Form NPORT-EX WILSHIRE MUTUAL FUNDS For: Mar 31

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 98.7%		Shares				Value
Communication Services - 11.7%
Activision Blizzard, Inc.			5,240			$	238,577
Alphabet, Inc. - Class A (a)			3,377				3,974,358
Alphabet, Inc. - Class C (a)			6,653				7,806,031
Electronic Arts, Inc. (a)			1,270				129,070
Facebook, Inc. - Class A (a)			58,479				9,747,864
Netflix, Inc. (a)			9,051				3,227,225
Take-Two Interactive Software, Inc. (a)			760				71,721
TripAdvisor, Inc. (a)			570				29,327
Twitter, Inc. (a)			5,560				182,813
							25,406,986
Consumer Discretionary - 18.7%
Alibaba Group Holding Ltd. - ADR (a) (b)			40,489				7,387,218
Amazon.com, Inc. (a)			7,591				13,517,674
Booking Holdings, Inc. (a)			1,596				2,784,876
Burlington Stores, Inc. (a) (b)			12,217				1,914,160
Carter's, Inc.			1,578				159,047
Chipotle Mexican Grill, Inc. (a)			10				7,103
Choice Hotels International, Inc. (b)			3,970				308,628
Columbia Sportswear Co.			700				72,926
Domino's Pizza, Inc.			207				53,427
Dunkin' Brands Group, Inc.			410				30,791
Expedia Group, Inc.			670				79,730
Grand Canyon Education, Inc. (a)			170				19,467
GrubHub, Inc. (a) (b)			340				23,620
H&R Block, Inc.			2,600				62,244
Hilton Grand Vacations, Inc. (a)			250				7,713
Home Depot, Inc. (The)			7,116				1,365,489
Las Vegas Sands Corp.			1,740				106,070
Lowe's Cos., Inc.			2,750				301,043
lululemon athletica, inc. (a)			14,068				2,305,322
Marriott International, Inc. - Class A			1,950				243,926
McDonald's Corp.			1,370				260,163
NIKE, Inc. - Class B			8,880				747,785
O'Reilly Automotive, Inc. (a)			476				184,831
Pool Corp.			1,061				175,033

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Consumer Discretionary - 18.7% (Continued)
Ross Stores, Inc.			280			$	26,068
Skechers U.S.A., Inc. - Class A (a) (b)			1,960				65,876
Starbucks Corp.			38,735				2,879,559
Tesla, Inc. (a) (b)			270				75,562
TJX Cos., Inc. (The)			820				43,632
Ulta Beauty, Inc. (a)			7,097				2,474,936
Wynn Resorts Ltd.			10				1,193
Yum China Holdings, Inc.			28,473				1,278,722
Yum! Brands, Inc.			15,790				1,576,000
							40,539,834
Consumer Staples - 6.1%
Brown-Forman Corp. - Class B			100				5,278
Coca-Cola Co. (The)			54,644				2,560,618
Colgate-Palmolive Co.			22,353				1,532,075
Costco Wholesale Corp.			3,810				922,553
Danone S.A. - ADR (b)			133,917				2,060,983
Estée Lauder Cos., Inc. (The) - Class A			300				49,665
Monster Beverage Corp. (a)			55,781				3,044,527
Nu Skin Enterprises, Inc. - Class A			4,250				203,405
PepsiCo, Inc.			4,280				524,514
Procter & Gamble Co. (The)			21,772				2,265,376
Sprouts Farmers Market, Inc. (a)			740				15,940
							13,184,934
Energy - 0.6%
Schlumberger Ltd.			30,144				1,313,374
Financials - 5.0%
American Express Co.			8,003				874,727
Cboe Global Markets, Inc.			3,052				291,283
Charles Schwab Corp. (The)			29,630				1,266,979
CME Group, Inc.			9,202				1,514,465
Eaton Vance Corp.			4,580				184,620
Erie Indemnity Co. - Class A			1,445				257,961
Evercore, Inc. - Class A			3,440				313,040
FactSet Research Systems, Inc. (b)			5,896				1,463,800
First Republic Bank			15,221				1,529,102

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Financials - 5.0% (Continued)
LPL Financial Holdings, Inc.			4,850			$	337,803
Moody's Corp.			340				61,571
MSCI, Inc.			650				129,246
OneMain Holdings, Inc.			810				25,718
S&P Global, Inc.			730				153,702
SEI Investments Co.			30,692				1,603,656
State Street Corp.			2,880				189,533
Synovus Financial Corp.			5,150				176,954
T. Rowe Price Group, Inc.			1,810				181,217
Western Alliance Bancorp. (a)			5,950				244,188
							10,799,565
Health Care - 17.9%
AbbVie, Inc.			4,922				396,664
ABIOMED, Inc. (a)			5,862				1,674,129
Agilent Technologies, Inc.			1,220				98,064
Alexion Pharmaceuticals, Inc. (a)			19,703				2,663,452
Align Technology, Inc. (a)			7,882				2,241,089
Alkermes plc (a)			1,310				47,802
Amgen, Inc.			9,082				1,725,398
bluebird bio, Inc. (a) (b)			330				51,919
Boston Scientific Corp. (a)			14,260				547,299
Bristol-Myers Squibb Co. (b)			2,524				120,420
Bruker Corp.			4,040				155,298
Canopy Growth Corp. (a) (b)			14,403				624,658
Cantel Medical Corp. (b)			3,334				223,011
Cerner Corp. (a)			35,632				2,038,506
Charles River Laboratories International, Inc. (a)			340				49,385
Chemed Corp.			530				169,637
DexCom, Inc. (a)			896				106,714
Edwards Lifesciences Corp. (a)			12,093				2,313,753
Eli Lilly & Co. (b)			1,915				248,490
Exact Sciences Corp. (a) (b)			620				53,704
Gilead Sciences, Inc.			950				61,760
ICU Medical, Inc. (a)			230				55,046
IDEXX Laboratories, Inc. (a)			1,190				266,084
Illumina, Inc. (a)			7,046				2,189,121

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Health Care - 17.9% (Continued)
Intuitive Surgical, Inc. (a)			1,010			$	576,286
Johnson & Johnson			2,530				353,669
Masimo Corp. (a)			605				83,659
Merck & Co., Inc.			11,895				989,307
Mettler-Toledo International, Inc. (a)			310				224,130
Neurocrine Biosciences, Inc. (a)			150				13,215
Novartis AG - ADR (b)			14,430				1,387,300
Novo Nordisk A/S - ADR			42,238				2,209,470
Regeneron Pharmaceuticals, Inc. (a)			6,216				2,552,414
ResMed, Inc.			3,109				323,243
Sage Therapeutics, Inc. (a) (b)			100				15,905
Stryker Corp.			3,480				687,370
Thermo Fisher Scientific, Inc.			1,110				303,829
UnitedHealth Group, Inc.			16,942				4,189,079
Varian Medical Systems, Inc. (a)			11,370				1,611,356
Veeva Systems, Inc. - Class A (a)			14,431				1,830,717
Vertex Pharmaceuticals, Inc. (a)			1,060				194,987
Waters Corp. (a)			870				218,988
West Pharmaceutical Services, Inc.			270				29,754
Zoetis, Inc.			29,158				2,935,336
							38,851,417
Industrials - 6.6%
3M Co.			3,775				784,370
AMETEK, Inc.			1,194				99,066
Armstrong World Industries, Inc.			2,851				226,426
Boeing Co. (The)			2,280				869,637
Curtiss-Wright Corp.			6,040				684,574
Deere & Co.			12,716				2,032,526
Emerson Electric Co.			3,650				249,915
Equifax, Inc.			620				73,470
Expeditors International of Washington, Inc.			29,592				2,246,033
Harris Corp.			550				87,841
HD Supply Holdings, Inc. (a)			4,780				207,213
Hexcel Corp.			5,680				392,829
Honeywell International, Inc.			3,710				589,593
IDEX Corp.			1,280				194,227

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Industrials - 6.6% (Continued)
Illinois Tool Works, Inc.			1,770			$	254,048
Landstar System, Inc.			1,850				202,372
Lincoln Electric Holdings, Inc.			3,390				284,319
MSC Industrial Direct Co., Inc. - Class A			2,470				204,294
Quanta Services, Inc.			4,990				188,323
Raytheon Co.			9,734				1,772,366
Rockwell Automation, Inc.			210				36,847
Rollins, Inc.			465				19,353
Roper Technologies, Inc.			500				170,985
Schneider National, Inc. - Class B			7,150				150,508
Union Pacific Corp.			11,956				1,999,042
Waste Management, Inc.			2,890				300,300
Watsco, Inc.			100				14,321
							14,334,798
Information Technology - 30.9%
Accenture plc - Class A			2,324				409,070
Adobe, Inc. (a)			3,060				815,459
Advanced Micro Devices, Inc. (a) (b)			5,110				130,407
Akamai Technologies, Inc. (a)			1,420				101,828
Amphenol Corp. - Class A			1,480				139,771
Analog Devices, Inc.			2,398				252,437
ANSYS, Inc. (a)			840				153,476
Apple, Inc.			22,602				4,293,250
Applied Materials, Inc.			7,770				308,158
Arista Networks, Inc. (a)			910				286,159
Atlassian Corp. plc - Class A (a)			410				46,080
Autodesk, Inc. (a)			22,271				3,470,267
Automatic Data Processing, Inc.			4,985				796,304
Black Knight, Inc. (a)			6,390				348,255
Broadcom, Inc.			230				69,163
Cadence Design Systems, Inc. (a)			8,400				533,484
CDW Corp.			700				67,459
Cisco Systems, Inc.			45,551				2,459,298
Citrix Systems, Inc.			3,569				355,687
Cognex Corp.			3,260				165,804
Cognizant Technology Solutions Corp. - Class A			2,200				159,390

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Information Technology - 30.9% (Continued)
Cypress Semiconductor Corp.			1,980			$	29,542
Dell Technologies, Inc. - Class C (a)			630				36,975
EPAM Systems, Inc. (a)			6,656				1,125,729
Fair Isaac Corp. (a)			330				89,638
Fidelity National Information Services, Inc.			1,139				128,821
Fiserv, Inc. (a) (b)			1,070				94,460
Fortinet, Inc. (a)			1,430				120,077
Gartner, Inc. (a)			1,140				172,915
Global Payments, Inc.			730				99,660
GoDaddy, Inc. - Class A (a)			470				35,339
International Business Machines Corp.			1,490				210,239
Intuit, Inc.			2,240				585,558
IPG Photonics Corp. (a)			80				12,142
Jack Henry & Associates, Inc.			1,858				257,779
Keysight Technologies, Inc. (a)			32,502				2,834,175
Lam Research Corp.			1,370				245,244
LogMeIn, Inc.			1,240				99,324
Mastercard, Inc. - Class A			5,477				1,289,560
Maxim Integrated Products, Inc.			1,110				59,019
Microchip Technology, Inc. (b)			490				40,650
Micron Technology, Inc. (a)			6,540				270,298
Microsoft Corp.			56,205				6,628,817
Monolithic Power Systems, Inc.			430				58,261
National Instruments Corp.			2,320				102,915
NetApp, Inc.			1,080				74,887
Nutanix, Inc. - Class A (a) (b)			100				3,774
NVIDIA Corp.			27,517				4,940,952
Oracle Corp.			81,668				4,386,388
Palo Alto Networks, Inc. (a)			1,680				408,038
Paycom Software, Inc. (a) (b)			360				68,087
PayPal Holdings, Inc. (a)			33,434				3,471,787
Proofpoint, Inc. (a)			660				80,144
PTC, Inc. (a)			19,253				1,774,742
QUALCOMM, Inc.			33,354				1,902,178
Red Hat, Inc. (a)			770				140,679
RingCentral, Inc. - Class A (a)			480				51,744

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Information Technology - 30.9% (Continued)
salesforce.com, Inc. (a)			21,753			$	3,445,023
ServiceNow, Inc. (a)			12,141				2,992,635
Skyworks Solutions, Inc.			1,310				108,049
Splunk, Inc. (a)			348				43,361
Square, Inc. - Class A (a)			950				71,174
Teradata Corp. (a)			1,560				68,094
Teradyne, Inc.			1,150				45,816
Texas Instruments, Inc.			5,695				604,069
Total System Services, Inc.			2,700				256,527
Tyler Technologies, Inc. (a)			1,190				243,236
Ultimate Software Group, Inc. (The) (a)			210				69,327
VeriSign, Inc. (a)			470				85,333
Versum Materials, Inc.			7,690				386,884
Visa, Inc. - Class A (b)			69,989				10,931,582
VMware, Inc. - Class A (b)			620				111,916
Workday, Inc. - Class A (a) (b)			561				108,189
Xilinx, Inc.			750				95,093
Zendesk, Inc. (a)			30				2,550
							66,960,601
Materials - 0.2%
Axalta Coating Systems Ltd. (a)			90				2,269
Linde plc			1,793				315,442
Royal Gold, Inc.			90				8,184
Sherwin-Williams Co. (The)			70				30,150
W.R. Grace & Co.			1,200				93,648
							449,693
Real Estate - 1.0%
American Tower Corp.			3,710				731,093
Crown Castle International Corp.			1,378				176,384
Equinix, Inc.			30				13,595
Equity LifeStyle Properties, Inc.			1,040				118,872
Extra Space Storage, Inc.			1,020				103,948
Hudson Pacific Properties, Inc.			5,860				201,701
Life Storage, Inc.			1,630				158,550
Public Storage			800				174,224
SBA Communications Corp. (a)			980				195,667

 

WILSHIRE LARGE COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Real Estate - 1.0% (Continued)
Simon Property Group, Inc.			1,450			$	264,205
Taubman Centers, Inc.			3,130				165,514
							2,303,753
Total Common Stocks (Cost $131,510,702)						$	214,144,955

 

MONEY MARKET FUNDS - 1.6%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (c)			2,842,282			$	2,842,282
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.32% (c) (d)			662,800				662,800
Total Money Market Funds (Cost $3,505,082)						$	3,505,082
Total Investments at Value - 100.3% (Cost $135,015,784)						$	217,650,037
Liabilities in Excess of Other Assets - (0.3%)							(733,778	)
Net Assets - 100.0%						$	216,916,259

 

(a)

Non-income producing security.

(b)

This security or a partial position of this security is on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $22,237,235 (Note 5).

(c)

The rate shown is the 7-day effective yield as of March 31, 2019.

(d)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2019 was $662,800. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $21,714,933 (Note 5).

 

ADR - American Depositary Receipt.

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 99.0%		Shares				Value
Communication Services - 5.2%
AT&T, Inc.			85,074			$	2,667,920
Cinemark Holdings, Inc. (a)			4,346				173,797
Comcast Corp. - Class A			15,249				609,655
Interpublic Group of Cos., Inc. (The)			62,516				1,313,461
John Wiley & Sons, Inc. - Class A			515				22,773
Liberty Media Corp. - Liberty SiriusXM - Series C (b)			530				20,267
News Corp. - Class A			56,516				703,059
News Corp. - Class B			620				7,744
Omnicom Group, Inc. (a)			18,937				1,382,212
Take-Two Interactive Software, Inc. (b)			2,500				235,925
Verizon Communications, Inc.			44,700				2,643,111
Zynga, Inc. - Class A (b)			6,800				36,244
							9,816,168
Consumer Discretionary - 7.5%
Advance Auto Parts, Inc.			40				6,821
Best Buy Co., Inc.			1,010				71,771
Brunswick Corp.			3,500				176,155
Choice Hotels International, Inc. (a)			3,332				259,030
Columbia Sportswear Co.			990				103,138
eBay, Inc.			2,370				88,022
Ford Motor Co.			252,038				2,212,894
Garmin Ltd.			1,720				148,522
Gildan Activewear, Inc.			18,108				651,345
H&R Block, Inc.			6,765				161,954
Las Vegas Sands Corp.			700				42,672
Lear Corp.			13,065				1,773,051
Lowe's Cos., Inc.			15,119				1,655,077
McDonald's Corp.			3,880				736,812
Mohawk Industries, Inc. (b)			5,225				659,134
Newell Brands, Inc. (a)			83,912				1,287,209
PVH Corp.			6,242				761,212
Skechers U.S.A., Inc. - Class A (a) (b)			5,280				177,461
Target Corp.			21,664				1,738,753
Whirlpool Corp.			5,933				788,436
Yum China Holdings, Inc.			8,090				363,322

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Consumer Discretionary - 7.5% (Continued)
Yum! Brands, Inc.			3,245			$	323,883
							14,186,674
Consumer Staples - 3.8%
Coca-Cola Co. (The)			6,333				296,764
Colgate-Palmolive Co.			4,595				314,941
Flowers Foods, Inc.			5,940				126,641
Herbalife Nutrition Ltd. (b)			570				30,204
Kellogg Co.			12,014				689,363
Lamb Weston Holdings, Inc.			2,340				175,360
Mondelēz International, Inc. - Class A			5,300				264,576
Nu Skin Enterprises, Inc. - Class A			5,640				269,931
Philip Morris International, Inc.			23,615				2,087,329
Procter & Gamble Co. (The)			9,508				989,308
Walmart, Inc.			20,517				2,001,023
							7,245,440
Energy - 10.4%
Baker Hughes, a GE Co.			25,075				695,079
BP plc - ADR			45,459				1,987,467
Cenovus Energy, Inc. (a)			84,013				729,233
Chevron Corp.			8,049				991,476
ConocoPhillips			14,521				969,132
Continental Resources, Inc. (b)			1,310				58,649
EOG Resources, Inc.			3,200				304,576
Exxon Mobil Corp.			38,732				3,129,545
Halliburton Co.			49,424				1,448,123
Hess Corp.			470				28,308
Marathon Oil Corp.			720				12,031
National Oilwell Varco, Inc.			43,175				1,150,182
Noble Energy, Inc.			820				20,279
Occidental Petroleum Corp.			17,444				1,154,793
ONEOK, Inc.			2,195				153,299
Phillips 66			22,445				2,136,091
Pioneer Natural Resources Co.			876				133,397
Royal Dutch Shell plc - Class A - ADR			28,710				1,796,959
Schlumberger Ltd.			42,142				1,836,127

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Energy - 10.4% (Continued)
Valero Energy Corp.			11,462			$	972,321
							19,707,067
Financials - 26.1%
Affiliated Managers Group, Inc.			1,140				122,105
Ally Financial, Inc.			650				17,869
American Express Co.			14,510				1,585,943
American International Group, Inc.			49,874				2,147,574
American National Insurance Co.			985				119,008
Arthur J. Gallagher & Co.			3,360				262,416
Assured Guaranty Ltd.			4,220				187,495
AXA Equitable Holdings, Inc.			78,734				1,585,703
Axis Capital Holdings Ltd.			12,957				709,784
Bank of America Corp.			173,460				4,785,762
Bank of Hawaii Corp. (a)			1,305				102,925
Bank of New York Mellon Corp. (The)			660				33,284
Berkshire Hathaway, Inc. - Class B (b)			5,356				1,075,967
BGC Partners, Inc. - Class A			1,540				8,177
BlackRock, Inc.			398				170,093
Brighthouse Financial, Inc. (a) (b)			1,780				64,596
Capital One Financial Corp.			27,798				2,270,818
Cboe Global Markets, Inc.			2,220				211,877
Chubb Ltd.			13,668				1,914,613
Citigroup, Inc.			42,729				2,658,598
CME Group, Inc.			3,978				654,699
Commerce Bancshares, Inc.			2,434				141,318
Fidelity National Financial, Inc.			1,890				69,080
Fifth Third Bancorp			30,552				770,521
First American Financial Corp.			2,255				116,133
First Hawaiian, Inc.			6,370				165,939
First Horizon National Corp. (a)			1,280				17,894
FNB Corp.			14,370				152,322
Franklin Resources, Inc.			34,410				1,140,347
Fulton Financial Corp.			286				4,427
Genworth Financial, Inc. - Class A (a) (b)			420				1,609
Goldman Sachs Group, Inc. (The)			9,198				1,765,924
Hanover Insurance Group, Inc. (The)			4,000				456,680

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Financials - 26.1% (Continued)
Intercontinental Exchange, Inc.			365			$	27,791
Invesco Ltd.			15,118				291,929
Jefferies Financial Group, Inc.			6,680				125,517
JPMorgan Chase & Co.			51,082				5,171,032
KeyCorp			44,483				700,607
KKR & Co., Inc. - Class A			31,305				735,354
Markel Corp. (b)			200				199,248
Mercury General Corp.			486				24,334
MetLife, Inc.			42,365				1,803,478
MFA Financial, Inc.			45,890				333,620
Morgan Stanley			47,843				2,018,975
Navient Corp.			100				1,157
New Residential Investment Corp.			11,150				188,547
OneMain Holdings, Inc.			3,770				119,698
PacWest Bancorp			100				3,761
Popular, Inc.			1,230				64,120
ProAssurance Corp.			2,643				91,474
State Street Corp.			31,701				2,086,244
Synovus Financial Corp.			12,095				415,584
T. Rowe Price Group, Inc.			1,725				172,707
U.S. Bancorp			39,411				1,899,216
UBS Group AG (a) (b)			28,654				347,000
Umpqua Holdings Corp.			20,420				336,930
Voya Financial, Inc.			29,252				1,461,430
Webster Financial Corp.			5,940				300,980
Wells Fargo & Co.			92,579				4,473,417
Western Alliance Bancorp. (b)			11,285				463,136
							49,348,786
Health Care - 13.2%
Abbott Laboratories			8,910				712,265
Agilent Technologies, Inc.			3,190				256,412
Allergan plc			1,820				266,466
Alnylam Pharmaceuticals, Inc. (a) (b)			159				14,859
Amgen, Inc.			7,987				1,517,370
Anthem, Inc.			708				203,182
Baxter International, Inc.			4,420				359,390

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Health Care - 13.2% (Continued)
Becton, Dickinson and Co.			490			$	122,368
Bio-Rad Laboratories, Inc. - Class A (b)			200				61,136
bluebird bio, Inc. (a) (b)			160				25,173
Boston Scientific Corp. (b)			5,610				215,312
Bristol-Myers Squibb Co.			2,130				101,622
Bruker Corp.			5,090				195,660
Cardinal Health, Inc.			30,467				1,466,986
Cerner Corp. (b)			10,150				580,682
Charles River Laboratories International, Inc. (b)			590				85,698
Cigna Corp.			3,894				626,233
Cooper Cos., Inc. (The)			390				115,506
CVS Health Corp.			37,221				2,007,328
Danaher Corp.			3,395				448,208
DENTSPLY SIRONA, Inc.			30				1,488
Eli Lilly & Co. (a)			210				27,250
Hologic, Inc. (b)			5,051				244,468
Integra LifeSciences Holdings Corp. (b)			590				32,875
IQVIA Holdings, Inc. (b)			380				54,663
Johnson & Johnson			21,688				3,031,766
Laboratory Corp. of America Holdings (b)			490				74,960
McKesson Corp.			11,395				1,333,899
Medtronic plc			6,619				602,859
Merck & Co., Inc.			23,959				1,992,670
Mylan N.V. (b)			58,659				1,662,396
PerkinElmer, Inc.			70				6,745
Pfizer, Inc.			91,258				3,875,726
QIAGEN N.V. (b)			1,658				67,447
Sanofi - ADR (a)			32,809				1,452,783
Teleflex, Inc.			270				81,583
Thermo Fisher Scientific, Inc.			2,619				716,872
Waters Corp. (b)			770				193,817
West Pharmaceutical Services, Inc.			80				8,816
Zimmer Biomet Holdings, Inc.			530				67,681
							24,912,620
Industrials - 10.9%
3M Co.			1,490				309,592

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Industrials - 10.9% (Continued)
AMETEK, Inc.			4,475			$	371,291
Crane Co.			2,210				187,010
Curtiss-Wright Corp.			7,400				838,716
Dover Corp.			8,319				780,322
Emerson Electric Co.			1,710				117,084
Equifax, Inc.			730				86,505
General Electric Co.			477,544				4,770,665
HD Supply Holdings, Inc. (b)			600				26,010
Hexcel Corp.			6,050				418,418
Honeywell International, Inc.			2,890				459,279
IDEX Corp.			540				81,940
IHS Markit Ltd. (b)			1,260				68,519
ITT, Inc.			1,130				65,540
Johnson Controls International plc			55,577				2,053,014
L3 Technologies, Inc.			1,761				363,418
MSC Industrial Direct Co., Inc. - Class A			1,550				128,201
nVent Electric plc			990				26,710
Oshkosh Corp.			10				751
Parker-Hannifin Corp.			4,183				717,886
Pentair plc			3,250				144,658
Quanta Services, Inc.			5,080				191,719
Raytheon Co.			1,042				189,727
Republic Services, Inc.			2,195				176,434
Roper Technologies, Inc.			1,249				427,121
Schneider National, Inc. - Class B			18,660				392,793
Southwest Airlines Co.			11,639				604,180
Stanley Black & Decker, Inc.			24,174				3,291,773
Terex Corp.			60				1,928
Union Pacific Corp.			20				3,344
United Technologies Corp.			18,514				2,386,269
Waste Management, Inc.			3,035				315,367
Watsco, Inc.			210				30,074
Westinghouse Air Brake Technologies Corp. (a)			7,140				526,361
							20,552,619
Information Technology - 9.8%
Akamai Technologies, Inc. (b)			500				35,855

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Information Technology - 9.8% (Continued)
Analog Devices, Inc.			2,830			$	297,914
Apple, Inc.			104				19,755
Autodesk, Inc. (b)			550				85,701
Avnet, Inc.			350				15,180
Broadcom, Inc.			60				18,043
Cisco Systems, Inc.			34,472				1,861,143
Cognizant Technology Solutions Corp. - Class A			25,602				1,854,865
CommScope Holding Co., Inc. (b)			1,920				41,722
Cypress Semiconductor Corp.			4,620				68,930
Dell Technologies, Inc. - Class C (b)			1,780				104,468
Dolby Laboratories, Inc. - Class A			810				51,006
Fidelity National Information Services, Inc.			4,730				534,963
Hewlett Packard Enterprise Co.			114,735				1,770,361
Intel Corp.			16,867				905,758
International Business Machines Corp.			10,624				1,499,046
Jabil, Inc.			10,280				273,344
Juniper Networks, Inc.			25,935				686,499
Keysight Technologies, Inc. (b)			730				63,656
LogMeIn, Inc.			1,100				88,110
Marvell Technology Group Ltd.			350				6,962
Micron Technology, Inc. (b)			5,590				231,035
Microsoft Corp.			8,494				1,001,782
Motorola Solutions, Inc.			300				42,126
National Instruments Corp.			100				4,436
Oracle Corp.			88,176				4,735,934
Qorvo, Inc. (b)			570				40,886
QUALCOMM, Inc.			29,294				1,670,636
Skyworks Solutions, Inc.			890				73,407
Symantec Corp.			5,220				120,008
Synopsys, Inc. (b)			540				62,181
Teradata Corp. (b)			1,860				81,189
Teradyne, Inc.			2,990				119,122
							18,466,023
Materials - 2.7%
Air Products & Chemicals, Inc.			470				89,751
Axalta Coating Systems Ltd. (b)			1,910				48,151

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Materials - 2.7% (Continued)
Bemis Co., Inc. (a)			1,246			$	69,128
Cabot Corp.			3,170				131,967
Domtar Corp.			290				14,399
DowDuPont, Inc.			37,730				2,011,386
Eagle Materials, Inc.			100				8,430
Freeport-McMoRan, Inc.			4,140				53,365
Linde plc			12,185				2,143,707
Olin Corp.			6,280				145,319
Royal Gold, Inc.			970				88,202
Scotts Miracle-Gro Co. (The) (a)			220				17,288
Sonoco Products Co.			3,098				190,620
Steel Dynamics, Inc.			670				23,631
Valvoline, Inc.			1,500				27,840
							5,063,184
Real Estate - 3.3%
Apple Hospitality REIT, Inc.			10,890				177,507
AvalonBay Communities, Inc.			750				150,548
Boston Properties, Inc.			1,434				191,984
Brandywine Realty Trust			16,086				255,124
Brixmor Property Group, Inc.			1,580				29,025
Brookfield Property REIT, Inc. - Class A			60				1,229
Camden Property Trust			970				98,455
Corporate Office Properties Trust			1,090				29,757
Crown Castle International Corp.			1,210				154,880
CubeSmart			2,000				64,080
Duke Realty Corp.			14,830				453,501
EPR Properties			90				6,921
Equity Residential			4,350				327,642
Essex Property Trust, Inc.			290				83,880
Extra Space Storage, Inc.			310				31,592
Federal Realty Investment Trust			220				30,327
HCP, Inc. (a)			62,493				1,956,032
Healthcare Trust of America, Inc. - Class A			4,100				117,219
Highwoods Properties, Inc.			5,630				263,371
Hospitality Properties Trust			680				17,891
Host Hotels & Resorts, Inc.			4,500				85,050

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Real Estate - 3.3% (Continued)
Howard Hughes Corp. (The) (b)			695			$	76,450
Hudson Pacific Properties, Inc.			1,310				45,090
Macerich Co. (The)			100				4,335
Mid-America Apartment Communities, Inc.			530				57,945
Newmark Group, Inc. - Class A (a)			714				5,955
Outfront Media, Inc.			4,310				100,854
Prologis, Inc.			5,360				385,652
Retail Properties of America, Inc. - Class A			4,860				59,243
Senior Housing Properties Trust			440				5,183
Simon Property Group, Inc.			1,230				224,118
SL Green Realty Corp.			620				55,750
UDR, Inc.			2,750				125,015
Ventas, Inc.			1,610				102,734
Vornado Realty Trust			3,600				242,784
W.P. Carey, Inc. (a)			80				6,266
Weingarten Realty Investors			3,634				106,731
Weyerhaeuser Co.			1,660				43,724
							6,173,844
Utilities - 6.1%
Aqua America, Inc. (a)			3,225				117,519
Avangrid, Inc.			15,169				763,759
CenterPoint Energy, Inc.			213				6,539
Dominion Energy, Inc.			33,612				2,576,696
DTE Energy Co.			367				45,780
Duke Energy Corp.			1,782				160,380
Edison International			23,541				1,457,659
Entergy Corp.			28,468				2,722,394
Exelon Corp.			45,735				2,292,696
MDU Resources Group, Inc.			21,370				551,987
National Fuel Gas Co. (a)			1,905				116,129
NextEra Energy, Inc.			1,260				243,583
NRG Energy, Inc.			1,960				83,261
Southern Co. (The)			4,490				232,043

 

WILSHIRE LARGE COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 99.0% (Continued)		Shares				Value
Utilities - 6.1% (Continued)
WEC Energy Group, Inc.			1,060			$	83,825
							11,454,250
Total Common Stocks (Cost $169,548,885)						$	186,926,675

 

MONEY MARKET FUNDS - 0.9%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (c)			1,666,803			$	1,666,803
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.32% (c) (d)			1,800				1,800
Total Money Market Funds (Cost $1,668,603)						$	1,668,603
Total Investments at Value - 99.9% (Cost $171,217,488)						$	188,595,278
Other Assets in Excess of Liabilities - 0.1%							221,216
Net Assets - 100.0%						$	188,816,494

 

(a)

This security or a partial position of this security is on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $6,636,119 (Note 5).

(b)

Non-income producing security.

(c)

The rate shown is the 7-day effective yield as of March 31, 2019.

(d)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2019 was $1,800. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $6,785,504 (Note 5).

 

ADR - American Depositary Receipt.

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 97.1%		Shares				Value
Communication Services - 2.2%
Boingo Wireless, Inc. (a)			2,660			$	61,925
Care.com, Inc. (a)			3,770				74,495
CarGurus, Inc. (a)			3,460				138,608
Cogent Communications Holdings, Inc.			7,820				424,234
Entravision Communications Corp. - Class A (b)			1,195				3,872
Glu Mobile, Inc. (a)			1,090				11,925
IMAX Corp. (a)			3,950				89,586
Ooma, Inc. (a)			370				4,899
QuinStreet, Inc. (a)			1,880				25,173
Shenandoah Telecommunications Co.			1,122				49,772
Sinclair Broadcast Group, Inc. - Class A			820				31,554
TechTarget, Inc. (a)			5,290				86,068
Vonage Holdings Corp. (a)			6,665				66,917
World Wrestling Entertainment, Inc. - Class A (b)			1,610				139,715
Yelp, Inc. (a)			4,583				158,114
							1,366,857
Consumer Discretionary - 10.3%
American Eagle Outfitters, Inc.			9,290				205,958
American Public Education, Inc. (a)			370				11,144
BJ's Restaurants, Inc.			1,335				63,119
Bloomin' Brands, Inc.			680				13,906
Boot Barn Holdings, Inc. (a)			900				26,496
Boyd Gaming Corp.			1,420				38,851
Callaway Golf Co.			2,677				42,645
Career Education Corp. (a)			4,330				71,532
Cavco Industries, Inc. (a)			275				32,321
Cheesecake Factory, Inc. (The) (b)			130				6,360
Chegg, Inc. (a)			14,226				542,295
Children's Place, Inc. (The) (b)			400				38,912
Churchill Downs, Inc. (b)			150				13,539
Columbia Sportswear Co.			150				15,627
Conn's, Inc. (a)			410				9,373
Core-Mark Holding Co., Inc.			10				371
Cracker Barrel Old Country Store, Inc. (b)			170				27,474
Crocs, Inc. (a)			1,445				37,209

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Consumer Discretionary - 10.3% (Continued)
Culp, Inc.			226			$	4,346
Dana, Inc.			2,830				50,204
Dave & Buster's Entertainment, Inc.			1,295				64,582
Deckers Outdoor Corp. (a)			865				127,146
Dine Brands Global, Inc. (b)			30				2,739
Eldorado Resorts, Inc. (a)			80				3,735
Etsy, Inc. (a)			3,645				245,016
Five Below, Inc. (a)			1,758				218,431
Fox Factory Holding Corp. (a) (b)			825				57,659
Grand Canyon Education, Inc. (a)			449				51,415
Groupon, Inc. (a) (b)			9,290				32,980
Hudson Ltd. - Class A (a)			210				2,888
Jack in the Box, Inc.			905				73,359
La-Z-Boy, Inc.			2,395				79,011
Malibu Boats, Inc. - Class A (a)			15,309				605,930
MasterCraft Boat Holdings, Inc. (a)			1,885				42,544
Monarch Casino & Resort, Inc. (a)			10				439
Monro, Inc.			750				64,890
Movado Group, Inc. (b)			420				15,280
Murphy USA, Inc. (a)			110				9,418
National Vision Holdings, Inc. (a)			260				8,172
Ollie's Bargain Outlet Holdings, Inc. (a)			1,450				123,729
Oxford Industries, Inc. (b)			4,640				349,206
PetMed Express, Inc. (b)			2,220				50,571
Planet Fitness, Inc. - Class A (a)			2,475				170,082
RCI Hospitality Holdings, Inc.			570				13,093
RH (a) (b)			10				1,030
Ruth's Hospitality Group, Inc.			4,175				106,838
Scientific Games Corp. (a) (b)			1,660				33,897
SeaWorld Entertainment, Inc. (a)			1,275				32,844
Shutterfly, Inc. (a)			390				15,850
Shutterstock, Inc.			850				39,636
Skyline Champion Corp.			28,570				542,830
Sleep Number Corp. (a)			809				38,023
Steven Madden Ltd.			21,117				714,600
Strategic Education, Inc.			520				68,281

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Consumer Discretionary - 10.3% (Continued)
Texas Roadhouse, Inc. (b)			2,750			$	171,022
Tile Shop Holdings, Inc.			690				3,905
Tilly's, Inc. - Class A			1,450				16,139
TopBuild Corp. (a)			9,099				589,798
Wingstop, Inc.			975				74,129
Winmark Corp.			455				85,808
Wolverine World Wide, Inc.			1,345				48,057
Zumiez, Inc. (a)			830				20,659
							6,267,343
Consumer Staples - 5.9%
BJ's Wholesale Club Holdings, Inc. (a)			840				23,016
Calavo Growers, Inc. (b)			7,880				660,738
Inter Parfums, Inc.			19,085				1,447,979
J & J Snack Foods Corp.			7,593				1,206,071
Medifast, Inc.			655				83,545
Performance Food Group Co. (a)			390				15,460
USANA Health Sciences, Inc. (a)			580				48,645
Vector Group Ltd. (b)			8,029				86,633
							3,572,087
Energy - 1.3%
Adams Resources & Energy, Inc.			50				1,953
Callon Petroleum Co. (a) (b)			86,561				653,536
CONSOL Energy, Inc. (a)			170				5,817
Delek US Holdings, Inc. (b)			1,240				45,161
Nine Energy Services, Inc. (a)			110				2,492
Panhandle Oil and Gas, Inc. - Class A			2,637				41,401
ProPetro Holding Corp. (a)			380				8,564
TETRA Technologies, Inc. (a)			1,990				4,657
							763,581
Financials - 6.9%
Artisan Partners Asset Management, Inc. - Class A			3,080				77,524
Axos Financial, Inc. (a) (b)			80				2,317
Banc of California, Inc. (b)			26,130				361,639
Blucora, Inc. (a)			910				30,376
BrightSphere Investment Group plc			7,450				101,022
Cadence Bancorp.			7,090				131,520

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Financials - 6.9% (Continued)
CenterState Bank Corp.			29,865			$	711,086
Enova International, Inc. (a)			270				6,161
Essent Group Ltd. (a)			4,380				190,311
Evercore, Inc. - Class A			680				61,880
Federated Investors, Inc. - Class B (b)			2,490				72,982
FirstCash, Inc.			390				33,735
Glacier Bancorp, Inc. (b)			1,060				42,474
Goosehead Insurance, Inc. - Class A (b)			18,102				504,683
Green Dot Corp. - Class A (a)			200				12,130
Hallmark Financial Services, Inc. (a)			100				1,040
Hamilton Lane, Inc. - Class A (b)			1,340				58,397
Kemper Corp.			1,460				111,164
Kingstone Cos., Inc.			190				2,801
Kinsale Capital Group, Inc.			410				28,114
Lakeland Financial Corp. (b)			1,180				53,360
LegacyTexas Financial Group, Inc.			11,460				428,489
LendingTree, Inc. (a) (b)			1,650				580,074
Moelis & Co. - Class A			4,320				179,755
NMI Holdings, Inc. - Class A (a)			2,460				63,640
On Deck Capital, Inc. (a)			1,600				8,672
Piper Jaffray Cos.			140				10,196
Primerica, Inc.			800				97,720
Pzena Investment Management, Inc. - Class A			1,795				14,522
Regional Management Corp. (a)			335				8,181
RLI Corp.			1,240				88,970
Silvercrest Asset Management Group, Inc. - Class A			441				6,284
Stock Yards Bancorp, Inc.			1,880				63,563
Washington Trust Bancorp, Inc.			720				34,668
WSFS Financial Corp.			1,390				53,654
							4,233,104
Health Care - 25.3%
ACADIA Pharmaceuticals, Inc. (a) (b)			2,160				57,996
Acceleron Pharma, Inc. (a) (b)			960				44,707
Addus HomeCare Corp. (a)			870				55,323
Aerie Pharmaceuticals, Inc. (a) (b)			900				42,750
Aimmune Therapeutics, Inc. (a) (b)			215				4,805

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Health Care - 25.3% (Continued)
Albireo Pharma, Inc. (a)			240			$	7,730
Amedisys, Inc. (a)			1,105				136,203
American Renal Associates Holdings, Inc. (a)			220				1,351
Amicus Therapeutics, Inc. (a) (b)			5,840				79,424
AMN Healthcare Services, Inc. (a)			270				12,714
AnaptysBio, Inc. (a) (b)			685				50,039
Arena Pharmaceuticals, Inc. (a) (b)			895				40,123
Array BioPharma, Inc. (a) (b)			6,575				160,299
Arrowhead Pharmaceuticals, Inc. (a) (b)			1,100				20,185
Assembly Biosciences, Inc. (a)			240				4,726
Audentes Therapeutics, Inc. (a)			240				9,365
Biohaven Pharmaceutical Holding Co. Ltd. (a)			170				8,750
BioSpecifics Technologies Corp. (a)			90				5,610
BioTelemetry, Inc. (a)			11,418				714,996
bluebird bio, Inc. (a) (b)			235				36,973
Blueprint Medicines Corp. (a)			1,143				91,497
Calithera Biosciences, Inc. (a) (b)			480				3,235
Cambrex Corp. (a) (b)			21,150				821,678
Cantel Medical Corp. (b)			465				31,104
Cardiovascular Systems, Inc. (a) (b)			1,260				48,712
CareDx, Inc. (a)			100				3,152
Catalyst Pharmaceutical, Inc. (a) (b)			2,770				14,127
Cerus Corp. (a)			2,430				15,139
Chemed Corp.			364				116,505
ChemoCentryx, Inc. (a)			1,555				21,599
Clovis Oncology, Inc. (a)			300				7,446
Concert Pharmaceuticals, Inc. (a)			480				5,794
CONMED Corp.			1,530				127,265
CorVel Corp. (a)			1,154				75,287
CytomX Therapeutics, Inc. (a)			615				6,611
Dicerna Pharmaceuticals, Inc. (a) (b)			700				10,255
Eagle Pharmaceuticals, Inc. (a) (b)			930				46,956
Editas Medicine, Inc. (a) (b)			1,120				27,384
Emergent BioSolutions, Inc. (a)			1,190				60,119
Enanta Pharmaceuticals, Inc. (a) (b)			370				35,342
Ensign Group, Inc. (The)			970				49,654

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Health Care - 25.3% (Continued)
Enzo Biochem, Inc. (a)			6,640			$	18,127
Exact Sciences Corp. (a) (b)			8				693
Fate Therapeutics, Inc. (a) (b)			130				2,284
FibroGen, Inc. (a)			2,125				115,494
Fluidigm Corp. (a)			1,280				17,011
FONAR Corp. (a)			420				8,597
G1 Therapeutics, Inc. (a) (b)			280				4,648
Genomic Health, Inc. (a)			1,885				132,044
Glaukos Corp. (a)			240				18,809
Global Blood Therapeutics, Inc. (a) (b)			1,860				98,450
Globus Medical, Inc. - Class A (a)			3,980				196,652
Haemonetics Corp. (a)			2,015				176,272
Halozyme Therapeutics, Inc. (a)			13,175				212,118
HealthEquity, Inc. (a)			1,610				119,108
HealthStream, Inc. (a)			4,200				117,852
Heron Therapeutics, Inc. (a) (b)			840				20,530
Heska Corp. (a)			7,238				616,098
HMS Holdings Corp. (a)			3,950				116,960
Horizon Pharma plc (a)			4,220				111,535
ImmunoGen, Inc. (a) (b)			5,155				13,970
Immunomedics, Inc. (a) (b)			2,230				42,838
Inogen, Inc. (a) (b)			935				89,171
Insmed, Inc. (a)			1,655				48,111
Inspire Medical Systems, Inc. (a)			250				14,195
Integer Holdings Corp. (a)			1,440				108,605
Intercept Pharmaceuticals, Inc. (a) (b)			190				21,253
Intersect ENT, Inc. (a)			1,440				46,296
IntriCon Corp. (a) (b)			150				3,762
Invitae Corp. (a) (b)			710				16,628
Iovance Biotherapeutics, Inc. (a) (b)			3,570				33,951
iRhythm Technologies, Inc. (a) (b)			1,150				86,204
Ironwood Pharmaceuticals, Inc. (a) (b)			3,512				47,517
Kura Oncology, Inc. (a)			510				8,461
LeMaitre Vascular, Inc.			14,065				436,014
Ligand Pharmaceuticals, Inc. (a) (b)			830				104,339
LivaNova plc (a)			1,190				115,728

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Health Care - 25.3% (Continued)
Luminex Corp.			1,310			$	30,143
MacroGenics, Inc. (a)			1,375				24,723
Madrigal Pharmaceuticals, Inc. (a) (b)			20				2,505
Masimo Corp. (a)			260				35,953
Medidata Solutions, Inc. (a) (b)			11,400				834,935
Medpace Holdings, Inc. (a)			10,461				616,885
Meridian Bioscience, Inc.			2,250				39,623
Merit Medical Systems, Inc. (a)			900				55,647
Mirati Therapeutics, Inc. (a) (b)			120				8,796
Momenta Pharmaceuticals, Inc. (a)			160				2,325
MyoKardia, Inc. (a) (b)			910				47,311
Myriad Genetics, Inc. (a) (b)			3,320				110,224
NanoString Technologies, Inc. (a)			240				5,743
Natera, Inc. (a)			521				10,743
Neogen Corp. (a) (b)			12,521				718,579
NeoGenomics, Inc. (a) (b)			30,360				621,166
Nevro Corp. (a) (b)			1,290				80,638
NextGen Healthcare, Inc. (a)			2,560				43,085
NovoCure Ltd. (a)			1,287				61,995
NuVasive, Inc. (a)			820				46,568
Omnicell, Inc. (a)			420				33,953
OraSure Technologies, Inc. (a)			4,148				46,250
Orthofix Medical, Inc. (a)			660				37,231
Pacira Pharmaceuticals, Inc. (a)			1,450				55,187
Penumbra, Inc. (a) (b)			120				17,641
Phibro Animal Health Corp. - Class A			2,460				81,180
Pieris Pharmaceuticals, Inc. (a)			2,060				6,901
Portola Pharmaceuticals, Inc. (a) (b)			860				29,842
PRA Health Sciences, Inc. (a)			16,130				1,778,978
Providence Service Corp. (The) (a)			860				57,293
PTC Therapeutics, Inc. (a)			290				10,916
Puma Biotechnology, Inc. (a)			510				19,783
Quidel Corp. (a)			750				49,103
R1 RCM, Inc. (a)			410				3,965
RadNet, Inc. (a)			1,310				16,231
REGENXBIO, Inc. (a)			1,318				75,535

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Health Care - 25.3% (Continued)
Repligen Corp. (a) (b)			15,690			$	926,964
Revance Therapeutics, Inc. (a)			1,530				24,113
Rigel Pharmaceuticals, Inc. (a) (b)			11,320				29,092
RTI Surgical Holdings, Inc. (a)			4,420				26,564
Spectrum Pharmaceuticals, Inc. (a)			1,280				13,683
STAAR Surgical Co. (a)			2,220				75,902
Stemline Therapeutics, Inc. (a) (b)			1,080				13,878
Supernus Pharmaceuticals, Inc. (a)			13,808				483,831
Surmodics, Inc. (a)			920				40,002
Syros Pharmaceuticals, Inc. (a)			3,480				31,807
Tabula Rasa HealthCare, Inc. (a) (b)			13,390				755,464
Tactile Systems Technology, Inc. (a) (b)			10,212				538,376
Tandem Diabetes Care, Inc. (a)			400				25,400
Teladoc Health, Inc. (a) (b)			450				25,020
Tivity Health, Inc. (a) (b)			3,336				58,581
Ultragenyx Pharmaceutical, Inc. (a) (b)			1,125				78,030
Vanda Pharmaceuticals, Inc. (a)			2,175				40,020
Veracyte, Inc. (a)			780				19,516
Voyager Therapeutics, Inc. (a)			460				8,804
WaVe Life Sciences Ltd. (a) (b)			380				14,763
Wright Medical Group N.V. (a)			1,140				35,853
Xencor, Inc. (a)			983				30,532
Zafgen, Inc. (a) (b)			700				1,918
							15,468,944
Industrials - 13.7%
Advanced Drainage Systems, Inc.			2,060				53,086
AeroVironment, Inc. (a)			1,270				86,881
Albany International Corp. - Class A			1,600				114,544
Allegiant Travel Co.			90				11,652
Allied Motion Technologies, Inc.			550				18,909
Altra Industrial Motion Corp.			1,990				61,790
Applied Industrial Technologies, Inc.			1,170				69,580
ArcBest Corp. (b)			60				1,847
ASGN, Inc. (a)			1,910				121,266
Astronics Corp. (a)			40				1,309
Atkore International Group, Inc. (a)			1,764				37,979

