# EDGAR Filing Document

**Accession Number:** 0000890453
**File Stem:** 0001133228-25-009642
**Filing Date:** 2025-9
**Character Count:** 872203
**Document Hash:** 5bd33c8da8031631c186d80ef7fe8b25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009642.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001133228-25-009642

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILSHIRE MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0000890453

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07076
- **FILM NUMBER:** 251301231

**BUSINESS ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401
- **BUSINESS PHONE:** 610-676-3419

**MAIL ADDRESS:**
- **STREET 1:** 1299 OCEAN AVENUE
- **STREET 2:** SUITE 700
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19960603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE TARGET FUNDS INC
- **DATE OF NAME CHANGE:** 19921014

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREYFUS WILSHIRE SERIES FUND INC/
- **DATE OF NAME CHANGE:** 19921014

## Series and Classes Contracts Data

### LARGE COMPANY GROWTH PORTFOLIO (Series ID: S000001045)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002805 | INVESTMENT CLASS    | DTLGX           |
| C000002806 | INSTITUTIONAL CLASS | WLCGX           |

### LARGE COMPANY VALUE PORTFOLIO (Series ID: S000001046)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002807 | INVESTMENT CLASS    | DTLVX           |
| C000002808 | INSTITUTIONAL CLASS | WLCVX           |

### SMALL COMPANY GROWTH PORTFOLIO (Series ID: S000001047)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002809 | INVESTMENT CLASS    | DTSGX           |
| C000002810 | INSTITUTIONAL CLASS | WSMGX           |

### SMALL COMPANY VALUE PORTFOLIO (Series ID: S000001048)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002811 | INVESTMENT CLASS    | DTSVX           |
| C000002812 | INSTITUTIONAL CLASS | WSMVX           |

### FT WILSHIRE 5000 INDEX FUND (Series ID: S000001049)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002815 | INVESTMENT CLASS    | WFIVX           |
| C000002816 | INSTITUTIONAL CLASS | WINDX           |

### WILSHIRE INTERNATIONAL EQUITY FUND (Series ID: S000019534)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000065456 | INVESTMENT CLASS    | WLCTX           |
| C000065457 | INSTITUTIONAL CLASS | WLTTX           |

### Wilshire Income Opportunities Fund (Series ID: S000053356)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000167854 | Investment Class    | WIORX           |
| C000167855 | Institutional Class | WIOPX           |

?xml version='1.0' encoding='ASCII'? 2025-07-07199968_LargeCompanyGrowthPortfolio_InvestmentClass_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-07076</u>**

**<u>Wilshire Mutual Funds, Inc.</u>**

(Exact name of registrant as specified in charter)

**<u>Wilshire Mutual Funds, Inc.</u>**

**<u>1299 Ocean Avenue, Suite 600</u>**

**<u>Santa Monica, CA 90401-1085</u>**

(Address of principal executive offices) (Zip code)

**<u>Jason A. Schwarz</u>**

**<u>Wilshire Advisors LLC</u>**

**<u>1299 Ocean Avenue, Suite 600</u>**

**<u>Santa Monica, CA 90401-1085</u>**

(Name and address of agent for service)

**<u>(310) 451-3051</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Large Company Growth Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| DTLGX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Large Company Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $67 | 1.30% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $278251914 |
| **Number of Holdings** | 351 |
| **Portfolio Turnover** | 49% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 36.4% |
|  Communication Services  | 15.2% |
|  Consumer Discretionary  | 11.1% |
|  Health Care  | 7.2% |
|  Financials  | 5.6% |
|  Industrials  | 5.4% |
|  Mortgage Securities  | 2.8% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 2.0% |
|  Cash & Other  | 11.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 10.7% |
|  Microsoft Corp.  | 9.0% |
|  Amazon.com, Inc.  | 6.5% |
|  Meta Platforms, Inc.  | 5.8% |
|  Broadcom, Inc.  | 3.6% |
|  Alphabet, Inc.  | 3.5% |
|  Netflix, Inc.  | 3.2% |
|  Apple, Inc.  | 3.2% |
|  Voya VACS Series SC Fund  | 2.2% |
|  Visa, Inc.  | 1.9% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Growth Portfolio PAGE 1 TSR-SAR-971897103

