(1.24	)		(2.92	)
Total distributions		—			(1.19	)		(2.80	)		(2.18	)		(1.31	)		(2.92	)

Net asset value, end of period	$	21.20		$	18.53		$	23.49		$	24.14		$	21.08		$	23.21

Total return^(b)		14.41	%^(c)		(16.17	%)		8.97	%		25.16	%		(3.52	%)		6.47	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	53,654		$	46,948		$	33,919		$	31,698		$	13,727		$	15,655
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.09	%^(d)		1.10	%		1.19	%		1.27	%		1.18	%		1.17	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly^(e)		1.30	%^(d)		1.26	%		1.37	%		1.33	%		1.36	%		1.23	%
Net investment income (loss)		0.76	%^(d)		0.53	%		0.07	%		0.73	%		0.36	%		(0.07	%)
Portfolio turnover rate		36	%^(c)		74	%		88	%		99	%		49	%		53	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.32%^(d), 1.27%, 1.39%, 1.34%, 1.37% and 1.25% for the periods ended June 30, 2019, December 31, 2018, 2017, 2016, 2015 and 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
70

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	18.58		$	20.83		$	18.86		$	17.78		$	18.01		$	16.22

Income (loss) from investment operations:
Net investment income^(a)		0.16			0.31			0.29			0.27			0.24			0.23
Net realized and unrealized gains (losses) on investments		3.16			(1.45	)		3.52			1.96			(0.22	)		1.78
Total from investment operations		3.32			(1.14	)		3.81			2.23			0.02			2.01

Less distributions:
From net investment income		—			(0.30	)		(0.27	)		(0.39	)		(0.25	)		(0.22	)
From realized capital gains		—			(0.81	)		(1.57	)		(0.76	)		—			—
Total distributions		—			(1.11	)		(1.84	)		(1.15	)		(0.25	)		(0.22	)

Net asset value, end of period	$	21.90		$	18.58		$	20.83		$	18.86		$	17.78		$	18.01

Total return^(b)		17.87	%^(c)		(5.60	%)		20.20	%		12.51	%		0.08	%		12.38	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	154,121		$	134,197		$	149,342		$	132,669		$	159,709		$	204,465
Operating expenses		0.61	%^(d)		0.60	%		0.62	%		0.67	%^(e)		0.64	%^(e)		0.65	%
Net investment income		1.52	%^(d)		1.42	%		1.39	%		1.49	%		1.35	%		1.32	%
Portfolio turnover rate		1	%^(c)		1	%		3	%		5	%		6	%		3	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.67% and 0.64% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4).

See Notes to Financial Statements.
71

Wilshire Mutual Funds, Inc.

Wilshire 5000 Index^sm Fund

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	18.58		$	20.83		$	18.85		$	17.78		$	18.00		$	16.21

Income (loss) from investment operations:
Net investment income^(a)		0.19			0.37			0.35			0.33			0.29			0.26
Net realized and unrealized gains (losses) on investments		3.16			(1.46	)		3.53			1.95			(0.22	)		1.79
Total from investment operations		3.35			(1.09	)		3.88			2.28			0.07			2.05

Less distributions:
From net investment income		—			(0.35	)		(0.33	)		(0.45	)		(0.29	)		(0.26	)
From realized capital gains		—			(0.81	)		(1.57	)		(0.76	)		—			—
Total distributions		—			(1.16	)		(1.90	)		(1.21	)		(0.29	)		(0.26	)

Net asset value, end of period	$	21.93		$	18.58		$	20.83		$	18.85		$	17.78		$	18.00

Total return^(b)		18.03	%^(c)		(5.32	%)		20.57	%		12.81	%		0.36	%		12.60	%

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	37,736		$	32,110		$	35,066		$	40,860		$	59,065		$	67,500
Operating expenses		0.33	%^(d)		0.33	%		0.33	%		0.36	%^(e)		0.41	%^(e)		0.44	%
Net investment income		1.81	%^(d)		1.70	%		1.67	%		1.80	%		1.59	%		1.53	%
Portfolio turnover rate		1	%^(c)		1	%		3	%		5	%		6	%		3	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Annualized.
^(e)	The ratio of operating expenses includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 0.36% and 0.41% for the years ended December 31, 2016 and 2015, respectively (Notes 3 and 4).

See Notes to Financial Statements.
72

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	9.32		$	11.19		$	8.92		$	8.90		$	9.06		$	9.70

Income (loss) from investment operations:
Net investment income^(a)		0.08			0.10			0.08			0.10			0.09			0.09
Net realized and unrealized gains (losses) on investments and foreign currency transactions		1.23			(1.51	)		2.20			0.07			(0.23	)		(0.71	)
Total from investment operations		1.31			(1.41	)		2.28			0.17			(0.14	)		(0.62	)

Less distributions:
From net investment income		—			(0.04	)		(0.01	)		(0.15	)		(0.02	)		(0.02	)
From realized capital gains		—			(0.42	)		—			—			—			—
Total distributions		—			(0.46	)		(0.01	)		(0.15	)		(0.02	)		(0.02	)

Redemption fees (Note 2)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		—

Net asset value, end of period	$	10.63		$	9.32		$	11.19		$	8.92		$	8.90		$	9.06

Total return^(c)		14.06	%^(d)		(12.66	%)		25.54	%		1.88	%		(1.55	%)		(6.38	%)

See Notes to Financial Statements.
73

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	2,962		$	2,789		$	4,176		$	11,290		$	3,438		$	11,371
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.52	%^(e)(f)		1.51	%^(f)		1.51	%^(f)		1.52	%		1.50	%		1.50	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.62	%^(e)(g)		1.59	%		1.55	%		1.65	%		1.75	%		1.71	%^(g)
Net investment income		1.62	%^(e)		1.02	%		0.87	%		1.19	%		0.99	%		0.97	%
Portfolio turnover rate		33	%^(d)		96	%		62	%		79	%		84	%		176	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Amount rounds to less than $0.01 per share.
^(c)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	The operating expense ratio includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.50%^(e), 1.50% and 1.50% for the periods ended June 30, 2019, December 31, 2018 and 2017, respectively.
^(g)	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 1.62%^(e) and 1.71% for the periods ended June 30, 2019 and December 31, 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
74

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Net asset value, beginning of period	$	9.19		$	11.04		$	8.81		$	8.78		$	8.99		$	9.64

Income (loss) from investment operations:
Net investment income^(a)		0.09			0.13			0.10			0.12			0.09			0.09
Net realized and unrealized gains (losses) on investments and foreign currency transactions		1.21			(1.49	)		2.18			0.07			(0.21	)		(0.68	)
Total from investment operations		1.30			(1.36	)		2.28			0.19			(0.12	)		(0.59	)

Less distributions:
From net investment income		—			(0.07	)		(0.05	)		(0.16	)		(0.09	)		(0.06	)
From realized capital gains		—			(0.42	)		—			—			—			—
Total distributions		—			(0.49	)		(0.05	)		(0.16	)		(0.09	)		(0.06	)

Redemption fees (Note 2)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		—

Net asset value, end of period	$	10.49		$	9.19		$	11.04		$	8.81		$	8.78		$	8.99

Total return^(c)		14.15	%^(d)		(12.39	%)		25.92	%		2.16	%		(1.37	%)		(6.16	%)

See Notes to Financial Statements.
75

Wilshire Mutual Funds, Inc.

Wilshire International Equity Fund

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Year Ended 12/31/2016			Year Ended 12/31/2015			Year Ended 12/31/2014
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	380,076		$	383,682		$	351,136		$	258,311		$	176,937		$	165,048
Operating expenses after fee reductions and expense reimbursements and fees paid indirectly		1.27	%^(e)(f)(g)		1.27	%^(f)		1.26	%^(g)		1.27	%		1.25	%		1.25	%
Operating expenses before fee reductions and expense reimbursements and fees paid indirectly		1.27	%^(e)(h)		1.25	%		1.26	%		1.32	%		1.29	%		1.31	%^(h)
Net investment income		1.78	%^(e)		1.28	%		1.02	%		1.44	%		1.00	%		0.96	%
Portfolio turnover rate		33	%^(d)		96	%		62	%		79	%		84	%		176	%

^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Amount rounds to less than $0.01 per share.
^(c)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(d)	Not annualized.
^(e)	Annualized.
^(f)	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 1.26%^(e)and 1.25% for the periods ended June 30, 2019 and December 31, 2018, respectively (Note 3).
^(g)	The operating expense ratio includes the expenses related to foreign currency exchange contracts. Had these expenses been excluded, the expense ratio (after fee reductions and fees paid indirectly) would have been 1.25%^(e) and 1.25% for the periods ended June 30, 2019 and December 31, 2017, respectively.
^(h)	The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.27%^(e) and 1.31% for the periods ended June 30, 2019 and December 31, 2014, respectively (Notes 3 and 4).

See Notes to Financial Statements.
76

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights

*For a Fund Share Outstanding Throughout Each Period.*
	Investment Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Period Ended 12/31/2016*
Net asset value, beginning of period	$	9.88		$	10.25		$	10.14		$	10.00

Income (loss) from investment operations:
Net investment income^(a)		0.18			0.32			0.35			0.21
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.55			(0.39	)		0.22			0.18
Total from investment operations		0.73			(0.07	)		0.57			0.39

Less distributions:
From net investment income		(0.19	)		(0.30	)		(0.42	)		(0.18	)
From realized capital gains		—			—			(0.04	)		(0.07	)
Total distributions		(0.19	)		(0.30	)		(0.46	)		(0.25	)

Net asset value, end of period	$	10.42		$	9.88		$	10.25		$	10.14

Total return^(b)		7.42	%^(c)		(0.65	%)		5.60	%		3.92	%^(c)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	1,751		$	1,864		$	6,409		$	1,102
Operating expenses after expense reimbursements^(d)		1.19	%^(e)(f)		1.16	%^(e)		1.17	%^(g)		1.15	%^(f)
Operating expense before expense reimbursements^(d)		1.27	%^(f)		1.20	%		1.23	%		1.26	%^(f)
Net investment income		4.01	%^(f)		3.02	%		3.28	%		2.83	%^(f)
Portfolio turnover rate		50	%^(c)		177	%		88	%		74	%^(c)

*	Commenced operations on March 30, 2016.
^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Ratio does not include expenses from underlying funds.
^(e)	The ratio of operating expense after expense reimbursements includes interest expense and transactions costs related to foreign currency contracts. If these expenses had been excluded, the ratio would have been 1.15%^(f) and 1.15% for the periods ended June 30, 2019 and December 31, 2018, respectively.
^(f)	Annualized.
^(g)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.

See Notes to Financial Statements.
77

Wilshire Mutual Funds, Inc.

Wilshire Income Opportunities Fund

Financial Highlights - (Continued)

*For a Fund Share Outstanding Throughout Each Period.*
	Institutional Class Shares
	Six Months Ended 06/30/2019 (Unaudited)			Year Ended 12/31/2018			Year Ended 12/31/2017			Period Ended 12/31/2016*
Net asset value, beginning of period	$	9.83		$	10.22		$	10.10		$	10.00

Income (loss) from investment operations:
Net investment income^(a)		0.20			0.35			0.37			0.25
Net realized and unrealized gains (losses) on investments and foreign currency transactions		0.55			(0.40	)		0.22			0.13
Total from investment operations		0.75			(0.05	)		0.59			0.38

Less distributions:
From net investment income		(0.21	)		(0.34	)		(0.43	)		(0.21	)
From realized capital gains		—			—			(0.04	)		(0.07	)
Total distributions		(0.21	)		(0.34	)		(0.47	)		(0.28	)

Net asset value, end of period	$	10.37		$	9.83		$	10.22		$	10.10

Total return^(b)		7.60	%^(c)		(0.43	%)		5.84	%		3.82	%^(c)

Ratios to average net assets/supplemental data:
Net assets, end of period (in 000’s)	$	314,419		$	312,201		$	310,227		$	396,797
Operating expenses^(d)		0.92	%^(e)		0.90	%		0.92	%^(f)		0.86	%^(e)
Net investment income		4.31	%^(e)		3.48	%		3.49	%		3.11	%^(e)
Portfolio turnover rate		50	%^(c)		177	%		88	%		74	%^(c)

*	Commenced operations on March 30, 2016.
^(a)	The selected per share data was calculated using the average shares outstanding method for the period.
^(b)	Total return is a measure of the change in value of an investment in the Portfolio over the period covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Portfolio distributions, if any, or the redemption of Portfolio shares.
^(c)	Not annualized.
^(d)	Ratio does not include expenses from underlying funds.
^(e)	Annualized.
^(f)	Includes interest incurred from reverse repurchase agreements of 0.02% during the year ended December 31, 2017.

See Notes to Financial Statements.
78

Wilshire Mutual Funds, Inc.

Notes to Financial Statements

June 30, 2019 (Unaudited)

1. Organization.

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

The investment objective of Large Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM is the large cap growth sub-category.

The investment objective of Large Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM is the large cap value sub-category.

The investment objective of Small Company Growth Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM is the small-cap growth sub-category.

The investment objective of Small Company Value Portfolio is to provide investment results of a portfolio of publicly traded common stocks of companies in the applicable sub-category of the Wilshire 5000 Index^SM. The applicable sub-category of the Wilshire 5000 Index^SM is the small-cap value sub-category.

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 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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

2. Significant Accounting Policies.

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

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

New Accounting Pronouncement– In March 2017, FASB issued Accounting Standards Update No. 2017-08 (“ASU 2017-08”), “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortized period for callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 does not require an accounting change for securities held at a discount, which continue to accrete to maturity. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. The Portfolios have adopted ASU 2017-08 with these financial statements.

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 asked prices. Securities traded over-the-counter (other than on NASDAQ) are valued at the last current sale price; and if there are no such sales, a security is valued at the mean between the last bid and asked prices. Debt securities are typically valued at an evaluated bid price by a third-party pricing agent employing methodologies that utilize actual market transactions, broker-supplied valuations, or other inputs designed to identify the market value for such securities. Third-party pricing agents often utilize proprietary models that are subjective and require the use of judgment and the application of various assumptions including, but not limited to, interest rates, prepayment speeds, and default rate assumptions. Debt securities that have a remaining maturity of 60 days or less are valued at prices supplied by the Portfolios’ pricing agent for such securities, if available. Otherwise such securities are valued at amortized cost if the Pricing Committee concludes it approximates fair value. Equity securities primarily traded on a foreign exchange are typically valued daily at a price as provided by an independent pricing service, which is an estimate of the fair value price. Foreign currency contracts, including forward contracts, are valued at the applicable translation rates as supplied by the third-party pricing vendor. In the event market quotations are not readily available, such securities are valued at fair value according to procedures adopted by the Board of Directors (the “Board”) or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

Wilshire International Equity Fund uses ICE Data Services (“ICE”) as a third-party pricing agent. ICE provides a daily fair value for foreign securities in Wilshire International Equity Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE. These factors are used to value Wilshire International Equity Fund’s securities without holding a Pricing Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Company’s administrator and may request that a meeting of the Pricing Committee be held.

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

●

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolios have the ability to access at the measurement date;

●

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

●

Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. During the six months ended June 30, 2019, there have been no significant changes to the Portfolios’ fair value methodologies.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

The following is a summary of the inputs used to value the Portfolios’ investments as of June 30, 2019:

Large Company Growth Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	211,927,195	$	—	$	—	$	211,927,195
Money Market Funds		2,323,680		—		—		2,323,680
Total	$	214,250,875	$	—	$	—	$	214,250,875

Large Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	187,952,551	$	—	$	—	$	187,952,551
Money Market Funds		2,625,406		—		—		2,625,406
Total	$	190,577,957	$	—	$	—	$	190,577,957

Small Company Growth Portfolio	Level 1		Level 2		Level 3			Total
Common Stocks	$	61,053,770	$	—	$	0	*	$	61,053,770
Money Market Funds		2,942,561		—		—			2,942,561
Total	$	63,996,331	$	—	$	0		$	63,996,331

Small Company Value Portfolio	Level 1		Level 2		Level 3		Total
Common Stocks	$	56,617,110	$	—	$	—	$	56,617,110
Money Market Funds		2,522,135		—		—		2,522,135
Total	$	59,139,245	$	—	$	—	$	59,139,245

Wilshire 5000 Index^SM Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	188,535,825	$	—	$	1,778	*	$	188,537,603
Rights		—		—		1,264	*		1,264
Money Market Funds		3,183,354		—		—			3,183,354
Total	$	191,719,179	$	—	$	3,042		$	191,722,221

Wilshire International Equity Fund	Level 1		Level 2		Level 3			Total
Common Stocks	$	75,533,319	$	299,163,625	$	0	*	$	374,696,944
Preferred Stocks		575,166		439,078		485			1,014,729
Rights		—		—		23,806	*		23,806
Money Market Funds		5,130,706		—		—			5,130,706
Total	$	81,239,191	$	299,602,703	$	24,291		$	380,866,185

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

Wilshire Income Opportunities Fund	Level 1			Level 2		Level 3		Total
Investments in Securities
U.S. Treasury Obligations	$	—		$	35,503,216	$	—	$	35,503,216
Agency Mortgage-Backed Obligations		—			26,109,087		—		26,109,087
Non-Agency Mortgage-Backed Obligations		—			58,850,386		—		58,850,386
Non-Agency Mortgage-Backed Obligations Interest-Only Strips		—			9,282,291		—		9,282,291
Asset-Backed Securities		—			7,376,446		—		7,376,446
Collateralized Loan Obligations		—			10,310,694		—		10,310,694
Investment-Grade Corporate Obligations		—			21,756,884		—		21,756,884
High Yield Corporate Obligations		—			35,481,836		—		35,481,836
Foreign Bonds		—			74,273,601		—		74,273,601
Loan Participations		—			15,125,008		—		15,125,008
Common Stocks		525,170			—		—		525,170
Preferred Stocks		2,748,157			—		—		2,748,157
Purchased Options		38,440			—		—		38,440
Purchased Swaption Contracts		48,259			—		—		48,259
Affiliated Registered Investment Companies		18,231,264			—		—		18,231,264
Money Market Funds		32,377,302			—		—		32,377,302
Total	$	53,968,592		$	294,069,449	$	—	$	348,038,041
Other Financial Instruments**
Futures Contracts	$	632,539		$	—	$	—	$	632,539
Futures Contracts - Sold Short	$	(72,513	)	$	—	$	—	$	(72,513	)
Forward Foreign Currency Contracts	$	(150,126	)	$	—	$	—	$	(150,126	)

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

Refer to the Portfolios’ Condensed Schedules of Investments for a listing of the securities by industry or sector type. Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Value Portfolio and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2019. 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 $1,778 and $1,264, respectively. Wilshire International Equity Fund held common stocks, preferred stocks and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0, $485 and $23,806, 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.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

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

The average monthly notional value of option contracts purchased for Wilshire Income Opportunities Fund during the six months ended June 30, 2019 was $1,123,333. There were no option contracts written by Wilshire Income Opportunities Fund during the six months ended June 30, 2019.

The average monthly notional value of swaption contracts purchased and written for Wilshire Income Opportunities during the six months ended June 30, 2019 was $44,725,000 and $4,800,000, respectively.

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

unrealized gain (loss) on swap contracts on the Statements of Operations. The average monthly notional value of interest rate swaps for Wilshire Income Opportunities Fund during the six months ended June 30, 2019 was $6,568,333. Wilshire Income Opportunities Fund held no interest rate swap contracts as of June 30, 2019.

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

Borrowing costs – From time to time, the Portfolios may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Portfolios will incur borrowing costs charged by the custodian. These borrowing costs are shown as interest expense on the Statements of Operations.

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

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

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

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

Stripped Mortgage-Backed Securities (“SMBS”) – Wilshire Income Opportunities Fund may invest in SMBS. SMBS are derivative multi-class mortgage-backed securities which are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or “IO” class), while the other class will receive the entire principal (the principal-only or “PO” class). IOs are more volatile and sensitive to the rate of prepayments than other types of mortgage-backed securities, and their value can fall dramatically in response to rapid or unexpected changes in the mortgage, interest rate or economic environment. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Additionally, any prepayment penalties received for an IO are included in interest income on the Statements of Operations.

Loan participations and assignments – Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations.

Foreign currency transactions – The books and records of the Portfolios are maintained in U.S. dollars. Foreign currency transactions are translated into U.S. dollars on the following basis:

●

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

●

purchases and sales of investment securities, dividend and interest income and certain expenses at the rates of exchange prevailing on the respective dates of such transactions.

The portion of the results of operations caused by changes in foreign exchange rates on investments are not isolated from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments. Net realized and unrealized gains (losses) from foreign currency related transactions include gains and losses between trade and settlement dates on investment

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

transactions, gains and losses arising from the sales of foreign currency and gains and losses between the ex-dividend and payment dates on dividends, interest and foreign withholding taxes. The effect of changes in foreign exchange rates on realized and unrealized gains or losses is reflected as a component of such gains or losses.

Forward Foreign Currency Contracts – Wilshire Income Opportunities Fund may enter into forward foreign currency contracts as hedges against either specific transactions, Portfolio positions or anticipated Portfolio positions. The Portfolio may also engage in currency transactions to enhance the Portfolio’s returns. All commitments are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded. The Portfolio realizes gains and losses at the time forward foreign currency contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for federal income tax purposes. Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities.

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

Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA master agreement or other similar agreement, the collateral requirements are typically calculated by netting the mark-to-market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin Deposits for Futures Contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

The following table presents, by derivative type, Wilshire Income Opportunities Fund’s OTC financial derivative instruments net of the related collateral pledged by counterparty at June 30, 2019:

	Derivative Assets								Derivative Liabilities
Counterparty	Futures^(a)		Forward Currency Contracts		Swaptions^(a)		Total		Futures^(a)			Forward Currency Contracts			Swaptions^(a)			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged			Net Amount
Australia and New Zealand Banking Group Ltd.	$	—	$	—	$	—	$	—	$	—		$	(20,590	)	$	—		$	(20,590	)	$	(20,590	)	$	—		$	(20,590	)
Bank of America, N.A.		—		—		1,112		1,112		—			—			(1,378	)		(1,378	)		(266	)		—			(266	)
Barclays Capital, Inc.		—		8,820		6,643		15,463		—			(412	)		—			(412	)		15,051			—			15,051
BNP Paribas		—		—		—		—		—			(558	)		—			(558	)		(558	)		—			(558	)
Brown Brothers & Harriman & Co.		—		23,877		—		23,877		—			(24,725	)		—			(24,725	)		(848	)		—			(848	)
CIBC, Toronto		—		24,313		—		24,313		—			(56,163	)		—			(56,163	)		(31,850	)		—			(31,850	)
Citibank, New York		—		15,618		—		15,618		—			(68,658	)		—			(68,658	)		(53,040	)		—			(53,040	)
Goldman Sachs & Co.		537		23,563		—		24,100		(5,182	)		(14,879	)		—			(20,061	)		4,039			—			4,039
HSBC Bank, USA		—		12,776		—		12,776		—			(2,462	)		—			(2,462	)		10,314			—	��		10,314
JPMChase, New York		—		4,926		5,974		10,900		—			(38,876	)		—			(38,876	)		(27,976	)		—			(27,976	)
Morgan Stanley Capital		633,798		44,603		7,408		685,809		(69,127	)		(4,024	)		—			(73,151	)		612,658			—			612,658
Royal Bank of Canada, Toronto		—		—		—		—		—			(19,924	)		—			(19,924	)		(19,924	)		—			(19,924	)
Standard Chartered Securities N.A.		—		—		—		—		—			(7,702	)		—			(7,702	)		(7,702	)		—			(7,702	)
State Street Bank, Boston		—		7,338		—		7,338		—			(15,221	)		—			(15,221	)		(7,883	)		—			(7,883	)
UBS AG, Stamford		—		—		—		—		—			(41,766	)		—			(41,766	)		(41,766	)		—			(41,766	)
Total	$	634,335	$	165,834	$	21,137	$	821,306	$	(74,309	)	$	(315,960	)	$	(1,378	)	$	(391,647	)	$	429,659		$	—		$	429,659

^(a)	Includes cumulative appreciation (depreciation) as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

Expense policy– Distribution and shareholder service fees directly attributable to a Class of shares are charged to that class’ operating expenses. Expenses of a Portfolio other than distribution and service fees are prorated among the classes to which the expense relates based on the relative net assets of each class of shares. Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionately among all Portfolios daily in relation to the net assets of each Portfolio or another reasonable basis.

Expenses that are attributable to both the Company and the Wilshire Variable Insurance Trust (an affiliated investment company) are allocated across the Company and the Wilshire Variable Insurance Trust based upon relative net assets or another reasonable basis. Expenses and fees, including the advisory fees, are accrued daily and taken into account for the purpose of determining the net asset value (“NAV”) of each Class of each Portfolio’s shares.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

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. Beginning in June, 2019, Wilshire Income Opportunities Fund declares and pays any distributions from net investment income on a quarterly basis. 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 periods ended June 30, 2019 and December 31, 2018, Wilshire International Equity Fund collected $462 and $2,636, respectively, in redemption fees.

3. Investment Adviser and Other Service Providers.

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

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 1.05% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2020. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio’s expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.

During the six months ended June 30, 2019, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

Portfolio	Fees Reductions/ Reimbursements		Fees Recouped
Large Company Growth Portfolio	$	6,801		N/A
Small Company Growth Portfolio		58,344		N/A
Small Company Value Portfolio		59,109		N/A
International Equity Fund		1,444	$	9,593
Wilshire Income Opportunities Fund		696		N/A

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $6,801, $230,357, $225,693, $114,630 and $5,372, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

Portfolio	December 31, 2019		December 31, 2020		December 31, 2021		June 30, 2022
Large Company Growth Portfolio	$	—	$	—	$	—	$	6,801
Small Company Growth Portfolio		13,680		53,561		104,772		58,344
Small Company Value Portfolio		14,437		55,407		96,740		59,109
Wilshire International Equity Fund		107,990		2,177		3,019		1,444
Wilshire Income Opportunities Fund		723		3,021		932		696

The Board has approved Los Angeles Capital Management and Equity Research, Inc. (“L.A. Capital”), Victory Capital Management Inc., through its investment franchise NewBridge Asset Management (“NewBridge”), Pzena Investment Management, LLC (“Pzena”), Barrow, Hanley, Mewhinney and Strauss, LLC (“BHMS”), Ranger Investment Management, LLC (“Ranger”), NWQ Investment Management Company, LP (“NWQ”), Loomis, Sayles & Company, L.P. (“Loomis Sayles”), DoubleLine^®Capital LP (“DoubleLine”), WCM Investment Management, LLC (“WCM”), Voya Investment Management Co. LLC (“Voya”), Manulife Asset Management (US) LLC (“Manulife”) and Lazard Asset Management LLC (“Lazard”) (collectively the “Sub-Advisers”) to provide sub-advisory services for the Portfolios. L.A. Capital, Loomis Sayles and NewBridge each manage a portion of Large Company Growth Portfolio. L.A. Capital, Pzena and BHMS each manage a portion of Large Company Value Portfolio. L.A. Capital and Ranger each manage a portion of Small Company Growth Portfolio. L.A. Capital and NWQ each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for Wilshire 5000 Index^SM Fund. L.A. Capital, Pzena, Lazard and WCM each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.

The Sub-Advisers are subject to the Adviser’s oversight. The fees of the Sub-Advisers are paid by the Adviser.

The Portfolios are permitted to purchase and sell securities from or to certain affiliates under specific conditions outlined in the Rule 17a-7 procedures adopted by the Board. The procedures are designed to ensure that any purchase or sale of securities by a Portfolio from or to another mutual fund or separate account that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. During the six months ended June 30, 2019, there were no such transactions by the Portfolios.

DST Systems, Inc. serves as the Company’s transfer agent and dividend disbursing agent. The Northern Trust Company (“NTC”) serves as the Company’s custodian. Ultimus Fund Solutions, LLC (the “Administrator”) serves as the Company’s administrator and accounting agent and Ultimus Fund Distributors, LLC, an affiliate of the Administrator, serves as the Company’s principal underwriter.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

Officers’ and Directors’ Expenses– Certain officers of the Company are affiliated with and receive remuneration from the Adviser or the Administrator. The Company does not pay any remuneration to its officers. The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company (“Independent Director”) an annual retainer of $48,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: an in-person Board meeting fee of $3,000 for Independent Directors and $4,000 for the Board chair; a telephonic Board meeting fee of $1,500 for Independent Directors and $2,000 for the Board chair; and a telephonic Committee meeting fee of $500.

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 six months ended June 30, 2019, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio.

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 six months ended June 30, 2019, the shareholder service provider fees were as follows (as a percent of average net assets of each class):

Portfolio	Investment Class	Institutional Class
Large Company Growth Portfolio	0.127%	0.056%
Large Company Value Portfolio	0.067%	0.048%
Small Company Growth Portfolio	0.088%	0.071%
Small Company Value Portfolio	0.109%	0.072%
Wilshire 5000 Index^SM Fund	0.062%	0.027%
Wilshire International Equity Fund	0.142%	0.037%
Wilshire Income Opportunities Fund	0.149%	0.055%

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

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 six months ended June 30, 2019 were as follows:

Large Company Growth Portfolio	$	1,370
Large Company Value Portfolio		978
Small Company Growth Portfolio		7,057
Small Company Value Portfolio		4,580
Wilshire 5000 Index^SM Fund		—
Wilshire International Equity Fund		4,209
Wilshire Income Opportunities Fund		—

For the six months ended June 30, 2019, Cowen retained the following commissions:

Large Company Growth Portfolio	$	132
Large Company Value Portfolio		448
Small Company Growth Portfolio		1,050
Small Company Value Portfolio		1,501
Wilshire 5000 Index^SM Fund		—
Wilshire International Equity Fund		729
Wilshire Income Opportunities Fund		—

5. Investment Transactions.

During the six months ended June 30, 2019, aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:

Portfolio	Purchases		Sales and Maturities
Large Company Growth Portfolio	$	52,935,694	$	79,872,864
Large Company Value Portfolio		51,730,818		71,022,829
Small Company Growth Portfolio		23,904,505		25,651,285
Small Company Value Portfolio		20,137,052		21,045,175
Wilshire 5000 Index^SM Fund		2,623,513		6,023,868
Wilshire International Equity Fund		123,108,934		173,158,429
Wilshire Income Opportunities Fund		84,054,186		102,939,176

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

Purchases and sales and maturities of long-term U.S. Government securities during the six months ended June 30, 2019 were:

Portfolio		Purchases				Sales and Maturities
Wilshire Income Opportunities Fund		$	61,682,960			$	48,854,585

Due to Voya managing a portion of Wilshire Income Opportunities Fund during the six months ended June 30, 2019, certain securities held by such Portfolio are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Wilshire Income Opportunities Fund during the six months ended June 30, 2019 and the value of such investments as of June 30, 2019 were as follows:

Affiliated Investment	Value as of December 31, 2018		Purchases		Proceeds from Sales			Realized Losses			Change in Unrealized Appreciation (Depreciation)		Value as of June 30, 2019		Income Distributions		Capital Gain Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P	$	3,001,354	$	80,298	$	—		$	—		$	263,701	$	3,345,353	$	82,755	$	—
Voya Floating Rate Fund - Class P		12,807,636		3,879,442		(3,724,500	)		(105,300	)		307,717		13,164,995		389,486		—
Voya High Yield Bond Fund - Class P		1,550,927		51,395		—			—			118,594		1,720,916		52,794		—
	$	17,359,917	$	4,011,135	$	(3,724,500	)	$	(105,300	)	$	690,012	$	18,231,264	$	525,035	$	—

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

6. Derivative Transactions.

Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire 5000 Index^SM Fund and Wilshire International Equity Fund did not hold any derivative instruments as of or during the six months ended June 30, 2019.

At June 30, 2019, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

		Derivative Assets			Derivative Liabilities
Risk	Derivative Type	Statements of Assets and Liabilities Location	Fair Value Amount		Statements of Assets and Liabilities Location	Fair Value Amount
Interest Rate	Futures contracts*	Net variation margin receivable	$	632,539	Net variation margin payable	$	(72,513	)
Credit	Swaption contracts	Investments in unaffiliated securities, at value		49,636	Investments in unaffiliated securities, at value		(1,377	)
Currency	Forward foreign currency exchange contracts	Unrealized appreciation on foreign forward currency contracts		165,834	Unrealized depreciation on foreign forward currency contracts		(315,960	)
Total			$	848,009		$	(389,850	)

*	Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. Only current days variation margin in reported within the Statements of Assets and Liabilities.

For the six months ended June 30, 2019, the effect of derivative contracts in Wilshire Income Opportunities Fund’s Statements of Operations was as follows:

		Statements of Operations
Risk	Derivative Type	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Futures contracts	$	295,367		$	463,212
Credit Default	Swaption contracts		(398,112	)		19,760
Currency	Options contracts		9,938			(2,559	)
Credit Default	Swap contracts		(570,302	)		880,052
Currency	Forward foreign currency exchange contracts^(a)		851,053			(357,031	)
Total		$	187,944		$	(1,003,434	)

^(a)	Forward foreign currency exchange contracts are included in Foreign Currency Transactions in the Statements of Operations.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

7. Securities Lending.

Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in short-term securities. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting as a “placing broker.” A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company’s policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. NTC, the Portfolios’ custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the cash collateral at June 30, 2019 are shown on the Statements of Assets and Liabilities. Shares of the Northern Trust Institutional Liquid Asset Portfolio were purchased with proceeds from cash collateral received from securities on loan. Securities on loan are also collateralized by various U.S. Treasury obligations. The Portfolios do not have effective control of the non-cash collateral and therefore it is not disclosed in the Portfolios’ Schedules of Investments.

The following table is a summary of the Portfolios’ securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities and non-cash collateral, which are subject to offset as of June 30, 2019:

			Collateral Received
Portfolio	Value of Securities on Loan		Value of Cash Collateral Received		Value of Non-Cash Collateral Received*		Net Amount
Large Company Growth Portfolio	$	14,049,802	$	565,233	$	13,484,569	$	—
Large Company Value Portfolio		5,634,669		117,111		5,517,558		—
Small Company Growth Portfolio		12,008,905		1,119,629		10,889,276		—
Small Company Value Portfolio		7,797,418		138,067		7,659,351		—
Wilshire 5000 Index^SM Fund		11,889,763		738,590		11,151,173		—
Wilshire International Equity Fund		9,009,901		913,808		8,096,093		—
Wilshire Income Opportunities Fund		22,129,883		20,030,015		2,099,868		—

*	The amount of collateral reflected in the table above does not include any over collateralization received by the Portolios.

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

The value of loaned securities and related collateral outstanding at June 30, 2019 are shown in the Portfolios’ Schedules of Investments. The value of the collateral held may be temporarily less than that required under the lending contract. As of June 30, 2019, the cash collateral was invested in shares of Northern Trust Institutional Liquid Asset Portfolio and the non-cash collateral consisted of U.S. Treasury Bills, Notes, Bonds and U.S. Treasury Inflation Index Bonds (collectively, “U.S. Government Securities”) with the following maturities:

	Overnight and Continuous		<30 Days		Between 30 and 90 Days		>90 Days		Total
Large Company Growth Portfolio
Money Market Funds	$	565,233	$	—	$	—	$	—	$	565,233
U.S. Government Securities		—		—		177,446		13,442,224		13,619,670
Total	$	565,233	$	—	$	177,446	$	13,442,224	$	14,184,903

Large Company Value Portfolio
Money Market Funds	$	117,111	$	—	$	—	$	—	$	117,111
U.S. Government Securities		—		—		199,316		5,367,916		5,567,232
Total	$	117,111	$	—	$	199,316	$	5,367,916	$	5,684,343

Small Company Growth Portfolio
Money Market Funds	$	1,119,629	$	—	$	—	$	—	$	1,119,629
U.S. Government Securities		—		—		233,480		10,857,184		11,090,664
Total	$	1,119,629	$	—	$	233,480	$	10,857,184	$	12,210,293

Small Company Value Portfolio
Money Market Funds	$	138,067	$	—	$	—	$	—	$	138,067
U.S. Government Securities		—		—		94,036		7,659,058		7,753,094
Total	$	138,067	$	—	$	94,036	$	7,659,058	$	7,891,161

Wilshire 5000 Index^SM Fund
Money Market Funds	$	738,590	$	—	$	—	$	—	$	738,590
U.S. Government Securities		—		—		188,187		11,108,547		11,296,734
Total	$	738,590	$	—	$	188,187	$	11,108,547	$	12,035,324

Wilshire International Equity Fund
Money Market Funds	$	913,808	$	—	$	—	$	—	$	913,808
U.S. Government Securities		—		—		16,058		8,390,768		8,406,826
Total	$	913,808	$	—	$	16,058	$	8,390,768	$	9,320,634

Wilshire Income Opportunities Fund
Money Market Funds	$	20,030,015	$	—	$	—	$	—	$	20,030,015
U.S. Government Securities		—		—		—		2,541,618		2,541,618
Total	$	20,030,015	$	—	$	—	$	2,541,618	$	22,571,633

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

8. Capital Share Transactions.

Transactions in shares of the Portfolios are summarized below:

	LARGE COMPANY GROWTH PORTFOLIO						LARGE COMPANY VALUE PORTFOLIO						SMALL COMPANY GROWTH PORTFOLIO						SMALL COMPANY VALUE PORTFOLIO
	Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		6,598			53,223			9,740			29,422			41,853			67,784			19,540			32,714
Shares issued as reinvestment of distributions		—			240,411			—			23,016			—			21,579			—			15,059
Shares redeemed		(105,147	)		(215,382	)		(19,363	)		(63,077	)		(39,255	)		(167,868	)		(40,348	)		(57,676	)
Net increase (decrease) in Investment Class shares outstanding		(98,549	)		78,252			(9,623	)		(10,639	)		2,598			(78,505	)		(20,808	)		(9,903	)
Shares outstanding at beginning of period		1,700,531			1,622,279			298,392			309,031			375,989			454,494			264.319			274,222
Shares outstanding at end of period		1,601,982			1,700,531			288,769			298,392			378,587			375,989			243,511			264,319

Institutional Class shares:
Shares sold		121,331			1,659,401			342,659			6,469,168			156,725			933,681			231,011			1,441,980
Shares issued as reinvestment of distributions		—			434,809			—			718,766			—			86,153			—			127,502
Shares redeemed		(793,613	)		(2,042,180	)		(1,552,795	)		(3,704,924	)		(187,818	)		(486,281	)		(232,879	)		(480,681	)
Net increase (decrease) in Institutional Class shares outstanding		(672,282	)		52,030			(1,210,136	)		3,483,010			(31,093	)		533,553			(1,868	)		1,088,801
Shares outstanding at beginning of period		4,065,832			4,013,802			10,733,721			7,250,711			1,881,875			1,348,322			2.533.095			1,444,294
Shares outstanding at end of period		3,393,550			4,065,832			9,523,585			10,733,721			1,850,782			1,881,875			2,531,227			2,533,095

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

	WILSHIRE 5000 INDEX^SM FUND						WILSHIRE INTERNATIONAL EQUITY FUND						WILSHIRE INCOME OPPORTUNITIES FUND
	Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018			Six Months Ended June 30, 2019			Year Ended December 31, 2018
CAPITAL SHARE TRANSACTIONS:
Investment Class shares:
Shares sold		238,320			716,562			33,165			109,186			24,006			86,963
Shares issued as reinvestment of distributions		—			381,135			—			13,328			2,939			5,241
Shares redeemed		(423,169	)		(1,047,065	)		(53,752	)		(196,470	)		(47,676	)		(528,689	)
Net increase (decrease) in Investment Class shares outstanding		(184,849	)		50,632			(20,587	)		(73,956	)		(20,731	)		(436,485	)
Shares outstanding at beginning of period		7,221,052			7,170,420			299,238			373,194			188,696			625,181
Shares outstanding at end of period		7,036,203			7,221,052			278,651			299,238			167,965			188,696

Institutional Class shares:
Shares sold		49,875			130,658			2,396,678			17,699,282			1,986,597			8,602,933
Shares issued as reinvestment of distributions		—			77,552			—			1,645,158			594,497			1,089,140
Shares redeemed		(57,361	)		(163,444	)		(7,923,986	)		(9,383,097	)		(4,033,987	)		(8,273,742	)
Net increase (decrease) in Institutional Class shares outstanding		(7,486	)		44,766			(5,527,308	)		9,961,343			(1,452,893	)		1,418,331
Shares outstanding at beginning of period		1,728,336			1,683,570			41,761,378			31,800,035			31,758,868			30,340,537
Shares outstanding at end of period		1,720,850			1,728,336			36,234,070			41,761,378			30,305,975			31,758,868

9. Significant Shareholders.

On June 30, 2019, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

Portfolio
Large Company Growth Portfolio (3 omnibus shareholders)	63%
Large Company Value Portfolio (3 omnibus shareholder)	69%
Small Company Growth Portfolio (4 omnibus shareholders)	69%
Small Company Value Portfolio (4 omnibus shareholders)	76%
Wilshire 5000 Index^SM Fund (3 omnibus shareholders)	56%
Wilshire International Equity Fund (3 omnibus shareholders)	74%
Wilshire Income Opportunities Fund (3 omnibus shareholders)	76%

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

As of June 30, 2019, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

Portfolio
Large Company Growth Portfolio	23%
Large Company Value Portfolio	35%
Small Company Growth Portfolio	25%
Small Company Value Portfolio	26%
Wilshire 5000 Index^SM Fund	0%
Wilshire International Equity Fund	46%
Wilshire Income Opportunities Fund	41%

10. Tax Information.

No provision for federal income taxes is required because each Portfolio has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Code and distributes to shareholders all of its taxable income and net realized gains. Federal income tax regulations differ from U.S. GAAP; therefore, distributions determined in accordance with tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. Financial records are not adjusted for temporary differences.

The Portfolios evaluate tax positions taken or expected to be taken in the course of preparing the Portfolios’ tax returns to determine whether it is “more-likely than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolios did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities of returns filed in the last 3 years and on-going analysis of and changes to tax laws, regulations and interpretations thereof. The Portfolios identify their major tax jurisdiction as U.S. Federal.

100

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

The federal tax cost of portfolio securities and unrealized appreciation and depreciation at June 30, 2019 for each Portfolio are as follows:

Portfolio	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Tax cost of portfolio investments	$	130,347,018		$	172,614,727		$	50,169,111		$	57,167,748		$	60,040,473		$	345,229,435		$	341,118,657
Gross unrealized appreciation	$	85,780,932		$	28,601,192		$	15,298,108		$	7,049,571		$	135,113,141		$	56,729,374		$	11,487,680
Gross unrealized depreciation		(1,877,075	)		(10,637,962	)		(1,940,888	)		(5,078,074	)		(3,431,393	)		(21,092,624	)		(4,616,555	)
Net unrealized appreciation	$	83,903,857		$	17,963,230		$	13,357,220		$	1,971,497		$	131,681,748		$	35,636,750		$	6,871,125

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

The tax character of distributions declared during the periods ended June 30, 2019 and December 31, 2018 was as follows:

Portfolio	2019 Ordinary Income		2019 Long-Term Capital Gains		2018 Ordinary Income		2018 Long-Term Capital Gains
Large Company Growth Portfolio	$	—	$	—	$	2,240,277	$	27,070,477
Large Company Value Portfolio		—		—		4,328,602		12,086,254
Small Company Growth Portfolio		—		—		281,539		2,810,134
Small Company Value Portfolio		—		—		905,824		2,313,423
Wilshire 5000 Index^SM Fund		—		—		2,704,449		6,901,955
Wilshire International Equity Fund		—		—		6,145,911		13,584,130
Wilshire Income Opportunities Fund		6,239,130		—		10,781,680		—

101

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

As of December 31, 2018, the components of accumulated earnings (deficit) on a tax basis were as follows:

Portfolio	Large Company Growth Portfolio			Large Company Value Portfolio			Small Company Growth Portfolio			Small Company Value Portfolio			Wilshire 5000 Index^SM Fund			Wilshire International Equity Fund			Wilshire Income Opportunities Fund
Undistributed ordinary income	$	—		$	—		$	—		$	—		$	15,824		$	275,153		$	—
Undistributed long-term capital gain		4,002,652			2,241,355			—			—			1,084,994			—			—
Accumulated capital and other losses		(443,652	)		(496,919	)		(558,626	)		(552,460	)		(1,095	)		(3,150,961	)		(1,417,361	)
Unrealized appreciation (depreciation)		53,342,520			(3,516,266	)		2,274,654			(5,479,887	)		106,829,249			(12,550,280	)		(8,999,794	)
Accumulated earnings (deficit)	$	56,901,520		$	(1,771,830	)	$	1,716,028		$	(6,032,347	)	$	107,928,972		$	(15,426,088	)	$	(10,417,155	)

As of December 31, 2018, Wilshire Income Opportunities Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes which do not expire:

Portfolio		Short-Term Loss				Long-Term Loss				Total
Wilshire Income Opportunities Fund		$	801,759			$	73,743			$	875,502

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.

11. Indemnifications.

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

12. Certain Investment Risks.

Asset-backed securities (“ABS”) risk – Investors in ABS, including mortgage-backed securities (“MBS”) and structured finance investments, generally receive payments that are part interest and part return of principal. These payments may vary based on the rate at which the underlying borrowers pay off their loans or other future expected receivables of assets or cash flows. Some ABS, including MBS, may have structures that make their reaction to interest rates and other factors difficult to predict, making them subject to liquidity risk.

Collateralized debt obligation (“CDO”) risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO,

102

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO’s collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market’s perception of the creditworthiness of the servicing agent for the pool or the originator.

Forward contracts risk – There may be an imperfect correlation between the price of a forward contract and the underlying security, index or currency which will increase the volatility of Wilshire Income Opportunities Fund’s NAV. The Portfolio bears the risk of loss of the amount expected to be received under a forward contract in the event of the default or bankruptcy of a counterparty. If such a default occurs, the Portfolio will have contractual remedies pursuant to the forward contract, but such remedies may be subject to bankruptcy and insolvency laws that could affect the Portfolio’s rights as a creditor. Forward currency transactions include risks associated with fluctuations in foreign currency.

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

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

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Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

Foreign security risk– Wilshire International Equity Fund and Wilshire Income Opportunities Fund invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in foreign countries. The market values of the Portfolios’ investments will change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline.

Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Portfolios to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Investments in Loans Risk – Investments in loans involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. Loans may be difficult to value and some can be subject to liquidity risk.

Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of June 30, 2019, Large Company Growth Portfolio had 33.0% of the value of its net assets invested in stocks within the Information Technology sector; Large Company Value Portfolio had 27.0% of the value of its net assets invested in stocks within the Financials sector; Small Company Growth Portfolio had 26.7% and 25.8% of the value of its net assets invested in stocks within the Health Care and Information Technology sectors, respectively; and Small Company Value Portfolio had 28.0% of the value of its net assets invested in stocks within the Financials sector.

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

13. Contingencies.

Wilshire 5000 Index^SM Fund was named as a defendant and a putative member of a proposed defendant class of shareholders in a lawsuit filed on December 7, 2010 in the U.S. Bankruptcy Court for the District of Delaware and on March 6, 2012 in the District Court for the Southern District of New York, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding. The 2010 lawsuit was brought by the official Committee of Unsecured Creditors of the Tribune Company and the 2012 lawsuit was brought by Deutsche Bank, as trustee for senior noteholders of Tribune Company. Both lawsuits relate to a leveraged buyout transaction by which Tribune Company converted to a privately-held company in 2007 less than a year prior to Tribune Company’s bankruptcy filing. The putative

104

Wilshire Mutual Funds, Inc.

Notes to Financial Statements - (Continued)

June 30, 2019 (Unaudited)

defendant class is comprised of beneficial owners of shares of Tribune Company who meet certain jurisdictional requirements and received proceeds of the leveraged buyout. The plaintiffs seek to recover those proceeds, together with interest and attorneys’ fees and expenses, as fraudulent transfers under the Bankruptcy Act or various state laws. In 2013, the Complaint in the 2012 lawsuit was dismissed and the Second Circuit Court of Appeals recently affirmed the dismissal and the plaintiffs filed a petition for review by the Supreme Court. In April, 2018, the Supreme Court deferred consideration of the petition to allow the Second Circuit to consider whether it would be appropriate to vacate the judgment in light of a 2018 Supreme Court decision in another case. In May, 2018, the Second Circuit recalled its judgment mandate in anticipation of further panel review. The case remains pending before the Second Circuit. The District Court of New York has stayed the 2010 lawsuit pending a further decision by the Second Circuit in the 2012 lawsuit. The Adviser does not expect the Portfolio to be materially impacted by the lawsuits.

14. Subsequent Event Evaluation.

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

Effective July 24, 2019, NWQ Investment Management Company, LLC (“NWQ”) no longer serves as a subadviser to the Small Company Value Portfolio.

105

Wilshire Mutual Funds, Inc.

Additional Fund Information (Unaudited)

Information on Proxy Voting

A description of policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities, along with each Portfolio’s proxy voting record relating to portfolio securities held during most recent 12-month period ended June 30, is available at no charge, upon request by calling (866) 591-1568, by e-mailing us at http://advisor.wilshire.com or on the SEC’s website at www.sec.gov.

Information on Form N-PORT

The Company files its complete schedule of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

Householding Policy

In order to reduce printing and mailing expenses, only one copy of each prospectus, annual and semi-annual report will be sent to all related accounts at a common address, unless you have indicated otherwise on your Account Application. Shareholders may revoke their consent to householding at any time by calling (866) 591-1568. Upon receipt of a shareholder’s revocation, the Company will begin mailing individual copies of the above-referenced documents to the shareholder’s attention within 30 days.

On May 20, 2019, the Board of Directors (the “Board” and each individually, a “Director”) of Wilshire Mutual Funds, Inc. (the “Company”) approved a subadvisory agreement between Wilshire Associates Incorporated (“Wilshire” or the “Adviser”) and Lazard Asset Management LLC (the “Subadviser”) pursuant to which the Subadviser serves as a new subadviser to the Wilshire International Equity Fund (the “Fund”) effective June 28, 2019 (the “Subadvisory Agreement”).

106

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreement

(Unaudited)

At the meeting on May 20, 2019, in connection with the review of Wilshire’s proposed subadvisory agreement with the Subadviser, the Board evaluated information provided by Wilshire and the Subadviser in accordance with Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”).

The information that follows outlines the Board’s considerations associated with its approval of the Subadvisory Agreement. In connection with its deliberations regarding the approval of this relationship, the Board considered such information and factors as it believed to be relevant. As described below, the Board considered the nature, extent and quality of the services to be performed by the Subadviser under the proposed subadvisory arrangement; comparative fees as provided by the Subadviser; the profits to be realized by the Subadviser; the extent to which the Subadviser would realize economies of scale as the Fund grows; and whether any fall-out benefits would be realized by the Subadviser. In considering these matters, the Board was advised with respect to relevant legal standards by independent legal counsel. In addition, the Directors who are not “interested persons” of the Company as defined in the 1940 Act (the “Independent Directors”) discussed the approval of the Subadvisory Agreement with management and in private sessions with independent legal counsel at which no representatives of the Subadviser were present.

As required by the 1940 Act, the approval was confirmed by a separate vote of the Independent Directors. In deciding to approve the Subadvisory Agreement, the Board did not identify any single factor as controlling and this summary does not describe all of the matters considered. However, the Board concluded that each of the various factors referred to below favored such approval.

Information Received

The Board, including all the Independent Directors, considered the approval of the Subadvisory Agreement at the Board’s May 20, 2019 meeting. The Directors received information from the Adviser regarding the factors underlying its recommendations to approve the Subadvisory Agreement. The Directors also received information from the Subadviser describing: (i) the nature, extent and quality of services to be provided; (ii) the financial condition of the Subadviser; (iii) the extent to which economies of scale may be realized as the Fund grows; (iv) whether fee levels reflect any possible economies of scale for the benefit of the Fund’s shareholders; (v) comparisons of services rendered and amounts paid by any comparable advisory clients; and (vi) benefits to be realized by the Subadviser from its relationship with the Fund. The Independent Directors were assisted in their review by independent legal counsel.

As part of its evaluation, the Board considered the assessment of performance made by the Investment Committee (which is composed solely of Independent Directors), which also met on May 20, 2019 to review data on the Subadviser’s performance for managing investment products similar to the Fund. Based upon its evaluation of all materials provided, the Board concluded that it was in the best interests of the Fund to approve the Subadvisory Agreement.

107

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreement

(Unaudited) - (continued)

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services to be provided under the Subadvisory Agreement. The Board considered the reputation, qualifications and background of the Subadviser, investment approach of the Subadviser, the experience and skills of investment personnel to be responsible for the day-to-day management of the Fund, and the resources made available to such personnel. In addition, the Board considered the analysis provided by the Adviser, which concluded that the Subadviser would provide reasonable services and recommended that the Subadvisory Agreement be approved.

The Board reviewed information comparing the Subadviser’s annualized gross investment performance for managing investment products with an investment strategy similar to the one to be employed by the Subadviser for the Fund to the MSCI ACWI ex-US Investable Market Index (the Fund’s benchmark index effective June 28, 2019) and the MSCI ACWI ex-US Small Cap Index (the index most comparable to the investment strategy to be employed by the Subadviser for the Fund) for the one- and three-year periods ended March 31, 2019. The Board noted that the Subadviser underperformed both indexes for the one-year period ended March 31, 2019 and outperformed both indexes for the three-year period ended March 31, 2019.

Subadvisory Fees

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

With respect to the Subadviser’s reported fees for “Other Clients” with comparable investment policies and services, the Board determined that the subadvisory fee to be charged to the Adviser were competitive.

Based upon all of the above, the Board determined that the subadvisory fee was reasonable.

Profitability to the Subadviser

The Board noted that the Adviser compensates the Subadviser from its own advisory fees and that the fee was negotiated at arm’s length between the Adviser and the Subadviser. In addition, the Board noted that the revenues to the Subadviser would be limited due to the current size of the Fund. The Board took these factors into consideration in concluding that the subadvisory fee was reasonable.

Economies of Scale

The Board considered whether there may be economies of scale with respect to the subadvisory services to be provided to the Fund and whether the subadvisory fee reflects such economies of scale through breakpoints in fees. The Board also considered whether the effective subadvisory fee rate under the Subadvisory Agreement is reasonable in relation to the asset size of the Fund. The Board concluded that the flat fee schedule for the Subadviser reflects an appropriate recognition of any economies of scale.

108

Wilshire Mutual Funds, Inc.

Board Approval of Subadvisory Agreement

(Unaudited) - (continued)

Fall-Out Benefits

The Board also considered the character and amount of other incidental benefits to be received by the Subadviser. The Board considered the Subadviser’s soft dollar practices. The Board concluded that, taking into account any such other benefits, the subadvisory fee to be charged under the Subadvisory Agreement was reasonable.

Conclusion

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

109

Wilshire Mutual Funds

Wilshire Associates Incorporated

1299 Ocean Avenue

Santa Monica, CA 90401

1-888-200-6796

http://advisor.wilshire.com

Item 2.

Code of Ethics.

Not Applicable.

Item 3.

Audit Committee Financial Expert.

Not Applicable.

Item 4.