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Industrials - 13.7% (Continued)
Axon Enterprise, Inc. (a) (b)			16,690			$	908,102
AZZ, Inc.			850				34,791
Barnes Group, Inc.			3,020				155,258
Barrett Business Services, Inc.			985				76,170
Brady Corp. - Class A			1,235				57,316
Brink's Co. (The) (b)			1,510				113,869
Casella Waste Systems, Inc. - Class A (a)			1,560				55,474
Cimpress N.V. (a)			860				68,912
Comfort Systems USA, Inc.			3,860				202,225
Continental Building Products, Inc. (a)			3,600				89,244
CRA International, Inc.			520				26,281
CSW Industrials, Inc. (a)			680				38,957
Deluxe Corp.			1,160				50,715
Douglas Dynamics, Inc.			500				19,035
Echo Global Logistics, Inc. (a)			1,090				27,010
EMCOR Group, Inc.			1,050				76,734
EnerSys			956				62,293
Evoqua Water Technologies Corp. (a)			1,760				22,141
Exponent, Inc.			2,636				152,150
Federal Signal Corp.			3,990				103,700
Forward Air Corp.			1,785				115,543
Franklin Electric Co., Inc.			2,350				120,062
Generac Holdings, Inc. (a)			2,285				117,060
Gorman-Rupp Co. (The)			507				17,208
H&E Equipment Services, Inc. (b)			100				2,511
Harsco Corp. (a)			3,796				76,527
Heidrick & Struggles International, Inc.			450				17,249
Heritage-Crystal Clean, Inc. (a)			365				10,019
Herman Miller, Inc.			2,235				78,627
Hillenbrand, Inc.			4,310				178,993
HNI Corp.			2,260				82,015
Insperity, Inc.			1,382				170,897
Interface, Inc.			3,157				48,365
JELD-WEN Holding, Inc. (a)			1,875				33,113
John Bean Technologies Corp.			1,510				138,754
Kadant, Inc.			238				20,934

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Industrials - 13.7% (Continued)
Kennametal, Inc.			3,825			$	140,569
Kforce, Inc.			380				13,346
Kimball International, Inc. - Class B			2,075				29,341
Korn Ferry			3,000				134,340
Marten Transport Ltd.			31,850				567,886
Masonite International Corp. (a)			260				12,971
McGrath RentCorp			110				6,223
Mercury Systems, Inc. (a)			12,790				819,583
Meritor, Inc. (a)			2,920				59,422
Milacron Holdings Corp. (a)			80				906
Mistras Group, Inc. (a)			520				7,181
Mobile Mini, Inc.			100				3,394
MSA Safety, Inc.			730				75,482
Mueller Industries, Inc.			2,428				76,094
Mueller Water Products, Inc. - Series A			7,510				75,400
MYR Group, Inc. (a)			331				11,463
Navistar International Corp. (a)			1,110				35,853
Patrick Industries, Inc. (a)			360				16,315
PGT Innovations, Inc. (a)			70				970
Proto Labs, Inc. (a)			550				57,827
Raven Industries, Inc.			3,860				148,108
Resources Connection, Inc. (b)			2,040				33,742
Rexnord Corp. (a)			1,870				47,012
Saia, Inc. (a)			10,316				630,308
Simpson Manufacturing Co., Inc.			1,330				78,829
SiteOne Landscape Supply, Inc. (a) (b)			12,570				718,375
Standex International Corp.			595				43,673
Tennant Co.			570				35,391
Tetra Tech, Inc.			2,350				140,037
Trex Co., Inc. (a)			1,580				97,202
Vectrus, Inc. (a)			705				18,746
Vicor Corp. (a)			390				12,098
Watts Water Technologies, Inc. - Class A			60				4,849
Woodward, Inc.			985				93,467
							8,393,500

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Information Technology - 28.0%
8x8, Inc. (a)			150			$	3,030
Acacia Communications, Inc. (a)			930				53,336
ACI Worldwide, Inc. (a)			210				6,903
Advanced Energy Industries, Inc. (a)			460				22,853
Aerohive Networks, Inc. (a)			440				1,993
Alarm.com Holdings, Inc. (a) (b)			460				29,854
Altair Engineering, Inc. - Class A (a)			2,230				82,086
Alteryx, Inc. - Class A (a) (b)			520				43,612
AppFolio, Inc. - Class A (a)			4,657				369,766
Avalara, Inc. (a) (b)			1,150				64,159
Badger Meter, Inc.			1,080				60,091
Blackbaud, Inc. (b)			890				70,960
BlackLine, Inc. (a)			720				33,350
Bottomline Technologies (de), Inc. (a)			910				45,582
Box, Inc. - Class A (a)			49,069				947,522
Cabot Microelectronics Corp.			5,945				665,602
CalAmp Corp. (a) (b)			2,300				28,934
Cardtronics plc - Class A (a)			1,860				66,179
Casa Systems, Inc. (a)			90				747
Cass Information Systems, Inc.			733				34,671
Cirrus Logic, Inc. (a)			121				5,090
Cloudera, Inc. (a)			7,149				78,210
CommVault Systems, Inc. (a)			1,897				122,812
Control4 Corp. (a)			760				12,867
Cornerstone OnDemand, Inc. (a)			2,208				120,954
Coupa Software, Inc. (a) (b)			1,060				96,439
CSG Systems International, Inc.			1,510				63,873
Diodes, Inc. (a) (b)			2,790				96,813
eGain Corp. (a)			480				5,016
Ellie Mae, Inc. (a) (b)			220				21,712
Entegris, Inc. (b)			5,105				182,197
Envestnet, Inc. (a)			1,755				114,759
ePlus, Inc. (a)			15				1,328
EVERTEC, Inc.			1,095				30,452
EVO Payments, Inc. - Class A (a)			37,842				1,099,310
ExlService Holdings, Inc. (a)			773				46,395

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Information Technology - 28.0% (Continued)
Fair Isaac Corp. (a)			449			$	121,962
FARO Technologies, Inc. (a) (b)			1,070				46,984
Five9, Inc. (a) (b)			2,300				121,509
ForeScout Technologies, Inc. (a)			860				36,043
HubSpot, Inc. (a) (b)			900				149,589
II-VI, Inc. (a) (b)			1,690				62,935
Information Services Group, Inc. (a)			2,325				8,672
Inphi Corp. (a) (b)			1,040				45,490
Integrated Device Technology, Inc. (a)			2,090				102,389
j2 Global, Inc. (b)			3,030				262,398
Limelight Networks, Inc. (a)			10,510				33,947
Littelfuse, Inc.			100				18,248
LivePerson, Inc. (a)			540				15,671
MAXIMUS, Inc.			17,533				1,244,492
Mesa Laboratories, Inc.			4,375				1,008,437
Methode Electronics, Inc.			1,905				54,826
Mimecast Ltd. (a)			19,080				903,438
MKS Instruments, Inc.			125				11,631
Monotype Imaging Holdings, Inc.			3,080				61,261
Nanometrics, Inc. (a)			1,945				60,062
New Relic, Inc. (a)			1,935				190,985
NIC, Inc.			6,315				107,923
Novanta, Inc. (a)			220				18,641
NVE Corp.			1,037				101,512
Okta, Inc. (a)			40				3,309
OSI Systems, Inc. (a) (b)			430				37,668
Park Electrochemical Corp.			1,930				30,301
Paylocity Holding Corp. (a)			790				70,460
Pegasystems, Inc.			28,040				1,822,599
Perficient, Inc. (a)			1,220				33,416
Plantronics, Inc.			330				15,216
Progress Software Corp.			4,460				197,890
Proofpoint, Inc. (a)			45				5,464
PROS Holdings, Inc. (a)			300				12,672
Pure Storage, Inc. - Class A (a)			1,390				30,288
QAD, Inc. - Class A			180				7,753

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Information Technology - 28.0% (Continued)
Qualys, Inc. (a) (b)			14,295			$	1,182,768
Quantenna Communications, Inc. (a)			252				6,131
Rapid7, Inc. (a)			865				43,778
RingCentral, Inc. - Class A (a)			145				15,631
Rogers Corp. (a)			195				30,982
Rudolph Technologies, Inc. (a) (b)			850				19,380
SailPoint Technology Holdings, Inc. (a)			3,960				113,731
Science Applications International Corp.			1,760				135,432
Semtech Corp. (a)			1,820				92,656
Silicon Laboratories, Inc. (a)			8,757				708,092
SPS Commerce, Inc. (a)			1,125				119,318
Tenable Holdings, Inc. (a) (b)			340				10,764
Trade Desk, Inc. (The) - Class A (a) (b)			800				158,360
TTEC Holdings, Inc.			693				25,107
Twilio, Inc. - Class A (a) (b)			64				8,268
Upland Software, Inc. (a)			210				8,896
Varonis Systems, Inc. (a)			910				54,263
Virtusa Corp. (a)			810				43,295
Vishay Precision Group, Inc. (a)			50				1,711
WNS Holdings Ltd. - ADR (a)			29,804				1,587,660
Workiva, Inc. (a)			14,519				736,113
Yext, Inc. (a)			2,890				63,175
Zscaler, Inc. (a) (b)			2,100				148,953
							17,100,002
Materials - 2.1%
Balchem Corp.			533				49,462
Boise Cascade Co.			1,860				49,774
Ferro Corp. (a)			2,010				38,049
Greif, Inc. - Class A			1,010				41,663
Ingevity Corp. (a)			665				70,231
Kaiser Aluminum Corp.			285				29,848
Kronos Worldwide, Inc.			3,090				43,322
Myers Industries, Inc.			2,965				50,731
Neenah, Inc.			79				5,084
PolyOne Corp.			1,240				36,344
Quaker Chemical Corp. (b)			3,760				753,241

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.1% (Continued)		Shares				Value
Materials - 2.1% (Continued)
Trinseo S.A.			330			$	14,949
Tronox Holdings plc - Class A (b)			5,880				77,322
Worthington Industries, Inc.			910				33,961
							1,293,981
Real Estate - 1.2%
Americold Realty Trust (b)			2,740				83,597
Cushman & Wakefield plc (a)			170				3,026
EastGroup Properties, Inc.			1,353				151,049
First Industrial Realty Trust, Inc.			1,510				53,394
Monmouth Real Estate Investment Corp.			5,960				78,553
NexPoint Residential Trust, Inc.			360				13,802
PS Business Parks, Inc.			60				9,410
QTS Realty Trust, Inc. - Class A			51				2,294
RE/MAX Holdings, Inc. - Class A (b)			870				33,530
RMR Group, Inc. (The) - Class A			360				21,953
Ryman Hospitality Properties, Inc.			2,990				245,898
Tanger Factory Outlet Centers, Inc. (b)			280				5,874
Urban Edge Properties			1,410				26,790
							729,170
Utilities - 0.2%
American States Water Co.			800				57,040
SJW Group			490				30,253
York Water Co. (The)			1,800				61,776
							149,069
Total Common Stocks (Cost $49,216,007)						$	59,337,638

 

RIGHTS – 0.0% (c)		Shares				Value
Ferroglobe R&W Trust - CVR (a) (d) (e)			840			$	0

 

WILSHIRE SMALL COMPANY GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 4.8%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (f)			1,604,373			$	1,604,373
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.32% (f) (g)			1,299,128				1,299,128
Total Money Market Funds (Cost $2,903,501)						$	2,903,501
Total Investments at Value - 101.9% (Cost $52,119,508)						$	62,241,139
Liabilities in Excess of Other Assets - (1.9%)							(1,130,268	)
Net Assets - 100.0%						$	61,110,871

 

(a)

Non-income producing security.

(b)

This security or a partial position of this security is on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $12,898,156 (Note 5).

(c)

Percentage rounds to less than 0.1%.

(d)

Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $0 as of March 31, 2019, representing 0.0% of net assets (Note 1).

(e)

Illiquid security. The total value of such securities is $0 at March 31, 2019, representing 0.0% of net assets.

(f)

The rate shown is the 7-day effective yield as of March 31, 2019.

(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2019 was $1,299,128. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $11,771,419 (Note 5).

 

ADR - American Depositary Receipt.

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 98.7%		Shares				Value
Communication Services - 1.2%
AMC Entertainment Holdings, Inc. - Class A (a)			260			$	3,861
Gray Television, Inc. (b)			370				7,903
Liberty Latin America Ltd. - Class A (b)			2,420				46,803
Liberty Latin America Ltd. - Class C (b)			100				1,945
Marcus Corp. (The)			1,450				58,073
MSG Networks, Inc. - Class A (b)			6,030				131,152
National CineMedia, Inc. (a)			9,640				67,962
New Media Investment Group, Inc.			11,825				124,162
QuinStreet, Inc. (a) (b)			1,340				17,943
Reading International, Inc. - Class A (b)			4,600				73,416
Saga Communications, Inc. - Class A			161				5,344
Sinclair Broadcast Group, Inc. - Class A			2,690				103,511
Spok Holdings, Inc.			1,470				20,021
WideOpenWest, Inc. (b)			450				4,095
							666,191
Consumer Discretionary - 8.1%
Aaron's, Inc.			2,660				139,916
Abercrombie & Fitch Co. - Class A (a)			3,760				103,062
Adtalem Global Education, Inc. (b)			4,220				195,470
American Eagle Outfitters, Inc.			8,472				187,824
American Public Education, Inc. (b)			1,464				44,096
Bassett Furniture Industries, Inc.			3,230				53,004
Boyd Gaming Corp. (a)			580				15,869
Callaway Golf Co.			200				3,186
Cato Corp. (The) - Class A			2,330				34,903
Chico's FAS, Inc. (a)			934				3,988
Citi Trends, Inc.			2,000				38,620
Columbia Sportswear Co.			1,145				119,286
Conn's, Inc. (b)			580				13,259
Core-Mark Holding Co., Inc.			1,270				47,155
Dana, Inc.			2,240				39,738
Dine Brands Global, Inc. (a)			80				7,303
DSW, Inc. - Class A			7,801				173,338
Ethan Allen Interiors, Inc.			5,670				108,467
Flexsteel Industries, Inc.			879				20,384

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Consumer Discretionary - 8.1% (Continued)
Guess?, Inc. (a)			2,290			$	44,884
Haverty Furniture Cos., Inc.			2,090				45,729
Helen of Troy Ltd. (a) (b)			275				31,889
Hibbett Sports, Inc. (b)			390				8,896
Hooker Furniture Corp.			26,077				751,800
Jack in the Box, Inc.			1,795				145,503
K12, Inc. (b)			1,216				41,502
KB Home			540				13,052
La-Z-Boy, Inc.			3,387				111,737
Leaf Group Ltd. (b)			1,490				11,950
Movado Group, Inc. (a)			2,371				86,257
Murphy USA, Inc. (b)			410				35,104
Office Depot, Inc.			9,815				35,628
Rent-A-Center, Inc. (b)			3,160				65,949
Shiloh Industries, Inc. (b)			739				4,065
Signet Jewelers Ltd.			910				24,716
Standard Motor Products, Inc.			1,031				50,622
Stoneridge, Inc. (b)			16,848				486,232
Strategic Education, Inc.			362				47,534
Superior Industries International, Inc. (a)			1,130				5,379
Taylor Morrison Home Corp. - Class A (b)			37,505				665,714
Tile Shop Holdings, Inc.			2,330				13,188
Tilly's, Inc. - Class A			2,497				27,792
TRI Pointe Group, Inc. (a) (b)			33,556				424,148
Tupperware Brands Corp.			1,000				25,580
Vera Bradley, Inc. (b)			5,260				69,695
Wingstop, Inc.			400				30,412
Zumiez, Inc. (a) (b)			1,410				35,095
							4,688,920
Consumer Staples - 1.9%
BJ's Wholesale Club Holdings, Inc. (b)			1,410				38,634
Inter Parfums, Inc.			50				3,794
Landec Corp. (b)			64,355				790,278
Sanderson Farms, Inc. (a)			840				110,746
Universal Corp.			540				31,120

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Consumer Staples - 1.9% (Continued)
Vector Group Ltd. (a)			14,349			$	154,826
							1,129,398
Energy - 6.4%
Archrock, Inc.			15,413				150,739
Carrizo Oil & Gas, Inc. (a) (b)			13,795				172,024
Centennial Resource Development, Inc. - Class A (a) (b)			79,480				698,629
CONSOL Energy, Inc. (b)			1,970				67,413
CVR Energy, Inc.			160				6,592
Delek US Holdings, Inc. (a)			2,000				72,840
Denbury Resources, Inc. (a) (b)			4,170				8,549
Dril-Quip, Inc. (b)			740				33,929
Equitrans Midstream Corp.			33,015				719,066
FTS International, Inc. (a) (b)			8,050				80,500
Hallador Energy Co.			3,810				20,041
KLX Energy Services Holdings, Inc. (b)			182				4,575
McDermott International, Inc. (a) (b)			1,770				13,169
Midstates Petroleum Co., Inc. (b)			5,964				58,268
NACCO Industries, Inc. - Class A			1,980				75,676
Natural Gas Services Group, Inc. (b)			2,250				38,948
Oasis Petroleum, Inc. (a) (b)			3,823				23,091
Overseas Shipholding Group, Inc. - Class A (b)			26,392				60,438
Panhandle Oil and Gas, Inc. - Class A			4,020				63,114
PDC Energy, Inc. (b)			14,255				579,893
Peabody Energy Corp.			2,378				67,369
PHI, Inc. (b)			3,261				1,402
SandRidge Energy, Inc. (b)			971				7,787
SEACOR Holdings, Inc. (b)			1,850				78,218
Talos Energy, Inc. (b)			1,150				30,544
TETRA Technologies, Inc. (b)			1,020				2,387
Transocean Ltd. (a) (b)			241				2,099
Unit Corp. (a) (b)			430				6,123
World Fuel Services Corp.			1,110				32,068
WPX Energy, Inc. (b)			43,725				573,235
							3,748,726
Financials - 25.5%
Ameris Bancorp			26,376				906,015

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Financials - 25.5% (Continued)
AMERISAFE, Inc.			1,010			$	59,994
Ares Commercial Real Estate Corp.			500				7,595
Argo Group International Holdings Ltd.			394				27,840
ARMOUR Residential REIT, Inc. (a)			6,630				129,484
Arrow Financial Corp.			569				18,714
Associated Banc-Corp.			1,148				24,510
Bank of N.T. Butterfield & Son Ltd. (The)			24,850				891,617
BankUnited, Inc.			8,035				268,369
Banner Corp.			1,310				70,963
Berkshire Hills Bancorp, Inc.			864				23,535
Blucora, Inc. (b)			1,270				42,393
Boston Private Financial Holdings, Inc.			7,500				82,200
BrightSphere Investment Group plc			7,490				101,564
Brookline Bancorp, Inc.			430				6,192
Cadence Bancorp.			9,080				168,434
Capitol Federal Financial, Inc.			7,414				98,977
Capstead Mortgage Corp. (a)			1,040				8,934
Carolina Financial Corp.			1,220				42,200
Cathay General Bancorp			6,441				218,414
CenterState Bank Corp.			3,805				90,597
Central Pacific Financial Corp.			329				9,488
Chemical Financial Corp. (a)			4,075				167,727
City Holding Co. (a)			824				62,781
CNO Financial Group, Inc.			8,068				130,540
Columbia Banking System, Inc.			870				28,440
Community Bank System, Inc. (a)			1,150				68,736
Customers Bancorp, Inc. (b)			680				12,451
CVB Financial Corp.			14,860				312,803
Dime Community Bancshares, Inc. (a)			1,364				25,548
Donegal Group, Inc. - Class A			2,490				33,491
Dynex Capital, Inc.			2,120				12,911
Eagle Bancorp, Inc. (b)			738				37,048
Enterprise Financial Services Corp.			1,732				70,614
Essent Group Ltd. (b)			8,460				367,586
Exantas Capital Corp. (a)			661				7,026
FBL Financial Group, Inc. - Class A			1,212				76,017

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Financials - 25.5% (Continued)
Federated Investors, Inc. - Class B (a)			4,560			$	133,654
First BanCorp.			2,050				23,493
First Citizens BancShares, Inc. - Class A			331				134,783
First Financial Corp.			1,011				42,462
First Horizon National Corp. (a)			45,337				633,811
First Merchants Corp.			3,050				112,393
First Midwest Bancorp, Inc.			2,650				54,219
Fulton Financial Corp.			7,930				122,756
Genworth Financial, Inc. - Class A (a) (b)			30,810				118,002
Glacier Bancorp, Inc. (a)			2,457				98,452
Global Indemnity Ltd.			1,839				55,869
Great Western Bancorp, Inc.			5,820				183,854
Hallmark Financial Services, Inc. (b)			6,086				63,294
Hancock Whitney Corp.			2,146				86,698
HCI Group, Inc. (a)			570				24,356
Heritage Commerce Corp.			1,580				19,118
Home BancShares, Inc. (a)			6,710				117,895
HomeStreet, Inc. (b)			26,550				699,592
Hope Bancorp, Inc.			8,100				105,948
IBERIABANK Corp.			2,140				153,459
Independent Bank Corp.			1,618				34,787
International Bancshares Corp.			1,400				53,242
Invesco Mortgage Capital, Inc.			1,070				16,906
Investors Bancorp, Inc.			9,910				117,434
Kemper Corp.			2,830				215,476
LegacyTexas Financial Group, Inc.			3,225				120,583
Mercantile Bank Corp.			1,498				49,015
Meridian Bancorp, Inc.			9,425				147,878
MGIC Investment Corp. (b)			21,025				277,320
MutualFirst Financial, Inc.			840				25,175
National Bank Holdings Corp. - Class A			1,915				63,693
National Western Life Group, Inc. - Class A			595				156,170
Navigators Group, Inc. (The)			722				50,446
NBT Bancorp, Inc. (a)			2,028				73,028
NMI Holdings, Inc. - Class A (b)			5,319				137,603
Northfield Bancorp, Inc. (a)			3,392				47,149

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Financials - 25.5% (Continued)
Northrim BanCorp, Inc.			1,360			$	46,811
OFG Bancorp			658				13,022
On Deck Capital, Inc. (b)			4,060				22,005
Oritani Financial Corp. (a)			1,150				19,125
Orrstown Financial Services, Inc.			430				7,994
PacWest Bancorp			14,660				551,363
PennyMac Mortgage Investment Trust (a)			4,030				83,461
ProAssurance Corp.			6,630				229,464
Protective Insurance Corp. - Class B			1,683				31,169
Provident Financial Services, Inc.			2,550				66,020
Pzena Investment Management, Inc. - Class A			7,016				56,759
Radian Group, Inc.			14,056				291,521
RenaissanceRe Holdings Ltd. (a)			6,910				991,586
Renasant Corp.			5,990				202,762
Republic Bancorp, Inc. - Class A			2,233				99,860
RLI Corp.			800				57,400
S&T Bancorp, Inc. (a)			1,687				66,687
Selective Insurance Group, Inc.			1,130				71,506
Stifel Financial Corp.			450				23,742
Stock Yards Bancorp, Inc.			3,470				117,321
Texas Capital Bancshares, Inc. (b)			9,185				501,409
Third Point Reinsurance Ltd. (b)			8,133				84,421
TowneBank			3,160				78,210
TPG RE Finance Trust, Inc.			570				11,172
TriState Capital Holdings, Inc. (b)			940				19,204
TrustCo Bank Corp. (a)			8,390				65,106
Umpqua Holdings Corp.			1,130				18,645
United Bankshares, Inc. (a)			6,390				231,574
United Community Banks, Inc.			3,210				80,025
United Fire Group, Inc. (a)			1,452				63,467
Univest Financial Corp.			1,200				29,352
Veritex Holdings, Inc.			2,580				62,488
Walker & Dunlop, Inc.			700				35,637
Washington Federal, Inc.			4,810				138,961
Washington Trust Bancorp, Inc.			610				29,372
WesBanco, Inc.			1,520				60,420

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Financials - 25.5% (Continued)
Western Alliance Bancorp. (b)			22,375			$	918,269
Wintrust Financial Corp.			683				45,986
WSFS Financial Corp.			1,765				68,129
							14,873,186
Health Care - 3.0%
Acceleron Pharma, Inc. (b)			210				9,780
American Renal Associates Holdings, Inc. (b)			290				1,781
Anika Therapeutics, Inc. (b)			1,590				48,082
Arena Pharmaceuticals, Inc. (a) (b)			620				27,794
Avanos Medical, Inc. (b)			1,393				59,453
bluebird bio, Inc. (a) (b)			61				9,597
Cerus Corp. (b)			610				3,800
CONMED Corp.			3,220				267,840
FONAR Corp. (b)			1,350				27,635
Haemonetics Corp. (b)			679				59,399
HMS Holdings Corp. (b)			3,430				101,563
Integer Holdings Corp. (b)			1,585				119,541
LivaNova plc (b)			7,565				735,696
Luminex Corp.			2,040				46,940
Meridian Bioscience, Inc.			2,201				38,760
National HealthCare Corp.			1,103				83,695
NextGen Healthcare, Inc. (b)			2,200				37,026
OraSure Technologies, Inc. (b)			3,320				37,018
Orthofix Medical, Inc. (b)			400				22,564
RTI Surgical, Inc. (b)			4,148				24,929
							1,762,893
Industrials - 16.9%
AeroVironment, Inc. (b)			495				33,863
Alamo Group, Inc.			6,055				605,136
Albany International Corp. - Class A			6,020				430,971
Altra Industrial Motion Corp.			3,730				115,817
Apogee Enterprises, Inc. (a)			11,410				427,761
Applied Industrial Technologies, Inc.			1,165				69,282
ArcBest Corp.			950				29,251
Astronics Corp. (b)			12,745				417,016
AZZ, Inc.			3,280				134,250

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Industrials - 16.9% (Continued)
Barnes Group, Inc.			7,515			$	386,346
BMC Stock Holdings, Inc. (b)			33,150				585,760
Brady Corp. - Class A (a)			1,731				80,336
Casella Waste Systems, Inc. - Class A (b)			1,560				55,474
CBIZ, Inc. (b)			1,690				34,206
Comfort Systems USA, Inc.			2,503				131,132
Crane Co.			4,745				401,522
CSW Industrials, Inc. (b)			2,593				148,553
Curtiss-Wright Corp.			830				94,072
DXP Enterprises, Inc. (b)			430				16,736
Echo Global Logistics, Inc. (b)			1,230				30,479
EMCOR Group, Inc.			1,752				128,036
Encore Wire Corp.			890				50,926
EnerSys			10,597				690,501
Ennis, Inc.			4,002				83,082
Exponent, Inc.			1,136				65,570
Federal Signal Corp.			15,933				414,099
Franklin Electric Co., Inc.			3,050				155,825
FTI Consulting, Inc. (b)			1,735				133,282
Gencor Industries, Inc. (b)			1,314				16,241
GP Strategies Corp. (a) (b)			19,105				232,125
Graham Corp.			2,354				46,209
H&E Equipment Services, Inc. (a)			160				4,018
Heidrick & Struggles International, Inc.			219				8,394
Heritage-Crystal Clean, Inc. (b)			2,530				69,449
Herman Miller, Inc.			2,320				81,618
HNI Corp.			11,480				416,608
Huron Consulting Group, Inc. (b)			490				23,138
ICF International, Inc.			1,310				99,665
Insteel Industries, Inc.			1,460				30,543
Interface, Inc.			2,098				32,141
Kennametal, Inc.			2,846				104,591
Kimball International, Inc. - Class B			2,268				32,070
Knight-Swift Transportation Holdings, Inc. (a)			20,575				672,390
Marten Transport Ltd.			90				1,605
Mercury Systems, Inc. (b)			1,510				96,761

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Industrials - 16.9% (Continued)
Milacron Holdings Corp. (b)			4,150			$	46,978
Moog, Inc. - Class A			682				59,300
Mueller Water Products, Inc. - Series A			11,470				115,159
Navistar International Corp. (b)			3,170				102,391
Quanta Services, Inc.			23,605				890,853
Resources Connection, Inc.			100				1,654
Rexnord Corp. (b)			6,640				166,930
SkyWest, Inc.			2,395				130,024
SP Plus Corp. (b)			1,505				51,351
Spirit Airlines, Inc. (b)			30				1,586
SPX FLOW, Inc. (b)			486				15,503
Tetra Tech, Inc.			2,290				136,460
TriMas Corp. (b)			3,080				93,108
TrueBlue, Inc. (b)			626				14,799
Vectrus, Inc. (b)			940				24,995
Vicor Corp. (a) (b)			240				7,445
Watts Water Technologies, Inc. - Class A			980				79,204
							9,854,590
Information Technology - 16.3%
Acacia Communications, Inc. (b)			2,150				123,303
ACI Worldwide, Inc. (b)			970				31,884
ADTRAN, Inc.			2,486				34,058
Advanced Energy Industries, Inc. (b)			420				20,866
American Software, Inc. - Class A			1,250				14,938
Amkor Technology, Inc. (b)			2,620				22,375
Anixter International, Inc. (b)			520				29,177
Avalara, Inc. (a) (b)			1,340				74,759
Avaya Holdings Corp. (b)			510				8,583
AVX Corp.			4,640				80,458
Axcelis Technologies, Inc. (b)			2,180				43,862
Belden, Inc. (a)			900				48,330
Benchmark Electronics, Inc.			2,980				78,225
Cabot Microelectronics Corp. (a)			1,064				119,125
CACI International, Inc. - Class A (b)			261				47,507
Cardtronics plc - Class A (b)			830				29,531
Casa Systems, Inc. (b)			2,100				17,430

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Information Technology - 16.3% (Continued)
Ciena Corp. (b)			4,880			$	182,220
Cirrus Logic, Inc. (b)			1,371				57,678
Coherent, Inc. (a) (b)			5,289				749,556
Comtech Telecommunications Corp.			3,550				82,431
Control4 Corp. (b)			895				15,152
Cree, Inc. (a) (b)			3,450				197,409
CSG Systems International, Inc.			770				32,571
CTS Corp.			5,610				164,766
Diodes, Inc. (a) (b)			5,215				180,961
eGain Corp. (b)			1,290				13,481
Entegris, Inc. (a)			16,390				584,959
Euronet Worldwide, Inc. (b)			2,625				374,299
Fabrinet (a) (b)			2,580				135,089
FARO Technologies, Inc. (a) (b)			1,370				60,157
ForeScout Technologies, Inc. (b)			1,060				44,425
FormFactor, Inc. (b)			150				2,414
Insight Enterprises, Inc. (b)			450				24,777
Integrated Device Technology, Inc. (a) (b)			13,940				682,920
InterDigital, Inc.			630				41,567
KEMET Corp.			1,916				32,515
Kimball Electronics, Inc. (b)			9,445				146,303
Knowles Corp. (b)			6,690				117,945
Mellanox Technologies Ltd. (b)			9,000				1,065,239
Methode Electronics, Inc.			21,120				607,833
MicroStrategy, Inc. - Class A (b)			100				14,425
Monotype Imaging Holdings, Inc.			12,450				247,631
Nanometrics, Inc. (b)			1,333				41,163
NVE Corp.			1,288				126,082
OSI Systems, Inc. (a) (b)			1,260				110,376
Park Electrochemical Corp.			4,230				66,411
Perficient, Inc. (b)			6,890				188,717
Perspecta, Inc.			5,600				113,232
Plexus Corp. (b)			1,365				83,197
Presidio, Inc.			3,010				44,548
Progress Software Corp.			3,693				163,858
Rambus, Inc. (b)			43,820				457,919

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Information Technology - 16.3% (Continued)
Ribbon Communications, Inc. (b)			706			$	3,636
Rogers Corp. (b)			719				114,235
Sanmina Corp. (b)			5,094				146,962
Science Applications International Corp.			1,970				151,592
Semtech Corp. (b)			940				47,855
Sykes Enterprises, Inc. (b)			2,901				82,040
SYNNEX Corp.			930				88,713
Tech Data Corp. (b)			1,200				122,892
Tenable Holdings, Inc. (a) (b)			740				23,428
Travelport Worldwide Ltd.			3,500				55,055
Verint Systems, Inc. (b)			5,565				333,120
Viavi Solutions, Inc. (b)			2,930				36,273
Virtusa Corp. (b)			430				22,984
Vishay Intertechnology, Inc.			8,967				165,619
Vishay Precision Group, Inc. (b)			580				19,842
Workiva, Inc. (b)			630				31,941
							9,524,824
Materials - 6.1%
Bemis Co., Inc. (a)			11,189				620,766
Boise Cascade Co.			8,845				236,692
Cleveland-Cliffs, Inc. (a)			1,890				18,881
Commercial Metals Co.			4,640				79,251
FutureFuel Corp.			2,659				35,631
Greif, Inc. - Class A			1,785				73,631
Innophos Holdings, Inc.			1,293				38,971
Innospec, Inc.			100				8,335
Kaiser Aluminum Corp.			5,297				554,755
Louisiana-Pacific Corp.			2,337				56,976
Materion Corp.			7,328				418,136
Neenah, Inc.			6,785				436,683
Olympic Steel, Inc.			581				9,220
P.H. Glatfelter Co.			46,525				656,934
PolyOne Corp.			880				25,793
Schnitzer Steel Industries, Inc. - Class A			1,875				45,000
Sensient Technologies Corp.			542				36,742
SunCoke Energy, Inc. (b)			1,880				15,961

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)		Shares				Value
Materials - 6.1% (Continued)
Tredegar Corp. (a)			2,550			$	41,157
Trinseo S.A.			100				4,530
Tronox Holdings plc - Class A (a)			5,330				70,089
UFP Technologies, Inc. (b)			1,391				52,023
Warrior Met Coal, Inc.			1,270				38,608
Worthington Industries, Inc.			150				5,598
							3,580,363
Real Estate - 10.4%
American Assets Trust, Inc.			5,820				266,905
Brandywine Realty Trust			47,523				753,714
CareTrust REIT, Inc.			3,710				87,037
CatchMark Timber Trust, Inc. - Class A			2,472				24,275
Chatham Lodging Trust			5,190				99,856
Chesapeake Lodging Trust			4,630				128,760
City Office REIT, Inc. (a)			190				2,149
CoreCivic, Inc.			8,410				163,575
Cousins Properties, Inc.			15,110				145,963
DiamondRock Hospitality Co.			10,010				108,408
First Industrial Realty Trust, Inc.			7,080				250,349
Franklin Street Properties Corp.			3,830				27,538
Gladstone Commercial Corp.			1,130				23,470
Healthcare Realty Trust, Inc.			3,720				119,449
InfraREIT, Inc.			2,530				53,054
Lexington Realty Trust			4,570				41,404
LTC Properties, Inc.			145				6,641
Monmouth Real Estate Investment Corp.			15,560				205,081
National Health Investors, Inc.			1,241				97,481
NexPoint Residential Trust, Inc.			2,490				95,467
Office Properties Income Trust (a)			1,460				40,354
Pebblebrook Hotel Trust (a)			6,780				210,587
Piedmont Office Realty Trust, Inc. - Class A (a)			10,670				222,470
PotlatchDeltic Corp. (a)			10,164				384,098
PS Business Parks, Inc.			344				53,950
RE/MAX Holdings, Inc. - Class A (a)			3,677				141,712
Rexford Industrial Realty, Inc.			4,330				155,057
RLJ Lodging Trust			17,420				306,069

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.7% (Continued)			Shares				Value
Real Estate - 10.4% (Continued)
RPT Realty (a)			84,120			$	1,010,280
STAG Industrial, Inc.			2,450				72,643
Summit Hotel Properties, Inc.			7,040				80,326
Sunstone Hotel Investors, Inc. (a)			11,450				164,880
Terreno Realty Corp.			2,010				84,500
TIER REIT, Inc.			650				18,629
Urban Edge Properties			8,000				152,000
Washington Real Estate Investment Trust (a)			2,990				84,856
Xenia Hotel & Resorts, Inc.			9,220				202,010
							6,084,997
Utilities - 2.9%
ALLETE, Inc.			1,870				153,770
American States Water Co.			1,602				114,223
Artesian Resources Corp. - Class A			4,349				162,087
Avista Corp.			1,410				57,274
Black Hills Corp.			430				31,850
Consolidated Water Co. Ltd.			332				4,273
El Paso Electric Co.			1,400				82,348
IDACORP, Inc.			1,648				164,041
MGE Energy, Inc.			1,081				73,476
New Jersey Resources Corp.			740				36,845
ONE Gas, Inc.			3,592				319,795
Otter Tail Corp.			925				46,084
PNM Resources, Inc.			1,090				51,601
Portland General Electric Co.			2,185				113,270
SJW Group			1,820				112,367
Spire, Inc.			530				43,614
York Water Co. (The)			2,894				99,322
							1,666,240
Total Common Stocks (Cost $55,962,061)						$	57,580,328

 

WILSHIRE SMALL COMPANY VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 1.3%			Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (c) (Cost $724,778)			724,778			$	724,778
Total Investments at Value - 100.0% (Cost $56,686,839)						$	58,305,106
Other Assets in Excess of Liabilities - 0.0% (d)							17,017
Net Assets - 100.0%						$	58,322,123

 

(a)

This security or a partial position of this security is on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $10,758,802. Securities on loan are collateralized by various U.S. Treasury obligations in the amount of $10,949,526 (Note 5).

(b)

Non-income producing security.

(c)

The rate shown is the 7-day effective yield as of March 31, 2019.

(d)

Percentage rounds to less than 0.1%.

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 98.9%		Shares				Value
Communication Services - 9.1%
A.H. Belo Corp. - Class A			90			$	335
Activision Blizzard, Inc.			4,613				210,030
Actua Corp. (a) (d) (e)			100				63
Alphabet, Inc. - Class C (a)			4,183				4,907,955
AMC Entertainment Holdings, Inc. - Class A (b)			107				1,589
AMC Networks, Inc. - Class A (a) (b)			356				20,207
AT&T, Inc.			48,588				1,523,720
Boingo Wireless, Inc. (a)			750				17,460
Cars.com, Inc. (a) (b)			575				13,110
CBS Corp. - Class B			2,533				120,393
CenturyLink, Inc. (b)			6,072				72,803
Charter Communications, Inc. - Class A (a)			1,328				460,696
Cinemark Holdings, Inc. (b)			775				30,992
Clear Channel Outdoor Holdings, Inc. - Class A (a)			1,000				5,350
Cogent Communications Holdings, Inc.			200				10,850
Comcast Corp. - Class A			27,208				1,087,775
comScore, Inc. (a)			400				8,100
Consolidated Communications Holdings, Inc. (b)			501				5,466
Discovery, Inc. - Series A (a)			798				21,562
DISH Network Corp. - Class A (a)			1,375				43,574
E.W. Scripps Co. (The) - Class A			526				11,046
Electronic Arts, Inc. (a)			1,940				197,162
Entercom Communications Corp. - Class A (b)			250				1,313
Entravision Communications Corp. - Class A (b)			100				324
Facebook, Inc. - Class A (a)			16,109				2,685,209
Fox Corp. - Class A (a)			2,196				80,615
Gannett Co., Inc. (b)			1,050				11,067
GCI Liberty, Inc. - Class A (a) (b)			681				37,870
Gray Television, Inc. (a)			500				10,680
IAC/InterActiveCorp (a)			450				94,550
IDT Corp. - Class B (a)			2,496				16,573
Interpublic Group of Cos., Inc. (The)			2,422				50,886
Iridium Communications, Inc. (a) (b)			910				24,060
John Wiley & Sons, Inc. - Class A			200				8,844
Liberty Broadband Corp. - Series A (a)			1,381				126,554

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Communication Services - 9.1% (Continued)
Liberty Media Corp. - Liberty Braves - Series A (a)			360			$	10,058
Liberty Media Corp. - Liberty Formula One - Series A (a) (b)			600				20,424
Liberty Media Corp. - Liberty SiriusXM - Series A (a)			2,252				85,981
Liberty TripAdvisor Holdings, Inc. - Series A (a)			790				11,210
Lions Gate Entertainment Corp. - Class B			1,033				15,598
Live Nation Entertainment, Inc. (a)			1,137				72,245
Loral Space & Communications, Inc. (a) (b)			300				10,815
Madison Square Garden Co. (The) - Class A (a)			93				27,261
Marcus Corp. (The)			100				4,005
Match Group, Inc. (b)			1,175				66,517
Meredith Corp. (b)			300				16,578
MSG Networks, Inc. - Class A (a) (b)			581				12,637
National CineMedia, Inc. (b)			500				3,525
Netflix, Inc. (a)			2,752				981,254
New Media Investment Group, Inc.			301				3,161
New York Times Co. (The) - Class A (b)			1,050				34,493
News Corp. - Class A			2,853				35,491
Nexstar Media Group, Inc. - Class A (b)			399				43,240
NII Holdings, Inc. (a)			3,900				7,644
Omnicom Group, Inc. (b)			1,714				125,105
Rosetta Stone, Inc. (a)			300				6,555
Scholastic Corp.			325				12,922
Shenandoah Telecommunications Co.			300				13,308
Sinclair Broadcast Group, Inc. - Class A			425				16,354
Sirius XM Holdings, Inc. (b)			14,709				83,400
Spok Holdings, Inc.			400				5,448
Sprint Corp. (a)			5,547				31,341
Take-Two Interactive Software, Inc. (a)			625				58,981
TechTarget, Inc. (a)			800				13,016
TEGNA, Inc.			1,725				24,323
Telephone & Data Systems, Inc.			700				21,511
T-Mobile US, Inc. (a)			2,125				146,837
Travelzoo (a) (b)			100				1,340
TripAdvisor, Inc. (a)			634				32,619
Twitter, Inc. (a)			5,300				174,264
United States Cellular Corp. (a)			300				13,773

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Communication Services - 9.1% (Continued)
Verizon Communications, Inc.			27,033			$	1,598,462
Viacom, Inc. - Class B			2,082				58,442
Vonage Holdings Corp. (a)			1,425				14,307
Walt Disney Co. (The)			8,786				975,510
World Wrestling Entertainment, Inc. - Class A (b)			600				52,068
Yelp, Inc. (a)			566				19,527
Zayo Group Holdings, Inc. (a)			1,525				43,341
Zillow Group, Inc. - Class C (a) (b)			748				25,986
							16,949,660
Consumer Discretionary - 10.4%
1-800-FLOWERS.COM, Inc. - Class A (a)			300				5,469
Aaron's, Inc.			400				21,040
Abercrombie & Fitch Co. - Class A (b)			425				11,649
Adtalem Global Education, Inc. (a)			400				18,528
Advance Auto Parts, Inc.			491				83,730
Amazon.com, Inc. (a)			2,898				5,160,613
American Axle & Manufacturing Holdings, Inc. (a) (b)			550				7,871
American Eagle Outfitters, Inc.			1,225				27,158
American Outdoor Brands Corp. (a) (b)			475				4,437
American Public Education, Inc. (a)			300				9,036
Aramark			1,675				49,496
Autoliv, Inc. (b)			648				47,647
AutoNation, Inc. (a) (b)			525				18,753
AutoZone, Inc. (a)			186				190,486
Barnes & Noble Education, Inc. (a)			347				1,457
Barnes & Noble, Inc. (b)			550				2,987
Beazer Homes USA, Inc. (a)			200				2,302
Bed Bath & Beyond, Inc. (b)			1,125				19,114
Best Buy Co., Inc.			1,625				115,473
Big Lots, Inc.			200				7,604
Booking Holdings, Inc. (a)			308				537,431
BorgWarner, Inc.			1,310				50,317
Boyd Gaming Corp. (b)			725				19,836
Bridgepoint Education, Inc. (a) (b)			500				3,055
Bright Horizons Family Solutions, Inc. (a)			300				38,133
Brinker International, Inc. (b)			175				7,767

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Brunswick Corp.			550			$	27,682
Buckle, Inc. (The) (b)			350				6,552
Burlington Stores, Inc. (a) (b)			548				85,861
Caleres, Inc.			425				10,493
Callaway Golf Co.			500				7,965
Career Education Corp. (a)			500				8,260
CarMax, Inc. (a) (b)			1,080				75,384
Carnival Corp.			2,825				143,284
Carter's, Inc.			382				38,502
Cato Corp. (The) - Class A			300				4,494
Cavco Industries, Inc. (a)			100				11,753
Cheesecake Factory, Inc. (The) (b)			300				14,676
Chico's FAS, Inc. (b)			1,300				5,551
Children's Place, Inc. (The) (b)			132				12,841
Chipotle Mexican Grill, Inc. (a)			137				97,312
Choice Hotels International, Inc. (b)			450				34,983
Churchill Downs, Inc. (b)			201				18,142
Citi Trends, Inc.			50				966
Collectors Universe, Inc.			110				1,927
Columbia Sportswear Co.			100				10,418
Conn's, Inc. (a)			500				11,430
Cooper Tire & Rubber Co.			425				12,703
Core-Mark Holding Co., Inc.			206				7,649
Cracker Barrel Old Country Store, Inc. (b)			191				30,868
Crocs, Inc. (a)			1,200				30,900
CSS Industries, Inc.			50				300
D.R. Horton, Inc.			2,073				85,780
Dana, Inc.			900				15,966
Darden Restaurants, Inc.			823				99,970
Dave & Buster's Entertainment, Inc.			300				14,961
Deckers Outdoor Corp. (a)			25				3,675
Dick's Sporting Goods, Inc. (b)			527				19,399
Dillard's, Inc. - Class A (b)			347				24,991
Dollar General Corp.			1,696				202,333
Dollar Tree, Inc. (a)			1,736				182,349
Domino's Pizza, Inc.			279				72,010