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Large Company Growth Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WLCGX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Large Company Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $52 | 1.00% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $278251914 |
| **Number of Holdings** | 351 |
| **Portfolio Turnover** | 49% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 36.4% |
|  Communication Services  | 15.2% |
|  Consumer Discretionary  | 11.1% |
|  Health Care  | 7.2% |
|  Financials  | 5.6% |
|  Industrials  | 5.4% |
|  Mortgage Securities  | 2.8% |
|  Utilities  | 2.5% |
|  Consumer Staples  | 2.0% |
|  Cash & Other  | 11.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 10.7% |
|  Microsoft Corp.  | 9.0% |
|  Amazon.com, Inc.  | 6.5% |
|  Meta Platforms, Inc.  | 5.8% |
|  Broadcom, Inc.  | 3.6% |
|  Alphabet, Inc.  | 3.5% |
|  Netflix, Inc.  | 3.2% |
|  Apple, Inc.  | 3.2% |
|  Voya VACS Series SC Fund  | 2.2% |
|  Visa, Inc.  | 1.9% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Growth Portfolio PAGE 1 TSR-SAR-971897509

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Large Company Value Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| DTLVX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Large Company Value Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $66 | 1.30% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $165837593 |
| **Number of Holdings** | 518 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 20.4% |
|  Information Technology  | 13.3% |
|  Health Care  | 11.3% |
|  Industrials  | 10.5% |
|  Consumer Staples  | 5.5% |
|  Communication Services  | 5.4% |
|  Energy  | 5.2% |
|  Consumer Discretionary  | 5.2% |
|  Materials  | 4.0% |
|  Cash & Other  | 19.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Voya VACS Series SC Fund  | 2.2% |
|  Microsoft Corp.  | 1.8% |
|  F5, Inc.  | 1.6% |
|  Workday, Inc.  | 1.5% |
|  Bank of America Corp.  | 1.3% |
|  Amazon.com, Inc.  | 1.2% |
|  Charles Schwab Corp.  | 1.2% |
|  JPMorgan Chase & Co.  | 1.2% |
|  Citigroup, Inc.  | 1.1% |
|  Alphabet, Inc.  | 1.1% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Value Portfolio PAGE 1 TSR-SAR-971897202

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Large Company Value Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WLCVX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Large Company Value Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $51 | 1.00% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $165837593 |
| **Number of Holdings** | 518 |
| **Portfolio Turnover** | 29% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 20.4% |
|  Information Technology  | 13.3% |
|  Health Care  | 11.3% |
|  Industrials  | 10.5% |
|  Consumer Staples  | 5.5% |
|  Communication Services  | 5.4% |
|  Energy  | 5.2% |
|  Consumer Discretionary  | 5.2% |
|  Materials  | 4.0% |
|  Cash & Other  | 19.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Voya VACS Series SC Fund  | 2.2% |
|  Microsoft Corp.  | 1.8% |
|  F5, Inc.  | 1.6% |
|  Workday, Inc.  | 1.5% |
|  Bank of America Corp.  | 1.3% |
|  Amazon.com, Inc.  | 1.2% |
|  Charles Schwab Corp.  | 1.2% |
|  JPMorgan Chase & Co.  | 1.2% |
|  Citigroup, Inc.  | 1.1% |
|  Alphabet, Inc.  | 1.1% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Large Company Value Portfolio PAGE 1 TSR-SAR-971897608

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Small Company Growth Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| DTSGX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Small Company Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $66 | 1.35% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22682336 |
| **Number of Holdings** | 398 |
| **Portfolio Turnover** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Health Care  | 23.1% |
|  Industrials  | 21.7% |
|  Information Technology  | 20.0% |
|  Consumer Discretionary  | 10.2% |
|  Financials  | 10.2% |
|  Consumer Staples  | 4.7% |
|  Energy  | 3.0% |
|  Communication Services  | 2.0% |
|  Materials  | 1.5% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Pegasystems, Inc.  | 1.9% |
|  Federal Signal Corp.  | 1.8% |
|  Texas Roadhouse, Inc.  | 1.7% |
|  Excelerate Energy, Inc.  | 1.2% |
|  Sprouts Farmers Market, Inc.  | 1.1% |
|  ADMA Biologics, Inc.  | 1.1% |
|  Casella Waste Systems, Inc.  | 1.1% |
|  Sterling Infrastructure, Inc.  | 1.1% |
|  HealthEquity, Inc.  | 1.1% |
|  Paylocity Holding Corp.  | 1.0% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Growth Portfolio PAGE 1 TSR-SAR-971897301