Principal Accountant Fees and Services.

Not Applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable

Item 6.

Schedule of Investments.

(a)

The Schedules of Investment in securities of unaffiliated issuers as of the close of the reporting period for the Large Company Growth Portfolio, the Large Company Value Portfolio, the Small Company Growth Portfolio, the Small Company Value Portfolio, the Wilshire 5000 IndexSM Fund, the Wilshire International Equity Fund and the Wilshire Income Opportunities Fund are listed below.

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

COMMON STOCKS - 99.3%	Shares		Value
Communication Services - 11.4%
Alphabet, Inc. - Class A^(a)		3,119	$	3,377,253
Alphabet, Inc. - Class C^(a)		6,204		6,705,966
Facebook, Inc. - Class A^(a)		56,594		10,922,642
Live Nation Entertainment, Inc.^(a)		200		13,250
Netflix, Inc.^(a)		8,004		2,940,029
New York Times Co. (The) - Class A^(b)		1,280		41,754
Sinclair Broadcast Group, Inc. - Class A		3,100		166,253
TripAdvisor, Inc.^(a)		570		26,385
Twitter, Inc.^(a)		5,560		194,044
				24,387,576
Consumer Discretionary - 18.6%
Alibaba Group Holding Ltd. - ADR^(a)		40,153		6,803,926
Amazon.com, Inc.^(a)		7,217		13,666,327
AutoZone, Inc.^(a)		480		527,746
Booking Holdings, Inc.^(a)		330		618,654
Burlington Stores, Inc.^(a)		11,636		1,979,865
Carter's, Inc.^(b)		578		56,378
Chipotle Mexican Grill, Inc.^(a)		10		7,329
Choice Hotels International, Inc.		970		84,400
Columbia Sportswear Co.		700		70,112
Domino's Pizza, Inc.		697		193,961
Dunkin' Brands Group, Inc.		410		32,661
Etsy, Inc.^(a)		1,950		119,671
Five Below, Inc.^(a)		280		33,606
Grand Canyon Education, Inc.^(a)		170		19,893
H&R Block, Inc.^(b)		2,600		76,180
Hilton Worldwide Holdings, Inc.		2,910		284,423
Home Depot, Inc. (The)		6,416		1,334,336
Las Vegas Sands Corp.		1,740		102,817
Lowe's Cos., Inc.		1,330		134,210
lululemon athletica, inc.^(a)		13,908		2,506,361
McDonald's Corp.		1,370		284,494
NIKE, Inc. - Class B		7,380		619,551
O'Reilly Automotive, Inc.^(a)		466		172,103
Planet Fitness, Inc. - Class A^(a)		1,960		141,982

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Consumer Discretionary - 18.6% (Continued)
Pool Corp.		1,061	$	202,651
Roku, Inc.^{(a) (b)}		1,240		112,319
Ross Stores, Inc.		500		49,560
Skechers U.S.A., Inc. - Class A^(a)		1,120		35,269
Starbucks Corp.		37,062		3,106,908
TJX Cos., Inc. (The)		4,100		216,808
Ulta Beauty, Inc.^(a)		7,752		2,689,091
Wyndham Destinations, Inc.		740		32,486
Yum China Holdings, Inc.		33,685		1,556,247
Yum! Brands, Inc.		16,002		1,770,941
				39,643,266
Consumer Staples - 6.4%
Brown-Forman Corp. - Class B		370		20,509
Church & Dwight Co., Inc.		60		4,384
Coca-Cola Co. (The)		50,007		2,546,356
Colgate-Palmolive Co.		22,495		1,612,217
Costco Wholesale Corp.		2,240		591,942
Danone S.A. - ADR^(b)		127,086		2,151,566
Estée Lauder Cos., Inc. (The) - Class A		1,030		188,603
Herbalife Nutrition Ltd.^(a)		2,480		106,045
Monster Beverage Corp.^(a)		53,528		3,416,693
Nu Skin Enterprises, Inc. - Class A		4,250		209,610
PepsiCo, Inc.		4,090		536,322
Procter & Gamble Co. (The)		20,660		2,265,368
Sprouts Farmers Market, Inc.^(a)		740		13,979
				13,663,594
Energy - 0.5%
Schlumberger Ltd.		28,604		1,136,723

Financials - 4.6%
American Express Co.		7,591		937,033
Aon plc		140		27,017
Charles Schwab Corp. (The)		27,770		1,116,076
CME Group, Inc.		8,590		1,667,406
Eaton Vance Corp.		4,580		197,535
Evercore, Inc. - Class A		3,440		304,681

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Financials - 4.6% (Continued)
FactSet Research Systems, Inc.		5,202	$	1,490,686
Kemper Corp.		3,030		261,459
LPL Financial Holdings, Inc.		5,790		472,290
Moody's Corp.		1,620		316,402
MSCI, Inc.		1,280		305,651
OneMain Holdings, Inc.		810		27,386
Progressive Corp. (The)		1,240		99,113
S&P Global, Inc.		2,700		615,033
SEI Investments Co.		29,124		1,633,857
Synovus Financial Corp.		420		14,700
T. Rowe Price Group, Inc.		320		35,107
TD Ameritrade Holding Corp.		670		33,446
Western Alliance Bancorp.^(a)		6,620		296,046
				9,850,924
Health Care - 17.1%
AbbVie, Inc.		3,142		228,486
ABIOMED, Inc.^(a)		7,002		1,823,951
Agilent Technologies, Inc.		1,220		91,097
Alcon, Inc.^{(a) (b)}		2,735		169,707
Alexion Pharmaceuticals, Inc.^(a)		21,260		2,784,634
Align Technology, Inc.^(a)		8,373		2,291,689
Amgen, Inc.		6,443		1,187,316
Boston Scientific Corp.^(a)		11,030		474,069
Bruker Corp.		4,940		246,753
Canopy Growth Corp.^{(a) (b)}		19,788		797,654
Cerner Corp.		27,854		2,041,698
Charles River Laboratories International, Inc.^(a)		340		48,246
Chemed Corp.		530		191,245
DexCom, Inc.^(a)		480		71,923
Edwards Lifesciences Corp.^(a)		9,800		1,810,452
Eli Lilly & Co.		1,815		201,084
IDEXX Laboratories, Inc.^(a)		1,190		327,643
Illumina, Inc.^(a)		6,818		2,510,047
Intuitive Surgical, Inc.^(a)		1,010		529,796
Johnson & Johnson		1,380		192,206
Masimo Corp.^(a)		605		90,036

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Health Care - 17.1% (Continued)
Merck & Co., Inc.		16,060	$	1,346,631
Mettler-Toledo International, Inc.^(a)		310		260,400
Neurocrine Biosciences, Inc.^(a)		150		12,665
Novartis AG - ADR		13,691		1,250,125
Novo Nordisk A/S - ADR		40,082		2,045,785
Regeneron Pharmaceuticals, Inc.^(a)		6,104		1,910,552
ResMed, Inc.		3,109		379,391
Stryker Corp.		870		178,855
Thermo Fisher Scientific, Inc.		1,110		325,985
UnitedHealth Group, Inc.		13,397		3,269,002
Varian Medical Systems, Inc.^(a)		10,822		1,473,199
Veeva Systems, Inc. - Class A^(a)		13,955		2,262,245
Vertex Pharmaceuticals, Inc.^(a)		1,060		194,383
Waters Corp.^(a)		870		187,259
West Pharmaceutical Services, Inc.		270		33,791
Zoetis, Inc.		27,920		3,168,642
				36,408,642
Industrials - 6.9%
3M Co.		795		137,805
A.O. Smith Corp.		3,160		149,026
AMETEK, Inc.		1,194		108,463
Armstrong World Industries, Inc.		2,951		286,837
Boeing Co. (The)		2,060		749,861
CoStar Group, Inc.^(a)		2,968		1,644,450
Curtiss-Wright Corp.		6,040		767,864
Deere & Co.		12,065		1,999,292
Emerson Electric Co.		3,650		243,528
Expeditors International of Washington, Inc.		28,081		2,130,225
Gardner Denver Holdings, Inc.^(a)		3,990		138,054
Graco, Inc.		1,360		68,245
Harris Corp.		650		122,935
HD Supply Holdings, Inc.^(a)		3,690		148,633
HEICO Corp.		2,360		315,792
Hexcel Corp.		6,810		550,793
Honeywell International, Inc.		2,860		499,327
IDEX Corp.		2,710		466,499

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Industrials - 6.9% (Continued)
Illinois Tool Works, Inc.		3,100	$	467,511
Landstar System, Inc.		1,850		199,782
Lennox International, Inc.^(b)		100		27,500
Lincoln Electric Holdings, Inc.		3,390		279,065
MSC Industrial Direct Co., Inc. - Class A		2,470		183,422
Quanta Services, Inc.		4,460		170,327
Rockwell Automation, Inc.		210		34,404
Rollins, Inc.		465		16,680
Roper Technologies, Inc.		760		278,358
TransUnion		100		7,351
Union Pacific Corp.		12,994		2,197,415
Waste Management, Inc.		1,600		184,592
Watsco, Inc.^(b)		100		16,353
Woodward, Inc.		740		83,738
				14,674,127
Information Technology - 33.0%
Accenture plc - Class A		2,274		420,167
Adobe, Inc.^(a)		3,130		922,255
Akamai Technologies, Inc.^(a)		2,110		169,095
Amphenol Corp. - Class A		1,760		168,854
Analog Devices, Inc.		1,788		201,812
ANSYS, Inc.^(a)		850		174,097
Apple, Inc.		22,292		4,412,033
Applied Materials, Inc.		4,780		214,670
Arista Networks, Inc.^(a)		910		236,254
Atlassian Corp. plc - Class A^(a)		410		53,644
Autodesk, Inc.^(a)		21,093		3,436,050
Automatic Data Processing, Inc.		4,671		772,256
Black Knight, Inc.^(a)		6,390		384,359
Broadcom, Inc.		600		172,716
Broadridge Financial Solutions, Inc.		450		57,456
Cadence Design Systems, Inc.^(a)		7,230		511,956
CDW Corp.		700		77,700
Cisco Systems, Inc.		49,417		2,704,593
Citrix Systems, Inc.		3,569		350,262
Cognex Corp.		2,150		103,157

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Information Technology - 33.0% (Continued)
Cypress Semiconductor Corp.		1,980	$	44,035
Dell Technologies, Inc. - Class C^(a)		630		32,004
EPAM Systems, Inc.^(a)		10,380		1,796,777
Fair Isaac Corp.^(a)		330		103,627
Fidelity National Information Services, Inc.		1,139		139,733
Fiserv, Inc.^{(a) (b)}		1,070		97,541
FleetCor Technologies, Inc.^(a)		910		255,574
FLIR Systems, Inc.		2,390		129,299
Fortinet, Inc.^(a)		1,430		109,867
Gartner, Inc.^(a)		1,270		204,394
Global Payments, Inc.		730		116,895
GoDaddy, Inc. - Class A^(a)		470		32,971
Intuit, Inc.		1,990		520,047
Jack Henry & Associates, Inc.		1,518		203,291
Keysight Technologies, Inc.^(a)		17,355		1,558,652
KLA-Tencor Corp.		40		4,728
Lam Research Corp.		1,170		219,773
LogMeIn, Inc.		1,240		91,363
Mastercard, Inc. - Class A		5,377		1,422,378
Maxim Integrated Products, Inc.		3,170		189,629
Microsoft Corp.		54,643		7,319,976
Monolithic Power Systems, Inc.		430		58,385
National Instruments Corp.		3,350		140,667
NVIDIA Corp.		26,166		4,297,243
ON Semiconductor Corp.^(a)		530		10,711
Oracle Corp.		80,359		4,578,052
Palo Alto Networks, Inc.^(a)		1,090		222,098
Paycom Software, Inc.^{(a) (b)}		360		81,619
PayPal Holdings, Inc.^(a)		32,147		3,679,545
Proofpoint, Inc.^(a)		660		79,365
PTC, Inc.^(a)		18,119		1,626,361
QUALCOMM, Inc.		33,300		2,533,131
Red Hat, Inc.^(a)		770		144,575
RingCentral, Inc. - Class A^(a)		480		55,162
salesforce.com, inc.^(a)		20,640		3,131,707
ServiceNow, Inc.^(a)		12,760		3,503,513

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 99.3% (Continued)	Shares		Value
Information Technology - 33.0% (Continued)
Splunk, Inc.^(a)		348	$	43,761
Square, Inc. - Class A^{(a) (b)}		950		68,904
Teradata Corp.^{(a) (b)}		1,560		55,926
Teradyne, Inc.		1,550		74,261
Texas Instruments, Inc.		6,345		728,152
Total System Services, Inc.		1,960		251,409
Trade Desk, Inc. (The) - Class A^{(a) (b)}		1,290		293,836
Tyler Technologies, Inc.^(a)		850		183,617
Universal Display Corp.^(b)		350		65,821
VeriSign, Inc.^(a)		780		163,145
Visa, Inc. - Class A^(b)		66,713		11,578,040
VMware, Inc. - Class A		620		103,670
Workday, Inc. - Class A^(a)		10,655		2,190,455
Xilinx, Inc.		870		102,590
Zscaler, Inc.^{(a) (b)}		3,340		255,978
				70,437,639
Materials - 0.1%
Sherwin-Williams Co. (The)		110		50,412
Southern Copper Corp.^(b)		1,860		72,261
W.R. Grace & Co.		1,200		91,332
				214,005
Real Estate - 0.7%
American Tower Corp.		3,440		703,309
Equinix, Inc.		30		15,129
Equity LifeStyle Properties, Inc.		210		25,481
Hudson Pacific Properties, Inc.		5,860		194,962
Life Storage, Inc.		1,630		154,980
SBA Communications Corp.^(a)		980		220,343
Simon Property Group, Inc.		430		68,697
Taubman Centers, Inc.		3,130		127,798
				1,510,699

Total Common Stocks(Cost $126,444,241)			$	211,927,195

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.1%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(c)		1,758,447	$	1,758,447
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(c) (d)}		565,233		565,233
Total Money Market Funds(Cost $2,323,680)			$	2,323,680

Total Investments at Value - 100.4%(Cost $128,767,921)			$	214,250,875

Liabilities in Excess of Other Assets - (0.4%)				(775,680	)

Net Assets - 100.0%			$	213,475,195

^(a)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $14,049,802.
^(c)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $565,233. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $13,619,670.

ADR -

American Depositary Receipt.

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

COMMON STOCKS - 98.5%	Shares		Value
Communication Services - 5.5%
AT&T, Inc.		103,172	$	3,457,293
CenturyLink, Inc.		7,230		85,025
Cinemark Holdings, Inc.		4,346		156,891
Comcast Corp. - Class A		53,924		2,279,907
Discovery, Inc. - Series C^(a)		990		28,166
Interpublic Group of Cos., Inc. (The)		62,516		1,412,236
John Wiley & Sons, Inc. - Class A		515		23,618
New York Times Co. (The) - Class A		4,860		158,533
News Corp. - Class B		620		8,655
Omnicom Group, Inc.		9,300		762,135
Sinclair Broadcast Group, Inc. - Class A		3,270		175,370
Telephone & Data Systems, Inc.		2,540		77,216
Tribune Media Co. - Class A		860		39,749
Verizon Communications, Inc.		32,974		1,883,805
Zynga, Inc. - Class A^(a)		6,800		41,684
				10,590,283
Consumer Discretionary - 9.5%
Advance Auto Parts, Inc.		40		6,166
Aptiv plc		1,130		91,338
AutoZone, Inc.^(a)		270		296,857
Best Buy Co., Inc.		1,010		70,427
Choice Hotels International, Inc.		1,602		139,390
Columbia Sportswear Co.		990		99,158
eBay, Inc.		5,910		233,445
Ford Motor Co.		229,062		2,343,304
Garmin Ltd.		3,620		288,876
Gildan Activewear, Inc.		18,108		700,417
H&R Block, Inc.^(b)		8,095		237,184
Home Depot, Inc. (The)		820		170,535
L Brands, Inc.		2,160		56,376
Las Vegas Sands Corp.		3,250		192,043
Lear Corp.		15,454		2,152,278
Lowe's Cos., Inc.		15,119		1,525,658
McDonald's Corp.		3,880		805,720
Mohawk Industries, Inc.^(a)		10,078		1,486,203

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Consumer Discretionary - 9.5% (Continued)
Newell Brands, Inc.		83,912	$	1,293,923
PVH Corp.		11,030		1,043,880
Roku, Inc.^{(a) (b)}		290		26,268
Skechers U.S.A., Inc. - Class A^(a)		5,280		166,267
Target Corp.		27,573		2,388,098
Tiffany & Co.^(b)		1,370		128,287
Whirlpool Corp.		5,933		844,622
Williams-Sonoma, Inc.^(b)		1,710		111,150
Yum China Holdings, Inc.		16,822		777,176
Yum! Brands, Inc.		4,365		483,075
				18,158,121
Consumer Staples - 4.0%
Church & Dwight Co., Inc.		290		21,187
Coca-Cola Co. (The)		6,703		341,317
Colgate-Palmolive Co.		5,745		411,744
Flowers Foods, Inc.		5,940		138,224
Herbalife Nutrition Ltd.^(a)		4,300		183,868
Kellogg Co.		12,014		643,590
Kimberly-Clark Corp.		710		94,629
Lamb Weston Holdings, Inc.		1,580		100,109
Mondelēz International, Inc. - Class A		7,830		422,037
Nu Skin Enterprises, Inc. - Class A		5,640		278,165
Philip Morris International, Inc.		22,963		1,803,284
Pilgrim's Pride Corp.^(a)		2,660		67,537
Procter & Gamble Co. (The)		10,578		1,159,878
Walmart, Inc.		17,751		1,961,308
				7,626,877
Energy - 10.1%
Apergy Corp.^(a)		1,210		40,583
Baker Hughes, a GE Co.		25,075		617,597
BP plc - ADR		45,459		1,895,640
Cenovus Energy, Inc.^(b)		84,013		740,995
Chevron Corp.		7,089		882,155
ConocoPhillips		9,140		557,540
Continental Resources, Inc.^(a)		1,880		79,129
EOG Resources, Inc.		19,852		1,849,412

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Energy - 10.1% (Continued)
Equitrans Midstream Corp.		590	$	11,629
Exxon Mobil Corp.		33,157		2,540,821
Halliburton Co.		76,373		1,736,722
HollyFrontier Corp.		560		25,917
Marathon Oil Corp.		720		10,231
National Oilwell Varco, Inc.		81,943		1,821,594
Occidental Petroleum Corp.		1,500		75,420
ONEOK, Inc.		2,195		151,038
Phillips 66		20,692		1,935,530
Pioneer Natural Resources Co.		876		134,781
Royal Dutch Shell plc - Class A - ADR		22,295		1,450,736
Schlumberger Ltd.		42,142		1,674,723
Valero Energy Corp.		11,462		981,262
				19,213,455
Financials - 27.0%
Affiliated Managers Group, Inc.		1,140		105,040
Ally Financial, Inc.		520		16,115
American Express Co.		10,150		1,252,916
American International Group, Inc.		46,735		2,490,040
American National Insurance Co.		985		114,723
Arthur J. Gallagher & Co.		3,360		294,302
Assured Guaranty Ltd.^(b)		4,220		177,578
AXA Equitable Holdings, Inc.		78,734		1,645,540
Axis Capital Holdings Ltd.		11,941		712,281
Bank of America Corp.		173,460		5,030,339
Bank of Hawaii Corp.		1,305		108,198
Bank of New York Mellon Corp. (The)		660		29,139
BankUnited, Inc.		1,990		67,143
Berkshire Hathaway, Inc. - Class B^(a)		5,396		1,150,265
BGC Partners, Inc. - Class A		1,540		8,054
BlackRock, Inc.		688		322,878
Brighthouse Financial, Inc.^(a)		2,860		104,933
Brown & Brown, Inc.		3,710		124,285
Capital One Financial Corp.		26,591		2,412,867
Cboe Global Markets, Inc.		680		70,468
Chubb Ltd.		13,668		2,013,159

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Financials - 27.0% (Continued)
Cincinnati Financial Corp.		680	$	70,496
CIT Group, Inc.		700		36,778
Citigroup, Inc.		41,006		2,871,650
Erie Indemnity Co. - Class A^(b)		20		5,086
Evercore, Inc. - Class A		680		60,228
Fidelity National Financial, Inc.		1,890		76,167
Fifth Third Bancorp		30,552		852,401
First American Financial Corp.		2,315		124,316
First Hawaiian, Inc.		7,100		183,677
First Horizon National Corp.		1,280		19,110
FNB Corp.		14,370		169,135
Franklin Resources, Inc.^(b)		100		3,480
Fulton Financial Corp.		286		4,682
Genworth Financial, Inc. - Class A^(a)		420		1,558
Goldman Sachs Group, Inc. (The)		5,590		1,143,714
Hanover Insurance Group, Inc. (The)		4,000		513,200
Interactive Brokers Group, Inc. - Class A		1,990		107,858
Intercontinental Exchange, Inc.		5,125		440,443
Invesco Ltd.		15,118		309,314
Jefferies Financial Group, Inc.		5,590		107,496
JPMorgan Chase & Co.		39,010		4,361,318
Kemper Corp.		11,080		956,093
KeyCorp		44,483		789,573
KKR & Co., Inc. - Class A		31,305		791,077
Legg Mason, Inc.		2,760		105,653
Mercury General Corp.		486		30,375
MetLife, Inc.		40,355		2,004,433
MFA Financial, Inc.		45,890		329,490
MGIC Investment Corp.^(a)		45,630		599,578
Morgan Stanley		43,345		1,898,944
Nasdaq, Inc.		220		21,157
Navient Corp.		100		1,365
New Residential Investment Corp.		11,150		171,599
Northern Trust Corp.		17,291		1,556,190
OneMain Holdings, Inc.		3,770		127,464
PacWest Bancorp^(b)		100		3,883

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Financials - 27.0% (Continued)
Popular, Inc.		8,220	$	445,853
Primerica, Inc.		650		77,968
Progressive Corp. (The)		590		47,159
SLM Corp.		2,410		23,425
State Street Corp.		21,545		1,207,813
Sterling Bancorp		10,720		228,122
Synchrony Financial		5,810		201,433
Synovus Financial Corp.		4,725		165,375
T. Rowe Price Group, Inc.		1,725		189,250
U.S. Bancorp		39,411		2,065,136
UBS Group AG^{(a) (b)}		28,654		339,550
Umpqua Holdings Corp.		20,420		338,768
Voya Financial, Inc.		26,156		1,446,427
Webster Financial Corp.		5,940		283,754
Wells Fargo & Co.		98,337		4,653,306
Western Alliance Bancorp.^(a)		12,095		540,888
Wintrust Financial Corp.		1,960		143,394
				51,496,865
Health Care - 11.4%
Abbott Laboratories		8,910		749,331
Agilent Technologies, Inc.		3,190		238,197
Allergan plc		1,050		175,802
Amgen, Inc.		7,669		1,413,243
Anthem, Inc.		378		106,675
Baxter International, Inc.		4,420		361,998
Becton, Dickinson and Co.		490		123,485
Bio-Rad Laboratories, Inc. - Class A^(a)		200		62,518
Boston Scientific Corp.^(a)		5,610		241,118
Bristol-Myers Squibb Co.		460		20,861
Bruker Corp.		5,090		254,246
Cardinal Health, Inc.		16,074		757,085
Cerner Corp.		4,080		299,064
Charles River Laboratories International, Inc.^(a)		590		83,721
Cigna Corp.		3,894		613,500
Cooper Cos., Inc. (The)		390		131,387
CVS Health Corp.		37,221		2,028,173

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Health Care - 11.4% (Continued)
Danaher Corp.		3,395	$	485,213
DENTSPLY SIRONA, Inc.		30		1,751
Elanco Animal Health, Inc.^(a)		20		676
Eli Lilly & Co.		210		23,266
Integra LifeSciences Holdings Corp.^(a)		590		32,952
IQVIA Holdings, Inc.^(a)		380		61,142
Johnson & Johnson		19,141		2,665,958
McKesson Corp.		11,395		1,531,374
Medtronic plc		19,461		1,895,306
Merck & Co., Inc.		23,959		2,008,962
Mylan N.V.^(a)		58,659		1,116,867
PerkinElmer, Inc.		70		6,744
Pfizer, Inc.		45,640		1,977,125
Teleflex, Inc.		270		89,411
Thermo Fisher Scientific, Inc.		2,619		769,148
UnitedHealth Group, Inc.		5,220		1,273,732
Waters Corp.^(a)		460		99,010
West Pharmaceutical Services, Inc.		80		10,012
				21,709,053
Industrials - 10.7%
3M Co.		1,360		235,742
AMETEK, Inc.		4,475		406,509
Copa Holdings, S.A. - Class A		960		93,667
Crane Co.		2,210		184,402
Curtiss-Wright Corp.		7,400		940,762
Dover Corp.		3,825		383,265
Emerson Electric Co.		1,710		114,091
General Dynamics Corp.		5,523		1,004,192
General Electric Co.		463,629		4,868,105
HD Supply Holdings, Inc.^(a)		600		24,168
Hexcel Corp.		6,650		537,852
Honeywell International, Inc.		3,770		658,204
IDEX Corp.		540		92,956
IHS Markit Ltd.^(a)		110		7,009
ITT, Inc.		1,130		73,992
Johnson Controls International plc		32,081		1,325,266

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Industrials - 10.7% (Continued)
MSC Industrial Direct Co., Inc. - Class A		1,550	$	115,103
nVent Electric plc		5,100		126,429
Oshkosh Corp.		460		38,405
Parker-Hannifin Corp.		4,183		711,152
Quanta Services, Inc.		5,000		190,950
Raytheon Co.		872		151,623
Republic Services, Inc.		2,195		190,175
Roper Technologies, Inc.		1,249		457,459
Schneider National, Inc. - Class B		7,050		128,592
Southwest Airlines Co.		11,639		591,029
Stanley Black & Decker, Inc.		18,689		2,702,617
Terex Corp.		610		19,154
Timken Co. (The)		420		21,563
Union Pacific Corp.		20		3,382
United Technologies Corp.		12,301		1,601,590
Waste Management, Inc.		2,625		302,846
Watsco, Inc.		210		34,341
Westinghouse Air Brake Technologies Corp.^(b)		23,227		1,666,771
Woodward, Inc.		3,120		353,059
Xylem, Inc.		260		21,746
				20,378,168
Information Technology - 8.4%
Akamai Technologies, Inc.^(a)		600		48,084
Analog Devices, Inc.		2,950		332,967
Apple, Inc.		104		20,584
Autodesk, Inc.^(a)		550		89,595
Broadcom, Inc.		160		46,058
CACI International, Inc. - Class A^(a)		100		20,459
Ciena Corp.^(a)		2,620		107,761
Cisco Systems, Inc.		15,142		828,721
Cognizant Technology Solutions Corp. - Class A		25,602		1,622,910
CommScope Holding Co., Inc.^(a)		1,920		30,202
Cypress Semiconductor Corp.		4,620		102,749
Dell Technologies, Inc. - Class C^(a)		1,780		90,424
Dolby Laboratories, Inc. - Class A		3,670		237,082
Fidelity National Information Services, Inc.		4,050		496,854

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Information Technology - 8.4% (Continued)
FLIR Systems, Inc.		1,570	$	84,937
Hewlett Packard Enterprise Co.		114,735		1,715,288
Intel Corp.		9,597		459,408
International Business Machines Corp.		10,964		1,511,936
Jabil, Inc.		8,810		278,397
Juniper Networks, Inc.		25,935		690,649
Keysight Technologies, Inc.^(a)		730		65,561
LogMeIn, Inc.		1,100		81,048
Micron Technology, Inc.^(a)		1,370		52,868
Microsoft Corp.		5,494		735,976
Motorola Solutions, Inc.		300		50,019
National Instruments Corp.		1,560		65,504
Nuance Communications, Inc.^(a)		4,430		70,747
Oracle Corp.		71,045		4,047,434
Qorvo, Inc.^(a)		570		37,968
QUALCOMM, Inc.		21,671		1,648,512
Skyworks Solutions, Inc.		540		41,726
Symantec Corp.		2,440		53,094
Synopsys, Inc.^(a)		540		69,493
Teradata Corp.^{(a) (b)}		1,860		66,681
Teradyne, Inc.		3,160		151,396
				16,053,092
Materials - 2.7%
Air Products & Chemicals, Inc.		470		106,394
Amcor plc^(a)		6,355		73,014
Axalta Coating Systems Ltd.^(a)		1,910		56,861
Cabot Corp.		1,800		85,878
Corteva, Inc.^(a)		16,603		490,951
Domtar Corp.		770		34,288
Dow, Inc.		640		31,558
DuPont de Nemours, Inc.		16,603		1,246,387
Eagle Materials, Inc.^(b)		100		9,270
Ecolab, Inc.		420		82,925
Freeport-McMoRan, Inc.		1,330		15,441
Huntsman Corp.		1,008		20,604
Linde plc		11,926		2,394,740

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares			Value
Materials - 2.7% (Continued)
Olin Corp.^(b)		5,390		$	118,095
Scotts Miracle-Gro Co. (The)^(b)		220			21,670
Sonoco Products Co.		3,098			202,424
Valvoline, Inc.		10,080			196,862
					5,187,362
Real Estate - 2.8%
Apple Hospitality REIT, Inc.		10,890			172,715
AvalonBay Communities, Inc.		780			158,480
Boston Properties, Inc.		754			97,266
Brandywine Realty Trust		13,926			199,420
Brookfield Property REIT, Inc. - Class A^(b)		60			1,133
Camden Property Trust		330			34,449
Corporate Office Properties Trust		1,090			28,743
Crown Castle International Corp.		1,070			139,475
CubeSmart		2,740			91,626
Duke Realty Corp.		13,500			426,735
EPR Properties		440			32,820
Equity Commonwealth		880	��		28,618
Equity Residential		1,870			141,970
Essex Property Trust, Inc.		290			84,660
Extra Space Storage, Inc.		310			32,891
Federal Realty Investment Trust		220			28,327
HCP, Inc.^(b)		61,673			1,972,302
Healthcare Trust of America, Inc. - Class A		4,100			112,463
Highwoods Properties, Inc.		5,630			232,519
Hospitality Properties Trust		1,330			33,250
Host Hotels & Resorts, Inc.		4,500			81,990
Hudson Pacific Properties, Inc.		1,310			43,584
Newmark Group, Inc. - Class A^(b)		714			6,412
Outfront Media, Inc.		10,460			269,763
Prologis, Inc.		5,360			429,336
Retail Properties of America, Inc. - Class A		4,860			57,154
Senior Housing Properties Trust		440			3,639
Simon Property Group, Inc.		1,130			180,529
UDR, Inc.		2,140			96,065
Vornado Realty Trust		1,880			120,508

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.5% (Continued)	Shares		Value
Real Estate - 2.8% (Continued)
Weingarten Realty Investors		2,794	$	76,611
				5,415,453
Utilities - 6.4%
Aqua America, Inc.		3,225		133,418
Avangrid, Inc.		15,169		766,035
CenterPoint Energy, Inc.		213		6,098
Dominion Energy, Inc.		32,772		2,533,931
DTE Energy Co.		367		46,932
Duke Energy Corp.		1,212		106,947
Edison International		23,541		1,586,899
Entergy Corp.		28,448		2,928,152
Exelon Corp.		45,735		2,192,536
Hawaiian Electric Industries, Inc.		170		7,404
IDACORP, Inc.		2,160		216,929
MDU Resources Group, Inc.		21,370		551,346
National Fuel Gas Co.		3,245		171,174
NextEra Energy, Inc.		1,720		352,359
NRG Energy, Inc.		9,750		342,420
Southern Co. (The)		1,680		92,870
WEC Energy Group, Inc.		1,060		88,372
				12,123,822

Total Common Stocks(Cost $167,855,211)			$	187,952,551

MONEY MARKET FUNDS - 1.4%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(c)			2,508,295			$	2,508,295

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.4% (Continued)	Shares		Value
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(c) (d)}		117,111	$	117,111
Total Money Market Funds(Cost $2,625,406)			$	2,625,406

Total Investments at Value - 99.9%(Cost $170,480,617)			$	190,577,957

Other Assets in Excess of Liabilities - 0.1%				207,900

Net Assets - 100.0%			$	190,785,857

^(a)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $5,634,669.
^(c)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $117,111. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $5,567,232.

ADR -

American Depositary Receipt.

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

COMMON STOCKS - 97.1%	Shares		Value
Communication Services - 1.5%
Boingo Wireless, Inc.^(a)		760	$	13,657
CarGurus, Inc.^(a)		2,070		74,748
Cogent Communications Holdings, Inc.		7,680		455,884
Entravision Communications Corp. - Class A		1,195		3,728
Glu Mobile, Inc.^(a)		1,090		7,826
IMAX Corp.^(a)		1,340		27,068
National CineMedia, Inc.		3,300		21,648
New York Times Co. (The) - Class A		210		6,850
Ooma, Inc.^(a)		370		3,878
Shenandoah Telecommunications Co.		1,122		43,220
Sinclair Broadcast Group, Inc. - Class A		1,010		54,166
TechTarget, Inc.^(a)		3,960		84,151
Vonage Holdings Corp.^(a)		6,665		75,514
Yelp, Inc.^(a)		2,173		74,273
				946,611
Consumer Discretionary - 10.0%
American Eagle Outfitters, Inc.		6,130		103,597
BJ's Restaurants, Inc.^(b)		655		28,781
Bloomin' Brands, Inc.		2,690		50,868
Boot Barn Holdings, Inc.^(a)		900		32,076
Boyd Gaming Corp.		1,730		46,606
Career Education Corp.^(a)		4,330		82,573
Cavco Industries, Inc.^(a)		275		43,324
Chegg, Inc.^(a)		13,931		537,598
Churchill Downs, Inc.^(b)		150		17,261
Core-Mark Holding Co., Inc.		1,935		76,858
Cracker Barrel Old Country Store, Inc.^(b)		360		61,463
Crocs, Inc.^(a)		3,505		69,224
Deckers Outdoor Corp.^(a)		965		169,811
Denny's Corp.^(a)		220		4,517
Dine Brands Global, Inc.^(b)		30		2,864
Eldorado Resorts, Inc.^{(a) (b)}		760		35,013
Etsy, Inc.^(a)		1,705		104,636
Five Below, Inc.^(a)		838		100,577
Fox Factory Holding Corp.^(a)		825		68,071

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Consumer Discretionary - 10.0% (Continued)
Grand Canyon Education, Inc.^(a)		259	$	30,308
Groupon, Inc.^{(a) (b)}		2,540		9,093
Hudson Ltd. - Class A^(a)		210		2,896
Installed Building Products, Inc.^(a)		1,720		101,858
Jack in the Box, Inc.		905		73,658
KB Home		130		3,345
La-Z-Boy, Inc.		2,055		63,006
LGI Homes, Inc.^{(a) (b)}		100		7,143
Malibu Boats, Inc. - Class A^(a)		4,583		178,050
MasterCraft Boat Holdings, Inc.^(a)		1,885		36,927
Monro, Inc.		630		53,739
Murphy USA, Inc.^(a)	��	110		9,243
National Vision Holdings, Inc.^(a)		260		7,990
Ollie's Bargain Outlet Holdings, Inc.^(a)		1,230		107,145
Oxford Industries, Inc.^(b)		6,514		493,761
Planet Fitness, Inc. - Class A^(a)		1,445		104,676
RCI Hospitality Holdings, Inc.		570		9,981
Rent-A-Center, Inc.^(a)		1,780		47,401
RH^{(a) (b)}		10		1,156
Ruth's Hospitality Group, Inc.		4,175		94,814
Scientific Games Corp.^{(a) (b)}		1,210		23,982
SeaWorld Entertainment, Inc.^(a)		4,055		125,704
Shutterstock, Inc.		850		33,312
Skyline Champion Corp.^(a)		37,410		1,024,285
Sleep Number Corp.^(a)		1,079		43,581
Sotheby's^{(a) (b)}		440		25,577
Steven Madden Ltd.		20,632		700,456
Strategic Education, Inc.		660		117,480
Texas Roadhouse, Inc.^(b)		2,240		120,221
TopBuild Corp.^(a)		10,114		837,035
Weight Watchers International, Inc.^(a)		110		2,101
Wingstop, Inc.		975		92,381
Winmark Corp.		455		78,783
Winnebago Industries, Inc.^(b)		40		1,546
Zumiez, Inc.^(a)		180		4,698
				6,303,050

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Consumer Staples - 5.7%
BJ's Wholesale Club Holdings, Inc.^(a)		1,180	$	31,152
Calavo Growers, Inc.^(b)		7,690		743,931
Inter Parfums, Inc.		18,650		1,240,039
J & J Snack Foods Corp.		7,433		1,196,340
LifeVantage Corp.^(a)		3,790		49,194
Medifast, Inc.^(b)		655		84,037
Performance Food Group Co.^(a)		2,730		109,282
Sanderson Farms, Inc.^(b)		410		55,990
USANA Health Sciences, Inc.^(a)		580		46,069
Vector Group Ltd.		3,339		32,555
				3,588,589
Energy - 1.3%
CVR Energy, Inc.		290		14,497
Delek US Holdings, Inc.		450		18,234
ProPetro Holding Corp.^(a)		2,310		47,817
Select Energy Services, Inc. - Class A^(a)		64,480		748,613
				829,161
Financials - 7.4%
Artisan Partners Asset Management, Inc. - Class A		3,080		84,762
Axos Financial, Inc.^{(a) (b)}		1,240		33,790
Banc of California, Inc.		25,385		354,628
Blucora, Inc.^(a)		2,490		75,621
BrightSphere Investment Group plc		7,450		85,005
Cadence Bancorp.		5,830		121,264
CenterState Bank Corp.		29,165		671,670
Enova International, Inc.^(a)		2,970		68,458
Essent Group Ltd.^(a)		4,180		196,418
Evercore, Inc. - Class A		680		60,228
Federated Investors, Inc. - Class B		1,950		63,375
First Financial Bankshares, Inc.		700		21,553
FirstCash, Inc.		600		60,012
Glacier Bancorp, Inc.		1,060		42,983
Goosehead Insurance, Inc. - Class A^(b)		17,647		843,526
Hallmark Financial Services, Inc.^(a)		100		1,423
Hamilton Lane, Inc. - Class A		1,340		76,460
Kemper Corp.		1,350		116,492

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Financials - 7.4% (Continued)
Kinsale Capital Group, Inc.		410	$	37,507
Lakeland Financial Corp.^(b)		1,180		55,259
LegacyTexas Financial Group, Inc.		7,104		289,204
LendingTree, Inc.^{(a) (b)}		1,610		676,249
Meta Financial Group, Inc.		1,880		52,734
Moelis & Co. - Class A		2,930		102,403
NMI Holdings, Inc. - Class A^(a)		2,460		69,839
Piper Jaffray Cos.		140		10,398
Primerica, Inc.^(b)		800		95,960
Pzena Investment Management, Inc. - Class A		1,795		15,419
Regional Management Corp.^(a)		335		8,834
RLI Corp.		1,240		106,280
Silvercrest Asset Management Group, Inc. - Class A		441		6,187
Stock Yards Bancorp, Inc.		1,880		67,962
United Community Banks, Inc.		660		18,850
Washington Trust Bancorp, Inc.		720		37,570
				4,628,323
Health Care - 26.7%
ACADIA Pharmaceuticals, Inc.^{(a) (b)}		1,020		27,265
Acceleron Pharma, Inc.^(a)		860		35,329
Addus HomeCare Corp.^(a)		870		65,207
Aerie Pharmaceuticals, Inc.^{(a) (b)}		900		26,595
Aimmune Therapeutics, Inc.^{(a) (b)}		465		9,681
Amedisys, Inc.^(a)		1,105		134,157
Amicus Therapeutics, Inc.^(a)		6,620		82,618
AMN Healthcare Services, Inc.^(a)		720		39,060
AnaptysBio, Inc.^{(a) (b)}		785		44,290
ArQule, Inc.^(a)		2,790		30,718
Array BioPharma, Inc.^(a)		5,745		266,166
Arrowhead Pharmaceuticals, Inc.^{(a) (b)}		1,510		40,015
Assembly Biosciences, Inc.^(a)		240		3,238
Atara Biotherapeutics, Inc.^(a)		300		6,033
Audentes Therapeutics, Inc.^(a)		240		9,086
BioDelivery Sciences International, Inc.^(a)		22,440		104,346
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		170		7,444
BioSpecifics Technologies Corp.^(a)		90		5,374

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Health Care - 26.7% (Continued)
BioTelemetry, Inc.^{(a) (b)}		11,373	$	547,609
Blueprint Medicines Corp.^(a)		1,273		120,082
Cambrex Corp.^(a)		12,785		598,466
CareDx, Inc.^(a)		100		3,599
Catalyst Pharmaceutical, Inc.^{(a) (b)}		6,470		24,845
Chemed Corp.		334		120,520
ChemoCentryx, Inc.^(a)		1,655		15,392
Clovis Oncology, Inc.^{(a) (b)}		280		4,164
Codexis, Inc.^{(a) (b)}		100		1,843
CONMED Corp.		1,530		130,922
CorVel Corp.^(a)		604		52,554
Cyclerion Therapeutics, Inc.^(a)		403		4,614
Dicerna Pharmaceuticals, Inc.^(a)		700		11,025
Eagle Pharmaceuticals, Inc.^{(a) (b)}		930		51,782
Editas Medicine, Inc.^{(a) (b)}		610		15,091
Eiger BioPharmaceuticals, Inc.^(a)		380		4,028
Emergent BioSolutions, Inc.^(a)		1,190		57,489
Enanta Pharmaceuticals, Inc.^(a)		3,240		273,391
Ensign Group, Inc. (The)		540		30,737
Esperion Therapeutics, Inc.^{(a) (b)}		1,660		77,223
Fate Therapeutics, Inc.^{(a) (b)}		480		9,744
Fluidigm Corp.^(a)		310		3,819
G1 Therapeutics, Inc.^{(a) (b)}		280		8,585
Genomic Health, Inc.^(a)		1,885		109,650
Glaukos Corp.^(a)		240		18,096
Global Blood Therapeutics, Inc.^{(a) (b)}		990		52,074
Globus Medical, Inc. - Class A^(a)		3,980		168,354
Haemonetics Corp.^(a)		2,015		242,485
Halozyme Therapeutics, Inc.^(a)		11,275		193,705
Hanger, Inc.^(a)		2,737		52,414
HealthEquity, Inc.^(a)		1,690		110,526
HealthStream, Inc.^(a)		500		12,930
Heska Corp.^(a)		4,815		410,094
HMS Holdings Corp.^(a)		9,674		313,341
Horizon Therapeutics plc^(a)		3,940		94,796
ImmunoGen, Inc.^(a)		2,275		4,937

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Health Care - 26.7% (Continued)
Immunomedics, Inc.^{(a) (b)}		3,130	$	43,413
Inogen, Inc.^{(a) (b)}		75		5,007
Insmed, Inc.^{(a) (b)}		1,655		42,368
Inspire Medical Systems, Inc.^(a)		250		15,163
Integer Holdings Corp.^(a)		9,200		772,065
Intercept Pharmaceuticals, Inc.^{(a) (b)}		190		15,118
IntriCon Corp.^{(a) (b)}		150		3,504
Invitae Corp.^(a)		260		6,110
Iovance Biotherapeutics, Inc.^{(a) (b)}		3,070		75,276
iRhythm Technologies, Inc.^{(a) (b)}		640		50,611
Ironwood Pharmaceuticals, Inc.^{(a) (b)}		5,022		54,941
Kura Oncology, Inc.^(a)		510		10,042
LeMaitre Vascular, Inc.		13,735		384,305
Ligand Pharmaceuticals, Inc.^{(a) (b)}		580		66,207
LivaNova plc^(a)		1,190		85,632
Madrigal Pharmaceuticals, Inc.^{(a) (b)}		120		12,577
Medidata Solutions, Inc.^(a)		6,385		577,906
Medpace Holdings, Inc.^(a)		12,626		825,993
Merit Medical Systems, Inc.^(a)		900		53,604
Mesa Laboratories, Inc.		4,260		1,040,889
Mirati Therapeutics, Inc.^{(a) (b)}		120		12,360
Momenta Pharmaceuticals, Inc.^(a)		160		1,992
MyoKardia, Inc.^{(a) (b)}		1,190		59,667
Myriad Genetics, Inc.^(a)		2,230		61,949
NanoString Technologies, Inc.^(a)		2,280		69,198
Natera, Inc.^(a)		521		14,369
Neogen Corp.^(a)		12,256		761,220
NeoGenomics, Inc.^(a)		35,010		768,119
NextGen Healthcare, Inc.^(a)		1,210		24,079
NovoCure Ltd.^(a)		1,287		81,377
NuVasive, Inc.^(a)		820		48,003
Omnicell, Inc.^(a)		2,130		183,244
Orthofix Medical, Inc.^(a)		660		34,901
Pacira BioSciences, Inc.^(a)		1,150		50,014
Phibro Animal Health Corp. - Class A		30		953
Pieris Pharmaceuticals, Inc.^(a)		2,060		9,682

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Health Care - 26.7% (Continued)
Portola Pharmaceuticals, Inc.^{(a) (b)}		1,230	$	33,370
PRA Health Sciences, Inc.^(a)		15,750		1,561,613
Providence Service Corp. (The)^(a)		590		33,831
PTC Therapeutics, Inc.^(a)		290		13,050
Quidel Corp.^(a)		750		44,490
R1 RCM, Inc.^(a)		410		5,158
RadNet, Inc.^(a)		30		414
REGENXBIO, Inc.^{(a) (b)}		1,318		67,706
Repligen Corp.^{(a) (b)}		15,840		1,361,448
Rigel Pharmaceuticals, Inc.^(a)		11,320		29,545
Spectrum Pharmaceuticals, Inc.^(a)		1,940		16,703
STAAR Surgical Co.^(a)		2,220		65,224
Stemline Therapeutics, Inc.^{(a) (b)}		1,080		16,546
Supernus Pharmaceuticals, Inc.^(a)		14,433		477,587
Surmodics, Inc.^(a)		920		39,716
Syros Pharmaceuticals, Inc.^(a)		3,470		32,132
Tabula Rasa HealthCare, Inc.^{(a) (b)}		16,430		820,349
Tactile Systems Technology, Inc.^{(a) (b)}		11,832		673,477
Tandem Diabetes Care, Inc.^(a)		170		10,968
Teladoc Health, Inc.^{(a) (b)}		450		29,885
Tenet Healthcare Corp.^{(a) (b)}		310		6,405
Tivity Health, Inc.^{(a) (b)}		720		11,837
U.S. Physical Therapy, Inc.		440		53,931
Ultragenyx Pharmaceutical, Inc.^{(a) (b)}		405		25,718
Vanda Pharmaceuticals, Inc.^(a)		2,055		28,955
Veracyte, Inc.^(a)		780		22,238
Voyager Therapeutics, Inc.^{(a) (b)}		860		23,409
Xencor, Inc.^(a)		1,603		65,611
				16,780,722
Industrials - 15.1%
Advanced Drainage Systems, Inc.		2,060		67,547
Aerojet Rocketdyne Holdings, Inc.^(a)		5,120		229,222
AeroVironment, Inc.^{(a) (b)}		1,750		99,348
Albany International Corp. - Class A		1,600		132,656
Allegiant Travel Co.^(b)		90		12,915
Allied Motion Technologies, Inc.		550		20,845

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Altra Industrial Motion Corp.		570	$	20,452
Applied Industrial Technologies, Inc.		1,170		71,990
ASGN, Inc.^(a)		1,950		118,170
Astronics Corp.^(a)		480		19,306
Atkore International Group, Inc.^(a)		1,764		45,635
Avis Budget Group, Inc.^(a)		1,180		41,489
Axon Enterprise, Inc.^{(a) (b)}		16,290		1,045,980
AZZ, Inc.		850		39,117
Barnes Group, Inc.		3,020		170,146
Barrett Business Services, Inc.		985		81,361
Blue Bird Corp.^(a)		110		2,166
Brady Corp. - Class A		1,155		56,965
Brink's Co. (The)		1,510		122,581
Casella Waste Systems, Inc. - Class A^(a)		960		38,045
Chart Industries, Inc.^(a)		1,020		78,418
Cimpress N.V.^{(a) (b)}		860		78,165
Comfort Systems USA, Inc.		3,860		196,821
Continental Building Products, Inc.^(a)		3,600		95,652
CRA International, Inc.		520		19,932
CSW Industrials, Inc.		680		46,342
Deluxe Corp.		1,160		47,166
Douglas Dynamics, Inc.		500		19,895
DXP Enterprises, Inc.^(a)		90		3,410
EMCOR Group, Inc.		1,050		92,505
Evoqua Water Technologies Corp.^(a)		3,220		45,853
Exponent, Inc.		2,566		150,214
Federal Signal Corp.		3,990		106,733
Forward Air Corp.		1,345		79,557
Foundation Building Materials, Inc.^(a)		2,050		36,449
Franklin Electric Co., Inc.		2,350		111,625
Generac Holdings, Inc.^(a)		2,285		158,602
Gorman-Rupp Co. (The)		507		16,645
Great Lakes Dredge & Dock Corp.^(a)		690		7,618
H&E Equipment Services, Inc.^(b)		390		11,345
Harsco Corp.^(a)		3,796		104,162
Heidrick & Struggles International, Inc.		950		28,472

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Heritage-Crystal Clean, Inc.^(a)		365	$	9,603
Herman Miller, Inc.		2,235		99,905
Hillenbrand, Inc.		4,310		170,546
Insperity, Inc.		2,002		244,523
JELD-WEN Holding, Inc.^(a)		2,485		52,757
John Bean Technologies Corp.		1,510		182,905
Kadant, Inc.^(b)		238		21,613
Kforce, Inc.		380		13,334
Kimball International, Inc. - Class B		2,075		36,167
Korn Ferry		3,010		120,611
Kratos Defense & Security Solutions, Inc.^(a)		24,390		558,287
Marten Transport Ltd.^(b)		20,700		375,705
Masonite International Corp.^(a)		260		13,697
MasTec, Inc.^(a)		810		41,739
McGrath RentCorp		110		6,837
Mercury Systems, Inc.^(a)		9,040		635,963
Meritor, Inc.^(a)		3,760		91,180
Mobile Mini, Inc.		100		3,043
MSA Safety, Inc.		730		76,935
Mueller Industries, Inc.		2,348		68,726
MYR Group, Inc.^(a)		331		12,363
Navistar International Corp.^(a)		130		4,479
PGT Innovations, Inc.^(a)		70		1,170
Proto Labs, Inc.^(a)		550		63,811
Raven Industries, Inc.		3,750		134,550
Rexnord Corp.^(a)		1,870		56,511
Saia, Inc.^(a)		10,091		652,585
Simpson Manufacturing Co., Inc.		1,330		88,392
SiteOne Landscape Supply, Inc.^{(a) (b)}		14,074		975,329
Tennant Co.		570		34,884
Tetra Tech, Inc.		2,670		209,728
Trex Co., Inc.^{(a) (b)}		2,290		164,193
TriNet Group, Inc.^(a)		1,080		73,224
Universal Forest Products, Inc.		820		31,209
Vectrus, Inc.^(a)		705		28,595
Vicor Corp.^{(a) (b)}		1,320		40,986

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Industrials - 15.1% (Continued)
Watts Water Technologies, Inc. - Class A		60	$	5,591
Woodward, Inc.		985		111,463
				9,484,656
Information Technology - 25.8%
Acacia Communications, Inc.^(a)		4,160		196,185
ACI Worldwide, Inc.^(a)		1,300		44,642
Aerohive Networks, Inc.^(a)		90		399
Alarm.com Holdings, Inc.^(a)		460		24,610
Altair Engineering, Inc. - Class A^(a)		2,230		90,070
Alteryx, Inc. - Class A^{(a) (b)}		460		50,195
Anaplan, Inc.^{(a) (b)}		400		20,188
AppFolio, Inc. - Class A^{(a) (b)}		4,537		463,999
Avalara, Inc.^(a)		880		63,536
Badger Meter, Inc.		1,080		64,465
Blackbaud, Inc.^(b)		890		74,315
BlackLine, Inc.^(a)		820		43,878
Bottomline Technologies (de), Inc.^(a)		240		10,618
Box, Inc. - Class A^(a)		47,949		844,382
Brooks Automation, Inc.		710		27,513
Cabot Microelectronics Corp.		5,465		601,587
Carbon Black, Inc.^{(a) (b)}		1,340		22,405
Cardtronics plc - Class A^(a)		1,690		46,171
Cass Information Systems, Inc.		733		35,536
Cision Ltd.^(a)		490		5,748
Cloudera, Inc.^{(a) (b)}		7,149		37,604
CommVault Systems, Inc.^(a)		617		30,616
Control4 Corp.^(a)		760		18,050
Cornerstone OnDemand, Inc.^(a)		2,208		127,909
Coupa Software, Inc.^(a)		570		72,168
CSG Systems International, Inc.		1,510		73,733
Diodes, Inc.^(a)		3,180		115,657
Endava plc^(a)		3,490		140,438
Envestnet, Inc.^(a)		1,755		119,989
ePlus, Inc.^(a)		15		1,034
EVERTEC, Inc.		1,295		42,347
EVO Payments, Inc. - Class A^(a)		36,937		1,164,624

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Information Technology - 25.8% (Continued)
ExlService Holdings, Inc.^(a)		773	$	51,118
Fair Isaac Corp.^(a)		379		119,014
Five9, Inc.^(a)		2,300		117,967
ForeScout Technologies, Inc.^(a)		860		29,120
HubSpot, Inc.^{(a) (b)}		670		114,248
II-VI, Inc.^{(a) (b)}		2,220		81,163
Inphi Corp.^(a)		1,040		52,104
Insight Enterprises, Inc.^(a)		200		11,640
Itron, Inc.^(a)		120		7,508
j2 Global, Inc.		3,030		269,337
Lattice Semiconductor Corp.^(a)		3,500		51,065
LivePerson, Inc.^(a)		540		15,142
MAXIMUS, Inc.		17,138		1,243,190
Mimecast Ltd.^(a)		24,475		1,143,227
Nanometrics, Inc.^(a)		1,235		42,867
New Relic, Inc.^(a)		225		19,465
NIC, Inc.		5		80
Novanta, Inc.^(a)		430		40,549
NVE Corp.		1,037		72,206
OSI Systems, Inc.^(a)		430		48,431
Park Electrochemical Corp.		1,930		32,212
Paylocity Holding Corp.^(a)		750		70,365
Pegasystems, Inc.		24,635		1,754,258
Perficient, Inc.^(a)		2,730		93,694
Perspecta, Inc.		20		468
Progress Software Corp.		4,460		194,545
Proofpoint, Inc.^(a)		45		5,411
PROS Holdings, Inc.^(a)		1,230		77,810
QAD, Inc. - Class A		180		7,238
Qualys, Inc.^{(a) (b)}		14,000		1,219,120
Rapid7, Inc.^(a)		865		50,032
Rogers Corp.^(a)		535		92,331
Sanmina Corp.^(a)		2,440		73,883
Science Applications International Corp.		1,760		152,346
Semtech Corp.^(a)		1,820		87,451
Silicon Laboratories, Inc.^(a)		7,090		733,105

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Information Technology - 25.8% (Continued)
SPS Commerce, Inc.^(a)		2,485	$	253,992
Telaria, Inc.^(a)		710		5,339
Tenable Holdings, Inc.^{(a) (b)}		340		9,704
Trade Desk, Inc. (The) - Class A^{(a) (b)}		230		52,389
TTEC Holdings, Inc.		693		32,287
Unisys Corp.^(a)		180		1,750
Upland Software, Inc.^(a)		310		14,114
Varonis Systems, Inc.^{(a) (b)}		810		50,171
Verint Systems, Inc.^(a)		3,290		176,936
Viavi Solutions, Inc.^(a)		1,690		22,460
Virtusa Corp.^(a)		680		30,212
Vishay Precision Group, Inc.^(a)		50		2,032
WNS Holdings Ltd. - ADR^(a)		29,119		1,723,844
Workiva, Inc.^(a)		14,234		826,853
Yext, Inc.^(a)		2,990		60,069
Zscaler, Inc.^{(a) (b)}		1,530		117,259
				16,227,732
Materials - 2.0%
Balchem Corp.		533		53,284
Boise Cascade Co.		1,970		55,377
Ferro Corp.^(a)		330		5,214
Ferroglobe Representation & Warranty Insurance Trust^{(a) (c) (d)}		840		0
Greif, Inc. - Class A		1,010		32,876
Ingevity Corp.^(a)		665		69,938
Kraton Corp.^(a)		330		10,253
Kronos Worldwide, Inc.		2,240		34,317
Materion Corp.		1,684		114,192
Myers Industries, Inc.		2,965		57,135
Neenah, Inc.		79		5,336
PolyOne Corp.		1,190		37,354
Quaker Chemical Corp.^(b)		3,675		745,584
Worthington Industries, Inc.		450		18,117
				1,238,977
Real Estate - 1.2%
Americold Realty Trust^(b)		2,740		88,831

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.1% (Continued)	Shares		Value
Real Estate - 1.2% (Continued)
Cushman & Wakefield plc^(a)		1,350	$	24,138
EastGroup Properties, Inc.		1,353		156,921
First Industrial Realty Trust, Inc.		2,250		82,665
Monmouth Real Estate Investment Corp.		230		3,117
National Health Investors, Inc.		280		21,848
Newmark Group, Inc. - Class A^(b)		3,080		27,658
NexPoint Residential Trust, Inc.		360		14,904
PS Business Parks, Inc.		470		79,209
RMR Group, Inc. (The) - Class A		360		16,913
Ryman Hospitality Properties, Inc.		2,990		242,459
Tanger Factory Outlet Centers, Inc.^(b)		570		9,240
				767,903
Utilities - 0.4%
American States Water Co.		800		60,192
Genie Energy Ltd. - Class B^(b)		2,710		28,862
Otter Tail Corp.		3,200		168,992
				258,046

Total Common Stocks(Cost $47,346,515)			$	61,053,770

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 4.7%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(e)		1,822,932	$	1,822,932
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(e) (f)}		1,119,629		1,119,629
Total Money Market Funds(Cost $2,942,561)			$	2,942,561

Total Investments at Value - 101.8%(Cost $50,289,076)			$	63,996,331

Liabilities in Excess of Other Assets - (1.8%)				(1,142,713	)

Net Assets - 100.0%			$	62,853,618

^(a)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $12,008,905.
^(c)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of June 30, 2019, representing 0.0% of net assets.
^(d)	Illiquid security. The total value of such securities is $0 as of June 30, 2019, representing 0.0% of net assets.
^(e)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(f)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $1,119,629. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,090,664.