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Dorman Products, Inc. (a) (b)			200			$	17,618
DSW, Inc. - Class A (b)			550				12,221
Dunkin' Brands Group, Inc.			600				45,060
eBay, Inc.			7,425				275,764
Empire Resorts, Inc. (a) (b)			20				201
Etsy, Inc. (a)			740				49,743
Expedia Group, Inc.			757				90,083
Express, Inc. (a) (b)			1,000				4,280
Fiesta Restaurant Group, Inc. (a)			300				3,933
Five Below, Inc. (a)			200				24,850
Foot Locker, Inc.			1,025				62,115
Ford Motor Co.			25,100				220,378
Fossil Group, Inc. (a) (b)			400				5,488
Frontdoor, Inc. (a)			487				16,763
Gaia, Inc. (a) (b)			600				5,490
GameStop Corp. - Class A (b)			550				5,588
Gap, Inc. (The)			1,550				40,579
General Motors Co.			8,990				333,529
Gentex Corp.			2,195				45,393
Gentherm, Inc. (a)			75				2,765
Genuine Parts Co.			1,007				112,814
G-III Apparel Group Ltd. (a)			275				10,989
Golden Entertainment, Inc. (a) (b)			100				1,416
Goodyear Tire & Rubber Co. (The)			1,825				33,124
GoPro, Inc. - Class A (a) (b)			300				1,950
Grand Canyon Education, Inc. (a)			200				22,902
Green Brick Partners, Inc. (a)			45				394
Group 1 Automotive, Inc. (b)			223				14,428
GrubHub, Inc. (a) (b)			550				38,209
Guess?, Inc. (b)			400				7,840
H&R Block, Inc.			1,310				31,361
Hanesbrands, Inc. (b)			2,695				48,187
Harley-Davidson, Inc. (b)			1,150				41,009
Hasbro, Inc.			700				59,513
Helen of Troy Ltd. (a) (b)			119				13,799
Hibbett Sports, Inc. (a)			200				4,562

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Hilton Grand Vacations, Inc. (a)			105			$	3,239
Hilton Worldwide Holdings, Inc.			350				29,089
Home Depot, Inc. (The)			7,654				1,468,725
Hooker Furniture Corp.			200				5,766
Hyatt Hotels Corp. - Class A			300				21,771
International Speedway Corp. - Class A			237				10,340
iRobot Corp. (a) (b)			167				19,654
Jack in the Box, Inc.			236				19,130
K12, Inc. (a)			300				10,239
KB Home			375				9,064
Kohl's Corp.			1,075				73,928
L Brands, Inc.			1,484				40,929
Lands' End, Inc. (a) (b)			278				4,618
Las Vegas Sands Corp.			2,727				166,238
La-Z-Boy, Inc.			425				14,021
LCI Industries (b)			154				11,830
Leaf Group Ltd. (a)			200				1,604
Lear Corp.			500				67,855
Leggett & Platt, Inc.			910				38,420
Lennar Corp. - Class A			1,250				61,363
Libbey, Inc. (a)			250				710
Liberty Expedia Holdings, Inc. - Series A (a)			381				16,307
Lithia Motors, Inc. - Class A (b)			134				12,429
LKQ Corp. (a)			2,100				59,598
Lowe's Cos., Inc.			5,636				616,973
Lumber Liquidators Holdings, Inc. (a) (b)			241				2,434
M.D.C. Holdings, Inc. (b)			330				9,590
Macy's, Inc.			2,223				53,419
Marine Products Corp. (b)			700				9,429
Marriott International, Inc. - Class A			2,349				293,836
Marriott Vacations Worldwide Corp.			244				22,814
Mattel, Inc. (a) (b)			2,255				29,315
McDonald's Corp.			5,138				975,706
Meritage Homes Corp. (a)			200				8,942
MGM Resorts International			3,300				84,678
Mohawk Industries, Inc. (a)			392				49,451

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Monro, Inc.			325			$	28,119
Motorcar Parts of America, Inc. (a) (b)			300				5,661
Movado Group, Inc. (b)			300				10,914
Murphy USA, Inc. (a)			296				25,344
Nautilus, Inc. (a)			50				278
Newell Brands, Inc. (b)			3,415				52,386
NIKE, Inc. - Class B			9,049				762,015
Nordstrom, Inc. (b)			1,000				44,380
Norwegian Cruise Line Holdings Ltd. (a)			325				17,862
NVR, Inc. (a)			40				110,679
O'Reilly Automotive, Inc. (a)			650				252,395
Overstock.com, Inc. (a) (b)			300				4,986
Oxford Industries, Inc.			50				3,763
Papa John's International, Inc. (b)			173				9,160
Penn National Gaming, Inc. (a)			178				3,578
Penske Automotive Group, Inc. (b)			350				15,628
Polaris Industries, Inc.			340				28,706
Pool Corp.			313				51,636
PulteGroup, Inc.			1,915				53,543
PVH Corp.			543				66,219
Qurate Retail, Inc. (a)			2,919				46,646
Ralph Lauren Corp.			406				52,650
RCI Hospitality Holdings, Inc.			300				6,891
Regis Corp. (a)			200				3,934
RH (a) (b)			116				11,942
Rocky Brands, Inc. (b)			100				2,396
Ross Stores, Inc.			2,575				239,733
Royal Caribbean Cruises Ltd.			1,087				124,592
Sally Beauty Holdings, Inc. (a) (b)			700				12,887
SeaWorld Entertainment, Inc. (a)			325				8,372
Service Corp. International			1,250				50,188
ServiceMaster Global Holdings, Inc. (a)			975				45,533
Shoe Carnival, Inc. (b)			600				20,418
Shutterfly, Inc. (a)			100				4,064
Shutterstock, Inc.			122				5,689
Signet Jewelers Ltd. (b)			620				16,839

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Six Flags Entertainment Corp.			600			$	29,610
Skechers U.S.A., Inc. - Class A (a) (b)			750				25,208
Sleep Number Corp. (a)			188				8,836
Sonic Automotive, Inc. - Class A (b)			300				4,443
Sotheby's (a) (b)			428				16,157
Speedway Motorsports, Inc.			400				5,788
Stamps.com, Inc. (a) (b)			129				10,502
Starbucks Corp.			9,643				716,861
Steven Madden Ltd. (b)			450				15,228
Strategic Education, Inc. (b)			87				11,424
Superior Industries International, Inc. (b)			150				714
Tailored Brands, Inc. (b)			475				3,724
Tapestry, Inc.			1,900				61,731
Target Corp.			4,111				329,948
Tempur Sealy International, Inc. (a) (b)			298				17,186
Tenneco, Inc. - Class A (b)			450				9,972
Tesla, Inc. (a) (b)			643				179,950
Texas Roadhouse, Inc. (b)			475				29,540
Thor Industries, Inc.			381				23,763
Tiffany & Co. (b)			735				77,579
TJX Cos., Inc. (The)			8,566				455,797
Toll Brothers, Inc.			1,050				38,010
TopBuild Corp. (a)			325				21,067
Tractor Supply Co.			1,061				103,723
TRI Pointe Group, Inc. (a) (b)			1,100				13,904
Tupperware Brands Corp.			300				7,674
Ulta Beauty, Inc. (a)			369				128,681
Under Armour, Inc. - Class A (a) (b)			2,425				51,265
Universal Electronics, Inc. (a) (b)			200				7,430
Urban Outfitters, Inc. (a)			800				23,712
Vail Resorts, Inc.			190				41,287
Veoneer, Inc. (a) (b)			648				14,820
VF Corp.			2,375				206,411
Vista Outdoor, Inc. (a) (b)			400				3,204
Visteon Corp. (a) (b)			261				17,578
Vitamin Shoppe, Inc. (a)			300				2,112

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Discretionary - 10.4% (Continued)
Wayfair, Inc. - Class A (a) (b)			300			$	44,535
Weight Watchers International, Inc. (a) (b)			296				5,964
Wendy's Co. (The)			1,925				34,438
Whirlpool Corp.			504				66,976
Williams-Sonoma, Inc. (b)			500				28,135
Winnebago Industries, Inc. (b)			175				5,451
Wolverine World Wide, Inc.			725				25,904
Wyndham Destinations, Inc.			620				25,104
Wyndham Hotels & Resorts, Inc.			620				30,994
Wynn Resorts Ltd.			621				74,098
Yum! Brands, Inc.			2,289				228,465
Zumiez, Inc. (a) (b)			300				7,467
							19,413,907
Consumer Staples - 6.8%
Alico, Inc. (b)			200				5,442
Altria Group, Inc.			11,691				671,414
Andersons, Inc. (The)			75				2,417
Archer-Daniels-Midland Co.			3,686				158,977
B&G Foods, Inc. (b)			250				6,105
Boston Beer Co., Inc. (The) - Class A (a)			100				29,473
Brown-Forman Corp. - Class B			1,945				102,657
Bunge Ltd.			1,050				55,724
Cal-Maine Foods, Inc. (b)			18				803
Campbell Soup Co.			1,350				51,476
Casey's General Stores, Inc. (b)			287				36,957
Church & Dwight Co., Inc.			1,606				114,395
Clorox Co. (The)			850				136,391
Coca-Cola Co. (The)			25,460				1,193,056
Colgate-Palmolive Co.			6,451				442,152
Conagra Brands, Inc.			3,741				103,775
Constellation Brands, Inc. - Class A			1,236				216,708
Costco Wholesale Corp.			3,201				775,090
Coty, Inc. - Class A (b)			2,800				32,200
Darling Ingredients, Inc. (a)			975				21,109
Dean Foods Co.			567				1,718
e.l.f. Beauty, Inc. (a) (b)			300				3,180

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Staples - 6.8% (Continued)
Edgewell Personal Care Co. (a) (b)			446			$	19,575
Energizer Holdings, Inc. (b)			592				26,599
Estée Lauder Cos., Inc. (The) - Class A			1,451				240,212
Flowers Foods, Inc. (b)			1,580				33,686
Fresh Del Monte Produce, Inc.			100				2,703
General Mills, Inc.			3,975				205,705
Hain Celestial Group, Inc. (The) (a) (b)			600				13,872
Herbalife Nutrition Ltd. (a) (b)			1,300				68,887
Hershey Co. (The)			1,099				126,198
Hormel Foods Corp. (b)			1,875				83,925
Ingles Markets, Inc. - Class A (b)			150				4,143
Ingredion, Inc.			441				41,758
Inter Parfums, Inc.			300				22,761
J & J Snack Foods Corp.			70				11,119
J.M. Smucker Co. (The)			852				99,258
Kellogg Co.			1,903				109,194
Keurig Dr Pepper, Inc. (b)			1,258				35,186
Kimberly-Clark Corp.			2,431				301,201
Kraft Heinz Co. (The)			4,495				146,762
Kroger Co. (The)			6,075				149,445
Lamb Weston Holdings, Inc.			1,157				86,706
Lancaster Colony Corp.			112				17,549
Mannatech, Inc.			70				1,225
McCormick & Co., Inc.			677				101,977
Medifast, Inc. (b)			140				17,857
MGP Ingredients, Inc. (b)			200				15,430
Molson Coors Brewing Co. - Class B			1,163				69,373
Mondelēz International, Inc. - Class A			10,801				539,185
Monster Beverage Corp. (a)			2,696				147,148
Nu Skin Enterprises, Inc. - Class A			325				15,555
PepsiCo, Inc.			9,119				1,117,533
Philip Morris International, Inc.			10,726				948,072
Pilgrim's Pride Corp. (a)			650				14,489
Post Holdings, Inc. (a) (b)			438				47,917
PriceSmart, Inc. (b)			115				6,771
Procter & Gamble Co. (The)			16,340				1,700,176

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Consumer Staples - 6.8% (Continued)
Sanderson Farms, Inc. (b)			143			$	18,853
SpartanNash Co.			400				6,348
Spectrum Brands Holdings, Inc. (b)			217				11,887
Sprouts Farmers Market, Inc. (a)			300				6,462
Sysco Corp.			4,000				267,040
Tootsie Roll Industries, Inc. (b)			28				1,036
TreeHouse Foods, Inc. (a) (b)			385				24,852
Tyson Foods, Inc. - Class A			1,911				132,681
United Natural Foods, Inc. (a) (b)			150				1,983
US Foods Holding Corp. (a)			475				16,582
USANA Health Sciences, Inc. (a)			118				9,897
Vector Group Ltd. (b)			894				9,646
Walgreens Boots Alliance, Inc.			6,349				401,701
Walmart, Inc.			10,459				1,020,067
WD-40 Co. (b)			45				7,625
							12,687,031
Energy - 5.0%
Anadarko Petroleum Corp.			3,889				176,872
Antero Resources Corp. (a)			800				7,064
Apache Corp.			2,913				100,965
Apergy Corp. (a)			565				23,199
Arch Coal, Inc. - Class A			163				14,877
Archrock, Inc.			812				7,941
Baker Hughes, a GE Co.			2,795				77,477
BP Prudhoe Bay Royalty Trust			300				7,980
Bristow Group, Inc. (a) (b)			200				222
Cabot Oil & Gas Corp.			3,325				86,783
California Resources Corp. (a) (b)			472				12,135
Callon Petroleum Co. (a) (b)			1,500				11,325
CARBO Ceramics, Inc. (a) (b)			150				525
Carrizo Oil & Gas, Inc. (a)			400				4,988
Cheniere Energy, Inc. (a)			1,625				111,085
Chevron Corp.			13,243				1,631,272
Cimarex Energy Co.			596				41,660
CNX Resources Corp. (a) (b)			1,650				17,771
Concho Resources, Inc.			1,020				113,179

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Energy - 5.0% (Continued)
ConocoPhillips			8,992			$	600,125
CONSOL Energy, Inc. (a)			206				7,049
Continental Resources, Inc. (a)			830				37,159
Cross Timbers Royalty Trust			200				2,288
Dawson Geophysical Co. (a) (b)			81				237
Delek US Holdings, Inc. (b)			301				10,962
Devon Energy Corp.			3,766				118,855
Diamond Offshore Drilling, Inc. (a) (b)			850				8,917
Diamondback Energy, Inc.			850				86,301
Dril-Quip, Inc. (a) (b)			145				6,648
Encana Corp.			3,273				23,697
EOG Resources, Inc.			3,898				371,012
EQT Corp.			1,339				27,771
Equitrans Midstream Corp.			1,071				23,326
Era Group, Inc. (a)			300				3,462
Exterran Corp. (a)			406				6,841
Exxon Mobil Corp.			27,928				2,256,581
Forum Energy Technologies, Inc. (a)			300				1,533
Geospace Technologies Corp. (a)			226				2,924
Green Plains, Inc. (b)			300				5,004
Gulf Island Fabrication, Inc. (a)			381				3,494
Gulfport Energy Corp. (a) (b)			900				7,218
Halliburton Co.			5,931				173,778
Helix Energy Solutions Group, Inc. (a)			1,000				7,910
Helmerich & Payne, Inc. (b)			550				30,558
Hess Corp.			2,024				121,906
HollyFrontier Corp.			1,158				57,055
Kinder Morgan, Inc.			13,180				263,732
KLX Energy Services Holdings, Inc. (a)			126				3,168
Laredo Petroleum, Inc. (a) (b)			800				2,472
Marathon Oil Corp.			5,647				94,361
Marathon Petroleum Corp.			3,531				211,330
Matador Resources Co. (a) (b)			375				7,249
Matrix Service Co. (a)			450				8,811
McDermott International, Inc. (a) (b)			525				3,906
Murphy Oil Corp. (b)			1,025				30,033

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Energy - 5.0% (Continued)
National Oilwell Varco, Inc.			2,661			$	70,889
Newpark Resources, Inc. (a)			875				8,015
Noble Energy, Inc.			2,476				61,231
Oasis Petroleum, Inc. (a) (b)			1,375				8,305
Occidental Petroleum Corp.			5,440				360,128
Oceaneering International, Inc. (a)			500				7,885
Oil States International, Inc. (a)			200				3,392
ONEOK, Inc.			1,225				85,554
Parsley Energy, Inc. - Class A (a)			1,425				27,503
Patterson-UTI Energy, Inc.			1,100				15,422
PBF Energy, Inc. - Class A			625				19,463
PDC Energy, Inc. (a) (b)			375				15,255
Phillips 66			3,213				305,781
Pioneer Natural Resources Co.			1,221				185,934
QEP Resources, Inc. (a)			1,750				13,633
Range Resources Corp. (b)			1,339				15,050
Renewable Energy Group, Inc. (a) (b)			114				2,503
Rowan Cos. plc - Class A (a) (b)			900				9,711
RPC, Inc. (b)			587				6,698
Schlumberger Ltd.			9,396				409,384
SemGroup Corp. - Class A (b)			450				6,633
Ship Finance International Ltd. (b)			575				7,096
SM Energy Co.			450				7,871
Southwestern Energy Co. (a) (b)			3,325				15,594
SRC Energy, Inc. (a) (b)			1,175				6,016
Superior Energy Services, Inc. (a) (b)			1,131				5,282
Targa Resources Corp.			1,255				52,145
Teekay Corp. (b)			775				3,038
Unit Corp. (a) (b)			500				7,120
Valero Energy Corp.			3,214				272,644
Whiting Petroleum Corp. (a) (b)			480				12,547
Williams Cos., Inc. (The)			5,250				150,780
World Fuel Services Corp.			475				13,723
WPX Energy, Inc. (a)			2,675				35,069
							9,302,287

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4%
Affiliated Managers Group, Inc.			428			$	45,843
Aflac, Inc.			3,970				198,500
AGNC Investment Corp.			2,175				39,149
Alleghany Corp. (a)			127				77,775
Allstate Corp. (The)			1,615				152,101
Ally Financial, Inc.			3,625				99,651
American Equity Investment Life Holding Co.			625				16,888
American Express Co.			4,313				471,410
American Financial Group, Inc.			446				42,910
American International Group, Inc.			6,150				264,818
American National Insurance Co.			181				21,868
Ameriprise Financial, Inc.			1,035				132,584
Ameris Bancorp			300				10,305
Annaly Capital Management, Inc.			6,939				69,320
Anworth Mortgage Asset Corp.			1,500				6,060
Apollo Commercial Real Estate Finance, Inc. (b)			600				10,920
Apollo Investment Corp. (b)			575				8,706
Arbor Realty Trust, Inc. (b)			201				2,607
Arch Capital Group Ltd. (a)			1,857				60,018
Ares Capital Corp.			3,355				57,505
Argo Group International Holdings Ltd.			72				5,088
Arlington Asset Investment Corp. - Class A (b)			4				32
Arthur J. Gallagher & Co.			1,225				95,673
Artisan Partners Asset Management, Inc. - Class A			300				7,551
Ashford, Inc. (a)			6				333
Associated Banc-Corp			900				19,215
Assurant, Inc.			337				31,985
Assured Guaranty Ltd.			775				34,433
Axis Capital Holdings Ltd.			475				26,021
Axos Financial, Inc. (a) (b)			372				10,773
Bancorp, Inc. (The) (a)			50				404
BancorpSouth Bank (b)			675				19,049
Bank of America Corp.			66,938				1,846,818
Bank of Hawaii Corp. (b)			303				23,898
Bank of New York Mellon Corp. (The)			7,163				361,229
Bank of the Ozarks, Inc. (b)			765				22,170

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
BankFinancial Corp.			700			$	10,409
BankUnited, Inc.			825				27,555
Banner Corp.			300				16,251
Barings BDC, Inc. (b)			350				3,434
BB&T Corp.			5,840				271,735
Berkley (W.R.) Corp.			687				58,203
Berkshire Hathaway, Inc. - Class B (a)			14,686				2,950,271
Berkshire Hills Bancorp, Inc.			300				8,172
BGC Partners, Inc. - Class A			1,650				8,762
BlackRock, Inc.			902				385,487
Blackstone Mortgage Trust, Inc. - Class A (b)			600				20,736
Blucora, Inc. (a)			250				8,345
BOK Financial Corp.			296				24,139
Boston Private Financial Holdings, Inc.			500				5,480
Bridge Bancorp, Inc.			300				8,790
Brighthouse Financial, Inc. (a) (b)			608				22,064
Brookline Bancorp, Inc.			500				7,200
Brown & Brown, Inc. (b)			1,800				53,118
Camden National Corp.			150				6,258
Capital City Bank Group, Inc.			350				7,623
Capital One Financial Corp.			3,012				246,049
Capitol Federal Financial, Inc.			1,000				13,350
Capstead Mortgage Corp. (b)			700				6,013
Cathay General Bancorp (b)			463				15,700
Cboe Global Markets, Inc.			590				56,310
CenterState Bank Corp.			367				8,738
Central Pacific Financial Corp.			300				8,652
Charles Schwab Corp. (The)			8,589				367,265
Chemical Financial Corp. (b)			500				20,580
Chimera Investment Corp. (b)			1,455				27,267
Cincinnati Financial Corp.			1,135				97,497
CIT Group, Inc.			1,350				64,760
Citigroup, Inc.			18,095				1,125,870
Citizens Financial Group, Inc.			3,375				109,688
CME Group, Inc.			2,138				351,872
CNA Financial Corp.			300				13,005

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
CNO Financial Group, Inc.			1,100			$	17,798
Cohen & Steers, Inc.			50				2,114
Columbia Banking System, Inc. (b)			276				9,022
Comerica, Inc.			1,083				79,406
Commerce Bancshares, Inc.			758				44,009
Community Bank System, Inc. (b)			200				11,954
Community Trust Bancorp, Inc.			110				4,517
Crawford & Co. - Class B			200				1,826
Credit Acceptance Corp. (a) (b)			112				50,616
Cullen/Frost Bankers, Inc. (b)			332				32,227
CVB Financial Corp.			600				12,630
Discover Financial Services			2,775				197,469
Donnelley Financial Solutions, Inc. (a)			159				2,366
E*TRADE Financial Corp.			2,078				96,482
Eagle Bancorp, Inc. (a)			300				15,060
East West Bancorp, Inc.			1,025				49,169
Eaton Vance Corp.			850				34,264
eHealth, Inc. (a)			175				10,910
Employers Holdings, Inc.			75				3,008
Encore Capital Group, Inc. (a) (b)			200				5,446
Enova International, Inc. (a)			297				6,778
Enstar Group Ltd. (a) (b)			120				20,880
Enterprise Financial Services Corp.			50				2,039
Erie Indemnity Co. - Class A			174				31,062
Evercore, Inc. - Class A			350				31,850
Everest Re Group Ltd.			226				48,807
Exantas Capital Corp. (b)			50				532
EZCORP, Inc. - Class A (a) (b)			1,000				9,320
F.N.B. Corp.			2,460				26,076
FactSet Research Systems, Inc. (b)			250				62,068
FBL Financial Group, Inc. - Class A			300				18,816
Federated Investors, Inc. - Class B (b)			700				20,517
FedNat Holding Co.			200				3,208
Fidelity National Financial, Inc.			1,909				69,774
Fifth Third Bancorp			6,059				152,808
Financial Institutions, Inc.			200				5,436

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
First American Financial Corp.			527			$	27,141
First Bancorp			300				10,428
First BanCorp.			1,366				15,654
First Busey Corp.			325				7,930
First Citizens BancShares, Inc. - Class A			50				20,360
First Commonwealth Financial Corp. (b)			800				10,080
First Community Bancshares, Inc. (b)			425				14,085
First Financial Bancorp			991				23,843
First Financial Bankshares, Inc. (b)			300				17,334
First Financial Corp.			100				4,200
First Hawaiian, Inc.			300				7,815
First Horizon National Corp. (b)			1,617				22,606
First Interstate BancSystem, Inc. - Class A			300				11,946
First Merchants Corp.			425				15,661
First Midwest Bancorp, Inc.			800				16,368
First Republic Bank			1,013				101,766
FirstCash, Inc.			221				19,117
Franklin Resources, Inc. (b)			2,621				86,860
FS KKR Capital Corp.			1,925				11,646
Fulton Financial Corp.			1,250				19,350
Glacier Bancorp, Inc. (b)			550				22,039
Goldman Sachs Group, Inc. (The)			2,765				530,851
Golub Capital BDC, Inc.			475				8,493
Granite Point Mortgage Trust, Inc. (b)			229				4,253
Great Western Bancorp, Inc.			300				9,477
Green Dot Corp. - Class A (a)			250				15,163
Greenhill & Co., Inc. (b)			300				6,453
Hallmark Financial Services, Inc. (a)			100				1,040
Hancock Whitney Corp.			500				20,200
Hanmi Financial Corp.			369				7,849
Hanover Insurance Group, Inc. (The)			300				34,251
Hartford Financial Services Group, Inc. (The)			2,375				118,085
Heartland Financial USA, Inc. (b)			300				12,795
Hercules Capital, Inc. (b)			775				9,812
Heritage Commerce Corp.			50				605
Hilltop Holdings, Inc.			550				10,038

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
Home BancShares, Inc. (b)			950			$	16,692
HomeStreet, Inc. (a)			300				7,905
Hope Bancorp, Inc.			1,092				14,283
Horace Mann Educators Corp.			375				13,204
Huntington Bancshares, Inc.			7,172				90,941
IBERIABANK Corp.			375				26,891
Impac Mortgage Holdings, Inc. (a) (b)			85				333
Independent Bank Corp.			300				24,303
Independent Bank Group, Inc.			90				4,616
Interactive Brokers Group, Inc. - Class A			500				25,940
Intercontinental Exchange, Inc.			4,000				304,560
International Bancshares Corp.			400				15,212
INTL FCStone, Inc. (a)			500				19,380
Invesco Ltd.			2,975				57,447
Invesco Mortgage Capital, Inc.			625				9,875
Investors Bancorp, Inc.			1,325				15,701
Jefferies Financial Group, Inc.			2,432				45,697
JPMorgan Chase & Co.			22,802				2,308,245
Kearny Financial Corp. (b)			828				10,656
Kemper Corp.			300				22,842
KeyCorp			7,726				121,685
Lakeland Financial Corp. (b)			300				13,566
LegacyTexas Financial Group, Inc.			375				14,021
Legg Mason, Inc.			750				20,528
LendingTree, Inc. (a) (b)			90				31,640
Lincoln National Corp.			1,600				93,920
Loews Corp.			1,955				93,703
LPL Financial Holdings, Inc.			200				13,930
M&T Bank Corp.			967				151,838
Main Street Capital Corp. (b)			475				17,670
Markel Corp. (a)			138				137,481
MarketAxess Holdings, Inc. (b)			250				61,520
Marsh & McLennan Cos., Inc.			3,129				293,812
MBIA, Inc. (a) (b)			925				8,806
Mercury General Corp.			300				15,021
Meta Financial Group, Inc.			300				5,904

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
MetLife, Inc.			5,796			$	246,736
MFA Financial, Inc.			2,250				16,358
MGIC Investment Corp. (a)			1,500				19,785
Moody's Corp.			1,218				220,568
Morgan Stanley			10,300				434,659
Morningstar, Inc.			207				26,080
MSCI, Inc.			519				103,198
Nasdaq, Inc.			725				63,430
National General Holdings Corp.			525				12,458
Navient Corp.			2,050				23,719
Navigators Group, Inc. (The)			200				13,974
NBT Bancorp, Inc. (b)			200				7,202
Nelnet, Inc. - Class A (b)			25				1,377
New Mountain Finance Corp. (b)			650				8,821
New Residential Investment Corp.			1,400				23,674
New York Community Bancorp, Inc. (b)			3,062				35,428
Northern Trust Corp.			1,738				157,133
Northwest Bancshares, Inc. (b)			875				14,849
Oaktree Special Lending Corp.			1,750				9,065
OceanFirst Financial Corp.			100				2,406
OFG Bancorp			432				8,549
Old National Bancorp			950				15,580
Old Republic International Corp.			1,661				34,748
Old Second Bancorp, Inc.			400				5,036
OneMain Holdings, Inc.			300				9,525
Oritani Financial Corp. (b)			400				6,652
Pacific Premier Bancorp, Inc. (b)			300				7,959
PacWest Bancorp			817				30,727
Park National Corp. (b)			87				8,243
PennyMac Mortgage Investment Trust (b)			450				9,320
People's United Financial, Inc. (b)			1,983				32,601
Pinnacle Financial Partners, Inc.			559				30,577
PNC Financial Services Group, Inc. (The)			3,404				417,535
Popular, Inc.			782				40,766
PRA Group, Inc. (a)			300				8,043
Preferred Bank (b)			200				8,994

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
Primerica, Inc.			300			$	36,645
Principal Financial Group, Inc.			1,100				55,209
ProAssurance Corp.			230				7,960
Progressive Corp. (The)			3,875				279,348
Prospect Capital Corp. (b)			2,650				17,278
Prosperity Bancshares, Inc.			500				34,530
Provident Financial Services, Inc.			600				15,534
Prudential Financial, Inc.			2,801				257,355
Pzena Investment Management, Inc. - Class A			2,077				16,803
Radian Group, Inc.			1,445				29,969
Raymond James Financial, Inc.			925				74,379
Redwood Trust, Inc. (b)			450				7,268
Regions Financial Corp.			8,081				114,346
Reinsurance Group of America, Inc.			454				64,459
RenaissanceRe Holdings Ltd. (b)			290				41,615
Renasant Corp.			400				13,540
Republic Bancorp, Inc. - Class A			315				14,087
RLI Corp.			425				30,494
S&P Global, Inc.			1,782				375,199
S&T Bancorp, Inc. (b)			350				13,836
Sandy Spring Bancorp, Inc.			300				9,384
Seacoast Banking Corp. of Florida (a)			150				3,953
SEI Investments Co.			975				50,944
Selective Insurance Group, Inc.			300				18,984
ServisFirst Bancshares, Inc. (b)			400				13,504
Signature Bank			387				49,563
Simmons First National Corp. - Class A (b)			438				10,722
SLM Corp.			2,500				24,775
Solar Capital Ltd.			500				10,420
South State Corp.			180				12,301
Southside Bancshares, Inc. (b)			340				11,298
Starwood Property Trust, Inc.			1,825				40,788
State Auto Financial Corp.			400				13,168
State Street Corp.			2,476				162,946
Sterling Bancorp			1,725				32,137
Stewart Information Services Corp.			300				12,807

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
Stifel Financial Corp.			340			$	17,938
Stock Yards Bancorp, Inc.			300				10,143
SunTrust Banks, Inc.			3,030				179,528
SVB Financial Group (a)			367				81,606
Synchrony Financial			5,775				184,223
Synovus Financial Corp.			947				32,539
T. Rowe Price Group, Inc.			1,890				189,227
TCF Financial Corp.			975				20,173
TD Ameritrade Holding Corp.			2,053				102,629
Texas Capital Bancshares, Inc. (a)			384				20,963
TFS Financial Corp. (b)			525				8,647
Tompkins Financial Corp. (b)			105				7,987
Torchmark Corp.			566				46,384
TowneBank			553				13,687
Travelers Cos., Inc. (The)			1,672				229,332
TriCo Bancshares			109				4,283
TrustCo Bank Corp. (b)			1,208				9,374
Trustmark Corp. (b)			425				14,293
Two Harbors Investment Corp.			1,949				26,370
U.S. Bancorp			10,204				491,730
UMB Financial Corp.			243				15,562
Umpqua Holdings Corp.			1,500				24,750
Union Bankshares Corp. (b)			275				8,891
United Bankshares, Inc. (b)			553				20,041
United Community Banks, Inc.			474				11,817
United Community Financial Corp.			317				2,964
United Financial Bancorp, Inc.			542				7,778
United Fire Group, Inc.			300				13,113
United Security Bancshares			406				4,304
Unum Group			1,407				47,599
Valley National Bancorp (b)			1,750				16,765
Value Line, Inc. (b)			200				4,938
Virtus Investment Partners, Inc.			48				4,682
Voya Financial, Inc.			1,275				63,699
Waddell & Reed Financial, Inc. - Class A (b)			525				9,077
Washington Federal, Inc.			433				12,509

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Financials - 13.4% (Continued)
Washington Trust Bancorp, Inc.			100			$	4,815
Webster Financial Corp.			675				34,202
Wells Fargo & Co.			30,397				1,468,782
WesBanco, Inc.			350				13,913
Westamerica Bancorp. (b)			83				5,129
Western Alliance Bancorp. (a)			850				34,884
Western New England Bancorp, Inc.			200				1,846
Wintrust Financial Corp.			425				28,615
WisdomTree Investments, Inc.			750				5,295
World Acceptance Corp. (a) (b)			100				11,713
WSFS Financial Corp.			465				17,949
Zions Bancorp.			1,480				67,207
							25,073,102
Health Care - 13.5%
Abbott Laboratories			12,635				1,010,041
AbbVie, Inc.			9,790				788,975
ABIOMED, Inc. (a)			250				71,398
Acadia Healthcare Co., Inc. (a) (b)			475				13,922
ACADIA Pharmaceuticals, Inc. (a) (b)			625				16,781
Acorda Therapeutics, Inc. (a) (b)			375				4,984
Addus HomeCare Corp. (a)			290				18,441
Aerie Pharmaceuticals, Inc. (a) (b)			350				16,625
Agilent Technologies, Inc.			2,196				176,514
Agios Pharmaceuticals, Inc. (a) (b)			300				20,232
Akorn, Inc. (a) (b)			600				2,112
Alder Biopharmaceuticals, Inc. (a) (b)			300				4,095
Aldeyra Therapeutics, Inc. (a) (b)			1,990				17,970
Alexion Pharmaceuticals, Inc. (a)			1,349				182,358
Align Technology, Inc. (a)			454				129,086
Alkermes plc (a)			1,000				36,490
Allergan plc			2,419				354,166
Allscripts Healthcare Solutions, Inc. (a) (b)			1,225				11,687
Alnylam Pharmaceuticals, Inc. (a) (b)			413				38,595
AMAG Pharmaceuticals, Inc. (a) (b)			100				1,288
Amedisys, Inc. (a)			201				24,775
AmerisourceBergen Corp.			1,144				90,971

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
Amgen, Inc.			3,950			$	750,420
Amicus Therapeutics, Inc. (a) (b)			1,225				16,660
AMN Healthcare Services, Inc. (a) (b)			250				11,773
Amneal Pharmaceuticals, Inc. (a) (b)			650				9,211
Anika Therapeutics, Inc. (a)			100				3,024
Anixa Biosciences, Inc. (a) (b)			3,590				16,227
Anthem, Inc.			1,960				562,480
Apyx Medical Corp. (a)			2,030				12,809
Array BioPharma, Inc. (a) (b)			1,175				28,647
Assembly Biosciences, Inc. (a)			800				15,752
Assertio Therapeutics, Inc. (a)			675				3,422
Avanos Medical, Inc. (a)			297				12,676
AVROBIO, Inc. (a) (b)			1,360				29,988
AxoGen, Inc. (a) (b)			550				11,583
Baxter International, Inc.			3,963				322,232
Becton, Dickinson and Co.			1,824				455,508
Biogen, Inc. (a)			1,313				310,367
BioMarin Pharmaceutical, Inc. (a)			978				86,876
Bio-Rad Laboratories, Inc. - Class A (a)			99				30,262
Bio-Techne Corp.			232				46,064
bluebird bio, Inc. (a) (b)			168				26,431
Boston Scientific Corp. (a)			7,964				305,658
Bristol-Myers Squibb Co. (b)			11,255				536,976
Brookdale Senior Living, Inc. (a)			1,294				8,515
Bruker Corp.			725				27,869
Cambrex Corp. (a) (b)			350				13,598
Cantel Medical Corp. (b)			200				13,378
Capital Senior Living Corp. (a) (b)			100				399
Cardinal Health, Inc.			2,048				98,611
Cardiovascular Systems, Inc. (a) (b)			325				12,565
CareDx, Inc. (a)			790				24,901
Catalent, Inc. (a)			550				22,325
Catalyst Biosciences, Inc. (a) (b)			2,050				16,626
Celgene Corp. (a)			5,216				492,077
Centene Corp. (a)			2,666				141,565
Cerner Corp. (a)			2,200				125,861

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
Champions Oncology, Inc. (a) (b)			1,410			$	13,804
Charles River Laboratories International, Inc. (a)			346				50,257
Chemed Corp.			136				43,530
Cigna Corp.			2,747				441,772
Clovis Oncology, Inc. (a)			300				7,446
Codexis, Inc. (a) (b)			1,187				24,369
Computer Programs & Systems, Inc.			100				2,969
CONMED Corp.			300				24,954
Cooper Cos., Inc. (The)			300				88,851
Corvus Pharmaceuticals, Inc. (a) (b)			4,500				18,090
Covetrus, Inc. (a) (b)			356				11,339
CVS Health Corp.			8,658				466,925
Danaher Corp.			4,019				530,587
DaVita, Inc. (a)			1,033				56,082
DENTSPLY SIRONA, Inc.			1,552				76,964
Dermira, Inc. (a) (b)			300				4,065
DexCom, Inc. (a)			428				50,975
Dynavax Technologies Corp. (a) (b)			425				3,107
Edwards Lifesciences Corp. (a)			1,473				281,829
Eli Lilly & Co. (b)			6,762				877,437
Emergent BioSolutions, Inc. (a)			293				14,802
Encompass Health Corp.			650				37,960
Endo International plc (a)			922				7,404
Ensign Group, Inc. (The)			300				15,357
Evolent Health, Inc. - Class A (a) (b)			1,020				12,832
Exact Sciences Corp. (a) (b)			775				67,131
Exelixis, Inc. (a)			1,875				44,625
Fate Therapeutics, Inc. (a) (b)			1,270				22,314
FibroGen, Inc. (a)			280				15,218
G1 Therapeutics, Inc. (a) (b)			830				13,778
Galectin Therapeutics, Inc. (a) (b)			3,690				18,856
Genomic Health, Inc. (a)			200				14,010
Gilead Sciences, Inc.			8,547				555,639
Glaukos Corp. (a) (b)			280				21,944
Global Blood Therapeutics, Inc. (a) (b)			370				19,584
Haemonetics Corp. (a)			250				21,870

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
Halozyme Therapeutics, Inc. (a)			750			$	12,075
Hanger, Inc. (a)			350				6,668
Harrow Health, Inc. (a) (b)			2,920				14,542
HCA Healthcare, Inc.			2,203				287,226
Henry Schein, Inc. (a) (b)			890				53,498
Hill-Rom Holdings, Inc.			300				31,758
HMS Holdings Corp. (a)			525				15,545
Hologic, Inc. (a)			1,777				86,007
Horizon Pharma plc (a)			1,125				29,734
Humana, Inc.			848				225,568
ICU Medical, Inc. (a)			100				23,933
IDEXX Laboratories, Inc. (a)			599				133,936
Illumina, Inc. (a)			752				233,639
Immunomedics, Inc. (a) (b)			1,410				27,086
Incyte Corp. (a)			1,343				115,511
Innoviva, Inc. (a)			1,000				14,030
Insulet Corp. (a) (b)			175				16,641
Integer Holdings Corp. (a)			300				22,626
Integra LifeSciences Holdings Corp. (a)			378				21,062
Intercept Pharmaceuticals, Inc. (a) (b)			137				15,325
Intrexon Corp. (a) (b)			400				2,104
IntriCon Corp. (a) (b)			370				9,280
Intuitive Surgical, Inc. (a)			495				282,437
Ionis Pharmaceuticals, Inc. (a) (b)			700				56,819
IQVIA Holdings, Inc. (a)			1,031				148,309
Ironwood Pharmaceuticals, Inc. (a) (b)			1,000				13,530
Johnson & Johnson			17,555				2,454,012
Kindred Biosciences, Inc. (a)			1,780				16,323
Laboratory Corp. of America Holdings (a)			670				102,497
Lannett Co., Inc. (a) (b)			300				2,361
LHC Group, Inc. (a) (b)			100				11,086
Ligand Pharmaceuticals, Inc. - Class B (a) (b)			164				20,616
Madrigal Pharmaceuticals, Inc. (a) (b)			60				7,516
Magellan Health, Inc. (a)			100				6,592
Marker Therapeutics, Inc. (a) (b)			2,160				14,256
Masimo Corp. (a)			300				41,484

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
McKesson Corp.			1,508			$	176,526
Medicines Co. (The) (a) (b)			350				9,783
Medidata Solutions, Inc. (a) (b)			125				9,155
MEDNAX, Inc. (a)			600				16,302
Merck & Co., Inc.			17,905				1,489,158
Meridian Bioscience, Inc.			375				6,604
Mettler-Toledo International, Inc. (a)			200				144,600
Molina Healthcare, Inc. (a)			300				42,588
Momenta Pharmaceuticals, Inc. (a)			200				2,906
MTBC, Inc. (a)			3,710				16,361
MyoKardia, Inc. (a) (b)			420				21,836
Myriad Genetics, Inc. (a) (b)			450				14,940
Natus Medical, Inc. (a)			75				1,904
Nektar Therapeutics (a) (b)			650				21,840
Neogen Corp. (a) (b)			466				26,744
Neurocrine Biosciences, Inc. (a)			500				44,050
Nevro Corp. (a) (b)			162				10,127
NextGen Healthcare, Inc. (a) (b)			575				9,677
NuVasive, Inc. (a)			290				16,469
Nuvectra Corp. (a) (b)			1,340				14,753
Omnicell, Inc. (a)			375				30,315
OPKO Health, Inc. (a) (b)			3,000				7,830
Owens & Minor, Inc. (b)			275				1,128
Pacira Biosciences, Inc. (a)			75				2,855
Paratek Pharmaceuticals, Inc. (a) (b)			6				32
Patterson Cos., Inc. (b)			575				12,564
Penumbra, Inc. (a) (b)			196				28,814
PerkinElmer, Inc. (b)			492				47,409
Pfizer, Inc.			40,272				1,710,351
Portola Pharmaceuticals, Inc. (a) (b)			300				10,410
PRA Health Sciences, Inc. (a)			300				33,087
Premier, Inc. - Class A (a)			350				12,072
Prestige Consumer Healthcare, Inc. (a)			350				10,469
Pro-Dex, Inc. (a) (b)			1,220				17,666
Progenics Pharmaceuticals, Inc. (a)			800				3,712
Providence Service Corp. (The) (a)			200				13,324

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
PTC Therapeutics, Inc. (a)			470			$	17,691
Puma Biotechnology, Inc. (a) (b)			254				9,853
Quest Diagnostics, Inc.			877				78,860
Quidel Corp. (a)			300				19,641
R1 RCM, Inc. (a)			2,200				21,274
Regeneron Pharmaceuticals, Inc. (a)			469				192,581
REGENXBIO, Inc. (a)			410				23,497
Repligen Corp. (a) (b)			300				17,724
ResMed, Inc.			800				83,176
Sage Therapeutics, Inc. (a) (b)			300				47,715
Sarepta Therapeutics, Inc. (a) (b)			400				47,676
SeaSpine Holdings Corp. (a)			1,280				19,302
Seattle Genetics, Inc. (a) (b)			625				45,775
Select Medical Holdings Corp. (a)			725				10,215
Sientra, Inc. (a)			1,590				13,642
Simulations Plus, Inc. (b)			600				12,666
STAAR Surgical Co. (a)			460				15,727
Stryker Corp.			1,986				392,275
Syneos Health, Inc. (a) (b)			300				15,528
Syros Pharmaceuticals, Inc. (a)			3,100				28,334
Teladoc Health, Inc. (a) (b)			350				19,460
Teleflex, Inc.			200				60,432
Tenet Healthcare Corp. (a)			631				18,198
TherapeuticsMD, Inc. (a) (b)			1,275				6,209
Thermo Fisher Scientific, Inc.			2,901				794,062
Tivity Health, Inc. (a) (b)			64				1,128
Ultragenyx Pharmaceutical, Inc. (a) (b)			207				14,358
United Therapeutics Corp. (a)			288				33,803
UnitedHealth Group, Inc.			6,246				1,544,385
Universal Health Services, Inc. - Class B			562				75,179
Varex Imaging Corp. (a)			282				9,554
Varian Medical Systems, Inc. (a)			607				86,024
Veeva Systems, Inc. - Class A (a)			725				91,974
Vericel Corp. (a)			1,410				24,689
Vertex Pharmaceuticals, Inc. (a)			1,349				248,149
Waters Corp. (a)			544				136,930

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Health Care - 13.5% (Continued)
WellCare Health Plans, Inc. (a)			329			$	88,748
West Pharmaceutical Services, Inc.			505				55,651
Zafgen, Inc. (a) (b)			1,780				4,877
Zimmer Biomet Holdings, Inc.			1,472				187,974
Zoetis, Inc.			3,275				329,694
Zogenix, Inc. (a)			410				22,554
							25,194,695
Industrials - 10.0%
3M Co.			3,876				805,355
A.O. Smith Corp.			1,040				55,453
AAON, Inc. (b)			225				10,391
AAR Corp.			300				9,753
ABM Industries, Inc. (b)			500				18,175
ACCO Brands Corp.			825				7,062
Acme United Corp. (b)			300				4,800
Actuant Corp. - Class A			290				7,067
Acuity Brands, Inc.			275				33,003
AECOM (a) (b)			977				28,988
Aerojet Rocketdyne Holdings, Inc. (a) (b)			500				17,765
AGCO Corp.			400				27,820
Air Lease Corp.			600				20,610
Aircastle Ltd.			500				10,120
Alaska Air Group, Inc. (b)			834				46,804
Albany International Corp. - Class A			100				7,159
Allegiant Travel Co.			53				6,862
Allison Transmission Holdings, Inc.			1,125				50,535
Altra Industrial Motion Corp.			300				9,315
AMERCO			100				37,151
American Airlines Group, Inc.			3,553				112,843
American Woodmark Corp. (a) (b)			130				10,742
AMETEK, Inc.			1,337				110,931
Apogee Enterprises, Inc. (b)			200				7,498
Applied Industrial Technologies, Inc.			375				22,301
ArcBest Corp.			300				9,237
Arconic, Inc.			3,140				60,005
Arcosa, Inc.			350				10,693

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
Armstrong Flooring, Inc. (a)			100			$	1,360
Armstrong World Industries, Inc.			200				15,884
ASGN, Inc. (a)			250				15,873
Astec Industries, Inc.			200				7,552
Astronics Corp. (a)			300				9,816
Astronics Corp. - Class B (a)			155				5,033
Avis Budget Group, Inc. (a) (b)			392				13,665
Axon Enterprise, Inc. (a) (b)			325				17,683
AZZ, Inc.			225				9,209
Barnes Group, Inc.			300				15,423
Beacon Roofing Supply, Inc. (a)			500				16,080
BMC Stock Holdings, Inc. (a)			475				8,393
Boeing Co. (The)			3,988				1,521,104
Brady Corp. - Class A (b)			145				6,729
Briggs & Stratton Corp.			150				1,775
Brink's Co. (The) (b)			150				11,312
Builders FirstSource, Inc. (a)			450				6,003
BWX Technologies, Inc.			612				30,343
C.H. Robinson Worldwide, Inc.			900				78,291
Carlisle Cos., Inc.			423				51,868
Casella Waste Systems, Inc. - Class A (a)			100				3,556
Caterpillar, Inc.			4,331				586,806
CBIZ, Inc. (a)			300				6,072
CECO Environmental Corp. (a) (b)			400				2,880
Chart Industries, Inc. (a)			300				27,156
Cintas Corp.			701				141,679
CIRCOR International, Inc. (a)			184				5,998
Clean Harbors, Inc. (a)			400				28,612
Colfax Corp. (a) (b)			625				18,550
Columbus McKinnon Corp.			400				13,740
Comfort Systems USA, Inc.			300				15,717
Commercial Vehicle Group, Inc. (a)			300				2,301
Copart, Inc. (a) (b)			1,400				84,826
CoStar Group, Inc. (a)			225				104,944
Covanta Holding Corp.			850				14,714
Covenant Transportation Group, Inc. - Class A (a)			100				1,898