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Small Company Growth Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WSMGX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Small Company Growth Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $54 | 1.10% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22682336 |
| **Number of Holdings** | 398 |
| **Portfolio Turnover** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Health Care  | 23.1% |
|  Industrials  | 21.7% |
|  Information Technology  | 20.0% |
|  Consumer Discretionary  | 10.2% |
|  Financials  | 10.2% |
|  Consumer Staples  | 4.7% |
|  Energy  | 3.0% |
|  Communication Services  | 2.0% |
|  Materials  | 1.5% |
|  Cash & Other  | 3.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Pegasystems, Inc.  | 1.9% |
|  Federal Signal Corp.  | 1.8% |
|  Texas Roadhouse, Inc.  | 1.7% |
|  Excelerate Energy, Inc.  | 1.2% |
|  Sprouts Farmers Market, Inc.  | 1.1% |
|  ADMA Biologics, Inc.  | 1.1% |
|  Casella Waste Systems, Inc.  | 1.1% |
|  Sterling Infrastructure, Inc.  | 1.1% |
|  HealthEquity, Inc.  | 1.1% |
|  Paylocity Holding Corp.  | 1.0% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Growth Portfolio PAGE 1 TSR-SAR-971897707

------

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| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Small Company Value Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| DTSVX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Small Company Value Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $66 | 1.35% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22796852 |
| **Number of Holdings** | 656 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 28.7% |
|  Industrials  | 18.7% |
|  Consumer Discretionary  | 11.2% |
|  Real Estate  | 8.1% |
|  Health Care  | 6.4% |
|  Information Technology  | 6.4% |
|  Energy  | 6.3% |
|  Materials  | 5.4% |
|  Consumer Staples  | 3.5% |
|  Cash & Other  | 5.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Red Rock Resorts, Inc.  | 1.7% |
|  Ryman Hospitality Properties, Inc.  | 1.4% |
|  Ducommun, Inc.  | 1.2% |
|  Bank OZK  | 1.1% |
|  Triumph Financial, Inc.  | 1.1% |
|  Mr Cooper Group, Inc.  | 1.1% |
|  Itron, Inc.  | 1.0% |
|  Live Oak Bancshares, Inc.  | 0.9% |
|  Astrana Health, Inc.  | 0.9% |
|  Hancock Whitney Corp.  | 0.8% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Value Portfolio PAGE 1 TSR-SAR-971897400

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Small Company Value Portfolio**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WSMVX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Small Company Value Portfolio (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $54 | 1.10% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22796852 |
| **Number of Holdings** | 656 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 28.7% |
|  Industrials  | 18.7% |
|  Consumer Discretionary  | 11.2% |
|  Real Estate  | 8.1% |
|  Health Care  | 6.4% |
|  Information Technology  | 6.4% |
|  Energy  | 6.3% |
|  Materials  | 5.4% |
|  Consumer Staples  | 3.5% |
|  Cash & Other  | 5.3% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Red Rock Resorts, Inc.  | 1.7% |
|  Ryman Hospitality Properties, Inc.  | 1.4% |
|  Ducommun, Inc.  | 1.2% |
|  Bank OZK  | 1.1% |
|  Triumph Financial, Inc.  | 1.1% |
|  Mr Cooper Group, Inc.  | 1.1% |
|  Itron, Inc.  | 1.0% |
|  Live Oak Bancshares, Inc.  | 0.9% |
|  Astrana Health, Inc.  | 0.9% |
|  Hancock Whitney Corp.  | 0.8% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Small Company Value Portfolio PAGE 1 TSR-SAR-971897806

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **FT Wilshire 5000® Index Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| WFIVX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the FT Wilshire 5000® Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $29 | 0.56% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289623450 |
| **Number of Holdings** | 2178 |
| **Portfolio Turnover** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 30.6% |
|  Financials  | 14.0% |
|  Consumer Discretionary  | 10.3% |
|  Industrials  | 9.7% |
|  Health Care  | 9.6% |
|  Communication Services  | 9.2% |
|  Consumer Staples  | 5.2% |
|  Energy  | 3.1% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 5.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 6.2% |
|  Microsoft Corp.  | 6.1% |
|  Apple, Inc.  | 5.1% |
|  Amazon.com, Inc.  | 3.5% |
|  Alphabet, Inc.  | 3.2% |
|  Meta Platforms, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.1% |
|  Tesla, Inc.  | 1.5% |
|  JPMorgan Chase & Co.  | 1.3% |
|  Eli Lilly & Co.  | 1.1% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