ADR -	American Depositary Receipt.

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

COMMON STOCKS - 96.5%	Shares		Value
Communication Services - 1.1%
Entravision Communications Corp. - Class A		10,770	$	33,602
IDT Corp. - Class B^(a)		3,300		31,251
Liberty Latin America Ltd. - Class A^(a)		2,050		35,322
Liberty Latin America Ltd. - Class C^(a)		1,210		20,800
Marcus Corp. (The)		3,110		102,506
MSG Networks, Inc. - Class A^(a)		6,030		125,062
National CineMedia, Inc.^(b)		29,360		192,601
New Media Investment Group, Inc.^(b)		10,045		94,825
Saga Communications, Inc. - Class A		161		5,030
Sinclair Broadcast Group, Inc. - Class A		340		18,234
WideOpenWest, Inc.^{(a) (b)}		450		3,267
				662,500
Consumer Discretionary - 7.2%
Aaron's, Inc.		2,480		152,296
Adtalem Global Education, Inc.^(a)		3,920		176,596
American Axle & Manufacturing Holdings, Inc.^(a)		370		4,721
American Eagle Outfitters, Inc.		7,842		132,529
American Outdoor Brands Corp.^{(a) (b)}		3,410		30,724
American Public Education, Inc.^(a)		1,464		43,305
Bassett Furniture Industries, Inc.		2,330		35,533
Boyd Gaming Corp.^(b)		580		15,625
Callaway Golf Co.^(b)		3,130		53,711
Chico's FAS, Inc.^(b)		534		1,800
Citi Trends, Inc.		2,000		29,240
Columbia Sportswear Co.		575		57,592
Conn's, Inc.^{(a) (b)}		550		9,801
Core-Mark Holding Co., Inc.		3,260		129,487
Dana, Inc.		270		5,384
Designer Brands, Inc. - Class A		3,428		65,715
Dine Brands Global, Inc.^(b)		80		7,638
Ethan Allen Interiors, Inc.		2,810		59,179
Flexsteel Industries, Inc.		879		14,996
Fossil Group, Inc.^{(a) (b)}		3,090		35,535
G-III Apparel Group Ltd.^{(a) (b)}		460		13,533
Guess?, Inc.^(b)		630		10,174

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Discretionary - 7.2% (Continued)
Helen of Troy Ltd.^{(a) (b)}		275	$	35,912
Hibbett Sports, Inc.^(a)		390		7,098
Hooker Furniture Corp.		28,777		593,381
Jack in the Box, Inc.		1,795		146,095
K12, Inc.^(a)		1,216		36,979
KB Home		2,550		65,612
La-Z-Boy, Inc.		3,387		103,846
Leaf Group Ltd.^(a)		1,490		11,041
Meritage Homes Corp.^{(a) (b)}		420		21,563
Movado Group, Inc.^(b)		2,371		64,018
Murphy USA, Inc.^(a)		800		67,224
Office Depot, Inc.^(b)		9,815		20,219
Penn National Gaming, Inc.^{(a) (b)}		1,430		27,542
Rent-A-Center, Inc.^(a)		4,850		129,156
Rocky Brands, Inc.		180		4,910
Sonic Automotive, Inc. - Class A		100		2,335
Standard Motor Products, Inc.		1,031		46,746
Stoneridge, Inc.^(a)		14,113		445,265
Strategic Education, Inc.		362		64,436
Taylor Morrison Home Corp. - Class A^(a)		38,015		796,793
Tilly's, Inc. - Class A		2,497		19,052
TRI Pointe Group, Inc.^{(a) (b)}		21,121		252,818
Universal Electronics, Inc.^(a)		400		16,408
Vera Bradley, Inc.^{(a) (b)}		3,170		38,040
Weight Watchers International, Inc.^(a)		2,642		50,462
Wingstop, Inc.		400		37,900
Zumiez, Inc.^(a)		1,410		36,801
				4,226,766
Consumer Staples - 1.8%
BJ's Wholesale Club Holdings, Inc.^(a)		2,210		58,344
Edgewell Personal Care Co.^(a)		250		6,737
Inter Parfums, Inc.		50		3,325
Landec Corp.^(a)		65,795		616,499
Natural Grocers by Vitamin Cottage, Inc.^(a)		4,900		49,245
Sanderson Farms, Inc.^(b)		840		114,710
Universal Corp.		540		32,816

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Consumer Staples - 1.8% (Continued)
Vector Group Ltd.		14,349	$	139,903
				1,021,579
Energy - 7.0%
Archrock, Inc.		15,413		163,377
C&J Energy Services, Inc.^(a)		570		6,715
California Resources Corp.^{(a) (b)}		2,390		47,035
Carrizo Oil & Gas, Inc.^{(a) (b)}		3,910		39,178
Centennial Resource Development, Inc. - Class A^{(a) (b)}		82,405		625,454
CONSOL Energy, Inc.^{(a) (b)}		1,970		52,422
CVR Energy, Inc.		1,580		78,984
Delek US Holdings, Inc.^(b)		3,140		127,233
Denbury Resources, Inc.^{(a) (b)}		4,170		5,171
Dril-Quip, Inc.^{(a) (b)}		740		35,520
Equitrans Midstream Corp.^(b)		41,440		816,782
Forum Energy Technologies, Inc.^{(a) (b)}		14,220		48,632
FTS International, Inc.^{(a) (b)}		4,050		22,599
Golar LNG Ltd.^(b)		690		12,751
Hallador Energy Co.		3,810		21,450
Helix Energy Solutions Group, Inc.^(a)		930		8,026
Laredo Petroleum, Inc.^{(a) (b)}		37,290		108,141
McDermott International, Inc.^{(a) (b)}		1,230		11,882
Midstates Petroleum Co., Inc.^(a)		5,964		35,128
Nabors Industries Ltd.^(b)		10,680		30,972
NACCO Industries, Inc. - Class A		1,450		75,313
Natural Gas Services Group, Inc.^(a)		1,090		17,985
Oasis Petroleum, Inc.^{(a) (b)}		3,823		21,715
Oceaneering International, Inc.^(a)		1,180		24,060
Oil States International, Inc.^{(a) (b)}		1,850		33,855
Overseas Shipholding Group, Inc. - Class A^(a)		26,392		49,617
Panhandle Oil and Gas, Inc. - Class A^(b)		4,020		52,421
PDC Energy, Inc.^(a)		13,520		487,531
Peabody Energy Corp.		2,228		53,695
Ring Energy, Inc.^(a)		20,380		66,235
SandRidge Energy, Inc.^(a)		3,225		22,317
SEACOR Holdings, Inc.^{(a) (b)}		1,850		87,894
SRC Energy, Inc.^(a)		12,820		63,587

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Energy - 7.0% (Continued)
Talos Energy, Inc.^(a)		1,250	$	30,063
Transocean Ltd.^{(a) (b)}		241		1,545
Unit Corp.^{(a) (b)}		360		3,200
W&T Offshore, Inc.^(a)		9,460		46,922
Whiting Petroleum Corp.^{(a) (b)}		4,980		93,026
World Fuel Services Corp.		1,430		51,423
WPX Energy, Inc.^(a)		43,725		503,275
				4,083,131
Financials - 28.0%
Ameris Bancorp^(b)		32,096		1,257,841
AMERISAFE, Inc.		1,010		64,408
Argo Group International Holdings Ltd.		394		29,176
Arrow Financial Corp.		569		19,761
Artisan Partners Asset Management, Inc. - Class A		3,900		107,328
Associated Banc-Corp.		1,148		24,269
Bancorp, Inc. (The)^(a)		2,810		25,065
Bank of N.T. Butterfield & Son Ltd. (The)		25,076		851,580
BankUnited, Inc.		4,060		136,984
Banner Corp.		1,310		70,937
Berkshire Hills Bancorp, Inc.		864		27,121
Blackstone Mortgage Trust, Inc. - Class A^(b)		1,780		63,332
Blucora, Inc.^(a)		2,350		71,370
Boston Private Financial Holdings, Inc.		7,200		86,904
BrightSphere Investment Group plc		7,490		85,461
Brookline Bancorp, Inc.		15,958		245,434
Cadence Bancorp.		15,230		316,784
Capitol Federal Financial, Inc.		7,414		102,091
Carolina Financial Corp.		1,220		42,810
Cathay General Bancorp		6,441		231,296
CenterState Bank Corp.		4,855		111,811
Central Pacific Financial Corp.		329		9,857
Chemical Financial Corp.		4,075		167,523
City Holding Co.		824		62,838
CNO Financial Group, Inc.		5,378		89,705
Columbia Banking System, Inc.		1,920		69,466
Community Bank System, Inc.^(b)		1,960		129,046

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 28.0% (Continued)
CVB Financial Corp.		14,860	$	312,506
Dime Community Bancshares, Inc.		1,364		25,902
Donegal Group, Inc. - Class A		2,480		37,870
Eagle Bancorp, Inc.		738		39,948
Employers Holdings, Inc.		290		12,258
Enova International, Inc.^(a)		2,680		61,774
Enterprise Financial Services Corp.		1,732		72,051
Essent Group Ltd.^(a)		8,120		381,559
FBL Financial Group, Inc. - Class A		1,212		77,326
Federated Investors, Inc. - Class B		3,400		110,500
First BanCorp.		2,050		22,632
First Citizens BancShares, Inc. - Class A		331		149,039
First Commonwealth Financial Corp.		160		2,155
First Defiance Financial Corp.		1,386		39,598
First Financial Corp.		1,011		40,602
First Horizon National Corp.^(b)		45,337		676,881
First Merchants Corp.		3,740		141,746
First Midwest Bancorp, Inc.		2,650		54,246
Fulton Financial Corp.		7,930		129,814
Genworth Financial, Inc. - Class A^{(a) (b)}		30,810		114,305
Glacier Bancorp, Inc.		2,457		99,631
Global Indemnity Ltd.		1,839		56,935
Great Western Bancorp, Inc.		5,820		207,890
Hallmark Financial Services, Inc.^(a)		6,086		86,604
Hancock Whitney Corp.		2,586		103,595
Heritage Commerce Corp.		1,580		19,355
Home BancShares, Inc.		6,460		124,420
HomeStreet, Inc.^(a)		20,655		612,213
Hope Bancorp, Inc.		7,910		109,000
Horace Mann Educators Corp.		5,490		221,191
IBERIABANK Corp.		2,140		162,319
Independent Bank Corp.		1,618		35,256
International Bancshares Corp.		1,400		52,794
Invesco Mortgage Capital, Inc.^(b)		2,000		32,240
Investors Bancorp, Inc.		9,910		110,497
Kemper Corp.		1,670		144,104

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 28.0% (Continued)
LegacyTexas Financial Group, Inc.		3,225	$	131,290
Mercantile Bank Corp.		1,498		48,805
Meridian Bancorp, Inc.		9,425		168,613
Meta Financial Group, Inc.^(b)		420		11,781
MGIC Investment Corp.^(a)		10,895		143,160
MutualFirst Financial, Inc.		840		28,594
National Bank Holdings Corp. - Class A		1,915		69,515
National General Holdings Corp.		4,090		93,825
National Western Life Group, Inc. - Class A		595		152,915
NBT Bancorp, Inc.		2,028		76,070
NMI Holdings, Inc. - Class A^(a)		5,029		142,773
Northfield Bancorp, Inc.		1,832		28,598
Northrim BanCorp, Inc.		1,360		48,498
Northwest Bancshares, Inc.		3,270		57,585
On Deck Capital, Inc.^(a)		3,610		14,982
OP Bancorp		2,961		32,097
Oritani Financial Corp.		1,150		20,401
Orrstown Financial Services, Inc.^(b)		430		9,456
PacWest Bancorp^(b)		15,065		584,974
PennyMac Mortgage Investment Trust		2,250		49,118
Provident Financial Services, Inc.		2,550		61,838
Pzena Investment Management, Inc. - Class A		7,016		60,268
Radian Group, Inc.		12,746		291,246
RenaissanceRe Holdings Ltd.		6,255		1,113,452
Renasant Corp.		5,990		215,281
Republic Bancorp, Inc. - Class A		2,233		111,092
RLI Corp.		800		68,568
S&T Bancorp, Inc.^(b)		1,687		63,229
Selective Insurance Group, Inc.		1,240		92,864
Stifel Financial Corp.		1,900		112,213
Stock Yards Bancorp, Inc.		3,470		125,441
Texas Capital Bancshares, Inc.^(a)		9,275		569,207
Third Point Reinsurance Ltd.^{(a) (b)}		8,133		83,933
TowneBank		3,160		86,205
TPG RE Finance Trust, Inc.		570		10,995
TrustCo Bank Corp.^(b)		8,390		66,449

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Financials - 28.0% (Continued)
Trustmark Corp.		2,960	$	98,420
UMB Financial Corp.		100		6,582
Umpqua Holdings Corp.		1,130		18,747
United Bankshares, Inc.^(b)		6,290		233,296
United Community Banks, Inc.		5,200		148,512
Univest Financial Corp.		1,200		31,512
Veritex Holdings, Inc.^(b)		2,580		66,951
Waddell & Reed Financial, Inc. - Class A^(b)		1,680		28,006
Walker & Dunlop, Inc.^(b)		860		45,761
Washington Federal, Inc.		4,810		168,013
Washington Trust Bancorp, Inc.		610		31,830
WesBanco, Inc.		1,520		58,596
Western Alliance Bancorp.^(a)		25,592		1,144,473
Wintrust Financial Corp.		683		49,968
WSFS Financial Corp.		1,765		72,895
				16,429,847
Health Care - 2.3%
Anika Therapeutics, Inc.^{(a) (b)}		100		4,062
Avanos Medical, Inc.^{(a) (b)}		323		14,086
CONMED Corp.		1,680		143,758
Evolent Health, Inc. - Class A^{(a) (b)}		1,240		9,858
Haemonetics Corp.^(a)		679		81,711
Hanger, Inc.^(a)		3,238		62,008
HMS Holdings Corp.^(a)		4,450		144,136
Integer Holdings Corp.^{(a) (b)}		1,585		133,013
LivaNova plc^(a)		6,925		498,322
Mallinckrodt plc^{(a) (b)}		3,920		35,986
Myriad Genetics, Inc.^(a)		740		20,557
National HealthCare Corp.		1,103		89,508
Orthofix Medical, Inc.^(a)		400		21,152
Spectrum Pharmaceuticals, Inc.^(a)		500		4,305
Tivity Health, Inc.^(a)		5,500		90,420
Triple-S Management Corp. - Class B^(a)		460		10,971
				1,363,853
Industrials - 19.3%
AAR Corp.		690		25,385

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 19.3% (Continued)
Aerojet Rocketdyne Holdings, Inc.^(a)		1,920	$	85,958
AeroVironment, Inc.^(a)		495		28,101
Alamo Group, Inc.		6,055		605,075
Albany International Corp. - Class A		4,035		334,542
Altra Industrial Motion Corp.		3,730		133,832
Apogee Enterprises, Inc.		11,410		495,650
Applied Industrial Technologies, Inc.		1,165		71,682
ArcBest Corp.		1,390		39,073
Astronics Corp.^(a)		11,480		461,726
AZZ, Inc.		3,280		150,946
Barnes Group, Inc.		7,515		423,395
Blue Bird Corp.^(a)		4,440		87,424
BMC Stock Holdings, Inc.^(a)		33,180		703,416
Brady Corp. - Class A		1,731		85,373
CBIZ, Inc.^(a)		1,690		33,107
Columbus McKinnon Corp.		750		31,478
Comfort Systems USA, Inc.		2,503		127,628
CSW Industrials, Inc.		2,193		149,453
Curtiss-Wright Corp.		830		105,518
Ducommun, Inc.^(a)		840		37,859
DXP Enterprises, Inc.^(a)		1,350		51,152
Echo Global Logistics, Inc.^(a)		1,310		27,340
EMCOR Group, Inc.		2,642		232,760
Encore Wire Corp.		890		52,136
EnerSys		10,177		697,124
Exponent, Inc.		1,136		66,501
Federal Signal Corp.		16,803		449,480
Foundation Building Materials, Inc.^(a)		5,530		98,323
Franklin Electric Co., Inc.		3,050		144,875
FTI Consulting, Inc.^(a)		1,735		145,462
Gencor Industries, Inc.^(a)		1,314		17,082
Gibraltar Industries, Inc.^(a)		100		4,036
GP Strategies Corp.^(a)		20,375		307,256
Graham Corp.		2,354		47,574
H&E Equipment Services, Inc.^(b)		1,020		29,672
Heidrick & Struggles International, Inc.		7,589		227,442

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Industrials - 19.3% (Continued)
Heritage-Crystal Clean, Inc.^(a)		2,530	$	66,564
Herman Miller, Inc.		2,320		103,704
HNI Corp.		12,265		433,935
Huron Consulting Group, Inc.^(a)		490		24,686
ICF International, Inc.		1,310		95,368
Kennametal, Inc.		3,646		134,866
Kimball International, Inc. - Class B		2,268		39,531
Knight-Swift Transportation Holdings, Inc.^(b)		22,679		744,778
L.B. Foster Co. - Class A^(a)		290		7,929
Manitowoc Co., Inc. (The)^{(a) (b)}		1,030		18,334
Mercury Systems, Inc.^(a)		1,510		106,229
Milacron Holdings Corp.^(a)		4,150		57,270
Moog, Inc. - Class A		682		63,842
Mueller Water Products, Inc. - Series A		3,700		36,334
Navistar International Corp.^(a)		2,150		74,068
NOW, Inc.^(a)		5,250		77,490
nVent Electric plc		5,895		146,137
Quanta Services, Inc.		24,160		922,671
Rexnord Corp.^(a)		6,930		209,425
Rush Enterprises, Inc. - Class A		1,110		40,537
SkyWest, Inc.		2,395		145,305
SP Plus Corp.^(a)		1,505		48,055
SPX Corp.^(a)		1,170		38,633
SPX FLOW, Inc.^(a)		4,136		173,133
Tetra Tech, Inc.^(b)		1,930		151,602
TriMas Corp.^{(a) (b)}		5,520		170,954
TrueBlue, Inc.^{(a) (b)}		626		13,810
Universal Forest Products, Inc.		3,480		132,449
Vectrus, Inc.^(a)		940		38,126
Vicor Corp.^{(a) (b)}		640		19,872
Wabash National Corp.		3,740		60,850
Watts Water Technologies, Inc. - Class A		980		91,316
				11,302,639
Information Technology - 12.2%
Acacia Communications, Inc.^(a)		1,480		69,797
ACI Worldwide, Inc.^(a)		970		33,310

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 12.2% (Continued)
ADTRAN, Inc.		1,816	$	27,694
American Software, Inc. - Class A		1,250		16,438
Anixter International, Inc.^(a)		1,900		113,449
Avalara, Inc.^(a)		619		44,692
AVX Corp.^(b)		830		13,778
Belden, Inc.^(b)		1,130		67,314
Cabot Microelectronics Corp.		724		79,698
CACI International, Inc. - Class A^(a)		571		116,821
Cardtronics plc - Class A^(a)		830		22,676
Ciena Corp.^{(a) (b)}		1,070		44,009
Cirrus Logic, Inc.^(a)		1,771		77,393
Coherent, Inc.^(a)		4,389		598,528
Comtech Telecommunications Corp.		3,550		99,790
Control4 Corp.^(a)		365		8,669
CSG Systems International, Inc.		770		37,599
CTS Corp.		5,610		154,724
Diodes, Inc.^(a)		5,555		202,035
Entegris, Inc.^(b)		14,814		552,858
Euronet Worldwide, Inc.^(a)		1,380		232,170
Fabrinet^(a)		2,580		128,149
FormFactor, Inc.^(a)		150		2,351
Insight Enterprises, Inc.^(a)		450		26,190
InterDigital, Inc.		630		40,572
KEMET Corp.		926		17,418
Kimball Electronics, Inc.^(a)		9,445		153,387
Knowles Corp.^(a)		5,840		106,930
Mellanox Technologies Ltd.^(a)		9,000		996,030
Methode Electronics, Inc.		18,550		529,974
Monotype Imaging Holdings, Inc.		3,150		53,046
Nanometrics, Inc.^(a)		1,593		55,293
NVE Corp.		1,288		89,683
OSI Systems, Inc.^(a)		1,140		128,398
Park Electrochemical Corp.		4,230		70,599
Perficient, Inc.^(a)		4,340		148,949
Perspecta, Inc.		7,410		173,468
Plexus Corp.^{(a) (b)}		355		20,721

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Information Technology - 12.2% (Continued)
Presidio, Inc.		7,960	$	108,813
Progress Software Corp.		3,333		145,385
Rambus, Inc.^(a)		43,820		527,593
Rogers Corp.^{(a) (b)}		719		124,085
Sanmina Corp.^(a)		5,094		154,246
Science Applications International Corp.^(b)		1,700		147,152
Semtech Corp.^(a)		940		45,167
SYNNEX Corp.		930		91,512
Tech Data Corp.^(a)		950		99,370
Tenable Holdings, Inc.^{(a) (b)}		740		21,120
Unisys Corp.^(a)		2,430		23,620
Verint Systems, Inc.^(a)		4,925		264,866
Viavi Solutions, Inc.^(a)		2,930		38,940
Vishay Intertechnology, Inc.		807		13,332
Vishay Precision Group, Inc.^(a)		580		23,565
				7,183,366
Materials - 5.5%
Boise Cascade Co.		9,945		279,554
Cleveland-Cliffs, Inc.^(b)		1,890		20,166
Commercial Metals Co.^(b)		1,490		26,597
FutureFuel Corp.		1,929		22,550
Greif, Inc. - Class A		1,785		58,101
Innophos Holdings, Inc.		1,293		37,639
Innospec, Inc.		100		9,124
Intrepid Potash, Inc.^(a)		750		2,520
Kaiser Aluminum Corp.		5,932		579,023
Kronos Worldwide, Inc.		1,680		25,738
Louisiana-Pacific Corp.		2,917		76,484
Materion Corp.		5,853		396,892
Neenah, Inc.		7,525		508,314
P.H. Glatfelter Co.^(b)		46,525		785,342
PolyOne Corp.		2,410		75,650
Ryerson Holding Corp.^(a)		1,730		14,411
Schnitzer Steel Industries, Inc. - Class A		265		6,935
Sensient Technologies Corp.		542		39,826
SunCoke Energy, Inc.^(a)		1,980		17,582

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Materials - 5.5% (Continued)
Tredegar Corp.		2,550	$	42,381
Tronox Holdings plc - Class A^(b)		2,890		36,934
UFP Technologies, Inc.^(a)		1,391		57,880
Warrior Met Coal, Inc.		3,270		85,412
Worthington Industries, Inc.		150		6,039
				3,211,094
Real Estate - 9.4%
Armada Hoffler Properties, Inc.		620		10,261
Brandywine Realty Trust		49,329		706,391
CareTrust REIT, Inc.		3,220		76,572
CatchMark Timber Trust, Inc. - Class A		2,472		25,832
Chatham Lodging Trust		2,560		48,307
Chesapeake Lodging Trust		4,630		131,585
CoreCivic, Inc.		8,410		174,592
Cousins Properties, Inc.		3,838		138,802
Cushman & Wakefield plc^(a)		100		1,788
DiamondRock Hospitality Co.		10,010		103,503
First Industrial Realty Trust, Inc.		7,080		260,119
Gladstone Commercial Corp.		1,130		23,979
Healthcare Realty Trust, Inc.		4,160		130,291
Lexington Realty Trust		4,570		43,004
Monmouth Real Estate Investment Corp.		8,040		108,942
National Health Investors, Inc.		821		64,063
Office Properties Income Trust^(b)		2,970		78,022
Pebblebrook Hotel Trust		6,780		191,060
Piedmont Office Realty Trust, Inc. - Class A		8,050		160,437
PotlatchDeltic Corp.		9,534		371,635
PS Business Parks, Inc.		344		57,974
RE/MAX Holdings, Inc. - Class A		3,677		113,105
Retail Opportunity Investments Corp.		2,520		43,168
Rexford Industrial Realty, Inc.		6,320		255,138
RLJ Lodging Trust^(b)		16,590		294,307
RPT Realty^(b)		86,685		1,049,754
STAG Industrial, Inc.		10,307		311,684
Summit Hotel Properties, Inc.		7,040		80,749
Sunstone Hotel Investors, Inc.^(b)		11,450		156,980

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 96.5% (Continued)	Shares		Value
Real Estate - 9.4% (Continued)
Terreno Realty Corp.		1,170	$	57,377
Urban Edge Properties		340		5,892
Washington Real Estate Investment Trust		3,930		105,049
Xenia Hotels & Resorts, Inc.^(b)		7,580		158,043
				5,538,405
Utilities - 2.7%
ALLETE, Inc.		1,870		155,604
American States Water Co.		1,432		107,744
Artesian Resources Corp. - Class A		4,199		156,076
Avista Corp.		1,410		62,886
Black Hills Corp.^(b)		540		42,212
El Paso Electric Co.		1,480		96,792
IDACORP, Inc.		1,398		140,402
MGE Energy, Inc.		1,081		78,999
New Jersey Resources Corp.^(b)		740		36,830
ONE Gas, Inc.		3,592		324,357
Otter Tail Corp.		1,935		102,187
PNM Resources, Inc.		1,590		80,947
Portland General Electric Co.		2,185		118,361
SJW Group		400		24,308
York Water Co. (The)		1,854		66,225
				1,593,930

Total Common Stocks(Cost $54,395,186)			$	56,617,110

MONEY MARKET FUNDS - 4.3%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(c)			2,384,068			$	2,384,068

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 4.3% (Continued)	Shares		Value
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(c) (d)}		138,067	$	138,067
Total Money Market Funds(Cost $2,522,135)			$	2,522,135

Total Investments at Value - 100.8%(Cost $56,917,321)			$	59,139,245

Liabilities in Excess of Other Assets - (0.8%)				(441,230	)

Net Assets - 100.0%			$	58,698,015

^(a)	Non-income producing security.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $7,797,418.
^(c)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(d)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $138,067. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $7,753,094.

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

COMMON STOCKS - 98.3%	Shares		Value
Communication Services - 9.1%
A.H. Belo Corp. - Class A		90	$	332
Activision Blizzard, Inc.		4,613		217,734
Actua Corp.^{(a) (b) (c)}		100		63
Alphabet, Inc. - Class C^(a)		4,133		4,467,400
AMC Entertainment Holdings, Inc. - Class A^(d)		107		998
AMC Networks, Inc. - Class A^{(a) (d)}		356		19,398
AT&T, Inc.		48,128		1,612,769
Boingo Wireless, Inc.^(a)		750		13,478
Cars.com, Inc.^{(a) (d)}		575		11,339
CBS Corp. - Class B		2,353		117,415
CenturyLink, Inc.		6,072		71,407
Charter Communications, Inc. - Class A^(a)		1,328		524,799
Cinemark Holdings, Inc.		775		27,978
Clear Channel Outdoor Holdings^{(a) (d)}		1,000		4,720
Cogent Communications Holdings, Inc.		200		11,872
Comcast Corp. - Class A		27,208		1,150,354
comScore, Inc.^{(a) (d)}		400		2,064
Consolidated Communications Holdings, Inc.^(d)		501		2,470
Discovery, Inc. - Series A^{(a) (d)}		798		24,499
DISH Network Corp. - Class A^(a)		1,375		52,814
E.W. Scripps Co. (The) - Class A		526		8,043
Electronic Arts, Inc.^(a)		1,940		196,444
Entercom Communications Corp. - Class A^(d)		250		1,450
Facebook, Inc. - Class A^(a)		15,539		2,999,027
Fox Corp. - Class A		2,196		80,461
Gannett Co., Inc.^(d)		1,050		8,568
GCI Liberty, Inc. - Class A^(a)		681		41,854
Gray Television, Inc.^(a)		500		8,195
IAC/InterActiveCorp^(a)		450		97,889
IDT Corp. - Class B^(a)		2,496		23,637
Interpublic Group of Cos., Inc. (The)		2,422		54,713
Iridium Communications, Inc.^{(a) (d)}		910		21,167
John Wiley & Sons, Inc. - Class A		200		9,172
Liberty Broadband Corp. - Series A^(a)		1,381		142,022
Liberty Media Corp. - Liberty Braves - Series A^{(a) (d)}		360		10,008

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Communication Services - 9.1% (Continued)
Liberty Media Corp. - Liberty Formula One - Series A^{(a) (d)}		600	$	21,516
Liberty Media Corp. - Liberty SiriusXM - Series A^(a)		2,252		85,148
Liberty TripAdvisor Holdings, Inc. - Series A^(a)		790		9,796
Lions Gate Entertainment Corp. - Class B		1,033		11,993
Live Nation Entertainment, Inc.^(a)		1,137		75,326
Loral Space & Communications, Inc.^(a)		300		10,353
Madison Square Garden Co. (The) - Class A^(a)		93		26,034
Marcus Corp. (The)		100		3,296
Match Group, Inc.^(d)		1,015		68,279
Meredith Corp.^(d)		300		16,518
MSG Networks, Inc. - Class A^{(a) (d)}		581		12,050
National CineMedia, Inc.^(d)		500		3,280
Netflix, Inc.^(a)		2,752		1,010,865
New Media Investment Group, Inc.^(d)		301		2,841
New York Times Co. (The) - Class A^(d)		1,050		34,251
News Corp. - Class A		2,853		38,487
Nexstar Media Group, Inc. - Class A^(d)		399		40,299
Omnicom Group, Inc.^(d)		844		69,166
Rosetta Stone, Inc.^(a)		300		6,864
Scholastic Corp.		325		10,803
Shenandoah Telecommunications Co.		300		11,556
Sinclair Broadcast Group, Inc. - Class A		425		22,793
Sirius XM Holdings, Inc.^(d)		14,709		82,076
Spok Holdings, Inc.		400		6,016
Sprint Corp.^{(a) (d)}		5,547		36,444
Take-Two Interactive Software, Inc.^(a)		625		70,956
TechTarget, Inc.^(a)		800		17,000
TEGNA, Inc.^(d)		1,725		26,134
Telephone & Data Systems, Inc.		700		21,280
T-Mobile US, Inc.^(a)		2,125		157,547
Travelzoo^{(a) (d)}		100		1,544
TripAdvisor, Inc.^(a)		634		29,348
Twitter, Inc.^(a)		5,300		184,970
United States Cellular Corp.^{(a) (d)}		300		13,401
Verizon Communications, Inc.		26,423		1,509,546
Viacom, Inc. - Class B		2,082		62,189

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Communication Services - 9.1% (Continued)
Vonage Holdings Corp.^(a)		1,425	$	16,145
Walt Disney Co. (The)		10,226		1,427,959
World Wrestling Entertainment, Inc. - Class A^(d)		600		43,326
Yelp, Inc.^(a)		566		19,346
Zayo Group Holdings, Inc.^(a)		1,525		50,188
Zillow Group, Inc. - Class C^{(a) (d)}		748		34,700
				17,438,182
Consumer Discretionary - 10.5%
1-800-FLOWERS.COM, Inc. - Class A^(a)		300		5,664
Aaron's, Inc.		400		24,564
Abercrombie & Fitch Co. - Class A^(d)		425		6,817
Adtalem Global Education, Inc.^(a)		400		18,020
Advance Auto Parts, Inc.		491		75,683
Amazon.com, Inc.^(a)		2,898		5,487,739
American Axle & Manufacturing Holdings, Inc.^{(a) (d)}		550		7,018
American Eagle Outfitters, Inc.		1,225		20,703
American Outdoor Brands Corp.^{(a) (d)}		475		4,280
American Public Education, Inc.^(a)		300		8,874
Aramark		1,675		60,401
Autoliv, Inc.^(d)		648		45,691
AutoNation, Inc.^(a)		525		22,019
AutoZone, Inc.^(a)		186		204,501
Barnes & Noble Education, Inc.^{(a) (d)}		347		1,166
Barnes & Noble, Inc.^(d)		550		3,680
Beazer Homes USA, Inc.^(a)		200		1,922
Bed Bath & Beyond, Inc.^(d)		1,125		13,073
Best Buy Co., Inc.		1,625		113,311
Big Lots, Inc.		200		5,722
Booking Holdings, Inc.^(a)		278		521,169
BorgWarner, Inc.		1,310		54,994
Boyd Gaming Corp.^(d)		725		19,532
Bright Horizons Family Solutions, Inc.^(a)		300		45,261
Brinker International, Inc.^(d)		175		6,886
Brunswick Corp.		550		25,240
Buckle, Inc. (The)^(d)		350		6,059
Burlington Stores, Inc.^(a)		548		93,242

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Caleres, Inc.^(d)		425	$	8,466
Callaway Golf Co.^(d)		500		8,580
Career Education Corp.^(a)		500		9,535
CarMax, Inc.^(a)		930		80,752
Carnival Corp.		2,825		131,504
Carter's, Inc.		382		37,260
Cato Corp. (The) - Class A		300		3,696
Cavco Industries, Inc.^(a)		100		15,754
Cheesecake Factory, Inc. (The)^(d)		300		13,116
Children's Place, Inc. (The)^(d)		132		12,590
Chipotle Mexican Grill, Inc.^(a)		157		115,062
Choice Hotels International, Inc.		450		39,155
Churchill Downs, Inc.^(d)		201		23,129
Citi Trends, Inc.		50		731
Collectors Universe, Inc.		110		2,347
Columbia Sportswear Co.		100		10,016
Conn's, Inc.^{(a) (d)}		500		8,910
Cooper Tire & Rubber Co.		425		13,409
Core-Mark Holding Co., Inc.		206		8,182
Cracker Barrel Old Country Store, Inc.^(d)		191		32,609
Crocs, Inc.^(a)		1,200		23,700
CSS Industries, Inc.		50		244
D.R. Horton, Inc.		2,073		89,409
Dana, Inc.		900		17,946
Darden Restaurants, Inc.		823		100,184
Dave & Buster's Entertainment, Inc.^(d)		300		12,141
Deckers Outdoor Corp.^(a)		25		4,399
Designer Brands, Inc. - Class A^(d)		550		10,544
Dick's Sporting Goods, Inc.^(d)		527		18,250
Dillard's, Inc. - Class A^(d)		347		21,611
Dollar General Corp.		1,696		229,231
Dollar Tree, Inc.^(a)		1,546		166,025
Domino's Pizza, Inc.		279		77,640
Dorman Products, Inc.^{(a) (d)}		200		17,428
Dunkin' Brands Group, Inc.		600		47,796
eBay, Inc.		6,565		259,318

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Empire Resorts, Inc.^{(a) (d)}		20	$	192
Etsy, Inc.^(a)		740		45,414
Expedia Group, Inc.		757		100,704
Express, Inc.^{(a) (d)}		1,000		2,730
Fiesta Restaurant Group, Inc.^(a)		300		3,942
Five Below, Inc.^(a)		200		24,004
Foot Locker, Inc.		1,025		42,968
Ford Motor Co.		25,100		256,773
Fossil Group, Inc.^{(a) (d)}		400		4,600
frontdoor, inc.^(a)		487		21,209
Gaia, Inc.^{(a) (d)}		600		4,548
GameStop Corp. - Class A^(d)		550		3,009
Gap, Inc. (The)		1,550		27,854
General Motors Co.		8,990		346,384
Gentex Corp.		2,195		54,019
Gentherm, Inc.^{(a) (d)}		75		3,137
Genuine Parts Co.		1,007		104,305
G-III Apparel Group Ltd.^{(a) (d)}		275		8,091
Golden Entertainment, Inc.^{(a) (d)}		100		1,400
Goodyear Tire & Rubber Co. (The)		1,825		27,923
GoPro, Inc. - Class A^{(a) (d)}		300		1,638
Grand Canyon Education, Inc.^(a)		200		23,404
Green Brick Partners, Inc.^(a)		45		374
Group 1 Automotive, Inc.		223		18,261
GrubHub, Inc.^{(a) (d)}		550		42,895
Guess?, Inc.^(d)		400		6,460
H&R Block, Inc.^(d)		1,310		38,383
Hanesbrands, Inc.^(d)		2,695		46,408
Harley-Davidson, Inc.^(d)		1,150		41,205
Hasbro, Inc.		700		73,975
Helen of Troy Ltd.^{(a) (d)}		119		15,540
Hibbett Sports, Inc.^(a)		200		3,640
Hilton Grand Vacations, Inc.^{(a) (d)}		105		3,341
Hilton Worldwide Holdings, Inc.		850		83,079
Home Depot, Inc. (The)		7,344		1,527,331
Hooker Furniture Corp.^(d)		200		4,124

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Hyatt Hotels Corp. - Class A		300	$	22,839
IAA, Inc.^(a)		975		37,811
International Speedway Corp. - Class A		237		10,639
iRobot Corp.^{(a) (d)}		167		15,304
Jack in the Box, Inc.		236		19,208
K12, Inc.^(a)		300		9,123
KB Home		375		9,649
Kohl's Corp.		1,075		51,116
Kontoor Brands, Inc.^(a)		339		9,499
L Brands, Inc.		1,484		38,732
Lands' End, Inc.^{(a) (d)}		278		3,397
Las Vegas Sands Corp.		2,727		161,138
La-Z-Boy, Inc.		425		13,031
LCI Industries^(d)		154		13,860
Leaf Group Ltd.^(a)		200		1,482
Lear Corp.		500		69,634
Leggett & Platt, Inc.		910		34,917
Lennar Corp. - Class A		1,250		60,575
Liberty Expedia Holdings, Inc. - Series A^(a)		381		18,208
Lithia Motors, Inc. - Class A^(d)		134		15,917
LKQ Corp.^(a)		2,100		55,881
Lowe's Cos., Inc.		5,556		560,655
Lumber Liquidators Holdings, Inc.^{(a) (d)}		241		2,784
M.D.C. Holdings, Inc.^(d)		330		10,817
Macy's, Inc.		2,223		47,706
Marine Products Corp.^(d)		700		10,808
Marriott International, Inc. - Class A		2,349		329,541
Marriott Vacations Worldwide Corp.		244		23,522
Mattel, Inc.^{(a) (d)}		2,255		25,279
McDonald's Corp.		5,138		1,066,956
Meritage Homes Corp.^{(a) (d)}		200		10,268
MGM Resorts International		3,300		94,281
Mohawk Industries, Inc.^(a)		392		57,808
Monro, Inc.		325		27,723
Motorcar Parts of America, Inc.^{(a) (d)}		300		6,423
Movado Group, Inc.^(d)		300		8,100

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Murphy USA, Inc.^{(a) (d)}		296	$	24,873
Nautilus, Inc.^(a)		50		111
Newell Brands, Inc.^(d)		3,415		52,659
NIKE, Inc. - Class B		9,049		759,663
Nordstrom, Inc.^(d)		1,000		31,860
Norwegian Cruise Line Holdings Ltd.^(a)		325		17,430
NVR, Inc.^(a)		40		134,811
O'Reilly Automotive, Inc.^(a)		620		228,978
Overstock.com, Inc.^{(a) (d)}		300		4,080
Oxford Industries, Inc.^(d)		50		3,790
Papa John's International, Inc.^(d)		173		7,737
Penn National Gaming, Inc.^{(a) (d)}		178		3,428
Penske Automotive Group, Inc.^(d)		350		16,555
Polaris Industries, Inc.		340		31,018
Pool Corp.		313		59,783
PulteGroup, Inc.		1,915		60,552
PVH Corp.		543		51,390
Qurate Retail, Inc.^(a)		2,919		36,166
Ralph Lauren Corp.		406		46,118
RCI Hospitality Holdings, Inc.		300		5,253
Regis Corp.^(a)		200		3,320
RH^{(a) (d)}		116		13,410
Rocky Brands, Inc.		100		2,728
Roku, Inc.^{(a) (d)}		290		26,268
Ross Stores, Inc.		2,575		255,233
Royal Caribbean Cruises Ltd.		1,087		131,755
Sally Beauty Holdings, Inc.^{(a) (d)}		700		9,338
SeaWorld Entertainment, Inc.^(a)		685		21,235
Service Corp. International		1,250		58,474
ServiceMaster Global Holdings, Inc.^(a)		975		50,788
Shoe Carnival, Inc.^(d)		600		16,560
Shutterfly, Inc.^(a)		100		5,055
Shutterstock, Inc.		122		4,781
Signet Jewelers Ltd.^(d)		620		11,086
Six Flags Entertainment Corp.^(d)		600		29,808
Skechers U.S.A., Inc. - Class A^(a)		750		23,618

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Discretionary - 10.5% (Continued)
Sleep Number Corp.^(a)		188	$	7,593
Sonic Automotive, Inc. - Class A		300		7,005
Sotheby's^{(a) (d)}		428		24,880
Speedway Motorsports, Inc.		400		7,420
Stamps.com, Inc.^{(a) (d)}		129		5,840
Starbucks Corp.		9,473		794,121
Steven Madden Ltd.^(d)		450		15,278
Strategic Education, Inc.		87		15,486
Superior Industries International, Inc.		150		519
Tailored Brands, Inc.^(d)		475		2,741
Tapestry, Inc.		1,900		60,287
Target Corp.		3,681		318,812
Tempur Sealy International, Inc.^{(a) (d)}		298		21,864
Tenneco, Inc. - Class A^(d)		450		4,991
Tesla, Inc.^{(a) (d)}		643		143,685
Texas Roadhouse, Inc.^(d)		475		25,493
Thor Industries, Inc.^(d)		381		22,269
Tiffany & Co.^(d)		735		68,825
TJX Cos., Inc. (The)		8,566		452,969
Toll Brothers, Inc.		1,050		38,451
TopBuild Corp.^{(a) (d)}		325		26,897
Tractor Supply Co.		1,061		115,437
TRI Pointe Group, Inc.^(a)		1,100		13,167
Tupperware Brands Corp.		300		5,709
Ulta Beauty, Inc.^(a)		369		128,002
Under Armour, Inc. - Class A^{(a) (d)}		2,425		61,473
Universal Electronics, Inc.^(a)		200		8,204
Urban Outfitters, Inc.^(a)		800		18,200
Vail Resorts, Inc.		190		42,404
Veoneer, Inc.^{(a) (d)}		648		11,217
VF Corp.		2,375		207,455
Vista Outdoor, Inc.^(a)		400		3,552
Visteon Corp.^{(a) (d)}		261		15,289
Vitamin Shoppe, Inc.^{(a) (d)}		300		1,182
Wayfair, Inc. - Class A^{(a) (d)}		300		43,800
Weight Watchers International, Inc.^(a)		296		5,654

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares			Value
Consumer Discretionary - 10.5% (Continued)
Wendy's Co. (The)		1,925		$	37,692
Whirlpool Corp.		504			71,749
Williams-Sonoma, Inc.^(d)		500			32,500
Winnebago Industries, Inc.^(d)		175			6,764
Wolverine World Wide, Inc.		725			19,967
Wyndham Destinations, Inc.		620			27,218
Wyndham Hotels & Resorts, Inc.		620			34,559
Wynn Resorts Ltd.		621			76,998
Yum! Brands, Inc.		2,289			253,324
Zovio, Inc.^{(a) (d)}		500			1,790
Zumiez, Inc.^(a)		300			7,830
					20,098,069
Consumer Staples - 6.6%
Alico, Inc.		200			6,068
Altria Group, Inc.		11,691			553,569
Andersons, Inc. (The)		75	��		2,043
Archer-Daniels-Midland Co.		3,686			150,388
B&G Foods, Inc.^(d)		250			5,200
Boston Beer Co., Inc. (The) - Class A^(a)		100			37,776
Brown-Forman Corp. - Class B		1,505			83,422
Bunge Ltd.		1,050			58,496
Cal-Maine Foods, Inc.^(d)		18			751
Campbell Soup Co.^(d)		1,350			54,095
Casey's General Stores, Inc.		287			44,769
Church & Dwight Co., Inc.		1,606			117,334
Clorox Co. (The)		850			130,144
Coca-Cola Co. (The)		25,840			1,315,774
Colgate-Palmolive Co.		5,631			403,574
Conagra Brands, Inc.		3,741			99,211
Constellation Brands, Inc. - Class A		1,196			235,540
Costco Wholesale Corp.		2,971			785,116
Coty, Inc. - Class A^(d)		2,800			37,520
Darling Ingredients, Inc.^{(a) (d)}		975			19,393
e.l.f. Beauty, Inc.^(a)		300			4,230
Edgewell Personal Care Co.^(a)		446			12,020
Energizer Holdings, Inc.^(d)		592			22,875

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Staples - 6.6% (Continued)
Estée Lauder Cos., Inc. (The) - Class A		1,451	$	265,692
Flowers Foods, Inc.		1,580		36,767
Fresh Del Monte Produce, Inc.		100		2,695
General Mills, Inc.		3,975		208,766
Hain Celestial Group, Inc. (The)^{(a) (d)}		600		13,140
Herbalife Nutrition Ltd.^(a)		1,300		55,588
Hershey Co. (The)		929		124,514
Hormel Foods Corp.^(d)		1,875		76,013
Ingles Markets, Inc. - Class A^(d)		150		4,670
Ingredion, Inc.		271		22,355
Inter Parfums, Inc.		300		19,947
J & J Snack Foods Corp.		70		11,267
J.M. Smucker Co. (The)		852		98,142
Kellogg Co.		1,903		101,944
Keurig Dr Pepper, Inc.^(d)		1,258		36,356
Kimberly-Clark Corp.		2,431		324,004
Kraft Heinz Co. (The)		4,215		130,833
Kroger Co. (The)		5,485		119,079
Lamb Weston Holdings, Inc.		1,157		73,308
Lancaster Colony Corp.		112		16,643
Mannatech, Inc.		70		1,189
McCormick & Co., Inc.		677		104,942
Medifast, Inc.^(d)		140		17,962
MGP Ingredients, Inc.^(d)		200		13,262
Molson Coors Brewing Co. - Class B		1,163		65,128
Mondelez International, Inc. - Class A		10,801		582,173
Monster Beverage Corp.^(a)		2,696		172,086
Nu Skin Enterprises, Inc. - Class A		325		16,029
PepsiCo, Inc.		9,119		1,195,774
Philip Morris International, Inc.		10,726		842,312
Pilgrim's Pride Corp.^(a)		650		16,504
Post Holdings, Inc.^(a)		438		45,539
PriceSmart, Inc.		115		5,879
Procter & Gamble Co. (The)		16,340		1,791,680
Sanderson Farms, Inc.^(d)		143		19,528
SpartanNash Co.		400		4,668

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Consumer Staples - 6.6% (Continued)
Spectrum Brands Holdings, Inc.^(d)		217	$	11,668
Sprouts Farmers Market, Inc.^(a)		300		5,667
Sysco Corp.		3,410		241,155
Tootsie Roll Industries, Inc.^(d)		27		997
TreeHouse Foods, Inc.^{(a) (d)}		385		20,829
Tyson Foods, Inc. - Class A		1,911		154,293
United Natural Foods, Inc.^{(a) (d)}		150		1,346
US Foods Holding Corp.^(a)		475		16,986
USANA Health Sciences, Inc.^(a)		118		9,373
Vector Group Ltd.		894		8,717
Walgreens Boots Alliance, Inc.		5,999		327,965
Walmart, Inc.		9,309		1,028,552
WD-40 Co.^(d)		45		7,157
				12,650,391
Energy - 4.6%
Anadarko Petroleum Corp.		3,889		274,408
Antero Resources Corp.^{(a) (d)}		800		4,424
Apache Corp.		2,913		84,390
Apergy Corp.^(a)		565		18,950
Arch Coal, Inc. - Class A^(d)		163		15,356
Archrock, Inc.		812		8,607
Baker Hughes, a GE Co.		2,795		68,841
BP Prudhoe Bay Royalty Trust		300		4,641
Cabot Oil & Gas Corp.		3,325		76,342
California Resources Corp.^{(a) (d)}		472		9,289
Callon Petroleum Co.^{(a) (d)}		1,500		9,885
Carrizo Oil & Gas, Inc.^{(a) (d)}		400		4,008
Cheniere Energy, Inc.^(a)		1,625		111,231
Chevron Corp.		12,863		1,600,671
Cimarex Energy Co.		596		35,361
CNX Resources Corp.^(a)		1,650		12,062
Concho Resources, Inc.		1,020		105,244
ConocoPhillips		8,132		496,051
CONSOL Energy, Inc.^{(a) (d)}		206		5,482
Continental Resources, Inc.^(a)		830		34,935
Cross Timbers Royalty Trust		200		2,530

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Energy - 4.6% (Continued)
Delek US Holdings, Inc.^(d)		301	$	12,197
Devon Energy Corp.		3,766		107,406
Diamond Offshore Drilling, Inc.^{(a) (d)}		850		7,540
Diamondback Energy, Inc.		850		92,625
DMC Global, Inc.^(d)		400		25,340
Dril-Quip, Inc.^{(a) (d)}		145		6,960
EOG Resources, Inc.		3,898		363,138
EQT Corp.		1,339		21,170
Equitrans Midstream Corp.^(d)		1,071		21,109
Era Group, Inc.^(a)		300		2,502
Exterran Corp.^(a)		406		5,773
Exxon Mobil Corp.		27,928		2,140,122
Forum Energy Technologies, Inc.^{(a) (d)}		300		1,026
Geospace Technologies Corp.^{(a) (d)}		226		3,415
Green Plains, Inc.		300		3,234
Gulf Island Fabrication, Inc.^{(a) (d)}		381		2,705
Gulfport Energy Corp.^(a)		900		4,419
Halliburton Co.		5,931		134,871
Helix Energy Solutions Group, Inc.^(a)		1,000		8,630
Helmerich & Payne, Inc.^(d)		550		27,841
Hess Corp.^(d)		2,024		128,666
HollyFrontier Corp.		1,158		53,592
Kinder Morgan, Inc.		13,180		275,198
KLX Energy Services Holdings, Inc.^{(a) (d)}		126		2,574
Marathon Oil Corp.		5,647		80,244
Marathon Petroleum Corp.		3,531		197,312
Matador Resources Co.^{(a) (d)}		375		7,455
Matrix Service Co.^(a)		450		9,117
McDermott International, Inc.^{(a) (d)}		525		5,072
Murphy Oil Corp.^(d)		1,025		25,266
National Oilwell Varco, Inc.		2,661		59,154
Newpark Resources, Inc.^{(a) (d)}		875		6,493
Noble Energy, Inc.		2,476		55,462
Oasis Petroleum, Inc.^{(a) (d)}		1,375		7,810
Occidental Petroleum Corp.		5,440		273,523
Oceaneering International, Inc.^(a)		500		10,195

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Energy - 4.6% (Continued)
Oil States International, Inc.^{(a) (d)}		200	$	3,660
ONEOK, Inc.		1,365		93,926
Parsley Energy, Inc. - Class A^{(a) (d)}		1,425		27,089
Patterson-UTI Energy, Inc.		1,100		12,661
PBF Energy, Inc. - Class A		625		19,563
PDC Energy, Inc.^{(a) (d)}		375		13,523
Phillips 66		3,213		300,544
Pioneer Natural Resources Co.		1,221		187,863
QEP Resources, Inc.^(a)		1,750		12,653
Range Resources Corp.^(d)		1,339		9,346
Renewable Energy Group, Inc.^{(a) (d)}		114		1,808
RPC, Inc.^(d)		587		4,232
Schlumberger Ltd.		9,396		373,397
SemGroup Corp. - Class A^(d)		450		5,400
Ship Finance International Ltd.^(d)		575		7,193
SM Energy Co.		450		5,634
Southwestern Energy Co.^{(a) (d)}		3,325		10,507
SRC Energy, Inc.^{(a) (d)}		1,175		5,828
Superior Energy Services, Inc.^(a)		1,131		1,470
Targa Resources Corp.		1,255		49,271
Teekay Corp.^(d)		775		2,666
Unit Corp.^{(a) (d)}		500		4,445
Valero Energy Corp.		3,214		275,151
Whiting Petroleum Corp.^{(a) (d)}		480		8,966
Williams Cos., Inc. (The)		5,250		147,210
World Fuel Services Corp.		475		17,081
WPX Energy, Inc.^(a)		2,675		30,789
				8,803,740
Financials - 13.7%
Affiliated Managers Group, Inc.		428		39,436
Aflac, Inc.		3,970		217,596
AGNC Investment Corp.		2,175		36,583
Alleghany Corp.^(a)		127		86,501
Allstate Corp. (The)		1,615		164,229
Ally Financial, Inc.		3,625		112,339
American Equity Investment Life Holding Co.		625		16,975