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
Crane Co.			325			$	27,502
CSX Corp.			6,225				465,754
Cubic Corp.			300				16,872
Cummins, Inc.			1,277				201,600
Curtiss-Wright Corp.			300				34,002
Deere & Co.			1,971				315,044
Delta Air Lines, Inc.			4,290				221,578
Deluxe Corp.			200				8,744
DMC Global, Inc. (b)			400				19,856
Donaldson Co., Inc. (b)			925				46,306
Dover Corp.			1,131				106,088
DXP Enterprises, Inc. (a) (b)			100				3,892
Dycom Industries, Inc. (a)			211				9,693
Eaton Corp. plc			3,321				267,540
EMCOR Group, Inc.			500				36,540
Emerson Electric Co.			4,678				320,302
Encore Wire Corp.			200				11,444
Energy Recovery, Inc. (a) (b)			500				4,365
EnerSys			375				24,435
Ennis, Inc.			50				1,038
EnPro Industries, Inc.			178				11,472
Equifax, Inc.			795				94,208
ESCO Technologies, Inc.			200				13,406
Expeditors International of Washington, Inc.			1,250				94,875
Exponent, Inc.			540				31,169
Fastenal Co. (b)			2,125				136,659
Federal Signal Corp.			475				12,345
FedEx Corp.			1,567				284,269
Flowserve Corp.			815				36,789
Fluor Corp.			1,086				39,965
Forrester Research, Inc.			255				12,329
Fortive Corp.			1,835				153,938
Fortune Brands Home & Security, Inc.			1,000				47,610
Forward Air Corp.			300				19,419
Franklin Electric Co., Inc.			275				14,050
FreightCar America, Inc. (a) (b)			500				3,080

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
FTI Consulting, Inc. (a) (b)			250			$	19,205
GATX Corp. (b)			325				24,820
General Dynamics Corp.			1,520				257,306
General Electric Co.			57,876				578,181
Genesee & Wyoming, Inc. - Class A (a)			285				24,835
Gibraltar Industries, Inc. (a)			300				12,183
Gorman-Rupp Co. (The)			182				6,177
Graco, Inc.			1,086				53,779
Granite Construction, Inc.			562				24,250
Great Lakes Dredge & Dock Corp. (a)			1,500				13,365
Greenbrier Cos., Inc. (The) (b)			200				6,446
Griffon Corp. (b)			350				6,468
H&E Equipment Services, Inc. (b)			325				8,161
Harris Corp.			892				142,461
Hawaiian Holdings, Inc. (b)			325				8,531
HD Supply Holdings, Inc. (a)			1,400				60,690
Healthcare Services Group, Inc.			375				12,371
Heartland Express, Inc.			325				6,266
HEICO Corp. - Class A			682				57,329
Heidrick & Struggles International, Inc.			200				7,666
Herc Holdings, Inc. (a)			143				5,574
Herman Miller, Inc.			300				10,554
Hertz Global Holdings, Inc. (a) (b)			430				7,469
Hexcel Corp.			750				51,870
Hillenbrand, Inc.			325				13,497
HNI Corp.			100				3,629
Honeywell International, Inc.			4,552				723,404
Hub Group, Inc. - Class A (a)			50				2,043
Hubbell, Inc.			338				39,877
Huntington Ingalls Industries, Inc.			319				66,097
Hurco Cos., Inc. (b)			400				16,132
Huron Consulting Group, Inc. (a)			200				9,444
Hyster-Yale Materials Handling, Inc. - Class A			118				7,358
IDEX Corp.			437				66,310
IES Holdings, Inc. (a)			500				8,885
Illinois Tool Works, Inc.			2,084				299,116

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
InnerWorkings, Inc. (a) (b)			500			$	1,810
Insperity, Inc.			72				8,904
Insteel Industries, Inc.			300				6,276
Interface, Inc.			500				7,660
ITT, Inc.			600				34,800
J.B. Hunt Transport Services, Inc.			670				67,864
Jacobs Engineering Group, Inc.			850				63,911
JetBlue Airways Corp. (a) (b)			1,750				28,630
John Bean Technologies Corp.			151				13,875
Johnson Controls International plc			3,150				116,360
Kaman Corp.			300				17,532
Kansas City Southern			759				88,029
KAR Auction Services, Inc.			975				50,027
KBR, Inc.			925				17,658
Kelly Services, Inc. - Class A			400				8,824
Kennametal, Inc.			475				17,456
Kforce, Inc.			150				5,268
Kimball International, Inc. - Class B			700				9,898
Kirby Corp. (a)			300				22,533
Knight-Swift Transportation Holdings, Inc. (b)			638				20,850
Knoll, Inc.			500				9,455
Korn Ferry			225				10,076
Kratos Defense & Security Solutions, Inc. (a)			10				156
L3 Technologies, Inc.			512				105,661
Landstar System, Inc.			300				32,817
Lennox International, Inc.			257				67,951
Lincoln Electric Holdings, Inc.			332				27,845
Lockheed Martin Corp.			1,584				475,453
LSC Communications, Inc.			159				1,038
Manitowoc Co., Inc. (The) (a)			268				4,398
ManpowerGroup, Inc.			413				34,151
Marten Transport Ltd. (b)			250				4,458
Masco Corp.			2,050				80,585
MasTec, Inc. (a) (b)			500				24,050
Matson, Inc.			325				11,729
Matthews International Corp. - Class A			100				3,695

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
McGrath RentCorp			300			$	16,971
Mercury Systems, Inc. (a)			400				25,632
Meritor, Inc. (a)			550				11,193
Middleby Corp. (The) (a)			468				60,854
Mobile Mini, Inc.			406				13,780
Moog, Inc. - Class A			300				26,085
MSA Safety, Inc.			228				23,575
MSC Industrial Direct Co., Inc. - Class A			245				20,264
Mueller Industries, Inc.			300				9,402
Mueller Water Products, Inc. - Series A			1,600				16,064
Navigant Consulting, Inc. (b)			400				7,788
Navistar International Corp. (a)			625				20,188
NCI Building Systems, Inc. (a)			500				3,080
Nordson Corp.			318				42,141
Norfolk Southern Corp.			2,084				389,479
Northrop Grumman Corp.			1,137				306,535
NOW, Inc. (a) (b)			649				9,060
nVent Electric plc			1,425				38,447
Old Dominion Freight Line, Inc.			500				72,195
Oshkosh Corp.			350				26,296
Owens Corning			800				37,696
PACCAR, Inc.			2,205				150,249
Parker-Hannifin Corp.			877				150,511
Perma-Pipe International Holdings, Inc. (a)			300				2,637
Pitney Bowes, Inc.			1,375				9,446
Primoris Services Corp.			475				9,823
Quanex Building Products Corp.			1,000				15,890
Quanta Services, Inc.			1,050				39,627
R.R. Donnelley & Sons Co. (b)			425				2,006
Raven Industries, Inc.			275				10,552
Raytheon Co.			1,951				355,238
RBC Bearings, Inc. (a)			165				20,983
Regal Beloit Corp.			100				8,187
Republic Services, Inc.			1,233				99,109
Resideo Technologies, Inc. (a)			758				14,622
Resources Connection, Inc. (b)			200				3,308

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
Rexnord Corp. (a)			325			$	8,171
Robert Half International, Inc.			1,000				65,160
Rockwell Automation, Inc.			970				170,196
Rollins, Inc.			1,350				56,187
Roper Technologies, Inc.			634				216,809
Rush Enterprises, Inc. - Class A			75				3,136
Ryder System, Inc.			405				25,106
Saia, Inc. (a)			225				13,748
Simpson Manufacturing Co., Inc.			100				5,927
SkyWest, Inc.			375				20,359
Snap-on, Inc.			362				56,660
Southwest Airlines Co.			3,214				166,839
Spartan Motors, Inc.			75				662
Spirit AeroSystems Holdings, Inc. - Class A			700				64,071
Spirit Airlines, Inc. (a)			475				25,109
SPX Corp. (a)			312				10,854
SPX FLOW, Inc. (a)			312				9,953
Standex International Corp.			50				3,670
Stanley Black & Decker, Inc.			1,020				138,893
Steelcase, Inc. - Class A			875				12,731
Stericycle, Inc. (a) (b)			575				31,292
Systemax, Inc.			600				13,584
Team, Inc. (a) (b)			164				2,870
Teledyne Technologies, Inc. (a)			211				50,009
Terex Corp.			825				26,507
Tetra Tech, Inc.			418				24,909
Textainer Group Holdings Ltd. (a) (b)			700				6,755
Textron, Inc. (b)			1,375				69,658
Timken Co. (The)			375				16,358
Titan International, Inc. (b)			312				1,863
Toro Co. (The)			528				36,348
TransDigm Group, Inc. (a)			298				135,289
TransUnion			650				43,446
Trex Co., Inc. (a) (b)			450				27,684
Trinity Industries, Inc. (b)			1,050				22,817
Triumph Group, Inc.			256				4,879

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Industrials - 10.0% (Continued)
TrueBlue, Inc. (a)			300			$	7,092
Tutor Perini Corp. (a)			200				3,424
Twin Disc, Inc. (a)			400				6,660
Ultralife Corp. (a)			200				2,054
UniFirst Corp.			86				13,201
Union Pacific Corp.			5,337				892,345
United Continental Holdings, Inc. (a)			1,851				147,673
United Parcel Service, Inc. - Class B			4,100				458,134
United Rentals, Inc. (a)			542				61,924
United Technologies Corp.			5,348				689,304
Univar, Inc. (a)			575				12,742
Universal Forest Products, Inc.			399				11,926
US Ecology, Inc.			200				11,196
USG Corp.			775				33,558
Valmont Industries, Inc.			159				20,686
Vectrus, Inc. (a)			122				3,244
Verisk Analytics, Inc.			1,124				149,491
Veritiv Corp. (a)			97				2,553
Viad Corp.			100				5,629
Vicor Corp. (a) (b)			300				9,306
W.W. Grainger, Inc. (b)			423				127,293
Wabash National Corp.			50				678
WABCO Holdings, Inc. (a)			303				39,944
WageWorks, Inc. (a)			300				11,328
Waste Management, Inc.			2,145				222,886
Watsco, Inc.			214				30,647
Watts Water Technologies, Inc. - Class A			300				24,246
Welbilt, Inc. (a) (b)			1,075				17,609
Werner Enterprises, Inc.			250				8,538
WESCO International, Inc. (a)			300				15,903
Westinghouse Air Brake Technologies Corp. (b)			869				64,063
Woodward, Inc.			500				47,445
XPO Logistics, Inc. (a) (b)			655				35,200
Xylem, Inc.			1,300				102,752
							18,720,989

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7%
2U, Inc. (a) (b)			325			$	23,026
3D Systems Corp. (a) (b)			848				9,124
8x8, Inc. (a)			1,000				20,200
ACI Worldwide, Inc. (a)			560				18,407
Adobe, Inc. (a)			3,131				834,380
Advanced Energy Industries, Inc. (a)			300				14,904
Advanced Micro Devices, Inc. (a) (b)			5,945				151,716
Agilysys, Inc. (a)			500				10,585
Akamai Technologies, Inc. (a)			984				70,563
Alliance Data Systems Corp.			408				71,392
Ambarella, Inc. (a) (b)			300				12,960
Amber Road, Inc. (a)			2,060				17,860
Amkor Technology, Inc. (a)			1,050				8,967
Amphenol Corp. - Class A			1,600				151,103
Amtech Systems, Inc. (a) (b)			4,002				21,331
Analog Devices, Inc.			2,429				255,701
Anixter International, Inc. (a)			167				9,370
ANSYS, Inc. (a)			500				91,355
Apple, Inc.			32,973				6,263,221
Applied Materials, Inc.			7,908				313,631
Arista Networks, Inc. (a)			320				100,627
Arlo Technologies, Inc. (a)			99				409
ARRIS International plc (a)			1,229				38,849
Arrow Electronics, Inc. (a)			500				38,530
Aspen Technology, Inc. (a)			325				33,885
Autodesk, Inc. (a)			1,475				229,835
Automatic Data Processing, Inc.			3,274				522,989
Avnet, Inc.			900				39,033
AVX Corp.			375				6,503
AXT, Inc. (a) (b)			4,230				18,824
Badger Meter, Inc.			300				16,692
Bel Fuse, Inc. - Class B			300				7,584
Belden, Inc. (b)			100				5,370
Benchmark Electronics, Inc.			475				12,469
Black Knight, Inc. (a)			585				31,883
Blackbaud, Inc. (b)			200				15,946

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Booz Allen Hamilton Holding Corp.			1,000			$	58,140
Bottomline Technologies (de), Inc. (a)			375				18,784
Broadcom, Inc.			1,590				478,129
Broadridge Financial Solutions, Inc.			775				80,360
Brooks Automation, Inc.			106				3,109
Cabot Microelectronics Corp. (b)			100				11,196
CACI International, Inc. - Class A (a)			99				18,020
Cadence Design Systems, Inc. (a)			1,902				120,796
CalAmp Corp. (a) (b)			400				5,032
Calix, Inc. (a)			175				1,348
Carbon Black, Inc. (a)			1,150				16,043
Carbonite, Inc. (a) (b)			630				15,630
Cardtronics plc - Class A (a)			175				6,227
CDW Corp.			1,025				98,779
Ciena Corp. (a)			997				37,228
Cirrus Logic, Inc. (a)			400				16,828
Cisco Systems, Inc.			29,388				1,586,657
Citrix Systems, Inc.			1,118				111,420
Cognex Corp.			1,150				58,489
Cognizant Technology Solutions Corp. - Class A			4,298				311,390
Coherent, Inc. (a) (b)			200				28,344
CommScope Holding Co., Inc. (a)			1,150				24,990
CommVault Systems, Inc. (a)			375				24,278
Comtech Telecommunications Corp.			100				2,322
Conduent, Inc. (a)			1,399				19,348
CoreLogic, Inc. (a)			677				25,225
Cornerstone OnDemand, Inc. (a)			500				27,390
Corning, Inc.			6,669				220,743
Coupa Software, Inc. (a) (b)			290				26,384
Cray, Inc. (a)			425				11,071
Cree, Inc. (a) (b)			625				35,763
CSG Systems International, Inc.			78				3,299
CTS Corp.			100				2,937
CyberOptics Corp. (a) (b)			840				14,364
Cypress Semiconductor Corp.			1,625				24,245
Daktronics, Inc.			800				5,960

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Diebold Nixdorf, Inc. (a)			650			$	7,196
Diodes, Inc. (a) (b)			300				10,410
Dolby Laboratories, Inc. - Class A			300				18,891
DXC Technology Co.			1,978				127,205
Ebix, Inc. (b)			31				1,530
EchoStar Corp. - Class A (a)			400				14,580
eGain Corp. (a) (b)			2,700				28,215
Electronics For Imaging, Inc. (a) (b)			404				10,868
Ellie Mae, Inc. (a) (b)			219				21,613
EMCORE Corp. (a) (b)			125				456
Entegris, Inc. (b)			1,011				36,083
Envestnet, Inc. (a) (b)			375				24,521
EPAM Systems, Inc. (a)			300				50,739
Euronet Worldwide, Inc. (a)			349				49,764
Everspin Technologies, Inc. (a) (b)			2,680				20,529
ExlService Holdings, Inc. (a)			300				18,006
F5 Networks, Inc. (a)			433				67,951
Fair Isaac Corp. (a)			146				39,658
FARO Technologies, Inc. (a) (b)			200				8,782
Fidelity National Information Services, Inc.			2,344				265,106
Finisar Corp. (a) (b)			775				17,957
FireEye, Inc. (a)			600				10,074
First Data Corp. - Class A (a)			1,825				47,943
First Solar, Inc. (a) (b)			400				21,136
Fiserv, Inc. (a) (b)			2,396				211,519
Fitbit, Inc. - Class A (a) (b)			425				2,516
Five9, Inc. (a)			570				30,113
FleetCor Technologies, Inc. (a)			628				154,859
FLIR Systems, Inc.			1,025				48,770
ForeScout Technologies, Inc. (a)			590				24,727
FormFactor, Inc. (a)			480				7,723
Fortinet, Inc. (a)			1,075				90,268
Gartner, Inc. (a)			581				88,126
Genpact Ltd.			1,125				39,578
Global Payments, Inc.			950				129,694
Guidewire Software, Inc. (a) (b)			300				29,148

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Hewlett Packard Enterprise Co.			12,277			$	189,434
HP, Inc.			12,352				239,999
HubSpot, Inc. (a) (b)			300				49,863
I.D. Systems, Inc. (a) (b)			100				593
II-VI, Inc. (a) (b)			375				13,965
Infinera Corp. (a) (b)			600				2,604
Inphi Corp. (a) (b)			300				13,122
Insight Enterprises, Inc. (a)			200				11,012
Instructure, Inc. (a) (b)			470				22,146
Integrated Device Technology, Inc. (a) (b)			985				48,255
Intel Corp.			33,988				1,825,155
Intelligent Systems Corp. (a) (b)			840				26,830
InterDigital, Inc.			246				16,231
International Business Machines Corp.			6,425				906,567
inTEST Corp. (a)			2,450				16,464
Intuit, Inc.			1,589				415,380
IPG Photonics Corp. (a)			281				42,650
Itron, Inc. (a) (b)			200				9,330
j2 Global, Inc. (b)			325				28,145
Jabil, Inc.			1,025				27,255
Jack Henry & Associates, Inc.			486				67,428
Juniper Networks, Inc.			2,190				57,969
Key Tronic Corp. (a)			600				3,702
Keysight Technologies, Inc. (a)			1,298				113,186
Kimball Electronics, Inc. (a)			525				8,132
KLA-Tencor Corp.			956				114,156
Knowles Corp. (a)			458				8,075
Kulicke & Soffa Industries, Inc.			400				8,844
Lam Research Corp.			1,116				199,775
Lattice Semiconductor Corp. (a)			200				2,386
Leidos Holdings, Inc.			931				59,668
Littelfuse, Inc.			118				21,533
LivePerson, Inc. (a)			770				22,345
LiveRamp Holdings, Inc. (a)			475				25,921
LogMeIn, Inc.			356				28,516
Lumentum Holdings, Inc. (a) (b)			424				23,973

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
MACOM Technology Solutions Holdings, Inc. (a) (b)			463			$	7,737
Manhattan Associates, Inc. (a)			350				19,289
Marin Software, Inc. (a) (b)			2,840				12,979
Marvell Technology Group Ltd. (b)			4,389				87,297
Mastercard, Inc. - Class A			6,945				1,635,199
Maxim Integrated Products, Inc.			1,775				94,377
MAXIMUS, Inc.			425				30,167
MaxLinear, Inc. (a)			475				12,127
Methode Electronics, Inc.			100				2,878
Microchip Technology, Inc. (b)			1,574				130,579
Micron Technology, Inc. (a)			7,002				289,393
Microsoft Corp.			51,522				6,076,504
MicroStrategy, Inc. - Class A (a)			100				14,425
Mitek Systems, Inc. (a)			2,920				35,741
MKS Instruments, Inc.			300				27,915
MobileIron, Inc. (a) (b)			3,650				19,966
Monolithic Power Systems, Inc.			200				27,098
Monotype Imaging Holdings, Inc.			350				6,962
Motorola Solutions, Inc.			1,132				158,955
Nanometrics, Inc. (a)			200				6,176
Napco Security Technologies, Inc. (a) (b)			900				18,666
National Instruments Corp.			812				36,020
NCR Corp. (a)			925				25,243
Net Element, Inc. (a) (b)			2,980				17,582
NetApp, Inc.			1,775				123,079
NETGEAR, Inc. (a) (b)			50				1,656
NetScout Systems, Inc. (a)			700				19,649
NetSol Technologies, Inc. (a)			2,580				16,796
New Relic, Inc. (a)			230				22,701
NIC, Inc.			375				6,409
Nuance Communications, Inc. (a)			2,175				36,823
Nutanix, Inc. - Class A (a) (b)			470				17,738
NVE Corp.			100				9,789
NVIDIA Corp.			3,787				679,993
ON Semiconductor Corp. (a)			2,730				56,156
OneSpan, Inc. (a)			450				8,649

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Oracle Corp.			19,940			$	1,070,976
OSI Systems, Inc. (a) (b)			100				8,760
Palo Alto Networks, Inc. (a)			719				174,631
PAR Technology Corp. (a) (b)			100				2,446
Park Electrochemical Corp.			600				9,420
Paychex, Inc.			2,150				172,430
Paycom Software, Inc. (a) (b)			300				56,739
Paylocity Holding Corp. (a)			300				26,757
PayPal Holdings, Inc. (a)			7,725				802,163
PCM, Inc. (a)			400				14,652
Pegasystems, Inc.			300				19,500
Perspecta, Inc.			989				19,998
PFSweb, Inc. (a)			8				42
Plantronics, Inc.			300				13,833
Plexus Corp. (a)			300				18,285
Power Integrations, Inc. (b)			300				20,982
PRGX Global, Inc. (a) (b)			2,150				17,028
Progress Software Corp.			200				8,874
Proofpoint, Inc. (a)			316				38,372
PROS Holdings, Inc. (a) (b)			300				12,672
PTC, Inc. (a)			865				79,736
QUALCOMM, Inc.			9,065				516,976
Qualys, Inc. (a) (b)			300				24,822
Rambus, Inc. (a)			500				5,225
Rapid7, Inc. (a)			540				27,329
RealPage, Inc. (a)			325				19,724
Red Hat, Inc. (a)			978				178,681
RF Industries Ltd. (b)			2,570				17,322
RingCentral, Inc. - Class A (a)			260				28,028
Rubicon Project, Inc. (The) (a)			4,060				24,685
Rudolph Technologies, Inc. (a) (b)			340				7,752
Sabre Corp.			1,400				29,946
SailPoint Technology Holdings, Inc. (a)			630				18,094
salesforce.com, Inc. (a)			4,179				661,828
Sanmina Corp. (a)			333				9,607
Science Applications International Corp.			340				26,163

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Semtech Corp. (a)			300			$	15,273
ServiceNow, Inc. (a)			1,203				296,527
SharpSpring, Inc. (a) (b)			1,870				29,957
Silicon Laboratories, Inc. (a)			200				16,172
Skyworks Solutions, Inc.			1,099				90,646
Snap, Inc. - Class A (a) (b)			3,880				42,758
Splunk, Inc. (a)			918				114,383
Square, Inc. - Class A (a)			1,090				81,663
SS&C Technologies Holdings, Inc.			1,325				84,389
SunPower Corp. (a) (b)			1,300				8,463
Super Micro Computer, Inc. (a)			375				7,923
Sykes Enterprises, Inc. (a)			102				2,885
Symantec Corp.			3,483				80,074
Synaptics, Inc. (a) (b)			333				13,237
Synchronoss Technologies, Inc. (a) (b)			325				1,976
SYNNEX Corp.			229				21,844
Synopsys, Inc. (a)			1,117				128,623
Tech Data Corp. (a)			211				21,609
Teradata Corp. (a)			1,025				44,741
Teradyne, Inc.			1,075				42,828
TESSCO Technologies, Inc.			100				1,548
Texas Instruments, Inc.			6,205				658,163
TiVo Corp.			878				8,183
Total System Services, Inc.			1,337				127,028
Trade Desk, Inc. (The) - Class A (a) (b)			140				27,713
Trimble, Inc. (a)			1,334				53,894
TTM Technologies, Inc. (a) (b)			488				5,724
Twilio, Inc. - Class A (a) (b)			260				33,587
Tyler Technologies, Inc. (a)			192				39,245
Ultimate Software Group, Inc. (The) (a)			165				54,471
Unisys Corp. (a) (b)			427				4,983
Universal Display Corp. (b)			270				41,270
Upland Software, Inc. (a)			580				24,569
USA Technologies, Inc. (a) (b)			2,980				12,367
Varonis Systems, Inc. (a)			310				18,485
Veeco Instruments, Inc. (a) (b)			400				4,336

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Information Technology - 20.7% (Continued)
Verint Systems, Inc. (a)			375			$	22,448
VeriSign, Inc. (a)			516				93,685
Versum Materials, Inc.			821				41,305
ViaSat, Inc. (a) (b)			350				27,125
Viavi Solutions, Inc. (a)			1,328				16,441
Virtusa Corp. (a)			400				21,380
Visa, Inc. - Class A (b)			11,316				1,767,445
Vishay Intertechnology, Inc.			806				14,887
Vishay Precision Group, Inc. (a)			129				4,413
VMware, Inc. - Class A			594				107,223
Western Digital Corp.			2,020				97,081
Western Union Co. (The)			2,454				45,325
WEX, Inc. (a)			214				41,086
Workday, Inc. - Class A (a) (b)			195				37,606
Workiva, Inc. (a)			440				22,308
Worldpay, Inc. - Class A (a)			525				59,588
Xerox Corp.			1,748				55,901
Xilinx, Inc.			1,575				199,694
Xperi Corp.			400				9,360
Yext, Inc. (a)			1,150				25,139
Zebra Technologies Corp. - Class A (a)			225				47,144
Zendesk, Inc. (a)			550				46,750
Zix Corp. (a)			2,390				16,443
							38,544,860
Materials - 2.7%
AdvanSix, Inc. (a)			250				7,143
Air Products & Chemicals, Inc.			1,460				278,801
Albemarle Corp.			745				61,075
Alcoa Corp. (a)			1,163				32,750
Allegheny Technologies, Inc. (a) (b)			775				19,817
American Vanguard Corp.			400				6,888
AptarGroup, Inc.			286				30,428
Ashland Global Holdings, Inc.			467				36,487
Avery Dennison Corp.			590				66,670
Axalta Coating Systems Ltd. (a)			675				17,017
Balchem Corp.			201				18,653

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Materials - 2.7% (Continued)
Ball Corp.			1,960			$	113,405
Bemis Co., Inc. (b)			550				30,514
Berry Global Group, Inc. (a)			900				48,483
Cabot Corp.			400				16,652
Carpenter Technology Corp.			200				9,170
Celanese Corp.			945				93,186
Century Aluminum Co. (a) (b)			600				5,328
CF Industries Holdings, Inc.			1,670				68,270
Chemours Co. (The)			1,289				47,899
Cleveland-Cliffs, Inc. (b)			1,400				13,986
Coeur Mining, Inc. (a) (b)			1,110				4,529
Commercial Metals Co.			775				13,237
Compass Minerals International, Inc. (b)			100				5,437
Core Molding Technologies, Inc.			200				1,476
Crown Holdings, Inc. (a)			900				49,113
DowDuPont, Inc.			14,321				763,452
Eagle Materials, Inc.			333				28,072
Eastman Chemical Co.			990				75,121
Ecolab, Inc.			1,764				311,416
Ferro Corp. (a) (e)			575				10,885
FMC Corp.			875				67,218
Freeport-McMoRan, Inc.			8,769				113,032
GCP Applied Technologies, Inc. (a)			427				12,639
Graphic Packaging Holding Co. (b)			1,325				16,735
Greif, Inc. - Class A			300				12,375
H.B. Fuller Co.			150				7,296
Huntsman Corp.			1,575				35,422
Ingevity Corp. (a)			393				41,505
International Flavors & Fragrances, Inc. (b)			471				60,660
International Paper Co.			2,867				132,655
Kaiser Aluminum Corp.			138				14,453
Kraton Corp. (a)			300				9,654
Linde plc			1,869				328,812
Livent Corp. (a) (b)			818				10,045
Louisiana-Pacific Corp.			825				20,114
LSB Industries, Inc. (a) (b)			300				1,872

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Materials - 2.7% (Continued)
Martin Marietta Materials, Inc.			444			$	89,324
Minerals Technologies, Inc.			250				14,698
Mosaic Co. (The)			2,625				71,689
Myers Industries, Inc.			200				3,422
Neenah, Inc.			120				7,723
Newmont Mining Corp. (b)			3,650				130,560
Nucor Corp.			2,045				119,325
Olin Corp.			1,020				23,603
Owens-Illinois, Inc.			1,300				24,674
P.H. Glatfelter Co.			325				4,589
Packaging Corp. of America			575				57,144
PolyOne Corp.			483				14,157
PPG Industries, Inc.			1,799				203,052
Quaker Chemical Corp. (b)			100				20,033
Rayonier Advanced Materials, Inc. (b)			500				6,780
Reliance Steel & Aluminum Co.			549				49,553
Royal Gold, Inc.			491				44,647
RPM International, Inc.			1,000				58,040
Schweitzer-Mauduit International, Inc.			300				11,616
Scotts Miracle-Gro Co. (The) (b)			296				23,260
Sealed Air Corp.			1,250				57,575
Sensient Technologies Corp. (b)			335				22,710
Sherwin-Williams Co. (The)			583				251,103
Silgan Holdings, Inc. (b)			150				4,445
Sonoco Products Co.			725				44,609
Southern Copper Corp. (b)			747				29,641
Steel Dynamics, Inc.			1,550				54,669
Stepan Co.			148				12,953
Summit Materials, Inc. - Class A (a) (b)			571				9,062
SunCoke Energy, Inc. (a)			564				4,788
TimkenSteel Corp. (a) (b)			400				4,344
Tredegar Corp. (b)			671				10,830
Trinseo S.A.			300				13,590
UFP Technologies, Inc. (a)			500				18,700
United States Lime & Minerals, Inc.			50				3,856
United States Steel Corp. (b)			1,350				26,312

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Materials - 2.7% (Continued)
Valvoline, Inc.			1,282			$	23,794
Vulcan Materials Co.			855				101,232
W.R. Grace & Co.			427				33,323
Westlake Chemical Corp.			202				13,708
WestRock Co.			1,534				58,829
Worthington Industries, Inc. (b)			225				8,397
							4,956,206
Real Estate - 4.2%
Acadia Realty Trust			676				18,435
Agree Realty Corp. (b)			300				20,802
Alexander & Baldwin, Inc. (b)			213				5,419
Alexandria Real Estate Equities, Inc.			601				85,679
American Assets Trust, Inc.			425				19,491
American Campus Communities, Inc.			982				46,724
American Homes 4 Rent - Class A			1,700				38,624
American Tower Corp. - Class A			2,896				570,685
Apartment Investment & Management Co. - Class A			1,339				67,338
Apple Hospitality REIT, Inc.			1,975				32,193
Ashford Hospitality Trust, Inc.			544				2,584
AvalonBay Communities, Inc.			1,099				220,602
Boston Properties, Inc.			1,243				166,413
Braemar Hotels & Resorts, Inc.			130				1,587
Brandywine Realty Trust			1,413				22,410
Brixmor Property Group, Inc.			2,275				41,792
Camden Property Trust			725				73,588
CareTrust REIT, Inc.			403				9,454
CBRE Group, Inc. - Class A (a)			2,425				119,916
Chatham Lodging Trust			425				8,177
Chesapeake Lodging Trust (b)			625				17,381
Colony Capital, Inc. - Class A			3,575				19,019
Columbia Property Trust, Inc.			1,075				24,198
CoreCivic, Inc.			799				15,541
CoreSite Realty Corp.			300				32,106
Corporate Office Properties Trust			850				23,205
Cousins Properties, Inc.			3,356				32,419
Crown Castle International Corp.			2,435				311,679

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Real Estate - 4.2% (Continued)
CubeSmart			1,412			$	45,240
CyrusOne, Inc. (b)			725				38,019
DiamondRock Hospitality Co.			1,727				18,703
Digital Realty Trust, Inc. (b)			1,631				194,089
Douglas Emmett, Inc.			1,300				52,546
Duke Realty Corp.			2,726				83,361
EastGroup Properties, Inc.			262				29,250
Empire State Realty Trust, Inc. - Class A			775				12,245
EPR Properties			422				32,452
Equinix, Inc.			530				240,174
Equity Commonwealth			993				32,461
Equity LifeStyle Properties, Inc.			739				84,468
Equity Residential			2,904				218,729
Essex Property Trust, Inc.			472				136,521
Extra Space Storage, Inc.			989				100,789
Federal Realty Investment Trust			520				71,682
First Industrial Realty Trust, Inc.			1,025				36,244
Four Corners Property Trust, Inc.			444				13,142
Franklin Street Properties Corp.			950				6,831
Front Yard Residential Corp.			33				306
Gaming and Leisure Properties, Inc.			1,217				46,940
Getty Realty Corp.			402				12,876
Global Medical REIT, Inc.			1,810				17,774
HCP, Inc. (b)			3,775				118,158
Healthcare Realty Trust, Inc.			875				28,096
Healthcare Trust of America, Inc. - Class A			1,025				29,305
Hersha Hospitality Trust (b)			550				9,427
HFF, Inc. - Class A			75				3,581
Highwoods Properties, Inc.			800				37,424
Hospitality Properties Trust			1,325				34,861
Host Hotels & Resorts, Inc.			5,974				112,909
Howard Hughes Corp. (The) (a)			321				35,310
Hudson Pacific Properties, Inc.			1,225				42,165
Industrial Logistics Properties Trust			175				3,530
Investors Real Estate Trust (b)			180				10,784
Invitation Homes, Inc.			871				21,191

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Real Estate - 4.2% (Continued)
Iron Mountain, Inc.			1,372			$	48,651
JBG SMITH Properties			764				31,591
Jones Lang LaSalle, Inc.			284				43,787
Kennedy-Wilson Holdings, Inc.			925				19,786
Kilroy Realty Corp. (b)			700				53,172
Kimco Realty Corp. (b)			3,350				61,975
Kite Realty Group Trust (b)			725				11,593
Lamar Advertising Co. - Class A			400				31,704
Lexington Realty Trust			1,125				10,193
Liberty Property Trust			1,225				59,315
Life Storage, Inc.			350				34,045
LTC Properties, Inc.			50				2,290
Macerich Co. (The)			803				34,810
Mack-Cali Realty Corp. (b)			725				16,095
Medical Properties Trust, Inc. (b)			1,500				27,765
Mid-America Apartment Communities, Inc.			859				93,914
National Health Investors, Inc.			325				25,529
National Retail Properties, Inc.			900				49,851
New Senior Investment Group, Inc. (b)			695				3,788
New York REIT Liquidating, LLC (a) (b) (d) (e)			130				1,728
Newmark Group, Inc. - Class A (b)			765				6,380
NorthStar Realty Europe Corp. (b)			542				9,409
Office Properties Income Trust (b)			228				6,302
Omega Healthcare Investors, Inc. (b)			1,200				45,780
Outfront Media, Inc.			336				7,862
Paramount Group, Inc.			1,800				25,542
Park Hotels & Resorts, Inc.			227				7,055
Pebblebrook Hotel Trust (b)			1,188				36,899
Pennsylvania Real Estate Investment Trust (b)			775				4,875
Physicians Realty Trust			900				16,929
Piedmont Office Realty Trust, Inc. - Class A (b)			1,275				26,584
Plymouth Industrial REIT, Inc. (b)			1,130				19,007
PotlatchDeltic Corp. (b)			298				11,261
Prologis, Inc.			4,883				351,331
PS Business Parks, Inc.			200				31,366
Public Storage			1,249				272,006

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Real Estate - 4.2% (Continued)
Rafael Holdings, Inc. - Class B (a) (b)			8			$	101
Rayonier, Inc.			826				26,036
Realty Income Corp. (b)			1,700				125,052
Regency Centers Corp.			1,182				79,773
Retail Opportunity Investments Corp.			725				12,572
Retail Properties of America, Inc. - Class A			2,075				25,294
Retail Value, Inc.			144				4,488
RLJ Lodging Trust			1,633				28,692
RMR Group, Inc. (The) - Class A			71				4,330
RPT Realty (b)			1,000				12,010
Ryman Hospitality Properties, Inc.			525				43,176
Sabra Health Care REIT, Inc. (b)			1,436				27,959
SBA Communications Corp. - Class A (a)			920				183,687
Senior Housing Properties Trust			2,075				24,444
Simon Property Group, Inc.			2,553				465,181
SITE Centers Corp.			1,410				19,204
SL Green Realty Corp.			776				69,778
Spirit MTA REIT			300				1,947
Spirit Realty Capital, Inc.			600				23,838
St. Joe Co. (The) (a) (b)			500				8,245
STAG Industrial, Inc.			450				13,343
STORE Capital Corp.			675				22,613
Summit Hotel Properties, Inc.			975				11,125
Sun Communities, Inc.			500				59,260
Sunstone Hotel Investors, Inc. (b)			1,840				26,496
Tanger Factory Outlet Centers, Inc. (b)			775				16,260
Taubman Centers, Inc.			500				26,440
Tejon Ranch Co. (a)			50				880
Terreno Realty Corp.			275				11,561
UDR, Inc.			2,028				92,193
Uniti Group, Inc. (b)			1,228				13,741
Universal Health Realty Income Trust			200				15,142
Urban Edge Properties			811				15,409
Urstadt Biddle Properties, Inc. - Class A			500				10,320
Ventas, Inc.			2,665				170,054
VEREIT, Inc.			6,175				51,685

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Real Estate - 4.2% (Continued)
Vornado Realty Trust			1,528			$	103,048
Washington Prime Group, Inc. (b)			1,617				9,136
Washington Real Estate Investment Trust (b)			450				12,771
Weingarten Realty Investors			1,050				30,839
Welltower, Inc.			2,820				218,832
Weyerhaeuser Co.			5,677				149,532
Xenia Hotel & Resorts, Inc.			900				19,719
							7,885,420
Utilities - 3.1%
AES Corp.			4,360				78,829
ALLETE, Inc.			425				34,948
Alliant Energy Corp. (b)			1,375				64,804
Ameren Corp.			1,625				119,519
American Electric Power Co., Inc.			3,355				280,981
American States Water Co.			100				7,130
American Water Works Co., Inc.			1,190				124,070
Aqua America, Inc. (b)			1,326				48,319
Atmos Energy Corp.			760				78,226
Avangrid, Inc.			550				27,693
Avista Corp.			250				10,155
Black Hills Corp.			300				22,221
California Water Service Group (b)			225				12,213
CenterPoint Energy, Inc.			2,900				89,030
CMS Energy Corp.			1,800				99,972
Consolidated Edison, Inc.			2,169				183,953
Dominion Energy, Inc.			4,617				353,940
DTE Energy Co.			1,023				127,609
Duke Energy Corp.			4,412				397,080
Edison International			2,291				141,859
El Paso Electric Co.			100				5,882
Entergy Corp.			1,150				109,975
Evergy, Inc. (b)			1,715				99,556
Eversource Energy			2,092				148,427
Exelon Corp.			4,631				232,152
FirstEnergy Corp.			3,030				126,078
Genie Energy Ltd. - Class B			2,576				21,896

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 98.9% (Continued)		Shares				Value
Utilities - 3.1% (Continued)
Hawaiian Electric Industries, Inc. (b)			800			$	32,616
IDACORP, Inc.			313				31,156
MDU Resources Group, Inc.			1,075				27,767
MGE Energy, Inc.			150				10,196
National Fuel Gas Co. (b)			650				39,624
New Jersey Resources Corp.			500				24,895
NextEra Energy, Inc.			3,223				623,069
NiSource, Inc.			2,140				61,332
Northwest Natural Holding Co.			300				19,689
NorthWestern Corp.			400				28,164
NRG Energy, Inc.			1,852				78,673
OGE Energy Corp.			1,175				50,666
ONE Gas, Inc.			287				25,552
Ormat Technologies, Inc. (b)			175				9,651
Otter Tail Corp.			350				17,437
PG&E Corp. (a)			3,350				59,630
Pinnacle West Capital Corp.			716				68,435
PNM Resources, Inc.			400				18,936
Portland General Electric Co.			500				25,920
PPL Corp.			4,700				149,178
Public Service Enterprise Group, Inc.			3,600				213,876
Sempra Energy (b)			1,737				218,618
South Jersey Industries, Inc. (b)			650				20,846
Southern Co. (The)			6,540				337,987
Southwest Gas Holdings, Inc.			325				26,735
Spire, Inc.			350				28,802
UGI Corp.			1,275				70,660
Vistra Energy Corp.			977				25,431
WEC Energy Group, Inc.			2,039				161,244
Xcel Energy, Inc.			3,600				202,356
							5,755,658
Total Common Stocks (Cost $55,642,013)						$	184,483,815

 

WILSHIRE 5000 INDEX FUND
SCHEDULE OF INVESTMENTS (Continued)
RIGHTS – 0.0% (c)		Shares				Value
AMR Corp., Escrow (a) (d) (e)			3,275			$	360
Ferroglobe R&W Trust - CVR (a) (d) (e)			500				0
Media General, Inc. - CVR (a) (d) (e)			794				0
Schulman A, Inc. (a) (d) (e)			81				0
Total Rights (Cost $0)						$	360

 

MONEY MARKET FUNDS - 1.4%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (f)			2,003,731			$	2,003,731
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.32% (f) (g)			649,242				649,242
Total Money Market Funds (Cost $2,652,973)						$	2,652,973
Total Investments at Value - 100.3% (Cost $58,294,986)						$	187,137,148
Liabilities in Excess of Other Assets - (0.3%)							(561,800	)
Net Assets - 100.0%						$	186,575,348

 

CVR - Contingent Value Right.

 

(a)

Non-income producing security.

(b)

This security or a partial position of this security is on loan at March 31, 2019. The total value of securities on loan at March 31, 2019 was $13,486,690 (Note 5).

(c)

Percentage rounds to less than 0.1%.

(d)

Level 3 security. Security has been valued at fair value in accordance with procedures adopted by and under the general supervision of the Board of Directors. The total value of such securities is $2,151 as of March 31, 2019, representing 0.0% (c) of net assets (Note 1).

(e)

Illiquid security. The total value of such securities is $13,036 at March 31, 2019, representing 0.0% (c) of net assets.

(f)

The rate shown is the 7-day effective yield as of March 31, 2019.

(g)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2019 was $649,242. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $13,045,957 (Note 5).