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

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **FT Wilshire 5000® Index Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WINDX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the FT Wilshire 5000® Index Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $17 | 0.33% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $289623450 |
| **Number of Holdings** | 2178 |
| **Portfolio Turnover** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 30.6% |
|  Financials  | 14.0% |
|  Consumer Discretionary  | 10.3% |
|  Industrials  | 9.7% |
|  Health Care  | 9.6% |
|  Communication Services  | 9.2% |
|  Consumer Staples  | 5.2% |
|  Energy  | 3.1% |
|  Real Estate  | 2.4% |
|  Cash & Other  | 5.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  NVIDIA Corp.  | 6.2% |
|  Microsoft Corp.  | 6.1% |
|  Apple, Inc.  | 5.1% |
|  Amazon.com, Inc.  | 3.5% |
|  Alphabet, Inc.  | 3.2% |
|  Meta Platforms, Inc.  | 2.7% |
|  Broadcom, Inc.  | 2.1% |
|  Tesla, Inc.  | 1.5% |
|  JPMorgan Chase & Co.  | 1.3% |
|  Eli Lilly & Co.  | 1.1% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

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

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Wilshire International Equity Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| WLCTX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Wilshire International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $82 | 1.50% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $227727397 |
| **Number of Holdings** | 1161 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 18.2% |
|  Industrials  | 17.3% |
|  Information Technology  | 10.6% |
|  Consumer Discretionary  | 8.9% |
|  Health Care  | 7.2% |
|  Communication Services  | 5.7% |
|  Materials  | 5.1% |
|  Consumer Staples  | 4.5% |
|  Mortgage Securities  | 3.3% |
|  Cash & Other  | 19.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Voya VACS Series SC Fund  | 2.0% |
|  Siemens Energy AG  | 1.5% |
|  MSCI EAFE Total Return Index  | 1.4% |
|  Rolls-Royce Holdings PLC  | 1.3% |
|  Sea Ltd.  | 1.2% |
|  Spotify Technology SA  | 1.1% |
|  BAE Systems PLC  | 1.1% |
|  SAP SE  | 1.0% |
|  Federal National Mortgage Association  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United States  | 13.4% |
|  Japan  | 11.2% |
|  United Kingdom  | 9.5% |
|  Germany  | 7.8% |
|  China  | 5.2% |
|  France  | 4.8% |
|  Canada  | 4.7% |
|  Taiwan  | 3.8% |
|  Netherlands  | 2.9% |
|  Cash & Other  | 36.7% |

---

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire International Equity Fund PAGE 1 TSR-SAR-971897822

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Wilshire International Equity Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WLTTX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Wilshire International Equity Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $69 | 1.25% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $227727397 |
| **Number of Holdings** | 1161 |
| **Portfolio Turnover** | 27% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Financials  | 18.2% |
|  Industrials  | 17.3% |
|  Information Technology  | 10.6% |
|  Consumer Discretionary  | 8.9% |
|  Health Care  | 7.2% |
|  Communication Services  | 5.7% |
|  Materials  | 5.1% |
|  Consumer Staples  | 4.5% |
|  Mortgage Securities  | 3.3% |
|  Cash & Other  | 19.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.2% |
|  Voya VACS Series SC Fund  | 2.0% |
|  Siemens Energy AG  | 1.5% |
|  MSCI EAFE Total Return Index  | 1.4% |
|  Rolls-Royce Holdings PLC  | 1.3% |
|  Sea Ltd.  | 1.2% |
|  Spotify Technology SA  | 1.1% |
|  BAE Systems PLC  | 1.1% |
|  SAP SE  | 1.0% |
|  Federal National Mortgage Association  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United States  | 13.4% |
|  Japan  | 11.2% |
|  United Kingdom  | 9.5% |
|  Germany  | 7.8% |
|  China  | 5.2% |
|  France  | 4.8% |
|  Canada  | 4.7% |
|  Taiwan  | 3.8% |
|  Netherlands  | 2.9% |
|  Cash & Other  | 36.7% |

---

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire International Equity Fund PAGE 1 TSR-SAR-971897814