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
American Express Co.		4,313	$	532,396
American Financial Group, Inc.		446		45,702
American International Group, Inc.		6,150		327,671
American National Insurance Co.		181		21,081
Ameriprise Financial, Inc.		1,035		150,241
Ameris Bancorp		300		11,757
Annaly Capital Management, Inc.		6,939		63,352
Anworth Mortgage Asset Corp.		1,500		5,685
Apollo Commercial Real Estate Finance, Inc.^(d)		600		11,034
Apollo Investment Corp.^(d)		575		9,085
Arbor Realty Trust, Inc.^(d)		201		2,436
Arch Capital Group Ltd.^(a)		1,857		68,858
Ares Capital Corp.		3,355		60,189
Argo Group International Holdings Ltd.		72		5,332
Arlington Asset Investment Corp. - Class A^(d)		4		28
Arthur J. Gallagher & Co.		1,225		107,298
Artisan Partners Asset Management, Inc. - Class A		300		8,256
Ashford, Inc.^(a)		6		191
Associated Banc-Corp.		900		19,026
Assurant, Inc.		337		35,850
Assured Guaranty Ltd.^(d)		775		32,612
Atlantic Union Bancshares Corp.		275		9,716
Axis Capital Holdings Ltd.		475		28,334
Axos Financial, Inc.^{(a) (d)}		372		10,137
Bancorp, Inc. (The)^(a)		50		446
BancorpSouth Bank^(d)		675		19,602
Bank of America Corp.		63,858		1,851,881
Bank of Hawaii Corp.^(d)		303		25,122
Bank of New York Mellon Corp. (The)		7,163		316,246
Bank OZK^(d)		765		23,019
BankFinancial Corp.		700		9,793
BankUnited, Inc.		825		27,836
Banner Corp.		300		16,245
Barings BDC, Inc.^(d)		350		3,444
BB&T Corp.		5,840		286,918
Berkley (W.R.) Corp.		1,030		67,908

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
Berkshire Hathaway, Inc. - Class B^(a)		14,686	$	3,130,614
Berkshire Hills Bancorp, Inc.		300		9,417
BGC Partners, Inc. - Class A		1,650		8,630
BlackRock, Inc.		862		404,536
Blackstone Mortgage Trust, Inc. - Class A^(d)		600		21,348
Blucora, Inc.^(a)		250		7,593
BOK Financial Corp.		296		22,342
Boston Private Financial Holdings, Inc.		500		6,035
Bridge Bancorp, Inc.		300		8,838
Brighthouse Financial, Inc.^(a)		608		22,308
Brookline Bancorp, Inc.		500		7,690
Brown & Brown, Inc.		1,800		60,300
Camden National Corp.		150		6,881
Capital City Bank Group, Inc.		350		8,698
Capital One Financial Corp.		3,012		273,309
Capitol Federal Financial, Inc.		1,000		13,770
Capstead Mortgage Corp.^(d)		700		5,845
Cathay General Bancorp		463		16,626
Cboe Global Markets, Inc.		590		61,142
CenterState Bank Corp.		367		8,452
Central Pacific Financial Corp.		300		8,988
Charles Schwab Corp. (The)		8,189		329,115
Chemical Financial Corp.		500		20,555
Chimera Investment Corp.^(d)		1,455		27,456
Cincinnati Financial Corp.		1,135		117,665
CIT Group, Inc.		1,350		70,929
Citigroup, Inc.		16,485		1,154,444
Citizens Financial Group, Inc.		3,375		119,340
CME Group, Inc.		2,138		415,006
CNA Financial Corp.		300		14,121
CNO Financial Group, Inc.		1,100		18,348
Cohen & Steers, Inc.		50		2,572
Columbia Banking System, Inc.		276		9,986
Comerica, Inc.		1,083		78,669
Commerce Bancshares, Inc.		758		45,222
Community Bank System, Inc.^(d)		200		13,168

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
Community Trust Bancorp, Inc.		110	$	4,652
Crawford & Co. - Class B		200		1,862
Credit Acceptance Corp.^(a)		112		54,189
Cullen/Frost Bankers, Inc.^(d)		332		31,095
CVB Financial Corp.		600		12,618
Discover Financial Services		2,775		215,312
Donnelley Financial Solutions, Inc.^(a)		159		2,121
E*TRADE Financial Corp.		2,078		92,679
Eagle Bancorp, Inc.		300		16,239
East West Bancorp, Inc.		1,025		47,939
Eaton Vance Corp.		850		36,661
eHealth, Inc.^{(a) (d)}		175		15,068
Employers Holdings, Inc.		75		3,170
Encore Capital Group, Inc.^{(a) (d)}		200		6,774
Enova International, Inc.^(a)		297		6,846
Enstar Group Ltd.^{(a) (d)}		120		20,914
Enterprise Financial Services Corp.		50		2,080
Erie Indemnity Co. - Class A^(d)		174		44,245
Evercore, Inc. - Class A		350		31,000
Everest Re Group Ltd.		226		55,863
Exantas Capital Corp.		50		566
EZCORP, Inc. - Class A^{(a) (d)}		1,000		9,470
F.N.B. Corp.		2,460		28,954
FactSet Research Systems, Inc.		250		71,640
FBL Financial Group, Inc. - Class A		300		19,140
Federated Investors, Inc. - Class B^(d)		700		22,750
FedNat Holding Co.		200		2,854
Fidelity National Financial, Inc.		1,909		76,933
Fifth Third Bancorp		6,059		169,046
Financial Institutions, Inc.		200		5,830
First American Financial Corp.		527		28,300	��
First Bancorp		300		10,926
First BanCorp.		1,366		15,081
First Busey Corp.		325		8,583
First Citizens BancShares, Inc. - Class A		50		22,514
First Commonwealth Financial Corp.		800		10,776

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
First Community Bancshares, Inc.		425	$	14,348
First Financial Bancorp^(d)		991		24,002
First Financial Bankshares, Inc.		600		18,474
First Financial Corp.		100		4,016
First Hawaiian, Inc.		300		7,761
First Horizon National Corp.^(d)		1,617		24,142
First Interstate BancSystem, Inc. - Class A		300		11,883
First Merchants Corp.^(d)		425		16,108
First Midwest Bancorp, Inc.		800		16,376
First Republic Bank		1,013		98,919
FirstCash, Inc.		221		22,104
Franklin Resources, Inc.^(d)		2,621		91,211
FS KKR Capital Corp.		1,925		11,473
Fulton Financial Corp.		1,250		20,463
Glacier Bancorp, Inc.		550		22,303
Goldman Sachs Group, Inc. (The)		2,705		553,442
Golub Capital BDC, Inc.		475		8,455
Granite Point Mortgage Trust, Inc.^(d)		229		4,395
Great Western Bancorp, Inc.		300		10,716
Green Dot Corp. - Class A^(a)		250		12,225
Greenhill & Co., Inc.^(d)		300		4,077
Hallmark Financial Services, Inc.^(a)		100		1,423
Hancock Whitney Corp.		500		20,030
Hanmi Financial Corp.		369		8,218
Hanover Insurance Group, Inc. (The)		300		38,490
Hartford Financial Services Group, Inc. (The)		2,375		132,335
Heartland Financial USA, Inc.		300		13,419
Hercules Capital, Inc.^(d)		775		9,936
Heritage Commerce Corp.		50		613
Hilltop Holdings, Inc.		550		11,699
Home BancShares, Inc.		950		18,297
HomeStreet, Inc.^(a)		300		8,892
Hope Bancorp, Inc.		1,092		15,048
Horace Mann Educators Corp.		375		15,109
Huntington Bancshares, Inc.		7,172		99,117
IBERIABANK Corp.		375		28,444

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
Independent Bank Corp.^(d)		300	$	22,845
Independent Bank Group, Inc.		90		4,946
Interactive Brokers Group, Inc. - Class A		500		27,100
Intercontinental Exchange, Inc.		4,000		343,759
International Bancshares Corp.		400		15,084
INTL FCStone, Inc.^(a)		500		19,795
Invesco Ltd.		2,975		60,869
Invesco Mortgage Capital, Inc.^(d)		625		10,075
Investors Bancorp, Inc.		1,325		14,774
Jefferies Financial Group, Inc.		2,432		46,767
JPMorgan Chase & Co.		21,642		2,419,575
Kearny Financial Corp.		828		11,004
Kemper Corp.		300		25,887
KeyCorp		7,726		137,137
Lakeland Financial Corp.^(d)		300		14,049
LegacyTexas Financial Group, Inc.		375		15,266
Legg Mason, Inc.		750		28,710
LendingTree, Inc.^{(a) (d)}		90		37,802
Lincoln National Corp.		1,600		103,120
Loews Corp.		1,955		106,880
LPL Financial Holdings, Inc.		200		16,314
M&T Bank Corp.		967		164,458
Main Street Capital Corp.^(d)		475		19,532
Markel Corp.^(a)		138		150,365
MarketAxess Holdings, Inc.		250		80,355
Marsh & McLennan Cos., Inc.		3,129		312,117
MBIA, Inc.^{(a) (d)}		925		8,612
Mercury General Corp.		300		18,750
Meta Financial Group, Inc.^(d)		300		8,415
MetLife, Inc.		5,796		287,886
MFA Financial, Inc.		2,250		16,155
MGIC Investment Corp.^(a)		1,500		19,710
Moody's Corp.		1,218		237,888
Morgan Stanley		8,770		384,213
Morningstar, Inc.		207		29,940
MSCI, Inc.		519		123,932

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
Nasdaq, Inc.		725	$	69,723
National General Holdings Corp.		525		12,044
Navient Corp.		2,050		27,983
NBT Bancorp, Inc.		200		7,502
Nelnet, Inc. - Class A		25		1,481
New Mountain Finance Corp.^(d)		650		9,081
New Residential Investment Corp.		1,400		21,546
New York Community Bancorp, Inc.^(d)		3,062		30,559
Northern Trust Corp.		1,738		156,420
Northwest Bancshares, Inc.		875		15,409
Oaktree Special Lending Corp.		1,750		9,485
OceanFirst Financial Corp.		100		2,485
OFG Bancorp		432		10,269
Old National Bancorp		950		15,761
Old Republic International Corp.		1,661		37,173
Old Second Bancorp, Inc.		400		5,108
OneMain Holdings, Inc.		300		10,143
Oritani Financial Corp.^(d)		400		7,096
Pacific Premier Bancorp, Inc.		300		9,264
PacWest Bancorp^(d)		817		31,724
Park National Corp.^(d)		87		8,647
PennyMac Mortgage Investment Trust		450		9,824
People's United Financial, Inc.		1,983		33,275
Pinnacle Financial Partners, Inc.		559		32,131
PNC Financial Services Group, Inc. (The)		3,334		457,691
Popular, Inc.		782		42,416
PRA Group, Inc.^(a)		300		8,442
Preferred Bank^(d)		200		9,450
Primerica, Inc.^(d)		300		35,985
Principal Financial Group, Inc.		1,100		63,712
ProAssurance Corp.		230		8,305
Progressive Corp. (The)		3,875		309,728
Prospect Capital Corp.^(d)		2,650		17,305
Prosperity Bancshares, Inc.^(d)		500		33,025
Provident Financial Services, Inc.		600		14,550
Prudential Financial, Inc.		2,801		282,901

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
Pzena Investment Management, Inc. - Class A		2,077	$	17,841
Radian Group, Inc.		1,445		33,017
Raymond James Financial, Inc.		925		78,209
Redwood Trust, Inc.^(d)		450		7,439
Regions Financial Corp.		8,081		120,730
Reinsurance Group of America, Inc.		454		70,838
RenaissanceRe Holdings Ltd.		290		51,623
Renasant Corp.		400		14,376
Republic Bancorp, Inc. - Class A		315		15,671
RLI Corp.		425		36,427
S&P Global, Inc.		1,782		405,921
S&T Bancorp, Inc.^(d)		350		13,118
Sandy Spring Bancorp, Inc.		300		10,464
Seacoast Banking Corp. of Florida^(a)		150		3,816
SEI Investments Co.		975		54,698
Selective Insurance Group, Inc.		300		22,467
ServisFirst Bancshares, Inc.^(d)		400		13,704
Signature Bank		387		46,765
Simmons First National Corp. - Class A		438		10,188
SLM Corp.		2,500		24,300
Solar Capital Ltd.		500		10,265
South State Corp.		180		13,261
Southside Bancshares, Inc.		340		11,009
Starwood Property Trust, Inc.		1,825		41,463
State Auto Financial Corp.^(d)		400		14,000
State Street Corp.		2,476		138,805
Sterling Bancorp		1,725		36,708
Stewart Information Services Corp.		300		12,147
Stifel Financial Corp.		340		20,080
Stock Yards Bancorp, Inc.		300		10,845
SunTrust Banks, Inc.		3,030		190,435
SVB Financial Group^(a)		367		82,425
Synchrony Financial		5,775		200,219
Synovus Financial Corp.		947		33,145
T. Rowe Price Group, Inc.		1,890		207,352
TCF Financial Corp.		975		20,270

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
TD Ameritrade Holding Corp.		2,053	$	102,486
Texas Capital Bancshares, Inc.^(a)		384		23,566
TFS Financial Corp.		525		9,487
Tompkins Financial Corp.^(d)		105		8,568
Torchmark Corp.		566		50,634
TowneBank		553		15,086
Travelers Cos., Inc. (The)		1,672		249,997
TriCo Bancshares		109		4,120
TrustCo Bank Corp.^(d)		1,208		9,567
Trustmark Corp.		425		14,131
Two Harbors Investment Corp.^(d)		1,949		24,694
U.S. Bancorp		10,204		534,689
UMB Financial Corp.		243		15,994
Umpqua Holdings Corp.		1,500		24,885
United Bankshares, Inc.^(d)		553		20,511
United Community Banks, Inc.		474		13,537
United Community Financial Corp.		317		3,034
United Financial Bancorp, Inc.		542		7,686
United Fire Group, Inc.		300		14,538
United Security Bancshares		406		4,624
Unum Group		1,407		47,205
Valley National Bancorp^(d)		1,750		18,865
Value Line, Inc.^(d)		200		5,502
Virtus Investment Partners, Inc.^(d)		48		5,155
Voya Financial, Inc.		1,275		70,508
Waddell & Reed Financial, Inc. - Class A^(d)		525		8,752
Washington Federal, Inc.		433		15,125
Washington Trust Bancorp, Inc.		100		5,218
Webster Financial Corp.		675		32,245
Wells Fargo & Co.		29,157		1,379,708
WesBanco, Inc.		350		13,493
Westamerica Bancorp.		83		5,114
Western Alliance Bancorp.^(a)		850		38,012
Western New England Bancorp, Inc.		200		1,868
Wintrust Financial Corp.		425		31,093
WisdomTree Investments, Inc.		750		4,628

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Financials - 13.7% (Continued)
World Acceptance Corp.^{(a) (d)}		100	$	16,411
WSFS Financial Corp.		465		19,205
Zions Bancorp.		1,480		68,050
				26,294,758
Health Care - 13.2%
Abbott Laboratories		12,635		1,062,603
AbbVie, Inc.		9,790		711,928
ABIOMED, Inc.^(a)		250		65,123
Acadia Healthcare Co., Inc.^{(a) (d)}		475		16,601
ACADIA Pharmaceuticals, Inc.^{(a) (d)}		1,155		30,873
Acorda Therapeutics, Inc.^(a)		375		2,876
Addus HomeCare Corp.^(a)		290		21,736
Aerie Pharmaceuticals, Inc.^{(a) (d)}		350		10,343
Agilent Technologies, Inc.		2,196		163,975
Agios Pharmaceuticals, Inc.^{(a) (d)}		300		14,964
Alder Biopharmaceuticals, Inc.^{(a) (d)}		300		3,531
Aldeyra Therapeutics, Inc.^(a)		1,990		11,940
Alexion Pharmaceuticals, Inc.^(a)		1,349		176,692
Align Technology, Inc.^(a)		454		124,260
Alkermes plc^(a)		1,000		22,540
Allergan plc		2,419		405,013
Allscripts Healthcare Solutions, Inc.^{(a) (d)}		1,225		14,247
Alnylam Pharmaceuticals, Inc.^(a)		413		29,967
AMAG Pharmaceuticals, Inc.^{(a) (d)}		100		999
Amedisys, Inc.^(a)		201		24,403
AmerisourceBergen Corp.		1,144		97,537
Amgen, Inc.		3,950		727,905
Amicus Therapeutics, Inc.^{(a) (d)}		1,225		15,288
AMN Healthcare Services, Inc.^{(a) (d)}		250		13,563
Amneal Pharmaceuticals, Inc.^(a)		650		4,661
Anika Therapeutics, Inc.^{(a) (d)}		100		4,062
Anixa Biosciences, Inc.^{(a) (d)}		3,590		13,032
Anthem, Inc.		1,960		553,132
Apyx Medical Corp.^(a)		2,030		13,642
Array BioPharma, Inc.^(a)		1,175		54,438
Assembly Biosciences, Inc.^(a)		800		10,792

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
Assertio Therapeutics, Inc.^(a)		675	$	2,329
Avanos Medical, Inc.^{(a) (d)}		297		12,952
Avrobio, Inc.^{(a) (d)}		1,360		22,114
Axogen, Inc.^(a)		550		10,890
Baxter International, Inc.		3,963		324,570
Becton, Dickinson and Co.		1,824		459,666
Biogen, Inc.^(a)		1,313		307,071
BioMarin Pharmaceutical, Inc.^(a)		978		83,766
Bio-Rad Laboratories, Inc. - Class A^(a)		99		30,946
Bio-Techne Corp.		232		48,370
Bluebird Bio, Inc.^{(a) (d)}		168		21,370
Blueprint Medicines Corp.^{(a) (d)}		130		12,263
Boston Scientific Corp.^(a)		7,964		342,293
Bristol-Myers Squibb Co.		10,775		488,646
Brookdale Senior Living, Inc.^(a)		1,294		9,330
Bruker Corp.		725		36,214
Cambrex Corp.^{(a) (d)}		350		16,384
Cantel Medical Corp.^(d)		200		16,128
Capital Senior Living Corp.^{(a) (d)}		100		503
Cardinal Health, Inc.		2,048		96,461
Cardiovascular Systems, Inc.^(a)		325		13,952
CareDx, Inc.^(a)		790		28,432
Catalent, Inc.^(a)		550		29,816
Catalyst Biosciences, Inc.^{(a) (d)}		2,050		15,109
Celgene Corp.^(a)		5,216		482,167
Centene Corp.^(a)		2,666		139,805
Cerner Corp.		2,200		161,259
Champions Oncology, Inc.^{(a) (d)}		1,410		11,040
Charles River Laboratories International, Inc.^(a)		346		49,097
Chemed Corp.		136		49,074
Cigna Corp.		2,747		432,790
Clovis Oncology, Inc.^{(a) (d)}		300		4,461
Codexis, Inc.^{(a) (d)}		1,187		21,876
Coherus Biosciences, Inc.^{(a) (d)}		590		13,039
Computer Programs & Systems, Inc.		100		2,779
CONMED Corp.		300		25,671

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
Cooper Cos., Inc. (The)		300	$	101,067
Corvus Pharmaceuticals, Inc.^(a)		4,500		16,830
Covetrus, Inc.^{(a) (d)}		356		8,708
CVS Health Corp.		8,658		471,774
Cyclerion Therapeutics, Inc.^(a)		100		1,145
Danaher Corp.		4,019		574,394
DaVita, Inc.^(a)		1,033		58,117
DENTSPLY SIRONA, Inc.	��	1,552		90,575
Dermira, Inc.^{(a) (d)}		300		2,868
DexCom, Inc.^(a)		428		64,132
Dynavax Technologies Corp.^{(a) (d)}		425		1,696
Edwards Lifesciences Corp.^(a)		1,473		272,122
Elanco Animal Health, Inc.^(a)		300		10,140
Eli Lilly & Co.		6,272		694,874
Emergent BioSolutions, Inc.^(a)		293		14,155
Encompass Health Corp.		650		41,184
Endo International plc^{(a) (d)}		922		3,799
Ensign Group, Inc. (The)^(d)		300		17,076
Evolent Health, Inc. - Class A^{(a) (d)}		1,020		8,109
Exact Sciences Corp.^(a)		775		91,481
Exelixis, Inc.^(a)		1,875		40,069
Fate Therapeutics, Inc.^{(a) (d)}		1,270		25,781
FibroGen, Inc.^{(a) (d)}		280		12,650
G1 Therapeutics, Inc.^{(a) (d)}		830		25,448
Galectin Therapeutics, Inc.^{(a) (d)}		3,690		15,314
Genomic Health, Inc.^(a)		200		11,634
Gilead Sciences, Inc.		8,547		577,434
Glaukos Corp.^(a)		280		21,112
Global Blood Therapeutics, Inc.^{(a) (d)}		370		19,462
Haemonetics Corp.^(a)		250		30,085
Halozyme Therapeutics, Inc.^(a)		750		12,885
Hanger, Inc.^(a)		350		6,703
Harrow Health, Inc.^{(a) (d)}		2,920		25,404
HCA Healthcare, Inc.		2,203		297,780
Henry Schein, Inc.^(a)		890		62,211
Hill-Rom Holdings, Inc.		300		31,386

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
HMS Holdings Corp.^(a)		525	$	17,005
Hologic, Inc.^(a)		1,777		85,332
Horizon Therapeutics plc^(a)		1,125		27,068
Humana, Inc.		848		224,974
ICU Medical, Inc.^(a)		100		25,191
IDEXX Laboratories, Inc.^(a)		599		164,923
Illumina, Inc.^(a)		752		276,849
Immunomedics, Inc.^{(a) (d)}		1,410		19,557
Incyte Corp.^(a)		1,343		114,101
Innoviva, Inc.^(a)		1,000		14,560
Insulet Corp.^{(a) (d)}		175		20,892
Integer Holdings Corp.^{(a) (d)}		300		25,176
Integra LifeSciences Holdings Corp.^(a)		378		21,111
Intercept Pharmaceuticals, Inc.^{(a) (d)}		137		10,901
Intrexon Corp.^{(a) (d)}		400		3,064
IntriCon Corp.^{(a) (d)}		370		8,643
Intuitive Surgical, Inc.^(a)		515		270,143
Invitae Corp.^{(a) (d)}		750		17,625
Ionis Pharmaceuticals, Inc.^(a)		700		44,989
IQVIA Holdings, Inc.^(a)		1,031		165,888
Ironwood Pharmaceuticals, Inc.^{(a) (d)}		1,000		10,940
Johnson & Johnson		17,485		2,435,310
Kindred Biosciences, Inc.^(a)		1,780		14,827
Laboratory Corp. of America Holdings^(a)		670		115,843
Lannett Co., Inc.^{(a) (d)}		300		1,818
LHC Group, Inc.^(a)		100		11,958
Ligand Pharmaceuticals, Inc.^{(a) (d)}		164		18,721
Madrigal Pharmaceuticals, Inc.^{(a) (d)}		60		6,289
Magellan Health, Inc.^(a)		100		7,423
Marker Therapeutics, Inc.^{(a) (d)}		2,160		17,107
Masimo Corp.^(a)		300		44,646
McKesson Corp.		1,428		191,909
Medicines Co. (The)^{(a) (d)}		350		12,765
Medidata Solutions, Inc.^{(a) (d)}		125		11,314
MEDNAX, Inc.^(a)		600		15,138
Merck & Co., Inc.		17,765		1,489,594

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
Meridian Bioscience, Inc.		375	$	4,455
Mettler-Toledo International, Inc.^(a)		200		168,000
Molina Healthcare, Inc.^(a)		300		42,942
Momenta Pharmaceuticals, Inc.^(a)		200		2,490
MTBC, Inc.^{(a) (d)}		3,710		18,736
MyoKardia, Inc.^{(a) (d)}		420		21,059
Myriad Genetics, Inc.^(a)		450		12,501
Natera, Inc.^(a)		550		15,169
Natus Medical, Inc.^(a)		75		1,927
Nektar Therapeutics^{(a) (d)}		650		23,127
Neogen Corp.^(a)		466		28,943
Neurocrine Biosciences, Inc.^(a)		500		42,215
Nevro Corp.^{(a) (d)}		162		10,502
NextGen Healthcare, Inc.^{(a) (d)}		575		11,443
NuVasive, Inc.^(a)		290		16,977
Nuvectra Corp.^(a)		1,340		4,489
Omnicell, Inc.^(a)		375		32,261
OncoCyte Corp.^{(a) (d)}		2,200		5,478
Pacira BioSciences, Inc.^(a)		75		3,262
Paratek Pharmaceuticals, Inc.^{(a) (d)}		6		24
Patterson Cos., Inc.^(d)		575		13,168
Penumbra, Inc.^{(a) (d)}		196		31,360
PerkinElmer, Inc.^(d)		492		47,399
Pfizer, Inc.		38,422		1,664,440
Portola Pharmaceuticals, Inc.^{(a) (d)}		300		8,139
PRA Health Sciences, Inc.^{(a) (d)}		300		29,745
Premier, Inc. - Class A^(a)		350		13,689
Prestige Consumer Healthcare, Inc.^(a)		350		11,088
Pro-Dex, Inc.^{(a) (d)}		1,220		15,836
Progenics Pharmaceuticals, Inc.^{(a) (d)}		800		4,936
Providence Service Corp. (The)^(a)		200		11,468
PTC Therapeutics, Inc.^(a)		470		21,150
Puma Biotechnology, Inc.^{(a) (d)}		254		3,228
Quest Diagnostics, Inc.		877		89,287
Quidel Corp.^(a)		300		17,796
R1 RCM, Inc.^(a)		2,200		27,676

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
Ra Pharmaceuticals, Inc.^(a)		510	$	15,336
Regeneron Pharmaceuticals, Inc.^(a)		469		146,797
REGENXBIO, Inc.^{(a) (d)}		410		21,062
Repligen Corp.^{(a) (d)}		300		25,785
ResMed, Inc.		800		97,624
Sage Therapeutics, Inc.^{(a) (d)}		300		54,927
Sarepta Therapeutics, Inc.^{(a) (d)}		400		60,780
SeaSpine Holdings Corp.^(a)		1,280		16,960
Seattle Genetics, Inc.^{(a) (d)}		625		43,256
Select Medical Holdings Corp.^(a)		725		11,506
Sientra, Inc.^{(a) (d)}		1,590		9,794
Simulations Plus, Inc.		600		17,136
STAAR Surgical Co.^(a)		460		13,515
Stryker Corp.		1,986		408,282
Syneos Health, Inc.^{(a) (d)}		300		15,327
Syros Pharmaceuticals, Inc.^{(a) (d)}		3,100		28,706
Teladoc Health, Inc.^{(a) (d)}		350		23,244
Teleflex, Inc.		200		66,230
Tenet Healthcare Corp.^{(a) (d)}		631		13,036
TherapeuticsMD, Inc.^{(a) (d)}		1,275		3,315
Thermo Fisher Scientific, Inc.		2,831		831,408
Tivity Health, Inc.^(a)		64		1,052
Ultragenyx Pharmaceutical, Inc.^{(a) (d)}		207		13,145
United Therapeutics Corp.^(a)		288		22,481
UnitedHealth Group, Inc.		6,246		1,524,085
Universal Health Services, Inc. - Class B		562		73,279
Varex Imaging Corp.^(a)		282		8,643
Varian Medical Systems, Inc.^(a)		607		82,631
Veeva Systems, Inc. - Class A^(a)		725		117,529
Vericel Corp.^{(a) (d)}		1,410		26,635
Vertex Pharmaceuticals, Inc.^(a)		1,349		247,380
Waters Corp.^(a)		544		117,091
WellCare Health Plans, Inc.^{(a) (d)}		329		93,788
West Pharmaceutical Services, Inc.		505		63,201
Zimmer Biomet Holdings, Inc.		1,472		173,313
Zoetis, Inc.		3,275		371,680

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Health Care - 13.2% (Continued)
Zogenix, Inc.^{(a) (d)}		410	$	19,590
				25,324,451
Industrials - 9.8%
3M Co.		3,826		663,199
A.O. Smith Corp.		1,040		49,046
AAON, Inc.^(d)		225		11,291
AAR Corp.		300		11,037
ABM Industries, Inc.		500		20,000
ACCO Brands Corp.		825		6,493
Acme United Corp.^(d)		300		6,774
Actuant Corp. - Class A^(d)		290		7,195
Acuity Brands, Inc.		275		37,925
AECOM^(a)		977		36,979
Aerojet Rocketdyne Holdings, Inc.^(a)		500		22,385
AGCO Corp.		400		31,028
Air Lease Corp.^(d)		600		24,804
Aircastle Ltd.		500		10,630
Alaska Air Group, Inc.		834		53,301
Albany International Corp. - Class A		100		8,291
Allegiant Travel Co.^(d)		53		7,606
Allison Transmission Holdings, Inc.		1,125		52,144
Altra Industrial Motion Corp.		300		10,764
AMERCO		70		26,499
American Airlines Group, Inc.		2,303		75,101
American Woodmark Corp.^(a)		130		11,001
AMETEK, Inc.		1,337		121,453
Apogee Enterprises, Inc.		200		8,688
Applied Industrial Technologies, Inc.		375		23,074
ArcBest Corp.		300		8,433
Arconic, Inc.		3,140		81,075
Arcosa, Inc.		350		13,171
Armstrong Flooring, Inc.^(a)		100		985
Armstrong World Industries, Inc.		200		19,440
ASGN, Inc.^(a)		250		15,150
Astec Industries, Inc.		200		6,512
Astronics Corp.^(a)		300		12,066

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
Astronics Corp. - Class B^(a)		155	$	6,223
Avis Budget Group, Inc.^(a)		392		13,783
Axon Enterprise, Inc.^{(a) (d)}		325		20,868
AZZ, Inc.		225		10,355
Barnes Group, Inc.		300		16,902
Beacon Roofing Supply, Inc.^(a)		500		18,360
BMC Stock Holdings, Inc.^(a)		475		10,070
Boeing Co. (The)		3,988		1,451,673
Brady Corp. - Class A		145		7,151
Briggs & Stratton Corp.^(d)		150		1,536
BrightView Holdings, Inc.^{(a) (d)}		830		15,529
Brink's Co. (The)		150		12,177
Builders FirstSource, Inc.^(a)		450		7,587
BWX Technologies, Inc.		612		31,885
C.H. Robinson Worldwide, Inc.		360		30,366
Carlisle Cos., Inc.		423		59,393
Casella Waste Systems, Inc. - Class A^(a)		100		3,963
Caterpillar, Inc.		3,781		515,311
CBIZ, Inc.^(a)		300		5,877
CECO Environmental Corp.^(a)		2,970		28,482
Chart Industries, Inc.^(a)		300		23,064
Cintas Corp.		701		166,340
CIRCOR International, Inc.^(a)		184		8,464
Clean Harbors, Inc.^(a)		400		28,440
Colfax Corp.^(a)		625		17,519
Columbus McKinnon Corp.		400		16,788
Comfort Systems USA, Inc.		300		15,297
Commercial Vehicle Group, Inc.^(a)		300		2,406
Copart, Inc.^(a)		1,400		104,636
Cornerstone Building Brands, Inc.^(a)		500		2,915
CoStar Group, Inc.^(a)		225		124,663
Covanta Holding Corp.^(d)		850		15,224
Covenant Transportation Group, Inc. - Class A^(a)		100		1,471
Crane Co.		325		27,118
CSX Corp.		5,905		456,869
Cubic Corp.^(d)		300		19,344

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
Cummins, Inc.		887	$	151,979
Curtiss-Wright Corp.		300		38,139
Deere & Co.		1,971		326,613
Delta Air Lines, Inc.		3,900		221,324
Deluxe Corp.		200		8,132
Donaldson Co., Inc.^(d)		925		47,046
Dover Corp.		1,131		113,326
DXP Enterprises, Inc.^{(a) (d)}		100		3,789
Dycom Industries, Inc.^(a)		211		12,422
Eaton Corp. plc		3,061		254,920
EMCOR Group, Inc.		500		44,050
Emerson Electric Co.		4,248		283,426
Encore Wire Corp.		200		11,716
Energy Recovery, Inc.^{(a) (d)}		500		5,210
EnerSys^(d)		375		25,688
Ennis, Inc.		50		1,026
EnPro Industries, Inc.		178		11,364
Equifax, Inc.		795		107,515
ESCO Technologies, Inc.^(d)		200		16,524
Expeditors International of Washington, Inc.		1,250		94,825
Exponent, Inc.		540		31,612
Fastenal Co.		4,250		138,509
Federal Signal Corp.		475		12,706
FedEx Corp.		1,567		257,286
Flowserve Corp.		815		42,942
Fluor Corp.		1,086		36,587
Forrester Research, Inc.		255		11,993
Fortive Corp.		1,835		149,589
Fortune Brands Home & Security, Inc.		1,000		57,130
Forward Air Corp.		300		17,745
Franklin Electric Co., Inc.		275		13,063
FreightCar America, Inc.^(a)		500		2,935
FTI Consulting, Inc.^(a)		250		20,960
GATX Corp.^(d)		325		25,769
General Dynamics Corp.		1,390		252,730
General Electric Co.		57,876		607,698

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
Genesee & Wyoming, Inc. - Class A^(a)		285	$	28,500
Gibraltar Industries, Inc.^(a)		300		12,108
Gorman-Rupp Co. (The)		182		5,975
Graco, Inc.		1,086		54,495
Granite Construction, Inc.^(d)		562		27,077
Great Lakes Dredge & Dock Corp.^(a)		1,500		16,560
Greenbrier Cos., Inc. (The)^(d)		200		6,080
Griffon Corp.^(d)		350		5,922
H&E Equipment Services, Inc.^(d)		325		9,454
Harris Corp.		892		168,704
Hawaiian Holdings, Inc.^(d)		325		8,915
HD Supply Holdings, Inc.^(a)		1,130		45,516
Healthcare Services Group, Inc.^(d)		375		11,370
Heartland Express, Inc.		325		5,873
HEICO Corp. - Class A		682		70,498
Heidrick & Struggles International, Inc.		200		5,994
Herc Holdings, Inc.^(a)		143		6,554
Heritage-Crystal Clean, Inc.^(a)		370		9,735
Herman Miller, Inc.		300		13,410
Hertz Global Holdings, Inc.^{(a) (d)}		430		6,863
Hexcel Corp.		750		60,660
Hillenbrand, Inc.		325		12,860
HNI Corp.		100		3,538
Honeywell International, Inc.		4,552		794,734
Hub Group, Inc. - Class A^(a)		50		2,099
Hubbell, Inc.^(d)		338		44,075
Huntington Ingalls Industries, Inc.		319		71,692
Hurco Cos., Inc.		400		14,224
Huron Consulting Group, Inc.^(a)		200		10,076
Hyster-Yale Materials Handling, Inc.^(d)		118		6,521
IDEX Corp.		437		75,225
IES Holdings, Inc.^(a)		500		9,425
Illinois Tool Works, Inc.		1,814		273,568
Insperity, Inc.		292		35,665
Insteel Industries, Inc.		300		6,246
Interface, Inc.		500		7,665

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
ITT, Inc.		600	$	39,288
J.B. Hunt Transport Services, Inc.		570		52,104
Jacobs Engineering Group, Inc.		850		71,731
JetBlue Airways Corp.^(a)		1,750		32,358
John Bean Technologies Corp.^(d)		151		18,291
Johnson Controls International plc		3,610		149,129
Kaman Corp.		300		19,107
Kansas City Southern		759		92,461
KAR Auction Services, Inc.		975		24,375
Kelly Services, Inc. - Class A		400		10,476
Kennametal, Inc.^(d)		475		17,570
Kforce, Inc.		150		5,264
Kimball International, Inc. - Class B		700		12,201
Kirby Corp.^(a)		300		23,700
Knight-Swift Transportation Holdings, Inc.^(d)		638		20,952
Knoll, Inc.		500		11,490
Korn Ferry		225		9,016
Kratos Defense & Security Solutions, Inc.^{(a) (d)}		10		229
L3 Technologies, Inc.		512		125,527
Landstar System, Inc.		300		32,397
Lennox International, Inc.^(d)		257		70,675
Lincoln Electric Holdings, Inc.		332		27,330
Lockheed Martin Corp.		1,584		575,847
LSC Communications, Inc.		159		584
Manitowoc Co., Inc. (The)^{(a) (d)}		268		4,770
ManpowerGroup, Inc.		413		39,896
Marten Transport Ltd.^(d)		250		4,538
Masco Corp.		2,050		80,442
MasTec, Inc.^{(a) (d)}		500		25,765
Matson, Inc.^(d)		325		12,626
Matthews International Corp. - Class A		100		3,485
McGrath RentCorp		300		18,645
Mercury Systems, Inc.^(a)		400		28,140
Meritor, Inc.^(a)		550		13,338
Middleby Corp. (The)^(a)		468		63,508
Mobile Mini, Inc.		406		12,355

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
Moog, Inc. - Class A		300	$	28,083
MSA Safety, Inc.		228		24,029
MSC Industrial Direct Co., Inc. - Class A		245		18,194
Mueller Industries, Inc.		300		8,781
Mueller Water Products, Inc. - Series A		1,600		15,712
Navigant Consulting, Inc.^(d)		400		9,276
Navistar International Corp.^{(a) (d)}		625		21,531
Nordson Corp.		318		44,937
Norfolk Southern Corp.		2,084		415,403
Northrop Grumman Corp.		1,017		328,603
NOW, Inc.^(a)		649		9,579
nVent Electric plc		1,425		35,326
Old Dominion Freight Line, Inc.		500		74,630
Oshkosh Corp.		350		29,222
Owens Corning		800		46,560
PACCAR, Inc.		1,515		108,565
Parker-Hannifin Corp.		877		149,099
Perma-Pipe International Holdings, Inc.^(a)		300		2,730
Pitney Bowes, Inc.^(d)		1,375		5,885
Primoris Services Corp.		475		9,942
Quanex Building Products Corp.		1,000		18,890
Quanta Services, Inc.		1,050		40,100
R.R. Donnelley & Sons Co.^(d)		425		837
Raven Industries, Inc.		275		9,867
Raytheon Co.		1,951		339,240
RBC Bearings, Inc.^(a)		165		27,524
Red Violet, Inc.^{(a) (d)}		1,490		18,476
Regal Beloit Corp.		100		8,171
Republic Services, Inc.		1,233		106,827
Resideo Technologies, Inc.^(a)		758		16,615
Resources Connection, Inc.^(d)		200		3,202
Rexnord Corp.^(a)		325		9,822
Robert Half International, Inc.		1,000		57,010
Rockwell Automation, Inc.		970		158,915
Rollins, Inc.		1,350		48,425
Roper Technologies, Inc.		634		232,209

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
Rush Enterprises, Inc. - Class A		75	$	2,739
Ryder System, Inc.		405		23,612
Saia, Inc.^{(a) (d)}		225		14,551
Simpson Manufacturing Co., Inc.		100		6,646
SkyWest, Inc.		375		22,751
Snap-on, Inc.		362		59,962
Southwest Airlines Co.		3,214		163,206
Spartan Motors, Inc.		75		822
Spirit AeroSystems Holdings, Inc. - Class A		700		56,959
Spirit Airlines, Inc.^{(a) (d)}		475		22,672
SPX Corp.^(a)		312		10,302
SPX FLOW, Inc.^(a)		312		13,060
Standex International Corp.		50		3,657
Stanley Black & Decker, Inc.		1,020		147,502
Steelcase, Inc. - Class A		875		14,963
Stericycle, Inc.^(a)		575		27,456
Systemax, Inc.		600		13,296
Team, Inc.^{(a) (d)}		1,114		17,066
Teledyne Technologies, Inc.^(a)		211		57,787
Terex Corp.		825		25,905
Tetra Tech, Inc.		418		32,834
Textainer Group Holdings Ltd.^{(a) (d)}		700		7,056
Textron, Inc.		1,375		72,930
Timken Co. (The)		375		19,253
Titan International, Inc.		312		1,526
Toro Co. (The)		528		35,323
TransDigm Group, Inc.^(a)		298		144,172
TransUnion		650		47,782
Trex Co., Inc.^{(a) (d)}		450		32,265
TriNet Group, Inc.^(a)		200		13,560
Trinity Industries, Inc.		1,050		21,788
Triumph Group, Inc.		256		5,862
TrueBlue, Inc.^{(a) (d)}		300		6,618
Tutor Perini Corp.^(a)		200		2,774
Twin Disc, Inc.^{(a) (d)}		400		6,040
Ultralife Corp.^(a)		200		1,590

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Industrials - 9.8% (Continued)
UniFirst Corp.		86	$	16,217
Union Pacific Corp.		4,857		821,366
United Airlines Holdings, Inc.^(a)		1,581		138,417
United Parcel Service, Inc. - Class B		4,100		423,406
United Rentals, Inc.^(a)		542		71,885
United Technologies Corp.		5,348		696,310
Univar, Inc.^{(a) (d)}		575		12,673
Universal Forest Products, Inc.		399		15,186
Upwork, Inc.^{(a) (d)}		1,040		16,723
US Ecology, Inc.^(d)		200		11,908
Valmont Industries, Inc.		159		20,163
Vectrus, Inc.^(a)		122		4,948
Verisk Analytics, Inc.		1,124		164,620
Veritiv Corp.^{(a) (d)}		97		1,884
Viad Corp.		100		6,624
Vicor Corp.^{(a) (d)}		300		9,315
W.W. Grainger, Inc.		423		113,461
Wabash National Corp.		50		814
WABCO Holdings, Inc.^(a)		303		40,178
WageWorks, Inc.^(a)		300		15,237
Waste Management, Inc.		2,145		247,468
Watsco, Inc.^(d)		214		34,995
Watts Water Technologies, Inc. - Class A		300		27,954
Welbilt, Inc.^(a)		1,075		17,953
Werner Enterprises, Inc.^(d)		250		7,770
WESCO International, Inc.^(a)		300		15,195
Westinghouse Air Brake Technologies Corp.^(d)		869		62,359
Willdan Group, Inc.^{(a) (d)}		340		12,665
Woodward, Inc.		500		56,580
XPO Logistics, Inc.^{(a) (d)}		655		37,866
Xylem, Inc.		1,300		108,732
				18,816,739
Information Technology - 20.9%
2U, Inc.^{(a) (d)}		325		12,233
3D Systems Corp.^{(a) (d)}		848		7,717
8x8, Inc.^(a)		1,000		24,100

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
ACI Worldwide, Inc.^(a)		560	$	19,230
Adobe, Inc.^(a)		3,131		922,548
Advanced Energy Industries, Inc.^(a)		300		16,881
Advanced Micro Devices, Inc.^{(a) (d)}		5,945		180,550
Agilysys, Inc.^(a)		500		10,735
Akamai Technologies, Inc.^(a)		984		78,858
Alliance Data Systems Corp.		408		57,173
Ambarella, Inc.^(a)		300		13,239
Amber Road, Inc.^(a)		2,060		26,904
Amkor Technology, Inc.^(a)		1,050		7,833
Amphenol Corp. - Class A		1,600		153,504
Amtech Systems, Inc.^{(a) (d)}		4,002		22,011
Analog Devices, Inc.		2,429		274,161
Anixter International, Inc.^(a)		167		9,972
ANSYS, Inc.^(a)		500		102,410
Apple, Inc.		32,343		6,401,326
Applied Materials, Inc.		7,148		321,017
Arista Networks, Inc.^(a)		320		83,078
Arlo Technologies, Inc.^{(a) (d)}		99		397
Arrow Electronics, Inc.^(a)		500		35,635
Aspen Technology, Inc.^(a)		325		40,391
Autodesk, Inc.^(a)		1,475		240,278
Automatic Data Processing, Inc.		3,274		541,290
Avnet, Inc.		900		40,743
AVX Corp.^(d)		375		6,225
AXT, Inc.^{(a) (d)}		4,230		16,751
Badger Meter, Inc.		300		17,907
Bel Fuse, Inc. - Class B		300		5,151
Belden, Inc.^(d)		100		5,957
Benchmark Electronics, Inc.		475		11,932
Black Knight, Inc.^(a)		585		35,188
Blackbaud, Inc.^(d)		200		16,700
Booz Allen Hamilton Holding Corp.		1,000		66,210
Bottomline Technologies (de), Inc.^(a)		375		16,590
Broadcom, Inc.		2,530		728,285
Broadridge Financial Solutions, Inc.		775		98,952

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Brooks Automation, Inc.^(d)		106	$	4,108
Cabot Microelectronics Corp.		100		11,008
CACI International, Inc. - Class A^(a)		99		20,254
Cadence Design Systems, Inc.^(a)		1,902		134,681
CalAmp Corp.^{(a) (d)}		400		4,672
Calix, Inc.^(a)		175		1,148
Carbon Black, Inc.^{(a) (d)}		1,150		19,228
Carbonite, Inc.^(a)		630		16,405
Cardtronics plc - Class A^(a)		175		4,781
CDW Corp.		1,025		113,775
Ciena Corp.^{(a) (d)}		997		41,007
Cirrus Logic, Inc.^(a)		400		17,480
Cisco Systems, Inc.		29,388		1,608,405
Citrix Systems, Inc.		1,118		109,721
Cognex Corp.		1,150		55,177
Cognizant Technology Solutions Corp. - Class A		4,298		272,450
Coherent, Inc.^(a)		200		27,274
CommScope Holding Co., Inc.^(a)		1,150		18,090
CommVault Systems, Inc.^(a)		375		18,608
Comtech Telecommunications Corp.		100		2,811
Conduent, Inc.^(a)		1,399		13,416
CoreLogic, Inc.^(a)		677		28,319
Cornerstone OnDemand, Inc.^(a)		500		28,965
Corning, Inc.		6,669		221,610
Coupa Software, Inc.^(a)		290		36,717
Cray, Inc.^(a)		425		14,799
Cree, Inc.^{(a) (d)}		625		35,113
CSG Systems International, Inc.		78		3,809
CTS Corp.		100		2,758
CyberOptics Corp.^{(a) (d)}		840		13,633
Cypress Semiconductor Corp.		1,625		36,140
Daktronics, Inc.		800		4,936
Diebold Nixdorf, Inc.^(a)		650		5,954
Diodes, Inc.^(a)		300		10,911
Dolby Laboratories, Inc. - Class A		300		19,380
DXC Technology Co.		1,978		109,087

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Ebix, Inc.^(d)		31	$	1,557
EchoStar Corp. - Class A^(a)		400		17,728
eGain Corp.^(a)		2,700		21,978
Electronics For Imaging, Inc.^(a)		404		14,912
EMCORE Corp.^(a)		125		411
Entegris, Inc.^(d)		1,011		37,731
Envestnet, Inc.^(a)		375		25,639
EPAM Systems, Inc.^(a)		300		51,930
Euronet Worldwide, Inc.^(a)		349		58,716
Everspin Technologies, Inc.^{(a) (d)}		2,680		17,474
ExlService Holdings, Inc.^(a)		300		19,839
F5 Networks, Inc.^(a)		433		63,058
Fair Isaac Corp.^(a)		146		45,847
FARO Technologies, Inc.^{(a) (d)}		200		10,516
Fidelity National Information Services, Inc.		2,344		287,562
Finisar Corp.^{(a) (d)}		775		17,724
FireEye, Inc.^(a)		600		8,886
First Data Corp. - Class A^(a)		1,825		49,403
First Solar, Inc.^{(a) (d)}		400		26,272
Fiserv, Inc.^{(a) (d)}		2,396		218,419
Fitbit, Inc. - Class A^{(a) (d)}		425		1,870
Five9, Inc.^(a)		570		29,235
FleetCor Technologies, Inc.^(a)		628		176,374
FLIR Systems, Inc.		1,025		55,453
ForeScout Technologies, Inc.^(a)		590		19,977
FormFactor, Inc.^(a)		480		7,522
Fortinet, Inc.^(a)		1,075		82,592
Gartner, Inc.^(a)		581		93,506
Genpact Ltd.		1,125		42,851
Global Payments, Inc.		950		152,124
Guidewire Software, Inc.^{(a) (d)}		300		30,414
Hewlett Packard Enterprise Co.		11,547		172,628
HP, Inc.		10,922		227,067
HubSpot, Inc.^{(a) (d)}		300		51,156
I.D. Systems, Inc.^(a)		100		588
II-VI, Inc.^{(a) (d)}		375		13,710

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Infinera Corp.^{(a) (d)}		600	$	1,746
Inphi Corp.^{(a) (d)}		300		15,030
Insight Enterprises, Inc.^{(a) (d)}		200		11,640
Instructure, Inc.^(a)		470		19,975
Intel Corp.		29,498		1,412,068
Intelligent Systems Corp.^{(a) (d)}		840		24,184
InterDigital, Inc.		246		15,842
International Business Machines Corp.		6,425		886,008
inTEST Corp.^(a)		2,450		11,785
Intuit, Inc.		1,589		415,253
IPG Photonics Corp.^(a)		281		43,344
Itron, Inc.^(a)		200		12,514
j2 Global, Inc.		325		28,889
Jabil, Inc.		1,025		32,390
Jack Henry & Associates, Inc.		486		65,085
Juniper Networks, Inc.		2,190		58,320
KBR, Inc.		925		23,070
Key Tronic Corp.^(a)		600		2,988
Keysight Technologies, Inc.^(a)		1,298		116,573
Kimball Electronics, Inc.^(a)		525		8,526
KLA-Tencor Corp.		956		112,999
Knowles Corp.^(a)		458		8,386
Kulicke & Soffa Industries, Inc.		400		9,020
Lam Research Corp.		1,116		209,629
Lattice Semiconductor Corp.^(a)		200		2,918
Leidos Holdings, Inc.		931		74,340
Littelfuse, Inc.		118		20,875
LivePerson, Inc.^(a)		770		21,591
LiveRamp Holdings, Inc.^(a)		475		23,028
LogMeIn, Inc.		356		26,230
Lumentum Holdings, Inc.^{(a) (d)}		424		22,646
MACOM Technology Solutions Holdings, Inc.^{(a) (d)}		463		7,005
Manhattan Associates, Inc.^(a)		350		24,266
Marin Software, Inc.^(a)		2,840		6,986
Marvell Technology Group Ltd.^(d)		4,389		104,765
Mastercard, Inc. - Class A		6,525		1,726,057

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Maxim Integrated Products, Inc.		1,775	$	106,181
MAXIMUS, Inc.		425		30,830
MaxLinear, Inc.^(a)		475		11,134
Methode Electronics, Inc.		100		2,857
Microchip Technology, Inc.^(d)		1,574		136,466
Micron Technology, Inc.^(a)		7,002		270,207
Microsoft Corp.		51,102		6,845,623
MicroStrategy, Inc. - Class A^(a)		100		14,331
Mitek Systems, Inc.^(a)		2,920		29,025
MKS Instruments, Inc.		300		23,367
MobileIron, Inc.^(a)		3,650		22,630
Monolithic Power Systems, Inc.		200		27,156
Monotype Imaging Holdings, Inc.		350		5,894
Motorola Solutions, Inc.		1,132		188,738
Nanometrics, Inc.^(a)		200		6,942
Napco Security Technologies, Inc.^{(a) (d)}		900		26,712
National Instruments Corp.		812		34,096
NCR Corp.^(a)		925		28,768
Net Element, Inc.^{(a) (d)}		2,980		13,619
NetApp, Inc.		1,775		109,518
NETGEAR, Inc.^{(a) (d)}		50		1,265
NetScout Systems, Inc.^(a)		700		17,773
NetSol Technologies, Inc.^{(a) (d)}		2,580		14,422
New Relic, Inc.^(a)		230		19,897
NIC, Inc.		375		6,015
Nuance Communications, Inc.^{(a) (d)}		2,175		34,735
Nutanix, Inc. - Class A^(a)		470		12,192
NVE Corp.		100		6,963
NVIDIA Corp.		3,787		621,939
ON Semiconductor Corp.^(a)		2,730		55,173
OneSpan, Inc.^{(a) (d)}		450		6,377
Oracle Corp.		19,130		1,089,835
OSI Systems, Inc.^{(a) (d)}		100		11,263
Palo Alto Networks, Inc.^(a)		719		146,503
PAR Technology Corp.^{(a) (d)}		100		2,820
Park Electrochemical Corp.		600		10,014

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Paychex, Inc.		2,150	$	176,924
Paycom Software, Inc.^(a)		300		68,016
Paylocity Holding Corp.^(a)		300		28,146
PayPal Holdings, Inc.^(a)		7,725		884,204
PCM, Inc.^(a)		400		14,016
Pegasystems, Inc.		300		21,363
Perspecta, Inc.		989		23,153
PFSweb, Inc.^(a)		8		32
Plantronics, Inc.		300		11,112
Plexus Corp.^{(a) (d)}		300		17,511
Power Integrations, Inc.		300		24,054
PRGX Global, Inc.^(a)		2,150		14,448
Progress Software Corp.		200		8,724
Proofpoint, Inc.^(a)		316		37,999
PROS Holdings, Inc.^{(a) (d)}		300		18,978
PTC, Inc.^(a)		865		77,642
QUALCOMM, Inc.		9,065		689,575
Qualys, Inc.^{(a) (d)}		300		26,124
Rambus, Inc.^(a)		500		6,020
Rapid7, Inc.^(a)		540		31,234
RealPage, Inc.^(a)		325		19,126
Red Hat, Inc.^(a)		978		183,629
RF Industries Ltd.^(d)		2,570		21,691
RingCentral, Inc. - Class A^(a)		260		29,879
Rubicon Project, Inc. (The)^(a)		4,060		25,822
Rudolph Technologies, Inc.^{(a) (d)}		340		9,394
Sabre Corp.		1,400		31,080
SailPoint Technology Holdings, Inc.^{(a) (d)}		630		12,625
salesforce.com, Inc.^(a)		4,289		650,770
Sanmina Corp.^(a)		333		10,083
Science Applications International Corp.^(d)		340		29,430
Semtech Corp.^(a)		300		14,415
ServiceNow, Inc.^(a)		1,203		330,308
SharpSpring, Inc.^{(a) (d)}		1,870		24,291
Silicon Laboratories, Inc.^(a)		200		20,680
Skyworks Solutions, Inc.		1,099		84,920