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
COMMON STOCKS - 97.3%		Shares				Value
Australia - 2.9%
AGL Energy Ltd. (a)			7,198			$	111,328
Alumina Ltd. (a)			69,247				119,247
ASX Ltd. (a)			4,790				237,936
Aurizon Holdings Ltd. (a)			28,389				91,778
BHP Billiton Ltd. (a)			38,104				1,041,475
BlueScope Steel Ltd. (a)			9,429				93,584
Caltex Australia Ltd. (a)			2,815				52,369
CIMIC Group Ltd. (a)			8,470				290,928
Cochlear Ltd. (a)			2,684				330,932
Computershare Ltd. (a)			16,166				196,511
CSL Ltd. (a)			39,925				5,539,500
Goodman Group (a)			10,218				96,901
GPT Group (The) (a)			13,959				61,572
Incitec Pivot Ltd. (a)			846				1,876
Insurance Australia Group Ltd. (a)			49,669				271,113
Macquarie Group Ltd. (a)			6,318				581,842
Medibank Private Ltd. (a)			96,554				189,516
Newcrest Mining Ltd. (a)			14,077				254,926
Rio Tinto Ltd. (a)			2,985				207,873
Scentre Group (a)			4,640				13,544
South32 Ltd. (a)			11,501				30,543
Stockland Corp. Ltd. (a)			49,464				135,293
Telstra Corp. Ltd. (a)			92,872				218,991
Wesfarmers Ltd. (a)			5,847				143,977
Westpac Banking Corp. (a)			4,677				86,210
							10,399,765
Austria - 0.0% (b)
OMV AG (a)			915				49,684
Raiffeisen Bank International AG (a)			1,379				30,974
							80,658
Belgium - 0.6%
Anheuser-Busch InBev S.A./N.V. (a)			8,274				694,526
KBC Group N.V. (a)			20,434				1,428,501
							2,123,027

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Bermuda - 0.2%
CK Infrastructure Holdings Ltd. (a)			17,000			$	139,535
Hongkong Land Holdings Ltd. (a)			46,100				328,123
Kerry Properties Ltd. (a)			17,000				76,004
							543,662
Brazil - 0.6%
Ambev S.A.			126,500				543,721
Banco Santander Brasil S.A.			16,400				182,739
BB Seguridade Participacoes S.A.			52,900				355,314
CCR S.A.			7,200				21,532
Cia de Saneamento Basico do Estado de Sao Paulo			25,200				268,051
Cielo S.A.			16,800				40,631
Embraer S.A.			9,300				44,035
JBS S.A.			1,400				5,771
Kroton Educacional S.A.			38,100				101,974
Porto Seguro S.A.			800				10,986
Suzano Papel e Celulose S.A.			2,800				33,109
TIM Participacoes S.A.			22,900				69,479
Vale S.A.			37,496				489,719
							2,167,061
Canada - 5.0%
Agnico Eagle Mines Ltd.			2,000				86,954
Bank of Montreal			2,700				202,024
Barrick Gold Corp.			2,200				30,160
Bombardier, Inc. - Class B (c) (d)			40,600				78,080
Brookfield Asset Management, Inc. - Class A			5,700				265,562
CAE, Inc.			1,000				22,158
Canadian Imperial Bank of Commerce			1,400				110,631
Canadian National Railway Co.			4,400				393,891
Canadian Natural Resources Ltd.			13,000				356,922
Canadian Pacific Railway Ltd. (d)			23,796				4,902,690
CCL Industries, Inc. - Class B			1,400				56,677
CI Financial Corp.			15,400				210,198
Constellation Software, Inc.			400				338,986
Dollarama, Inc.			75,364				2,010,511
First Quantum Minerals Ltd.			5,600				63,487
Franco-Nevada Corp.			5,800				434,845

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Canada - 5.0% (Continued)
IGM Financial, Inc.			3,000			$	77,181
Lundin Mining Corp.			4,200				19,486
Magna International, Inc.			1,200				58,431
Manulife Financial Corp.			23,900				404,194
Open Text Corp.			4,300				165,102
PrairieSky Royalty Ltd.			18,600				250,535
Restaurant Brands International, Inc.			600				39,035
Rogers Communications, Inc. - Class B			2,800				150,587
Royal Bank of Canada			11,000				829,893
Shopify, Inc. - Class A (c) (d)			27,146				5,608,907
Shopify, Inc. - Class A (c) (d)			800				165,144
Suncor Energy, Inc.			9,200				298,167
Teck Resources Ltd. - Class B			10,800				249,889
Thomson Reuters Corp.			2,600				153,840
Toronto-Dominion Bank (The)			200				10,854
Wheaton Precious Metals Corp.			1,300				30,945
							18,075,966
Cayman Islands - 3.0%
Alibaba Group Holding Ltd. - ADR (c)			5,000				912,250
Autohome, Inc. - ADR (c) (d)			1,000				105,120
Baidu, Inc. - ADR (c)			6,274				1,034,269
China Medical System Holdings Ltd. (a)			97,000				94,306
CK Asset Holdings Ltd. (a)			81,500				725,822
CK Hutchison Holdings Ltd. (a)			46,500				488,964
Country Garden Holdings Co. Ltd. (a)			71,000				111,167
Hengan International Group Co. Ltd. (a)			19,500				170,960
JD.com, Inc. - ADR (c) (d)			11,000				331,650
Momo, Inc. - ADR (c)			1,300				49,712
NetEase, Inc. - ADR			800				193,160
New Oriental Education & Technology Group, Inc. - ADR (c)			1,600				144,144
Sands China Ltd. (a)			19,200				96,633
TAL Education Group - ADR (c)			9,800				353,584
Tencent Holdings Ltd. (a)			124,055				5,705,016
Tingyi (Cayman Islands) Holding Corp. (a)			186,000				307,029
							10,823,786

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Chile - 0.1%
Aguas Andinas S.A. - Class A (a)			324,133			$	184,283
Colbun S.A. (a)			513,395				116,037
							300,320
China - 0.9%
Air China Ltd. - H Shares (a)			30,000				36,947
Beijing Capital International Airport - H Shares (a)			74,000				70,286
China Construction Bank Corp. - H Shares (a)			603,000				517,596
China Life Insurance Co. Ltd. - H Shares (a)			308,000				830,410
China Merchants Bank Co. Ltd. - H Shares (a)			11,500				56,025
China Pacific Insurance Co. Ltd. - H Shares (a)			28,200				110,804
China Petroleum & Chemical Corp. - H Shares (a)			192,000				152,384
China Shenhua Energy Co. Ltd. - H Shares (a)			58,000				132,367
Industrial & Commercial Bank of China Ltd. - H Shares (a)			969,000				711,619
Inner Mongolia Yitai Coal Ltd. - Class B (a)			36,600				45,063
PetroChina Co. Ltd. - H Shares (a)			654,000				428,117
PICC Property & Casualty Co. Ltd. - H Shares (a)			6,000				6,830
Ping An Insurance Group Co. of China Ltd. - H Shares (a)			1,000				11,258
Sinopec Shanghai Petrochemical Co. Ltd. - H Shares (a)			360,000				171,645
TravelSky Technology Ltd. - H Shares (a)			49,000				129,759
							3,411,110
Colombia - 0.0% (b)
Grupo de Inversiones Suramericana S.A.			12,521				143,905
Czech Republic - 0.4%
CEZ A/S (a)			64,299				1,510,389
Komercní banka A/S (a)			67				2,738
							1,513,127
Denmark - 3.6%
A.P. Moller-Maerska A/S - Series B (a)			2,466				3,126,481
Carlsberg A/S - Series B (a)			460				57,522
Chr. Hansen Holding A/S (a)			36,100				3,664,257
Danske Bank A/S (a)			77,627				1,364,489
DSV A/S (a)			34,820				2,881,404
Genmab A/S (a) (c)			309				53,616
Novo Nordisk A/S - Class B (a)			29,981				1,566,952
Novozymes A/S - Class B (a)			10,382				477,471

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Denmark - 3.6% (Continued)
Pandora A/S (a)			1,138			$	53,322
							13,245,514
Finland - 0.4%
Fortum OYJ (a)			2,957				60,562
Neste OYJ (a)			3,118				332,368
Sampo OYJ - A Shares (a)			12,067				546,889
UPM-Kymmene OYJ (a)			19,610				572,724
							1,512,543
France - 9.0%
Accor S.A. (a)			1,511				61,207
Amundi FP (a)			30,971				1,950,372
Bureau Veritas S.A. (a)			18,926				444,001
Cap Gemini SA (a)			980				118,910
Danone S.A. (a)			3,266				251,475
Dassault Aviation S.A. (a)			211				311,211
Dassault Systemes S.A. (a)			2,749				409,718
Eiffage S.A. (a)			457				43,929
Engie S.A. (a)			14,747				219,911
Essilor International Cie Generale d'Optique S.A. (a)			18,111				1,978,364
EssilorLuxottica (a)			18,816				2,045,913
Faurecia (a)			3,065				129,017
Hermes International S.A. (a)			1,280				845,115
Kering S.A. (a)			499				286,216
Legrand S.A. (a)			1,817				121,643
L'Oréal (a)			3,717				1,000,916
LVMH Moet Hennessy Louis Vuitton SE (a)			15,853				5,838,961
Pernod Ricard S.A. (a)			21,443				3,850,166
Publicis Groupe S.A. (a)			42,319				2,265,751
Rexel S.A. (a)			316,713				3,574,054
SAFRAN SA (a)			777				106,492
Sanofi S.A. (a)			11,421				1,009,852
Schneider Electric SE (a)			48,111				3,776,013
SCOR SE (a)			15,348				653,678
Total S.A. (a) (d)			19,249				1,071,151
Vinci S.A. (a)			867				84,357

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
France - 9.0% (Continued)
Wendel S.A. (a)			1,423			$	179,317
							32,627,710
Germany - 3.0%
adidas AG (a)			16,608			$	4,039,258
Allianz SE (a)			3,926				874,865
BASF SE (a)			6,358				468,863
Bayer AG (a)			1,310				84,350
Deutsche Boerse AG (a)			399				51,158
Fraport AG Frankfurt Airport Services Worldwide (a)			1,024				78,553
Fresenius Medical Care AG & Co. KGaA (a)			890				71,927
Hannover Rueck SE (a)			2,393				343,838
MTU Aero Engines AG (a)			54				12,239
ProSiebenSat.1 Media SE (a)			5,416				77,104
SAP SE (a)			5,588				645,972
Siemens AG (a)			8,405				903,858
Volkswagon AG (a)			20,002				3,260,742
Wirecard AG (a)			249				31,279
							10,944,006
Greece - 0.0%
FF Group (c) (e) (f)			2,880				0
Hong Kong - 4.7%
AIA Group Ltd. (a)			515,970				5,159,582
Beijing Enterprises Water Group Ltd. (a) (c)			4,000				2,474
China Merchants Holdings Ltd. (a)			146,000				311,367
China Mobile Ltd. (a)			157,000				1,602,080
China Resources Power Holdings Co. Ltd. (a)			1,740,504				2,617,708
China Taiping Insurance Holdings Co. Ltd. (a)			76,800				229,560
China Travel International Investment Hong Kong Ltd. (a)			222,000				56,627
China Unicom Hong Kong Ltd.(a)			172,000				218,995
CITIC Ltd. (a)			11,000				16,444
CITIC Securities Co. Ltd. (a)			12,000				28,038
CNOOC Ltd. (a)			159,000				296,166
Fosun International Ltd. (a)			271,500				461,286
Galaxy Entertainment Group Ltd. (a)			10,000				68,149
Greentown China Holdings Ltd. (a)			84,000				84,069

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Hong Kong - 4.7% (Continued)
Hang Lung Properties Ltd. (a)			23,000			$	56,176
Hang Seng Bank Ltd. (a)			9,100				224,705
Henderson Land Development Co. Ltd. (a)			78,000				496,420
HKT Trust and HKT Ltd. (a)			88,000				141,502
Hong Kong Exchanges & Clearing Ltd. (a)			26,200				915,389
Kingsoft Corp. Ltd. (a)			13,000				33,146
Lenovo Group Ltd. (a) (d)			3,908,000				3,525,978
Metallurgical Corp. of China Ltd. (a)			14,000				4,145
MGM China Holdings Ltd. (a)			7,200				15,099
Power Assets Holdings Ltd. (a)			25,000				173,449
Shanghai Industrial Holdings Ltd. (a)			54,000				127,268
Shui On Land Ltd. (a)			449,500				111,293
Sino-Ocean Group Holding Ltd. (a)			141,500				62,185
Wharf Holdings Ltd. (The) (a)			41,000				123,946
Wheelock & Co. Ltd. (a)			1,000				7,339
							17,170,585
Hungary - 0.0% (b)
OTP Bank plc (a)			2,020				89,039
India - 1.3%
Ashok Leyland Ltd. (a)			23,533				30,939
Bharti Infratel Ltd. (a)			1,011				4,565
Container Corp. of India Ltd. (a)			12,913				97,725
HDFC Bank Ltd. - ADR			39,887				4,623,302
Zee Entertainment Enterprises Ltd. (a)			1,208				7,761
							4,764,292
Indonesia - 0.2%
Bumi Serpong Damai Tbk PT (a) (c)			152,700				15,096
Hanjaya Mandala Sampoerna Tbk PT (a)			980,400				258,568
Perusahaan Gas Negara Persero Tbk (a)			54,800				9,062
Surya Citra Media Tbk PT (a)			364,300				42,379
United Tractors Tbk PT (a)			235,900				448,802
							773,907
Ireland - 2.8%
Accenture plc - Class A			29,799				5,245,220
DCC plc (a)			1,471				127,272

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Ireland - 2.8% (Continued)
ICON plc (c)			15,286			$	2,087,762
Ryanair Holdings plc - ADR (c)			20,279				1,519,708
Willis Towers Watson plc			6,989				1,227,618
							10,207,580
Israel - 0.2%
Check Point Software Technologies Ltd. (c) (d)			2,826				357,461
Nice Ltd. (a) (c)			955				116,636
Teva Pharmaceutical Industries Ltd. - ADR (c)			9,300				145,824
							619,921
Italy - 2.4%
Atlantia SpA (a)			2,484				64,417
Enel SpA (a)			361,766				2,318,035
Eni SpA (a)			68,782				1,215,228
Intesa Sanpaolo SpA (a)			69,153				168,762
Mediobanca Banca di Credito Finanziario SpA (a)			21,133				220,030
Moncler SpA (a)			6,170				249,009
Saipem SpA (a) (c)			423,441				2,242,260
Snam SpA (a)			103,720				533,528
Terna Rete Elettrica Nazionale SpA (a)			85,593				543,221
Unicredit SpA (a)			93,191				1,197,037
							8,751,527
Japan - 12.1%
Asahi Group Holdings Ltd. (a)			700				31,250
Astellas Pharma, Inc. (a)			35,900				539,474
Bridgestone Corp. (a)			2,700				104,050
Calbee, Inc. (a)			900				24,309
Canon, Inc. (a)			7,500				217,783
Central Japan Railway Co. (a)			1,600				371,948
Daifuku Co. Ltd. (a)			600				31,388
Dai-ichi Life Holdings, Inc. (a)			64,000				891,045
Daikin Industries Ltd. (a)			1,800				211,600
East Japan Railway Co. (a)			5,100				492,531
Eisai Co. Ltd. (a)			100				5,627
FANUC Corp. (a)			300				51,309
Fujitsu Ltd. (a)			48,100				3,478,887
Hamamatsu Photonics K.K. (a)			2,000				77,593

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Japan - 12.1% (Continued)
Hitachi Metals Ltd. (a)			332,700			$	3,876,392
Honda Motor Co. (a)			120,100				3,262,303
Hoya Corp. (a)			300				19,873
Iida Group Holdings Co. Ltd. (a)			72,600				1,317,465
INPEX Corp. (a)			400,400				3,809,317
Isuzu Motors Ltd. (a)			91,200				1,201,657
Japan Post Bank Co. Ltd. (a)			14,100				154,073
Japan Retail Fund Investment Corp. (a)			8				16,078
Japan Tobacco, Inc. (a)			5,800				143,666
Kao Corp. (a)			700				55,254
Keyence Corp. (a)			10,430				6,521,372
Kirin Holdings Co. Ltd. (a)			15,800				378,028
Kuboto Corp. (a)			13,200				191,883
Kurita Water Industries Ltd. (a)			7,500				192,055
Kyocera Corp. (a)			300				17,666
Marubeni Corp. (a)			56,200				389,692
Mebuki Financial Group, Inc. (a)			87,200				223,217
Mitsubishi Corp. (a)			14,300				398,165
Mitsubishi UFJ Financial Group, Inc. (a)			252,800				1,250,410
Mitsui & Co., Ltd. (a)			107,000				1,665,118
Mitsui Fudosan Co. Ltd. (a)			1,800				45,349
Mizuho Financial Group, Inc. (a)			217,300				336,296
MS&AD Insurance Group Holdings, Inc. (a)			22,400				682,558
Murata Manufacturing Co. Ltd. (a)			2,400				120,119
Nidec Corp. (a)			300				38,204
Nippon Building Fund, Inc. (a)			23				155,753
Nissan Chemical Corp. (a)			1,700				78,101
Nomura Research Institute Ltd. (a)			3,067				139,713
NTT DoCoMo, Inc. (a)			20,800				461,045
OBIC Co. Ltd. (a)			500				50,567
Ono Pharmaceutical Co. Ltd. (a)			4,500				88,435
Oriental Land Co. Ltd. (a)			200				22,749
Osaka Gas Co. Ltd. (a)			11,000				217,502
Persol Holdings Co. Ltd. (a)			5,900				95,815
Recruit Holdings Co. Ltd. (a)			4,600				131,896
Renesas Electronics Corp. (a) (c)			2,500				11,619

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Japan - 12.1% (Continued)
Resona Holdings, Inc. (a)			4,900			$	21,229
Sankyo Co. Ltd. (a)			6,300				240,543
Secom Co. Ltd. (a)			800				68,613
Seibu Holdings, Inc. (a)			20,100				352,208
Shimano, Inc. (a)			5,500				895,574
Shin-Etsu Chemical Co. Ltd. (a)			4,400				370,289
Shionogi & Co. Ltd. (a)			10,400				645,707
SoftBank Corp. (a)			6,200				604,411
Sony Corp. (a)			8,000				337,800
Sumitomo Corp. (a)			34,300				475,588
Sumitomo Mitsui Financial Group, Inc. (a)			82,600				2,892,806
Sumitomo Mitsui Trust Holdings, Inc. (a)			4,400				158,146
Sundrug Co. Ltd. (a)			600				16,561
Suzuki Motor Corp. (a)			300				13,300
Takeda Pharmaceutical Co. Ltd. (a)			24,100				987,038
Terumo Corp. (a)			1,600				48,974
Tokyo Gas Co. Ltd. (a)			16,600				449,398
Toyota Motor Corp. (a)			6,500				382,955
Trend Micro, Inc. (a)			1,900				92,673
United Urban Investment Corp. (a)			77				121,572
USS Co. Ltd. (a)			7,300				135,774
Yahoo Japan Corp. (a)			21,400				52,491
Yakult Honsha Co. Ltd. (a)			500				35,060
Yamato Holdings Co. Ltd. (a)			8,700				225,097
							43,912,006
Jersey - 2.0%
Experian plc (a)			226,019				6,117,081
Glencore plc (a)			45,827				189,908
WPP plc (a)			100,001				1,056,380
							7,363,369
Korea (Republic of) - 2.8%
BNK Financial Group, Inc. (a)			6,703				39,398
Doosan Bobcat, Inc. (a)			4,064				110,532
Hana Financial Group, Inc. (a)			57,345				1,837,863
Hanwha Life Insurance Co. Ltd. (a)			31,538				111,050
Hotel Shilla Co. Ltd. (a)			246				20,693

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Korea (Republic of) - 2.8% (Continued)
Hyundai Mobis Co. Ltd. (a)			880			$	161,531
Hyundai Motor Co. Ltd. (a)			19,076				1,162,296
KB Financial Group, Inc. (a)			1,045				38,597
Kia Motors Corp. (a)			3,611				112,332
KT&G Corp. (a)			1,952				177,671
LG Corp. (a)			1,159				79,027
Lotte Chemical Corp. (a)			502				128,557
POSCO (a)			8,123				1,810,547
Samsung C&T Corp. (a)			3,469				326,960
Samsung Electronics Co. Ltd. (a)			38,690				1,523,256
Samsung SDS Co. Ltd. (a)			560				115,978
Samsung Securities Co. Ltd. (a)			664				19,500
Shinhan Financial Group Co. Ltd. (a)			38,550				1,428,828
SK Hynix, Inc. (a)			10,930				715,329
SK Innovation Co. Ltd. (a)			697				110,059
							10,030,004
Malaysia - 0.2%
Genting Berhad (a)			213,100				347,094
Genting Malaysia Berhad (a)			613,400				481,879
Maylasia Airports Holdings Berhad (a)			19,200				34,109
Westport Holdings Berhad (a)			2,000				1,844
							864,926
Mexico - 1.0%
America Movil S.A.B. de C.V.			168,700				120,559
Grupo Financiero Inbursa S.A.B. de C.V.			288,200				398,849
Promotora y Operadora de Infraestructura S.A.B. de C.V.			9,445				93,659
Wal-Mart de Mexico S.A.B. de C.V.			1,110,575				2,969,201
							3,582,268
Netherlands - 3.8%
AerCap Holdings N.V. (c)			1,800				83,772
Airbus SE (a)			309				40,952
ASML Holding N.V. - ADR (d)			12,870				2,420,203
ASML Holding N.V. (a)			8,326				1,564,807
CNH Industrial N.V. (a) (c)			545				5,553
Core Laboratories N.V. (d)			16,291				1,122,939

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Netherlands - 3.8% (Continued)
Exor N.V. (a)			200			$	12,988
Ferrari N.V. (a)			2,379				319,602
Heineken N.V. (a)			1,011				106,852
ING Groep N.V. (a)			217,034				2,629,760
Koninklijke Ahold Delhaize N.V. (a)			20,158				536,660
Koninklijke KPN N.V. (a)			267,834				850,170
Koninklijke Philips N.V. (a)			10,976				448,435
Mylan N.V. (c)			108,727				3,081,323
Qaigen N.V. (a) (c)			2,007				81,465
Randstad Holding N.V. (a)			5,807				283,533
Unilever N.V. (a)			2,121				123,652
							13,712,666
New Zealand - 0.0% (b)
Fisher & Paykel Healthcare Corp. Ltd. (a)			13,119				140,434
Norway - 0.2%
DNB ASA (a)			717				13,207
Equinor ASA (a)			5,183				113,612
Orkla ASA (a)			39,460				303,045
Telenor ASA (a)			11,856				237,404
							667,268
Philippines - 0.2%
Aboitiz Power Corp. (a)			158,300				106,256
Ayala Land, Inc. (a)			285,500				243,045
Manila Electric Co. (a)			24,430				176,122
PLDT, Inc. (a)			1,210				26,388
Robinsons Land Corp. (a)			106,500				49,469
SM Prime Holdings, Inc. (a)			10,700				8,094
							609,374
Poland - 0.1%
Bank Polska Kasa Opieki S.A. (a)			9,334				267,694
LPP S.A. (a)			16				34,691
Polskie Gornictwo Naftowe I Gazownictwo S.A. (a)			2				3
Powszechna Kasa Oszczednosci Bank Polski S.A. (a)			17,313				174,068
							476,456

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Portugal - 0.1%
Galp Energia SGPS S.A. (a)			1,870			$	29,963
Jeronimo Martins SGPS S.A. (a)			10,740				158,574
							188,537
Russia - 1.2%
Inter RAO UES PJSC			3,882,000				221,093
LUKOIL PJSC - ADR			7,512				671,648
MMC Norilsk Nickel PJSC - ADR (a)			42,294				893,687
MMC Norilsk Nickel PJSC			394				82,385
Mobile TeleSystems PJSC - ADR			28,900				218,484
Moscow Exchange MICEX-RTS PJSC			169,300				235,573
Rosneft Oil Co. PJSC - GDR (a)			245,078				1,540,388
Severstal PJSC			1,800				28,201
Tatneft PJSC			39,670				456,463
							4,347,922
Singapore - 1.2%
Ascendas Real Estate Investment Trust (a)			8,500				18,269
DBS Group Holdings Ltd. (a)			84,600				1,579,183
Singapore Exchange Ltd. (a)			52,700				284,872
Venture Corp. Ltd. (a)			10,000				132,859
Wilmar International Ltd. (a) (d)			954,200				2,333,093
Yangzijiang Shipbuildings Holdings Ltd. (a)			30,000				33,313
							4,381,589
South Africa - 0.3%
Aspen Pharmacare Holdings Ltd. (a)			11,781				76,105
Hyprop Investments Ltd. (a)			24,255				118,340
Kumba Iron Ore Ltd. (a)			1,816				54,425
MMI Holdings Ltd. (a)			116,733				134,605
Mr. Price Group Ltd. (a)			886				11,639
MTN Group Ltd. (a)			54,300				334,267
Remgro Ltd. (a)			689				8,868
Standard Bank Group Ltd. (a)			9,610				123,971
Vodacom Group Ltd. (a)			11,758				90,800
Woolworths Holdings Ltd. (a)			44,576				143,640
							1,096,660
Spain - 2.4%
Amadeus IT Group S.A. (a)			36,380				2,915,702

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Spain - 2.4% (Continued)
Banco Bilbao Vizcaya Argentaria S.A. (a)			88,167			$	503,752
Bankia S.A. (a) (d)			387,600				1,004,936
Bankinter S.A. (a)			26,074				198,721
CaixaBank S.A. (a)			60,858				190,306
Enagas S.A. (a)			9,733				283,340
Endesa S.A. (a)			15,180				387,384
Iberdrola S.A. (a)			33,669				295,594
Industria de Diseno Textil S.A. (a)			75,961				2,233,272
Red Electrica Corp. S.A. (a)			9,675				206,231
Repsol S.A. (a)			36,486				624,187
							8,843,425
Sweden - 1.9%
Alfa Laval AB (a)			8,954				205,784
Assa Abloy AB - Class B (a) (c)			602				12,993
Atlas Copco AB - Class A (a)			95,017				2,556,205
Boliden AB (a)			11,540				328,898
Epiroc AB - Class A (a)			1,787				18,049
Hennes & Mauritz AB (H&M) - Class B (a)			769				12,830
Hexagon AB - B Shares (a)			8,036				420,007
Industrivarden AB - C Shares (a)			3,133				65,705
Investor AB - B Shares (a)			14,707				662,984
Lundin Petroleum AB (a)			526				17,812
Sandvik AB (a)			37,637				612,168
Swedish Match AB (a)			13,811				704,717
Tele2 AB - B Shares (a)			15,824				211,156
Telefonaktiebolaget LM Ericsson - B Shares (a)			76,585				705,534
Volvo AB - B Shares (a)			22,981				356,597
							6,891,439
Switzerland - 8.3%
ABB Ltd. (a)			34,067				640,321
Adecco Group AG (a)			3,964				211,713
Chubb Ltd.			30,303				4,244,844
Cie Financiere Richemont S.A. (a)			9,513				694,061
Coca-Cola HBC AG (a) (c)			3,570				121,730
Credit Suisse Group AG (a) (c)			157,464				1,835,614
EMS-Chemie Holding AG (a)			696				377,848

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Switzerland - 8.3% (Continued)
Geberit AG (a)			6,190			$	2,531,853
Nestlé S.A. (a)			63,537				6,058,766
Novartis AG (a)			19,077				1,833,820
Partners Group Holding AG (a)			1,677				1,220,053
Roche Holdings AG (a)			19,156				5,278,954
Schindler Holding AG (a)			87				18,054
SGS S.A. (a)			116				288,944
Sika AG (a)			18,020				2,520,338
Swatch Group AG (The) - Bearer Shares (a)			832				238,305
Swatch Group AG (The) - Registered Shares (a)			485				26,857
Swiss Prime Site AG (a)			1,120				98,178
Temenos AG (a) (c)			1,152				169,974
UBS Group AG - Registered Shares (a) (c)			154,898				1,879,614
Vifor Pharma AG (a)			100				13,534
							30,303,375
Taiwan - 4.0%
Catcher Technology Co. Ltd. (a)			66,000				509,147
Cathay Financial Holding Co. Ltd. (a)			42,000				61,264
China Development Financial Holdings Corp. (a)			861,000				287,778
China Life Insurance Co. Ltd. (a)			339,976				288,395
Chunghwa Telecom Co. Ltd. (a)			7,000				24,857
Compal Electronics, Inc. (a)			1,294,000				804,143
First Financial Holding Co. Ltd. (a)			168,540				115,267
Formosa Chemicals & Fibre Corp. (a)			105,000				382,021
Formosa Petrochemical Corp. (a)			129,000				483,587
Foxconn Technology Co. Ltd. (a)			16,301				32,535
Giant Manufacturing Co. Ltd. (a)			5,000				35,706
Hiwin Technologies Corp. (a)			9,360				79,162
Hon Hai Precision Industry Co. Ltd. (a)			1,082,400				2,583,198
Hotai Motor Co. Ltd. (a)			8,000				98,047
MediaTek, Inc. (a)			36,000				330,529
Nanya Technology Corp. (a)			133,000				265,614
Nien Made Enterprise Co. Ltd. (a)			8,000				70,522
Ruentex Development Co. Ltd. (a)			50,000				75,600
Ruentex Industries Ltd. (a)			46,000				120,790
Shin Kong Financial Holding Co. Ltd. (a)			210,168				61,916

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
Taiwan - 4.0% (Continued)
Standard Foods Corp. (a)			83,000			$	139,404
Taiwan Business Bank (a)			256,880				99,977
Taiwan Cement Corp. (a)			18,100				24,234
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR			100,822				4,129,669
Taiwan Semiconductor Manufacturing Co. Ltd. (a)			388,000				3,103,135
Uni-President Enterprises Corp. (a)			76,000				184,418
Vanguard International Semiconductor Corp. (a)			127,000				274,285
							14,665,200
Thailand - 0.2%
Airports of Thailand pcl - NVDR (a)			136,000				291,841
Bumrungrad Hospital pcl - NVDR (a)			2,500				14,142
Kasikornbank pcl - NVDR (a)			32,400				191,662
PTT Global Chemical pcl - NVDR (a)			4,800				10,195
Thai Oil pcl - NVDR (a)			33,300				72,946
							580,786
Turkey - 0.3%
Akbank Turk A/S (a) (c)			962,091				1,094,976
United Arab Emirates - 0.1%
Aldar Properties PJSC (a)			136,910				67,682
Damac Properties Dubai Co. (a)			143,590				52,964
DP World Ltd. (a)			5,847				93,595
Emaar Properties PJSC (a)			142,618				182,492
							396,733
United Kingdom - 10.9%
Admiral Group plc (a)			8,058				227,921
AstraZeneca plc (a)			2,122				169,375
Aviva plc (a)			298,253				1,603,781
Barclays plc (a)			798,777				1,608,898
Barratt Developments plc (a)			16,857				131,671
BHP Billiton plc (a)			22,873				551,837
BP plc (a)			55,782				405,046
British American Tobacco plc (a)			50,347				2,100,296
Bunzl plc (a)			4,829				159,381
Burberry Group plc (a)			1,982				50,513
Coca-Cola European Partners plc			10,300				532,922

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
COMMON STOCKS - 97.3% (Continued)		Shares				Value
United Kingdom - 10.9% (Continued)
Compass Group plc (a)			203,600			$	4,790,222
Croda International plc (a)			6,370				418,481
Diageo plc (a)			26,650				1,090,536
Direct Line Insurance Group plc (a)			13,242				60,914
easyJet plc (a)			20,491				298,516
GlaxoSmithKline plc (a)			31,516				654,748
HSBC Holdings plc (a)			332,521				2,701,925
Informa plc (a)			2,701				26,191
InterContinental Hotels Group plc (a)			4,634				278,876
J Sainsbury plc (a)			386,343				1,185,515
John Wood Group plc (a)			515,317				3,406,147
Legal & General Group plc (a)			18,182				65,246
Lloyds Banking Group plc (a)			150,878				122,214
Mondi plc (a)			7,532				166,776
Next plc (a)			2,533				184,057
Persimmon plc (a)			1,766				49,951
Prudential plc (a)			10,820				216,885
Reckitt Benckiser Group plc (a)			9,678				805,401
RELX plc (a)			5,181				110,866
Royal Bank of Scotland Group plc (a)			731,003				2,353,802
Royal Dutch Shell plc - A Shares (a) (c)			62,898				1,973,276
Standard Chartered plc (a)			243,799				1,879,223
Tesco plc (a)			1,116,279				3,378,300
Travis Perkins plc (a)			206,931				3,696,873
Unilever plc (a)			1,025				59,000
Vodafone Group plc (a)			1,264,161				2,303,539
							39,819,121
United States - 2.7%
Mettler-Toledo International, Inc. (c)			6,401				4,627,923
News Corp. - Class A			102,576				1,276,045
ResMed, Inc.			33,915				3,526,143
Southern Copper Corp. (d)			6,458				256,253
Yum China Holdings, Inc.			100				4,491
							9,690,855
Total Common Stocks (Cost $328,223,044)						$	353,948,400

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
PREFERRED STOCKS - 0.2%		Shares				Value
Brazil - 0.1%
Banco Bradesco S.A.			10,520			$	114,990
Braskem S.A. - Series A			1,900				24,529
Telefonica Brasil S.A.			25,100				304,488
							444,007
Colombia - 0.0% (b)
Grupo Aval Acciones y Valores S.A.			291,576				112,954
Germany - 0.1%
FUCHS PETROLUB SE (a)			950				39,214
Porsche Automobil Holding SE (a)			3,578				224,519
							263,733
Korea (Republic of) - 0.0% (b)
CJ Corp. (c) (e) (f)			15				493
Total Preferred Stocks (Cost $754,623)						$	821,187

 

WILSHIRE INTERNATIONAL EQUITY FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 2.5%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (g)			6,888,928			$	6,888,928
Northern Trust Institutional Liquid Asset Portfolio - Institutional Class, 2.32% (g) (h)			2,151,964				2,151,964
Total Money Market Funds (Cost $9,040,892)						$	9,040,892
Total Investments at Value - 100.0% (Cost $338,018,559)						$	363,810,479
Other Assets in Excess of Liabilities - 0.0% (b)							158,250
Net Assets - 100.0%						$	363,968,729

 

(a)

Level 2 security (Note 1).

(b)

Percentage rounds to less than 0.1%.

(c)

Non-income producing security.

(d)

This security or a partial position of this security is on loan at March 31, 2019. The total market value of securities on loan at March 31, 2019 was $14,531,550 (Note 5).

(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 $493 as of March 31, 2019, representing 0.0% (b) of net assets (Note 1).

(f)

Illiquid security. The total value of such securities is $493 at March 31, 2019, representing 0.0% (b) of net assets.

(g)

The rate shown is the 7-day effective yield as of March 31, 2019.

(h)

This security was purchased with cash collateral held from securities on loan. The total value of such securities as of March 31, 2019 was $2,151,964. Securities on loan are also collateralized by various U.S. Treasury obligations in the amount of $12,599,071 (Note 5).

 

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

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
U.S. TREASURY OBLIGATIONS - 8.7%		Par Value				Value
U.S. Treasury Bills - 0.1%
2.524%, due 09/05/19 (a)		$	470,000			$	465,152
U.S. Treasury Bonds - 2.0%
4.375%, due 02/15/38			990,000				1,252,350
2.750%, due 11/15/42			1,195,000				1,188,652
3.125%, due 02/15/43			1,885,000				1,997,216
3.625%, due 08/15/43			550,000				631,727
3.750%, due 11/15/43			440,000				515,831
2.750%, due 11/15/47			170,000				167,609
3.375%, due 11/15/48			365,000				406,348
							6,159,733
U.S. Treasury Notes - 6.3%
2.500%, due 02/15/22			455,000				458,341
1.875%, due 03/31/22			670,000				663,195
1.875%, due 04/30/22			970,000				959,391
1.750%, due 05/31/22			970,000				955,602
2.625%, due 02/28/23			730,000				740,494
2.500%, due 03/31/23			870,000				878,700
2.750%, due 04/30/23			850,000				866,734
1.625%, due 05/31/23			700,000				682,937
2.500%, due 01/31/24			460,000				465,319
2.375%, due 02/29/24			920,000				926,038
2.125%, due 03/31/24			2,685,000				2,669,897
1.875%, due 08/31/24			900,000				882,000
2.125%, due 09/30/24			900,000				892,828
2.250%, due 10/31/24			890,000				888,609
3.000%, due 09/30/25			830,000				864,108
2.000%, due 11/15/26			570,000				556,106
2.250%, due 08/15/27			790,000				782,470
2.250%, due 11/15/27			690,000				682,669
3.125%, due 11/15/28			1,870,000				1,983,953
0.875%, due 01/15/29			418,462				431,670
3.000%, due 02/15/49			1,145,000				1,186,327
							19,417,388

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
U.S. TREASURY OBLIGATIONS - 8.7% (Continued)		Par Value				Value
U.S. Treasury Inflation-Protected Notes - 0.3%
1.000%, due 02/15/46		$	817,524			$	832,725
Total U.S. Treasury Obligations (Cost $26,260,247)						$	26,874,998

 

U.S. GOVERNMENT AGENCY OBLIGATIONS - 0.1%		Par Value				Value
Agency for International Development - 0.1%
2.125%, due 11/09/20 (Cost $228,277)		$	230,000			$	228,882

 

AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.4%		Par Value				Value
Federal Home Loan Mortgage Corp. - 2.2%
Series 2017-DNA2, Class M1, 3.690% (1MO LIBOR + 120), due 10/25/29 (b)		$	206,626			$	207,718
Series 2017-DNA3, Class M1, 3.240% (1MO LIBOR + 75), due 03/25/30 (b)			652,788				652,808
Series 2989, Class SG, 16.529% (1MO LIBOR + 3395), due 08/15/34 (b)			105,699				230,141
Series 4249, Class CS, 4.300%, due 09/15/43			1,263,587				1,138,770
Series 4355, Class ZX, 4.000%, due 05/15/44			4,231,036				4,594,264
							6,823,701
Federal Home Loan Mortgage Corp. Interest-Only Strips - 0.3%
Series K-722, Class X1, 1.307%, due 03/01/23 (b)			2,166,806				90,021
Series 2980, Class SC, 4.211% (1MO LIBOR + 670), due 05/15/35 (b)			700,704				78,835
Series 3359, Class SC, 3.231% (1MO LIBOR + 572), due 08/15/37 (b)			1,362,338				164,461
Series 4077, Class TS, 3.511% (1MO LIBOR + 600), due 05/15/41 (b)			1,258,000				178,651
Series 3966, Class SA, 3.411% (1MO LIBOR + 590), due 12/15/41 (b)			1,766,579				245,268
Series 4089, Class SH, 3.511% (1MO LIBOR + 600), due 08/15/42 (b)			1,347,582				192,716
							949,952

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.4% (Continued)		Par Value				Value
Federal National Mortgage Association - 1.7%
Series 2015-C02, Class 1M2, 6.486% (1MO LIBOR + 400), due 05/25/25 (b)		$	578,061			$	621,596
Series 2015-C04, Class 2M2, 8.040% (1MO LIBOR + 555), due 04/25/28 (b)			212,126				236,378
Series 2016-C05, Class 2M1, 3.840% (1MO LIBOR + 135), due 01/25/29 (b)			76,782				76,853
Series 2016-C04, Class 1M2, 6.735% (1MO LIBOR + 425), due 01/25/29 (b)			200,000				219,683
Series 2016-C06, Class 1M1, 3.786% (1MO LIBOR + 130), due 04/25/29 (b)			174,808				175,407
Series 2017-C03, Class 1M1, 3.436% (1MO LIBOR + 95), due 10/25/29 (b)			379,403				380,347
Series 2017-C05, Class 1M1, 3.035% (1MO LIBOR + 55), due 01/25/30 (b)			28,768				28,789
Series 2017-C07, Class 2M2, 4.990% (1MO LIBOR + 250), due 05/25/30 (b)			500,000				506,593
Series 2018-C01, Class 1M2, 4.736% (1MO LIBOR + 225), due 07/25/30 (b)			200,000				200,656
Series 2018-C03, Class 1M1, 3.166% (1MO LIBOR + 68), due 10/25/30 (b)			369,171				368,930
Series 2018-C04, Class 2M2, 5.036% (1MO LIBOR + 255), due 12/25/30 (b)			500,000				503,340
Series 2018-C06, Class 1M2, 4.490%, due 03/25/31 (b)			500,000				493,845
Series 2016-75, Class ZP, 3.000%, due 10/25/46			1,372,234				1,241,076
							5,053,493
Federal National Mortgage Association Interest-Only Strips - 1.6%
Series 2014-63, Class BI, 3.500%, due 06/25/33			6,131,014				509,210
Series 3311, Class IA, 3.921% (1MO LIBOR + 641), due 05/15/37 (b)			2,586,969				446,212
Series 2007-50, Class SX, 3.964% (1MO LIBOR + 645), due 06/25/37 (b)			4,565,623				757,846
Series 2009-78, Class XS, 4.255% (1MO LIBOR + 674), due 10/25/39 (b)			6,579,477				1,283,770

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
AGENCY MORTGAGE-BACKED OBLIGATIONS - 6.4% (Continued)		Par Value				Value
Federal National Mortgage Association Interest-Only Strips - 1.6% (Continued)
Series 2011-124, Class NS, 4.015% (1MO LIBOR + 650), due 12/25/41 (b)		$	1,461,621			$	251,323
Series 2012-20, Class SA, 3.964% (1MO LIBOR + 645), due 03/25/42 (b)			1,448,451				228,335
Series 2012-76, Class SC, 3.514% (1MO LIBOR + 600), due 07/25/42 (b)			681,198				105,819
Series 2014-28, Class SD, 3.565% (1MO LIBOR + 650), due 05/25/44 (b)			4,738,121				803,460
Series 2017-53, Class IE, 4.000%, due 07/25/47			1,453,704				218,922
Series 2008-22, Class SB, 3.674% (1MO LIBOR + 616), due 04/25/48 (b)			2,601,662				440,426
							5,045,323
Government National Mortgage Association Interest-Only Strips - 0.6%
Series 2010-133, Class SD, 3.589% (1MO LIBOR + 607), due 10/16/40 (b)			5,715,229				690,360
Series 2014-102, Class SY, 3.162%, due 02/20/44 (b)			5,808,502				673,408
Series 2018-83, Class HI, 5.000%, due 01/20/48			2,917,390				503,148
							1,866,916
Total Agency Mortgage-Backed Obligations (Cost $19,343,422)						$	19,739,385

 

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2%		Par Value				Value
Ajax Mortgage Loan Trust, Series 2018-A, Class A, 144A, 3.850%, due 04/25/58		$	764,730			$	765,863
Ajax Mortgage Loan Trust, Series 2018-C, Class A, 4.360%, due 09/25/65 (b)			770,251				772,585
American Express Credit Account, Series 2019-1, Class A, 2.870%, due 10/15/24 (b)			145,000				146,204
Americold, LLC Trust, Series 2010-ART, Class C, 144A, 6.811%, due 01/14/29			50,000				52,472

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Arbor Realty Commercial Real Estate, Series 2016-FL1, Class B, 144A, 5.439% (1MO LIBOR + 295), due 09/15/26 (b)		$	302,000			$	304,911
Arroyo Mortgage Trust, Series 2019-1, Class A1, 144A, 3.805%, due 01/25/49 (b)			235,794				236,093
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class E, 144A, 5.559%, due 11/15/19 (b)			94,000				94,352
Atrium Hotel Portfolio Trust, Series 2018-ATRM, Class E, 144A, 5.909% (1MO LIBOR + 340), due 06/15/35 (b)			140,000				140,529
Bank of America Credit Card Trust, Series 2017-A1, Class A1, 1.950%, due 08/15/22			300,000				298,142
Bank of America Credit Card Trust, Series 2018-A1, Class A1, 2.700%, due 07/17/23			225,000				225,572
Barclays Commercial Mortgage Securities Trust, Series 2018-CBM, Class D, 144A, 4.900% (1MO LIBOR + 2.391), due 07/15/37 (b)			400,000				400,505
Barclays Commercial Mortgage Securities, LLC, Series 2014-BX0, Class E, 144A, 6.239% (1MO LIBOR + 375), due 08/15/27 (b)			236,000				236,005
BCAPB, LLC Trust, Series 2007-AB1, Class A-5, 4.908%, due 03/25/37 (b)			4,103,945				2,517,096
Bear Stearns Adjustable Rate Mortgage Trust, Series 2004-10, Class I-M-1, 4.485%, due 01/25/35 (b)			462,623				468,083
Bear Stearns Commercial Mortgage Trust, Series 2007-T26, Class AJ, 5.467%, due 01/12/45 (b)			150,000				139,150
Benchmark Mortgage Trust, Series 2018-B4, Class D, 144A, 2.814%, due 07/15/51 (b)			500,000				424,568
BHMS Mortgage Trust, Series 2018-ATLS, Class C, 144A, 4.409% (1MO LIBOR + 190), due 07/15/35 (b)			251,000				250,329
BHMS Mortgage Trust, Series 2018-ATLS, Class D, 144A, 4.759% (1MO LIBOR + 225), due 07/15/35 (b)			100,000				99,568
BX Trust, Series 2018-MCSF, Class F, 144A, 5.155%, due 04/15/35 (b) (c)			140,000				138,778
BX Trust, Series 2018-GW, Class G, 144A, 5.429% (1MO LIBOR + 292), due 05/15/35 (b) (c)			83,000				83,260

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
BX Trust, Series 2018-BIOA, Class E, 144A, 4.460% (1MO LIBOR + 195.1), due 03/15/37 (b)		$	343,000			$	343,003
Capital One Multi-Asset Execution Trust, Series 2017-A4, Class A4, 1.990%, due 07/17/23			185,000				183,547
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class C, 4.878%, due 05/10/58			120,000				125,254
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class D, 144A, 4.809% (1MO LIBOR + 230), due 02/15/20 (b)			142,000				141,647
CIM Trust, Series 2018-INV1, Class A10, 144A, 4.000%, due 08/25/48			500,000				513,970
CIM Trust, Series 2016-1, Class B2, 144A, 6.895%, due 07/26/55 (b)			1,000,000				1,005,551
CIM Trust, Series 2016-2, Class B2, 144A, 6.858%, due 02/01/56 (b)			1,000,000				1,015,043
CIM Trust, Series 2016-3, Class B2, 144A, 6.716%, due 02/27/56 (b)			1,000,000				1,011,852
Citigroup Commercial Mortgage Trust, Series 2013-GC17, Class D, 144A, 5.111%, due 11/10/46 (b)			100,000				99,910
Citigroup Commercial Mortgage Trust, Series 2016-P3, Class D, 144A, 2.804%, due 04/15/49			240,000				199,251
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class D, 144A, 3.975%, due 07/10/49 (b)			500,000				455,453
CLNS Trust, Series 2017-IKPR, Class D, 144A, 4.567% (1MO LIBOR + 205), due 06/11/32 (b)			84,000				84,105
CLNS Trust, Series 2017-IKPR, Class E, 144A, 6.017% (1MO LIBOR + 350), due 06/11/32 (b)			84,000				84,316
CLNS Trust, Series 2017-IKPR, Class F, 144A, 7.017% (1MO LIBOR + 450), due 06/11/32 (b) (c)			84,000				84,313
Commercial Mortgage Trust, Series 2016-GCT, Class F, 144A, 3.461%, due 08/10/29 (b) (c)			150,000				144,321
Countrywide Alternative Loan Trust, Series 2006-HY11, Class A1, 2.606% (1MO LIBOR + 12), due 06/25/36 (b)			511,811				465,169
Countrywide Alternative Loan Trust, Series 2007-16CB, Class 5-A-4, 6.250%, due 08/25/37 (b)			702,311				556,024

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Countrywide Alternative Loan Trust, Series 2007-OA4, Class A1, 2.656% (1MO LIBOR + 17), due 05/25/47 (b)		$	502,434			$	468,895
Countrywide Asset Backed Securities, Inc., Series 2006-6, Class 1-A-1, 2.656% (1MO LIBOR + 175), due 09/25/36 (b)			1,448,875				1,396,937
Countrywide Home Loan Mortgage Trust, Series 2007-HY5, Class 3-A-1, 3.759%, due 09/25/37 (b)			1,755,016				1,628,528
Credit Suisse Commercial Mortgage Trust, Series 2017-CHOP, Class E, 144A, 5.809% (1MO LIBOR + 330), due 07/15/32 (b)			169,000				169,422
Credit Suisse Commercial Mortgage Trust, Series 2017-LSTK, Class E, 144A, 3.331%, due 04/05/33 (b) (c)			170,000				166,942
Credit Suisse Commercial Mortgage Trust, Series 2018-TOP, Class F, 5.259%, due 08/15/35 (b)			200,000				199,813
Credit Suisse Commercial Mortgage Trust, Series 2016-PR1, Class A-1, 144A, 5.500%, due 07/25/56 (b)			622,558				632,468
DB Master Finance, LLC, Series 2019-1A, Class A2I, 144A, 0.000%, due 05/20/49 (b)			170,000				170,459
DB Master Finance, LLC, Series 2019-1A, Class A2II, 144A, 0.000%, due 05/20/49 (b)			90,000				90,405
DBGS Mortgage Trust, Series 2018-5BP, Class F, 144A, 4.959% (1MO LIBOR + 245), due 06/15/33 (b) (c)			140,000				136,515
DBUBS Mortgage Trust, Series 2017-BRBK, Class E, 144A, 3.530%, due 10/10/34 (b)			220,000				207,272
DBUBS Mortgage Trust, Series 2011-LC1A, Class E, 144A, 5.698%, due 11/10/46 (b)			987,000				1,016,728
DBUBS Mortgage Trust, Series 2011-LC1A, Class F, 144A, 5.698%, due 11/10/46 (b)			230,000				232,752
Deephaven Residential Mortgage Trust, Series 2018-3A, Class M1, 144A, 4.357%, due 08/25/58 (b)			500,000				513,346
Discover Card Execution Note Trust, Series 2019-A1, Class A1, 3.040%, due 07/15/24 (b)			235,000				238,066
Domino's Pizza Master Issuer, LLC, Series 2017-1A, Class A2I, 144A, 3.740% (3MO LIBOR + 125), due 07/25/47 (b)			231,475				231,205

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Dryden Senior Loan Fund, Series 2018-60A, Class C, 144A, 4.215% (3MO LIBOR + 205), due 07/15/31 (b)		$	1,000,000			$	974,993
Dryden Senior Loan Fund, Series 2015-40A, Class CR, 144A, 4.716%, due 08/15/31 (b)			500,000				491,831
First Franklin Mortgage Trust, Series 2004-FF10, Class M-1, 3.760% (1MO LIBOR + 127.50), due 07/25/34 (b)			439,397				439,672
Flagstar Mortgage Trust, Series 2016-6RR, Class B1, 144A, 5.064%, due 10/25/48 (b)			496,306				524,501
Focus Brands Funding, LLC, Series 2017-1A, Class A2II, 144A, 5.093%, due 04/30/47 (b)			176,850				183,190
FREMF Mortgage Trust, Series 2014-K503, Class D, 144A, 0.000%, due 10/25/47 (b) (c)			1,064,300				1,035,813
GMAC Commercial Mortgage Securities, Series 2004-C3, Class D, 5.044%, due 12/10/41 (b)			96,000				95,578
GMAC Commercial Mortgage Securities, Series 2004-C3, Class E, 144A, 5.142%, due 12/10/41 (b)			160,000				160,140
GoldenTree Loan Management, L.P., Series 2017-2A, Class D, 144A, 5.411% (3MO LIBOR + 265), due 11/28/30 (b)			500,000				475,540
Goldman Sachs Mortgage Securities Trust, Series 2018-TWR, Class A, 144A, 3.409%, due 07/15/31 (b)			215,000				214,809
Goldman Sachs Mortgage Securities Trust, Series 2018-LUAU, Class E, 144A, 5.059% (1MO LIBOR + 255), due 11/15/32 (b)			150,000				147,806
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class F, 144A, 4.609% (1MO LIBOR + 210), due 07/15/35 (b)			1,000,000				983,021
Goldman Sachs Mortgage Securities Trust, Series 2018-RIVR, Class G, 144A, 5.109% (1MO LIBOR + 260), due 07/15/35 (b)			500,000				490,541
GPT 2018-GPP Mortgage Trust, Series 2018-GPP, Class E, 144A, 4.979% (1MO LIBOR + 247), due 06/15/35 (b)			698,349				687,874
GS Mortgage Securities Trust, Series 2016-GS4, Class D, 144A, 3.233%, due 11/10/49			120,000				103,864
GSAA Home Equity Trust, Series 2005-6, Class M-1, 2.915% (1MO LIBOR + 43), due 06/25/35 (b)			1,300,000				1,265,601