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Wilshire Income Opportunities Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Investment Class \| WIORX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investment Class | $58 | 1.15% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $179384354 |
| **Number of Holdings** | 1406 |
| **Portfolio Turnover** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Mortgage Securities  | 27.2% |
|  Government  | 16.5% |
|  Asset Backed Securities  | 9.1% |
|  Financial  | 7.9% |
|  Consumer, Cyclical  | 5.6% |
|  Consumer, Non-cyclical  | 4.9% |
|  Energy  | 4.5% |
|  Utilities  | 3.8% |
|  Industrial  | 3.7% |
|  Cash & Other  | 16.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 8.1% |
|  Federal National Mortgage Association  | 5.5% |
|  Federal Home Loan Mortgage Corp.  | 3.3% |
|  United States Treasury Bill  | 3.2% |
|  Voya VACS Series HYB Fund  | 2.5% |
|  BX Trust  | 2.5% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.3% |
|  Voya VACS Series EMHCD Fund  | 1.0% |
|  Progress Residential Trust  | 1.0% |
|  Indonesia Treasury Bond  | 1.0% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire Income Opportunities Fund PAGE 1 TSR-SAR-971897772

------

---

| | | |
|:---|:---|:---|
| ![image](img98812_202408141356837.jpg) | **Wilshire Income Opportunities Fund**  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Institutional Class \| WIOPX  | ![image](img99230_202412301749417.jpg) |
| ![image](img98812_202408141356837.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img99230_202412301749417.jpg) |

---

This semi-annual shareholder report contains important information about the Wilshire Income Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://www.wilshire.com/research-insights/product-literature. You can also request this information by contacting us at 1-866-591-1658.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $46 | 0.90% |

---

\* Annualized.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $179384354 |
| **Number of Holdings** | 1406 |
| **Portfolio Turnover** | 34% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Mortgage Securities  | 27.2% |
|  Government  | 16.5% |
|  Asset Backed Securities  | 9.1% |
|  Financial  | 7.9% |
|  Consumer, Cyclical  | 5.6% |
|  Consumer, Non-cyclical  | 4.9% |
|  Energy  | 4.5% |
|  Utilities  | 3.8% |
|  Industrial  | 3.7% |
|  Cash & Other  | 16.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 8.1% |
|  Federal National Mortgage Association  | 5.5% |
|  Federal Home Loan Mortgage Corp.  | 3.3% |
|  United States Treasury Bill  | 3.2% |
|  Voya VACS Series HYB Fund  | 2.5% |
|  BX Trust  | 2.5% |
|  Freddie Mac Structured Agency Credit Risk Debt Notes  | 1.3% |
|  Voya VACS Series EMHCD Fund  | 1.0% |
|  Progress Residential Trust  | 1.0% |
|  Indonesia Treasury Bond  | 1.0% |

---

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

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

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Wilshire documents not be householded, please contact Wilshire at 1-866-591-1658, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Wilshire or your financial intermediary.

Wilshire Income Opportunities Fund PAGE 1 TSR-SAR-971897764

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](wilshire_logo.jpg)

**WILSHIRE MUTUAL FUNDS, INC.** 

**Large Company Growth Portfolio** 

**Large Company Value Portfolio** 

**Small Company Growth Portfolio** 

**Small Company Value Portfolio** 

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Wilshire International Equity Fund** 

**Wilshire Income Opportunities Fund** 

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (Unaudited)