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Snap, Inc. - Class A^{(a) (d)}		3,880	$	55,484
Splunk, Inc.^(a)		918		115,439
Square, Inc. - Class A^{(a) (d)}		1,090		79,058
SS&C Technologies Holdings, Inc.^(d)		1,325		76,333
SunPower Corp.^{(a) (d)}		1,300		13,897
Super Micro Computer, Inc.^{(a) (d)}		375		7,256
Sykes Enterprises, Inc.^(a)		102		2,801
Symantec Corp.		3,483		75,790
Synaptics, Inc.^{(a) (d)}		333		9,704
Synchronoss Technologies, Inc.^{(a) (d)}		325		2,571
SYNNEX Corp.		229		22,534
Synopsys, Inc.^(a)		1,117		143,747
Tech Data Corp.^(a)		211		22,071
Teradata Corp.^{(a) (d)}		1,025		36,746
Teradyne, Inc.		1,075		51,503
TESSCO Technologies, Inc.^(d)		100		1,786
Texas Instruments, Inc.		6,205		712,085
TiVo Corp.		878		6,471
Total System Services, Inc.		1,337		171,497
Trade Desk, Inc. (The) - Class A^{(a) (d)}		140		31,889
Trimble, Inc.^(a)		1,334		60,177
TTM Technologies, Inc.^(a)		488		4,978
Twilio, Inc. - Class A^{(a) (d)}		260		35,451
Tyler Technologies, Inc.^(a)		192		41,476
Unisys Corp.^(a)		427		4,150
Universal Display Corp.^(d)		270		50,776
Upland Software, Inc.^{(a) (d)}		580		26,407
USA Technologies, Inc.^{(a) (d)}		2,980		22,141
Varonis Systems, Inc.^{(a) (d)}		310		19,201
Veeco Instruments, Inc.^{(a) (d)}		400		4,888
Verint Systems, Inc.^(a)		375		20,168
VeriSign, Inc.^(a)		516		107,927
Versum Materials, Inc.		821		42,347
ViaSat, Inc.^(a)		350		28,287
Viavi Solutions, Inc.^(a)		1,328		17,649
Virtusa Corp.^(a)		400		17,772

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Information Technology - 20.9% (Continued)
Visa, Inc. - Class A^(d)		11,316	$	1,963,891
Vishay Intertechnology, Inc.		806		13,315
Vishay Precision Group, Inc.^(a)		129		5,241
VMware, Inc. - Class A		594		99,323
Western Digital Corp.^(d)		2,020		96,051
Western Union Co. (The)		2,454		48,810
WEX, Inc.^(a)		214		44,533
Workday, Inc. - Class A^(a)		195		40,088
Workiva, Inc.^(a)		440		25,560
Worldpay, Inc. - Class A^(a)		525		64,339
Xerox Corp.		1,748		61,897
Xilinx, Inc.		1,575		185,724
Xperi Corp.		400		8,236
Yext, Inc.^(a)		1,150		23,104
Zebra Technologies Corp. - Class A^(a)		225		47,135
Zendesk, Inc.^(a)		550		48,967
Zix Corp.^(a)		2,390		21,725
				40,124,426
Materials - 2.5%
AdvanSix, Inc.^(a)		250		6,108
Air Products & Chemicals, Inc.		1,460		330,500
Albemarle Corp.^(d)		745		52,455
Alcoa Corp.^(a)		1,163		27,226
Allegheny Technologies, Inc.^{(a) (d)}		775		19,530
Amcor plc^(a)		2,805		32,229
American Vanguard Corp.		400		6,164
AptarGroup, Inc.		286		35,561
Ashland Global Holdings, Inc.		467		37,346
Avery Dennison Corp.		590		68,251
Axalta Coating Systems Ltd.^(a)		675		20,095
Balchem Corp.		201		20,094
Ball Corp.		1,960		137,181
Berry Global Group, Inc.^(a)		900		47,331
Cabot Corp.		400		19,084
Carpenter Technology Corp.		200		9,596
Celanese Corp.		945		101,871

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Materials - 2.5% (Continued)
Century Aluminum Co.^{(a) (d)}		600	$	4,146
CF Industries Holdings, Inc.		1,670		78,006
Chemours Co. (The)		1,289		30,936
Clearwater Paper Corp.^{(a) (d)}		720		13,313
Cleveland-Cliffs, Inc.^(d)		1,400		14,938
Coeur Mining, Inc.^{(a) (d)}		1,110		4,817
Commercial Metals Co.^(d)		775		13,834
Compass Minerals International, Inc.		100		5,495
Core Molding Technologies, Inc.^(a)		200		1,494
Corteva, Inc.^(a)		4,773		141,138
Crown Holdings, Inc.^(a)		900		54,990
Dow, Inc.		4,773		235,357
DuPont de Nemours, Inc.		4,773		358,308
Eagle Materials, Inc.		333		30,869
Eastman Chemical Co.		990		77,052
Ecolab, Inc.		1,764		348,284
Ferro Corp.^(a)		575		9,085
Ferroglobe Representation & Warranty Insurance Trust^{(a) (b) (c)}		500		0
Flotek Industries, Inc.^{(a) (d)}		3,760		12,446
FMC Corp.		875		72,581
Freeport-McMoRan, Inc.		8,769		101,808
GCP Applied Technologies, Inc.^(a)		427		9,667
Graphic Packaging Holding Co.		1,325		18,524
Greif, Inc. - Class A		300		9,765
H.B. Fuller Co.		150		6,960
Huntsman Corp.		1,575		32,193
Ingevity Corp.^(a)		393		41,332
International Flavors & Fragrances, Inc.^(d)		471		68,337
International Paper Co.		2,867		124,198
Kaiser Aluminum Corp.		138		13,470
Kraton Corp.^(a)		300		9,321
Livent Corp.^{(a) (d)}		818		5,661
Louisiana-Pacific Corp.		825		21,631
LSB Industries, Inc.^{(a) (d)}		3,160		12,324
Martin Marietta Materials, Inc.		444		102,169

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Materials - 2.5% (Continued)
Minerals Technologies, Inc.		250	$	13,378
Mosaic Co. (The)		2,625		65,704
Myers Industries, Inc.		200		3,854
Neenah, Inc.		120		8,106
Newmont Mining Corp.		3,650		140,415
Nucor Corp.		2,045		112,679
Olin Corp.^(d)		1,020		22,348
Owens-Illinois, Inc.		1,300		22,451
P.H. Glatfelter Co.^(d)		325		5,486
Packaging Corp. of America		575		54,809
PolyOne Corp.		483		15,161
PPG Industries, Inc.		1,799		209,961
Quaker Chemical Corp.^(d)		100		20,288
Rayonier Advanced Materials, Inc.^(d)		500		3,245
Reliance Steel & Aluminum Co.		549		51,946
Royal Gold, Inc.^(d)		491		50,323
RPM International, Inc.^(d)		1,000		61,110
Schweitzer-Mauduit International, Inc.		300		9,954
Scotts Miracle-Gro Co. (The)^(d)		296		29,156
Sealed Air Corp.		1,250		53,475
Sensient Technologies Corp.^(d)		335		24,616
Sherwin-Williams Co. (The)		583		267,183
Silgan Holdings, Inc.		150		4,590
Sonoco Products Co.		725		47,372
Southern Copper Corp.^(d)		747		29,021
Steel Dynamics, Inc.		1,550		46,810
Stepan Co.^(d)		148		13,603
Summit Materials, Inc. - Class A^{(a) (d)}		571		10,992
SunCoke Energy, Inc.^(a)		564		5,008
TimkenSteel Corp.^(a)		400		3,252
Tredegar Corp.		671		11,152
Trinseo S.A.		300		12,702
UFP Technologies, Inc.^(a)		500		20,805
United States Lime & Minerals, Inc.		50		4,000
United States Steel Corp.^(d)		1,350		20,669
Valvoline, Inc.		1,282		25,037

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Materials - 2.5% (Continued)
Verso Corp. - Class A^(a)		500	$	9,525
Vulcan Materials Co.		855		117,400
W.R. Grace & Co.		427		32,499
Westlake Chemical Corp.^(d)		202		14,031
WestRock Co.		1,534		55,945
Worthington Industries, Inc.		225		9,059
				4,794,191
Real Estate - 4.2%
Acadia Realty Trust^(d)		676		18,502
Agree Realty Corp.^(d)		300		19,215
Alexander & Baldwin, Inc.		213		4,920
Alexandria Real Estate Equities, Inc.^(d)		601		84,795
American Assets Trust, Inc.		425		20,026
American Campus Communities, Inc.		982		45,329
American Homes 4 Rent - Class A		1,700		41,327
American Tower Corp.		2,896		592,086
Apartment Investment & Management Co. - Class A		1,381		69,216
Apple Hospitality REIT, Inc.		1,975		31,324
Ashford Hospitality Trust, Inc.		544		1,616
AvalonBay Communities, Inc.		1,099		223,295
Boston Properties, Inc.		1,243		160,347
Braemar Hotels & Resorts, Inc.		130		1,287
Brandywine Realty Trust		1,413		20,234
Brixmor Property Group, Inc.		2,275		40,677
Camden Property Trust		725		75,683
CareTrust REIT, Inc.		403		9,583
CBRE Group, Inc. - Class A^(a)		2,425		124,402
Chatham Lodging Trust		425		8,020
Chesapeake Lodging Trust		625		17,763
Colony Capital, Inc.		3,575		17,875
Columbia Property Trust, Inc.		1,075		22,296
CoreCivic, Inc.		799		16,587
CoreSite Realty Corp.		300		34,551
Corporate Office Properties Trust		850		22,415
Cousins Properties, Inc.^(d)		839		30,347
Crown Castle International Corp.		2,435		317,401

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Real Estate - 4.2% (Continued)
CubeSmart		1,412	$	47,217
CyrusOne, Inc.^(d)		725		41,847
DiamondRock Hospitality Co.		1,727		17,857
Digital Realty Trust, Inc.^(d)		1,631		192,115
Douglas Emmett, Inc.		1,300		51,792
Duke Realty Corp.		2,726		86,169
EastGroup Properties, Inc.		262		30,387
Empire State Realty Trust, Inc. - Class A		775		11,478
EPR Properties		422		31,477
Equinix, Inc.		530		267,274
Equity Commonwealth		993		32,292
Equity LifeStyle Properties, Inc.		739		89,670
Equity Residential		2,904		220,472
Essex Property Trust, Inc.		472		137,791
Extra Space Storage, Inc.		989		104,933
Federal Realty Investment Trust		520		66,955
First Industrial Realty Trust, Inc.		1,025		37,659
Four Corners Property Trust, Inc.		444		12,135
Franklin Street Properties Corp.		950		7,011
Front Yard Residential Corp.		33		403
Gaming and Leisure Properties, Inc.		1,217		47,439
Getty Realty Corp.		402		12,366
Global Medical REIT, Inc.		1,810		19,005
HCP, Inc.^(d)		3,775		120,725
Healthcare Realty Trust, Inc.		875		27,405
Healthcare Trust of America, Inc. - Class A		1,025		28,116
Hersha Hospitality Trust		550		9,097
HFF, Inc. - Class A^(d)		75		3,411
Highwoods Properties, Inc.		800		33,040
Hospitality Properties Trust		1,325		33,125
Host Hotels & Resorts, Inc.		5,974		108,846
Howard Hughes Corp. (The)^(a)		321		39,753
Hudson Pacific Properties, Inc.		1,225		40,756
Industrial Logistics Properties Trust^(d)		175		3,644
Investors Real Estate Trust		180		10,561
Invitation Homes, Inc.		871		23,282

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Real Estate - 4.2% (Continued)
Iron Mountain, Inc.^(d)		1,372	$	42,944
JBG SMITH Properties		764		30,056
Jones Lang LaSalle, Inc.		284		39,955
Kennedy-Wilson Holdings, Inc.		925		19,027
Kilroy Realty Corp.^(d)		700		51,667
Kimco Realty Corp.^(d)		3,350		61,908
Kite Realty Group Trust		725		10,969
Lamar Advertising Co. - Class A		400		32,284
Lexington Realty Trust		1,125		10,586
Liberty Property Trust		1,225		61,299
Life Storage, Inc.		350		33,278
LTC Properties, Inc.		50		2,283
Macerich Co. (The)^(d)		803		26,892
Mack-Cali Realty Corp.		725		16,885
Medical Properties Trust, Inc.		1,500		26,160
Mid-America Apartment Communities, Inc.		859		101,156
National Health Investors, Inc.		325		25,360
National Retail Properties, Inc.		900		47,709
New Senior Investment Group, Inc.^(d)		695		4,670
New York REIT Liquidating, LLC^{(a) (b) (c) (d)}		130		1,715
Newmark Group, Inc. - Class A^(d)		765		6,870
NorthStar Realty Europe Corp.^(d)		542		8,905
Office Properties Income Trust^(d)		228		5,990
Omega Healthcare Investors, Inc.^(d)		1,749		64,276
Outfront Media, Inc.		336		8,665
Paramount Group, Inc.		1,800		25,218
Park Hotels & Resorts, Inc.		227		6,256
Pebblebrook Hotel Trust^(d)		1,188		33,478
Pennsylvania Real Estate Investment Trust^(d)		775		5,038
Physicians Realty Trust		900		15,696
Piedmont Office Realty Trust, Inc. - Class A		1,275		25,411
Plymouth Industrial REIT, Inc.^(d)		1,130		21,402
PotlatchDeltic Corp.		298		11,616
Prologis, Inc.		4,883		391,127
PS Business Parks, Inc.		200		33,706
Public Storage		1,249		297,473

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Real Estate - 4.2% (Continued)
Rafael Holdings, Inc. - Class B^{(a) (d)}		1,018	$	29,268
Rayonier, Inc.		826		25,028
Realty Income Corp.		1,700		117,249
Regency Centers Corp.		1,182		78,887
Retail Opportunity Investments Corp.		725		12,419
Retail Properties of America, Inc. - Class A		2,075		24,402
Retail Value, Inc.		144		5,011
RLJ Lodging Trust^(d)		1,633		28,969
RMR Group, Inc. (The) - Class A		71		3,336
RPT Realty^(d)		1,000		12,110
Ryman Hospitality Properties, Inc.^(d)		525		42,572
Sabra Health Care REIT, Inc.^(d)		1,436		28,275
SBA Communications Corp.^(a)		920		206,853
Senior Housing Properties Trust		2,075		17,160
Simon Property Group, Inc.		2,553		407,866
SITE Centers Corp.		1,410		18,668
SL Green Realty Corp.		776		62,367
Spirit MTA REIT		300		2,502
Spirit Realty Capital, Inc.^(d)		600		25,596
St. Joe Co. (The)^{(a) (d)}		500		8,640
STAG Industrial, Inc.		450		13,608
STORE Capital Corp.		675		22,403
Summit Hotel Properties, Inc.		975		11,183
Sun Communities, Inc.		500		64,095
Sunstone Hotel Investors, Inc.^(d)		1,840		25,226
Tanger Factory Outlet Centers, Inc.^(d)		775		12,563
Taubman Centers, Inc.		500		20,415
Tejon Ranch Co.^(a)		50		830
Terreno Realty Corp.		275		13,486
UDR, Inc.		2,028		91,037
Uniti Group, Inc.^(d)		1,228		11,666
Universal Health Realty Income Trust		200		16,986
Urban Edge Properties		811		14,055
Urstadt Biddle Properties, Inc. - Class A		500		10,500
Ventas, Inc.		2,665		182,153
VEREIT, Inc.		6,175		55,637

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Real Estate - 4.2% (Continued)
Vornado Realty Trust		1,528	$	97,945
Washington Prime Group, Inc.^(d)		1,617		6,177
Washington Real Estate Investment Trust^(d)		450		12,029
Weingarten Realty Investors		1,050		28,791
Welltower, Inc.		2,820		229,915
Weyerhaeuser Co.		5,677		149,532
Xenia Hotels & Resorts, Inc.^(d)		900		18,765
				7,992,729
Utilities - 3.2%
AES Corp.		4,360		73,074
ALLETE, Inc.		425		35,364
Alliant Energy Corp.		1,375		67,485
Ameren Corp.		1,625		122,054
American Electric Power Co., Inc.		3,355		295,274
American States Water Co.		100		7,524
American Water Works Co., Inc.		1,190		138,039
Aqua America, Inc.		1,326		54,857
Atmos Energy Corp.		760		80,225
Avangrid, Inc.		550		27,775
Avista Corp.		250		11,150
Black Hills Corp.		430		33,613
California Water Service Group^(d)		415		21,011
CenterPoint Energy, Inc.		2,900		83,027
CMS Energy Corp.		1,800		104,238
Consolidated Edison, Inc.		2,169		190,178
Dominion Energy, Inc.		4,617		356,987
DTE Energy Co.		1,023		130,821
Duke Energy Corp.		4,412		389,315
Edison International		2,291		154,436
El Paso Electric Co.		100		6,540
Entergy Corp.		1,150		118,370
Evergy, Inc.		1,715		103,157
Eversource Energy		2,092		158,490
Exelon Corp.		4,631		222,010
FirstEnergy Corp.^(d)		3,030		129,714
Genie Energy Ltd. - Class B^(d)		7,016		74,720

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Utilities - 3.2% (Continued)
Hawaiian Electric Industries, Inc.		800	$	34,840
IDACORP, Inc.		313		31,435
MDU Resources Group, Inc.		1,075		27,735
MGE Energy, Inc.^(d)		150		10,962
Middlesex Water Co.^(d)		780		46,215
National Fuel Gas Co.^(d)		650		34,288
New Jersey Resources Corp.^(d)		500		24,885
NextEra Energy, Inc.		3,223		660,265
NiSource, Inc.		2,140		61,632
Northwest Natural Holding Co.		300		20,850
NorthWestern Corp.		400		28,860
NRG Energy, Inc.		2,772		97,353
OGE Energy Corp.		1,175		50,008
ONE Gas, Inc.		287		25,916
Ormat Technologies, Inc.		175		11,093
Otter Tail Corp.		350		18,484
PG&E Corp.^(a)		3,350		76,782
Pinnacle West Capital Corp.		716		67,368
PNM Resources, Inc.		400		20,364
Portland General Electric Co.		500		27,085
PPL Corp.^(d)		4,700		145,747
Public Service Enterprise Group, Inc.		3,600		211,752
Sempra Energy		1,737		238,733
SJW Group		180		10,939
South Jersey Industries, Inc.		1,090		36,766
Southern Co. (The)		6,540		361,531
Southwest Gas Holdings, Inc.		325		29,127
Spire, Inc.		350		29,372
TerraForm Power, Inc. - Class A		2,090		29,887
UGI Corp.		1,805		96,404
Vistra Energy Corp.^(d)		2,177		49,287
WEC Energy Group, Inc.		2,039		169,991
Xcel Energy, Inc.		3,600		214,164

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 98.3% (Continued)	Shares		Value
Utilities - 3.2% (Continued)
York Water Co. (The)		290	$	10,359
				6,199,927

Total Common Stocks(Cost $55,368,066)			$	188,537,603

RIGHTS - 0.0%^(e)	Shares		Value
AMR Corp., Escrow^{(a) (b) (c)}		3,275	$	426
Galectin Therapeutics, Inc.^{(a) (b) (c)}		3,690		0
Hertz Global Holdings, Inc.^{(a) (b) (c) (d)}		430		838
Media General, Inc. - CVR^{(a) (b) (c) (d)}		794		0
Schulman A, Inc.^{(a) (b) (c)}		81		0
Total Rights(Cost $2,185)			$	1,264

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.6%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(f)		2,444,764	$	2,444,764
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(f) (g)}		738,590		738,590
Total Money Market Funds(Cost $3,183,354)			$	3,183,354

Total Investments at Value - 99.9%(Cost $58,553,605)			$	191,722,221

Other Assets in Excess of Liabilities - 0.1%				135,233

Net Assets - 100.0%			$	191,857,454

^(a)	Non-income producing security.
^(b)	Illiquid security. The total value of such securities is $3,042 as of June 30, 2019, representing 0.0%^(e)of net assets.
^(c)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities was $3,042 as of June 30, 2019, representing 0.0%^(e) of net assets.
^(d)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $11,889,763.
^(e)	Percentage rounds to less than 0.1%.
^(f)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(g)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $738,590. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,296,734.

CVR -

Contingent Value Right.

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS

June 30, 2019 (Unaudited)

COMMON STOCKS - 97.8%	Shares		Value
Argentina - 0.0% (a)
Transportadora de Gas del Sur S.A. - B Shares^(b)		2,300	$	33,258

Australia - 3.3%
AGL Energy Ltd.^(c)		6,398		89,978
Alumina Ltd.^(c)		135,008		221,608
Appen Ltd.^(c)		5,086		100,471
Aristocrat Leisure Ltd.^(c)		5,169		111,734
ASX Ltd.^(c)		4,258		246,696
Aurizon Holdings Ltd.^(c)		25,236		95,800
Beach Energy Ltd.^(c)		53,541		75,301
BHP Billiton Ltd.^(c)		39,417		1,145,795
BlueScope Steel Ltd.^(c)		4,292		36,495
Brickworks Ltd.^(c)		18,058		206,722
Charter Hall Education Trust^(c)		25,187		64,408
Charter Hall Group^(c)		31,266		238,088
Charter Hall Long Wale REIT^(c)		11,070		38,951
CIMIC Group Ltd.^{(b) (c)}		7,529		236,753
Cochlear Ltd.^(c)		2,386		347,392
Computershare Ltd.^(c)		14,370		163,886
CSL Ltd.^(c)		34,128		5,167,794
EML Payments Ltd.^{(c) (d)}		16,752		34,882
Goodman Group^(c)		31,874		336,901
IDP Education Ltd.^(c)		4,233		52,634
Iluka Resources Ltd.^(c)		41,318		313,712
Independence Group NL^(c)		13,536		45,038
Inghams Group Ltd.^(c)		59,831		168,908
Insurance Australia Group Ltd.^(c)		44,153		256,351
IRESS Ltd.^(c)		14,982		146,775
JB Hi-Fi Ltd.^(c)		10,381		188,552
Jupiter Mines Ltd.^(c)		240,988		58,494
Lovisa Holdings Ltd.^(c)		4,459		35,652
Macquarie Group Ltd.^(c)		5,616		495,365
Medibank Private Ltd.^(c)		85,832		210,607
Metcash Ltd.^(c)		38,017		68,760
Mineral Resources Ltd.^(c)		3,846		40,613

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Australia - 3.3% (Continued)
National Storage REIT^(c)		121,971	$	149,982
Nearmap Ltd.^{(c) (d)}		12,500		33,343
Newcrest Mining Ltd.^(c)		9,836		220,978
Platinum Asset Management Ltd.^(c)		44,729		152,610
Rhipe Ltd.^(c)		21,399		43,044
Rio Tinto Ltd.^(c)		2,653		194,267
Sandfire Resources NL^(c)		7,377		34,785
Saracen Mineral Holdings Ltd.^{(c) (d)}		28,167		72,919
Service Stream Ltd.^(c)		60,276		119,046
Silver Lake Resources Ltd.^{(c) (d)}		45,560		40,341
South32 Ltd.^(c)		10,223		22,916
Super Retail Group Ltd.^(c)		15,767		91,261
Telstra Corp. Ltd.^(c)		82,559		223,248
Wesfarmers Ltd.^(c)		5,197		132,109
Whitehaven Coal Ltd.^(c)		13,454		34,669
				12,606,634
Austria - 0.3%
ams AG^(c)		1,723		67,460
BAWAG Group AG^(c)		4,179		175,045
EVN AG^(c)		2,273		34,331
Porr AG^(c)		2,081		45,897
Raiffeisen Bank International AG^(c)		9,307		218,542
S IMMO AG^(c)		5,593		121,065
Telekom Austria AG		18,402		138,946
Wienerberger AG^(c)		7,467		184,266
				985,552
Belgium - 0.6%
Aedifica S.A.^(c)		2,139		204,212
Anheuser-Busch InBev S.A./N.V.^(c)		7,355		650,869
Befimmo S.A.^(c)		1,557		89,544
Fagron^(c)		1,756		35,710
Intervest Offices & Warehouses N.V.^(c)		1,828		51,368
KBC Group N.V.^(c)		19,773		1,297,654
Montea C.V.A.^(c)		1,274		109,201
				2,438,558

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Bermuda - 0.4%
Alibaba Health Information Technology Ltd.^{(b) (c) (d)}		4,000	$	3,834
China Gas Holdings Ltd.^{(b) (c) (d)}		50,200		186,548
China Water Affairs Group Ltd.^{(c) (d)}		152,000		149,669
Chow Sang Sang Holdings International Ltd.^(c)		34,000		50,140
CK Infrastructure Holdings Ltd.^(c)		15,000		122,257
Cosan Ltd. - Class A^(d)		3,600		48,096
Fly Leasing Ltd.^(d)		8,300		144,503
Frontline Ltd.^{(c) (d)}		4,236		34,399
Gemdale Properties & Investment Corp. Ltd.^(c)		946,000		112,688
Hongkong Land Holdings Ltd.^(c)		40,900		263,631
Hopson Development Holdings Ltd.^(c)		92,000		99,525
K Wah International Holdings Ltd.^(c)		79,000		46,120
Kerry Properties Ltd.^(c)		15,000		63,009
Luye Pharma Group Ltd.^{(b) (c)}		110,500		80,144
				1,404,563
Brazil - 1.0%
Ambev S.A.		112,400		523,417
Azul S.A.^(d)		5,500		61,767
B3 SA - Brasil Bolsa Balcao		12,000		117,293
Banco do Brasil S.A.		1,400		19,609
Banco do Estado do Rio Grande		19,200		119,812
Banco Santander Brasil S.A.		14,500		173,150
BB Seguridade Participacoes S.A.		47,000		398,439
Cia de Saneamento Basico do Estado de Sao Paulo		22,400		274,428
Cia Hering		4,800		37,504
Cosan Logistica S.A.^(d)		15,600		71,914
EDP - Energias do Brasil S.A.		10,300		51,130
Embraer S.A.		8,200		41,389
ENEVA S.A.^(d)		17,600		110,470
Estacio Participacoes S.A.		10,600		80,833
Instituto Hermes Pardini S.A.		7,000		35,095
Itau Unibanco Holding S.A.		33,800		318,757
JBS S.A.		14,400		78,983
JSL S.A.		20,600		77,366
Kroton Educacional S.A.		15,700		44,897
Localiza Rent a Car S.A.		2,600		27,553

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Brazil - 1.0% (Continued)
Porto Seguro S.A.		1,200	$	16,252
Qualicorp Consultoria e Corretora de Seguros S.A.		21,500		129,741
Rumo S.A.^(d)		4,200		22,752
Ser Educacional S.A.		5,700		37,247
Sul America S.A.		13,000		127,170
TIM Participacoes S.A.		82,200		246,840
Vale S.A.		33,296		449,283
WEG S.A.		1,000		5,618
				3,698,709
Canada - 6.0%
Aecon Group, Inc.		8,200		120,026
Aimia, Inc.^(d)		12,600		36,751
Alimentation Couche-Tard, Inc. - Class B		2,700		169,895
AltaGas Canada, Inc.		2,000		36,544
Badger Daylighting Ltd.		2,100		76,613
Bank of Montreal		2,300		173,720
Brookfield Asset Management, Inc. - Class A		5,000		239,182
BRP, Inc.		3,400		121,496
CAE, Inc.		3,200		86,031
Canadian National Railway Co.		3,900		360,915
Canadian Natural Resources Ltd.		11,500		310,051
Canadian Pacific Railway Ltd.		20,273		4,769,021
Canadian Solar, Inc.^{(b) (d)}		3,600		78,588
Cascades, Inc.		14,700		118,303
CCL Industries, Inc. - Class B		1,200		58,842
Centerra Gold, Inc.^(d)		9,100		64,063
Chartwell Retirement Residences		18,600		215,161
CI Financial Corp.		22,900		373,137
Cineplex Inc.		13,400		235,224
Computer Modelling Group Ltd.		10,300		57,254
Constellation Software, Inc.		400		376,965
Crescent Point Energy Corp.		11,500		38,021
Detour Gold Corp.^(d)		3,300		41,626
Dollarama, Inc.		63,140		2,221,063
Dream Industrial Real Estate Investment Trust		32,400		291,921
Element Fleet Management Corp.		4,800		35,038

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Canada - 6.0% (Continued)
Enerflex Ltd.		6,600	$	85,923
Enghouse Systems Ltd.^(d)		4,700		124,276
Equitable Group, Inc.		2,200		121,937
ERO Copper Corp.^(d)		2,700		45,726
Fiera Capital Corp.		5,000		43,064
FirstService Corp.		1,200		115,449
Franco-Nevada Corp.		5,100		432,831
Home Capital Group, Inc.^(d)		3,200		47,377
iA Financial Corp., Inc.		3,300		134,402
IGM Financial, Inc.		2,600		74,228
Kirkland Lake Gold Ltd.		6,000		258,477
Labrador Iron Ore Royalty Corp.		4,000		106,958
Largo Resources Ltd.^(d)		23,600		32,616
Manulife Financial Corp.		21,200		385,257
NFI Group, Inc.		11,800		332,465
North American Construction Group Ltd.		5,700		61,410
Northland Power, Inc.		13,900		270,641
Open Text Corp.		3,800		156,797
Parex Resources, Inc.^(d)		14,900		239,029
Park Lawn Corp.		1,500		32,951
PrairieSky Royalty Ltd.		16,500		231,814
Precision Drilling Corp.^(d)		43,100		80,956
Restaurant Brands International, Inc.		500		34,768
Rogers Communications, Inc. - Class B		2,100		112,402
Royal Bank of Canada		8,400		667,488
Shopify, Inc. - Class A^(d)		400		120,208
Shopify, Inc. - Class A^{(b) (d)}		18,322		5,499,349
SmartCentres Real Estate Investment Trust		17,600		446,293
Summit Industrial Income REIT		36,600		359,944
Suncor Energy, Inc.		8,100		252,648
Surge Energy, Inc.		38,700		37,823
Tamarack Valley Energy Ltd.^(d)		26,400		42,130
Teck Resources Ltd. - Class B		7,700		177,674
TFI International, Inc.		5,400		163,401
Thomson Reuters Corp.		6,200		399,930
TMX Group Ltd.		8,300		577,344

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Canada - 6.0% (Continued)
Toronto-Dominion Bank (The)		200	$	11,685
Tricon Capital Group, Inc.		10,200		77,882
Viemed Healthcare, Inc.^(d)		4,700		32,047
Whitecap Resources, Inc.		14,100		45,756
				23,178,807
Cayman Islands - 2.8%
Alibaba Group Holding Ltd. - ADR^(d)		1,800		305,010
Apex International Co. Ltd.^{(c) (d)}		21,000		37,135
Autohome, Inc. - ADR^{(b) (d)}		800		68,496
Baidu, Inc. - ADR^(d)		6,274		736,317
C&D International Investment Group Ltd.^{(c) (d)}		41,000		51,331
China Medical System Holdings Ltd.^(c)		179,000		164,384
China Overseas Property Holdings Ltd.^(c)		60,000		31,282
China Tian Lun Gas Holdings Ltd.^(c)		118,000		135,382
CK Asset Holdings Ltd.^(c)		72,000		564,066
CK Hutchison Holdings Ltd.^(c)		41,000		404,423
Comba Telecom Systems Holdings Ltd.^(c)		232,000		51,790
Country Garden Holdings Co. Ltd.^{(b) (c)}		63,000		95,778
Country Garden Services Holdings Co. Ltd.^(c)		71,000		164,062
Dongyue Group Ltd.^(c)		127,000		78,110
Greenland Hong Kong Holdings Ltd.^{(c) (d)}		92,000		36,648
Hengan International Group Co. Ltd.^{(b) (c)}		17,000		125,178
JD.com, Inc. - ADR^(d)		16,000		484,640
Kaisa Group Holdings Ltd.^(c)		103,000		50,886
Kingdee International Software Group Co. Ltd.^{(b) (c)}		36,000		38,999
Logan Property Holdings Co. Ltd.^(c)		16,000		25,873
Momo, Inc. - ADR		5,600		200,480
NetEase, Inc. - ADR		1,300		332,501
New Oriental Education & Technology Group, Inc. - ADR^(d)		3,500		338,030
Nexteer Automotive Group Ltd.^(c)		22,000		27,395
Qudian, Inc. - ADR^{(b) (d)}		4,500		33,750
Sands China Ltd.^(c)		16,800		80,257
SSY Group Ltd.		184,000		166,298
TAL Education Group - ADR^(d)		6,200		236,220
Tencent Holdings Ltd.^(c)		114,005		5,157,639

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Cayman Islands - 2.8% (Continued)
Tiangong International Co. Ltd.^(c)		180,000	$	56,868
Tingyi (Cayman Islands) Holding Corp.^(c)		164,000		273,984
TOPBI International Holdings Ltd.^{(c) (d)}		24,000		66,039
				10,619,251
Chile - 0.1%
AES Gener S.A.		349,911		96,183
Enel Americas S.A.		863,852		152,358
Inversiones Aguas Metropolitanas S.A.		53,976		83,639
				332,180
China - 0.7%
Air China Ltd. - H Shares^(c)		26,000		26,144
Asia Cement China Holdings Corp.^(c)		60,500		97,005
China Construction Bank Corp. - H Shares^(c)		536,000		462,045
China Life Insurance Co. Ltd. - H Shares^(c)		273,000		674,780
China Merchants Bank Co. Ltd. - H Shares^(c)		6,000		29,775
China Pacific Insurance Co. Ltd. - H Shares^(c)		25,000		97,783
China Shenhua Energy Co. Ltd. - H Shares^(c)		51,500		107,873
Fantasia Holdings Group Co. Ltd.^(c)		450,000		82,286
Hisense Home Appliances Group Co. Ltd. - H Shares^{(c) (d)}		44,000		53,503
Industrial & Commercial Bank of China Ltd. - H Shares^(c)		548,000		400,006
PetroChina Co. Ltd. - H Shares^(c)		270,000		148,878
PICC Property & Casualty Co. Ltd. - H Shares^(c)		4,000		4,316
Ping an Insurance Group Co. of China Ltd. - H Shares^(c)		14,000		168,352
Poly Property Group Co. Ltd.^(c)		97,000		35,548
PPDAI Group, Inc. - ADR^(b)		9,400		40,890
Shanghai Haohai Biological Technology Co. Ltd. - H Shares^(c)		8,100		44,151
Shenzhen Expressway Co. Ltd. - H Shares^(c)		118,000		141,851
Shougang Fushan Resources Group Ltd.^(c)		252,000		54,874
Sihuan Pharmaceutical Holdings Group Ltd.^(c)		214,000		48,303
West China Cement Ltd.^(c)		260,000		39,965
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. - H Shares^(c)		16,600		83,099
				2,841,427

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Cyprus - 0.0% (a)
TCS Group Holding plc^(c)		4,086	$	80,109

Czech Republic - 0.4%
CEZ A/S^(c)		63,451		1,533,398
Komercní banka a.s.^(c)		59		2,351
				1,535,749
Denmark - 3.2%
A.P. Moller-Maerska A/S - Series B^{(b) (c)}		2,466		3,068,594
Carlsberg A/S - Series B^(c)		447		59,317
Chr. Hansen Holding A/S^(c)		30,761		2,894,869
Danske Bank A/S^(c)		77,627		1,229,911
DSV A/S^(c)		29,869		2,941,304
Genmab A/S^{(c) (d)}		275		50,613
ISS A/S^(c)		1,223		36,976
Novo Nordisk A/S - Class B^(c)		25,412		1,298,019
Pandora A/S^(c)		1,307		46,504
Per Aarsleff Holdings A/S^(c)		2,254		80,456
Royal Unibrew A/S^(c)		661		48,325
SimCorp A/S^(c)		3,633		351,694
Topdanmark A/S^(c)		616		34,766
Vestas Wind Systems A/S^(c)		512		44,358
				12,185,706
Finland - 0.4%
Fortum OYJ^(c)		2,628		58,085
Huhtamaki OYJ^(c)		2,767		113,802
Kemira OYJ^(c)		12,591		185,361
Neste OYJ^(c)		8,315		282,699
Rovio Entertainment OYJ^(c)		7,386		59,981
Sampo OYJ - A Shares^(c)		10,727		506,378
UPM-Kymmene OYJ^(c)		7,712		205,201
Valmet OYJ^{(b) (c)}		5,026		125,390
				1,536,897
France - 9.2%
Air France-KLM^{(c) (d)}		13,849		133,067
Amundi S.A.^(c)		24,570		1,715,531
Bouygues S.A.^(c)		17,110		633,657

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
France - 9.2% (Continued)
Bureau Veritas S.A.^(c)		16,824	$	415,278
Capgemini SE^(c)		871		108,298
Coface S.A.^(c)		8,175		82,459
Danone S.A.^(c)		2,903		245,812
Dassault Aviation S.A.^(c)		188		270,302
Dassault Systemes S.A.^(c)		2,444		389,844
Eiffage S.A.^(c)		406		40,126
Elis S.A.^(c)		13,602		246,612
Engie S.A.^(c)		9,896		150,063
Eramet^(c)		675		44,928
EssilorLuxottica S.A.^(c)		18,816		2,453,511
EssilorLuxottica S.A.^(c)		12,710		1,656,448
Eutelsat Communications S.A.^(c)		4,506		84,157
Faurecia S.A.^(c)		3,301		153,112
Fnac Darty S.A.^{(c) (d)}		477		35,433
Gaztransport Et Technigaz S.A.^(c)		1,326		133,018
Hermes International S.A.^(c)		1,138		820,411
Ingenico Group S.A.^(c)		2,693		238,342
Ipsen S.A.^(c)		859		117,168
Kering S.A.^(c)		444		262,068
Lagardere S.C.A.^(c)		14,244		371,110
Legrand S.A.^(c)		1,615		118,075
L'Oréal^(c)		3,304		939,452
LVMH Moet Hennessy Louis Vuitton SE^(c)		13,602		5,782,755
Mersen S.A.^{(c) (d)}		2,822		108,263
Neopost S.A.^(c)		1,620		34,660
Pernod Ricard S.A.^(c)		18,274		3,365,756
Publicis Groupe S.A.^(c)		42,319		2,233,709
Rexel S.A.^(c)		278,831		3,539,145
Rubis S.C.A.^(c)		641		36,092
Safran S.A.^(c)		690		100,945
Sanofi S.A.^(c)		9,641		833,226
Schneider Electric SE^(c)		32,150		2,909,124
SCOR SE^(c)		15,348		672,861
SOITEC^{(c) (d)}		965		105,574
Total S.A.^(c)		16,809		942,913

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
France - 9.2% (Continued)
Ubisoft Entertainment S.A.^{(c) (d)}		29,261	$	2,288,540
Unione di Banche Italiane SpA^{(b) (c)}		46,275		126,346
Vinci S.A.^(c)		770		78,639
Wendel S.A.^(c)		1,265		172,460
				35,189,290
Germany - 3.2%
adidas AG^(c)		14,148		4,377,118
ADVA Optical Networking SE^{(c) (d)}		4,649		34,022
AIXTRON SE^(d)		3,939		37,598
Allianz SE^(c)		3,490		841,733
Amadeus Fire AG^(c)		581		79,104
BASF SE^(c)		2,287		166,383
Bauer AG^(c)		2,298		63,356
CompuGroup Medical SE^(c)		2,269		183,254
Corestate Capital Holding S.A.^(c)		3,380		115,584
Dermapharm Holding SE^(c)		1,418		48,923
Deutsche EuroShop AG^(c)		3,423		94,603
Deutsche Pfandbriefbank AG^(c)		7,519		90,541
Deutz AG^(c)		9,445		91,889
Eckert & Ziegler Strahlen- und Medizintechnik AG^(c)		874		102,943
Encavis AG^(c)		7,191		56,044
Evotec SE^{(c) (d)}		4,341		121,542
Freenet AG^(c)		4,499		90,011
Fresenius SE & Co. KGaA^(c)		178		9,666
Gerresheimer AG^(c)		4,340		319,893
Hannover Rueck SE^(c)		2,127		343,934
Isra Vision AG^(c)		425		18,938
KION Group AG^(c)		3,365		212,813
Merck KGaA^(c)		1,233		128,793
MTU Aero Engines AG^(c)		137		32,677
Rheinmetall AG^(c)		2,152		263,760
Salzgitter AG^(c)		3,349		95,973
SAP SE^(c)		4,967		680,958
Siemens AG^(c)		4,706		560,294
Stoeer SE & Co. KGaA^(c)		1,038		77,984
Symrise AG^(c)		277		26,673

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Germany - 3.2% (Continued)
Volkswagon AG^(c)		16,862	$	2,892,378
Wirecard AG^(c)		168		28,362
Wuestenrot & Wuerttembergische AG^(c)		2,299		49,463
XING SE^(c)		204		87,223
				12,424,430
Greece - 0.0% (a)
FF Group^{(d) (e) (f)}		2,880		0
Motor Oil Hellas Corinth Refineries S.A^(c)		1,788		45,763
OPAP S.A.^(c)		2,091		23,455
				69,218
Guernsey - 0.0% (a)
Picton Property Income Ltd. (The)^(c)		48,519		60,421
Regional REIT Ltd.^(c)		54,950		75,460
Standard Life Investment Property Income Trust Ltd.^(c)		57,243		68,477
				204,358
Hong Kong - 4.1%
AIA Group Ltd.^(c)		453,465		4,897,038
Beijing Enterprises Water Group Ltd.^(c)		2,000		1,189
BOC Hong Kong Holdings Ltd.^(c)		80,000		314,979
Champion REIT^(c)		306,000		254,978
China Merchants Holdings Ltd.^(c)		42,000		71,472
China Mobile Ltd.^(c)		95,500		869,420
China Overseas Grand Oceans Group Ltd.^(c)		83,000		36,554
China Resources Power Holdings Co. Ltd.^(c)		2,100,504		3,063,958
China Taiping Insurance Holdings Co. Ltd.^{(c) (d)}		59,800		160,192
China Unicom Hong Kong Ltd.^(c)		152,000		166,201
CITIC Ltd.^(c)		9,000		12,954
CITIC Securities Co. Ltd.^{(c) (d)}		10,500		21,900
CNOOC Ltd.^(c)		141,000		240,518
Dah Sing Financial Holdings Ltd.^(c)		23,600		110,277
Fosun International Ltd.^(c)		230,500		306,897
Hang Lung Group Ltd.^(c)		58,000		160,991
Hang Lung Properties Ltd.^(c)		17,000		40,444
Hang Seng Bank Ltd.^(c)		23,100		574,983
Henderson Land Development Co. Ltd.^(c)		85,800		473,055
HKT Trust and HKT Ltd.^(c)		78,000		123,821

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Hong Kong - 4.1% (Continued)
Hong Kong Exchanges & Clearing Ltd.^(c)		23,200	$	819,909
Kingsoft Corp. Ltd.^{(b) (c)}		11,000		23,826
Lenovo Group Ltd.^(c)		2,961,000		2,292,708
MTR Corp. Ltd.^(c)		5,000		33,680
Power Assets Holdings Ltd.^(c)		11,000		79,136
Sany Heavy Equipment International Holdings Co. Ltd.^(c)		194,000		70,119
Shanghai Industrial Holdings Ltd.^(c)		26,000		56,376
Shui On Land Ltd.^(c)		827,500		191,999
Wheelock & Co. Ltd.^(c)		1,000		7,181
Wynn Macau Ltd.^(c)		19,200		42,983
				15,519,738
Hungary - 0.0% (a)
Magyar Telekom Telecommunications plc^(c)		45,164		66,965
OTP Bank plc^(c)		1,795		71,482
				138,447
India - 1.4%
Ashok Leyland Ltd.^(c)		20,919		26,458
Bharti Infratel Ltd.^(c)		898		3,478
Container Corp. of India Ltd.^(c)		11,478		94,856
Graphite India Ltd.^(c)		11,340		55,055
HDFC Bank Ltd. - ADR		33,986		4,419,539
Just Dial Ltd.^{(c) (d)}		3,342		36,877
NCC Ltd.^{(c) (d)}		29,132		41,174
Power Finance Corp.^{(c) (d)}		103,759		201,942
REC Ltd.^(c)		78,710		188,027
SpiceJet Ltd.^{(c) (d)}		22,619		41,006
Steel Authority of India Ltd.^{(c) (d)}		94,261		69,371
Sterlite Technologies Ltd.^{(c) (d)}		13,611		34,653
Union Bank of India^{(c) (d)}		61,959		72,818
Zee Entertainment Enterprises Ltd.^(c)		1,073		5,276
				5,290,530
Indonesia - 0.2%
Hanjaya Mandala Sampoerna Tbk PT^(c)		831,700		185,150
Surya Citra Media Tbk PT^(c)		323,800		36,934
United Tractors Tbk PT^(c)		204,500		408,071

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Indonesia - 0.2% (Continued)
Wijaya Karya Persero Tbk PT^(c)		219,600	$	37,766
				667,921
Ireland - 2.1%
Accenture plc - Class A		25,392		4,691,679
C&C Group plc^(c)		36,389		161,672
DCC plc^(c)		1,307		116,597
Grafton Group plc^(c)		10,140		103,686
ICON plc^(d)		13,026		2,005,613
Irish Residential Properties REIT plc^(c)		25,430		48,766
UDG Healthcare plc^(c)		18,757		190,276
Willis Towers Watson plc		2,961		567,150
				7,885,439
Isle of Man - 0.0% (a)
GVC Holdings plc^(c)		17,441		144,573

Israel - 0.3%
Check Point Software Technologies Ltd.^{(b) (d)}		2,826		326,713
Delek Group Ltd.^(c)		207		35,606
Matrix IT Ltd.^(c)		6,550		94,336
Nice Ltd.^{(c) (d)}		938		128,405
Paz Oil Co. Ltd.^(c)		1,133		159,568
Shikun & Binui Ltd.^(c)		39,232		114,496
Teva Pharmaceutical Industries Ltd. - ADR^{(b) (d)}		14,200		131,066
				990,190
Italy - 1.7%
A2A SpA^(c)		56,542		98,156
Ascopiave SpA^(c)		10,769		46,233
Atlantia SpA^(c)		2,208		57,579
Banca Farmafactoring SpA^(c)		26,344		146,841
Banca Generali SpA^{(b) (c)}		7,240		208,480
Banca Mediolanum SpA^(c)		22,764		167,684
Banca Popolare di Sondrio Societa cooperativa^(c)		39,076		86,691
Banco BPM SpA^(c)		17,800		36,255
Enel SpA^(c)		323,417		2,256,153
Eni SpA^(c)		49,107		816,546
Eurotech SpA^{(c) (d)}		17,054		94,259

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Italy - 1.7% (Continued)
Immobiliare Grande Distibuzione SIIQ SpA^(c)		9,530	$	62,830
Intesa Sanpaolo SpA^(c)		61,474		131,608
Maire Tecnimont SpA^(c)		21,236		68,854
Mediobanca Banca di Credito Finanziario SpA^(c)		18,786		193,724
Moncler SpA^(c)		5,609		240,418
Piaggio & C SpA^(c)		42,623		125,080
SAES Getters SpA^(c)		2,221		51,839
Saipem SpA^{(b) (c) (d)}		15,851		79,105
Snam SpA^(c)		71,256		354,498
Telecom Italia SpA/Milano^{(c) (d)}		149,313		81,521
Terna Rete Elettrica Nazionale SpA^(c)		25,159		160,309
Tinexta SpA^(c)		8,206		122,604
Unicredit SpA^(c)		71,230		876,788
Unieuro SpA^(c)		4,186		67,012
				6,631,067
Japan - 13.1%
77 Bank Ltd. (The)^{(c) (d)}		11,400		168,073
A&D Co. Ltd.^{(c) (d)}		5,000		36,781
ADEKA Corp.^{(c) (d)}		17,300		256,305
AEON REIT Investment Corp.^{(c) (d)}		189		242,014
Akatsuki, Inc.^{(c) (d)}		600		32,468
AOI TYO Holdings, Inc.^(c)		6,500		41,525
Aoyama Trading Co. Ltd.^{(c) (d)}		2,200		43,193
Asahi Group Holdings Ltd.^(c)		600		27,012
Astellas Pharma, Inc.^(c)		31,900		454,621
Avex, Inc.^{(c) (d)}		7,600		96,582
Bridgestone Corp.^(c)		2,400		94,682
Bunka Shutter Co. Ltd.^{(c) (d)}		13,000		98,703
CAC Holdings Corp.^(c)		10,300		143,721
Capcom Co. Ltd.^{(c) (d)}		1,900		38,249
Central Japan Railway Co.^(c)		1,400		280,724
Citizen Watch Co. Ltd.^{(c) (d)}		7,500		38,594
Cosmo Energy Holdings Co. Ltd.^{(c) (d)}		2,700		61,194
Credit Saison Co. Ltd.^(c)		14,300		167,836
Daido Metal Co. Ltd.^{(c) (d)}		14,600		89,897
Daiho Corp.^{(c) (d)}		2,700		67,763

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
Dai-ichi Life Holdings, Inc.^(c)		38,200	$	577,983
Daikin Industries Ltd.^(c)		3,100		405,930
Daiwa Office Investment Corp.^{(c) (d)}		42		301,340
DCM Holdings Co. Ltd.^{(c) (d)}		10,000		98,390
Denki Kogyo Co. Ltd.^{(c) (d)}		3,400		100,494
Denso Corp.^(c)		1,000		42,168
Digital Garage, Inc.^(c)		1,900		60,370
DMG Mori Co. Ltd.^(c)		5,200		83,773
East Japan Railway Co.^(c)		2,900		271,580
Eisai Co. Ltd.^(c)		5,200		294,730
FANUC Corp.^(c)		1,500		278,732
Fast Retailing Co. Ltd.^(c)		500		302,664
Feed One Co. Ltd.^{(c) (d)}		25,800		44,672
FJ Next Co. Ltd.^{(c) (d)}		6,800		65,744
Fudo Tetra Corp.^(c)		6,300		76,596
Fuji Electric Co. Ltd.^(c)		400		13,863
Fujita Kanko, Inc.^{(c) (d)}		2,100		52,712
Fujitsu Ltd.^(c)		35,800		2,502,046
Fukuoka Financial Group, Inc.		22,300		406,865
Furuno Electric Co. Ltd.^{(c) (d)}		3,900		36,705
Future Corp.^(c)		3,600		71,181
Hamamatsu Photonics K.K.^(c)		1,700		66,417
Hazama Ando Corp.^(c)		5,700		38,157
HIS Co. Ltd.^(c)		12,300		306,629
Hitachi Metals Ltd.^(c)		273,400		3,100,411
Hokkaido Electric Power Co., Inc.^{(c) (d)}		29,500		165,462
Hokuetsu Corp.^{(c) (d)}		30,500		164,884
Hokuhoku Financial Group, Inc.^(c)		3,300		34,387
Hokuriku Electric Power Co.^(c)		5,000		36,305
Hokuto Corp.^(c)		5,300		89,465
Honda Motor Co.^(c)		113,600		2,937,694
House Foods Group, Inc.^{(c) (d)}		1,100		41,351
Hoya Corp.^(c)		500		38,429
Hulic Co. Ltd.^(c)		12,200		98,223
Iida Group Holdings Co. Ltd.^(c)		72,600		1,175,437
Iino Kaiun Kaisha Ltd.^{(c) (d)}		18,900		63,129

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
i-mobile Co. Ltd.^{(c) (d)}		4,600	$	33,567
Inpex Corp.^(c)		379,800		3,442,411
Internet Initiative Japan, Inc.^{(c) (d)}		6,500		122,218
Ishihara Sangyo Kaisha Ltd.^{(c) (d)}		8,200		96,256
Isuzu Motors Ltd.^(c)		91,200		1,041,651
Jaccs Co. Ltd.^{(c) (d)}		5,500		109,725
Japan Hotel REIT Investment Corp.^(c)		42		33,840
Japan Petroleum Exploration Co. Ltd.^(c)		4,200		97,677
Japan Securities Finance Co. Ltd.^{(c) (d)}		23,600		120,590
Japan Tobacco, Inc.^(c)		1,500		33,067
Juroku Bank Ltd. (The)^{(c) (d)}		4,100		83,657
JVCKenwood Corp.^{(c) (d)}		18,900		44,021
Kaga Electronics Co. Ltd.^{(c) (d)}		2,400		34,753
Kandenko Co. Ltd.^{(c) (d)}		21,900		183,367
Kao Corp.^(c)		1,900		144,985
Kato Works Co. Ltd.^(c)		4,100		76,625
Keihin Corp.^{(c) (d)}		3,700		53,093
Kewpie Corp.^{(c) (d)}		3,500		77,371
Keyence Corp.^(c)		8,990		5,544,592
Kintetsu World Express, Inc.^(c)		4,600		60,179
Kirin Holdings Co. Ltd.^(c)		12,900		278,557
Kobayashi Pharmaceutical Co. Ltd.^(c)		100		7,175
Kobe Steel Ltd.^(c)		17,600		115,526
Koito Manufacturing Co. Ltd.^(c)		6,900		369,281
Kojima Co. Ltd.^{(c) (d)}		30,900		136,629
Kokuyo Co. Ltd.^(c)		6,500		91,185
KOMEDA Holdings Co. Ltd.^{(c) (d)}		1,900		35,859
Kose Corp.^(c)		500		84,395
Kuboto Corp.^(c)		11,700		195,475
Kumiai Chemical Industry Co. Ltd.^{(c) (d)}		7,000		50,742
Kurita Water Industries Ltd.^(c)		6,600		164,446
Kyocera Corp.^(c)		200		13,105
Kyokuyo Co. Ltd.^{(c) (d)}		1,900		50,629
KYORIN Holdings, Inc.^{(c) (d)}		6,000		106,394
Life Corp.^{(c) (d)}		4,400		88,631
Maeda Corp.^{(c) (d)}		8,500		68,267

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
Mamezou Holdings Co. Ltd.^{(c) (d)}		2,900	$	34,272
Mandom Corp.^(c)		2,700		65,474
Marubeni Corp.^(c)		5,400		35,846
Maruha Nichiro Corp.^{(c) (d)}		4,800		141,059
Maxell Holdings Ltd.^(c)		3,100		42,521
MCUBS MidCity Investment Corp.^(c)		49		46,110
Mebuki Financial Group, Inc.^(c)		38,400		100,349
Mirai Corp.^{(c) (d)}		525		254,263
Mitsubishi Corp.^(c)		11,100		293,335
Mitsui & Co. Ltd.^(c)		84,400		1,377,716
Mitsui Mining and Smelting Co. Ltd.^{(c) (d)}		1,700		40,866
Mitsui Sugar Co. Ltd.^{(c) (d)}		1,500		31,039
Mitsui-Soko Holdings Co. Ltd.^{(c) (d)}		5,500		79,354
Miyaji Engineering Group, Inc.^{(c) (d)}		3,200		51,963
Mizuho Financial Group, Inc.^(c)		2,800		4,072
Mizuno Corp.^{(c) (d)}		2,200		49,883
Moriroku Holdings Co. Ltd.^{(c) (d)}		1,900		43,841
MS&AD Insurance Group Holdings, Inc.^(c)		22,400		712,049
Murata Manufacturing Co. Ltd.^(c)		2,100		94,548
Nagase & Co. Ltd.^{(c) (d)}		9,300		139,813
Nanto Bank Ltd. (The)^{(c) (d)}		5,500		119,546
Nexon Co. Ltd.^(c)		1,200		17,532
NichiiGakkan Co. Ltd.^{(c) (d)}		2,700		39,441
Nichi-iko Pharmaceutical Co. Ltd.^(c)		3,800		41,632
Nidec Corp.^(c)		1,200		164,810
Nihon Chouzai Co. Ltd.^{(c) (d)}		2,600		80,506
Nikkiso Co. Ltd.^(c)		7,100		94,876
Nikkon Holdings Co. Ltd.^(c)		4,200		96,574
Nintendo Co. Ltd.^(c)		900		330,225
Nippon Antenna Co. Ltd.^{(c) (d)}		4,200		40,083
Nippon Carbon Co. Ltd.^(c)		2,100		80,949
Nippon Electric Glass Co. Ltd.^(c)		4,800		122,003
Nippon Sheet Glass Co. Ltd.^{(c) (d)}		20,400		139,279
Nippon Television Holdings, Inc.^{(c) (d)}		6,700		99,412
Nippon Thompson Co. Ltd.^{(c) (d)}		19,700		89,160
Nishimatsu Construction Co. Ltd.^{(c) (d)}		6,000		115,938