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
GSAA Home Equity Trust, Series 2006-4, Class 4A3, 4.181%, due 03/25/36 (b)		$	687,234			$	556,081
GSAA Home Equity Trust, Series 2007-7, Class A4, 2.756%, due 07/25/37 (b)			602,443				572,204
Home Partners of America Trust, Series 2018-1, Class D, 144A, 3.958% (1MO LIBOR + 145), due 07/17/37 (b)			135,000				134,621
Home Partners of America Trust, Series 2018-1, Class E, 144A, 4.358% (1MO LIBOR + 185), due 07/17/37 (b)			1,000,000				993,671
IMT Trust, Series 2017-APTS, Class EFL, 144A, 4.659% (1MO LIBOR + 215), due 06/15/34 (b)			56,000				55,751
IMT Trust, Series 2017-APTS, Class FFL, 144A, 5.359% (1MO LIBOR + 285), due 06/15/34 (b) (c)			56,000				55,769
JPMBB Commercial Mortgage Securities Trust, Series 2015-C29, Class C, 4.170%, due 05/15/48 (b)			400,000				401,155
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class C, 144A, 4.109% (1MO LIBOR + 160), due 06/15/32 (b)			213,089				213,483
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class D, 144A, 4.609% (1MO LIBOR + 210), due 06/15/32 (b)			84,638				84,901
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-LAQ, Class E, 144A, 5.509% (1MO LIBOR + 300), due 06/15/32 (b) (c)			26,885				26,986
JPMorgan Chase Commercial Mortgage Trust, Series 2018-PHH, Class C, 144A, 3.869%, due 06/15/23 (b)			45,000				44,887
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class FFX, 144A, 5.542%, due 07/05/23 (b)			1,500,000				1,517,064
JPMorgan Chase Commercial Mortgage Trust, Series 2018-WPT, Class EFX, 144A, 5.542%, due 07/05/23 (b)			141,000				147,807
JPMorgan Chase Commercial Mortgage Trust, Series 2018-BCON, Class E, 3.756%, due 01/05/31 (b) (c)			300,000				294,724

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
JPMorgan Chase Commercial Mortgage Trust, Series 2015-MAR7, Class D, 144A, 5.227%, due 06/05/32 (b)		$	113,000			$	113,941
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class C, 144A, 3.761% (1MO LIBOR + 125), due 07/15/34 (b)			43,000				42,946
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class D, 144A, 4.461% (1MO LIBOR + 195), due 07/15/34 (b)			40,000				40,025
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class E, 144A, 5.461% (1MO LIBOR + 295), due 07/15/34 (b)			36,000				36,045
JPMorgan Chase Commercial Mortgage Trust, Series 2017-MAUI, Class F, 144A, 6.261% (1MO LIBOR + 375), due 07/15/34 (b) (c)			50,000				50,081
JPMorgan Chase Commercial Mortgage Trust, Series 2004-CIBC10, Class D, 5.097%, due 01/12/37			189,000				190,704
JPMorgan Chase Commercial Mortgage Trust, Series 2011-C5, Class D, 5.374%, due 08/15/46 (b) (c)			268,000				268,560
JPMorgan Chase Commercial Mortgage Trust, Series 2006-LDP9, Class A-MS, 5.337%, due 05/15/47			176,000				163,229
JPMorgan Chase Commercial Mortgage Trust, Series 2014-C26, Class F, 144A, 4.000%, due 01/15/48			660,000				428,423
JPMorgan Chase Commercial Mortgage Trust, Series 2018-6, Class B2, 144A, 4.008%, due 12/25/48 (b)			393,454				392,755
JPMorgan Chase Commercial Mortgage Trust, Series 2007-LDPX, Class A-M, 5.464%, due 01/15/49 (b)			8,585				8,595
JPMorgan Chase Commercial Mortgage Trust, Series 2018-8, Class B1, 144A, 4.235%, due 01/25/49 (b)			494,753				512,482
LSTAR Commercial Mortgage Trust, Series 2016-4, Class C, 144A, 4.701%, due 03/10/49			274,000				255,204
Madison Avenue Trust, Series 2013-650M, Class E, 4.034%, due 10/12/32 (b) (c)			268,000				263,519
Mill City Mortgage Trust, Series 2018-3, Class A1, 144A, 3.500%, due 08/25/58 (b)			344,518				344,834

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Monarch Beach Resort Trust, Series 2018-MBR, Class F, 5.059%, due 07/15/35 (b)		$	307,000			$	306,418
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C17, Class C, 4.457%, due 08/15/47 (b)			1,117,000				1,117,915
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C20, Class D, 144A, 3.071%, due 02/15/48 (b) (c)			42,000				38,008
Morgan Stanley BofA Mortgage Loan Trust, Series 2015-C22, Class C, 4.237%, due 04/15/48 (b)			1,000,000				1,008,306
Morgan Stanley Capital I Trust, Series 2018-SUN, Class D, 144A, 4.159% (1MO LIBOR + 165), due 07/15/35 (b)			40,000				39,649
Morgan Stanley Capital I Trust, Series 2018-SUN, Class F, 144A, 5.059% (1MO LIBOR + 255), due 07/15/35 (b)			60,000				59,588
Morgan Stanley Capital I Trust, Series 2018-SUN, Class G, 144A, 5.559% (1MO LIBOR + 305), due 07/15/35 (b) (c)			40,000				39,725
Morgan Stanley Capital I Trust, Series 2006-NC1, Class M-1, 2.865% (1MO LIBOR + 380), due 12/25/35 (b)			1,000,000				964,764
MSCG Trust, Series 2018-SELF, Class F, 144A, 5.559% (1MO LIBOR + 305), due 10/15/28 (b) (c)			199,000				198,288
MVW Owner Trust, Series 2018-1A, Class A, 144A, 3.450%, due 01/21/36 (b)			110,835				112,346
Natixis Commercial Mortgage Securities, Series 2018-FL1, Class C, 144A, 4.655% (1MO LIBOR + 220), due 06/15/35 (b)			141,000				138,088
Nextgear Floorplan Master Owner Trust, Series 2018-2A, Class A2, 144A, 3.690%, due 10/16/23 (b)			160,000				162,857
OHA Loan Funding Ltd., Series 2013-1A, Class CR2, 4.842%, due 07/23/31 (b)			500,000				484,857
PFP Ltd., Series 2017-4, Class D, 144A, 6.089% (1MO LIBOR + 360), due 07/14/35 (b)			1,000,000				994,884
PR Mortgage Loan Trust, Series 2014-1, Class APT, 144A, 5.910%, due 10/25/49 (b) (c)			1,919,257				1,831,660
Rait Trust, Series 2017-FL7, Class B, 144A, 4.109% (1MO LIBOR + 160), due 06/15/37 (b)			169,000				169,030
Residential Accredited Loans, Inc., Series 2006-QS15, Class A-3, 6.500%, due 10/25/36			1,034,932				972,386

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Resource Capital Corp. Ltd., Series 2017-CRE5, Class B, 144A, 4.484% (1MO LIBOR + 200), due 07/15/34 (b)		$	123,281			$	122,289
Slide, Series 2018-FUN, Class F, 144A, 5.509% (1MO LIBOR + 300), due 06/15/31 (b)			1,233,221				1,236,689
SoFi Consumer Loan Program Trust, Series 2016-3, Class B, 144A, 4.490%, due 12/26/25			500,000				514,106
SoFi Consumer Loan Program Trust, Series 2018-1, Class C, 144A, 3.970%, due 02/25/27 (b)			250,000				251,105
SoFi Consumer Loan Program Trust, Series 2018-2, Class C, 144A, 4.250%, due 04/26/27			215,000				218,000
SoFi Consumer Loan Program Trust, Series 2016-5, Class B, 4.550%, due 09/25/28 (b)			250,000				256,266
Starwood Commercial Mortgage Trust, Series 2018-URB, Class D, 144A, 4.559% (1MO LIBOR + 200), due 05/15/35 (b)			100,000				99,266
Starwood Commercial Mortgage Trust, Series 2018-URB, Class E, 5.659% (1MO LIBOR + 305), due 05/15/35 (b)			266,000				266,152
Structured Asset Securities Corp., Series 2006-BC3, Class A3, 2.645% (1MO LIBOR + 16), due 10/25/36 (b)			1,012,658				888,818
Taco Bell Fund, LLC, Series 2016-1A, Class A23, 144A, 4.970%, due 05/25/46			425,423				444,486
Textainer Marine Containers, Series 2018-1A, Class A, 4.110%, due 08/20/43			119,000				120,440
Tharaldson Hotel Portfolio Trust, Series 2018-THL, Class E, 144A, 5.692% (3MO LIBOR + 318), due 11/11/34 (b)			117,912				118,428
Towd Point Mortgage Trust, Series 17-3, Class A1, 144A, 2.750%, due 07/01/57 (b)			195,689				191,530
Towd Point Mortgage Trust, Series 2019-1, Class A, 144A, 3.750%, due 03/25/58 (b)			186,153				188,702
Towd Point Mortgage Trust, Series 2018-4, Class A1, 3.000%, due 06/25/58 (b)			245,256				240,978
UBS Commercial Mortgage Trust, Series 2018-C8, Class C, 4.704%, due 02/15/51 (b)			95,000				98,039
UBS-Citigroup Commercial Mortgage Trust, Series 2011-C1, Class D, 144A, 6.051%, due 01/10/45 (b)			142,000				147,947

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS - 18.2% (Continued)		Par Value				Value
Velocity Commercial Capital Loan Trust, Series 2016-1, Class A-FX, 144A, 3.534%, due 04/25/46		$	97,506			$	97,260
Verizon Owner Trust, Series 2017-1A, Class A, 144A, 2.060%, due 09/20/21			225,000				224,287
Verus Securitization Trust, Series 2018-1, Class B1, 144A, 3.801%, due 01/25/58 (b)			500,000				499,637
Verus Securitization Trust, Series 2018-2, Class B1, 144A, 4.426%, due 06/01/58 (b)			900,000				924,193
Verus Securitization Trust, Series 2018-3, Class M1, 144A, 4.595%, due 10/25/58 (b)			300,000				309,276
Wachovia Bank Commercial Mortgage Trust, Series 2006-C25, Class F, 5.191%, due 05/15/43 (b)			86,343				86,061
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class B, 144A, 4.559% (1MO LIBOR + 205), due 06/15/29 (b)			148,000				148,001
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class C, 144A, 5.009% (1MO LIBOR + 205), due 06/15/29 (b)			125,000				125,040
WAMU Mortgage Pass-Through Certificates, Series 2007-HY3, Class 1A1, 3.217%, due 03/25/37 (b)			665,628				568,831
Wells Fargo Commercial Mortgage Trust, Series 2015-LC5, Class D, 144A, 4.761%, due 10/15/45 (b) (c)			385,000				387,876
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class C, 5.030%, due 06/15/49			141,000				148,174
Wells Fargo Commercial Mortgage Trust, Series 2019-C49, Class D, 144A, 3.000%, due 03/15/52 (b)			210,000				172,610
Wells Fargo Mortgage Backed Series Trust, Series 2006-8, Class A18, 6.000%, due 07/25/36 (b)			341,118				329,810
Total Non-Agency Mortgage-Backed Obligations (Cost $56,269,052)						$	56,354,834

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 3.2%		Par Value				Value
Bank, Series 2019-BN17, Class XA, 0.000%, due 04/15/52 (b)		$	3,432,000			$	288,690
Barclays Commercial Mortgage Securities, LLC, Series 2017-C1, Class X-A, 1.511%, due 02/01/27 (b)			1,959,104				174,607
Benchmark Mortgage Trust, Series 2018-B4, XA, 0.543%, due 07/15/51 (b)			6,925,576				255,257
Benchmark Mortgage Trust, Series 2018-B4, Class X-D, 144A, 1.750%, due 07/15/51 (b)			7,000,000				924,894
Benchmark Mortgage Trust, Series 2019-B10, Class XB, 0.000%, due 03/15/62 (b)			2,820,000				223,141
Benchmark Mortgage Trust, Series 2019-B10, Class XA, 0.000%, due 03/15/62 (b)			3,550,000				333,464
CD Commercial Mortgage Trust, Series 2016-CD1, Class X-A, 1.423%, due 08/10/26 (b)			1,962,682				152,877
CD Commercial Mortgage Trust, Series 2017-CD4, Class X-A, 1.318%, due 05/01/50 (b)			1,745,974				133,364
CFCRE Commercial Mortgage Trust, Series 2017-C8, Class X-A, 1.659%, due 06/15/50 (b)			1,414,832				133,694
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class X-A, 1.728%, due 05/10/58 (b)			768,812				71,199
Citigroup Commercial Mortgage Trust, Series 2016-P4, Class X-A, 1.993%, due 08/10/26 (b)			939,607				98,164
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class X-A, 1.905%, due 05/10/49 (b)			816,699				86,017
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class XA, 0.925%, due 09/15/50 (b)			1,013,157				62,344
Commercial Mortgage Trust, Series 2012-LC4, Class X-A, 144A, 2.107%, due 12/10/44 (b)			13,317,559				636,366
Commercial Mortgage Trust, Series 2013-CCRE12, Class X-A, 1.169%, due 10/01/46 (b)			3,425,821				149,726
Commercial Mortgage Trust, Series 2015-LC21, Class X-A, 0.772%, due 07/10/48 (b)			1,827,810				59,533
CSAIL Commercial Mortgage Trust, Series 2016-C6, Class X-A, 1.793%, due 01/15/49 (b)			976,114				85,307
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class X-A, 0.727%, due 11/15/50 (b)			5,587,372				272,310

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 3.2% (Continued)		Par Value				Value
CSAIL Commercial Mortgage Trust, Series 2018-CX12, Class X-A, 144A, 0.623%, due 08/15/51 (b)		$	12,279,892			$	565,488
FREMF Mortgage Trust, Series 2014-K503, Class X2A, 144A, 0.100%, due 10/25/47 (b) (c)			4,026,015				777
FREMF Mortgage Trust, Series 2014-K503, Class X2B, 144A, 0.100%, due 10/25/47 (b) (c)			2,554,200				1,279
Goldman Sachs Mortgage Securities Trust, Series 2013-GC10, Class X-A, 1.516%, due 01/10/23 (b)			2,077,199				100,481
Goldman Sachs Mortgage Securities Trust, Series 2011-GC3, Class X, 144A, 0.660%, due 03/10/44 (b)			15,598,402				178,004
Goldman Sachs Mortgage Securities Trust, Series 2016-GS2, Class X-A, 1.659%, due 05/10/49 (b)			1,032,588				85,341
JPMBB Commercial Mortgage Securities Trust, Series 2014-C19, Class X-A, 1.049%, due 04/15/47 (b)			27,629,582				539,954
JPMBB Commercial Mortgage Securities Trust, Series 2016-C2, Class X-A, 1.687%, due 06/01/49 (b)			1,239,789				92,868
L Street Securities, Series 2017-PM1, Class XIO, 144A, 0.000%, due 11/25/47 (b)			828,952,615				1,166,917
LSTAR Commercial Mortgage Trust, Series 2016-4, Class X-A, 144A, 1.884%, due 03/01/49 (b)			1,471,885				98,109
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 144A, 1.111%, due 03/10/50 (b)			2,639,271				115,729
Morgan Stanley BofA Mortgage Loan Trust, Series 2013-C13, Class X-A, 1.004%, due 11/15/46 (b)			5,450,403				205,252
Morgan Stanley BofA Mortgage Loan Trust, Series 2014-C19, Class X-A, 1.096%, due 12/01/47 (b)			3,417,501				118,524
Morgan Stanley Capital I Trust, Series 2016-UB12, Class X-A, 0.799%, due 12/15/49 (b)			3,190,027				135,186
Morgan Stanley Capital I Trust, Series 2017-BNK8, Class X-E, 144A, 1.274%, due 11/15/50 (b)			7,050,000				652,650
Morgan Stanley Capital I Trust, Series 2018-BN11, Class X-A, 0.499%, due 03/15/61 (b)			11,755,385				436,580
Societe Generale Commercial Mortgage Securities Trust, Series 2016-C5, Class X-A, 1.997%, due 10/01/48 (b)			1,165,790				115,178

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
NON-AGENCY MORTGAGE-BACKED OBLIGATION INTEREST-ONLY STRIPS - 3.2% (Continued)		Par Value				Value
UBS Commercial Mortgage Trust, Series 2018-C8, Class X-A, 0.889%, due 02/15/51 (b)		$	1,381,201			$	84,579
Wells Fargo Commercial Mortgage Trust, Series 2017-C42, Class X-E, 144A, 1.300%, due 12/15/50 (b)			5,000,000				448,094
Wells Fargo Commercial Mortgage Trust, Series 2018-C45, Class X-A, 0.839%, due 06/15/51 (b)			5,455,942				341,252
Wells Fargo Commercial Mortgage Trust, Series 2018-C46, Class X-A, 0.949%, due 08/15/51 (b)			3,533,986				217,497
Total Non-Agency Mortgage-Backed Obligation Interest-Only Strips (Cost $9,461,783)						$	9,840,693

 

ASSET-BACKED SECURITIES - 2.7%		Par Value				Value
American Express Credit Account Master Trust, Series 2017-6, Class A, 2.040%, due 05/15/23		$	350,000			$	347,481
Arroyo Mortgage Trust, Series 2018-1, Class A1, 144A, 3.763%, due 04/25/48			168,346				170,037
Capital One Multi-Asset Execution Trust, Series 2016-A3, Class A3, 1.340%, due 04/15/22			175,000				174,519
Chase Issuance Trust, Series 2016-A2, Class A, 1.370%, due 06/15/21			225,000				224,378
Citibank Credit Card Issuance, Series 2017-A3, Class A3, 1.920%, due 04/07/22			125,000				124,128
Coinstar Funding, LLC, Series 2017-1A, Class A2, 144A, 5.216%, due 04/25/47			270,188				275,866
CommonBond Student Loan Term, Series 2018-BGS, Class C, 144A, 4.120%, due 09/25/45 (b)			100,000				100,800
DB Master Finance, LLC, Series 15-1A A2II, Class A2II, 144A, 3.980%, due 02/20/45			432,000				431,058
DB Master Finance, LLC, Series 2017-1A, Class A2I, 144A, 3.629%, due 11/20/47			197,500				197,097
Discover Card Execution Note Trust, Series 2016-A4, Class A4, 1.390%, due 03/15/22			225,000				223,720
Earnest Student Loan Program, LLC, Series 2016-C, Class B, 144A, 4.460%, due 01/26/37			374,458				385,260

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
ASSET-BACKED SECURITIES - 2.7% (Continued)		Par Value				Value
Ford Credit Auto Owner Trust, Series 2016-C, Class A3, 1.220%, due 03/15/21		$	124,114			$	123,299
Helios Issuer, LLC, Series 2017-1A, Class A, 144A, 4.940%, due 09/20/49 (b)			1,081,513				1,130,593
Mosaic Solar Loans, LLC, Series 2018-1A, Class A, 144A, 4.010%, due 06/22/43			415,095				415,575
Mosaic Solar Loans, LLC, Series 2018-2GS, Class B, 144A, 4.740%, due 02/20/44 (b)			450,000				444,806
Mosaic Solar Loans, LLC, Series 2018-2GS, Class A, 4.200%, due 02/22/44			440,258				446,290
Nissan Auto Receivables Owner Trust, Series 2015-B, Class A4, 1.790%, due 01/17/22			207,305				206,409
OSCAR US Funding Trust, Series 2018-2A, Class A4, 144A, 3.630%, due 09/10/25 (b)			150,000				147,109
Santander Drive Auto Receivable, Series 2018-1, Class E, 144A, 4.370%, due 05/15/25 (b)			750,000				751,941
SoFi Consumer Loan Program Trust, Series 2018-3, Class C, 144A, 4.670%, due 08/25/27			150,000				155,349
SoFi Consumer Loan Program Trust, Series 2018-4, Class D, 144A, 4.760%, due 11/26/27			500,000				515,890
Springfield Funding Trust, Series 2015-A, Class A, 144A, 3.160%, due 11/15/24			125,480				125,444
Structured Agency Credit Risk Debt Notes, Series 15-DNA1, Class M2, 4.336%, due 10/25/27 (b)			185,177				187,434
Wendy's Funding, LLC, Series 15-1A, Class A2II, 144A, 4.080%, due 06/15/45 (b)			51,145				51,691
Wendy's Funding, LLC, Series 2018-1A, Class A2I, 144A, 3.573%, due 03/15/48			49,375				48,685
Wingstop Funding, LLC, Series 2018-1, Class A2, 144A, 4.970%, due 12/05/48 (b)			1,000,000				1,041,599
Total Asset-Backed Securities (Cost $8,294,757)						$	8,446,458

 

COLLATERALIZED LOAN OBLIGATIONS - 4.0%		Par Value				Value
Annisa CLO Ltd., Series 2016-2A, Class CR, 144A, 4.761% (3MO LIBOR + 200), due 07/20/31 (b)		$	1,000,000			$	958,384

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
COLLATERALIZED LOAN OBLIGATIONS - 4.0% (Continued)		Par Value				Value
Apidos CLO, Series 2016-24A, Class CR, 144A, 5.811% (3MO LIBOR + 305), due 10/20/30 (b)		$	500,000			$	485,160
Ares CLO Ltd., Series 2018-49A, Class C, 144A, 4.711%, due 07/22/30 (b)			1,000,000				955,119
Ares CLO Ltd., Series 2018-28RA, Class C, 144A, 4.873% (3MO LIBOR + 215), due 10/17/30 (b)			250,000				245,001
Atrium CDO Corp., Series 2013-9R, Class D-R, 144A, 6.229% (3MO LIBOR + 360), due 05/28/30 (b)			500,000				500,049
Avery Point CLO Ltd., Series 2015-6A, Class AR, 144A, 3.783% (3MO LIBOR + 105), due 08/05/27 (b)			500,000				497,748
Babson CLO Ltd., Series 2012-II, Class SUB, 144A, 0.000%, due 05/15/23			1,000,000				37,228
Babson CLO Ltd., Series 2016-1A, Class CR, 144A, 4.872% (3MO LIBOR + 210), due 07/23/30 (b)			500,000				491,350
BlueMountain CLO Ltd., Series 2016-2A, Class C, 144A, 6.744% (3MO LIBOR + 410), due 08/20/28 (b)			500,000				500,061
BlueMountain CLO Ltd., Series 2012-2A, Class DR, 144A, 5.544% (3MO LIBOR + 290), due 11/20/28 (b)			350,000				342,674
BlueMountain CLO Ltd., Series 2018-1A, Class C, 144A, 4.800% (3MO LIBOR + 205), due 07/30/30 (b)			500,000				482,438
BlueMountain CLO Ltd., Series 2014-2A, Class CR2, 144A, 4.961% (3MO LIBOR + 220), due 10/20/30 (b)			300,000				295,683
Canyon Capital CLO Ltd., Series 2014-1A, Class CR, 144A, 5.501%, due 01/30/31 (b)			250,000				233,080
Carlyle Global Market Strategies CLO, Series 2015-3A, Class CR, 144A, 5.615% (3MO LIBOR + 285), due 07/28/28 (b)			500,000				492,120
CIFC Funding CLO Ltd., Series 2015-5A, Class CR, 144A, 5.440% (3MO LIBOR + 295), due 10/25/27 (b)			345,000				339,353
Dryden Senior Loan Fund, Series 2014-33A, Class DR2, 144A, 0.000% (3MO LIBOR + 385), due 04/15/29 (b)			500,000				501,710
Galaxy CLO Ltd., Series 2018-29A, Class D, 5.084% (3MO LIBOR + 240), due 11/15/26 (b)			250,000				237,446
Galaxy CLO Ltd., Series 2016-22A, Class DR, 144A, 5.879% (3MO LIBOR + 310), due 07/16/28 (b)			250,000				245,341
LCM CLO Ltd. Partnership, Series 20A, Class DR, 144A, 5.561% (3MO LIBOR + 280), due 10/20/27 (b)			250,000				244,619

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
COLLATERALIZED LOAN OBLIGATIONS - 4.0% (Continued)		Par Value				Value
LCM CLO Ltd. Partnership, Series 22A, Class CR, 144A, 5.561% (3MO LIBOR + 280), due 10/20/28 (b)		$	350,000			$	336,459
Neuberger Berman CLO Ltd., Series 2016-22A, Class CR, 144A, 4.973% (3MO LIBOR + 220), due 10/17/30 (b)			250,000				245,372
Palmer Square Loan Funding CLO Ltd., Series 2018-3A, Class C, 144A, 4.984% (3MO LIBOR + 230), due 08/15/26 (b)			1,000,000				965,252
Palmer Square Loan Funding CLO Ltd., Series 2013-2A, Class BRR, 144A, 4.973% (3MO LIBOR + 220), due 10/17/31 (b)			250,000				245,963
Symphony CLO XIV Ltd., Series 2014-14A, Class D-2, 144A, 6.397% (3MO LIBOR + 360), due 07/14/26 (b)			500,000				500,027
TCI-Cent CLO, Series 2016-1A, Class C, 144A, 6.765% (3MO LIBOR + 400), due 12/21/29 (b)			500,000				500,145
Voya CLO Ltd., Series 2016-2A, Class C, 144A, 7.011% (3MO LIBOR + 425), due 07/19/28 (b)			500,000				500,079
Westcott Park CLO, Series 2016-1A, Class D, 144A, 7.111% (3MO LIBOR + 435), due 07/20/28 (b)			500,000				500,120
Wind River CLO I Ltd., Series 2012-1A, Class D-R, 144A, 6.887% (3MO LIBOR + 410), due 01/15/26 (b)			250,000				249,998
Wind River CLO Ltd., Series 2018-2A, Class C, 144A, 4.311% (3MO LIBOR + 220), due 07/15/30 (b)			250,000				242,167
Total Collateralized Loan Obligations (Cost $13,346,314)						$	12,370,146

 

INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6%		Par Value				Value
Communication Services - 0.4%
AT&T, Inc., 5.250%, due 03/01/37		$	170,000			$	178,273
AT&T, Inc., 5.150%, due 02/15/50			260,000				265,659
Charter Communications Operating, LLC, 4.908%, due 07/23/25			120,000				126,600
Comcast Corp., 3.700%, due 04/15/24			90,000				92,964
Comcast Corp., 4.700%, due 10/15/48			240,000				259,755
Interpublic Group of Cos., Inc. (The), 4.650%, due 10/01/28			55,000				57,255
Interpublic Group of Cos., Inc. (The), 5.400%, due 10/01/48			65,000				65,669
Verizon Communications, Inc., 4.272%, due 01/15/36			85,000				85,929

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6% (Continued)		Par Value				Value
Communication Services - 0.4% (Continued)
Verizon Communications, Inc., 4.522%, due 09/15/48		$	260,000			$	266,492
							1,398,596
Consumer Discretionary - 0.3%
Expedia, Inc., 5.000%, due 02/15/26			225,000				237,642
Expedia, Inc., 3.800%, due 02/15/28			240,000				231,324
Ford Motor Co., 7.450%, due 07/16/31			55,000				58,629
General Motors Financial Co., Inc., 3.785% (3MO LIBOR + 99), due 01/05/23 (b)			90,000				87,607
General Motors Financial Co., Inc., 3.950%, due 04/13/24			40,000				39,575
Hasbro, Inc., 3.500%, due 09/15/27			70,000				67,296
Molson Coors Brewing Co., 1.250%, due 07/15/24			150,000				168,700
							890,773
Consumer Staples - 0.5%
Anheuser-Busch InBev Worldwide, Inc., 144A, 4.900%, due 02/01/46			60,000				60,082
Anheuser-Busch InBev Worldwide, Inc., 4.600%, due 04/15/48			265,000				253,924
Bank of America Corp., 2.250%, due 04/21/20			255,000				253,621
BAT Capital Corp., 144A, 3.564% (3MO LIBOR + 100), due 08/15/22 (b)			20,000				19,880
BAT Capital Corp., 144A, 4.540%, due 08/15/47			270,000				236,374
Constellation Brands, Inc., 4.250%, due 05/01/23			225,000				235,065
Dollar Tree, Inc., 4.000%, due 05/15/25			180,000				181,922
Kraft Heinz Food Co., 3.000%, due 06/01/26			275,000				257,454
Smithfield Foods, Inc., 144A, 4.250%, due 02/01/27			135,000				128,381
							1,626,703
Energy - 1.1%
Andeavor, 4.750%, due 12/15/23			275,000				287,925
Andeavor, 5.125%, due 12/15/26			150,000				159,174
Concho Resources, Inc., 4.300%, due 08/15/28			265,000				272,950
Continental Resources, Inc., 4.375%, due 01/15/28			520,000				534,950
Enbridge, Inc., 4.250%, due 12/01/26			230,000				238,460
Energy Transfer Operating, L.P., 6.000%, due 06/15/48			240,000				258,644
Energy Transfer Partners, L.P., 4.750%, due 01/15/26			60,000				62,481
Energy Transfer Partners, L.P., 4.200%, due 04/15/27			15,000				14,945

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6% (Continued)		Par Value				Value
Energy - 1.1% (Continued)
EQT Midstream Partners, L.P., 4.750%, due 07/15/23		$	55,000			$	56,076
Kinder Morgan Energy Partners, 6.950%, due 01/15/38			50,000				60,882
Kinder Morgan, Inc., 5.200%, due 03/01/48			250,000				263,102
Marathon Petroleum Corp., 144A, 5.125%, due 12/15/26			60,000				64,472
MPLX, L.P., 5.500%, due 02/15/49			125,000				133,211
Murphy Oil Corp., 5.750%, due 08/15/25			25,000				25,743
NGPL Pipeco, LLC, 144A, 4.875%, due 08/15/27			50,000				50,875
Reliance Holdings USA, 5.400%, due 02/14/22			250,000				261,982
Sabine Pass Liquefaction, LLC, 5.000%, due 03/15/27			60,000				63,600
Williams Cos., Inc. (The), 3.700%, due 01/15/23			195,000				197,646
Williams Cos., Inc. (The), 4.550%, due 06/24/24			235,000				246,975
Williams Partners, L.P., 3.750%, due 06/15/27			275,000				272,804
							3,526,897
Financials - 2.0%
Air Lease Corp., 3.250%, due 03/01/25			80,000				76,970
Alexandria Real Estate Equities, Inc., 4.000%, due 01/15/24			25,000				25,856
American International Group, Inc., 4.750%, due 04/01/48			260,000				257,717
AXA Equitable Holdings, Inc., 3.900%, due 04/20/23			180,000				184,073
BAC Capital Trust XIII, 4.000%, due 12/31/49			163,000				126,434
Bank of America Corp., 3.004%, due 12/20/23			371,000				369,011
Bank of America Corp., 3.458%, due 03/15/25			110,000				110,988
Boston Properties, L.P., 4.500%, due 12/01/28			60,000				63,657
Capital One Financial Corp., 3.471% (3MO LIBOR + 72), due 01/30/23 (b)			65,000				63,861
Citibank N.A., 2.125%, due 10/20/20			310,000				307,432
Citigroup, Inc., 3.590% (BBSW + 155), due 05/04/21 (b)			245,000				175,934
Citigroup, Inc., 3.783% (3MO LIBOR + 110), due 05/17/24 (b)			115,000				115,276
Citigroup, Inc., 4.750%, due 05/18/46			220,000				227,492
Crown Castle International Corp., 3.650%, due 09/01/27			110,000				108,166
Crown Castle International Corp., 4.300%, due 02/15/29			150,000				153,708
Discover Financial Services, 4.100%, due 02/09/27			125,000				124,713
First Maryland Capital II, 3.586% (3MO LIBOR + 85), due 02/01/27 (b)			250,000				226,032

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6% (Continued)		Par Value				Value
Financials - 2.0% (Continued)
Goldman Sachs Group, Inc. (The), 3.401% (3MO LIBOR + 75), due 02/23/23 (b)		$	270,000			$	267,637
Goldman Sachs Group, Inc. (The), 1.375%, due 05/15/24			150,000				171,838
JPMorgan Chase & Co., 4.400%, due 07/22/20			140,000				143,148
JPMorgan Chase & Co., 3.625%, due 12/01/27			60,000				59,474
Liberty Mutual Group, Inc., 144A, 6.500%, due 05/01/42			50,000				61,746
Morgan Stanley, 3.737%, due 04/24/24			120,000				122,138
MPT Operating Partnership, L.P., 5.250%, due 08/01/26			55,000				56,512
MPT Operating Partnership, L.P., 5.000%, due 10/15/27			50,000				50,563
PNC Financial Services Group, Inc., 3.500%, due 01/23/24			95,000				97,354
Santander Holdings USA, Inc., 3.400%, due 01/18/23			120,000				119,680
Synchrony Financial, 3.950%, due 12/01/27			160,000				150,351
U.S. Bancorp, 3.150%, due 04/27/27			170,000				169,951
U.S. Bancorp, Series I, 5.125% (3MO LIBOR + 348.60), due 12/31/49 (b)			225,000				228,938
U.S. Bank National Association, 3.000%, due 02/04/21			280,000				281,744
USB Capital IX, 3.807% (3MO LIBOR + 150), due 12/31/49 (b)			405,000				316,406
Wachovia Capital Trust II, 5.570%, due 03/29/49 (b)			430,000				423,550
Wells Fargo & Co., 3.394%, due 07/27/21 (b)			200,000				143,533
Wells Fargo & Co., 3.250%, due 04/27/22			200,000				145,205
Wells Fargo & Co., 4.750%, due 12/07/46			250,000				262,251
Willis North America, Inc., 4.500%, due 09/15/28			115,000				119,064
							6,108,403
Health Care - 0.8%
Becton, Dickinson and Co., 4.669%, due 06/06/47			250,000				259,536
Celgene Corp., 4.550%, due 02/20/48			270,000				273,019
Cigna Corp., 144A, 3.677% (3MO LIBOR + 89), due 07/15/23 (b)			180,000				178,868
Cigna Corp., 144A, 4.900%, due 12/15/48			250,000				257,763
CVS Health Corp., 4.100%, due 03/25/25			185,000				189,589
CVS Health Corp., 5.050%, due 03/25/48			515,000				518,887
HCA, Inc., 5.000%, due 03/15/24			170,000				180,200
Thermo Fisher Scientific, 0.750%, due 09/12/24			100,000				113,171
UnitedHealth Group, Inc., 2.700%, due 07/15/20			187,000				187,379

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6% (Continued)		Par Value				Value
Health Care - 0.8% (Continued)
Zimmer Biomet Holdings, Inc., 2.700%, due 04/01/20		$	180,000			$	179,326
							2,337,738
Industrials - 0.3%
CSX Corp., 3.800%, due 11/01/46			70,000				65,773
FedEx Corp., 4.950%, due 10/17/48			245,000				251,144
Fortiv Corp., 0.875%, due 02/15/22			150,000				157,407
General Electric Co., 5.875%, due 01/14/38			60,000				63,802
John Deer Capital Corp., 3.450%, due 01/10/24			60,000				61,771
Lockheed Martin Corp., 4.700%, due 05/15/46			105,000				117,648
Penske Truck Leasing Co., L.P., 144A, 4.200%, due 04/01/27			120,000				119,405
Reynolds American, Inc., 4.000%, due 06/12/22			70,000				71,287
Roper Technologies, Inc., 4.200%, due 09/15/28			65,000				67,184
							975,421
Information Technology - 0.7%
Apple, Inc., 3.250%, due 02/23/26			225,000				228,790
Arrow Electronics, Inc., 3.875%, due 01/12/28			125,000				120,488
Banff Merger Sub, Inc., 144A, 9.750%, due 09/01/26			245,000				239,488
Dell International, LLC, 144A, 5.300%, due 10/01/29			325,000				326,949
Dell, Inc., 144A, 8.350%, due 07/15/46			555,000				669,618
Microchip Technology, Inc., 144A, 3.922%, due 06/01/21			5,000				5,043
Microchip Technology, Inc., 144A, 4.333%, due 06/01/23			105,000				106,668
Micron Technology, Inc., 5.327%, due 02/06/29			225,000				230,906
Microsoft Corp., 2.000%, due 08/08/23			295,000				288,596
							2,216,546
Materials - 0.2%
International Paper Co., 4.350%, due 08/15/48			280,000				260,241
Mosaic Co. (The), 4.050%, due 11/15/27			115,000				114,302
Owens Corning, 4.400%, due 01/30/48			70,000				57,613
Standard Industries, Inc., 144A, 5.000%, due 02/15/27			50,000				48,313
WestRock Co., 3.750%, due 03/15/25			65,000				65,086
							545,555
Real Estate - 0.2%
American Tower Corp., 2.250%, due 01/15/22			240,000				233,923
American Tower Corp., 1.950%, due 05/22/26			100,000				115,372

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
INVESTMENT-GRADE CORPORATE OBLIGATIONS - 6.6% (Continued)		Par Value				Value
Real Estate - 0.2% (Continued)
American Tower Corp., 3.950%, due 03/15/29		$	90,000			$	90,334
Welltower, Inc., 3.950%, due 09/01/23			55,000				57,041
							496,670
Utilities - 0.1%
Emera US Finance, L.P., 3.550%, due 06/15/26			227,000				223,991
Total Investment-Grade Corporate Obligations (Cost $20,015,672)						$	20,347,293

 

HIGH YIELD CORPORATE OBLIGATIONS - 11.1%		Par Value				Value
Communication Services - 1.5%
AMC Networks, Inc., 4.750%, due 08/01/25		$	50,000			$	49,625
Block Communications, Inc., 6.875%, due 02/15/25			50,000				51,813
Cablevision Systems Corp., 5.875%, due 09/15/22			60,000				62,550
CBS Radio, Inc., 144A, 7.250%, due 11/01/24			25,000				24,875
CCO Holdings, LLC, 5.750%, due 01/15/24			225,000				230,906
CCO Holdings, LLC, 144A, 5.750%, due 02/15/26			195,000				203,531
CCO Holdings, LLC, 144A, 5.125%, due 05/01/27			200,000				200,750
CCO Holdings, LLC, 144A, 5.000%, due 02/01/28			210,000				206,850
CenturyLink, Inc., 5.800%, due 03/15/22			25,000				25,500
Clear Channel Worldwide Holdings, Inc., 144A, 9.250%, due 02/15/24			20,000				21,200
Comcel Trust, 6.875%, due 02/06/24			200,000				207,750
CSC Holdings, LLC, 5.250%, due 06/01/24			120,000				121,800
CSC Holdings, LLC, 144A, 5.500%, due 04/15/27			200,000				203,750
CSC Holdings, LLC, 144A, 6.500%, due 02/01/29			120,000				127,800
DISH DBS Corp., 6.750%, due 06/01/21			216,000				221,670
DISH DBS Corp., 5.000%, due 03/15/23			100,000				90,000
DISH Network Corp., CV, 3.375%, due 08/15/26			250,000				211,761
Embarq Corp., 7.995%, due 06/01/36			50,000				48,687
EMI Music Publishing Group, 144A, 7.625%, due 06/15/24			45,000				47,813
Frontier Communications Corp., 6.875%, due 01/15/25			10,000				5,375
Frontier Communications Corp., 11.000%, due 09/15/25			10,000				6,600

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Communication Services - 1.5% (Continued)
Frontier Communications Corp., 144A, 8.000%, due 04/01/27		$	55,000			$	56,787
GCI Liberty, Inc., 144A, 1.750%, due 09/30/46			270,000				296,398
Gray Escrow, Inc., 144A, 7.000%, due 05/15/27			125,000				132,500
GTT Communications, Inc., 144A, 7.875%, due 12/31/24			90,000				78,525
HC2 Holdings, Inc., 144A, 11.500%, due 12/01/21			130,000				113,100
Hughes Satellite Systems Corp., 6.625%, due 08/01/26			25,000				24,500
Level 3 Financing, Inc., 5.375%, due 01/15/24			95,000				96,781
Level 3 Financing, Inc., 5.250%, due 03/15/26			45,000				44,831
Match Group, Inc., 144A, 5.000%, due 12/15/27			80,000				80,400
MGIC Investment Corp., 5.750%, due 08/15/23			135,000				142,594
Netflix, Inc., 3.625%, due 05/15/27			200,000				231,489
Netflix, Inc., 144A, 5.875%, due 11/15/28			50,000				52,750
Nexstar Escrow Corp., 144A, 5.625%, due 08/01/24			75,000				76,125
Salem Media Group, Inc., 144A, 6.750%, due 06/01/24			20,000				18,300
Sinclair Television Group, Inc., 144A, 5.625%, due 08/01/24			86,000				86,430
Sinclair Television Group, Inc., 144A, 5.125%, due 02/15/27			50,000				47,875
Sirius XM Radio, Inc., 144A, 4.625%, due 05/15/23			200,000				202,250
Sirius XM Radio, Inc., 144A, 6.000%, due 07/15/24			75,000				77,719
Sirius XM Radio, Inc., 144A, 5.375%, due 07/15/26			225,000				229,860
Sirius XM Radio, Inc., 144A, 5.000%, due 08/01/27			150,000				150,000
Sprint Capital Corp., 6.875%, due 11/15/28			65,000				62,481
Sprint Corp., 7.125%, due 06/15/24			60,000				60,900
Sprint Corp., 7.625%, due 03/01/26			25,000				25,313
T-Mobile USA, Inc., 5.375%, due 04/15/27			25,000				25,813
							4,784,327
Consumer Discretionary - 1.7%
Amazon.com, Inc., 3.150%, due 08/22/27			180,000				181,071
AMC Entertainment Holdings, Inc., 5.875%, due 11/15/26			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				276,075
Aramark Services, Inc., 144A, 5.000%, due 02/01/28			40,000				39,600
Asbury Automotive Group, 6.000%, due 12/15/24			75,000				76,875

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Consumer Discretionary - 1.7% (Continued)
Ashton Woods USA, 144A, 6.750%, due 08/01/25		$	25,000			$	22,750
Beacon Escrow Corp., 144A, 4.875%, due 11/01/25			100,000				94,000
BMC East, LLC, 144A, 5.500%, due 10/01/24			25,000				24,438
Builders FirstSource, Inc., 144A, 5.625%, due 09/01/24			65,000				63,862
Caesars Report Collection, LLC, 144A, 5.250%, due 10/15/25			130,000				124,962
Caleres, Inc., 6.250%, due 08/15/23			25,000				26,000
CCM Merger, Inc., 144A, 6.000%, due 03/15/22			50,000				51,313
Cedar Fair, L.P., 5.375%, due 06/01/24			50,000				51,000
Cengage Learning, Inc., 144A, 9.500%, due 06/15/24 (c)			55,000				45,444
Century Communities, Inc., 5.875%, due 07/15/25			50,000				47,250
Cequel Communications Holdings I, LLC, 144A, 7.500%, due 04/01/28			200,000				213,500
Cimpress N.V., 144A, 7.000%, due 06/15/26			150,000				143,813
CSC Holdings, LLC, 144A, 5.375%, due 02/01/28			200,000				200,000
Dana Holding Corp., 5.500%, due 12/15/24			50,000				49,875
Ecolab, Inc., 1.000%, due 01/15/24			150,000				173,800
Eldorado Resorts, Inc., 6.000%, due 04/01/25			60,000				60,750
Golden Nugget, Inc., 144A, 6.750%, due 10/15/24			125,000				125,469
Graham Holdings Co., 144A, 5.750%, due 06/01/26			140,000				147,000
Hertz Corp., 7.375%, due 01/15/21			50,000				50,062
Hilton Domestic Operating Co., Inc., 4.250%, due 09/01/24			125,000				124,531
KFC Holding Co., 144A, 4.750%, due 06/01/27			125,000				122,813
L Brands, Inc., 6.750%, due 07/01/36			25,000				21,062
Lennar Corp., 5.375%, due 10/01/22			25,000				26,056
Lennar Corp., 5.250%, due 06/01/26			25,000				25,687
Live Nation Entertainment, Inc., 144A, 5.375%, due 06/15/22			25,000				25,312
LTF Merger Sub, Inc., 144A, 8.500%, due 06/15/23			95,000				97,494
M/I Homes, Inc., 5.625%, due 08/01/25			50,000				48,000
McGraw-Hill Global Education Holdings, LLC, 7.875%, due 05/15/24			245,000				194,775
Men's Wearhouse, Inc. (The), 7.000%, due 07/01/22			50,000				49,375
Meritage Homes Corp., 6.000%, due 06/01/25			75,000				78,562
MGM Resorts International, 6.000%, due 03/15/23			50,000				53,000

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Consumer Discretionary - 1.7% (Continued)
MGM Resorts International, 5.750%, due 06/15/25		$	75,000			$	77,625
Penn National Gaming, Inc., 144A, 5.625%, due 01/15/27			25,000				24,250
PetSmart, Inc., 144A, 7.125%, due 03/15/23			50,000				37,250
PetSmart, Inc., 144A, 7.125%, due 03/15/23 (c)			30,000				22,350
PetSmart, Inc., 144A, 5.875%, due 06/01/25			40,000				33,500
PGT Escrow Issuer, Inc., 144A, 6.750%, due 08/01/26			50,000				51,500
Radiate Holdco, LLC, 144A, 6.625%, due 02/15/25			300,000				289,500
Scientific Games International, Inc., 144A, 5.000%, due 10/15/25			75,000				73,500
Six Flags Entertainment Corp., 144A, 5.500%, due 04/15/27			50,000				49,313
Station Casinos, LLC, 144A, 5.000%, due 10/01/25			50,000				49,000
Tempur Sealy International, Inc., 5.500%, due 06/15/26			109,000				109,000
Viacom, Inc., 6.250%, due 02/28/57			325,000				323,375
WMG Acquisition Corp., 144A, 5.500%, due 04/15/26			220,000				225,775
Wolverine World Wide, Inc., 144A, 5.000%, due 09/01/26			25,000				24,125
Yum! Brands, Inc., 144A, 5.000%, due 06/01/24			110,000				112,200
Yum! Brands, Inc., 144A, 5.250%, due 06/01/26			275,000				277,750
							5,186,089
Consumer Staples - 0.5%
Albertsons Cos., LLC, 6.625%, due 06/15/24			75,000				75,750
Albertsons Cos., LLC, 5.750%, due 03/15/25			10,000				9,475
Albertsons Cos., LLC, 144A, 7.500%, due 03/15/26			65,000				66,706
Altria Group, Inc., 5.950%, due 02/14/49			60,000				64,086
B&G Foods, Inc., 5.250%, due 04/01/25			70,000				67,375
Central Garden & Pet Co., 5.125%, due 02/01/28			25,000				23,188
Cott Holdings, Inc., 144A, 5.500%, due 04/01/25			85,000				85,850
JBS USA LUX S.A., 144A, 5.875%, due 07/15/24			25,000				25,687
JBS USA LUX/JBS USA Finance, Inc., 144A, 6.750%, due 02/15/28			144,000				149,220
Pilgrim's Pride Corp., 144A, 5.750%, due 03/15/25			170,000				172,125
Post Holdings, Inc., 144A, 5.500%, due 03/01/25			90,000				90,900
Post Holdings, Inc., 144A, 5.000%, due 08/15/26			345,000				335,513
Post Holdings, Inc., 144A, 5.750%, due 03/01/27			235,000				235,881
Post Holdings, Inc., 144A, 5.625%, due 01/15/28			190,000				188,338