http://advisor.wilshire.com

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#sai001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Large Company Growth Portfolio](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Large Company Value Portfolio](#soi2) | [11](#soi2) |
| &nbsp;&nbsp;&nbsp; [Small Company Growth Portfolio](#soi3) | [22](#soi3) |
| &nbsp;&nbsp;&nbsp; [Small Company Value Portfolio](#soi4) | [27](#soi4) |
| &nbsp;&nbsp;&nbsp; [FT Wilshire 5000 Index<sup>SM</sup> Fund](#soi5) | [34](#soi5) |
| &nbsp;&nbsp;&nbsp; [Wilshire International Equity Fund](#soi6) | [56](#soi6) |
| &nbsp;&nbsp;&nbsp; [Wilshire Income Opportunities Fund](#soi7) | [75](#soi7) |
| [Statements of Assets and Liabilities](#sal1) | [128](#sal1) |
| [Statements of Operations](#sop) | [134](#sop) |
| [Statements of Changes in Net Assets](#scna) | [139](#scna) |
| [Financial Highlights](#fihi) | [143](#fihi) |
| [Notes to Financial Statements](#notes) | [157](#notes) |
| [Additional Information](#add) | [187](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 84.4%**<br>|  |  |
| **Communication Services - 15.0%**<br>|  |  |
| Alphabet, Inc. - Class A | 12267 | $2161813  |
| Alphabet, Inc. - Class C | 43385 | 7696065  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class C<sup>(a)</sup> | 6575 | 687088  |
| Meta Platforms, Inc. - Class A | 21991 | 16231337  |
| Netflix, Inc.<sup>(a)</sup> | 6687 | 8954762  |
| Nexstar Media Group, Inc. | 201 | 34763  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 10721 | 384455  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 1741 | 262142  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 9621 | 1012129  |
| Sea Ltd. - ADR<sup>(a)</sup> | 12415 | 1985655  |
| Spotify Technology SA<sup>(a)</sup> | 1602 | 1229279  |
| TKO Group Holdings, Inc. | 2891 | 526018  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 8746 | 629625  |
|  |  | 41795131  |
| **Consumer Discretionary - 11.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 82057 | 18002485  |
| Booking Holdings, Inc. | 213 | 1233108  |
| Carnival Corp.<sup>(a)</sup> | 18160 | 510659  |
| Carvana Co.<sup>(a)</sup> | 597 | 201165  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 20034 | 1124909  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 992 | 244538  |
| Duolingo, Inc.<sup>(a)</sup> | 100 | 41002  |
| Ferrari NV | 1075 | 527546  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 3882 | 733698  |
| Home Depot, Inc. | 3149 | 1154549  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2163 | 513886  |
| MercadoLibre, Inc.<sup>(a)</sup> | 384 | 1003634  |
| On Holding AG - Class A<sup>(a)</sup> | 8873 | 461840  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1340 | 120774  |
| Royal Caribbean Cruises Ltd. | 786 | 246128  |
| Tesla, Inc.<sup>(a)</sup> | 11528 | 3661984  |
| Texas Roadhouse, Inc. | 1897 | 355517  |
| Tractor Supply Co. | 8252 | 435458  |
|  |  | 30572880  |
| **Consumer Staples - 1.9%**<br>|  |  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 8512 | 394872  |
| Costco Wholesale Corp. | 3283 | 3249973  |
| Monster Beverage Corp.<sup>(a)</sup> | 21438 | 1342876  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2349 | 386739  |
|  |  | 5374460  |
| **Energy - 0.2%**<br>|  |  |
| Cameco Corp. | 5294 | 392973  |
| Targa Resources Corp. | 483 | 84081  |
|  |  | 477054  |
| **Financials - 4.8%**<br>|  |  |
| Blackstone, Inc. | 804 | 120262  |
| Cboe Global Markets, Inc. | 4241 | 989044  |
| Mastercard, Inc. - Class A | 1751 | 983957  |
| Moody's Corp. | 1712 | 858722  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 50031 | $686425  |
| Popular, Inc. | 2343 | 258222  |
| Primerica, Inc. | 549 | 150245  |
| Progressive Corp. | 2761 | 736801  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 20065 | 1878686  |
| S&P Global, Inc. | 924 | 487216  |
| Tradeweb Markets, Inc. - Class A | 3254 | 476386  |
| Visa, Inc. - Class A | 14626 | 5192961  |
| XP, Inc. - Class A | 28705 | 579841  |
|  |  | 13398768  |
| **Health Care - 6.9%**<br>|  |  |
| AbbVie, Inc. | 4266 | 791855  |
| Boston Scientific Corp.<sup>(a)</sup> | 6715 | 721258  |
| Cardinal Health, Inc. | 3992 | 670656  |
| Dexcom, Inc.<sup>(a)</sup> | 2965 | 258815  |
| Eli Lilly & Co. | 3846 | 2998072  |
| Exact Sciences Corp.<sup>(a)</sup> | 1096 | 58241  |