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
Nishi-Nippon Financial Holdings, Inc.^(c)		23,400	$	168,751
Nishio Rent All Co. Ltd.^(c)		1,700		48,137
Nissan Chemical Corp.^(c)		1,500		67,770
Nissin Kogyo Co. Ltd.^(c)		7,900		108,890
Nisso Corp.^{(c) (d)}		2,600		35,946
Nittetsu Mining Co. Ltd.^{(c) (d)}		1,100		47,689
Nomura Research Institute Ltd.^(c)		9,201		147,970
North Pacific Bank Ltd.^(c)		15,000		35,729
NS United Kaiun Kaisha Ltd.^{(c) (d)}		3,400		70,112
NSD Co. Ltd.^{(c) (d)}		1,200		34,744
NTT DoCoMo, Inc.^(c)		14,600		340,662
Obic Co. Ltd.^(c)		400		45,460
One REIT, Inc.^{(c) (d)}		83		221,541
Ono Pharmaceutical Co. Ltd.^(c)		4,000		71,922
Oriental Land Co. Ltd.^(c)		700		86,845
Otsuka Corp.^(c)		9,400		379,092
P.C.A. Corp.^{(c) (d)}		1,300		43,491
Persol Holdings Co. Ltd.^(c)		5,200		122,601
Recruit Holdings Co. Ltd.^(c)		11,300		378,364
Resona Holdings, Inc.^(c)		210,000		876,074
Roland DG Corp.^(c)		2,500		56,101
S Foods, Inc.^(c)		2,400		81,596
SAMTY Co. Ltd.^(c)		9,800		149,338
Sanken Electric Co. Ltd.^{(c) (d)}		3,100		64,813
Sanki Engineering Co. Ltd.^{(c) (d)}		7,700		89,375
Sankyo Co. Ltd.^(c)		5,600		203,054
Scala, Inc.^(c)		4,000		33,696
SEC Carbon Ltd.^{(c) (d)}		300		27,530
Secom Co. Ltd.^(c)		700		60,322
Seikagaku Corp.^{(c) (d)}		3,300		37,948
Sekisui House Reit, Inc.^(c)		550		411,541
Sekisui Plastics Co. Ltd.^{(c) (d)}		7,300		50,909
Shimano, Inc.^(c)		4,600		685,479
Shin Nippon Biomedical Laboratories Ltd.^{(c) (d)}		14,700		95,525
Shin-Etsu Chemical Co. Ltd.^(c)		6,000		561,397
Shionogi & Co. Ltd.^(c)		9,000		520,070

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
SK-Electronics Co. Ltd.^{(c) (d)}		1,800	$	35,132
SKY Perfect JSAT Holdings, Inc.^(c)		22,900		89,397
SMC Corp.^(c)		800		299,914
SoftBank Corp.^(c)		12,600		606,911
Sohgo Security Services Co. Ltd.^(c)		800		36,979
Sojitz Corp.^{(c) (d)}		33,200		106,849
Sony Corp.^(c)		4,800		252,252
Sumitomo Corp.^(c)		28,600		434,399
Sumitomo Densetsu Co. Ltd.^{(c) (d)}		3,300		52,501
Sumitomo Mitsui Financial Group, Inc.^(c)		71,400		2,530,939
Sumitomo Mitsui Trust Holdings, Inc.^(c)		600		21,800
Sumitomo Warehouse Co. Ltd. (The)^{(c) (d)}		4,600		58,830
Sundrug Co. Ltd.^(c)		500		13,561
Suzuki Motor Corp.^(c)		5,900		277,585
SWCC Showa Holdings Co. Ltd.^{(c) (d)}		6,900		52,749
T&D Holdings, Inc.^(c)		1,600		17,414
Tadano Ltd.^{(c) (d)}		4,900		51,325
Taiyo Yuden Co. Ltd.^(c)		4,100		76,963
Takara Standard Co. Ltd.^{(c) (d)}		4,300		68,229
Takashimaya Co. Ltd.^{(c) (d)}		14,900		163,528
Takeei Corp.^{(c) (d)}		7,700		64,884
Tama Home Co. Ltd.^(c)		14,700		146,764
Terumo Corp.^(c)		1,400		41,825
THK Co. Ltd.^(c)		1,500		36,082
TIS, Inc.^{(c) (d)}		2,600		132,876
Toa Corp.^{(c) (d)}		14,900		225,368
Toho Holdings Co. Ltd.^(c)		10,800		242,346
Tokyo Electron Ltd.^(c)		900		126,506
Tokyotokeiba Co. Ltd.		1,100		33,823
TOMONY Holdings, Inc.^{(c) (d)}		25,100		84,477
Toppan Forms Co. Ltd.^(c)		10,000		78,796
Torii Pharmaceutical Co. Ltd.^(c)		3,100		74,751
Towa Pharmaceutical Co. Ltd.^(c)		1,700		43,274
Toyota Motor Corp.^(c)		800		49,653
Transaction Co. Ltd.^{(c) (d)}		6,600		55,974
Trend Micro, Inc.^(c)		1,600		71,499

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Japan - 13.1% (Continued)
Ube Industries Ltd.^{(c) (d)}		9,700	$	201,817
Unicharm Corp.^(c)		800		24,120
UNITED, Inc.^(c)		2,600		35,856
Unitika Ltd.^{(c) (d)}		10,800		38,844
USS Co. Ltd.^(c)		6,400		126,438
UT Group Co. Ltd.^(c)		1,600		39,147
V Technology Co. Ltd.^{(c) (d)}		1,100		50,572
Valor Holdings Co. Ltd.^{(c) (d)}		4,300		89,497
Vital KSK Holdings, Inc.^{(c) (d)}		7,400		70,202
Wakita & Co. Ltd.^{(c) (d)}		5,200		50,429
Will Group, Inc.^{(c) (d)}		8,600		71,583
World Co. Ltd.^{(c) (d)}		7,800		149,324
World Holdings Co. Ltd.^{(c) (d)}		2,500		39,125
Yahoo Japan Corp.^(c)		19,000		55,892
Yakult Honsha Co. Ltd.^(c)		400		23,609
Yamaha Corp.^(c)		1,000		47,600
Yamato Holdings Co. Ltd.^(c)		7,700		156,960
Yokohama Reito Co. Ltd.^{(c) (d)}		12,900		119,664
				50,132,453
Jersey - 1.9%
boohoo Group plc^{(c) (d)}		27,421		73,686
Experian plc^(c)		194,253		5,883,709
Genel Energy plc^(c)		26,342		64,803
Glencore plc^(c)		3,824		13,234
Man Group plc^(c)		19,052		37,669
WPP plc^(c)		100,001		1,259,631
				7,332,732
Korea (Republic of) - 2.6%
Ace Technologies Corp.^(c)		3,551		32,909
Asia Paper Manufacturing Co. Ltd.^(c)		2,585		86,169
Autech Corp.^(c)		3,346		36,251
Chongkundang Holdings Corp.^(c)		613		59,941
Classys, Inc.^(c)		4,559		48,180
Daewoong Co. Ltd.^(c)		2,503		36,971
Dawonsys Co. Ltd.^(c)		4,663		56,985
Deutsch Motors, Inc.^{(c) (d)}		9,896		95,494

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Korea (Republic of) - 2.6% (Continued)
DGB Financial Group, Inc.^(c)		12,836	$	90,480
DIO Corp^{(c) (d)}		1,094		38,517
Doosan Bobcat, Inc.^(c)		3,612		113,672
ENF Technology Co. Ltd.^(c)		2,000		35,951
Hana Financial Group, Inc.^(c)		50,558		1,635,488
Handok, Inc.^(c)		2,531		53,382
Handsome Co. Ltd.^(c)		1,061		33,924
Hankook Technology Group Co. Ltd.^(c)		4,679		69,364
Hansol Chemical Co. Ltd.^(c)		1,423		97,797
HDC Hyundai Development Co. Engineering & Construction^(c)		2,290		86,247
Hyosung Advanced Materials Corp.^{(c) (d)}		795		82,262
Hyundai Mobis Co. Ltd.^(c)		206		41,946
Hyundai Motor Co. Ltd.^(c)		19,076		1,305,250
INTOPS Co. Ltd.^(c)		2,237		32,540
IS Dongseo Co. Ltd.^(c)		2,786		93,150
KIWOOM Securities Co. Ltd.^(c)		1,636		115,695
Koentec Co. Ltd.^(c)		11,932		121,354
Korea Autoglass Corp.^(c)		2,031		37,753
Korea Electric Terminal Co. Ltd.^(c)		1,641		95,374
Korea Zinc Co. Ltd.^(c)		204		83,975
KT&G Corp.^(c)		1,735		147,766
LOTTE Fine Chemical Co. Ltd.^(c)		787		35,972
Mcnex Co. Ltd.^(c)		1,546		38,553
ME2ON Co. Ltd.^{(c) (d)}		5,985		34,274
MegaStudyEdu Co. Ltd.^(c)		1,097		33,030
Neowiz^{(c) (d)}		2,956		37,312
NEPES Corp.^(c)		1,334		37,099
Nexen Tire Corp.^(c)		4,843		40,835
NICE Information Service Co. Ltd.^(c)		5,313		77,939
Osstem Implant Co. Ltd.^{(c) (d)}		1,889		122,522
Partron Co. Ltd.^(c)		6,890		105,857
Pearl Abyss Corp.^{(c) (d)}		89		16,357
POSCO^(c)		8,123		1,721,008
Power Logics Co. Ltd.^{(c) (d)}		3,017		34,277
RFHIC Corp.^(c)		2,168		54,585

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Korea (Republic of) - 2.6% (Continued)
Samsung Electronics Co. Ltd.^(c)		21,991	$	893,724
Samsung SDS Co. Ltd.^(c)		498		92,650
Sebang Global Batter Co. Ltd.^(c)		1,596		58,951
Seojin System Co. Ltd.^(c)		3,202		71,359
SFA Semicon Co. Ltd.^{(c) (d)}		12,860		36,337
Shinhan Financial Group Co. Ltd.^(c)		34,750		1,348,918
SK Hynix, Inc.^(c)		4,068		244,208
Suprema, Inc.^{(c) (d)}		1,193		37,578
Taekwang Industrial Co. Ltd.^(c)		72		82,160
WiSoL Co. Ltd.^(c)		2,563		41,987
				10,162,279
Luxembourg - 0.0% (a)
Befesa S.A.^(c)		1,202		47,870
Solutions 30 SE^{(c) (d)}		8,885		88,948
				136,818
Malaysia - 0.2%
Bermaz Auto Berhad^(c)		163,700		105,318
Carlsberg Brewery Malaysia Berhad^(c)		12,600		78,178
Genting Malaysia Berhad^(c)		613,400		481,089
Maylasia Airports Holdings Berhad^(c)		17,000		35,110
MMC Corp. Berhad^(c)		167,400		46,138
Sunway Berhad^(c)		87,200		35,451
Syarikat Takaful Malaysia Keluarga Berhad^(c)		43,600		72,295
YNH Property Berhad^(c)		88,000		51,510
				905,089
Mauritius - 0.0% (a)
Golden Agri-Resources Ltd.^(c)		187,700		40,298

Mexico - 0.9%
America Movil S.A.B. de C.V.		170,500		124,283
Controladora Vuela Compania de Aviacion S.A.B. de - Class A^(d)		36,300		34,139
Gentera S.A.B. de C.V.		43,700		37,843
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.		16,700		102,057
Grupo Aeroportuario del Sureste S.A.B. de C.V. - Class B		1,535		24,912
Grupo Financiero Inbursa S.A.B. de C.V.		159,600		230,928

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Mexico - 0.9% (Continued)
Promotora y Operadora de Infraestructura S.A.B. de C.V.		8,345	$	83,083
Qualitas Controladora S.A.B. de C.V.		31,500		88,399
Wal-Mart de Mexico S.A.B. de C.V.		946,231		2,582,938
				3,308,582
Netherlands - 3.1%
Airbus SE^(c)		1,496		211,724
Argenx SE - ADR^(d)		200		28,316
ASML Holding N.V. - ADR^(b)		10,964		2,279,744
ASML Holding N.V.^(c)		7,306		1,520,357
ASR Nederland N.V.^(c)		3,262		132,544
Basic-Fit N.V.^{(c) (d)}		1,761		61,980
CNH Industrial N.V.^(c)		1,452		14,917
Constellium SE^(d)		3,700		37,148
Exor N.V.^(c)		177		12,401
Ferrari N.V.^(c)		2,115		342,937
Fiat Chrysler Automobiles N.V.^(c)		13,321		184,881
Flow Traders^(c)		1,973		57,585
Heineken N.V.^(c)		898		100,088
ING Groep N.V.^(c)		185,788		2,152,194
Intertrust N.V.^(c)		6,185		127,578
Koninklijke Ahold Delhaize N.V.^(c)		19,181		430,622
Koninklijke DSM N.V.^(c)		622		76,748
Koninklijke KPN N.V.^(c)		175,580		539,189
Koninklijke Philips N.V.^(c)		12,841		558,294
Koninklijke VolkerWessels N.V.^(c)		7,425		149,290
Mylan N.V.^(d)		94,137		1,792,368
Qaigen N.V.^{(c) (d)}		4,733		192,601
Randstad Holding N.V.^(c)		588		32,272
RHI Magnesita N.V.^(c)		4,176		256,318
Signify N.V.^(c)		1,163		34,316
Unilever N.V.^(c)		7,388		448,897
				11,775,309
New Zealand - 0.1%
a2 Milk Co. Ltd.^{(c) (d)}		456		4,507
Fisher & Paykel Healthcare Corp. Ltd.^(c)		11,662		121,310

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
New Zealand - 0.1% (Continued)
Infratil Ltd.^(c)		30,507	$	95,339
				221,156
Norway - 0.3%
DNB ASA^(c)		637		11,869
DNO ASA^(c)		19,226		34,996
Elkem ASA^(c)		26,430		74,606
Equinor ASA^(c)		4,607		91,385
Europris ASA^(c)		19,452		60,352
Grieg Seafood ASA^(c)		3,425		47,553
Kongsberg Gruppen ASA^(c)		8,072		112,823
Orkla ASA^(c)		35,078		311,294
Salmar ASA^(c)		2,537		110,436
Telenor ASA^(c)		10,539		223,900
				1,079,214
Philippines - 0.2%
Aboitiz Power Corp.^(c)		105,600		71,719
Ayala Land, Inc.^(c)		253,700		251,620
First Gen Corp.^(c)		157,600		82,438
Manila Electric Co.^(c)		20,230		152,841
PLDT, Inc.^(c)		1,010		25,330
Robinsons Land Corp.^(c)		94,600		48,648
SM Prime Holdings, Inc.^(c)		9,500		6,879
				639,475
Poland - 0.1%
Enea S.A.^(c)		24,535		61,372
LPP S.A.^(c)		15		30,717
PLAY Communications S.A.^(c)		7,226		62,652
Powszechna Kasa Oszczednosci Bank Polski S.A.^(c)		15,390		176,645
Tauron Polska Energia S.A.^(c)		89,929		41,320
				372,706
Portugal - 0.1%
Banco Comercial Portugues, S.A.^(c)		292,049		90,304
Galp Energia SGPS S.A.^(c)		1,662		25,561
Jeronimo Martins SGPS S.A.^(c)		5,972		96,267
NOS SGPS S.A.^(c)		6,977		45,870
REN - Redes Energeticas Nacionais SGPS S.A.^(c)		48,162		132,017

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Portugal - 0.1% (Continued)
Sonae SGPS S.A.^(c)		55,619	$	53,717
				443,736
Russia - 1.0%
Inter RAO UES PJSC		3,290,000		236,233
MMC Norilsk Nickel PJSC		3,435		779,199
MMC Norilsk Nickel PJSC - ADR^(c)		30,450		691,999
Mobile TeleSystems PJSC - ADR		14,400		134,064
Rosneft Oil Co. PJSC - GDR^(c)		175,678		1,152,714
Severstal PJSC		18,810		318,376
Tatneft PJSC		40,430		496,698
				3,809,283
Singapore - 1.2%
Ascendas Hospitality Trust^(c)		61,000		44,192
Ascendas Real Estate Investment Trust^(c)		7,500		17,306
DBS Group Holdings Ltd.^(c)		78,500		1,507,979
Keppel Infrastructure Trust^(c)		460,300		171,868
Manulife U.S. Real Estate Investment Trust^(c)		78,500		67,922
Mapletree North Asia Commercial Trust^(c)		50,300		54,274
Singapore Exchange Ltd.^(c)		46,800		274,177
SPH REIT^(c)		64,000		50,599
Venture Corp. Ltd.^(c)		8,800		106,248
Wilmar International Ltd.^{(b) (c)}		781,700		2,139,844
Yangzijiang Shipbuildings Holdings Ltd.^(c)		184,400		208,918
				4,643,327
South Africa - 0.5%
African Rainbow Minerals Ltd.^(c)		9,428		122,393
Clicks Group Ltd.^(c)		2,277		33,174
DataTec Ltd.^(c)		20,742		51,186
Harmony Gold Mining Co. Ltd. - ADR^(d)		38,200		86,714
Impala Platinum Holdings Ltd.^{(c) (d)}		7,308		36,211
Kumba Iron Ore Ltd.^(c)		1,614		57,212
Liberty Holdings Ltd.^(c)		23,290		174,490
MMI Holdings Ltd.^(c)		186,682		251,109
Mr. Price Group Ltd.^(c)		1,248		17,573
MTN Group Ltd.^{(b) (c)}		48,270		364,963
Remgro Ltd.^(c)		612		8,165

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
South Africa - 0.5% (Continued)
Resilient REIT Ltd.^(c)		14,063	$	61,983
Sibanye Gold Ltd.^(c)		93,642		110,273
Standard Bank Group Ltd.^(c)		8,542		119,315
Super Group Ltd.^{(c) (d)}		34,508		80,633
Telkom SA SOC Ltd.^(c)		5,123		33,500
Tsogo Sun Holdings Ltd.		47,598		51,461
Vodacom Group Ltd.^(c)		10,452		88,800
Woolworths Holdings Ltd.^(c)		39,626		137,291
				1,886,446
Spain - 2.0%
Amadeus IT Group S.A.^(c)		45,165		3,579,245
Atresmedia Corporacion de Medios de Comunicacion^(c)		6,928		34,045
Banco Bilbao Vizcaya Argentaria S.A.^(c)		92,022		513,287
Bankia S.A.^(c)		488,604		1,154,121
Bankinter S.A.^(c)		23,178		159,772
CIE Automotive, S.A.^{(c) (d)}		7,843		226,996
Endesa S.A.^(c)		1,556		40,023
Faes Farma, S.A.^(c)		27,064		127,533
Gestamp Automocion S.A.^{(c) (d)}		16,723		98,942
Grupo Catalana Occidente S.A.^(c)		2,328		86,144
Grupo Empresarial San Jose S.A.^{(c) (d)}		5,561		49,431
Iberdrola S.A.^(c)		29,930		297,998
Indra Sistemas S.A.^{(c) (d)}		13,120		132,743
Industria de Diseno Textil S.A.^(c)		11,546		347,400
Masmovil Ibercom S.A.^{(c) (d)}		1,800		40,153
Red Electrica Corp. S.A.^(c)		5,497		114,496
Repsol S.A.^(c)		32,434		508,999
Siemens Gamesa Renewable Energy S.A.^(c)		7,165		119,093
Talgo S.A.^{(c) (d)}		19,867		123,873
Tecnicas Reunidas S.A.^(c)		1,308		33,579
				7,787,873
Sweden - 2.4%
AF POYRY AB^(c)		10,854		245,831
Alfa Laval AB^(c)		7,959		173,937
Assa Abloy AB - Class B^(c)		535		12,072
Atlas Copco AB - Class A^(c)		85,831		2,750,709

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Sweden - 2.4% (Continued)
Axfood AB^{(b) (c)}		18,558	$	367,478
Betsson AB^(c)		6,531		40,000
Biotage AB^(c)		4,552		53,449
Elekta AB^{(c) (d)}		15,210		221,120
Epiroc AB - Class A^(c)		1,588		16,547
Evolution Gaming Group AB^(c)		6,186		122,511
Fastighets AB Balder - B Shares^{(c) (d)}		4,856		162,768
Fortnox AB		4,952		74,769
Hemfosa Fastigheter AB^{(c) (d)}		13,110		123,992
Hennes & Mauritz AB (H&M) - Class B^{(b) (c)}		683		12,135
Hexagon AB - B Shares^(c)		7,143		397,206
Hoist Finance AB^(c)		7,324		35,792
Industrivarden AB - C Shares^(c)		2,785		61,801
Indutrade AB^(c)		4,553		145,589
Instalco AB^(c)		4,939		46,461
Intrum AB^(c)		4,479		115,143
Investor AB - B Shares^(c)		13,073		628,713
KNOW IT AB^(c)		2,184		50,382
Lifco AB - B Shares^(c)		4,002		222,145
Lindab International AB^(c)		14,387		165,551
Loomis AB^(c)		2,830		97,297
Lundin Petroleum AB^(c)		2,107		65,652
Maha Energy AB^{(c) (d)}		12,369		37,178
MIPS AB^(c)		1,739		34,698
Nordic Enterntainment Group - Class B		5,548		130,253
Nyfosa AB^{(c) (d)}		30,316		190,313
Orexo AB^{(c) (d)}		5,668		43,754
Sandvik AB^(c)		33,457		614,852
SSAB AB - B Shares^(c)		11,412		34,818
Swedish Match AB^(c)		12,277		519,088
Tele2 AB - B Shares^(c)		6,754		98,651
Telefonaktiebolaget LM Ericsson - B Shares^(c)		57,770		548,377
Tethys Oil AB^{(c) (d)}		11,282		90,976
Vitrolife AB^(c)		4,235		82,628
Volvo AB - B Shares^(c)		11,015		175,037

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Sweden - 2.4% (Continued)
Wihlborgs Fastigheter AB^(c)		2,870	$	41,642
				9,051,315
Switzerland - 8.3%
ABB Ltd.^(c)		34,067		682,988
Adecco Group AG^(c)		1,501		90,207
Alcon, Inc.^(d)		61,054		3,770,101
Barry Callebaut AG^(c)		73		146,516
Chubb Ltd.		25,821		3,803,175
Coca-Cola HBC AG^{(c) (d)}		1,531		57,832
Credit Suisse Group AG^(c)		157,464		1,884,734
Emmi AG^(c)		303		283,499
EMS-Chemie Holding AG^(c)		619		401,827
Forbo Holding AG - Registered Shares^(c)		44		77,701
Geberit AG^(c)		6,197		2,896,672
Interroll Holding AG^(c)		60		150,923
Landis+Gyr Group AG^(c)		547		43,634
LEM Holding S.A.^{(c) (d)}		35		49,197
Nestlé S.A.^(c)		55,690		5,765,214
Novartis AG^(c)		10,556		963,686
Partners Group Holding AG^(c)		1,491		1,172,564
Roche Holdings AG^(c)		15,310		4,305,031
Schindler Holding AG^(c)		77		17,163
SGS S.A.^(c)		104		265,084
SIG Combibloc Group AG^(c)		9,110		104,920
Sika AG^(c)		15,355		2,623,316
Sulzer AG^(c)		532		58,235
Sunrise Communications Group AG^(c)		1,667		124,507
Swatch Group AG (The) - Bearer Shares^(c)		349		100,046
Swatch Group AG (The) - Registered Shares^(c)		431		23,357
Temenos AG^(c)		1,024		183,353
UBS Group AG - Registered Shares^(c)		143,481		1,705,324
Vifor Pharma AG^(c)		593		85,712
				31,836,518
Taiwan - 4.2%
Asia Vital Components Co. Ltd.^{(c) (d)}		47,000		58,596
Bioteque Corp.^{(c) (d)}		15,000		58,602

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Taiwan - 4.2% (Continued)
Catcher Technology Co. Ltd.^(c)		209,000	$	1,505,259
Cathay Financial Holding Co. Ltd.^(c)		37,000		51,375
Chang Wah Electromaterials, Inc.^{(c) (d)}		6,000		30,841
China Development Financial Holdings Corp.^(c)		765,000		234,086
China Life Insurance Co. Ltd.^(c)		256,976		206,184
China Metal Products^{(c) (d)}		68,000		79,003
Chong Hong Construction Co. Ltd.^{(c) (d)}		41,000		118,213
Chunghwa Telecom Co. Ltd.^(c)		6,000		21,878
Compal Electronics, Inc.^(c)		882,000		579,970
Egis Technology, Inc.^{(c) (d)}		5,000		39,260
Eva Airways Corp.^(c)		140,000		67,484
Farglory Land Development Co. Ltd.^{(c) (d)}		55,000		73,266
First Financial Holding Co. Ltd.^(c)		149,540		110,113
Formosa Petrochemical Corp.^(c)		97,000		347,254
Giant Manufacturing Co. Ltd.^(c)		4,000		31,444
Global Mixed Mode Technology, Inc.^{(c) (d)}		36,000		107,582
Hon Hai Precision Industry Co. Ltd.^(c)		925,400		2,314,496
International Games System Co. Ltd.^{(c) (d)}		8,000		77,402
Jentech Precision Industrial Co. Ltd.^{(c) (d)}		9,000		34,306
Johnson Health Tech Co. Ltd.^{(c) (d)}		35,000		77,710
King Yuan Electronics Co. Ltd.^{(c) (d)}		275,000		238,579
King's Town Bank Co. Ltd.^(c)		76,000		82,958
Lanner Electronics, Inc.^{(c) (d)}		45,000		105,299
Li Cheng Enterprise Co. Ltd.^{(c) (d)}		16,000		35,171
Longwell Co.^{(c) (d)}		23,000		37,608
Lotus Pharmaceutical Co. Ltd.^{(c) (d)}		10,041		36,121
MediaTek, Inc.^(c)		32,000		324,921
Mirle Automation Corp.^{(c) (d)}		93,000		143,989
MOSA Industrial Corp.^{(c) (d)}		39,000		67,324
Nantex Industry Co. Ltd.^{(c) (d)}		61,000		70,963
Nanya Technology Corp.^(c)		112,000		233,426
Nien Made Enterprise Co. Ltd.^(c)		7,000		52,841
Novatek Microelectronics Corp.^{(c) (d)}		52,000		290,884
Pan-International Industrial Corp.^{(c) (d)}		84,000		64,269
Pegavision Corp.^{(c) (d)}		7,170		50,982
Power Wind Health Industry, Inc.^{(c) (d)}		7,000		59,133

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Taiwan - 4.2% (Continued)
Radiant Opto-Electronics Corp.^(c)		13,000	$	43,796
Realtek Semiconductor Corp.^(c)		43,000		317,489
Rexon Industrial Corp. Ltd.^(c)		18,000		49,235
Ruentex Development Co. Ltd.^(c)		44,000		63,121
Ruentex Industries Ltd.^(c)		40,000		97,677
SCI Pharmtech, Inc.^{(c) (d)}		99,000		311,814
Shinkong Synthetic Fibers Corp.^{(c) (d)}		159,000		71,478
Sino-American Silicon Products, Inc.^{(c) (d)}		26,000		68,652
Standard Foods Corp.^(c)		73,000		143,065
Taiwan Business Bank^(c)		227,880		100,535
Taiwan Cement Corp.^(c)		12,100		17,981
Taiwan Semiconductor Manufacturing Co. Ltd.^(c)		330,000		2,530,198
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		85,909		3,365,055
TCI Co. Ltd.^{(c) (d)}		8,000		110,209
TSC Auto ID Technology Co. Ltd.^{(c) (d)}		8,000		72,354
Unimicron Technology Corp.^{(c) (d)}		35,000		39,941
Uni-President Enterprises Corp.^(c)		67,000		178,907
United Integrated Services Co. Ltd.^{(c) (d)}		36,000		176,915
United Microelectronics Corp.^(c)		51,000		23,035
Vanguard International Semiconductor Corp.^(c)		112,000		236,423
				16,136,672
Thailand - 0.2%
Airports of Thailand pcl - NVDR^(c)		120,800		289,489
GFPT pcl - NVDR^(c)		163,600		90,166
Kasikornbank pcl - NVDR^(c)		28,800		176,544
Major Cineplex Group pcl - NVDR		154,000		59,221
Supalai pcl - NVDR^(c)		257,800		197,467
Vinythai pcl - NVDR^(c)		44,900		35,146
				848,033
Turkey - 0.4%
Akbank T.A.S.^(c)		813,814		963,212
Koza Altin Isletmeleri A.S.^{(c) (d)}		5,405		49,283
Koza Anadolu Metal Madencilik Isletmeleri A.S.^{(c) (d)}		26,802		32,734
Mavi Giyim Sanayi Ve Ticaret AS - B Shares^{(c) (d)}		9,404		65,229
Soda Sanayii AS^(c)		162,914		178,965

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
Turkey - 0.4% (Continued)
Tekfen Holding AS^(c)		28,259	$	126,520
				1,415,943
United Arab Emirates - 0.0% (a)
DP World Ltd.^(c)		5,197		82,620

United Kingdom - 11.3%
Admiral Group plc^(c)		7,163		200,854
Aggreko plc^(c)		22,500		225,883
Anglo Pacific Group plc^{(c) (d)}		13,100		34,335
AstraZeneca plc^(c)		1,886		154,180
Avast plc^(c)		30,737		117,271
Aviva plc^(c)		298,253		1,579,680
Barclays plc^(c)		798,777		1,519,281
Barratt Developments plc^(c)		14,985		109,043
BHP Billiton plc^(c)		20,333		519,992
Bovis Homes Group plc^(c)		9,083		119,410
BP plc^(c)		49,587		345,453
British American Tobacco plc^(c)		36,571		1,276,883
Britvic plc^(c)		36,898		416,294
Bunzl plc^(c)		4,292		113,246
Burberry Group plc^(c)		1,761		41,739
Card Factory plc^(c)		17,905		40,079
Charter Court Financial Services Group plc^(c)		21,095		79,225
Cineworld Group plc^(c)		33,090		106,456
Clinigen Group plc^(c)		6,200		79,431
Coats Group plc^(c)		82,910		86,322
Coca-Cola European Partners plc		9,100		514,150
Compass Group plc^(c)		174,253		4,177,062
Countryside Properties plc^(c)		19,155		72,651
Cranswick plc^{(c) (d)}		5,536		181,677
Crest Nicholson Holdings plc^{(c) (d)}		30,697		139,461
Croda International plc^(c)		5,527		359,504
Dart Group plc^(c)		8,701		92,264
Diageo plc^(c)		23,690		1,019,601
Dialog Semiconductor plc^{(c) (d)}		1,864		75,009
Diversified Gas & Oil plc^(c)		49,767		70,167

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
United Kingdom - 11.3% (Continued)
Dunelm Group plc^(c)		26,791	$	313,185
easyJet plc^(c)		5,962		72,183
Endava plc^(d)		1,000		40,240
Ferrexpo plc^(c)		12,145		42,924
FirstGroup plc^{(c) (d)}		68,721		85,350
Forterra plc^(c)		18,022		67,770
Games Workshop Group plc^(c)		3,465		218,333
GlaxoSmithKline plc^(c)		27,291		547,032
Go-Ahead Group plc (The)^(c)		6,762		169,661
Grainger plc^(c)		21,064		65,669
Greggs plc^(c)		13,029		379,742
Hikma Pharmaceuticals plc^(c)		2,757		60,335
HSBC Holdings plc^(c)		298,530		2,491,556
Informa plc^(c)		2,401		25,462
InterContinental Hotels Group plc^(c)		4,119		270,900
Intermediate Capital Group plc^(c)		21,829		382,886
Investec plc^{(c) (d)}		19,363		125,869
J Sainsbury plc^(c)		386,343		960,040
John Laing Group plc^(c)		40,155		200,701
John Wood Group plc^(c)		515,317		2,967,116
KAZ Minerals plc^(c)		13,806		106,048
Legal & General Group plc^(c)		16,163		55,373
Lloyds Banking Group plc^(c)		134,124		96,311
Marshalls plc^(c)		9,492		82,160
Marston's plc^(c)		126,878		188,171
Mediclinic International plc^(c)		14,204		54,992
Mitchells & Butlers plc^(c)		27,361		99,578
Mondi plc^(c)		86		1,957
Morgan Advanced Materials plc^(c)		14,220		50,225
National Express Group plc^(c)		20,232		103,161
NewRiver REIT plc^(c)		37,541		85,174
Next plc^(c)		2,251		157,627
OneSavings Bank plc^(c)		17,800		82,017
P2P Global Investments plc^(c)		4,771		51,134
Persimmon plc^(c)		1,569		39,860
Playtech plc^(c)		8,291		44,962

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 97.8% (Continued)	Shares		Value
United Kingdom - 11.3% (Continued)
Polypipe Group plc^(c)		17,735	$	99,608
Prudential plc^(c)		9,618		209,966
PZ Cussons plc^(c)		22,810		62,005
Reckitt Benckiser Group plc^(c)		8,603		679,232
Redrow plc^(c)		16,330		113,083
RELX plc^(c)		4,605		111,689
Royal Bank of Scotland Group plc^(c)		731,003		2,038,804
Royal Dutch Shell plc - A Shares^(c)		52,369		1,705,362
Senior plc^(c)		12,091		33,134
Softcat plc^(c)		6,400		79,032
Sophos Group plc^{(c) (d)}		17,636		88,531
SSP Group plc^(c)		5,321		46,374
Standard Chartered plc^(c)		212,783		1,930,296
Synthomer plc^(c)		13,152		62,384
Tate & Lyle plc^(c)		26,082		244,500
TechnipFMC plc		98,456		2,553,949
Telford Homes plc^(c)		8,890		35,292
Tesco plc^(c)		933,867		2,691,975
Travis Perkins plc^(c)		191,510		3,097,342
Unilever plc^(c)		911		56,549
Vodafone Group plc^(c)		1,375,105		2,253,835
WH Smith plc^(c)		16,936		424,215
William Hill plc^(c)		57,899		113,686
				43,383,150
United States - 2.3%
Coronado Global Resources, Inc.^(c)		37,947		96,995
Mettler-Toledo International, Inc.^(d)		5,454		4,581,360
ResMed, Inc.		28,898		3,526,423
Southern Copper Corp.^(b)		4,958		192,618
WNS Holdings Ltd. - ADR^(d)		1,800		106,560
Yum China Holdings, Inc.		2,800		129,360
				8,633,316

Total Common Stocks(Cost $338,445,899)			$	374,696,944

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

PREFERRED STOCKS - 0.3%	Shares		Value
Brazil - 0.2%
Banco Bradesco S.A.		11,124	$	109,600
Braskem S.A. - Series A^(d)		1,600		14,656
Cia Paranaense de Energia		4,500		57,264
Telefonica Brasil S.A.		22,300		290,917
				472,437
Colombia - 0.0% (a)
Grupo Aval Acciones y Valores S.A.		256,839		102,729

Germany - 0.1%
FUCHS PETROLUB SE^(c)		844		33,137
Porsche Automobil Holding SE^(c)		3,180		206,021
Schaeffler AG^(c)		19,770		146,860
Volkswagon AG^(c)		315		53,060
				439,078
Korea (Republic of) - 0.0% (a)
CJ Corp.^{(d) (e) (f)}		15		485

Total Preferred Stocks(Cost $928,108)			$	1,014,729

RIGHTS - 0.0%^(a)	Shares		Value
Chile - 0.0%
Enel Americas S.A.^{(d) (e) (f)}		316,791	$	0

Spain - 0.0% (a)
Repsol S.A.^{(d) (e) (f)}		36,486		20,238

Taiwan - 0.0% (a)
China Life Insurance Co. Ltd.^{(d) (e) (f)}		26,008		3,568

Total Rights(Cost $24,623)			$	23,806

WILSHIRE INTERNATIONAL EQUITY FUND

SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 1.3%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(g)		4,216,898	$	4,216,898
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(g) (h)}		913,808		913,808
Total Money Market Funds(Cost $5,130,706)			$	5,130,706

Total Investments at Value - 99.4%(Cost $344,529,336)			$	380,866,185

Other Assets in Excess of Liabilities - 0.6%				2,171,568

Net Assets - 100.0%			$	383,037,753

^(a)	Percentage rounds to less than 0.1%.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $9,009,901.
^(c)	Level 2 security (Note 2).
^(d)	Non-income producing security.
^(e)	Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $24,291 as of June 30, 2019, representing 0.0%^(a) of net assets.
^(f)	Illiquid security. The total value of such securities is $24,291 as of June 30, 2019, representing 0.0%^(a) of net assets.
^(g)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(h)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2018 was $913,808. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $8,406,826.

ADR -	American Depositary Receipt.
NVDR -	Non-voting Depositary Receipt.
GDR-	Global Depositary Receipt.

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2019 (Unaudited)

U.S. TREASURY OBLIGATIONS - 11.2%	Par Value		Value
U.S. Treasury Bills - 1.0%
2.406%, due 09/05/19^(a)	$	1,880,000	$	1,872,762
2.385%, due 11/07/19^(a)		1,300,000		1,290,404
				3,163,166
U.S. Treasury Bonds - 2.6%
4.375%, due 02/15/38		880,000		1,162,425
3.500%, due 02/15/39		40,000		47,514
2.750%, due 11/15/42^(b)		1,195,000		1,251,389
3.125%, due 02/15/43		1,850,000		2,061,305
3.625%, due 08/15/43^(b)		470,000		566,791
3.750%, due 11/15/43^(b)		430,000		528,967
2.750%, due 11/15/47^(b)		150,000		156,328
3.000%, due 02/15/49^(b)		2,280,300		2,500,848
				8,275,567
U.S. Treasury Notes - 7.2%
2.125%, due 05/31/21^(b)		77,000		77,505
2.500%, due 02/15/22		530,000		540,269
1.750%, due 06/15/22		1,338,000		1,339,464
2.625%, due 02/28/23		730,000		752,813
2.500%, due 03/31/23		870,000		893,925
2.750%, due 04/30/23		850,000		881,477
1.625%, due 05/31/23		700,000		696,938
2.500%, due 01/31/24^(b)		460,000		474,950
2.375%, due 02/29/24		920,000		945,587
2.000%, due 05/31/24^(b)		737,000		745,406
1.750%, due 06/30/24		3,836,000		3,833,003
1.875%, due 08/31/24		900,000		903,937
2.125%, due 09/30/24^(b)		900,000		914,766
2.250%, due 10/31/24		890,000		910,303
3.000%, due 09/30/25		1,000,000		1,067,656
2.375%, due 04/30/26^(b)		460,000		474,734
2.125%, due 05/31/26		480,000		487,650
2.000%, due 11/15/26		570,000		574,008
2.375%, due 05/15/27		860,000		888,622
2.250%, due 08/15/27		960,000		982,500
2.250%, due 11/15/27		870,000		890,119

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

U.S. TREASURY OBLIGATIONS - 11.2% (Continued)	Par Value		Value
U.S. Treasury Notes - 7.2% (Continued)
2.750%, due 02/15/28	$	840,000	$	892,631
2.625%, due 02/15/29		455,000		479,598
2.375%, due 05/15/29^(b)		2,000,000		2,065,625
				22,713,486
U.S. Treasury Inflation-Protected Notes - 0.4%
0.875%, due 01/15/29		435,186		458,237
1.000%, due 02/15/46		852,023		892,760
				1,350,997

Total U.S. Treasury Obligations(Cost $34,171,752)			$	35,503,216

AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.3%	Par Value		Value
Federal Home Loan Mortgage Corp. - 2.3%
Series 2014-DN3, Class M3, 6.404% (1MO LIBOR + 400), due 08/25/24^(c)	$	184,376	$	196,565
Series 2017-DNA2, Class M1, 3.604% (1MO LIBOR + 120), due 10/25/29^(c)		185,719		186,511
Series 2017-DNA3, Class M1, 3.154% (1MO LIBOR + 75), due 03/25/30^(c)		613,031		613,700
Series 2989, Class SG, 17.190% (1MO LIBOR + 3395), due 08/15/34^(c)		105,699		244,700
Series 4249, Class CS, 4.300%, due 09/15/43		1,263,587		1,209,533
Series 4355, Class ZX, 4.000%, due 05/15/44		4,273,488		4,701,251
				7,152,260
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.3%
Series K-722, Class X1, 1.307%, due 03/01/23^(c)		2,157,243		84,246
Series 2980, Class SC, 4.306% (1MO LIBOR + 670), due 05/15/35^(c)		690,264		86,968
Series 3359, Class SC, 3.280% (1MO LIBOR + 572), due 08/15/37^(c)		1,274,087		175,712
Series 4077, Class TS, 3.606% (1MO LIBOR + 600), due 05/15/41^(c)		1,212,298		193,981
Series 3966, Class SA, 3.506% (1MO LIBOR + 590), due 12/15/41^(c)		1,702,985		267,086

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.3% (Continued)	Par Value		Value
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.3% (Continued)
Series 4089, Class SH, 3.606% (1MO LIBOR + 600), due 08/15/42^(c)	$	1,281,833	$	206,090
				1,014,083
Federal National Mortgage Association - 2.9%
Series 2015-C02, Class 1M2, 6.404% (1MO LIBOR + 400), due 05/25/25^(c)		553,948		588,965
Series 2015-C04, Class 2M2, 7.980% (1MO LIBOR + 555), due 04/25/28^(c)		201,612		218,952
Series 2016-C04, Class 1M2, 6.680% (1MO LIBOR + 425), due 01/25/29^(b)(c)		200,000		214,538
Series 2016-C06, Class 1M1, 3.704% (1MO LIBOR + 130), due 04/25/29^(c)		229,153		229,943
Series 2017-C03, Class 1M1, 3.354% (1MO LIBOR + 95), due 10/25/29^(c)		337,696		338,704
Series 2017-C05, Class 1M1, 2.954% (1MO LIBOR + 55), due 01/25/30^(c)		21,779		21,809
Series 2017-C07, Class 2M2, 4.904% (1MO LIBOR + 250), due 05/25/30^(c)		500,000		508,452
Series 2018-C01, Class 1M2, 4.654% (1MO LIBOR + 225), due 07/25/30^(c)		200,000		201,556
Series 2018-C03, Class 1M1, 3.084% (1MO LIBOR + 68), due 10/25/30^(c)		360,495		360,716
Series 2018-C04, Class 2M2, 4.980% (1MO LIBOR + 255), due 12/25/30^(c)		500,000		508,466
Series 2018-C06, Class 1M2, 4.404%, due 03/25/31^(c)		500,000		500,085
Series TBA, 3.000%, due 02/05/34		325,000		331,287
Series 2019-R04, Class 2M2, 144A, 0.000% (1MO LIBOR + 210), due 06/25/39^(c)		190,000		190,499
Series 2016-75, Class ZP, 3.000%, due 10/25/46		1,382,552		1,318,782
Series TBA, 3.500%, due 02/25/48		1,700,000		1,738,051
Series TBA, 4.000%, due 05/25/48		1,350,000		1,395,272
Series TBA, 4.500%, due 07/25/48		560,000		585,173
				9,251,250

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

AGENCY MORTGAGE-BACKED OBLIGATIONS - 8.3% (Continued)	Par Value		Value
Federal National Mortgage Association Interest-Only Strips - 1.6%
Series 2014-63, Class BI, 3.500%, due 06/25/33	$	5,631,349	$	411,623
Series 3311, Class IA, 4.016% (1MO LIBOR + 641), due 05/15/37^(c)		2,473,274		459,833
Series 2007-50, Class SX, 4.046% (1MO LIBOR + 645), due 06/25/37^(c)		4,289,403		794,704
Series 2009-78, Class XS, 4.336% (1MO LIBOR + 674), due 10/25/39^(c)		6,229,155		1,341,248
Series 2011-124, Class NS, 4.096% (1MO LIBOR + 650), due 12/25/41^(c)		1,387,930		265,806
Series 2012-20, Class SA, 4.046% (1MO LIBOR + 645), due 03/25/42^(c)		1,395,586		244,524
Series 2012-76, Class SC, 3.596% (1MO LIBOR + 600), due 07/25/42^(c)		643,255		108,039
Series 2014-28, Class SD, 3.646% (1MO LIBOR + 650), due 05/25/44^(c)		4,499,868		845,936
Series 2017-53, Class IE, 4.000%, due 07/25/47		1,354,757		171,761
Series 2008-22, Class SB, 3.756% (1MO LIBOR + 616), due 04/25/48^(c)		2,521,932		480,487
				5,123,961
Government National Mortgage Association - 0.6%
Series TBA, 3.000%, due 04/20/47		1,650,000		1,683,709

Government National Mortgage Association Interest-Only Strips - 0.6%
Series 2010-133, Class SD, 3.632% (1MO LIBOR + 607), due 10/16/40^(c)		5,366,160		736,217
Series 2014-102, Class SY, 3.267%, due 02/20/44^(c)		5,485,795		711,668
Series 2018-83, Class HI, 5.000%, due 01/20/48		2,850,486		435,939
				1,883,824

Total Agency Mortgage-Backed Obligations(Cost $24,892,962)			$	26,109,087

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6%	Par Value		Value
Ajax Mortgage Loan Trust, Series 2018-A, Class A, 144A, 3.850%, due 04/25/58	$	726,297	$	739,890
Ajax Mortgage Loan Trust, Series 2018-C, Class A, 4.360%, due 09/25/65^(c)		749,601		758,336
American Express Credit Account, Series 2019-1, Class A, 2.870%, due 10/15/24^(c)		145,000		148,242
Americold, LLC Trust, Series 2010-ART, Class C, 144A, 6.811%, due 01/14/29		50,000		53,340
Applebees/IHOP Funding, LLC, Series 2019-1A, Class A2I, 144A, 4.194%, due 06/07/49^(c)		150,000		151,579
Applebees/IHOP Funding, LLC, Series 2019-1A, Class A2II, 144A, 4.723%, due 06/07/49^(c)		100,000		101,355
Arroyo Mortgage Trust, Series 2019-1, Class A1, 144A, 3.805%, due 01/25/49^(c)		225,142		229,335
Arroyo Mortgage Trust, Series 2019-2, Class A1, 144A, 3.347%, due 04/25/49^(c)		327,771		331,351
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 144A, 5.490%, due 11/15/19^(c)		94,000		94,708
Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class E, 144A, 5.840% (1MO LIBOR + 340), due 06/15/35^(c)		140,000		140,697
Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, due 08/15/22		300,000		299,348
Barclays Commercial Mortgage Securities Trust, Series 2018-CBM, Class D, 144A, 4.831% (1MO LIBOR + 2.391), due 07/15/37^(c)		400,000		401,022
Barclays Commercial Mortgage Securities, LLC, Series 2014-BX0, Class E, 144A, 6.190% (1MO LIBOR + 375), due 08/15/27^(c)		236,000		236,063
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 4.916%, due 03/25/37^(c)		4,008,599		2,581,634
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1, 4.485%, due 01/25/35^(c)		436,487		441,867
Bear Stearns Commercial Mortgage Trust, Series 2007-T26, Class AJ, 5.464%, due 01/12/45^(c)		150,000		134,017
Benchmark Mortgage Trust, Series 2018-B4, Class D, 144A, 2.813%, due 07/15/51^(c)		500,000		443,124

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
BHMS Mortgage Trust, Series 2018-ATLS, Class C, 144A, 4.340% (1MO LIBOR + 190), due 07/15/35^(c)	$	251,000	$	251,073
BHMS Mortgage Trust, Series 2018-ATLS, Class D, 144A, 4.690% (1MO LIBOR + 225), due 07/15/35^(c)		100,000		99,972
BX Trust, Series 2019-IMC, Class D, 144A, 4.400% (1MO LIBOR + 190), due 04/15/34^(c)		184,000		184,575
BX Trust, Series 2018-MCSF, Class E, 144A, 4.589% (1MO LIBOR + 215), due 04/15/35^(c)		126,000		126,473
BX Trust, Series 2018-MCSF, Class F, 144A, 5.086%, due 04/15/35^{(c) (d)}		140,000		140,701
BX Trust, Series 2018-GW, Class G, 144A, 5.360% (1MO LIBOR + 292), due 05/15/35^{(c) (d)}		83,000		83,570
BX Trust, Series 2018-BIOA, Class E, 144A, 4.391% (1MO LIBOR + 195.1), due 03/15/37^(c)		343,000		343,642
Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, due 07/17/23		185,000		184,642
Castlelake Aircraft Securitization, Series 2019-1A, Class C, 144A, 6.899%, due 04/15/39^(c)		976,071		972,883
CFCRE Commercial Mortgage Trust, Series 2011-C1, Class E, 144A, 6.272%, due 04/15/44^(c)		156,795		141,217
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C, 4.878%, due 05/10/58		120,000		128,843
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 144A, 4.740% (1MO LIBOR + 230), due 02/15/20^(c)		142,000		142,269
Chase Mortgage Finance Corp., Series 2019-ATR1, Class A3, 144A, 4.000%, due 04/25/49^(c)		93,694		95,570
CIM Trust, Series 2018-INV1, Class A10, 144A, 4.000%, due 08/25/48		500,000		533,187
CIM Trust, Series 2019-INV2, Class A3, 144A, 4.000%, due 05/25/49^(c)		195,651		202,181
CIM Trust, Series 2016-1, Class B2, 144A, 7.453%, due 07/26/55^(c)		1,000,000		1,010,803
CIM Trust, Series 2016-2, Class B2, 144A, 8.273%, due 02/01/56^(c)		1,000,000		1,009,094
CIM Trust, Series 2016-3, Class B2, 144A, 7.312%, due 02/27/56^(c)		1,000,000		1,005,849

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class D, 144A, 5.262%, due 11/10/46^(c)	$	100,000	$	102,042
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class D, 144A, 4.132%, due 07/10/49^(c)		500,000		471,414
Citigroup Commercial Mortgage Trust, Series 2018-C6, Class D, 144A, 5.066%, due 11/10/51		380,000		397,638
CLNS Trust, Series 2017-IKPR, Class D, 144A, 4.503% (1MO LIBOR + 205), due 06/11/32^(c)		84,000		84,158
CLNS Trust, Series 2017-IKPR, Class E, 144A, 5.953% (1MO LIBOR + 350), due 06/11/32^(c)		84,000		84,420
CLNS Trust, Series 2017-IKPR, Class F, 144A, 6.953% (1MO LIBOR + 450), due 06/11/32^{(c) (d)}		84,000		84,630
Commercial Mortgage Trust, Series 2016-GCT, Class F, 144A, 3.461%, due 08/10/29^{(c) (d)}		150,000		146,972
Countrywide Alternative Loan Trust, Series 2006-HY11, Class A1, 2.524% (1MO LIBOR + 12), due 06/25/36^(c)		489,942		436,979
Countrywide Alternative Loan Trust, Series 2007-16CB, Class 5-A-4, 6.250%, due 08/25/37^(c)		686,446		548,634
Countrywide Alternative Loan Trust, Series 2007-OA4, Class A1, 2.574% (1MO LIBOR + 17), due 05/25/47^(c)		483,303		442,118
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 2.574% (1MO LIBOR + 175), due 09/25/36^(c)		1,397,517		1,366,702
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 3.795%, due 09/25/37^(c)		1,656,991		1,605,317
Credit Suisse Commercial Mortgage Trust, Series 2017-CHOP, Class E, 144A, 5.740% (1MO LIBOR + 330), due 07/15/32^(c)		169,000		169,688
Credit Suisse Commercial Mortgage Trust, Series 2017-LSTK, Class E, 144A, 3.331%, due 04/05/33^{(c) (d)}		170,000		168,565
Credit Suisse Commercial Mortgage Trust, Series 2018-TOP, Class F, 5.190%, due 08/15/35^(c)		200,000		200,504
Credit Suisse Mortgage Trust, Series 2019-ICE4, Class D, 144A, 4.063% (1MO LIBOR + 160), due 05/15/36^(c)		165,000		165,515
Credit Suisse Mortgage Trust, Series 2019-ICE4, Class E, 144A, 4.613% (1MO LIBOR + 215), due 05/15/36^(c)		189,000		189,656

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class D, 144A, 4.909%, due 01/15/49^(c)	$	580,000	$	560,214
DB Master Finance, LLC, Series 2019-1A, Class A2I, 144A, 3.787%, due 05/20/49^(c)		170,000		176,758
DB Master Finance, LLC, Series 2019-1A, Class A2II, 144A, 4.021%, due 05/20/49^(c)		90,000		92,830
DBGS Mortgage Trust, Series 2018-5BP, Class F, 144A, 4.890% (1MO LIBOR + 245), due 06/15/33^{(c) (d)}		140,000		139,716
DBGS Mortgage Trust, Series 2018-BIOD, Class B, 144A, 3.328% (1MO LIBOR + 89), due 05/15/35^(c)		232,035		231,598
DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 144A, 3.648%, due 10/10/34^(c)		220,000		220,791
DBUBS Mortgage Trust, Series 2011-LC1A, Class F, 144A, 5.885%, due 11/10/46^(c)		230,000		235,262
Deephaven Residential Mortgage Trust, Series 2018-3A, Class M1, 144A, 4.357%, due 08/25/58^(c)		500,000		526,029
Discover Card Execution Note Trust, Series 2019-A1, Class A1, 3.040%, due 07/15/24^(c)		235,000		240,873
Domino's Pizza Master Issuer, LLC, Series 2017-1A, Class A2I, 144A, 3.830% (3MO LIBOR + 125), due 07/25/47^(c)		230,888		230,703
Dryden Senior Loan Fund, Series 2018-60A, Class C, 144A, 4.647% (3MO LIBOR + 205), due 07/15/31^(c)		1,000,000		979,986
Dryden Senior Loan Fund, Series 2015-40A, Class CR, 144A, 4.618%, due 08/15/31^(c)		500,000		492,946
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1, 3.679% (1MO LIBOR + 127.50), due 07/25/34^(c)		422,564		417,605
Flagstar Mortgage Trust, Series 2016-6RR, Class B1, 144A, 5.058%, due 10/25/48^(c)		494,026		538,169
Focus Brands Funding, LLC, Series 2017-1A, Class A2II, 144A, 5.093%, due 04/30/47^(c)		176,400		183,847
FREMF Mortgage Trust, Series 2014-K503, Class D, 144A, 0.000%, due 10/25/47^{(c) (d)}		1,064,300		1,049,084
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D, 5.044%, due 12/10/41^(c)		96,000		95,815
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E, 144A, 5.142%, due 12/10/41^(c)		160,000		160,655