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Consumer Staples - 0.5% (Continued)
Simmons Foods, Inc., 144A, 5.750%, due 11/01/24		$	25,000			$	22,000
Spectrum Brands, Inc., 5.750%, due 07/15/25			25,000				25,188
							1,637,282
Energy - 2.3%
Antero Midstream Partners, L.P., 144A, 5.750%, due 03/01/27			125,000				126,875
Antero Resources Corp., 5.000%, due 03/01/25			55,000				54,175
Calfrac Holdings, L.P., 144A, 8.500%, due 06/15/26			50,000				38,500
Cheniere Corpus Christi Holdings, LLC, 5.125%, due 06/30/27			60,000				62,925
Cheniere Energy Partners, L.P., 144A, 5.250%, due 10/01/25			45,000				46,012
Cheniere Energy Partners, L.P., 144A, 5.625%, due 10/01/26			85,000				87,125
Chesapeake Energy Corp., 6.875%, due 11/15/20			115,000				118,738
Chesapeake Energy Corp., 6.125%, due 02/15/21			115,000				119,025
Chesapeake Energy Corp., 7.000%, due 10/01/24			325,000				324,188
Chesapeake Energy Corp., 8.000%, due 01/15/25			50,000				50,875
Chesapeake Energy Corp., 5.500%, due 09/15/26			370,000				342,873
Chesapeake Energy Corp., 8.000%, due 06/15/27			325,000				320,125
Covey Park Energy, LLC, 144A, 7.500%, due 05/15/25			25,000				23,188
Crestwood Midstream Partners, L.P., CV, 6.250%, due 04/01/23			25,000				25,625
DCP Midstream Operating, L.P., 3.875%, due 03/15/23			20,000				19,900
DCP Midstream Operating, L.P., 5.375%, due 07/15/25			400,000				417,000
Delek Logistics Partners, L.P., CV, 6.750%, due 05/15/25			75,000				73,875
Diamondback Energy, Inc., 144A, 4.750%, due 11/01/24			145,000				148,081
Diamondback Energy, Inc., 5.375%, due 05/31/25			530,000				551,200
Eclipse Resources Corp., 8.875%, due 07/15/23			25,000				23,812
Endeavor Energy Resources, L.P., 144A, 5.750%, due 01/30/28			75,000				78,562
Enlink Midstream Partners, L.P., 4.150%, due 06/01/25			50,000				48,206
Enviva Partners, L.P., 8.500%, due 11/02/21			25,000				26,000
FTS International, Inc., 6.250%, due 05/01/22			90,000				87,300
Gulfport Energy Corp., 6.375%, due 05/15/25			75,000				67,875

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Energy - 2.3% (Continued)
Gulfport Energy Corp., 6.375%, due 01/15/26		$	75,000			$	66,750
Hess Infrastructure Partners, L.P., 144A, 5.625%, due 02/15/26			25,000				25,437
Hilcorp Energy I, L.P., 144A, 6.250%, due 11/01/28			65,000				65,162
Hill-Rom Holdings, Inc., 144A, 5.750%, due 09/01/23			50,000				51,562
Jagged Peak Energy, LLC, 5.875%, due 05/01/26			15,000				14,850
Jonah Energy, LLC, 144A, 7.250%, due 10/15/25			20,000				10,550
Lonestar Resources America, Inc., 144A, 11.250%, due 01/01/23			50,000				49,000
Magnolia Oil and Gas Operating, 144A, 6.000%, due 08/01/26			75,000				75,750
Murphy Oil Corp., 6.875%, due 08/15/24			285,000				301,699
Murphy Oil USA, Inc., 5.625%, due 05/01/27			25,000				25,997
Murray Energy Corp., 144A, 11.250%, due 04/15/21			50,000				26,500
Oasis Petroleum, Inc., 6.875%, due 03/15/22			35,000				35,262
Oasis Petroleum, Inc., CV, 2.625%, due 09/15/23			190,000				178,223
Occidental Petroleum Corp., 3.500%, due 06/15/25			186,000				191,492
Parsley Energy, LLC, 144A, 5.375%, due 01/15/25			350,000				350,000
Parsley Energy, LLC, 144A, 5.625%, due 10/15/27			390,000				388,050
PBF Holding Co., LLC, 7.250%, due 06/15/25			365,000				374,581
PBF Logistics, L.P., 6.875%, due 05/15/23			25,000				25,375
Peabody Securities Finance Corp., 144A, 6.000%, due 03/31/22			130,000				131,137
QEP Resources, Inc., 5.625%, due 03/01/26			30,000				27,225
SM Energy Co., CV, 1.500%, due 07/01/21			150,000				141,005
SM Energy Co., 6.625%, due 01/15/27			375,000				356,250
Sunoco, L.P., 144A, 6.000%, due 04/15/27			35,000				35,087
Sunoco, L.P. / Sunoco Finance Corp., 144A, 5.500%, due 02/15/26			25,000				24,750
Tallgrass Energy Partners, L.P., 144A, 5.500%, due 01/15/28			25,000				25,094
Targa Resources Partners, L.P., 144A, 5.875%, due 04/15/26			190,000				201,400
Targa Resources Partners, L.P., 144A, 6.500%, due 07/15/27			5,000				5,394

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Energy - 2.3% (Continued)
Targa Resources Partners, L.P., 144A, 6.875%, due 01/15/29		$	20,000			$	21,775
USA Compression Partners, L.P., 6.875%, due 04/01/26			30,000				30,675
USA Compression Partners, L.P., 144A, 6.875%, due 09/01/27			60,000				61,200
WPX Energy, Inc., 5.750%, due 06/01/26			380,000				385,700
							6,984,992
Financials - 1.0%
Alexandria Real Estate Equities, Inc., 4.850%, due 04/15/49			25,000				26,135
Alliant Holdings Intermediate, LLC, 144A, 8.250%, due 08/01/23			60,000				61,500
Ally Financial, Inc., 4.125%, due 03/30/20			125,000				125,781
Ally Financial, Inc., 5.750%, due 11/20/25			75,000				79,875
American Express Co., 3.400%, due 02/22/24			85,000				86,260
Athene Global Funding, 144A, 3.000%, due 07/01/22			120,000				119,605
Bank of America Corp., 3.974%, due 02/07/30			280,000				285,262
CFX Escrow Corp., 144A, 6.000%, due 02/15/24			20,000				20,800
CFX Escrow Corp., 144A, 6.375%, due 02/15/26			60,000				63,675
Citigroup, Inc., 0.190% (3MO EURIBOR + 50), due 03/21/23 (b)			170,000				190,080
Eagle Holding Co. II, LLC, 144A, 7.625%, due 05/15/22			25,000				25,250
ESH Hospitality, Inc., 144A, 5.250%, due 05/01/25			295,000				292,787
Goldman Sachs Group, Inc. (The), 3.625%, due 02/20/24			55,000				55,630
Hub International Ltd., 144A, 7.000%, due 05/01/26			50,000				49,375
Icahn Enterprises, L.P., 6.375%, due 12/15/25			80,000				81,900
Lions Gate Capital Holdings, LLC, 144A, 6.375%, due 02/01/24			345,000				361,387
Lions Gate Capital Holdings, LLC, 144A, 5.875%, due 11/01/24			103,000				105,832
MGM Growth Properties Operating Partnership, L.P., 5.625%, due 05/01/24			50,000				52,062
MGM Growth Properties Operating Partnership, L.P., 144A, 5.750%, due 02/01/27			95,000				97,969

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Financials - 1.0% (Continued)
Nationstar Mortgage Holdings, Inc., 144A, 8.125%, due 07/15/23		$	45,000			$	46,350
NFP Corp., 144A, 6.875%, due 07/15/25			80,000				76,400
Park Aerospace Holdings Ltd., 144A, 5.250%, due 08/15/22			15,000				15,375
Quicken Loans, Inc., 144A, 5.250%, due 01/15/28			50,000				46,832
Realogy Group, LLC, 144A, 5.250%, due 12/01/21			50,000				50,375
Springleaf Finance Corp., 7.125%, due 03/15/26			50,000				50,688
SunTrust Banks, Inc., 5.050%, due 12/31/49			225,000				220,219
Synovus Financial Corp., 5.750% (3MO LIBOR + 418.20), due 12/15/25 (b)			300,000				303,924
Tempo Acquisition, LLC, 144A, 6.750%, due 06/01/25			80,000				80,600
U.S. Bancorp, 0.850%, due 06/07/24			100,000				114,059
							3,185,987
Health Care - 0.9%
AbbVie, Inc., 4.700%, due 05/14/45			65,000				62,442
AbbVie, Inc., 4.875%, due 11/14/48			260,000				254,574
Anthem, Inc., 2.750%, due 10/15/42			65,000				258,749
Bausch Health Cos., Inc., 144A, 9.250%, due 04/01/26			20,000				21,800
Bausch Health Cos., Inc., 144A, 8.500%, due 01/31/27			60,000				63,600
Centene Corp., 4.750%, due 01/15/25			90,000				91,800
Centene Corp., 144A, 5.375%, due 06/01/26			85,000				88,506
Danaher Corp., 0.000%, due 01/22/21			80,000				402,501
Davita, Inc., 5.125%, due 07/15/24			35,000				34,519
HCA, Inc., 6.250%, due 02/15/21			250,000				262,500
HCA, Inc., 7.500%, due 02/15/22			450,000				496,125
HCA, Inc., 5.375%, due 02/01/25			100,000				106,000
HCA, Inc., 5.375%, due 09/01/26			115,000				120,750
HCA, Inc., 5.875%, due 02/01/29			5,000				5,375
Jaguar Holding Co. II, 6.375%, due 08/01/23			25,000				25,469
Molina Healthcare, Inc., 5.375%, due 11/15/22			25,000				25,812
MPH Acquisition Holdings, LLC, 144A, 7.125%, due 06/01/24			90,000				89,775
Par Pharmaceutical, Inc., 144A, 7.500%, due 04/01/27			30,000				30,413
Polaris Intermediate Corp., 144A, 8.500%, due 12/01/22			25,000				24,750
Vizient, Inc., 144A, 10.375%, due 03/01/24			50,000				54,125

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Health Care - 0.9% (Continued)
WellCare Health Plans, Inc., 144A, 5.375%, due 08/15/26		$	90,000			$	94,050
West Street Merger Sub, Inc., 144A, 6.375%, due 09/01/25			40,000				38,900
							2,652,535
Industrials - 0.8%
Advanced Disposal Services, Inc., 144A, 5.625%, due 11/15/24			50,000				51,000
AECOM, 5.875%, due 10/15/24			275,000				290,125
AECOM, 5.125%, due 03/15/27			520,000				501,800
Allison Transmission, Inc., 144A, 5.875%, due 06/01/29			15,000				15,150
Avantor, Inc., 144A, 9.000%, due 10/01/25			40,000				43,300
Crown Americas Capital Corp. IV, 4.500%, due 01/15/23			270,000				272,363
Crown Cork & Seal Co., Inc., 7.375%, due 12/15/26			175,000				195,125
Delta Airlines, Inc., 3.625%, due 03/15/22			115,000				115,635
Flex Acquisition Co., Inc., 144A, 6.875%, due 01/15/25			35,000				33,469
FXI Holdings, Inc., 7.875%, due 11/01/24			40,000				37,150
H&E Equipment Services, Inc., 5.625%, due 09/01/25			50,000				49,750
Indigo Natural Resources, LLC, 144A, 6.875%, due 02/15/26			105,000				92,794
Itron, Inc., 144A, 5.000%, due 01/15/26			50,000				49,187
Navistar International Corp., 144A, 6.625%, due 11/01/25			50,000				50,813
Novelis Corp., 144A, 5.875%, due 09/30/26			50,000				49,813
Resideo Funding, Inc., 144A, 6.125%, due 11/01/26			50,000				51,567
Stevens Holding Co., Inc., 144A, 6.125%, due 10/01/26			25,000				25,750
Tenet Healthcare Corp., 6.750%, due 06/15/23			100,000				103,250
TransDigm, Inc., 6.500%, due 05/15/25			25,000				25,312
TransDigm, Inc., 144A, 6.250%, due 03/15/26			15,000				15,562
TransDigm, Inc., 6.375%, due 06/15/26			15,000				14,812
United Rentals North America, Inc., 4.625%, due 10/15/25			75,000				73,969
United Rentals North America, Inc., 6.500%, due 12/15/26			35,000				36,794
United Rentals North America, Inc., 5.500%, due 05/15/27			275,000				278,438
Zekelman Industries, Inc., 144A, 9.875%, due 06/15/23			25,000				26,438
							2,499,366
Information Technology - 0.9%
Apple, Inc., 3.450%, due 05/06/24			340,000				351,085
Ascend Learning, LLC, 144A, 6.875%, due 08/01/25			25,000				24,875

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Information Technology - 0.9% (Continued)
CDK Global, Inc., 5.875%, due 06/15/26		$	175,000			$	183,313
CDW, LLC, 5.000%, due 09/01/25			35,000				35,875
Change Healthcare Holdings, LLC, 144A, 5.750%, due 03/01/25			50,000				49,500
CommScope Finance, LLC, 144A, 5.500%, due 03/01/24			475,000				484,500
CommScope Finance, LLC, 144A, 6.000%, due 03/01/26			20,000				20,500
CommScope Technologies, LLC, 144A, 6.000%, due 06/15/25			25,000				24,313
Dell International, LLC, 144A, 7.125%, due 06/15/24			25,000				26,469
First Data Corp., 144A, 5.750%, due 01/15/24			60,000				61,725
Greeneden U.S. Holdings II, LLC, 144A, 10.000%, due 11/30/24			60,000				65,400
IBM Corp., 2.750%, due 12/21/20			200,000				267,306
Informatica, LLC, 144A, 7.125%, due 07/15/23			80,000				81,500
Jabil, Inc., 3.950%, due 01/12/28			66,000				60,882
KLA-Tencor Corp., 4.100%, due 03/15/29			250,000				254,543
MSCI, Inc., 144A, 5.750%, due 08/15/25			25,000				26,250
Plantronics, Inc., 5.500%, due 05/31/23			50,000				50,250
Quintiles Transnational Corp., 144A, 4.875%, due 05/15/23			120,000				122,100
Rackspace Hosting, Inc., 144A, 8.625%, due 11/15/24			90,000				81,000
Refinitiv U.S. Holdings, Inc., 144A, 6.250%, due 05/15/26			80,000				81,100
Refinitiv U.S. Holdings, Inc., 144A, 8.250%, due 11/15/26			235,000				230,888
RP Crown Parent, LLC, 144A, 7.375%, due 10/15/24			25,000				25,625
Solera, LLC/Solera Finance, Inc., 144A, 10.500%, due 03/01/24			15,000				16,219
SS&C Technologies, Inc., 144A, 5.500%, due 09/30/27			15,000				15,150
Star Merger Sub, Inc., 144A, 6.875%, due 08/15/26			50,000				51,000
Verscend Holding Corp., 144A, 9.750%, due 08/15/26			92,000				91,770
Viasat, Inc., 144A, 5.625%, due 04/15/27			5,000				5,087
							2,788,225
Materials - 1.1%
Aruba Investments, Inc., 144A, 8.750%, due 02/15/23			25,000				25,063
Ashland, Inc., 4.750%, due 08/15/22			135,000				138,881
Ball Corp., 4.375%, due 12/15/20			125,000				127,031

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Materials - 1.1% (Continued)
Ball Corp., 4.000%, due 11/15/23		$	360,000			$	362,700
Ball Corp., 5.250%, due 07/01/25			230,000				240,638
Ball Corp., 4.875%, due 03/15/26			285,000				293,906
BWAY Holding Co., 144A, 7.250%, due 04/15/25			25,000				24,031
Chemours Co. (The), 5.375%, due 05/15/27			40,000				39,700
Cleveland-Cliffs, Inc., 5.750%, due 03/01/25			50,000				47,875
Cornerstone Chemical Co., 144A, 6.750%, due 08/15/24			50,000				47,000
Crown Americas, LLC, 4.750%, due 02/01/26			127,000				127,317
Freeport-McMoRan, Inc., 4.550%, due 11/14/24			25,000				24,531
Freeport-McMoRan, Inc., 5.400%, due 11/14/34			400,000				364,000
Freeport-McMoRan, Inc., 5.450%, due 03/15/43			400,000				350,000
Hexion, Inc., 6.625%, due 04/15/20			35,000				29,312
Koppers, Inc., 144A, 6.000%, due 02/15/25			50,000				48,812
Multi-Color Corp., 144A, 4.875%, due 11/01/25			75,000				76,781
Olin Corp., 5.125%, due 09/15/27			50,000				50,500
Owens-Brockway Glass Container, Inc., 144A, 5.875%, due 08/15/23			50,000				52,313
Rayonier A.M. Product, Inc., 144A, 5.500%, due 06/01/24			60,000				56,550
Reynolds Group Issuer, Inc., 144A, 5.125%, due 07/15/23			25,000				25,344
Schweitzer Mauduit International, 144A, 6.875%, due 10/01/26			50,000				50,000
Sealed Air Corp., 144A, 6.500%, due 12/01/20			200,000				208,000
Sealed Air Corp., 144A, 5.125%, due 12/01/24			355,000				367,425
Sealed Air Corp., 144A, 5.500%, due 09/15/25			44,000				46,310
Summit Materials, LLC, 144A, 5.125%, due 06/01/25			50,000				48,000
SunCoke Energy Partners, L.P., 144A, 7.500%, due 06/15/25			20,000				20,275
Tronox, Inc., 144A, 6.500%, due 04/15/26			50,000				47,375
							3,339,670
Real Estate - 0.1%
SBA Communications Corp., 4.875%, due 09/01/24			230,000				231,725
Utilities - 0.3%
Brooklyn Union Gas Co. (The), 144A, 4.487%, due 03/04/49			55,000				59,142
NRG Energy, Inc., 6.625%, due 01/15/27			275,000				296,313

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
HIGH YIELD CORPORATE OBLIGATIONS - 11.1% (Continued)		Par Value				Value
Utilities - 0.3% (Continued)
NRG Energy, Inc., 5.750%, due 01/15/28		$	65,000			$	68,900
NRG Energy, Inc., 144A, 2.750%, due 06/01/48			200,000				227,236
Vistra Operations Co., LLC, 144A, 5.500%, due 09/01/26			120,000				124,800
Vistra Operations Co., LLC, 144A, 5.625%, due 02/15/27			144,000				149,760
							926,151
Total High Yield Corporate Obligations (Cost $33,499,939)						$	34,216,349

 

FOREIGN BONDS - 24.0%		Par Value				Value
Argentina - 1.0%
Argentine Republic Government International Bond, 6.875%, due 01/26/27		$	700,000			$	563,500
Argentine Republic Government International Bond, 5.875%, due 01/11/28			200,000				153,000
Banco Macro S.A., 6.750%, due 11/04/26			550,000				470,874
Pampa Energie S.A., 7.500%, due 01/24/27			600,000				528,000
Provincia de Buenos Aires, 7.875%, due 06/15/27			700,000				512,750
YPF S.A., 8.500%, due 07/28/25			500,000				485,000
YPF S.A., 6.950%, due 07/21/27			250,000				221,250
							2,934,374
Australia - 0.4%
Asian Development Bank, 5.000%, due 03/09/22			110,000				85,170
Inter-American Development Bank, 6.500%, due 08/20/19			290,000				209,640
International Bank for Reconstruction & Development, 2.500%, due 03/12/20			280,000				200,151
International Bank for Reconstruction & Development, 2.800%, due 01/13/21			125,000				90,274
International Finance Corp., 2.800%, due 08/15/22			310,000				225,954
Queensland Treasury Corp., 6.250%, due 02/21/20			175,000				129,218
Queensland Treasury Corp., Series 21, 5.500%, due 06/21/21			515,000				395,922
							1,336,329
Austria - 0.3%
Austria (Republic of), 0.500%, due 02/20/29			230,000				264,597

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Austria - 0.3% (Continued)
ESAL GmbH, 6.250%, due 02/05/23		$	400,000			$	406,000
JBS Investments GmbH, 7.250%, due 04/03/24			200,000				206,250
							876,847
Bermuda - 0.4%
Digicel Group Ltd., 144A, 9.125%, due 04/01/24			600,000				159,000
Geopark Ltd., 6.500%, due 09/21/24			600,000				601,500
IHS Markit Ltd., 4.750%, due 08/01/28			135,000				141,075
Inkia Energy Ltd., 5.875%, due 11/09/27			400,000				391,000
Viking Cruises Ltd., 144A, 5.875%, due 09/15/27			110,000				106,975
							1,399,550
Brazil - 1.4%
Banco BTG Pactual S.A., 144A, 7.750%, due 02/15/29			600,000				595,985
Banco de Brasil S.A., 6.250%, due 12/31/49			700,000				627,375
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/21			3,035				827,815
Brazil Notas do Tesouro Nacional, 10.000%, due 01/01/23			4,560				1,259,111
Federative Republic of Brazil, 4.500%, due 05/30/29			335,000				329,590
Itau Unibanco Holding S.A., 6.500%, due 12/31/49			600,000				591,948
							4,231,824
Canada - 2.7%
Air Canada Pass Through Trust, 144A, Series 2017-1, 3.300%, due 01/15/31			288,062				278,466
ATS Automation Tooling Systems, Inc., 144A, 6.500%, due 06/15/23			50,000				51,750
Bank of Montreal, 3.803%, due 12/15/32			45,000				43,468
Bank of Nova Scotia (The), 3.400%, due 02/11/24			60,000				60,819
Bausch Health Cos., Inc., 144A, 5.500%, due 03/01/23			25,000				25,125
Bausch Health Cos., Inc., 144A, 7.000%, due 03/15/24			15,000				15,825
Bausch Health Cos., Inc., 144A, 5.500%, due 11/01/25			25,000				25,500
Bausch Health Cos., Inc., 144A, 5.750%, due 08/15/27			40,000				40,950
BC ULC/New Red Finance, Inc., 144A, 4.625%, due 01/15/22			300,000				301,125
BC ULC/New Red Finance, Inc., 144A, 4.250%, due 05/15/24			325,000				321,750
BC ULC/New Red Finance, Inc., 144A, 5.000%, due 10/15/25			547,000				540,163
Bombardier, Inc., 144A, 8.750%, due 12/01/21			25,000				27,625

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Canada - 2.7% (Continued)
Bombardier, Inc., 6.000%, due 10/15/22		$	40,000			$	40,350
Canacol Energy Ltd., 7.250%, due 05/03/25			400,000				398,500
Canacol Energy Ltd., 144A, 7.250%, due 05/03/25			200,000				199,250
Canada Housing Trust No. 1, 2.350%, due 06/15/23			305,000				232,985
Canadian Government, 1.250%, due 11/01/19			1,060,000				791,657
Canadian Government, 1.500%, due 03/01/20			765,000				571,686
Canadian Government, 0.750%, due 09/01/20			920,000				680,510
Canadian Government, 2.250%, due 03/01/24			706,000				546,166
Canadian Natural Resources Ltd., 2.950%, due 01/15/23			120,000				118,873
Cascades, Inc., 5.500%, due 07/15/22			75,000				75,188
Cenovus Energy, Inc., 5.250%, due 06/15/37			250,000				245,938
Emera, Inc., 6.750%, due 06/15/76			482,000				513,330
Enbridge, Inc., 6.000%, due 01/15/77			240,000				235,200
Export Development of Canada, 144A, 2.300%, due 02/10/20			230,000				229,703
GW Honos Security Corp., 144A, 8.750%, due 05/15/25			70,000				66,675
Masonite International Corp., 144A, 5.625%, due 03/15/23			90,000				92,025
Nutrien Ltd., 4.200%, due 04/01/29			55,000				56,613
Open Text Corp., 144A, 5.875%, due 06/01/26			50,000				52,250
Panther Finance Cos., Inc., 144A, 6.250%, due 05/15/26			65,000				66,381
Province of British Columbia, 144A, 6.600%, due 01/09/20			9,200,000				131,861
Province of Ontario, 3.500%, due 06/02/24			440,000				352,329
Royal Bank of Canada, 2.150%, due 10/26/20			125,000				124,418
Stoneway Capital Corp., 10.000%, due 03/01/27			462,753				455,233
Teck Resources Ltd., 5.200%, due 03/01/42			25,000				24,031
Telesat Canada, LLC, 144A, 8.875%, due 11/15/24			85,000				92,119
Tervita Escrow Corp., 144A, 7.625%, due 12/01/21			100,000				99,250
Vermilion Energy, Inc., 144A, 5.625%, due 03/15/25			50,000				49,062
							8,274,149
Cayman Islands - 1.1%
Avolon Holdings Funding Ltd., 144A, 5.125%, due 10/01/23			25,000				25,469
Avolon Holdings Funding Ltd., 144A, 5.250%, due 05/15/24			95,000				97,850
CNS Islands XII Corp., 7.000%, due 12/31/49			200,000				172,250
Cosan Overseas Ltd., 8.250%, due 11/29/49			200,000				204,250
Energuate Trust, 5.875%, due 05/03/27			200,000				196,000

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Cayman Islands - 1.1% (Continued)
Gran Tierra Energy International Holdings Ltd., 6.250%, due 02/15/25		$	400,000			$	382,000
Guanay Finance Ltd., 6.000%, due 12/15/20			384,540				389,828
Industrial Senior Trust, 5.500%, due 11/01/22			100,000				101,231
Intelsat Connect Finance S.A., 144A, 9.500%, due 02/15/23			25,000				22,125
Latam Finance Ltd., 6.875%, due 04/11/24			200,000				204,750
Latam Finance Ltd., 144A, 7.000%, due 03/01/26			200,000				203,000
Seagate HDD Cayman, 4.875%, due 06/01/27			325,000				309,818
SPARC EM SPC Panama Metroline 2 SP, 144A, 0.000%, due 12/05/22			170,833				156,952
SPARC EM SPC Panama Metroline 2 SP, 0.000%, due 12/05/22			597,914				549,334
Tecnoglass, Inc., 8.200%, due 01/31/22			200,000				210,500
Transocean Guardian Ltd., 144A, 5.875%, due 01/15/24			14,175				14,405
Transocean Poseidon Ltd., 144A, 6.875%, due 02/01/27			75,000				78,188
Transocean, Inc., 144A, 7.250%, due 11/01/25			30,000				29,700
							3,347,650
Chile - 1.0%
AES Gener S.A., 5.000%, due 07/14/25			200,000				203,000
AES Gener S.A., 144A, 7.125%, due 03/26/79			400,000				408,693
Colbun S.A., 3.950%, due 10/11/27			200,000				195,786
Embotelladora Andina S.A., 5.000%, due 10/01/23			310,000				324,163
Empresa Electrica Angamos S.A., 4.875%, due 05/25/29			182,600				184,165
Empresa Electrica Guacolda S.A., 4.560%, due 04/30/25			400,000				379,372
Engie Energia Chile S.A., 4.500%, due 01/29/25			200,000				206,220
Entel Chila S.A., 4.750%, due 08/01/26			600,000				603,000
GNL Quintero S.A., 4.634%, due 07/31/29			200,000				204,610
Inversiones CMPC S.A., 4.750%, due 09/15/24			200,000				205,768
Sociedad Quimica y Minera de Chile, 4.375%, due 01/28/25			200,000				201,000
							3,115,777
Colombia - 0.8%
Bancolombia S.A., 4.875%, due 10/18/27			200,000				198,647
BBVA Columbia S.A., 4.875%, due 04/21/25			300,000				305,052
Colombia Telecomunicaciones S.A., 8.500%, due 09/30/66			200,000				207,000
Columbian TES, 7.000%, due 05/04/22			1,855,000,000				610,148

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Colombia - 0.8% (Continued)
Fideicomiso P.A. Pacifico Tres, 8.250%, due 01/15/35		$	200,000			$	215,780
Republic of Columbia, 7.000%, due 09/11/19			604,700,000				191,818
Republic of Columbia, 11.000%, due 07/24/20			831,100,000				281,695
Republic of Columbia, 4.500%, due 01/28/26			275,000				290,125
Republic of Columbia, 5.200%, due 05/15/49			200,000				214,750
							2,515,015
Costa Rica - 0.1%
Costa Rica Government International Bond, 9.995%, due 08/01/20			200,000				209,250
Curacao - 0.1%
Sura Asset Management S.A., 4.875%, due 04/17/24			200,000				207,250
Dominican Republic - 0.1%
Banco de Reservas de la Republica Dominicana, 7.000%, due 02/01/23			300,000				305,933
Finland - 0.1%
Finland (Republic of), 0.500%, due 09/15/28			195,000				225,430
Finland Government Bond, 144A, 1.500%, due 04/15/23			35,000				42,297
							267,727
Germany - 0.5%
KFW Development Bank, 6.000%, due 08/20/20			340,000				255,297
KFW Development Bank, 0.375%, due 03/15/23			150,000				172,482
KFW Development Bank, 2.125%, due 08/15/23			260,000				321,893
KFW Development Bank, 0.000%, due 09/15/23			80,000				90,608
Kreditanstalt Fuer Weideraufbau, 2.625%, due 02/28/24			320,000				323,085
Kreditanstalt Fuer Wiederaufbrau, 2.750%, due 09/08/20			275,000				276,243
							1,439,608
Greece - 0.3%
Hellenic Republic (Greece), 3.875%, due 03/12/29			908,000				1,028,958
Hungary - 0.3%
Hungary Government International Bond, 6.250%, due 01/29/20			380,000				390,420

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Hungary - 0.3% (Continued)
Hungary Government International Bond, 6.375%, due 03/29/21		$	440,000			$	468,600
							859,020
India - 0.5%
Bharti Airtel Ltd., 5.125%, due 03/11/23			200,000				206,500
Bharti Airtel Ltd., 4.375%, due 06/10/25			700,000				688,625
Indian Oil Corp. Ltd., 5.750%, due 08/01/23			300,000				323,721
NTPC Ltd., 7.250%, due 05/03/22			20,000,000				279,625
							1,498,471
Indonesia - 1.5%
European Bank Reconstruction and Development, 7.375%, due 04/15/19			1,500,000,000				105,320
Indonesia Government International Bond, 144A, 2.625%, due 06/14/23			150,000				179,463
Indonesia Government International Bond, 144A, 2.150%, due 07/18/24			150,000				176,472
Indonesia Treasury Bond, 8.250%, due 07/15/21			4,845,000,000				350,017
Indonesia Treasury Bond, 7.000%, due 05/15/22			3,200,000,000				224,505
Indonesia Treasury Bond, 5.625%, due 05/15/23			1,400,000,000				93,120
Indonesia Treasury Bond, 8.375%, due 03/15/24			4,175,000,000				306,772
Indonesia Treasury Bond, 8.375%, due 09/15/26			3,348,000,000				244,878
Indonesia Treasury Bond, 7.000%, due 05/15/27			5,714,000,000				384,677
Indonesia Treasury Bond, 6.125%, due 05/15/28			6,400,000,000				405,206
Indonesia Treasury Bond, 9.000%, due 03/15/29			1,800,000,000				136,608
Indonesia Treasury Bond, 8.750%, due 05/15/31			3,000,000,000				222,562
Indonesia Treasury Bond, 6.625%, due 05/15/33			2,905,000,000				177,869
Indonesia Treasury Bond, 7.500%, due 05/15/38			2,000,000,000				131,078
International Bank for Reconstruction & Development, 7.450%, due 08/20/21			2,760,000,000				194,475
Jasa Marga (Persero), 144A, 7.500%, due 12/11/20			1,500,000,000				101,257
Pelabuhan Indonesia II PT, 144A, 4.250%, due 05/05/25			200,000				202,000
Pertamina Persero PT, 144A, 4.300%, due 05/20/23			200,000				205,750
Perusahaan Listrik Negara PT, 144A, 4.125%, due 05/15/27			250,000				245,000
Perusahaan Penerbit SBSN, 144A, 4.150%, due 03/29/27			400,000				404,350
Republic of Indonesia, 8.250%, due 05/15/29			283,000,000				20,653
							4,512,032

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Ireland - 0.9%
Bank of Ireland Group plc, 144A, 4.500%, due 11/25/23		$	200,000			$	203,381
C&W Senior Financing Designated Activity Co., 6.875%, due 09/15/27			800,000				792,000
Ireland Government Bond, 3.900%, due 03/20/23			700,000				915,379
Ireland Government Bond, 3.400%, due 03/18/24			675,000				889,425
							2,800,185
Israel - 0.1%
Delek & Avner Tamar Bond Ltd., 144A, 5.082%, due 12/30/23			100,000				101,758
Delek & Avner Tamar Bond Ltd., 144A, 5.412%, due 12/30/25			100,000				101,965
Israel Electric Corp. Ltd., 144A, 5.000%, due 11/12/24			200,000				210,500
							414,223
Japan - 0.3%
Japan, 0.100%, due 12/20/23			84,700,000				775,186
Mitsubishi UFJ Financial Group, Inc., 3.355% (3MO LIBOR + 74), due 03/02/23 (b)			90,000				89,901
Sony Corp., 0.000%, due 09/30/22			20,000,000				210,397
							1,075,484
Liberia - 0.0% (d)
Royal Caribbean Cruises Ltd., 3.700%, due 03/15/28			65,000				62,562
Luxembourg - 1.3%
Adecoagro S.A., 6.000%, due 09/21/27			150,000				141,000
Allergan Funding SCS, 1.250%, due 06/01/24			100,000				112,555
Allergan Funding SCS, 2.625%, due 11/15/28			100,000				118,394
CSN Resources S.A., 7.625%, due 02/13/23			200,000				199,500
European Financial Stability Facility, 0.500%, due 01/20/23			150,000				173,135
European Financial Stability Facility, 1.875%, due 05/23/23			185,000				225,451
European Financial Stability Facility, 0.125%, due 10/17/23			280,000				318,299
Gilex Holding S.ar.l, 144A, 8.500%, due 05/02/23			150,000				158,250
Gilex Holding S.ar.l., 8.500%, due 05/02/23			150,000				158,250
Intelsat Jackson Holdings S.A., 144A, 8.500%, due 10/15/24			25,000				24,312
JSL Europe S.A., 7.750%, due 07/26/24			200,000				197,000

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Luxembourg - 1.3% (Continued)
Millicom International Cellular S.A., 144A, 6.625%, due 10/15/26		$	200,000			$	209,500
Millicom International Cellular S.A., 5.125%, due 01/15/28			400,000				382,500
Minerva Luxembourg S.A., 6.500%, due 09/20/26			600,000				590,706
Minerva Luxembourg S.A., 5.875%, due 01/19/28			200,000				185,250
Nexa Resources S.A., 5.375%, due 05/04/27			200,000				206,178
Swiss Insured Brazil Power Finance, 144A, 9.850%, due 07/16/32			2,500,000				668,799
Telecom Italia Captial S.A., 6.375%, due 11/15/33			25,000				24,000
							4,093,079
Malaysia - 0.5%
Malaysia Government Bond, 4.160%, due 07/15/21			1,045,000				260,060
Malaysia Government Bond, 3.620%, due 11/30/21			400,000				98,431
Malaysia Government Bond, 4.059%, due 09/30/24			2,515,000				627,518
Malaysia Government Bond, 3.882%, due 03/14/25			430,000				106,156
Malaysia Government Bond, 3.899%, due 11/16/27			600,000				147,850
Malaysia Government Bond, 3.733%, due 06/15/28			400,000				97,498
Malaysia Government Bond, 3.844%, due 04/15/33			980,000				234,117
							1,571,630
Marshall Islands - 0.0% (d)
Teekay Offshore Partners, L.P., 144A, 8.500%, due 07/15/23			119,000				116,769
Mauritius - 0.1%
UPL Corp. Ltd., 3.250%, due 10/13/21			200,000				197,590
UPL Corp. Ltd., 4.500%, due 03/08/28			200,000				195,000
							392,590
Mexico - 1.8%
Banco Mercantil del Norte S.A., 6.875%, due 12/31/49			400,000				397,936
Banco Mercantil del Norte S.A., 7.625%, due 10/06/66			400,000				398,933
Banco Santander S.A., 144A, 5.950%, due 10/01/28			200,000				204,750
BBVA Bancomer S.A., 5.125%, due 01/18/33			1,000,000				909,920
Cometa Energia, S.A. de C.V., 6.375%, due 04/24/35			789,600				771,566
Controladora Mabe S.A. de C.V., 5.600%, due 10/23/28			200,000				203,200
Credito Real S.A.B. de C.V., 9.125%, due 11/29/62			200,000				193,250
Creito Real S.A.B. de C.V., 144A, 9.500%, due 02/07/26			200,000				210,500

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Mexico - 1.8% (Continued)
Grupo Bimbo S.A.B. de C.V., 5.950%, due 12/31/49		$	200,000			$	201,900
Grupo Idesa S.A. de C.V., 7.875%, due 12/18/20			630,000				433,125
Mexichem S.A.B. de C.V., 5.875%, due 09/17/44			200,000				197,000
Mexico Generadora de Energia S.A. de R.L., 5.500%, due 12/06/32			516,420				514,939
Mexico Government International Bond, 3.750%, due 01/11/28			200,000				193,386
Petroleos Mexicanos, 6.500%, due 06/02/41			200,000				182,930
Unifin Financiera S.A.B. de C.V., 8.875%, due 12/31/22			800,000				698,000
							5,711,335
Netherlands - 1.6%
AES Andres Dominicana Ltd., 144A, 7.950%, due 05/11/26			500,000				526,250
Bank Nederlandse Gemeenten N.V., 0.250%, due 02/22/23			150,000				171,082
Bank Nederlandse Gemeenten N.V., 0.250%, due 06/07/24			200,000				227,856
Bayer Capital Corp. B.V., 144A, 5.625%, due 11/22/19			300,000				240,244
BMW Finance, 1.000%, due 11/14/24			75,000				86,098
CIMPOR Financial Operations B.V., 5.750%, due 07/17/24			200,000				178,000
Greenko Dutch B.V., 144A, 5.250%, due 07/24/24			200,000				192,500
Marfrig Holdings Europe B.V., 144A, 8.000%, due 06/08/23			500,000				515,000
Marfrig Holdings Europe B.V., 144A, 7.000%, due 03/15/24			200,000				198,637
Minejesa Capital B.V., 4.625%, due 08/10/30			200,000				193,792
Minejesa Capital B.V., 5.625%, due 08/10/37			200,000				198,626
NXP Funding, LLC, 144A, 4.625%, due 06/01/23			270,000				280,800
Petrobras Global Finance B.V., 5.750%, due 02/01/29			700,000				693,000
Petrobras Global Finance B.V., 6.900%, due 03/19/49			50,000				49,467
Syngenta Finance N.V., 5.676%, due 04/24/48			600,000				567,798
Teva Pharmaceutical Finance Netherlands II B.V., 4.500%, due 03/01/25			145,000				166,334
VTR Finance B.V., 6.875%, due 01/15/24			400,000				410,000
							4,895,484
New Zealand - 0.3%
International Bank for Reconstruction & Development, 3.500%, due 01/22/21			295,000				206,678
International Bank for Reconstruction & Development, 4.625%, due 10/06/21			380,000				275,954

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
New Zealand - 0.3% (Continued)
International Bank for Reconstruction & Development, 3.375%, due 01/25/22		$	370,000			$	261,749
Nordic Investment Bank, 4.125%, due 03/19/20			240,000				166,955
							911,336
Norway - 0.5%
Norwegian Government Bond, 144A, 4.500%, due 05/22/19			3,900,000				454,212
Norwegian Government Bond, 144A, 3.750%, due 05/25/21			5,900,000				719,634
Norwegian Government Bond, 144A, 2.000%, due 05/24/23			3,600,000				428,539
							1,602,385
Panama - 0.2%
Aeropuerto Internacional de Tocumen S.A., 5.625%, due 05/18/36			200,000				210,746
Banco General S.A., 4.125%, due 08/07/27			200,000				196,772
Ena Norte Trust, 4.950%, due 04/25/28			161,782				164,748
							572,266
Paraguay - 0.1%
Telfon Celular del Paraguay S.A., 144A, 5.875%, due 04/15/27			200,000				203,250
Peru - 0.1%
Orazul Energy Egenor S. en C. por A., 5.625%, due 04/28/27			200,000				194,412
Petroleos del Peru S.A., 144A, 5.625%, due 06/19/47			200,000				212,836
							407,248
Philippines - 1.0%
BDO Unibank, Inc., 2.950%, due 03/06/23			300,000				295,362
Philippine Government Bond, 3.500%, due 03/20/21			11,130,000				201,969
Philippine Government Bond, 6.500%, due 04/28/21			8,830,000				169,624
Philippine Government Bond, 3.500%, due 04/21/23			13,000,000				227,151
Philippine Government Bond, 8.000%, due 07/19/31			15,000,000				341,659
Philippine Government International Bond, 4.950%, due 01/15/21			15,000,000				282,812

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Philippines - 1.0% (Continued)
Philippine Government International Bond, 6.250%, due 01/14/36		$	15,000,000			$	304,476
Republic of the Philippines, 3.375%, due 01/12/20			1,960,000				36,388
Republic of the Philippines, 3.375%, due 08/20/20			1,390,000				25,455
Republic of the Philippines, 3.875%, due 11/22/19			10,500,000				196,219
Republic of the Philippines, 4.250%, due 04/11/20			6,690,000				124,562
Republic of the Philippines, 5.500% (3MO LIBOR + 350), due 03/08/23 (b)			7,240,000				136,323
Republic of the Philippines, 6.250%, due 03/12/24			9,885,000				192,152
Union Bank of Philippines, Series EMTN, 3.369%, due 11/29/22			400,000				399,864
							2,934,016
Portugal - 0.3%
Portugal Government International Bond, 144A, 5.125%, due 10/15/24			425,000				463,250
Portugal Obrigacoes do Tesouro OT, 144A, 3.850%, due 04/15/21			385,000				468,452
							931,702
Puerto Rico - 0.1%
Popular, Inc., 6.125%, due 09/14/23			290,000				300,261
Qatar - 0.1%
Qatar (State of), 144A, 4.000%, due 03/14/29			200,000				206,002
Qatar (State of), 144A, 4.817%, due 03/14/49			200,000				210,273
							416,275
Singapore - 1.3%
BOC Aviation Ltd., 144A, 2.750%, due 09/18/22			200,000				195,408
BPRL International Singapore, 4.375%, due 01/18/27			500,000				502,530
DBS Group Holdings Ltd., 3.600%, due 03/07/67			500,000				492,500
Indika Energy Capital III Ltd., 144A, 5.875%, due 11/09/24			200,000				188,750
LLPL Capital Pte. Ltd., 144A, 6.875%, due 02/04/39			300,000				323,259
ONGC Videsh Vankorneft, 3.750%, due 07/27/26			500,000				489,100
Singapore Government Bond, 3.250%, due 09/01/20			1,190,000				894,133
Singapore Government Bond, 1.750%, due 04/01/22			375,000				274,941
United Overseas Bank Ltd., 3.875%, due 12/31/49			700,000				671,797
							4,032,418

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
FOREIGN BONDS - 24.0% (Continued)		Par Value				Value
Spain - 0.1%
AI Canderlaria Spain SLU, 7.500%, due 12/15/28		$	250,000			$	260,000
Sweden - 0.2%
Sweden Government International Bond, 144A, 0.125%, due 04/24/23			440,000				501,240
United Kingdom - 0.4%
Genting Overseas Holding Ltd., 4.250%, due 01/24/27			700,000				696,416
Royal Bank of Scotland Group plc, 3.498%, due 05/15/23			200,000				198,188
Vedanta Resources plc, 6.125%, due 08/09/24			400,000				366,500
							1,261,104
Virgin Islands British - 0.1%
Star Energy Geothermal Wayang Windu Ltd., 6.750%, due 04/24/33			393,200				393,200
Total Foreign Bonds (Cost $74,403,961)						$	74,219,806

 

LOAN PARTICIPATIONS - 5.1%		Par Value				Value
Acrisure, LLC, 6.379% (3MO LIBOR + 375), due 06/07/23 (b) (c)		$	19,900			$	19,610
Acrisure, LLC, 6.879% (3MO LIBOR + 425), due 11/22/23 (b)			349,042				346,337
Aleris International, Inc., 7.249% (3MO LIBOR + 475), due 02/08/23 (b)			184,075				183,661
AlixPartners, LLP, 5.249% (3MO LIBOR + 300), due 03/17/21 (b)			451,427				447,008
Almonde, Inc., 5.886% (3MO LIBOR + 350), due 04/26/24 (b)			309,487				297,751
American Tire Distributors, Inc., 8.663% (3MO LIBOR + 425), due 09/01/21 (b)			314,522				279,767
American Tire Distributors, Inc., 8.663% due 09/01/23 (b)			35,210				34,506
Applied Systems, Inc., 5.499% (3MO LIBOR + 325), due 09/13/24 (b)			61,281				60,285
AssuredPartners, Inc., 5.749% (3MO LIBOR + 325), due 10/22/24 (b)			292,519				282,281