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
GoldenTree Loan Management, L.P., Series 2017-2A, Class D, 144A, 5.241% (3MO LIBOR + 265), due 11/28/30^(c)	$	500,000	$	477,492
Goldman Sachs Mortgage Securities Trust, Series 2018-TWR, Class A, 144A, 3.340%, due 07/15/31^(c)		215,000		214,828
Goldman Sachs Mortgage Securities Trust, Series 2018-LUAU, Class E, 144A, 4.944% (1MO LIBOR + 255), due 11/15/32^(c)		150,000		150,095
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class F, 144A, 4.540% (1MO LIBOR + 210), due 07/15/35^(c)		1,000,000		988,302
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class G, 144A, 5.040% (1MO LIBOR + 260), due 07/15/35^(c)		500,000		493,206
GPT 2018-GPP Mortgage Trust, Series 2018-GPP, Class E, 144A, 4.910% (1MO LIBOR + 247), due 06/15/35^(c)		500,000		495,040
GS Mortgage Securities Trust, Series 2016-GS4, Class D, 144A, 3.233%, due 11/10/49		370,000		332,124
GS Mortgage Security Trust, Series 2019-SOHO, Class E, 144A, 4.325% (1MO LIBOR + 187), due 06/15/36^(c)		188,000		187,591
GSAA Home Equity Trust, Series 2005-6, Class M-1, 2.860% (1MO LIBOR + 43), due 06/25/35^(c)		1,300,000		1,255,671
GSAA Home Equity Trust, Series 2006-4, Class 4A3, 4.198%, due 03/25/36^(c)		672,105		528,515
GSAA Home Equity Trust, Series 2007-7, Class A4, 2.700%, due 07/25/37^(c)		540,523		513,173
Home Partners of America Trust, Series 2018-1, Class D, 144A, 3.882% (1MO LIBOR + 145), due 07/17/37^(c)		135,000		133,720
Home Partners of America Trust, Series 2018-1, Class E, 144A, 4.282% (1MO LIBOR + 185), due 07/17/37^(c)		1,000,000		999,997
Hospitality Mortgage Trust, Series 2019-HIT, Class F, 144A, 5.650% (1MO LIBOR + 315), due 11/15/26^(c)		189,000		189,769
IMT Trust, Series 2017-APTS, Class EFL, 144A, 4.590% (1MO LIBOR + 215), due 06/15/34^(c)		182,000		182,308
IMT Trust, Series 2017-APTS, Class FFL, 144A, 5.290% (1MO LIBOR + 285), due 06/15/34^{(c) (d)}		56,000		55,737

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
Jack in the Box Funding, LLC, Series 2019-1A, Class A2II, 144A, 0.000%, due 08/25/49^(c)	$	115,000	$	115,000
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class C, 4.169%, due 05/15/48^(c)		400,000		411,197
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class C, 144A, 4.040% (1MO LIBOR + 160), due 06/15/32^(c)		210,052		211,108
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class D, 144A, 4.540% (1MO LIBOR + 210), due 06/15/32^(c)		83,432		84,005
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class E, 144A, 5.440% (1MO LIBOR + 300), due 06/15/32^{(c) (d)}		26,502		26,717
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2019-MFP, Class E, 144A, 0.000% (1MO LIBOR + 216), due 07/15/36^(c)		125,000		125,000
JPMorgan Chase Commercial Mortgage Trust, Series 2018-PHH, Class C, 144A, 3.800%, due 06/15/23^(c)		45,000		45,052
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class EFX, 144A, 5.542%, due 07/05/23^(c)		141,000		149,601
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class FFX, 144A, 5.542%, due 07/05/23^(c)		1,500,000		1,541,499
JPMorgan Chase Commercial Mortgage Trust, Series 2018-BCON, Class E, 3.756%, due 01/05/31^{(c) (d)}		300,000		303,386
JPMorgan Chase Commercial Mortgage Trust, Series 2015-MAR7, Class D, 144A, 5.227%, due 06/05/32^(c)		113,000		115,489
JPMorgan Chase Commercial Mortgage Trust, Series 2004-CIBC10, Class D, 5.097%, due 01/12/37		189,000		190,311
JPMorgan Chase Commercial Mortgage Trust, Series 2011-C5, Class D, 5.375%, due 08/15/46^{(c) (d)}		268,000		271,929
JPMorgan Chase Commercial Mortgage Trust, Series 2018-6, Class B2, 144A, 4.004%, due 12/25/48^(c)		391,200		410,016
JPMorgan Chase Commercial Mortgage Trust, Series 2007-LDPX, Class A-M, 5.464%, due 01/15/49^(c)		6,212		6,221
JPMorgan Chase Commercial Mortgage Trust, Series 2018-8, Class B1, 144A, 4.230%, due 01/25/49^(c)		492,436		531,137

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 144A, 4.701%, due 03/10/49	$	274,000	$	263,983
Madison Avenue Trust, Series 2013-650M, Class E, 4.034%, due 10/12/32^{(c) (d)}		268,000		265,811
Marlette Funding Trust, Series 2019-3A, Class B, 144A, 0.000%, due 09/17/29^(c)		200,000		199,981
Mill City Mortgage Trust, Series 2018-3, Class A1, 144A, 3.500%, due 08/25/58^(c)		329,167		336,977
Monarch Beach Resort Trust, Series 2018-MBR, Class F, 4.990%, due 07/15/35^(c)		307,000		308,157
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C17, Class C, 4.465%, due 08/15/47^(c)		1,117,000		1,144,007
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C20, Class D, 144A, 3.071%, due 02/15/48^{(c) (d)}		42,000		39,045
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C22, Class C, 4.378%, due 04/15/48^(c)		1,000,000		1,034,006
Morgan Stanley Capital I Trust, Series 2017-JWDR, Class E, 144A, 5.444% (1MO LIBOR + 305), due 11/15/34^(c)		158,000		159,186
Morgan Stanley Capital I Trust, Series 2018-SUN, Class D, 144A, 4.090% (1MO LIBOR + 165), due 07/15/35^(c)		40,000		40,151
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 144A, 4.990% (1MO LIBOR + 255), due 07/15/35^(c)		60,000		60,526
Morgan Stanley Capital I Trust, Series 2018-SUN, Class G, 144A, 5.490% (1MO LIBOR + 305), due 07/15/35^{(c) (d)}		40,000		40,251
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 2.810% (1MO LIBOR + 380), due 12/25/35^(c)		1,000,000		973,377
Morgan Stanley Capital I Trust, Series 2019-PLND, Class E, 144A, 4.650% (1MO LIBOR + 215), due 05/15/36^(c)		189,000		189,103
MSCG Trust, Series 2018-SELF, Class F, 144A, 5.490% (1MO LIBOR + 305), due 10/15/28^{(c) (d)}		199,000		199,251
MVW Owner Trust, Series 2018-1A, Class A, 144A, 3.450%, due 01/21/36^(c)		103,090		106,339
Natixis Commercial Mortgage Securities, Series 2018-FL1, Class C, 144A, 4.673% (1MO LIBOR + 220), due 06/15/35^(c)		141,000		139,722

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
NextGear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 144A, 3.690%, due 10/16/23^(c)	$	160,000	$	164,351
OHA Loan Funding Ltd., Series 2013-1A, Class CR2, 4.661%, due 07/23/31^(c)		500,000		493,628
PFP Ltd., Series 2017-4, Class D, 144A, 6.073% (1MO LIBOR + 360), due 07/14/35^(c)		1,000,000		999,795
PR Mortgage Loan Trust, Series 2014-1, Class APT, 144A, 5.911%, due 10/25/49^{(c) (d)}		1,865,055		1,855,548
Rait Trust, Series 2017-FL7, Class B, 144A, 4.040% (1MO LIBOR + 160), due 06/15/37^(c)		169,000		169,000
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3, 6.500%, due 10/25/36		1,005,176		967,573
Slide, Series 2018-FUN, Class F, 144A, 5.440% (1MO LIBOR + 300), due 06/15/31^(c)		1,224,832		1,234,795
SoFi Consumer Loan Program Trust, Series 2018-1, Class C, 144A, 3.970%, due 02/25/27^(c)		250,000		256,253
SoFi Consumer Loan Program Trust, Series 2018-2, Class C, 144A, 4.250%, due 04/26/27		215,000		221,653
Structured Asset Securities Corp., Series 2006-BC3, Class A3, 2.564% (1MO LIBOR + 16), due 10/25/36^(c)		965,091		842,367
Sunrun Calisto Issuer, LLC, Series 2019-1A, Class A, 3.980%, due 06/30/54^(c)		150,000		150,000
Taco Bell Fund, LLC, Series 2016-1A, Class A23, 144A, 4.970%, due 05/25/46		424,340		452,645
Textainer Marine Containers Ltd., Series 2018-1A, Class A, 4.110%, due 08/20/43		84,060		84,936
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 144A, 5.647% (3MO LIBOR + 318), due 11/11/34^(c)		113,411		113,764
Towd Point Mortgage Trust, Series 2017-3, Class A1, 144A, 2.750%, due 07/01/57^(c)		182,658		183,422
Towd Point Mortgage Trust, Series 2019-1, Class A, 144A, 3.750%, due 03/25/58^(c)		180,400		187,570
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.000%, due 06/25/58^(c)		240,149		242,663
UBS Commercial Mortgage Trust, Series 2018-C8, Class C, 4.704%, due 02/15/51^(c)		95,000		100,904

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.6% (Continued)	Par Value		Value
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 144A, 6.051%, due 01/10/45^(c)	$	142,000	$	149,239
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX, 144A, 3.534%, due 04/25/46		49,800		49,700
Verizon Owner Trust, Series 2017-1A, Class A, 144A, 2.060%, due 09/20/21		159,087		158,899
Verus Securitization Trust, Series 2018-1, Class B1, 144A, 3.801%, due 01/25/58^(c)		500,000		512,324
Verus Securitization Trust, Series 2018-2, Class B1, 144A, 4.426%, due 06/01/58^(c)		900,000		944,414
Verus Securitization Trust, Series 2018-3, Class M1, 144A, 4.595%, due 10/25/58^(c)		300,000		310,633
WAMU Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1, 3.570%, due 03/25/37^(c)		637,998		554,091
Wells Fargo Commercial Mortgage Trust, Series 2015-LC5, Class D, 144A, 4.761%, due 10/15/45^{(c) (d)}		385,000		397,457
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C, 5.030%, due 06/15/49		141,000		152,209
Wells Fargo Commercial Mortgage Trust, Series 2019-C49, Class D, 144A, 3.000%, due 03/15/52^(c)		1,090,000		933,502
Wells Fargo Mortgage Backed Securities Trust, Series 2019-2, Class A1, 144A, 4.000%, due 04/25/49^(c)		474,012		484,474
Wells Fargo Mortgage Backed Securities Trust, Series 2006-8, Class A18, 6.000%, due 07/25/36^(c)		332,560		321,697
WF-RBS Commercial Mortgage Trust, Series 2013-C12, Class E, 144A, 3.500%, due 03/15/48		900,000		745,486
Total Non-Agency Mortgage-Backed Obligations(Cost $57,954,737)			$	58,850,386

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 2.9%	Par Value		Value
Bank, Series 2019-BN17, Class XA, 1.038%, due 04/15/52^(c)	$	3,429,978	$	288,769
Barclays Commercial Mortgage Securities, LLC, Series 2017-C1, Class X-A, 1.508%, due 02/01/27^(c)		1,955,647		172,870

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 2.9% (Continued)	Par Value		Value
Benchmark Mortgage Trust, Series 2018-B4, Class XA, 0.542%, due 07/15/51^(c)	$	6,916,365	$	255,460
Benchmark Mortgage Trust, Series 2018-B4, Class X-D, 144A, 1.750%, due 07/15/51^(c)		7,000,000		919,875
Benchmark Mortgage Trust, Series 2019-B10, Class XB, 0.900%, due 03/15/62^(c)		2,820,000		222,066
Benchmark Mortgage Trust, Series 2019-B10, Class XA, 1.233%, due 03/15/62^(c)		3,548,735		333,900
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A, 1.419%, due 08/10/26^(c)		1,955,692		148,930
CD Commercial Mortgage Trust, Series 2017-CD4, Class X-A, 1.316%, due 05/01/50^(c)		1,742,778		131,832
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class X-A, 1.655%, due 06/15/50^(c)		1,410,801		130,231
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A, 1.722%, due 05/10/58^(c)		766,261		68,444
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A, 1.989%, due 08/10/26^(c)		937,368		95,588
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A, 1.899%, due 05/10/49^(c)		813,601		83,943
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class XA, 1.066%, due 09/15/50^(c)		1,011,582		62,354
Commercial Mortgage Trust, Series 2012-LC4, Class X-A, 144A, 2.106%, due 12/10/44^(c)		13,234,291		575,017
Commercial Mortgage Trust, Series 2015-CR26, Class D, 3.632%, due 07/10/45^(c)		52,000		48,196
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A, 1.166%, due 10/01/46^(c)		3,376,005		142,665
Commercial Mortgage Trust, Series 2015-LC21, Class X-A, 0.769%, due 07/10/48^(c)		1,820,302		57,045
Commercial Mortgage Trust, Series 2016-CR28, Class D, 3.896%, due 02/10/49^(c)		30,000		30,190
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A, 1.789%, due 01/15/49^(c)		973,840		82,373
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class X-A, 0.725%, due 11/15/50^(c)		5,580,528		268,063

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 2.9% (Continued)	Par Value		Value
CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class X-A, 144A, 0.781%, due 08/15/51^(c)	$	4,781,583	$	215,460
FREMF Mortgage Trust, Series 2014-K503, Class X2A, 144A, 0.100%, due 10/25/47^{(c) (d)}		263,070		51
FREMF Mortgage Trust, Series 2014-K503, Class X2B, 144A, 0.100%, due 10/25/47^{(c) (d)}		2,554,200		1,265
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A, 1.514%, due 01/10/23^(c)		2,053,410		93,766
Goldman Sachs Mortgage Securities Trust, Series 2011-GC3, Class X, 144A, 0.817%, due 03/10/44^(c)		15,487,184		152,761
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A, 1.657%, due 05/10/49^(c)		1,031,187		83,041
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class X-A, 1.144%, due 04/15/47^(c)		18,497,546		447,864
JPMBB Commercial Mortgage Securities Trust, Series 2016-C2, Class X-A, 1.682%, due 06/01/49^(c)		1,236,976		89,721
L Street Securities, Series 2017-PM1, Class XIO, 144A, 0.000%, due 11/25/47^(c)		818,978,210		1,167,208
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A, 144A, 1.882%, due 03/01/49^(c)		1,468,467		94,739
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 144A, 1.109%, due 03/10/50^(c)		2,634,913		110,097
Morgan Stanley BofA Mortgage Loan Trust, Series 2013-C13, Class X-A, 1.166%, due 11/15/46^(c)		5,354,943		192,079
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A, 1.089%, due 12/01/47^(c)		3,378,882		110,128
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A, 0.792%, due 12/15/49^(c)		3,178,112		130,977
Morgan Stanley Capital I Trust, Series 2017-BNK8, Class X-E, 144A, 1.274%, due 11/15/50^(c)		7,050,000		647,520
Morgan Stanley Capital I Trust, Series 2018-BN11, Class X-A, 0.497%, due 03/15/61^(c)		11,733,446		433,347
Societe Generale Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A, 1.992%, due 10/01/48^(c)		1,162,400		111,720
UBS Commercial Mortgage Trust, Series 2018-C8, Class X-A, 0.887%, due 02/15/51^(c)		1,379,389		83,183

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 2.9% (Continued)	Par Value		Value
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class X-E, 144A, 1.300%, due 12/15/50^(c)	$	5,000,000	$	444,714
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class X-A, 0.996%, due 06/15/51^(c)		5,448,909		339,969
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class X-A, 0.948%, due 08/15/51^(c)		3,529,823		214,870
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips(Cost $8,795,932)			$	9,282,291

ASSET-BACKED SECURITIES - 2.3%	Par Value		Value
American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, due 05/15/23	$	350,000	$	349,870
Arroyo Mortgage Trust, Series 2018-1, Class A1, 144A, 3.763%, due 04/25/48		156,132		160,137
Citibank Credit Card Issuance, Series 2017-A3, Class A3, 1.920%, due 04/07/22		125,000		124,732
Coinstar Funding, LLC, Series 2017-1A, Class A2, 144A, 5.216%, due 04/25/47		269,500		278,996
CommonBond Student Loan Term, Series 2018-BGS, Class C, 144A, 4.120%, due 09/25/45^(c)		100,000		101,586
DB Master Finance, LLC, Series 2017-1A, Class A2I, 144A, 3.629%, due 11/20/47		197,000		201,373
Discover Card Execution Note Trust, Series 2016-A4, Class A4, 1.390%, due 03/15/22		225,000		224,497
Domino's Pizza Master Issuer, LLC, Series 2017-1A, Class A2II, 144A, 3.082%, due 07/25/47		196,500		196,797
Earnest Student Loan Program, LLC, Series 2016-C, Class B, 144A, 4.460%, due 01/26/37		326,085		340,865
Ford Credit Auto Owner Trust, Series 2016-C, Class A3, 1.220%, due 03/15/21		84,903		84,544
Helios Issuer, LLC, Series 2017-1A, Class A, 144A, 4.940%, due 09/20/49^(c)		1,081,513		1,149,543
Mosaic Solar Loans, LLC, Series 2018-1A, Class A, 144A, 4.010%, due 06/22/43		384,725		393,471

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

ASSET-BACKED SECURITIES - 2.3% (Continued)	Par Value		Value
Mosaic Solar Loans, LLC, Series 2018-2GS, Class B, 144A, 4.740%, due 02/20/44^(c)	$	450,000	$	454,285
Mosaic Solar Loans, LLC, Series 2018-2GS, Class A, 4.200%, due 02/22/44		412,807		423,589
OSCAR US Funding Trust, Series 2018-2A, Class A4, 144A, 3.630%, due 09/10/25^(c)		150,000		147,334
Santander Drive Auto Receivable, Series 2018-1, Class E, 144A, 4.370%, due 05/15/25^(c)		750,000		763,480
SoFi Consumer Loan Program Trust, Series 2018-3, Class C, 144A, 4.670%, due 08/25/27		150,000		156,480
SoFi Consumer Loan Program Trust, Series 2018-4, Class D, 144A, 4.760%, due 11/26/27		500,000		516,740
Structured Agency Credit Risk Debt Notes, Series 15-DNA1, Class M2, 4.254%, due 10/25/27^(c)		163,934		165,319
Wendy's Funding LLC, Series 2019-1A, Class A2I, 144A, 3.783%, due 06/15/49		100,000		100,591
Wingstop Funding, LLC, Series 2018-1, Class A2, 144A, 4.970%, due 12/05/48^(c)		997,500		1,042,217
Total Asset-Backed Securities(Cost $7,148,604)			$	7,376,446

COLLATERALIZED LOAN OBLIGATIONS - 3.3%	Par Value		Value
Annisa CLO Ltd., Series 2016-2A, Class CR, 144A, 4.592% (3MO LIBOR + 200), due 07/20/31^(c)	$	1,000,000	$	977,746
Apidos CLO, Series 2016-24A, Class CR, 144A, 5.641% (3MO LIBOR + 305), due 10/20/30^(c)		500,000		488,369
Ares CLO Ltd., Series 2018-49A, Class C, 144A, 4.542%, due 07/22/30^(c)		1,000,000		970,203
Atrium CDO Corp., Series 2013-9R, Class D-R, 144A, 6.121% (3MO LIBOR + 360), due 05/28/30^(c)		500,000		500,181
Avery Point CLO Ltd., Series 2015-6A, Class AR, 144A, 3.615% (3MO LIBOR + 105), due 08/05/27^(c)		500,000		499,706
Babson CLO Ltd., Series 2012-II, Class SUB, 144A, 0.000%, due 05/15/23^(d)		1,000,000		34,632
BlueMountain CLO Ltd., Series 2016-2A, Class C, 144A, 6.620% (3MO LIBOR + 410), due 08/20/28^(c)		500,000		500,162

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

COLLATERALIZED LOAN OBLIGATIONS - 3.3% (Continued)	Par Value		Value
BlueMountain CLO Ltd., Series 2012-2A, Class DR, 144A, 5.420% (3MO LIBOR + 290), due 11/20/28^(c)	$	350,000	$	344,025
Canyon Capital CLO Ltd., Series 2014-1A, Class CR, 144A, 5.333%, due 01/30/31^(c)		250,000		233,770
Carlyle Global Market Strategies CLO, Series 2015-3A, Class CR, 144A, 5.432% (3MO LIBOR + 285), due 07/28/28^(c)		500,000		498,753
CIFC Funding CLO Ltd., Series 2015-5A, Class CR, 144A, 5.530% (3MO LIBOR + 295), due 10/25/27^(c)		345,000		344,136
Dryden Senior Loan Fund, Series 2014-33A, Class DR2, 144A, 6.447% (3MO LIBOR + 385), due 04/15/29^(c)		500,000		499,705
Galaxy CLO Ltd., Series 2018-29A, Class D, 4.918% (3MO LIBOR + 240), due 11/15/26^(c)		250,000		244,769
Galaxy CLO Ltd., Series 2016-22A, Class DR, 144A, 5.701% (3MO LIBOR + 310), due 07/16/28^(c)		250,000		244,082
LCM CLO Ltd. Partnership, Series 20A, Class DR, 144A, 5.392% (3MO LIBOR + 280), due 10/20/27^(c)		250,000		246,673
LCM CLO Ltd. Partnership, Series 22A, Class CR, 144A, 5.392% (3MO LIBOR + 280), due 10/20/28^(c)		350,000		339,444
Newark BSL CLO 1 Ltd., Series 2016-1A, Class C, 144A, 6.582% (3MO LIBOR + 400), due 12/21/29^(c)		500,000		500,487
Palmer Square Loan Funding CLO Ltd., Series 2018-3A, Class C, 144A, 4.818% (3MO LIBOR + 230), due 08/15/26^(c)		1,000,000		970,746
Symphony CLO XIV Ltd., Series 2014-14A, Class D-2, 144A, 6.397% (3MO LIBOR + 360), due 07/14/26^(c)		500,000		500,079
TPG Real Estate Finance, Series 2018-FL2, Class D, 144A, 5.094% (1MO LIBOR + 270), due 11/15/37^(c)		125,000		126,033
Voya CLO Ltd., Series 2016-2A, Class C, 144A, 6.842% (3MO LIBOR + 425), due 07/19/28^(c)		500,000		500,100
Westcott Park CLO Ltd., Series 2016-1A, CLASS DR, 144A, 0.000% (3MO LIBOR + 325), due 07/20/28^(c)		500,000		497,379
Wind River CLO I Ltd., Series 2012-1A, Class D-R, 144A, 6.697% (3MO LIBOR + 410), due 01/15/26^(c)		250,000		249,514
Total Collateralized Loan Obligations(Cost $11,179,022)			$	10,310,694

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.9%	Par Value		Value
Communication Services - 0.6%
AT&T, Inc., 5.250%, due 03/01/37	$	115,000	$	128,951
AT&T, Inc., 5.150%, due 02/15/50		260,000		286,320
Charter Communications Operating, LLC, 4.908%, due 07/23/25		120,000		130,234
Charter Communications Operating, LLC, 5.050%, due 03/30/29		312,000		343,514
Comcast Corp., 3.700%, due 04/15/24		180,000		190,988
Comcast Corp., 4.700%, due 10/15/48		240,000		278,927
Interpublic Group of Cos., Inc. (The), 4.650%, due 10/01/28		55,000		60,015
Interpublic Group of Cos., Inc. (The), 5.400%, due 10/01/48		65,000		72,230
Verizon Communications, Inc., 4.272%, due 01/15/36^(b)		85,000		91,686
Verizon Communications, Inc., 4.522%, due 09/15/48		260,000		290,718
Viacom, Inc., 4.375%, due 03/15/43		95,000		92,788
				1,966,371
Consumer Discretionary - 0.4%
Allied Universal Holdco, LLC, 144A, 6.625%, due 07/15/26		60,000		60,975
Expedia, Inc., 5.000%, due 02/15/26		235,000		255,228
Expedia, Inc., 3.800%, due 02/15/28		240,000		243,587
Ford Motor Co., 7.450%, due 07/16/31		55,000		64,901
General Motors Financial Co., Inc., 3.588% (3MO LIBOR + 99), due 01/05/23^(c)		150,000		147,464
General Motors Financial Co., Inc., 3.950%, due 04/13/24		40,000		40,801
Hasbro, Inc., 3.500%, due 09/15/27		70,000		70,874
Home Depot, Inc. (The), 3.900%, due 06/15/47		65,000		70,241
Molson Coors Brewing Co., 1.250%, due 07/15/24		150,000		175,192
				1,129,263
Consumer Staples - 0.4%
Anheuser-Busch Cos., LLC/Anheuser-Busch InBev Worldwide, Inc., 144A, 4.900%, due 02/01/46		60,000		66,265
Anheuser-Busch InBev Worldwide, Inc., 4.600%, due 04/15/48		265,000		281,535
BAT Capital Corp., 144A, 3.398% (3MO LIBOR + 100), due 08/15/22^(c)		20,000		20,023
BAT Capital Corp., 144A, 4.540%, due 08/15/47		270,000		249,447
Dollar Tree, Inc., 4.000%, due 05/15/25		120,000		124,610
Kraft Heinz Food Co., 3.000%, due 06/01/26		295,000		286,770

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.9% (Continued)	Par Value		Value
Consumer Staples - 0.4% (Continued)
Smithfield Foods, Inc., 144A, 4.250%, due 02/01/27	$	135,000	$	137,390
				1,166,040
Energy - 1.4%
Andeavor, 5.125%, due 12/15/26		150,000		167,472
Concho Resources, Inc., 4.300%, due 08/15/28		680,000		732,700
Continental Resources, Inc., 4.375%, due 01/15/28^(b)		465,000		489,645
Enbridge, Inc., 4.250%, due 12/01/26^(b)		385,000		417,120
Energy Transfer Operating, L.P., 6.000%, due 06/15/48		240,000		273,092
Energy Transfer Partners, L.P., 4.750%, due 01/15/26		60,000		64,040
Enterprise Products Operating, 3.900%, due 02/15/24		420,000		444,977
EQT Midstream Partners, L.P., 4.750%, due 07/15/23		55,000		56,924
Kinder Morgan Energy Partners, 6.950%, due 01/15/38		50,000		63,855
Kinder Morgan, Inc., 5.200%, due 03/01/48		250,000		282,169
Marathon Oil Corp., 4.400%, due 07/15/27		415,000		439,564
Marathon Petroleum Corp., 5.125%, due 12/15/26		60,000		65,823
Murphy Oil Corp., 5.750%, due 08/15/25		25,000		25,888
NGPL Pipeco, LLC, 144A, 4.875%, due 08/15/27		50,000		53,125
Noble Energy, Inc., 3.850%, due 01/15/28^(b)		111,000		113,294
Sabine Pass Liquefaction, LLC, 5.000%, due 03/15/27		60,000		65,700
Schlumberger Holding Corp., 144A, 3.900%, due 05/17/28		145,000		150,538
Williams Cos., Inc. (The), 3.600%, due 03/15/22		235,000		240,948
Williams Cos., Inc. (The), 4.550%, due 06/24/24		307,000		330,117
				4,476,991
Financials - 1.9%
Air Lease Corp., 3.250%, due 03/01/25^(b)		130,000		130,493
American International Group, Inc., 4.750%, due 04/01/48		260,000		285,985
AXA Equitable Holdings, Inc., 3.900%, due 04/20/23		180,000		187,333
Bank of America Corp., 3.458%, due 03/15/25		110,000		113,963
Capital One Financial Corp., 3.303% (3MO LIBOR + 72), due 01/30/23^(b)(c)		195,000		194,303
Citigroup, Inc., 3.138% (BBSW + 155), due 05/04/21^(c)		245,000		174,539
Citigroup, Inc., 3.625% (3MO LIBOR + 110), due 05/17/24^(c)		115,000		115,918
Citigroup, Inc., 4.750%, due 05/18/46		220,000		247,221
Crown Castle International Corp., 3.650%, due 09/01/27		65,000		66,302
Crown Castle International Corp., 4.300%, due 02/15/29		165,000		178,171

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.9% (Continued)	Par Value		Value
Financials - 1.9% (Continued)
Discover Financial Services, 4.100%, due 02/09/27	$	125,000	$	129,823
First Maryland Capital II, 3.429% (3MO LIBOR + 85), due 02/01/27^(c)		250,000		226,443
Fiserv, Inc., 3.500%, due 07/01/29		325,000		332,772
Goldman Sachs Group, Inc. (The), 3.274% (3MO LIBOR + 75), due 02/23/23^(c)		170,000		169,456
Goldman Sachs Group, Inc. (The), 1.375%, due 05/15/24		150,000		176,691
JPMorgan Chase & Co., 3.625%, due 12/01/27		135,000		139,030
JPMorgan Chase & Co., 3.509%, due 01/23/29^(c)		225,000		233,291
JPMorgan Chase &Co., 3.702%, due 05/06/30		65,000		68,294
Liberty Mutual Group, Inc., 144A, 6.500%, due 05/01/42		50,000		65,938
Morgan Stanley, 3.737%, due 04/24/24		120,000		125,049
MPT Operating Partnership, L.P., 5.250%, due 08/01/26		55,000		57,475
MPT Operating Partnership, L.P., 5.000%, due 10/15/27		50,000		51,500
PNC Financial Services Group, Inc., 3.500%, due 01/23/24		95,000		99,592
Prudential Financial, Inc., 3.905%, due 12/07/47		45,000		46,631
Public Storage, 3.385%, due 05/01/29		60,000		62,749
Santander Holdings USA, Inc., 3.400%, due 01/18/23		120,000		121,616
Synchrony Financial, 3.950%, due 12/01/27		65,000		64,699
U.S. Bancorp, 3.375%, due 02/05/24		99,000		103,464
U.S. Bancorp, 3.600%, due 09/11/24		55,000		57,757
U.S. Bancorp, 3.150%, due 04/27/27		170,000		176,260
U.S. Bancorp, Series I, 5.125% (3MO LIBOR + 348.60), due 12/31/49^(b)(c)		225,000		229,500
U.S. Bank National Association, 3.000%, due 02/04/21		280,000		283,338
USB Capital IX, 3.617% (3MO LIBOR + 150), due 12/31/49^(c)		405,000		332,100
Wachovia Capital Trust II, 5.570%, due 03/29/49^(c)		430,000		430,537
Wells Fargo & Co., 2.880%, due 07/27/21^(c)		200,000		142,095
Wells Fargo & Co., 3.250%, due 04/27/22		200,000		145,851
Wells Fargo & Co., 4.750%, due 12/07/46		250,000		284,390
Willis North America, Inc., 4.500%, due 09/15/28		60,000		64,098
				6,114,667
Health Care - 0.6%
Becton, Dickinson and Co., 4.669%, due 06/06/47		250,000		279,581

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.9% (Continued)	Par Value		Value
Health Care - 0.6% (Continued)
Celgene Corp., 4.550%, due 02/20/48	$	270,000	$	306,267
Cigna Corp., 144A, 3.487% (3MO LIBOR + 89), due 07/15/23^(c)		95,000		94,593
Cigna Corp., 144A, 4.900%, due 12/15/48^(b)		340,000		369,146
CVS Health Corp., 5.050%, due 03/25/48		240,000		254,016
HCA, Inc., 5.000%, due 03/15/24		170,000		184,875
Thermo Fisher Scientific, 0.750%, due 09/12/24		100,000		116,230
UnitedHealth Group, Inc., 2.375%, due 10/15/22^(b)		300,000		300,639
				1,905,347
Industrials - 0.3%
CSX Corp., 3.800%, due 11/01/46^(b)		70,000		70,549
FedEx Corp., 4.950%, due 10/17/48^(b)		245,000		266,260
General Electric Co., 5.875%, due 01/14/38		60,000		67,898
John Deere Capital Corp., 3.450%, due 01/10/24		80,000		83,843
John Deere Capital Corp., 2.600%, due 03/07/24		75,000		75,706
Lockheed Martin Corp., 4.700%, due 05/15/46		105,000		126,670
Penske Truck Leasing Co., L.P., 144A, 4.200%, due 04/01/27		60,000		62,254
Reynolds American, Inc., 4.000%, due 06/12/22^(b)		70,000		72,602
				825,782
Information Technology - 0.7%
Apple, Inc., 0.875%, due 05/24/25		115,000		137,310
Arrow Electronics, Inc., 3.875%, due 01/12/28		25,000		24,729
Banff Merger Sub, Inc., 144A, 9.750%, due 09/01/26		245,000		212,538
Broadcom, Inc., 144A, 4.750%, due 04/15/29		241,000		246,071
Dell International LLC, 144A, 8.100%, due 07/15/36		46,000		56,420
Dell, Inc., 144A, 8.350%, due 07/15/46		617,000		777,838
Microchip Technology, Inc., 4.333%, due 06/01/23		215,000		223,806
Micron Technology, Inc., 5.327%, due 02/06/29		325,000		344,500
Microsoft Corp., 2.400%, due 08/08/26		290,000		291,376
				2,314,588
Materials - 0.2%
International Paper Co., 4.350%, due 08/15/48		280,000		272,898
Mosaic Co. (The), 4.050%, due 11/15/27		115,000		118,557
Owens Corning, 4.400%, due 01/30/48		70,000		59,273
Standard Industries, Inc., 144A, 5.000%, due 02/15/27		50,000		50,375

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.9% (Continued)	Par Value		Value
Materials - 0.2% (Continued)
WestRock Co., 3.750%, due 03/15/25	$	65,000	$	67,526
				568,629
Real Estate - 0.2%
American Tower Corp., 2.250%, due 01/15/22		240,000		238,764
American Tower Corp., 1.950%, due 05/22/26		100,000		121,308
American Tower Corp., 3.950%, due 03/15/29		60,000		62,499
Welltower, Inc., 3.950%, due 09/01/23		125,000		131,331
				553,902
Utilities - 0.2%
Dominion Energy, Inc., 0.000%, due^(b)		4,100		424,596
Vistra Operations Co., LLC, 144A, 3.550%, due 07/15/24		230,000		231,150
Williams Partners, L.P., 4.300%, due 03/04/24		75,000		79,558
				735,304

Total Investment-Grade Corporate Obligations(Cost $20,716,039)			$	21,756,884

HIGH YIELD CORPORATE OBLIGATIONS - 11.2%	Par Value		Value
Communication Services - 1.5%
AMC Networks, Inc., 4.750%, due 08/01/25	$	50,000	$	50,750
Block Communications, Inc., 6.875%, due 02/15/25		50,000		52,125
Cablevision Systems Corp., 5.875%, due 09/15/22		60,000		63,375
CBS Radio, Inc., 144A, 7.250%, due 11/01/24		25,000		26,312
CCO Holdings, LLC, 144A, 5.750%, due 02/15/26		195,000		204,750
CCO Holdings, LLC, 144A, 5.125%, due 05/01/27		350,000		362,250
CCO Holdings, LLC, 144A, 5.000%, due 02/01/28		210,000		214,462
CenturyLink, Inc., 5.800%, due 03/15/22		25,000		26,125
Clear Channel Worldwide Holdings, Inc., 144A, CV, 9.250%, due 02/15/24		20,000		21,700
Comcel Trust, 6.875%, due 02/06/24		200,000		206,750
CSC Holdings, LLC, 5.250%, due 06/01/24		95,000		98,681
CSC Holdings, LLC, 144A, 5.500%, due 04/15/27		200,000		209,750
Cumulus Media New Holding, Inc., 144A, 6.750%, due 07/01/26		25,000		24,937

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Communication Services - 1.5% (Continued)
DISH DBS Corp., 5.000%, due 03/15/23	$	50,000	$	48,125
DISH Network Corp., CV, 3.375%, due 08/15/26		250,000		242,890
Embarq Corp., 7.995%, due 06/01/36		50,000		48,312
Frontier Communications Corp., 6.875%, due 01/15/25		10,000		5,600
Frontier Communications Corp., 11.000%, due 09/15/25^(b)		10,000		6,212
Frontier Communications Corp., 144A, 8.000%, due 04/01/27		45,000		46,800
GCI Liberty, Inc., 144A, 1.750%, due 09/30/46		270,000		314,126
Gray Escrow, Inc., 144A, 7.000%, due 05/15/27^(b)		125,000		135,625
GTT Communications, Inc., 144A, 7.875%, due 12/31/24^(b)		70,000		57,137
HC2 Holdings, Inc., 144A, 11.500%, due 12/01/21		130,000		114,238
Hughes Satellite Systems Corp., 6.625%, due 08/01/26^(b)		25,000		26,281
iHeartCommunications, Inc., 6.375%, due 05/01/26		15,000		15,919
iHeartCommunications, Inc., 8.375%, due 05/01/27		10,000		10,475
InterActiveCorp, 0.875%, due 06/15/26		250,000		250,458
Level 3 Financing, Inc., 5.375%, due 01/15/24		95,000		97,019
Level 3 Financing, Inc., 5.250%, due 03/15/26		45,000		46,575
MGIC Investment Corp., 5.750%, due 08/15/23		135,000		146,475
Netflix, Inc., 5.875%, due 11/15/28^(b)		50,000		55,125
Netflix, Inc., 144A, 5.375%, due 11/15/29		210,000		223,125
Nexstar Escrow Corp., 144A, 5.625%, due 08/01/24^(b)		50,000		51,750
Sinclair Television Group, Inc., 144A, 5.125%, due 02/15/27		50,000		49,063
Sirius XM Radio, Inc., 144A, 4.625%, due 05/15/23^(b)		200,000		202,750
Sirius XM Radio, Inc., 144A, 4.625%, due 07/15/24		15,000		15,338
Sirius XM Radio, Inc., 144A, 6.000%, due 07/15/24		25,000		25,775
Sirius XM Radio, Inc., 144A, 5.375%, due 07/15/26		225,000		232,875
Sirius XM Radio, Inc., 144A, 5.000%, due 08/01/27		125,000		127,031
Sirius XM Radio, Inc., 144A, 5.500%, due 07/01/29		30,000		30,750
Sprint Capital Corp., 6.875%, due 11/15/28		65,000		67,356
Sprint Corp., 7.125%, due 06/15/24		60,000		63,450
Sprint Corp., 7.625%, due 03/01/26^(b)		25,000		26,625
T-Mobile USA, Inc., 6.000%, due 04/15/24		20,000		20,850
T-Mobile USA, Inc., 6.375%, due 03/01/25		20,000		20,725
T-Mobile USA, Inc., 5.125%, due 04/15/25		23,000		23,920
T-Mobile USA, Inc., 6.500%, due 01/15/26		240,000		258,000

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Communication Services - 1.5% (Continued)
T-Mobile USA, Inc., 4.500%, due 02/01/26	$	95,000	$	97,256
T-Mobile USA, Inc., 5.375%, due 04/15/27		25,000		26,750
				4,792,748
Consumer Discretionary - 1.6%
Allied Universal Holdco, LLC, 144A, 9.750%, due 07/15/27		15,000		14,925
Amazon.com, Inc., 3.150%, due 08/22/27		205,000		215,380
AMC Entertainment Holdings, Inc., 5.875%, due 11/15/26^(b)		50,000		45,000
Aramark Services, Inc., 5.125%, due 01/15/24		200,000		205,500
Aramark Services, Inc., 144A, 5.000%, due 04/01/25		270,000		274,725
Asbury Automotive Group, 6.000%, due 12/15/24		50,000		51,875
Ashton Woods USA, 144A, 6.750%, due 08/01/25		25,000		23,750
AV Homes, Inc., 6.625%, due 05/15/22		25,000		25,812
Beacon Escrow Corp., 144A, 4.875%, due 11/01/25		100,000		99,000
BMC East, LLC, 144A, 5.500%, due 10/01/24		25,000		25,344
Builders FirstSource, Inc., 144A, 5.625%, due 09/01/24		65,000		66,787
Builders FirstSource, Inc., 144A, 6.750%, due 06/01/27		25,000		26,375
Caesars Report Collection, LLC, 144A, 5.250%, due 10/15/25		100,000		100,000
Carvana Co., 144A, 8.875%, due 10/01/23		25,000		25,062
CCM Merger, Inc., 144A, 6.000%, due 03/15/22		50,000		51,187
Cedar Fair, L.P., 5.375%, due 06/01/24		50,000		51,375
Cedar Fair, L.P., 144A, 5.250%, due 07/15/29		40,000		40,800
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24^(d)		55,000		52,594
Century Communities, Inc., 5.875%, due 07/15/25		50,000		50,250
Cimpress N.V., 144A, 7.000%, due 06/15/26		150,000		152,250
CSC Holdings, LLC, 144A, 5.375%, due 02/01/28		200,000		207,750
Dana Holding Corp., 5.500%, due 12/15/24		50,000		51,000
Ecolab, Inc., 1.000%, due 01/15/24		150,000		177,151
Eldorado Resorts, Inc., 6.000%, due 04/01/25		45,000		47,306
Golden Entertainment, Inc., 144A, 7.625%, due 04/15/26		35,000		35,875
Golden Nugget, Inc., 144A, 6.750%, due 10/15/24^(b)		125,000		128,750
Graham Holdings Co., 144A, 5.750%, due 06/01/26		140,000		148,050
Hertz Corp., 7.375%, due 01/15/21		50,000		50,188
Hilton Domestic Operating Co., Inc., 4.250%, due 09/01/24^(b)		125,000		126,875

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Consumer Discretionary - 1.6% (Continued)
IAA Spinco, Inc., 144A, 5.500%, due 06/15/27	$	25,000	$	26,000
KFC Holding Co., 144A, 4.750%, due 06/01/27		125,000		128,125
L Brands, Inc., 6.750%, due 07/01/36		25,000		21,750
Lennar Corp., 5.375%, due 10/01/22		25,000		26,531
Lennar Corp., 5.250%, due 06/01/26		25,000		26,469
Live Nation Entertainment, Inc., 144A, 5.375%, due 06/15/22		25,000		25,375
LTF Merger Sub, Inc., 144A, 8.500%, due 06/15/23		45,000		46,013
M/I Homes, Inc., 5.625%, due 08/01/25		50,000		50,375
McGraw-Hill Global Education Holdings, LLC, 7.875%, due 05/15/24		245,000		225,400
Men's Wearhouse, Inc. (The), 7.000%, due 07/01/22^(b)		40,000		38,800
Meritage Homes Corp., 6.000%, due 06/01/25		25,000		26,875
MGM Resorts International, 6.000%, due 03/15/23		25,000		27,188
MGM Resorts International, 5.750%, due 06/15/25		25,000		27,125
Michaels Stores, Inc., 144A, 8.000%, due 07/15/27		25,000		24,875
Penn National Gaming, Inc., 144A, 5.625%, due 01/15/27		25,000		24,750
PetSmart, Inc., 144A, 7.125%, due 03/15/23^(d)		30,000		28,125
PetSmart, Inc., 144A, 5.875%, due 06/01/25^(b)		65,000		63,050
PGT Escrow Issuer, Inc., 144A, 6.750%, due 08/01/26		50,000		52,938
Scientific Games International, Inc., 144A, 5.000%, due 10/15/25^(b)		50,000		50,438
Six Flags Entertainment Corp., 144A, 5.500%, due 04/15/27		50,000		51,500
Sonic Automotive, Inc., 6.125%, due 03/15/27		25,000		24,563
Staples, Inc., 144A, 7.500%, due 04/15/26		90,000		88,875
Station Casinos, LLC, 144A, 5.000%, due 10/01/25		50,000		50,063
Tempur Sealy International, Inc., 5.500%, due 06/15/26		119,000		123,463
United Continental Holdings, Inc., 4.875%, due 01/15/25		25,000		25,575
Viacom, Inc., 6.250%, due 02/28/57		325,000		337,069
William Carter, 144A, 5.625%, due 03/15/27^(b)		25,000		26,188
WMG Acquisition Corp., 144A, 5.500%, due 04/15/26		320,000		329,600
Wolverine World Wide, Inc., 144A, 5.000%, due 09/01/26		25,000		24,750
Yum! Brands, Inc., 144A, 5.000%, due 06/01/24		110,000		113,713
Yum! Brands, Inc., 144A, 5.250%, due 06/01/26^(b)		275,000		288,406
				4,994,903

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Consumer Staples - 0.7%
Albertsons Cos., LLC, 6.625%, due 06/15/24	$	50,000	$	51,750
Albertsons Cos., LLC, 144A, 7.500%, due 03/15/26		65,000		69,387
Altria Group, Inc., 5.950%, due 02/14/49		60,000		67,874
B&G Foods, Inc., 5.250%, due 04/01/25		70,000		70,700
Central Garden & Pet Co., 5.125%, due 02/01/28		25,000		24,500
Cott Holdings, Inc., 144A, 5.500%, due 04/01/25		85,000		86,594
JBS USA LUX/JBS USA Finance, Inc., 144A, 6.750%, due 02/15/28^(b)		104,000		112,970
JBS USA, LLC, 144A, 5.750%, due 06/15/25		5,000		5,200
NBM U.S. Holdings, Inc., 144A, 7.000%, due 05/14/26^(b)		500,000		525,625
Pilgrim's Pride Corp., 144A, 5.750%, due 03/15/25		25,000		25,375
Pilgrim's Pride Corp., 144A, 5.875%, due 09/30/27^(b)		95,000		98,325
Post Holdings, Inc., 144A, 5.500%, due 03/01/25		70,000		72,450
Post Holdings, Inc., 144A, 5.000%, due 08/15/26		330,000		334,950
Post Holdings, Inc., 144A, 5.750%, due 03/01/27		445,000		458,906
Post Holdings, Inc., 144A, 5.625%, due 01/15/28^(b)		190,000		194,988
Post Holdings, Inc., 144A, 5.500%, due 12/15/29		25,000		25,062
Simmons Foods, Inc., 144A, 5.750%, due 11/01/24		25,000		22,750
Spectrum Brands, Inc., 5.750%, due 07/15/25		25,000		25,938
				2,273,344
Energy - 2.3%
Antero Midstream Partners, L.P., 144A, 5.750%, due 03/01/27		125,000		125,000
Antero Resources Corp., 5.000%, due 03/01/25^(b)		55,000		50,875
Archrock Partners, L.P., 144A, 6.875%, due 04/01/27		25,000		26,125
Calfrac Holdings, L.P., 144A, 8.500%, due 06/15/26		50,000		34,875
Cheniere Corpus Christi Holdings, LLC, 5.125%, due 06/30/27		60,000		65,175
Cheniere Energy Partners, L.P., 144A, 5.250%, due 10/01/25		45,000		46,519
Cheniere Energy Partners, L.P., 144A, 5.625%, due 10/01/26		85,000		89,462
Chesapeake Energy Corp., 7.000%, due 10/01/24^(b)		325,000		290,875
Chesapeake Energy Corp., 8.000%, due 01/15/25^(b)		25,000		23,062
Chesapeake Energy Corp., 144A, 8.000%, due 03/15/26		280,000		254,100

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Energy - 2.3% (Continued)
Chesapeake Energy Corp., 5.500%, due 09/15/26	$	251,000	$	200,936
Chesapeake Energy Corp., 8.000%, due 06/15/27^(b)		460,000		402,500
Crestwood Midstream Partners, L.P., CV, 6.250%, due 04/01/23		25,000		25,500
DCP Midstream Operating, L.P., 3.875%, due 03/15/23^(b)		20,000		20,225
DCP Midstream Operating, L.P., 5.375%, due 07/15/25		400,000		421,000
DCP Midstream Operating, L.P., 5.125%, due 05/15/29		200,000		205,500
Delek Logistics Partners, L.P., CV, 6.750%, due 05/15/25		75,000		74,437
Diamondback Energy, Inc., 144A, 4.750%, due 11/01/24		145,000		148,988
Diamondback Energy, Inc., 5.375%, due 05/31/25^(b)		490,000		515,112
Eclipse Resources Corp., 8.875%, due 07/15/23		25,000		21,312
Endeavor Energy Resources, L.P., 144A, 5.750%, due 01/30/28		25,000		26,406
EnLink Midstream, LLC, 5.375%, due 06/01/29		25,000		25,609
Enviva Partners, L.P., 8.500%, due 11/02/21		25,000		25,937
FTS International, Inc., 6.250%, due 05/01/22		90,000		83,700
Gulfport Energy Corp., 6.375%, due 05/15/25		55,000		42,144
Gulfport Energy Corp., 6.375%, due 01/15/26		25,000		18,937
Hess Infrastructure Partners, L.P., 144A, 5.625%, due 02/15/26		25,000		25,750
Hilcorp Energy I, L.P., 144A, 6.250%, due 11/01/28		65,000		65,406
Hill-Rom Holdings, Inc., 144A, 5.750%, due 09/01/23^(b)		50,000		51,625
Lonestar Resources America, Inc., 144A, 11.250%, due 01/01/23		50,000		47,250
Magnolia Oil and Gas Operating, 144A, 6.000%, due 08/01/26		75,000		76,500
MPLX, L.P., 4.000%, due 03/15/28		430,000		444,789
Murphy Oil Corp., 6.875%, due 08/15/24		219,000		229,612
Murphy Oil USA, Inc., 5.625%, due 05/01/27		25,000		26,000
Murray Energy Corp., 144A, 11.250%, due 04/15/21		50,000		16,063
Oasis Petroleum, Inc., 6.875%, due 03/15/22		35,000		34,913
Oasis Petroleum, Inc., CV, 2.625%, due 09/15/23		190,000		173,549
Parsley Energy, LLC, 144A, 5.375%, due 01/15/25		350,000		358,750
Parsley Energy, LLC, 144A, 5.625%, due 10/15/27^(b)		390,000		405,600
PBF Holding Co., LLC, 7.250%, due 06/15/25		365,000		381,425

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Energy - 2.3% (Continued)
PBF Logistics, L.P., 6.875%, due 05/15/23^(b)	$	25,000	$	25,781
Peabody Securities Finance Corp., 144A, 6.000%, due 03/31/22^(b)		130,000		132,925
QEP Resources, Inc., 5.625%, due 03/01/26		30,000		28,200
SM Energy Co., CV, 1.500%, due 07/01/21		150,000		137,499
SM Energy Co., 6.625%, due 01/15/27		375,000		345,938
Sunoco, L.P., 144A, 6.000%, due 04/15/27^(b)		35,000		36,750
Sunoco, L.P. / Sunoco Finance Corp., 144A, 5.500%, due 02/15/26		25,000		26,031
Tallgrass Energy Partners, L.P., 144A, 5.500%, due 01/15/28		25,000		25,281
Targa Resources Partners, L.P., 5.875%, due 04/15/26		190,000		201,400
Targa Resources Partners, L.P., 144A, 6.500%, due 07/15/27^(b)		5,000		5,450
Targa Resources Partners, L.P., 144A, 6.875%, due 01/15/29		20,000		22,150
USA Compression Partners, L.P., 144A, 6.875%, due 09/01/27^(b)		95,000		99,750
Vistra Operations Co., LLC, 144A, 5.000%, due 07/31/27		60,000		62,175
WPX Energy, Inc., 5.750%, due 06/01/26		380,000		394,250
				7,145,123
Financials - 1.4%
Alexandria Real Estate Equities, Inc., 4.000%, due 01/15/24		120,000		126,929
Alexandria Real Estate Equities, Inc., 4.850%, due 04/15/49		25,000		28,417
Alliant Holdings Intermediate, LLC, 144A, 8.250%, due 08/01/23		60,000		61,350
Ally Financial, Inc., 5.750%, due 11/20/25		50,000		55,375
American Express Co., 3.400%, due 02/22/24		125,000		130,109
Athene Global Funding, 144A, 3.000%, due 07/01/22		120,000		121,300
Bank of America Corp., 3.419%, due 12/20/28		381,000		392,047
Bank of America Corp., 3.974%, due 02/07/30^(b)		60,000		64,125
Berkshire Hathaway Finance Corp., 2.375%, due 06/19/39		120,000		154,975
CFX Escrow Corp., 144A, 6.000%, due 02/15/24		20,000		21,175
CFX Escrow Corp., 144A, 6.375%, due 02/15/26		60,000		64,275
CIT Group, Inc., 5.250%, due 03/07/25^(b)		25,000		27,406

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Financials - 1.4% (Continued)
Citigroup, Inc., 0.164% (3MO EURIBOR + 50), due 03/21/23^(c)	$	170,000	$	193,534
Eagle Holding Co. II, LLC, 144A, 7.625%, due 05/15/22		25,000		25,312
Eagle Holding Co. II, LLC, 144A, 7.750%, due 05/15/22^(b)		40,000		40,500
ESH Hospitality, Inc., 144A, 5.250%, due 05/01/25^(b)		295,000		302,006
Fidelity National Information Service, Inc., 1.500%, due 05/21/27		100,000		118,756
Fiserv, Inc., 1.125%, due 07/01/27		100,000		115,296
Goldman Sachs Group, Inc. (The), 3.625%, due 02/20/24		125,000		130,225
Hub International Ltd., 144A, 7.000%, due 05/01/26		35,000		35,481
Icahn Enterprises, L.P., 6.375%, due 12/15/25^(b)		35,000		35,656
Icahn Enterprises, L.P., 144A, 6.250%, due 05/15/26		85,000		85,850
Lions Gate Capital Holdings, LLC, 144A, 6.375%, due 02/01/24		345,000		362,681
Lions Gate Capital Holdings, LLC, 144A, 5.875%, due 11/01/24		103,000		105,833
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co. Issuer, Inc., 5.625%, due 05/01/24^(b)		50,000		53,875
Nationstar Mortgage Holdings, Inc., 144A, 8.125%, due 07/15/23		45,000		45,788
NFP Corp., 144A, 6.875%, due 07/15/25		80,000		79,000
Quicken Loans, Inc., 144A, 5.250%, due 01/15/28^(b)		50,000		49,704
Realogy Group, LLC, 144A, 5.250%, due 12/01/21^(b)		25,000		24,219
Springleaf Finance Corp., 7.125%, due 03/15/26		50,000		54,500
Springleaf Finance Corp., 6.625%, due 01/15/28^(b)		40,000		42,000
SunTrust Banks, Inc., 5.050%, due 12/31/49		225,000		221,625
Synovus Financial Corp., 5.750% (3MO LIBOR + 418.20), due 12/15/25^(c)		300,000		305,322
Tempo Acquisition, LLC, 144A, 6.750%, due 06/01/25		80,000		82,400
U.S. Bancorp, 0.850%, due 06/07/24		100,000		117,391
U.S. Bank National Association, 2.650%, due 05/23/22		705,000		714,152
				4,588,589
Health Care - 0.6%
AbbVie, Inc., 4.700%, due 05/14/45		65,000		66,131

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Health Care - 0.6% (Continued)
AbbVie, Inc., 4.875%, due 11/14/48	$	260,000	$	271,849
Anthem, Inc., 2.750%, due 10/15/42		47,000		182,916
Bausch Health Cos., Inc., 144A, 7.000%, due 03/15/24^(b)		15,000		15,900
Catalent Pharma Solutions, Inc., 144A, 5.000%, due 07/15/27^(b)		15,000		15,262
Centene Corp., 4.750%, due 01/15/25		55,000		56,650
Centene Corp., 144A, 5.375%, due 06/01/26		85,000		89,250
DaVita, Inc., 5.125%, due 07/15/24		35,000		35,000
HCA, Inc., 6.250%, due 02/15/21		250,000		261,875
HCA, Inc., 7.500%, due 02/15/22^(b)		58,000		63,945
HCA, Inc., 5.375%, due 02/01/25		365,000		393,744
HCA, Inc., 5.375%, due 09/01/26		115,000		123,912
Molina Healthcare, Inc., 5.375%, due 11/15/22^(b)		25,000		26,063
MPH Acquisition Holdings, LLC, 144A, 7.125%, due 06/01/24		90,000		84,375
Par Pharmaceutical, Inc., 144A, 7.500%, due 04/01/27		30,000		29,475
Polaris Intermediate Corp., 144A, 8.500%, due 12/01/22		25,000		22,063
UnitedHealth Group, Inc., 4.125%, due 06/15/29		65,000		66,819
Vizient, Inc., 144A, 6.250%, due 05/15/27^(b)		10,000		10,563
WellCare Health Plans, Inc., 144A, 5.375%, due 08/15/26^(b)		90,000		95,400
West Street Merger Sub, Inc., 144A, 6.375%, due 09/01/25		40,000		37,000
				1,948,192
Industrials - 0.8%
Advanced Disposal Services, Inc., 144A, 5.625%, due 11/15/24		50,000		52,250
AECOM, 5.875%, due 10/15/24		275,000		297,344
AECOM, 5.125%, due 03/15/27		520,000		540,150
Allison Transmission, Inc., 144A, 5.875%, due 06/01/29		15,000		15,769
Amsted Industries, 144A, 5.625%, due 07/01/27		15,000		15,600
Avantor, Inc., 144A, 9.000%, due 10/01/25		40,000		44,500
Clean Harbors, Inc., 144A, 4.875%, due 07/15/27		40,000		40,600
Crown Americas Capital Corp. IV, 4.500%, due 01/15/23		270,000		279,788
Crown Cork & Seal Co., Inc., 7.375%, due 12/15/26		175,000		203,875
Delta Airlines, Inc., 3.625%, due 03/15/22		115,000		116,928
Flex Acquisition Co., Inc., 144A, 6.875%, due 01/15/25^(b)		35,000		31,762

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Industrials - 0.8% (Continued)
FXI Holdings, Inc., 7.875%, due 11/01/24	$	35,000	$	32,637
H&E Equipment Services, Inc., 5.625%, due 09/01/25		50,000		51,375
Indigo Natural Resources, LLC, 144A, 6.875%, due 02/15/26^(b)		105,000		93,975
Itron, Inc., 144A, 5.000%, due 01/15/26		50,000		51,000
Navistar International Corp., 144A, 6.625%, due 11/01/25		50,000		52,375
Novelis Corp., 144A, 5.875%, due 09/30/26^(b)		50,000		50,625
Resideo Funding, Inc., 144A, 6.125%, due 11/01/26		50,000		51,825
Stevens Holding Co., Inc., 144A, 6.125%, due 10/01/26		25,000		26,313
Tenet Healthcare Corp., 6.750%, due 06/15/23^(b)		25,000		25,125
TransDigm, Inc., 6.500%, due 05/15/25^(b)		25,000		25,281
TransDigm, Inc., 144A, 6.250%, due 03/15/26		15,000		15,675
TransDigm, Inc., 6.375%, due 06/15/26^(b)		15,000		15,187
United Rentals North America, Inc., 4.625%, due 10/15/25		75,000		76,219
United Rentals North America, Inc., 6.500%, due 12/15/26		35,000		37,887
United Rentals North America, Inc., 5.500%, due 05/15/27		275,000		289,094
United Rentals North America, Inc., 5.250%, due 01/15/30^(b)		60,000		61,575
Zekelman Industries, Inc., 144A, 9.875%, due 06/15/23		25,000		26,344
				2,621,078
Information Technology - 0.8%
Ascend Learning, LLC, 144A, 6.875%, due 08/01/25		25,000		25,437
CDK Global, Inc., 144A, 5.250%, due 05/15/29		20,000		20,600
CDW, LLC, 5.000%, due 09/01/25		35,000		36,444
Change Healthcare Holdings, LLC, 144A, 5.750%, due 03/01/25^(b)		50,000		50,750
CommScope Finance, LLC, 144A, 5.500%, due 03/01/24		75,000		76,969
CommScope Technologies, LLC, 144A, 6.000%, due 06/15/25^(b)		25,000		23,375
Dell International, LLC, 144A, 7.125%, due 06/15/24^(b)		25,000		26,375
Dell International, LLC, 144A, 5.300%, due 10/01/29^(b)		380,000		399,199
Donnelley Financial Solutions, Inc., 8.250%, due 10/15/24		25,000		25,812
First Data Corp., 144A, 5.750%, due 01/15/24		60,000		61,725
GCI, LLC, 144A, 6.625%, due 06/15/24		290,000		303,413

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Information Technology - 0.8% (Continued)
GOGO Intermediate Holdings, LLC, 144A, 9.875%, due 05/01/24	$	55,000	$	56,581
Greeneden U.S. Holdings II, LLC, 144A, 10.000%, due 11/30/24		60,000		65,100
IBM Corp., 2.750%, due 12/21/20		96,000		124,701
Informatica, LLC, 144A, 7.125%, due 07/15/23		80,000		81,400
KLA-Tencor Corp., 4.100%, due 03/15/29		250,000		263,926
MSCI, Inc., 144A, 5.750%, due 08/15/25		25,000		26,250
Plantronics, Inc., 5.500%, due 05/31/23^(b)		50,000		49,813
Quintiles Transnational Corp., 144A, 4.875%, due 05/15/23		120,000		123,150
Refinitiv U.S. Holdings, Inc., 144A, 6.250%, due 05/15/26^(b)		80,000		82,400
Refinitiv U.S. Holdings, Inc., 144A, 8.250%, due 11/15/26^(b)		235,000		242,050
RP Crown Parent, LLC, 144A, 7.375%, due 10/15/24		25,000		26,000
SS&C Technologies, Inc., 144A, 5.500%, due 09/30/27^(b)		25,000		25,938
Star Merger Sub, Inc., 144A, 6.875%, due 08/15/26^(b)		50,000		52,812
Verscend Holding Corp., 144A, 9.750%, due 08/15/26		92,000		95,680
Viasat, Inc., 144A, 5.625%, due 04/15/27		5,000		5,200
ViaSat, Inc., 144A, 5.625%, due 09/15/25		25,000		24,563
				2,395,663
Materials - 1.0%
Aruba Investments, Inc., 144A, 8.750%, due 02/15/23		25,000		25,000
Ball Corp., 4.375%, due 12/15/20^(b)		125,000		127,344
Ball Corp., 4.000%, due 11/15/23^(b)		360,000		373,050
Ball Corp., 5.250%, due 07/01/25		355,000		383,400
Ball Corp., 4.875%, due 03/15/26^(b)		285,000		302,100
Berry Global Escrow Corp., 144A, 5.625%, due 07/15/27^(b)		25,000		25,969
BWAY Holding Co., 144A, 7.250%, due 04/15/25^(b)		25,000		24,125
Chemours Co. (The), 5.375%, due 05/15/27^(b)		40,000		38,100
Cleveland-Cliffs, Inc., 5.750%, due 03/01/25		50,000		49,687
Cornerstone Chemical Co., 144A, 6.750%, due 08/15/24		45,000		42,187
Freeport-McMoRan, Inc., 4.550%, due 11/14/24^(b)		25,000		25,531
Freeport-McMoRan, Inc., 5.400%, due 11/14/34		400,000		381,000
Freeport-McMoRan, Inc., 5.450%, due 03/15/43		400,000		367,000
Koppers, Inc., 144A, 6.000%, due 02/15/25		50,000		46,938
Olin Corp., 5.125%, due 09/15/27^(b)		50,000		51,250

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

HIGH YIELD CORPORATE OBLIGATIONS - 11.2% (Continued)	Par Value		Value
Materials - 1.0% (Continued)
Owens-Brockway Glass Container, Inc., 144A, 5.875%, due 08/15/23	$	50,000	$	53,688
Rayonier A.M. Product, Inc., 144A, 5.500%, due 06/01/24^(b)		60,000		51,300
Reynolds Group Issuer, Inc., 144A, 5.125%, due 07/15/23^(b)		25,000		25,438
Schweitzer Mauduit International, 144A, 6.875%, due 10/01/26		50,000		51,185
Sealed Air Corp., 144A, 6.500%, due 12/01/20		200,000		207,500
Sealed Air Corp., 144A, 5.125%, due 12/01/24		355,000		372,750
Sealed Air Corp., 144A, 5.500%, due 09/15/25		44,000		46,860
Summit Materials, LLC, 144A, 5.125%, due 06/01/25		50,000		50,125
SunCoke Energy Partners, L.P., 144A, 7.500%, due 06/15/25		20,000		19,500
Tronox, Inc., 144A, 6.500%, due 04/15/26		25,000		24,750
				3,165,777
Real Estate - 0.1%
Brookfield Property REIT, Inc., 144A, 5.750%, due 05/15/26		134,000		138,080
SBA Communications Corp., 4.875%, due 09/01/24		230,000		236,325
				374,405
Utilities - 0.4%
Brooklyn Union Gas Co. (The), 144A, 4.487%, due 03/04/49^(b)		55,000		61,741
Calpine Corp., 144A, 5.250%, due 06/01/26		65,000		66,137
NGL Energy Partners, L.P., 144A, 7.500%, due 04/15/26		30,000		31,200
NRG Energy, Inc., 6.625%, due 01/15/27^(b)		375,000		407,344
NRG Energy, Inc., 5.750%, due 01/15/28		65,000		70,038
NRG Energy, Inc., 144A, 5.250%, due 06/15/29^(b)		50,000		53,375
NRG Energy, Inc., 144A, 2.750%, due 06/01/48^(b)		200,000		211,910
Vistra Operations Co., LLC, 144A, 5.500%, due 09/01/26^(b)		120,000		126,750
Vistra Operations Co., LLC, 144A, 5.625%, due 02/15/27^(b)		145,000		153,519
				1,182,014

Total High Yield Corporate Obligations(Cost $34,476,166)			$	35,481,836

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5%	Par Value		Value
Argentina - 0.9%
Argentine Republic Government International Bond, 6.875%, due 01/26/27	$	700,000	$	554,750
Argentine Republic Government International Bond, 5.875%, due 01/11/28		200,000		150,750
Banco Macro S.A., 6.750%, due 11/04/26		550,000		472,379
Pampa Energie S.A., 7.500%, due 01/24/27		600,000		553,500
Provincia de Buenos Aires, 7.875%, due 06/15/27		700,000		513,625
YPF S.A., 8.500%, due 07/28/25^(b)		500,000		496,875
YPF S.A., 6.950%, due 07/21/27		250,000		226,875
				2,968,754
Australia - 0.4%
Asian Development Bank, 5.000%, due 03/09/22		110,000		84,712
Commonwealth Bank of Australia, 144A, 3.900%, due 07/12/47		45,000		48,493
Inter-American Development Bank, 6.500%, due 08/20/19		290,000		205,010
International Bank for Reconstruction & Development, 2.500%, due 03/12/20		280,000		198,235
International Bank for Reconstruction & Development, 2.800%, due 01/13/21		125,000		89,771
International Finance Corp., 2.800%, due 08/15/22		310,000		227,312
Queensland Treasury Corp., 6.250%, due 02/21/20		175,000		126,833
Queensland Treasury Corp., 5.500%, due 06/21/21		515,000		392,002
				1,372,368
Austria - 0.2%
Austria (Republic of), 0.500%, due 02/20/29		230,000		275,404
ESAL GmbH, 6.250%, due 02/05/23		200,000		204,000
JBS Investments GmbH, 7.250%, due 04/03/24		200,000		206,750
				686,154
Bermuda - 0.5%
Digicel Group Ltd., 144A, 9.125%, due 04/01/24^(d)		602,566		126,539
Geopark Ltd., 6.500%, due 09/21/24		600,000		613,500
IHS Markit Ltd., 4.750%, due 08/01/28		135,000		147,319
Inkia Energy Ltd., 5.875%, due 11/09/27		400,000		408,000
Viking Cruises Ltd., 144A, 5.875%, due 09/15/27		110,000		111,375
				1,406,733

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Brazil - 1.3%
Banco BTG Pactual S.A., 144A, 7.750%, due 02/15/29	$	600,000	$	624,455
Banco de Brasil S.A., 6.250%, due 12/31/49		700,000		662,375
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/21		1,865		536,267
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/23		4,560		1,364,612
Federative Republic of Brazil, 4.500%, due 05/30/29^(b)		335,000		343,790
Itau Unibanco Holding S.A., 6.500%, due 12/31/49^(b)		600,000		615,960
				4,147,459
Canada - 2.4%
ATS Automation Tooling Systems, Inc., 144A, 6.500%, due 06/15/23		50,000		51,625
Bank of Montreal, 3.803%, due 12/15/32		65,000		65,837
Bank of Nova Scotia (The), 3.400%, due 02/11/24^(b)		125,000		129,997
Bausch Health Cos., Inc., 144A, 5.500%, due 11/01/25		25,000		26,000
Bausch Health Cos., Inc., 144A, 8.500%, due 01/31/27^(b)		25,000		27,438
Bausch Health Cos., Inc., 144A, 5.750%, due 08/15/27^(b)		40,000		41,900
Bausch Health Cos., Inc., 144A, 7.000%, due 01/15/28^(b)		40,000		41,450
Bausch Health Cos., Inc., 144A, 7.250%, due 05/30/29		40,000		41,500
BC ULC/New Red Finance, Inc., 144A, 4.625%, due 01/15/22		300,000		300,750
BC ULC/New Red Finance, Inc., 144A, 4.250%, due 05/15/24^(b)		325,000		328,656
BC ULC/New Red Finance, Inc., 144A, 5.000%, due 10/15/25		492,000		495,690
Bombardier, Inc., 144A, 8.750%, due 12/01/21		25,000		27,187
Bombardier, Inc., 6.000%, due 10/15/22^(b)		40,000		40,100
Canacol Energy Ltd., 144A, 7.250%, due 05/03/25		200,000		207,250
Canacol Energy Ltd., 7.250%, due 05/03/25		400,000		414,500
Canada Housing Trust No. 1, 2.350%, due 06/15/23		305,000		238,696
Canadian Government, 1.250%, due 11/01/19		570,000		434,680
Canadian Government, 0.750%, due 09/01/20		920,000		695,414
Canadian Government, 2.250%, due 03/01/24		1,311,000		1,039,555
Cascades, Inc., 5.500%, due 07/15/22		25,000		25,094
Cenovus Energy, Inc., 5.250%, due 06/15/37		250,000		260,000
Cenovus Energy, Inc., 5.400%, due 06/15/47		60,000		64,800
Emera, Inc., 6.750%, due 06/15/76		604,000		647,790
Enbridge, Inc., 6.000%, due 01/15/77		240,000		240,600

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Canada - 2.4% (Continued)
GFL Environmental, Inc., 144A, 8.500%, due 05/01/27	$	45,000	$	48,375
GW Honos Security Corp., 144A, 8.750%, due 05/15/25		70,000		69,212
Masonite International Corp., 144A, 5.625%, due 03/15/23		90,000		92,700
MDC Partners, Inc., 144A, 6.500%, due 05/01/24		25,000		23,000
Norbord, Inc., 144A, 5.750%, due 07/15/27		25,000		25,156
Nutrien Ltd., 4.200%, due 04/01/29^(b)		55,000		59,348
Open Text Corp., 144A, 5.875%, due 06/01/26		50,000		53,000
Parkland Fuel Corp., 144A, 5.875%, due 07/15/27		45,000		45,718
Province of British Columbia, 144A, 6.600%, due 01/09/20		9,200,000		132,948
Province of Ontario, 3.500%, due 06/02/24		440,000		361,986
Stoneway Capital Corp., 10.000%, due 03/01/27		462,753		435,566
Teck Resources Ltd., 5.200%, due 03/01/42		25,000		25,313
Telesat Canada, LLC, 144A, 8.875%, due 11/15/24		85,000		92,013
Tervita Escrow Corp., 144A, 7.625%, due 12/01/21		100,000		101,625
Vermilion Energy, Inc., 144A, 5.625%, due 03/15/25		50,000		49,000
				7,501,469
Cayman Islands - 0.9%
Avolon Holdings Funding Ltd., 144A, 5.125%, due 10/01/23		25,000		26,488
Avolon Holdings Funding Ltd., 144A, 5.250%, due 05/15/24		95,000		101,294
Avolon Holdings Funding Ltd., 144A, 3.950%, due 07/01/24		60,000		61,396
CNS Islands XII Corp., 7.000%, due 12/31/49		300,000		268,500
Cosan Overseas Ltd., 8.250%, due 11/29/49		200,000		206,000
Energuate Trust, 5.875%, due 05/03/27		200,000		203,750
Gran Tierra Energy International Holdings Ltd., 6.250%, due 02/15/25		400,000		373,500
Guanay Finance Ltd., 6.000%, due 12/15/20		332,726		336,885
Industrial Senior Trust, 5.500%, due 11/01/22		100,000		101,767
Intelsat Connect Finance S.A., 144A, 9.500%, due 02/15/23		25,000		22,062
Latam Finance Ltd., 6.875%, due 04/11/24		200,000		207,500
Latam Finance Ltd., 144A, 7.000%, due 03/01/26		200,000		208,750
SPARC EM SPC Panama Metroline 2 SP, 144A, 0.000%, due 12/05/22		170,833		161,650
SPARC EM SPC Panama Metroline 2 SP, 0.000%, due 12/05/22		170,833		161,650
Tecnoglass, Inc., 8.200%, due 01/31/22		200,000		211,500
Transocean Guardian Ltd., 144A, 5.875%, due 01/15/24		14,175		14,405

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Cayman Islands - 0.9% (Continued)
Transocean Poseidon Ltd., 144A, 6.875%, due 02/01/27	$	75,000	$	79,125
Transocean, Inc., 144A, 7.250%, due 11/01/25		30,000		28,462
				2,774,684
Chile - 1.0%
AES Gener S.A., 5.000%, due 07/14/25		200,000		206,500
AES Gener S.A., 144A, 7.125%, due 03/26/79		400,000		427,030
Celulosa Arauco y Constitucion, 144A, 5.500%, due 04/30/49^(b)		200,000		211,000
Colbun S.A., 3.950%, due 10/11/27		200,000		202,856
Empresa Electrica Angamos S.A., 4.875%, due 05/25/29		173,900		180,246
Empresa Electrica Guacolda S.A., 4.560%, due 04/30/25		400,000		374,308
Engie Energia Chile S.A., 4.500%, due 01/29/25		200,000		210,076
Entel Chila S.A., 4.750%, due 08/01/26^(b)		600,000		630,000
GNL Quintero S.A., 4.634%, due 07/31/29		200,000		210,831
Inversiones CMPC S.A., 4.750%, due 09/15/24^(b)		200,000		212,050
Sociedad Quimica y Minera de Chile, 4.375%, due 01/28/25		200,000		209,750
				3,074,647
Colombia - 0.8%
Bancolombia S.A., 4.875%, due 10/18/27		200,000		204,151
Colombia Telecomunicaciones S.A., 8.500%, due 09/30/66		200,000		207,500
Columbian TES, 7.000%, due 05/04/22		1,855,000,000		608,806
Fideicomiso P.A. Pacifico Tres, 8.250%, due 01/15/35		200,000		216,668
Republic of Colombia, 10.000%, due 07/24/24		1,187,000,000		443,232
Republic of Columbia, 7.000%, due 09/11/19		604,700,000		189,221
Republic of Columbia, 11.000%, due 07/24/20		565,100,000		188,131
Republic of Columbia, 4.500%, due 01/28/26		275,000		297,000
Republic of Columbia, 5.200%, due 05/15/49		200,000		227,000
				2,581,709
Costa Rica - 0.1%
Costa Rica Government International Bond, 9.995%, due 08/01/20		200,000		211,750

Curacao - 0.1%
Sura Asset Management S.A., 4.875%, due 04/17/24^(b)		200,000		211,750

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Dominican Republic - 0.1%
Banco de Reservas de la Republica Dominicana, 7.000%, due 02/01/23	$	300,000	$	308,813
Dominican Republic, 144A, 6.400%, due 06/05/49^(b)		150,000		156,680
				465,493
Finland - 0.1%
Finland (Republic of), 0.500%, due 09/15/28		195,000		234,494

Germany - 0.3%
KFW Development Bank, 6.000%, due 08/20/20		240,000		177,447
KFW Development Bank, 0.375%, due 03/15/23		150,000		176,258
KFW Development Bank, 2.125%, due 08/15/23		260,000		327,986
KFW Development Bank, 0.000%, due 09/15/23		80,000		92,841
Kreditanstalt Fuer Weideraufbau, 2.625%, due 02/28/24		285,000		294,592
				1,069,124
Hungary - 0.3%
Hungary Government International Bond, 6.250%, due 01/29/20		380,000		388,048
Hungary Government International Bond, 6.375%, due 03/29/21		440,000		470,162
				858,210
India - 0.5%
Adani Green Energy UP Ltd., 144A, 6.250%, due 12/10/24		200,000		204,500
Bharti Airtel Ltd., 5.125%, due 03/11/23		200,000		210,000
Bharti Airtel Ltd., 4.375%, due 06/10/25		700,000		706,125
Indian Oil Corp. Ltd., 5.750%, due 08/01/23		300,000		328,518
NTPC Ltd., 7.250%, due 05/03/22		20,000,000		284,710
				1,733,853
Indonesia - 1.2%
Indonesia Government International Bond, 144A, 2.625%, due 06/14/23		150,000		184,520
Indonesia Government International Bond, 144A, 2.150%, due 07/18/24		150,000		181,429
Indonesia Treasury Bond, 8.250%, due 07/15/21		585,000,000		42,589
Indonesia Treasury Bond, 7.000%, due 05/15/22		608,000,000		43,192
Indonesia Treasury Bond, 5.625%, due 05/15/23		395,000,000		26,853
Indonesia Treasury Bond, 8.375%, due 03/15/24		2,879,000,000		215,548

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Indonesia - 1.2% (Continued)
Indonesia Treasury Bond, 8.375%, due 09/15/26	$	1,606,000,000	$	120,456
Indonesia Treasury Bond, 7.000%, due 05/15/27		4,699,000,000		327,460
Indonesia Treasury Bond, 6.125%, due 05/15/28		4,089,000,000		266,569
Indonesia Treasury Bond, 9.000%, due 03/15/29		1,457,000,000		113,674
Indonesia Treasury Bond, 8.750%, due 05/15/31		3,000,000,000		229,725
Indonesia Treasury Bond, 6.625%, due 05/15/33		419,000,000		26,636
Indonesia Treasury Bond, 7.500%, due 05/15/38		1,447,000,000		98,983
International Bank for Reconstruction & Development, 7.450%, due 08/20/21		2,760,000,000		198,188
Jasa Marga (Persero), 144A, 7.500%, due 12/11/20		1,500,000,000		102,874
Pelabuhan Indonesia II PT, 144A, 4.250%, due 05/05/25		200,000		207,250
Pertamina Persero PT, 144A, 4.300%, due 05/20/23		200,000		209,500
Perusahaan Listrik Negara PT, 144A, 4.125%, due 05/15/27		250,000		254,688
Perusahaan Penerbit SBSN, 144A, 4.150%, due 03/29/27		400,000		418,750
Republic of Indonesia, 3.750%, due 03/01/23		400,000		411,500
Republic of Indonesia, 8.250%, due 05/15/29		283,000,000		21,218
				3,701,602
Ireland - 0.7%
Bank of Ireland Group plc, 144A, 4.500%, due 11/25/23		200,000		208,524
C&W Senior Financing Designated Activity Co., 6.875%, due 09/15/27^(b)		800,000		824,000
Ireland Government Bond, 3.900%, due 03/20/23		400,000		529,406
Ireland Government Bond, 3.400%, due 03/18/24		550,000		738,441
				2,300,371
Israel - 0.3%
Delek & Avner Tamar Bond Ltd., 144A, 5.082%, due 12/30/23		100,000		103,235
Delek & Avner Tamar Bond Ltd., 144A, 5.412%, due 12/30/25		100,000		103,758
Israel Electric Corp. Ltd., 144A, 6.875%, due 06/21/23		200,000		226,750
Israel Electric Corp. Ltd., 144A, 5.000%, due 11/12/24		400,000		430,500
				864,243
Japan - 0.4%
Japan, 0.100%, due 12/20/23		99,800,000		940,542
Mitsubishi UFJ Financial Group, Inc., 3.260% (3MO LIBOR + 74), due 03/02/23^(c)		125,000		124,692

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Japan - 0.4% (Continued)
Sony Corp., 0.000%, due 09/30/22	$	20,000,000	$	238,857
				1,304,091
Liberia - 0.0%^(e)
Royal Caribbean Cruises Ltd., 3.700%, due 03/15/28		65,000		65,081

Luxembourg - 1.4%
Adecoagro S.A., 6.000%, due 09/21/27		150,000		142,313
Allergan Funding SCS, 1.250%, due 06/01/24		100,000		116,616
Allergan Funding SCS, 2.625%, due 11/15/28		100,000		125,067
Becton Dickinson Euro Finance S.a.r.l, 1.208%, due 06/04/26		145,000		167,978
CSN Resources S.A., 7.625%, due 02/13/23^(b)		200,000		211,750
CSN Resources S.A., 144A, 7.625%, due 04/17/26		200,000		212,000
European Financial Stability Facility, 0.500%, due 01/20/23		150,000		176,589
European Financial Stability Facility, 1.875%, due 05/23/23		185,000		229,710
European Financial Stability Facility, 0.125%, due 10/17/23		280,000		326,158
Gilex Holding S.ar.l, 144A, 8.500%, due 05/02/23		150,000		158,625
Gilex Holding S.ar.l., 8.500%, due 05/02/23		150,000		158,625
Intelsat Jackson Holdings S.A., 144A, 8.500%, due 10/15/24		25,000		24,750
JSL Europe S.A., 7.750%, due 07/26/24		200,000		202,750
Millicom International Cellular S.A., 144A, 6.625%, due 10/15/26		200,000		217,500
Millicom International Cellular S.A., 5.125%, due 01/15/28^(b)		400,000		403,500
Minerva Luxembourg S.A., 6.500%, due 09/20/26		600,000		620,232
Minerva Luxembourg S.A., 5.875%, due 01/19/28		200,000		200,000
Nexa Resources S.A., 5.375%, due 05/04/27^(b)		200,000		209,326
Swiss Insured Brazil Power Finance, 144A, 9.850%, due 07/16/32		2,000,000		557,350
Telecom Italia Captial S.A., 6.375%, due 11/15/33		25,000		25,781
Waste Management, Inc., 4.000%, due 07/15/39		65,000		69,509
				4,556,129
Malaysia - 0.4%
Malaysia Government Bond, 4.160%, due 07/15/21		1,045,000		257,023
Malaysia Government Bond, 3.620%, due 11/30/21		400,000		97,415
Malaysia Government Bond, 4.059%, due 09/30/24		1,375,000		341,450

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Malaysia - 0.4% (Continued)
Malaysia Government Bond, 3.882%, due 03/14/25	$	430,000	$	105,804
Malaysia Government Bond, 3.899%, due 11/16/27		600,000		147,258
Malaysia Government Bond, 3.733%, due 06/15/28		400,000		97,201
Malaysia Government Bond, 3.844%, due 04/15/33		980,000		233,650
				1,279,801
Mauritius - 0.1%
UPL Corp. Ltd., 3.250%, due 10/13/21		200,000		200,504
UPL Corp. Ltd., 4.500%, due 03/08/28		200,000		202,800
				403,304
Mexico - 1.7%
Banco Mercantil del Norte S.A., 6.875%, due 12/31/49		400,000		406,556
Banco Mercantil del Norte S.A., 7.625%, due 10/06/66		400,000		409,293
Banco Santander S.A., 144A, 5.950%, due 10/01/28		200,000		212,000
BBVA Bancomer S.A., 5.125%, due 01/18/33^(c)		1,000,000		954,840
Cometa Energia, S.A. de C.V., 6.375%, due 04/24/35		780,000		803,501
Controladora Mabe S.A. de C.V., 5.600%, due 10/23/28^(b)		200,000		209,000
Credito Real S.A.B. de C.V., 9.125%, due 11/29/62		200,000		202,250
Creito Real S.A.B. de C.V., 144A, 9.500%, due 02/07/26		200,000		220,500
Grupo Bimbo S.A.B. de C.V., 5.950%, due 12/31/49		200,000		210,064
Grupo Idesa S.A. de C.V., 7.875%, due 12/18/20		300,000		222,750
Mexichem S.A.B. de C.V., 5.875%, due 09/17/44		200,000		206,750
Mexico Generadora de Energia S.A. de R.L., 5.500%, due 12/06/32		504,313		542,224
Petroleos Mexicanos, 6.500%, due 06/02/41		200,000		177,167
Unifin Financiera S.A.B. de C.V., 8.875%, due 12/31/22		800,000		733,000
				5,509,895
Mongolia - 0.1%
European Investment Bank, 1.500%, due 05/12/22		1,920,000		225,139
JBS USA Finance, Inc., 144A, 6.500%, due 04/15/29^(b)		45,000		48,881
JBS USA LUX S.A., 144A, 5.875%, due 07/15/24^(b)		10,000		10,287
NXP BV/NXP Funding, LLC/NXP USA, Inc., 144A, 3.875%, due 06/18/26		65,000		66,463
Panther Finance Cos., Inc., 144A, 6.250%, due 05/15/26^(b)		65,000		67,600
				418,370
Netherlands - 1.6%
AES Andres Dominicana Ltd., 144A, 7.950%, due 05/11/26		500,000		541,250

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Netherlands - 1.6% (Continued)
Bank Nederlandse Gemeenten N.V., 0.250%, due 02/22/23	$	150,000	$	174,891
Bank Nederlandse Gemeenten N.V., 0.250%, due 06/07/24		200,000		234,121
BMW Finance, 1.000%, due 11/14/24		75,000		88,473
CIMPOR Financial Operations B.V., 5.750%, due 07/17/24		200,000		175,000
Greenko Dutch B.V., 144A, 5.250%, due 07/24/24		200,000		197,000
Marfrig Holdings Europe B.V., 144A, 7.000%, due 03/15/24		200,000		207,930
Minejesa Capital B.V., 4.625%, due 08/10/30		400,000		404,644
Minejesa Capital B.V., 5.625%, due 08/10/37		200,000		209,882
NXP Funding, LLC, 144A, 4.625%, due 06/01/23^(b)		270,000		284,513
Petrobras Global Finance, 7.375%, due 01/27/27		235,000		269,956
Petrobras Global Finance B.V., 8.750%, due 05/23/26		105,000		129,413
Petrobras Global Finance B.V., 5.750%, due 02/01/29		1,015,000		1,056,869
Petrobras Global Finance B.V., 6.900%, due 03/19/49		195,000		206,653
Syngenta Finance N.V., 5.676%, due 04/24/48		600,000		593,226
VTR Finance B.V., 6.875%, due 01/15/24		400,000		413,000
				5,186,821
New Zealand - 0.3%
International Bank for Reconstruction & Development, 3.500%, due 01/22/21		295,000		203,911
International Bank for Reconstruction & Development, 4.625%, due 10/06/21		515,000		369,013
International Bank for Reconstruction & Development, 3.375%, due 01/25/22		370,000		259,314
Nordic Investment Bank, 4.125%, due 03/19/20		240,000		164,069
				996,307
Norway - 0.6%
Aker BP ASA, 144A, 4.750%, due 06/15/24		155,000		159,069
Nordea Eiendomskreditt AS, 1.820% (3MO NIBOR + 30), due 06/21/23^(c)		1,000,000		117,571
Nordea Eiendomskreditt AS, 1.860% (3MO NIBOR + 34), due 06/19/24^(c)		1,000,000		117,419
Norwegian Government Bond, 144A, 3.750%, due 05/25/21		7,980,000		978,911
Norwegian Government Bond, 144A, 2.000%, due 05/24/23		3,600,000		433,892
				1,806,862

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Panama - 0.4%
Aeropuerto Internacional de Tocumen S.A., 5.625%, due 05/18/36	$	200,000	$	223,246
Banco General S.A., 4.125%, due 08/07/27		200,000		203,134
Empresa de Transmision, 144A, 5.125%, due 05/02/49		400,000		436,500
Global Bank Corp., 144A, 5.250%, due 04/16/29^(b)		350,000		365,313
				1,228,193
Paraguay - 0.1%
Telfon Celular del Paraguay S.A., 144A, 5.875%, due 04/15/27		200,000		206,187

Peru - 0.1%
Orazul Energy Egenor S. en C. por A., 5.625%, due 04/28/27^(b)		200,000		202,098
Petroleos del Peru S.A., 144A, 5.625%, due 06/19/47		200,000		227,436
				429,534
Philippines - 0.9%
BDO Unibank, Inc., 2.950%, due 03/06/23		300,000		300,375
Philippine Government Bond, 3.500%, due 03/20/21		6,900,000		131,392
Philippine Government Bond, 6.500%, due 04/28/21		8,830,000		176,811
Philippine Government Bond, 3.500%, due 04/21/23		10,820,000		200,259
Philippine Government Bond, 8.000%, due 07/19/31		15,000,000		366,872
Philippine Government International Bond, 4.950%, due 01/15/21		10,000,000		194,962
Philippine Government International Bond, 6.250%, due 01/14/36		15,000,000		329,637
Republic of the Philippines, 3.875%, due 11/22/19		5,640,000		109,572
Republic of the Philippines, 3.375%, due 01/12/20		1,960,000		37,932
Republic of the Philippines, 4.250%, due 04/11/20		3,225,000		62,573
Republic of the Philippines, 3.375%, due 08/20/20		1,390,000		26,644
Republic of the Philippines, 5.500% (3MO LIBOR + 350), due 03/08/23^(c)		4,250,000		84,342
Republic of the Philippines, 6.250%, due 03/12/24		7,090,000		145,568
Republic of the Philippines, 0.875%, due 05/17/27		285,000		328,074
Union Bank of Philippines, Series EMTN, 3.369%, due 11/29/22		200,000		202,006
				2,697,019

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Portugal - 0.3%
Portugal Government International Bond, 144A, 5.125%, due 10/15/24	$	425,000	$	474,938
Portugal Obrigacoes do Tesouro OT, 144A, 3.850%, due 04/15/21		385,000		471,316
				946,254
Puerto Rico - 0.1%
Popular, Inc., 6.125%, due 09/14/23		290,000		302,743

Qatar - 0.1%
Qatar (State of), 144A, 4.000%, due 03/14/29		200,000		215,550
Qatar (State of), 144A, 4.817%, due 03/14/49		200,000		228,055
				443,605
Saudi Arabia - 0.2%
Saudi Arabian Oil Co., 144A, 3.500%, due 04/16/29		200,000		202,364
Saudi Arabian Oil Co., 144A, 4.250%, due 04/16/39		200,000		201,730
Saudi Arabian Oil Co., 144A, 4.375%, due 04/16/49		200,000		200,990
				605,084
Singapore - 1.4%
BOC Aviation Ltd., 144A, 2.750%, due 09/18/22		200,000		199,215
BPRL International Singapore, 4.375%, due 01/18/27		500,000		521,125
DBS Group Holdings Ltd., 3.600%, due 03/07/67		500,000		498,125
Indika Energy Capital III Ltd., 144A, 5.875%, due 11/09/24		200,000		196,000
LLPL Capital Pte. Ltd., 144A, 6.875%, due 02/04/39		300,000		341,625
Medco Oak Tree PTE Ltd., 144A, 7.375%, due 05/14/26		220,000		220,550
ONGC Videsh Vankorneft, 3.750%, due 07/27/26^(b)		500,000		503,790
Singapore Government Bond, 3.250%, due 09/01/20		1,190,000		895,809
Singapore Government Bond, 1.750%, due 04/01/22		450,000		333,210
United Overseas Bank Ltd., 3.875%, due 12/31/49		700,000		684,292
				4,393,741
Spain - 0.2%
AI Candelaria Spain SLU, 144A, 7.500%, due 12/15/28		250,000		274,375
AI Candelaria Spain SLU, 7.500%, due 12/15/28		250,000		274,375
				548,750

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

FOREIGN BONDS - 23.5% (Continued)	Par Value		Value
Sweden - 0.2%
Sweden Government International Bond, 144A, 0.125%, due 04/24/23	$	440,000	$	512,414

Thailand - 0.1%
PTTEP Treasury Center Co. Ltd., 4.600%, due 12/31/49		200,000		202,250

United Kingdom - 0.4%
Genting Overseas Holding Ltd., 4.250%, due 01/24/27		700,000		720,657
Vedanta Resources Finance II plc, 144A, 9.250%, due 04/23/26		200,000		202,500
Vedanta Resources plc, 6.125%, due 08/09/24		400,000		368,000
				1,291,157
Virgin Islands British - 0.3%
Radiant Access Ltd., 4.600%, due 12/31/49		200,000		193,875
Star Energy Geothermal Wayang Windu Ltd., 6.750%, due 04/24/33		574,800		581,267
				775,142

Total Foreign Bonds(Cost $72,301,652)			$	74,273,601

LOAN PARTICIPATIONS - 4.8%	Par Value		Value
Acrisure, LLC, 6.879% (3MO LIBOR + 425), due 11/22/23^(c)	$	348,159	$	346,056
Albertson's LLC, 5.402% (3MO LIBOR + 300), due 11/17/25^(c)		74,875		74,435
Aleris International, Inc., 7.152% (3MO LIBOR + 475), due 02/08/23^(c)		183,613		183,669
AlixPartners, LLP, 5.152% (3MO LIBOR + 300), due 03/17/21^(c)		299,624		298,749
Allied Universal Holdco, LLC, 4.700% (3MO LIBOR + 425), due 06/26/26^(c)		109,189		108,097
Allied Universal Holdco, LLC, 4.700% (3MO LIBOR + 425), due 06/26/26^(c)(d)		10,811		10,811
Almonde, Inc., 5.886% (3MO LIBOR + 350), due 04/26/24^(c)		299,487		291,626
American Tire Distributors, Inc., 9.981% (3MO LIBOR + 425), due 09/01/21^(c)		228,429		213,581

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

LOAN PARTICIPATIONS - 4.8% (Continued)	Par Value		Value
American Tire Distributors, Inc., 8.522% due 09/01/23^(c)	$	35,210	$	34,858
Applied Systems, Inc., 5.483% (3MO LIBOR + 325), due 09/13/24^(c)		61,126		60,484
AssuredPartners, Inc., 5.902% (3MO LIBOR + 350), due 10/22/24^(c)		291,680		288,451
AthenaHealth, Inc., 7.045% (3MO LIBOR+ 425), due 02/09/26^(c)		125,000		124,584
Auris LuxCo., 6.233% (3MO LIBOR + 375), due 07/24/25^(c)		180,000		180,045
Bausch Health Cos., Inc., 5.162% (3MO LIBOR + 275), due 11/14/25^(c)		128,250		127,352
BCP Renaissance Parent, LLC, 6.083% (3MO LIBOR + 450), due 12/31/20^(c)		128,751		128,315
Berry Global, Inc., 0.000% (3MO LIBOR + 250), due 05/15/26^(c)		160,000		158,800
Beta Sub, LLC, 4.700% (3MO LIBOR + 425), due 05/22/26^(c)		105,000		104,475
BJ's Wholesale Club, Inc., 5.411% (3MO LIBOR + 375), due 01/27/24^(c)		109,449		109,460
Blackhawk Network Holdings, Inc., 5.402% (3MO LIBOR + 300), due 06/16/25^(c)		60,209		59,694
Blackstone CQP Holdco, L.P., 4.700% (3MO LIBOR + 350), due 06/07/24^(c)		120,000		120,120
Calpine Corp., 5.080% (3MO LIBOR + 275), due 04/05/26^(c)		300,000		299,457
Canyon Valor Cos., Inc., 5.080% (3MO LIBOR + 425), due 06/16/23^(c)		220,674		219,129
Capital Automotive, L.P., 8.483% (3MO LIBOR + 600), due 03/21/25^{(c) (d)}		37,957		37,981
Catalent Pharma Solutions, Inc., 4.652% (3MO LIBOR + 225), due 05/18/26^(c)		150,000		149,876
Cengage Learning, Inc., 6.680% (3MO LIBOR + 425), due 06/07/23^(c)		111,033		106,262
CenturyLink, Inc., 5.152% (3MO LIBOR + 275), due 02/29/24^(c)		306,125		298,643
Change Healthcare Holdings, LLC, 5.152% (3MO LIBOR + 275), due 03/01/24^(c)		299,447		296,594
CHG Healthcare Services, Inc., 5.402% (3MO LIBOR + 300), due 06/07/23^(c)		64,439		63,991

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

LOAN PARTICIPATIONS - 4.8% (Continued)	Par Value		Value
Colorado Buyer, Inc., 5.420% (3MO LIBOR + 300), due 03/15/24^(c)	$	302,987	$	280,833
CommScope, Inc., 5.733% (3MO LIBOR+ 325), due 02/26/26^(c)		155,000		154,419
CPA Global, 5.833% (3MO LIBOR + 325), due 10/04/24^{(c) (d)}		306,560		299,969
CSC Holdings, LLC, 5.440% (3MO LIBOR+ 300), due 04/15/27^(c)		155,000		155,078
Cvent, Inc., 6.152% (3MO LIBOR + 375), due 11/29/23^(c)		303,614		299,819
Edelman Financial Center, LLC (The), 5.644% (3MO LIBOR + 325), due 12/31/21^(c)		74,812		74,532
EG America, LLC, 6.601% (3MO LIBOR + 400), due 02/07/25^(c)		215,327		211,425
EG Group Ltd., 6.330% (3MO LIBOR + 400), due 01/31/25^(c)		84,150		82,625
Envision Healthcare Corp., 6.152% (3MO LIBOR + 375), due 12/31/21^(c)		44,817		38,629
Equian, LLC, 5.652% (3MO LIBOR + 325), due 05/20/24^(c)		211,304		210,987
Equinox Holdings, Inc., 5.402% (3MO LIBOR + 300), due 03/08/24^(c)		264,329		263,557
EW Scripps Co. (The), 4.700% (3MO LIBOR + 275), due 04/03/26^(c)		90,000		89,737
Filtration Group Corp., 5.438% (3MO LIBOR + 300), due 03/27/25^(c)		277,350		276,359
Financial & Risk US Holdings, Inc., 6.152% (3MO LIBOR + 375), due 09/18/25^(c)		299,250		290,006
Forest City, 6.402% (3MO LIBOR + 400), due 10/24/25^(c)		119,700		119,999
Gentiva Health Services, Inc., 6.250% (3MO LIBOR + 375), due 06/23/25^(c)		297,047		296,863
Greeneden U.S. Holdings II, LLC, 5.652% (3MO LIBOR + 350), due 12/01/23^(c)		297,299		293,583
Grocery Outlet, 6.135% due 12/31/21^(c)		104,869		104,738
Hyland Software Inc, 5.652% (3MO LIBOR + 350), due 07/01/24^(c)		301,963		299,792
Informatica, LLC, 5.652% (3MO LIBOR + 325), due 08/05/22^(c)		386,238		386,319
Intelsat Jackson Holdings S.A., 6.154% (3MO LIBOR + 375), due 11/30/23^(c)		180,000		177,946

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

LOAN PARTICIPATIONS - 4.8% (Continued)	Par Value		Value
Intrawest Resorts Holdings, Inc., 5.483% (3MO LIBOR + 325), due 12/31/20^(c)	$	298,365	$	296,873
IRB Holding Corp., 5.644% (3MO LIBOR + 325), due 01/17/25^(c)		60,016		59,201
JBS U.S.A. LUX S.A., 4.700% (3MO LIBOR + 250), due 04/24/26^(c)		149,875		149,437
Kronos, Inc., 5.579% (3MO LIBOR + 350), due 11/01/23^(c)		59,875		59,733
Life Time Fitness, Inc., 5.272% (3MO LIBOR + 300), due 06/10/22^(c)		59,827		59,553
Lower Cadence Holdings, LLC, 6.404% (3MO LIBOR + 400), due 05/09/26^(c)		190,000		188,892
Messer Industries, LLC, 5.101% (3MO LIBOR + 250), due 10/01/25^(c)		125,000		123,243
Milacron, LLC, 4.983% (3MO LIBOR + 250), due 09/28/23^(c)		232,408		226,016
MPH Acquisition Holdings, LLC, 5.351% (3MO LIBOR + 300), due 06/07/23^(c)		58,134		55,400
Nexstar Broadcasting, Inc., 4.700% (3MO LIBOR + 275), due 06/19/26^(c)		115,000		114,631
Panther BF Aggregator 2, L.P., 5.902% (3MO LIBOR + 350), due 03/18/26^(c)		150,904		149,348
Pisces Midco, Inc., 6.353% (3MO LIBOR + 375), due 03/29/25^(c)		243,772		236,839
Plantronics, Inc., 4.983% (3MO LIBOR + 250), due 12/31/21^(c)		206,790		204,809
Project Alpha Intermediate Holding, Inc., 6.370% (3MO LIBOR + 350), due 04/04/21^(c)		231,819		226,314
Radiology Partners, Inc., 7.342% (3MO LIBOR + 425), due 07/09/25^{(c) (d)}		149,624		149,531
RentPath, LLC, 7.240% (3MO LIBOR + 475), due 12/17/21^{(c) (d)}		214,968		123,222
Science Applications International Corp., 4.152% due 11/05/25^(c)		124,375		123,481
Scientific Games International, Inc., 5.152% (3MO LIBOR + 275), due 08/14/24^(c)		60,018		59,093
Securus Technologies Holdings, Inc., 6.938% (3MO LIBOR + 450), due 06/15/24^(c)		187,796		173,867

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

LOAN PARTICIPATIONS - 4.8% (Continued)	Par Value		Value
Select Medical Corp., 4.930% (3MO LIBOR + 350), due 02/13/24^(c)	$	307,370	$	305,449
SolarWinds, Inc., 5.152% (3MO LIBOR + 300), due 03/07/24^(c)		211,916		210,737
Solera, LLC, 5.152% (3MO LIBOR + 375), due 03/03/23^(c)		391,572		389,207
Sophia, L.P., 5.580% (3MO LIBOR + 325), due 09/30/22^(c)		299,538		297,978
Spade Facilities II, LLC, 6.152% (3MO LIBOR + 375), due 11/14/25^(c)		145,925		145,530
Starfruit Finco B.V., 5.717% due 09/19/25^(c)		304,073		299,068
TKC Holdings, Inc., 6.160% (3MO LIBOR + 425), due 02/01/23^(c)		295,384		288,862
TransDigm, Inc., 4.830% (3MO LIBOR + 250), due 06/09/23^(c)		272,514		267,497
TransDigm, Inc., 4.939% (3MO LIBOR + 250), due 05/14/25^(c)		23,993		23,464
Traverse Midstream Partners, LLC, 6.590% (3MO LIBOR + 400), due 09/11/21^(c)		75,738		74,764
Tribune Media Co., 5.499% (3MO LIBOR + 300), due 12/27/20^{(c) (d)}		42,521		42,424
UFC Holdings LLC, 4.700% (3MO LIBOR + 325), due 04/30/26^(c)		80,000		79,889
US Silica Co., 6.500% (3MO LIBOR + 400), due 12/31/21^(c)		311		0
VeriFone Systems, Inc., 6.520% (3MO LIBOR + 400), due 08/08/25^(c)		66,493		64,365
Verscend TLB, 6.983% (3MO LIBOR + 450), due 08/08/25^(c)		258,700		258,312
VF Holding Corp., 5.748% (3MO LIBOR + 325), due 06/04/25^(c)		258,448		248,001
Virgin Media Bristol, LLC, 4.700% (3MO LIBOR + 250), due 01/15/26^(c)		300,000		298,701
Web.com Group, Inc., 6.161% due 09/17/25^(c)		150,728		148,467
Total Loan Participations(Cost $15,365,260)			$	15,125,008

COMMON STOCKS - 0.2%	Shares		Value
Financials - 0.2%
JPMorgan Chase & Co.		2,350	$	262,730

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

COMMON STOCKS - 0.2% (Continued)	Shares		Value
Financials - 0.2% (Continued)
U.S. Bancorp		4,531	$	237,424
				500,154
Industrials - 0.0%^(e)
HC2 Holdings, Inc.^(f)		10,600		25,016

Total Common Stocks(Cost $570,128)			$	525,170

PREFERRED STOCKS - 0.9%	Shares		Value
American Electric Power Co., Inc., 6.125%^(b)		6,650	$	355,841
Becton Dickinson and Co. - Series A, 6.125%		6,600		409,200
Crown Castle International Corp. - Series A, 6.875%^(b)		200		239,155
First Republic Bank - Series H, 5.125%		3,375		82,991
Fortive Corp. - Series A, 5.000%^(b)		460		471,459
NextEra Energy, Inc., 6.123%^(b)		5,650		369,397
South Jersey Industries, Inc., 7.250%^(b)		2,800		148,680
U.S. Bancorp - Series A, 3.500%^(b)		375		300,750
U.S. Bancorp, 5.500%^(d)		6,900		178,986
Wells Fargo & Co. - Series Q, 5.850%^(b)		7,300		191,698
Total Preferred Stocks(Cost $2,716,605)			$	2,748,157

PURCHASED OPTIONS - 0.0%^(e)	Contracts	Notional Amount		Value

Currency Call Options - 0.0%^(e)
Chinese Yuan, 07/11/19 at 7.00^(d)	2,010,000	$	2,010,000	$	1,672
Mexican Peso, 12/20/19 at 20.825^(d)	1,230,000		1,230,000		16,984
Mexican Peso, 02/20/20 at 21.25^(d)	1,170,000		1,170,000		19,784
Total Purchased Options (Cost $40,999)		$	4,410,000	$	38,440

PURCHASED SWAPTION CONTRACTS - 0.0%^(e)

Counterparty	Description	Exercise Rate	Expiration Date	Notional Amount		Value
Calls
Bank of America, N.A.	Interest Rate, 3MO LIBOR	0.000%	02/25/20	$	6,176,000	$	1,112
Bank of America, N.A.	Interest Rate, 3MO LIBOR	5.270%	02/26/20		5,187,000		(37	)
Bank of America, N.A.	Interest Rate, 3MO LIBOR	5.295%	03/02/20		4,947,000		(1,341	)
Barclays Capital	Interest Rate, 3MO LIBOR	5.020%	03/14/20		2,737,000		6,643
JPMChase Bank	Interest Rate, 3MO LIBOR	5.078%	03/19/20		3,212,000		5,974
Morgan Stanley Capital	Interest Rate, 3MO LIBOR	4.955%	05/01/30		1,826,000		5,772
Morgan Stanley Capital	Interest Rate, 3MO LIBOR	5.003%	05/20/30		609,000		1,636
					24,694,000		19,759
Puts
Morgan Stanley Capital	Interest Rate, 3MO LIBOR	2.200%	08/07/19		150,000,000		28,500

Total Purchased Swaption Contracts (Cost $28,500)				$	174,694,000	$	48,259

AFFILIATED REGISTERED INVESTMENT COMPANIES - 5.8%	Shares		Value
Voya Emerging Markets Hard Currency Debt Fund - Class P		342,061	$	3,345,353
Voya Floating Rate Fund - Class P		1,377,092		13,164,995
Voya High Yield Bond Fund - Class P		215,924		1,720,916
Total Affiliated Registered Investment Companies(Cost $18,277,918)			$	18,231,264

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)

MONEY MARKET FUNDS - 10.2%	Shares		Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.24%^(g)		12,347,287	$	12,347,287
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.36%^{(g) (h)}		20,030,015		20,030,015
Total Money Market Funds (Cost $32,377,302)			$	32,377,302

Total Investments at Value - 110.1% (Cost $340,985,078)			$	348,038,041

Liabilities in Excess of Other Assets - (10.1%)				(31,867,915	)

Net Assets - 100.0%			$	316,170,126

^(a)	Rate shown is the annualized yield at time of purchase, not a coupon rate.
^(b)	This security or a partial position of this security is on loan at June 30, 2019. The total market value of securities on loan at June 30, 2019 was $22,129,883.
^(c)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of June 30, 2019. For securities based on a published reference rate and spread, the reference rate and spread (in basis points) are indicated parenthetically. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities, therefore, do not indicate a reference rate and spread.
^(d)	Illiquid security. The total value of such securities is $6,354,500 as of June 30, 2019, representing 2.0% of net assets.
^(e)	Percentage rounds to less than 0.1%.
^(f)	Non-income producing security.
^(g)	The rate shown is the 7-day effective yield as of June 30, 2019.
^(h)	This security was purchased with cash collateral held from securities on loan. The total value of such securities as of June 30, 2019 was $20,030,015. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $2,541,618.

BBSW -	Australian Bank Bill Swap Rate.
CDO -	Collateralized Debt Obligation.
CLO -	Collateralized Loan Obligation.
CV -	Convertible Security.
EURIBOR -	Euro Interbank Offered Rate.
LIBOR -	London Interbank Offered Rate.
NIBOR -	Norwegian Interbank Offered Rate.
144A -	Security was purchased in a transaction exempt from registration in compliance with Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of such securities is $94,667,274 as of June 30, 2019, representing 29.9% of net assets.

LIBOR rates as of June 30, 2019:

1MO LIBOR 2.39800%

3MO LIBOR 2.31988%

(b)

Not applicable

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors since the Registrant last disclosed such procedures in the definitive proxy statement filed with the SEC on March 29, 2011.

Item 11.

Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 13.

Exhibits.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable

(a)(4) Change in the registrant’s independent public accountants. Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

Exhibit 99.CERT	Certifications required by Rule 30a-2(a) under the Act

Exhibit 99.906CERT	Certifications required by Rule 30a-2(b) under the Act

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Wilshire Mutual Funds, Inc.

By (Signature and Title)*		/s/ Jason A. Schwarz
		Jason A. Schwarz, President and Principal Executive Officer

Date	September 3, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*		/s/ Jason A. Schwarz
		Jason A. Schwarz, President and Principal Executive Officer

Date	September 3, 2019

By (Signature and Title)*		/s/ Michael Wauters
		Michael Wauters, Treasurer, Principal Financial Officer and Principal Accounting Officer

Date	September 3, 2019

Print the name and title of each signing officer under his or her signature.

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