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
LOAN PARTICIPATIONS - 5.1% (Continued)		Par Value				Value
AthenaHealth, Inc., 4.700% (3MO LIBOR+ 425), due 02/09/26 (b)		$	125,000			$	122,735
Auris LuxCo., 6.249% (3MO LIBOR + 375), due 07/24/25 (b)			180,000				179,280
Bausch Health Cos., Inc., 5.231% (3MO LIBOR + 275), due 11/14/25 (b)			128,250				126,467
BCP Renaissance Parent, LLC, 6.244% (3MO LIBOR + 450), due 12/31/20 (b)			129,076				128,407
BJ's Wholesale Club, Inc., 5.432% (3MO LIBOR + 375), due 01/27/24 (b)			109,724				109,327
Blackhawk Network Holdings, Inc., 5.499% (3MO LIBOR + 300), due 06/16/25 (b)			60,360				59,183
Canyon Valor Cos., Inc., 5.351% (3MO LIBOR + 425), due 06/16/23 (b)			221,263				219,258
Capital Automotive, L.P., 8.500% (3MO LIBOR + 600), due 03/21/25 (b) (c)			37,957				37,839
Cengage Learning, Inc., 6.735% (3MO LIBOR + 425), due 06/07/23 (b)			249,673				223,635
CenturyLink, Inc., 5.249% (3MO LIBOR + 275), due 02/29/24 (b)			306,900				299,166
Change Healthcare Holdings, LLC, 5.249% (3MO LIBOR + 275), due 03/01/24 (b)			299,928				295,217
CHG Healthcare Services, Inc., 5.499% (3MO LIBOR + 300), due 06/07/23 (b)			64,440				63,876
Colorado Buyer, Inc., 5.600% (3MO LIBOR + 300), due 03/15/24 (b)			362,256				350,936
CommScope, Inc., 4.700% (3MO LIBOR+ 325), due 02/26/26 (b)			155,000				154,741
CPA Global, 5.994% (3MO LIBOR + 325), due 10/04/24 (b) (c)			393,511				386,624
CSC Holdings, LLC, 4.700% (3MO LIBOR+ 300), due 04/15/27 (b)			155,000				153,741
Cvent, Inc., 6.249% (3MO LIBOR + 375), due 11/29/23 (b)			377,081				367,967
Edelman Financial Center, LLC (The), 5.686% (3MO LIBOR + 325), due 12/31/21 (b)			40,000				39,562
EG America, LLC, 6.601% (3MO LIBOR + 400), due 02/07/25 (b)			305,044				297,418
EG Group Ltd., 6.601% (3MO LIBOR + 400), due 01/31/25 (b)			84,363				82,253

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
LOAN PARTICIPATIONS - 5.1% (Continued)		Par Value				Value
Envision Healthcare Corp., 6.095% (3MO LIBOR + 375), due 12/31/21 (b)		$	325,000			$	303,417
Equian, LLC, 5.743% (3MO LIBOR + 325), due 05/20/24 (b)			212,467				208,394
Equinox Holdings, Inc., 5.499% (3MO LIBOR + 300), due 03/08/24 (b)			265,000				262,814
Filtration Group Corp., 5.499% (3MO LIBOR + 300), due 03/27/25 (b)			278,000				275,742
Financial & Risk US Holdings, Inc., 6.249% (3MO LIBOR + 375), due 09/18/25 (b)			300,000				290,250
Forest City, 6.481% (3MO LIBOR + 400), due 10/24/25 (b)			120,000				120,050
Gentiva Health Services, Inc., 6.250% (3MO LIBOR + 375), due 06/23/25 (b)			297,793				296,864
Greeneden U.S. Holdings II, LLC, 5.749% (3MO LIBOR + 350), due 12/01/23 (b)			298,052				293,283
Grocery Outlet, 6.095% due 12/31/21 (b)			160,000				158,350
Hyland Software Inc, 5.999% (3MO LIBOR + 350), due 07/01/24 (b)			380,000				378,712
Informatica, LLC, 5.749% (3MO LIBOR + 325), due 08/05/22 (b)			387,219				385,848
Intelsat Jackson Holdings S.A., 6.240% (3MO LIBOR + 375), due 11/30/23 (b)			180,000				177,019
Intrawest Resorts Holdings, Inc., 5.499% (3MO LIBOR + 325), due 12/31/20 (b)			298,514				297,021
IRB Holding Corp., 5.739% (3MO LIBOR + 325), due 01/17/25 (b)			60,928				59,290
Kronos, Inc., 5.736% (3MO LIBOR + 350), due 11/01/23 (b)			59,875				58,977
Life Time Fitness, Inc., 5.379% (3MO LIBOR + 300), due 06/10/22 (b)			59,978				59,165
Messer Industries, LLC, 5.101% (3MO LIBOR + 250), due 10/01/25 (b)			125,000				122,423
Milacron, LLC, 4.999% (3MO LIBOR + 250), due 09/28/23 (b)			379,728				370,234
MPH Acquisition Holdings, LLC, 5.351% (3MO LIBOR + 300), due 06/07/23 (b)			60,279				58,094
Panther BF Aggregator 2, L.P., 4.700% (3MO LIBOR + 350), due 03/18/26 (b)			230,000				226,982
Pisces Midco, Inc., 6.175% (3MO LIBOR + 375), due 03/29/25 (b)			244,386				232,167

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
LOAN PARTICIPATIONS - 5.1% (Continued)		Par Value				Value
Plantronics, Inc., 4.999% (3MO LIBOR + 250), due 12/31/21 (b)		$	206,790			$	202,870
Project Alpha Intermediate Holding, Inc., 6.370% (3MO LIBOR + 350), due 04/04/21 (b)			301,447				292,780
Radiology Partners, Inc., 4.700% (3MO LIBOR + 425), due 07/09/25 (b) (c)			150,000				149,937
RentPath, LLC, 7.250% (3MO LIBOR + 475), due 12/17/21 (b) (c)			246,756				185,479
Science Applications International Corp., 4.249% due 11/05/25 (b)			124,688				122,973
Scientific Games International, Inc., 5.249% (3MO LIBOR + 275), due 08/14/24 (b)			60,170				58,354
Securus Technologies Holdings, Inc., 6.999% (3MO LIBOR + 450), due 06/15/24 (b)			317,127				314,748
Securus Technologies Holdings, Inc., 6.999% (3MO LIBOR + 450), due 11/01/24 (b) (c)			72,000				70,650
Select Medical Corp., 4.990% (3MO LIBOR + 350), due 02/13/24 (b)			307,370				305,449
SolarWinds, Inc., 5.249% (3MO LIBOR + 300), due 03/07/24 (b)			212,452				209,495
Solera, LLC, 5.249% (3MO LIBOR + 375), due 03/03/23 (b)			392,581				388,820
Solera, LLC, 5.249% (3MO LIBOR + 275), due 06/18/25 (b)			220,060				209,607
Sophia, L.P., 5.851% (3MO LIBOR + 325), due 09/30/22 (b)			322,846				320,357
Space Exploration Technologies Corp., 6.731% (3MO LIBOR + 425), due 11/16/25 (b)			200,000				199,000
Spade Facilities II, LLC, 6.243% (3MO LIBOR + 375), due 11/14/25 (b)			146,250				145,628
Starfruit Finco B.V., 5.740% due 09/19/25 (b)			385,000				378,744
TKC Holdings, Inc., 6.250% (3MO LIBOR + 425), due 02/01/23 (b)			386,454				378,644
TransDigm, Inc., 4.999% (3MO LIBOR + 250), due 06/09/23 (b)			273,434				266,734
TransDigm, Inc., 4.999% (3MO LIBOR + 250), due 05/14/25 (b)			24,053				23,407
Traverse Midstream Partners, LLC, 6.600% (3MO LIBOR + 400), due 09/11/21 (b)			269,325				268,652

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
LOAN PARTICIPATIONS - 5.1% (Continued)		Par Value				Value
Tribune Media Co., 5.552% (3MO LIBOR + 300), due 12/27/20 (b) (c)		$	42,521			$	42,436
Ultra Resources, Inc., 6.491% (3MO LIBOR + 300), due 04/12/24 (b)			95,000				81,938
US Silica Co., 6.500% (3MO LIBOR + 400), due 12/31/21 (b)			123,552				116,310
VeriFone Systems, Inc., 6.683% (3MO LIBOR + 400), due 08/08/25 (b)			106,540				104,809
Verscend TLB, 6.999% (3MO LIBOR + 450), due 08/08/25 (b)			259,350				256,920
VF Holding Corp., 5.749% (3MO LIBOR + 325), due 06/04/25 (b)			342,495				336,169
Web.com Group, Inc., 6.243% due 09/17/25 (b)			163,562				161,067
Yak Access, LLC, 7.493% (3MO LIBOR + 500), due 06/29/25 (b) (c)			14,310				12,164
Total Loan Participations (Cost $16,219,780)						$	15,888,075

 

COMMON STOCKS - 0.0% (d)		Shares				Value
Industrials - 0.0% (d)
HC2 Holdings, Inc. (e) (Cost $64,076)			10,600			$	25,970

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
PREFERRED STOCKS - 1.0%		Shares				Value
Becton Dickinson and Co. - Series A, 6.125%			6,600			$	409,266
Centerpoint Energy, Inc. - Class B, 0.875%			6,500				343,460
Crown Castle International Corp. - Series A, 6.875%			200				236,600
Dominion Energy, Inc. - Series A, 6.750%			5,100				255,051
First Republic Bank - Series H, 5.125%			5,725				139,690
Fortive Corp. - Series A, 5.000%			315				330,451
NextEra Energy, Inc., 6.123%			7,150				444,021
South Jersey Industries, Inc., 7.250%			2,800				144,088
U.S. Bancorp - Series A, 3.500%			375				298,548
U.S. Bancorp, 5.500%			6,900				175,329
Wells Fargo & Co. - Series Q, 5.850%			7,300				190,165
Total Preferred Stocks (Cost $2,922,675)						$	2,966,669

 

AFFILIATED REGISTERED INVESTMENT COMPANIES - 5.8%		Shares				Value
Voya Emerging Markets Hard Currency Debt Fund - Class P			337,660			$	3,204,395
Voya Floating Rate Fund - Class P			1,357,017				13,000,220
Voya High Yield Bond Fund - Class P			212,536				1,672,661
Total Affiliated Registered Investment Companies (Cost $18,016,227)						$	17,877,276

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS (Continued)
MONEY MARKET FUNDS - 2.4%		Shares				Value
Northern Trust Institutional Government Select Portfolio - Institutional Class, 2.27% (f) (Cost $7,411,056)			7,411,056			$	7,411,056
Total Investments at Value - 99.3% (Cost $305,757,238)						$	306,807,890
Other Assets in Excess of Liabilities - 0.7%							2,116,441
Net Assets - 100.0%						$	308,924,331

 

(a)

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

(b)

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of March 31, 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.

(c)

Illiquid security. The total value of such securities is $6,219,727 at March 31, 2019, representing 2.0% of net assets.

(d)

Percentage rounds to less than 0.1%.

(e)

Non-income producing security.

(f)

The rate shown is the 7-day effective yield as of March 31, 2019.

 

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.
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 $89,301,138 as of March 31, 2019, representing 28.9% of net assets.

 

LIBOR rates as of March 31, 2019:

1MO LIBOR 2.4945%

3MO LIBOR 2.5998%

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF FUTURES CONTRACTS
March 31, 2019 (Unaudited)
FUTURES CONTRACTS		Contracts				Expiration Date		Notional Value				Value/Unrealized Appreciation
TREASURY FUTURES
2-Year U.S. Treasury Note Future			88			06/28/2019		$	18,754,313			$	68,933
5-Year U.S. Treasury Note Future			209			06/28/2019			24,216,242				236,372
U.S. Treasury Long Bond Future			12			06/19/2019			1,798,125				41,585
Ultra 10-Year U.S. Treasury Note Future			19			06/19/2019			2,524,922				35,027
Total Futures Contracts								$	47,293,602			$	381,917

 

The average monthly notional amount of futures contracts during the three months ended March 31, 2019 was $45,478,935.

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
March 31, 2019 (Unaudited)
FUTURES CONTRACTS SOLD SHORT		Contracts				Expiration Date		Notional Value				Value/Unrealized Depreciation
FOREIGN FUTURES
Euro Long-Term Bond Future			6			06/06/2019		$	1,119,708			$	(10,975	)
TREASURY FUTURES
CME Ultra Long-Term U.S. Treasury Bond Future			11			06/19/2019			1,852,125				(75,562	)
Total Futures Contracts Sold Short								$	2,971,833			$	(86,537	)

 

The average monthly notional amount of futures contracts sold short during the three months ended March 31, 2019 was $4,329,580.

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF CENTRALLY CLEARED SWAP CONTRACTS
March 31, 2019 (Unaudited)
Notional Amount				Termination Date		Fund Receives				Fund Pays				Upfront Payments				Net Unrealized Apprecation
$	7,634,000			3/26/2029			3MO LIBOR				2.46200% Fixed			$	-			$	40,934
	7,634,000			3/26/2029			3MO LIBOR				2.43200% Fixed				-				20,391
	1,272,000			3/26/2029			3MO LIBOR				2.43100% Fixed				-				3,284
	12,260,000			3/27/2029			3MO LIBOR				2.38125% Fixed				-				23,069
														$	-			$	87,678

 

LIBOR - London Interbank Offered Rate

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INTEREST RATE SWAPTIONS PURCHASED
March 31, 2019 (Unaudited)
Counter Party		Description		Exercise Rate			Expiration Date		Notional Amount				Net Unrealized Apprecation (Depreciation)
Calls
Bank of America, N.A.		Interest Rate, 3MO LIBOR			5.295%		2/27/2020		$	4,947,000			$	3,133
Bank of America, N.A.		Interest Rate, 3MO LIBOR			0.000%		2/21/2020			6,176,000				1,368
Bank of America, N.A.		Interest Rate, 3MO LIBOR			5.270%		2/24/2020			5,187,000				1,985
Barclays Bank		Interest Rate, 3MO LIBOR			5.020%		3/16/2020			2,737,000				5,600
JPMChase Bank		Interest Rate, 3MO LIBOR			5.078%		3/16/2020			3,212,000				4,765
Puts
Citibank, N,A.		Interest Rate, 3MO LIBOR			3.000%		5/28/2019			12,723,000				(25,196	)
Citibank, N,A.		Interest Rate, 3MO LIBOR			3.050%		6/3/2019			9,715,000				(18,804	)
Citibank, N,A.		Interest Rate, 3MO LIBOR			3.050%		6/3/2019			6,362,000				(12,950	)
									$	51,059,000			$	(40,099	)

 

WILSHIRE INCOME OPPORTUNITIES FUND
SCHEDULE OF INTEREST RATE SWAPTIONS WRITTEN
March 31, 2019 (Unaudited)
Counter Party		Description		Exercise Rate			Expiration Date		Notional Amount				Net Unrealized Deprecation
Calls
Citibank, N.A.		Interest Rate, 3MO LIBOR			2.500%		5/28/2019		$	12,723,000			$	(135,142	)
Citibank, N.A.		Interest Rate, 3MO LIBOR			2.500%		6/3/2019			9,715,000				(106,085	)
Citibank, N.A.		Interest Rate, 3MO LIBOR			2.500%		6/3/2019			6,362,000				(69,790	)
									$	28,800,000			$	(311,017	)

 

LIBOR - London Interbank Offered Rate

 

See accompanying notes to Schedules of Investments.

 

WILSHIRE INCOME OPPORTUNITIES FUND -
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
March 31, 2019 (Unaudited)
												Asset Derivatives				Liability Derivatives
		Settlement		Fund	U.S. $ Value at			Fund	U.S. $ Value at			Unrealized				Unrealized
Counterparty		Date		Receiving	March 31, 2019			Delivering	March 31, 2019			Appreciation				Depreciation
Australia and New Zealand Banking Group Ltd.		6/19/2019		AUD		1,660,308		USD		1,680,679		$	-			$	(20,371	)
Australia and New Zealand Banking Group Ltd.		6/19/2019		AUD		408,855		USD		413,872			-				(5,017	)
Australia and New Zealand Banking Group Ltd.		6/19/2019		AUD		370,079		USD		369,916			163				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		AUD		313,831		USD		315,053			-				(1,222	)
Australia and New Zealand Banking Group Ltd.		6/19/2019		CAD		394,554		NZD		392,149			2,405				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		JPY		1,669,218		AUD		1,656,753			12,465				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		NZD		190,959		CAD		191,224			-				(265	)
Australia and New Zealand Banking Group Ltd.		6/19/2019		NZD		90,094		USD		89,603			491				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		SGD		992,689		USD		989,182			3,507				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		USD		2,544,827		AUD		2,496,776			48,051				-
Australia and New Zealand Banking Group Ltd.		6/19/2019		USD		418,257		EUR		412,806			5,451				-
Barclays Capital, Inc.		5/10/2019		EUR		1,342,627		USD		1,347,000			-				(4,373	)
Barclays Capital, Inc.		5/10/2019		NOK		3,787,037		USD		3,830,469			-				(43,432	)
Barclays Capital, Inc.		5/10/2019		USD		891,890		GBP		877,549			14,341				-
Barclays Capital, Inc.		5/10/2019		USD		686,000		NOK		686,053			-				(53	)
Barclays Capital, Inc.		5/10/2019		USD		7,512		SEK		7,450			62				-
Barclays Capital, Inc.		5/10/2019		USD		126,000		SEK		125,166			834				-
BNP Paribas		5/10/2019		NOK		294,478		USD		300,000			-				(5,522	)
CIBC, Toronto		6/19/2019		CAD		576,792		USD		580,000			-				(3,208	)
CIBC, Toronto		6/19/2019		CAD		569,198		USD		575,000			-				(5,802	)
Citigroup		5/10/2019		AUD		357,746		USD		359,000			-				(1,254	)
Citigroup		5/10/2019		AUD		316,021		USD		318,000			-				(1,979	)
Citigroup		5/10/2019		CAD		1,534,345		USD		1,526,000			8,345				-
Citigroup		5/10/2019		CHF		100,956		USD		101,000			-				(44	)
Citigroup		5/10/2019		EUR		946,215		USD		947,000			-				(785	)
Citigroup		5/10/2019		JPY		362,287		USD		361,151			1,136				-
Citigroup		5/10/2019		SEK		294,160		USD		298,000			-				(3,840	)
Citigroup		5/10/2019		USD		642,000		AUD		643,244			-				(1,244	)
Citigroup		5/10/2019		USD		312,000		AUD		312,050			-				(50	)
Citigroup		5/10/2019		USD		431,000		CAD		432,430			-				(1,430	)
Citigroup		5/10/2019		USD		756,000		CAD		758,425			-				(2,425	)
Citigroup		5/10/2019		USD		1,050,004		EUR		1,036,100			13,904				-
Citigroup		5/10/2019		USD		582,000		EUR		574,371			7,629				-
Citigroup		5/10/2019		USD		304,000		EUR		302,210			1,790				-
Citigroup		5/10/2019		USD		194,000		GBP		193,545			455				-
Citigroup		5/10/2019		USD		12,000		JPY		11,974			26				-
Citigroup		5/10/2019		USD		99,000		SEK		98,314			686				-
Citigroup		5/10/2019		USD		92,000		SEK		91,880			120				-
Citigroup		6/19/2019		BRL		173,558		USD		179,104			-				(5,546	)
Citigroup		6/19/2019		BRL		149,948		USD		155,420			-				(5,472	)
Citigroup		6/19/2019		BRL		161,034		USD		165,000			-				(3,966	)
Citigroup		6/19/2019		BRL		147,614		USD		149,116			-				(1,502	)
Citigroup		6/19/2019		BRL		119,551		USD		119,693			-				(142	)
Citigroup		6/19/2019		CAD		355,248		USD		361,667			-				(6,419	)
Citigroup		6/19/2019		EUR		354,358		USD		362,312			-				(7,954	)
Citigroup		6/19/2019		EUR		1,665,612		USD		1,689,567			-				(23,955	)
Citigroup		6/19/2019		EUR		1,259,090		USD		1,270,735			-				(11,645	)
Citigroup		6/19/2019		GBP		366,115		USD		370,671			-				(4,556	)
Citigroup		6/19/2019		GBP		366,115		USD		366,108			7				-
Citigroup		6/19/2019		JPY		281,562		USD		285,000			-				(3,438	)
Citigroup		6/19/2019		JPY		561,819		USD		560,000			1,819				-
Citigroup		6/19/2019		JPY		281,693		USD		280,000			1,693				-
Citigroup		6/19/2019		MXP		287,088		USD		285,000			2,088				-
Citigroup		6/19/2019		MXP		279,761		USD		280,000			-				(239	)
Citigroup		6/19/2019		MXP		290,963		USD		290,000			963				-
Citigroup		6/19/2019		MXP		275,684		USD		280,000			-				(4,316	)
Citigroup		6/19/2019		USD		417,463		AUD		408,855			8,608				-
Citigroup		6/19/2019		USD		1,691,948		BRL		1,593,977			97,971				-
Citigroup		6/19/2019		USD		19,981		BRL		19,218			763				-
Citigroup		6/19/2019		USD		162,663		BRL		158,382			4,281				-
Citigroup		6/19/2019		USD		570,000		CAD		563,989			6,011				-
Citigroup		6/19/2019		USD		299,080		CAD		300,161			-				(1,081	)
Citigroup		6/19/2019		USD		368,114		EUR		363,463			4,651				-
Citigroup		6/19/2019		USD		855,702		EUR		842,379			13,323				-
Citigroup		6/19/2019		USD		636,457		EUR		626,722			9,735				-
Citigroup		6/19/2019		USD		419,218		EUR		412,806			6,412				-
Citigroup		6/19/2019		USD		203,232		EUR		201,566			1,666				-
Citigroup		6/19/2019		USD		154,596		EUR		153,190			1,406				-
Citigroup		6/19/2019		USD		156,460		EUR		155,522			938				-
Citigroup		6/19/2019		USD		372,615		GBP		366,115			6,500				-
Citigroup		6/19/2019		USD		285,000		JPY		280,723			4,277				-
Citigroup		6/19/2019		USD		280,000		MXP		277,937			2,063				-
Citigroup		6/19/2019		USD		280,000		MXP		278,752			1,248				-
Goldman Sachs Bank, USA		5/10/2019		EUR		905,622		USD		907,000			-				(1,378	)
Goldman Sachs Bank, USA		5/10/2019		USD		829,000		CHF		828,845			155				-
Goldman Sachs Bank, USA		5/10/2019		USD		668,000		NOK		668,850			-				(850	)
Goldman Sachs Bank, USA		6/19/2019		EUR		726,926		USD		733,712			-				(6,786	)

 

WILSHIRE INCOME OPPORTUNITIES FUND -
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS (Continued)
March 31, 2019 (Unaudited)
												Asset Derivatives				Liability Derivatives
		Settlement		Fund	U.S. $ Value at			Fund	U.S. $ Value at			Unrealized				Unrealized
Counterparty		Date		Receiving	March 31, 2019			Delivering	March 31, 2019			Appreciation				Depreciation
Goldman Sachs Bank, USA		6/19/2019		EUR		1,636,752		USD		1,660,309		$	-			$	(23,557	)
Goldman Sachs Bank, USA		6/19/2019		EUR		2,659,333		USD		2,697,608			-				(38,275	)
Goldman Sachs Bank, USA		6/19/2019		EUR		818,201		USD		818,936			-				(735	)
Goldman Sachs Bank, USA		6/19/2019		EUR		814,067		USD		820,289			-				(6,222	)
Goldman Sachs Bank, USA		6/19/2019		GBP		625,208		EUR		632,368			-				(7,160	)
Goldman Sachs Bank, USA		6/19/2019		GBP		312,999		EUR		316,184			-				(3,185	)
Goldman Sachs Bank, USA		6/19/2019		MXP		276,327		USD		280,000			-				(3,673	)
Goldman Sachs Bank, USA		6/19/2019		NZD		542,828		USD		543,174			-				(346	)
Goldman Sachs Bank, USA		6/19/2019		NZD		86,176		USD		85,724			452				-
Goldman Sachs Bank, USA		6/19/2019		USD		580,000		CAD		575,465			4,535				-
Goldman Sachs Bank, USA		6/19/2019		USD		250,000		CAD		246,144			3,856				-
Goldman Sachs Bank, USA		6/19/2019		USD		543,325		CAD		541,405			1,920				-
Goldman Sachs Bank, USA		6/19/2019		USD		558,333		CAD		560,735			-				(2,402	)
Goldman Sachs Bank, USA		6/19/2019		USD		582,414		GBP		581,861			553				-
Goldman Sachs Bank, USA		6/19/2019		USD		1,120,000		JPY		1,123,077			-				(3,077	)
Goldman Sachs Bank, USA		6/19/2019		USD		575,000		MXP		577,674			-				(2,674	)
Goldman Sachs Bank, USA		6/19/2019		USD		585,000		MXP		586,470			-				(1,470	)
Goldman Sachs Bank, USA		6/19/2019		USD		285,000		MXP		282,606			2,394				-
Goldman Sachs Bank, USA		6/19/2019		USD		2,422,043		NZD		2,391,630			30,413				-
Goldman Sachs Bank, USA		6/19/2019		USD		767,597		NZD		760,427			7,170				-
Goldman Sachs Bank, USA		6/19/2019		USD		502,302		NZD		494,448			7,854				-
HSBC Bank, USA		5/10/2019		USD		19,000		EUR		18,813			187				-
HSBC Bank, USA		6/19/2019		GBP		1,104,882		USD		1,105,908			-				(1,026	)
HSBC Bank, USA		6/19/2019		GBP		536,097		USD		534,974			1,123				-
HSBC Bank, USA		6/19/2019		MXP		578,316		USD		575,000			3,316				-
HSBC Bank, USA		6/19/2019		NZD		760,427		USD		760,285			142				-
HSBC Bank, USA		6/19/2019		NZD		494,448		USD		494,356			92				-
HSBC Bank, USA		6/19/2019		NZD		654,736		USD		654,706			30				-
HSBC Bank, USA		6/19/2019		USD		1,692,253		EUR		1,665,612			26,641				-
HSBC Bank, USA		6/19/2019		USD		369,018		GBP		369,384			-				(366	)
HSBC Bank, USA		6/19/2019		USD		367,284		GBP		366,115			1,169				-
HSBC Bank, USA		6/19/2019		USD		370,964		GBP		366,115			4,849				-
HSBC Bank, USA		6/19/2019		USD		280,000		MXP		279,218			782				-
HSBC Bank, USA		6/19/2019		USD		989,182		SGD		987,586			1,596				-
HSBC Bank, USA		6/19/2019		USD		323,308		SGD		322,343			965				-
JPMChase, New York		5/10/2019		AUD		771,306		USD		771,331			-				(25	)
JPMChase, New York		5/10/2019		AUD		1,122,652		USD		1,124,000			-				(1,348	)
JPMChase, New York		5/10/2019		CAD		3,570		USD		3,590			-				(20	)
JPMChase, New York		5/10/2019		CHF		1,890,854		USD		1,881,982			8,872				-
JPMChase, New York		5/10/2019		CHF		107,455		USD		108,000			-				(545	)
JPMChase, New York		5/10/2019		EUR		165,696		USD		167,000			-				(1,304	)
JPMChase, New York		5/10/2019		GBP		494,014		USD		496,000			-				(1,986	)
JPMChase, New York		5/10/2019		USD		360,178		AUD		359,999			179				-
JPMChase, New York		5/10/2019		USD		3,349,200		EUR		3,307,536			41,664				-
JPMChase, New York		5/10/2019		USD		243,202		JPY		244,533			-				(1,331	)
JPMChase, New York		5/10/2019		USD		359,000		JPY		358,383			617				-
JPMChase, New York		5/10/2019		USD		505,447		NZD		501,517			3,930				-
JPMChase, New York		6/19/2019		USD		1,645,916		NOK		1,613,827			32,089				-
Merrill Lynch, Pierce, Fenner & Smith, Inc.		6/19/2019		CAD		562,328		USD		570,000			-				(7,672	)
Morgan Stanley Capital		5/10/2019		CAD		1,052,134		USD		1,054,961			-				(2,827	)
Morgan Stanley Capital		5/10/2019		CAD		1,216,442		USD		1,212,000			4,442				-
Morgan Stanley Capital		5/10/2019		CHF		115,707		USD		116,000			-				(293	)
Morgan Stanley Capital		5/10/2019		GBP		210,970		USD		214,000			-				(3,030	)
Morgan Stanley Capital		5/10/2019		USD		311,000		AUD		311,605			-				(605	)
Morgan Stanley Capital		5/10/2019		USD		698,000		CAD		693,743			4,257				-
Morgan Stanley Capital		5/10/2019		USD		897,000		CHF		894,316			2,684				-
Morgan Stanley Capital		5/10/2019		USD		191,000		GBP		191,368			-				(368	)
Morgan Stanley Capital		5/10/2019		USD		108,000		NOK		107,091			909				-
Morgan Stanley Capital		5/10/2019		USD		436,000		NOK		435,395			605				-
Morgan Stanley Capital		6/19/2019		CAD		217,718		USD		221,667			-				(3,949	)
Morgan Stanley Capital		6/19/2019		EUR		412,806		USD		417,254			-				(4,448	)
Morgan Stanley Capital		6/19/2019		EUR		626,722		USD		633,476			-				(6,754	)
Morgan Stanley Capital		6/19/2019		EUR		412,806		USD		417,254			-				(4,448	)
Morgan Stanley Capital		6/19/2019		MXP		287,681		USD		285,000			2,681				-
Morgan Stanley Capital		6/19/2019		USD		120,424		AUD		119,518			906				-
Morgan Stanley Capital		6/19/2019		USD		250,413		CAD		245,701			4,712				-
Morgan Stanley Capital		6/19/2019		USD		361,667		CAD		357,162			4,505				-
Morgan Stanley Capital		6/19/2019		USD		5,351,645		EUR		5,230,464			121,181				-
Morgan Stanley Capital		6/19/2019		USD		368,719		EUR		363,463			5,256				-
Morgan Stanley Capital		6/19/2019		USD		825,813		EUR		818,376			7,437				-
Morgan Stanley Capital		6/19/2019		USD		840,387		EUR		825,022			15,365				-
Morgan Stanley Capital		6/19/2019		USD		1,890,591		EUR		1,891,458			-				(867	)
Morgan Stanley Capital		6/19/2019		USD		406,365		EUR		403,133			3,232				-
Morgan Stanley Capital		6/19/2019		USD		403,345		EUR		398,703			4,642				-
Morgan Stanley Capital		6/19/2019		USD		561,192		JPY		563,249			-				(2,057	)
Royal Bank of Canada, Toronto		6/19/2019		CAD		322,398		USD		326,667			-				(4,269	)
Royal Bank of Canada, Toronto		6/19/2019		NZD		201,189		CAD		201,317			-				(128	)

 

WILSHIRE INCOME OPPORTUNITIES FUND -
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS (Continued)
March 31, 2019 (Unaudited)
												Asset Derivatives				Liability Derivatives
		Settlement		Fund	U.S. $ Value at			Fund	U.S. $ Value at			Unrealized				Unrealized
Counterparty		Date		Receiving	March 31, 2019			Delivering	March 31, 2019			Appreciation				Depreciation
Royal Bank of Canada, Toronto		6/19/2019		USD		875,000		CAD		864,305		$	10,695			$	-
Royal Bank of Canada, Toronto		6/19/2019		USD		80,134		CAD		80,069			65				-
Royal Bank of Canada, Toronto		6/19/2019		USD		969,508		CAD		974,525			-				(5,017	)
Royal Bank of Canada, Toronto		6/19/2019		USD		1,116,667		CAD		1,121,316			-				(4,649	)
Royal Bank of Canada, Toronto		6/19/2019		USD		580,033		CAD		581,945			-				(1,912	)
Royal Bank of Canada, Toronto		6/19/2019		USD		404,901		EUR		399,904			4,997				-
Royal Bank of Canada, Toronto		6/19/2019		USD		645,829		SGD		644,198			1,631				-
Standard Chartered Securities N.A.		6/19/2019		EUR		421,460		USD		429,862			-				(8,402	)
Standard Chartered Securities N.A.		6/19/2019		EUR		626,722		USD		629,689			-				(2,967	)
Standard Chartered Securities N.A.		6/19/2019		GBP		359,577		USD		359,033			544				-
Standard Chartered Securities N.A.		6/19/2019		USD		35,731		EUR		35,108			623				-
Standard Chartered Securities N.A.		6/19/2019		USD		367,906		GBP		359,577			8,329				-
Standard Chartered Securities N.A.		6/19/2019		USD		368,843		GBP		366,115			2,728				-
Standard Chartered Securities N.A.		6/19/2019		USD		561,192		JPY		557,988			3,204				-
Standard Chartered Securities N.A.		6/19/2019		USD		324,832		JPY		322,180			2,652				-
State Street Bank, Boston		6/19/2019		EUR		170,139		USD		172,914			-				(2,775	)
State Street Bank, Boston		6/19/2019		EUR		1,264,736		USD		1,278,390			-				(13,654	)
State Street Bank, Boston		6/19/2019		EUR		400,231		USD		403,753			-				(3,522	)
State Street Bank, Boston		6/19/2019		GBP		372,652		USD		371,744			908				-
State Street Bank, Boston		6/19/2019		GBP		366,115		USD		369,795			-				(3,680	)
State Street Bank, Boston		6/19/2019		MXP		135,149		USD		134,154			995				-
State Street Bank, Boston		6/19/2019		MXP		897,178		USD		895,000			2,178				-
State Street Bank, Boston		6/19/2019		MXP		144,933		USD		145,000			-				(67	)
State Street Bank, Boston		6/19/2019		MXP		279,782		USD		280,000			-				(218	)
State Street Bank, Boston		6/19/2019		NZD		225,059		USD		223,443			1,616				-
State Street Bank, Boston		6/19/2019		NZD		541,628		USD		539,759			1,869				-
State Street Bank, Boston		6/19/2019		USD		228,249		CAD		226,217			2,032				-
State Street Bank, Boston		6/19/2019		USD		2,679,119		EUR		2,659,333			19,786				-
State Street Bank, Boston		6/19/2019		USD		26,135		EUR		25,977			158				-
State Street Bank, Boston		6/19/2019		USD		1,264,115		EUR		1,259,090			5,025				-
State Street Bank, Boston		6/19/2019		USD		369,074		GBP		369,384			-				(310	)
State Street Bank, Boston		6/19/2019		USD		369,363		GBP		372,652			-				(3,289	)
State Street Bank, Boston		6/19/2019		USD		362,883		GBP		366,115			-				(3,232	)
State Street Bank, Boston		6/19/2019		USD		542,616		JPY		545,294			-				(2,678	)
State Street Bank, Boston		6/19/2019		USD		285,000		MXP		283,483			1,517				-
State Street Bank, Boston		6/19/2019		USD		138,030		MXP		136,839			1,191				-
State Street Bank, Boston		6/19/2019		USD		290,000		MXP		287,999			2,001				-
State Street Bank, Boston		6/19/2019		USD		145,000		MXP		143,885			1,115				-
State Street Bank, Boston		6/19/2019		USD		280,000		MXP		275,347			4,653				-
State Street Bank, Boston		6/19/2019		USD		280,000		MXP		274,775			5,225				-
State Street Bank, Boston		6/20/2019		USD		272,995		CAD		273,785			-				(790	)
TD Securities, Toronto		6/19/2019		USD		320,000		MXP		320,413			-				(413	)
U.S. Bank		6/19/2019		USD		798,593		EUR		793,980			4,613				-
UBS AG, Stamford		4/2/2019		JPY		227,864		USD		228,446			-				(582	)
UBS AG, Stamford		6/19/2019		EUR		398,130		USD		398,104			26				-
UBS AG, Stamford		6/19/2019		EUR		396,784		USD		397,240			-				(456	)
UBS AG, Stamford		6/19/2019		EUR		948,552		USD		949,643			-				(1,091	)
UBS AG, Stamford		6/19/2019		GBP		366,115		USD		369,846			-				(3,731	)
UBS AG, Stamford		6/19/2019		JPY		281,719		USD		280,000			1,719				-
UBS AG, Stamford		6/19/2019		USD		228,959		JPY		228,334			625				-
UBS AG, Stamford		6/19/2019		USD		229,816		JPY		229,278			538				-
Total												$	761,901			$	(397,438	)

 

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 three months ended March 31, 2019, the average volume of activity of forward foreign currency contracts was as follows:

 

Average Monthly Notional Amount Purchased		$	91,867,977
Average Monthly Notional Amount Sold			105,445,347

 

See accompanying notes to Schedules of Investments.

 

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS

March 31, 2019 (Unaudited)

 

 

1. Securities valuation

 

The Wilshire Mutual Funds, Inc. (the “Company”) consists of seven separate investment portfolios. The portfolios presented in these statements are: 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 (collectively the “Portfolios,” each a “Portfolio” of the Company).

 

Securities listed or traded on U.S. exchanges, including futures, swap contracts and swaptions, 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 no 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 utilizes 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 or as determined in good faith by the Pricing Committee, whose members include at least two representatives of Wilshire Associates Incorporated (the “Adviser”), one of whom is an officer of the Company, or by the Company’s Valuation Committee. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. Securities whose value does not reflect fair value because a significant valuation event has occurred may be valued at fair value by the Pricing Committee or the Valuation Committee in accordance with the Company’s valuation procedures. Significant events may include, but are not limited to, the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. The value of fair valued securities may be different from the last sale price (or the mean between the last bid and asked prices), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

 

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

 

•

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

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

 

 

•

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 period ended March 31, 2019, there have been no significant changes to the Portfolios’ fair value methodologies.

 

The following is a summary of the inputs used to value the Portfolios’ investments as of March 31, 2019:

 

Large Company Growth Portfolio		Level 1				Level 2				Level 3				Total
Common Stocks		$	214,144,955			$	-			$	-			$	214,144,955
Money Market Funds			3,505,082				-				-				3,505,082
Total		$	217,650,037			$	-			$	-			$	217,650,037

 

Large Company Value Portfolio		Level 1				Level 2				Level 3				Total
Common Stocks		$	186,926,675			$	-			$	-			$	186,926,675
Money Market Funds			1,668,603				-				-				1,668,603
Total		$	188,595,278			$	-			$	-			$	188,595,278

 

Small Company Growth Portfolio		Level 1				Level 2				Level 3				Total
Common Stocks		$	59,337,638			$	-			$	-			$	59,337,638
Rights			-				-				0	*			0
Money Market Funds			2,903,501				-				-				2,903,501
Total		$	62,241,139			$	-			$	0			$	62,241,139

 

Small Company Value Portfolio		Level 1				Level 2				Level 3				Total
Common Stocks		$	57,580,328			$	-			$	-			$	57,580,328
Money Market Funds			724,778				-				-				724,778
Total		$	58,305,106			$	-			$	-			$	58,305,106

 

Wilshire 5000 IndexSM Fund		Level 1				Level 2				Level 3				Total
Common Stocks		$	184,482,024			$	-			$	1,791			$	184,483,815
Rights			-				-				360	*			360
Money Market Funds			2,652,973				-				-				2,652,973
Total		$	187,134,997			$	-			$	2,151			$	187,137,148

 

*

Includes securities that have been fair valued at $0.

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

 

 

Wilshire International Equity Fund		Level 1				Level 2				Level 3				Total
Common Stocks		$	69,520,358			$	284,428,042			$	0	*		$	353,948,400
Preferred Stocks			556,961				263,733				493				821,187
Money Market Funds			9,040,892				-				-				9,040,892
Total		$	79,118,211			$	284,691,775			$	0			$	363,810,479

 

Wilshire Income Opportunities Fund		Level 1				Level 2				Level 3				Total
Investments in Securities
U.S. Treasury Obligations		$	-			$	26,874,998			$	-			$	26,874,998
U.S. Government Agency Obligations			-				228,882				-				228,882
Agency Mortgage-Backed Obligations			-				19,739,385				-				19,739,385
Non-Agency Mortgage-Backed Obligations			-				56,354,834				-				56,354,834
Non-Agency Mortgage-Backed Obligation Interest-Only Strips			-				9,840,693				-				9,840,693
Asset-Backed Securities			-				8,446,458				-				8,446,458
Collateralized Loan Obligations			-				12,370,146				-				12,370,146
Investment-Grade Corporate Obligations			-				20,347,293				-				20,347,293
High Yield Corporate Obligations			-				34,216,349				-				34,216,349
Foreign Bonds			-				74,219,806				-				74,219,806
Loan Participations			-				15,888,075				-				15,888,075
Common Stocks			25,970				-				-				25,970
Preferred Stocks			2,966,669				-				-				2,966,669
Affiliated Registered Investment Companies			17,877,276				-				-				17,877,276
Money Market Funds			7,411,056				-				-				7,411,056
Total		$	28,280,971			$	278,526,919			$	-			$	306,807,890
Other Financial Instruments**
Futures Contracts		$	381,917			$	-			$	-			$	381,917
Futures Contracts Sold Short		$	(86,537	)		$	-			$	-			$	(86,537	)
Centrally Cleared Swap Contracts		$	87,678			$	-			$	-			$	87,678
Interest Rate Swaptions		$	(40,099	)		$	-			$	-			$	(40,099	)
Interest Rate Swaptions Written		$	(311,017	)		$	-			$	-			$	(311,017	)
Forward Foreign Currency Contracts		$	364,463			$	-			$	-			$	364,463

 

**

Other financial instruments are derivative instruments not reflected in the Schedule of Investments. These instruments are valued at the unrealized appreciation (depreciation) on the instument.

 

Refer to the Portfolios’ Schedules of Investments for a listing of the securities by asset type, industry or sector type or country of domicile. 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 March 31, 2019. As of March 31, 2019, Small Company Growth Portfolio held rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) total $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 $1,791 and $360, respectively; and Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $493, 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 SCHEDULES OF INVESTMENTS (Continued)

 

 

2. Investment transactions

 

Investment transactions are recorded on a trade-date basis. Realized gains and losses from investment transactions are recorded on the identified cost basis.

 

3. Federal income tax

 

The following information is computed on a tax basis for each item as of March 31, 2019:

 

		Large Company Growth Portfolio				Large Company Value Portfolio				Small Company Growth Portfolio				Small Company Value Portfolio
Tax Cost		$	136,667,389			$	173,490,171			$	52,481,325			$	56,920,186
Aggregate gross unrealized appreciation		$	83,591,560			$	27,722,504			$	12,445,703			$	7,094,306
Aggregate gross unrealized depreciation			(2,608,912	)			(12,617,397	)			(2,685,889	)			(5,709,386	)
Net unrealized appreciation		$	80,982,648			$	15,105,107			$	9,759,814			$	1,384,920

 

		Wilshire 5000 IndexSM Fund				Wilshire International Equity Fund				Wilshire Income Opportunities Fund
Tax Cost		$	59,812,986			$	339,086,764			$	305,757,238
Aggregate gross unrealized appreciation		$	130,871,785			$	50,577,205			$	6,824,739
Aggregate gross unrealized depreciation			(3,547,623	)			(25,853,490	)			(5,774,087	)
Net unrealized appreciation		$	127,324,162			$	24,723,715			$	1,050,652

 

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

 

4. Affiliated investments

 

Due to Voya Investment Management Co. LLC managing a portion of Wilshire Income Opportunities Fund, certain securities held by such Portfolio are considered affiliated investments. Purchases of shares of affiliated registered investment companies by Wilshire Income Opportunities Fund during the period ended March 31, 2019 and the value of such investments as of March 31, 2019 were as follows:

 

Affiliated Investment		Value as of December 31, 2018				Purchases				Proceeds from Sales				Realized Loss				Change in Unrealized Appreciation (Depreciation)				Value as of March 31, 2019				Income Distributions
Voya Emerging Markets Hard Currency Debt Fund - Class P		$	3,001,354			$	38,596			$	-			$	-			$	164,445			$	3,204,395			$	39,424
Voya Floating Rate Fund - Class P			12,807,636				3,686,133				(3,724,500	)			(105,300	)			336,251				13,000,220				173,450
Voya High Yield Bond Fund - Class P			1,550,927				24,714				-				-				97,020				1,672,661				24,946
		$	17,359,917			$	3,749,443			$	(3,724,500	)		$	(105,300	)		$	597,716			$	17,877,276			$	237,820

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

 

 

5. 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. Securities loaned 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. The Northern Trust Company (“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 March 31, 2019 are shown on the Schedules of Investments. Shares of the Northern Trust Institutional Liquid Asset Portfolio were purchased with proceeds from cash collateral received from securities on loan. The Portfolios do not have effective control of the non-cash collateral and therefore it is not disclosed in the Portfolios’ Schedules of Investments. Securities on loan are also collateralized by various U.S. Treasury obligations.

 

Securities lending transactions are entered into by the Portfolios under the agreement entered into with NTC, which permits the Portfolios, under certain circumstances such as an event of default, to offset amounts payable to the Portfolios to the same counterparty against amounts receivable from the counterparty to create a net payment due to or from the Portfolios.

 

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 March 31, 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		$	22,237,235			$	662,800			$	21,574,435			$	-
Large Company Value Portfolio			6,636,119				1,800				6,634,319				-
Small Company Growth Portfolio			12,898,156				1,299,128				11,599,028				-
Small Company Value Portfolio			10,758,802				-				10,758,802				-
Wilshire 5000 IndexSM Fund			13,486,690				649,242				12,837,448				-
Wilshire International Equity Fund			14,531,550				2,151,964				12,379,586				-

 

*

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

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

 

 

The value of loaned securities and related collateral outstanding at March 31, 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 March 31, 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		$	662,800			$	-			$	-			$	-			$	662,800
U.S. Government Securities			-				156,284				473,251				21,085,398				21,714,933
Total		$	662,800			$	156,284			$	473,251			$	21,085,398			$	22,377,733
Large Company Value Portfolio
Money Market Funds		$	1,800			$	-			$	-			$	-			$	1,800
U.S. Government Securities			-				134,882				124,368				6,526,254				6,785,504
Total		$	1,800			$	134,882			$	124,368			$	6,526,254			$	6,787,304
Small Company Growth Portfolio
Money Market Funds		$	1,299,128			$	-			$	-			$	-			$	1,299,128
U.S. Government Securities			-				525,653				31,917				11,213,849				11,771,419
Total		$	1,299,128			$	525,653			$	31,917			$	11,213,849			$	13,070,547
Small Company Value Portfolio
Money Market Funds		$	-			$	-			$	-			$	-			$	-
U.S. Government Securities			-				306,146				98,399				10,544,981				10,949,526
Total		$	-			$	306,146			$	98,399			$	10,544,981			$	10,949,526
Wilshire 5000 IndexSM Fund
Money Market Funds		$	649,242			$	-			$	-			$	-			$	649,242
U.S. Government Securities			-				311,166				143,183				12,591,608				13,045,957
Total		$	649,242			$	311,166			$	143,183			$	12,591,608			$	13,695,199
Wilshire International Equity Fund
Money Market Funds		$	2,151,964			$	-			$	-			$	-			$	2,151,964
U.S. Government Securities			-				2,036,176				458,036				10,104,859				12,599,071
Total		$	2,151,964			$	2,036,176			$	458,036			$	10,104,859			$	14,751,035

 

Wilshire Income Opportunities Fund did not utilize securities lending during the period ended March 31, 2019.

 

WILSHIRE MUTUAL FUNDS, INC.

NOTES TO SCHEDULES OF INVESTMENTS (Continued)

 

 

6. Sector Risk

 

If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio’s net asset value per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio’s holdings would be adversely affected. As of March 31, 2019, Large Company Growth Portfolio had 30.9% of the value of its net assets invested in stocks within the Information Technology Sector; Large Company Value Portfolio had 26.1% of the value of its net assets invested in stocks within the Financials sector; Small Company Growth Portfolio had 25.3% and 28.0% 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 25.5% of the value of its net assets invested in stocks within the Financials sector.