| Exelixis, Inc.<sup>(a)</sup> | 11299 | 498003  |
| Genmab AS - ADR<sup>(a)</sup> | 9954 | 205650  |
| Glaukos Corp.<sup>(a)</sup> | 1274 | 131591  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 22392 | 1164832  |
| Insmed, Inc.<sup>(a)</sup> | 5214 | 524737  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 1545 | 200495  |
| Insulet Corp.<sup>(a)</sup> | 626 | 196677  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 3575 | 1942691  |
| McKesson Corp. | 924 | 677089  |
| Merck & Co., Inc. | 4123 | 326377  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 397 | 466364  |
| Natera, Inc.<sup>(a)</sup> | 7124 | 1203529  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 4101 | 515455  |
| Penumbra, Inc.<sup>(a)</sup> | 997 | 255860  |
| ResMed, Inc. | 2581 | 665898  |
| Stryker Corp. | 1999 | 790864  |
| UnitedHealth Group, Inc. | 1726 | 538460  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 5961 | 1716649  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1976 | 879715  |
| Waters Corp.<sup>(a)</sup> | 2181 | 761256  |
|  |  | 19161089  |
| **Industrials - 5.4%**<br>|  |  |
| Armstrong World Industries, Inc. | 2368 | 384658  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 742 | 614331  |
| Broadridge Financial Solutions, Inc. | 284 | 69020  |
| Cintas Corp. | 3391 | 755752  |
| Copart, Inc.<sup>(a)</sup> | 14756 | 724077  |
| Delta Air Lines, Inc. | 4365 | 214671  |
| EMCOR Group, Inc. | 896 | 479261  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 278 | 12174  |
| General Electric Co. | 5598 | 1440869  |
| GFL Environmental, Inc. | 31973 | 1613358  |
| HEICO Corp. | 918 | 301104  |
| HEICO Corp. - Class A | 7040 | 1821600  |
| Howmet Aerospace, Inc. | 1882 | 350297  |
| Leonardo DRS, Inc. | 6079 | 282552  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 29719 | $468371  |
| Otis Worldwide Corp. | 7577 | 750275  |
| Saia, Inc.<sup>(a)</sup> | 997 | 273168  |
| Trane Technologies PLC | 2558 | 1118895  |
| Trex Co., Inc.<sup>(a)</sup> | 4020 | 218608  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1575 | 125417  |
| United Rentals, Inc. | 461 | 347317  |
| Verisk Analytics, Inc. | 2960 | 922040  |
| Vertiv Holdings Co. - Class A | 14302 | 1836520  |
|  |  | 15124335  |
| **Information Technology - 36.2%<sup>(b)</sup>**<br>|  |  |
| Amphenol Corp. - Class A | 6111 | 603461  |
| Apple, Inc. | 42806 | 8782507  |
| Applied Materials, Inc. | 6481 | 1186477  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 13432 | 4702275  |
| Arista Networks, Inc.<sup>(a)</sup> | 13479 | 1379036  |
| ASML Holding NV | 539 | 431949  |
| Astera Labs, Inc.<sup>(a)</sup> | 13226 | 1195895  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 549 | 111496  |
| Broadcom, Inc. | 36200 | 9978530  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1814 | 558984  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 3931 | 769808  |
| Coherent Corp.<sup>(a)</sup> | 4095 | 365315  |
| Dynatrace, Inc.<sup>(a)</sup> | 3910 | 215871  |
| Fair Isaac Corp.<sup>(a)</sup> | 193 | 352796  |
| HubSpot, Inc.<sup>(a)</sup> | 66 | 36738  |
| Intuit, Inc. | 276 | 217386  |
| Itron, Inc.<sup>(a)</sup> | 4187 | 551135  |
| KLA Corp. | 242 | 216769  |
| Lam Research Corp. | 89 | 8663  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 3795 | 185917  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 1318 | 260265  |
| Marvell Technology, Inc. | 6059 | 468967  |
| Microsoft Corp. | 50112 | 24926210  |
| Motorola Solutions, Inc. | 889 | 373789  |
| Nebius Group NV<sup>(a)</sup> | 36166 | 2001065  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 3484 | 266317  |
| NVIDIA Corp. | 187972 | 29697696  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 3408 | 464579  |
| Pegasystems, Inc. | 1338 | 72426  |
| QUALCOMM, Inc. | 4588 | 730685  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 3126 | 280058  |
| ServiceNow, Inc.<sup>(a)</sup> | 1903 | 1956436  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 3007 | 346857  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 4361 | 975861  |
| Synopsys, Inc.<sup>(a)</sup> | 742 | 380409  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 19839 | 4493335  |
| Texas Instruments, Inc. | 5690 | 1181358  |
|  |  | 100727321  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 0.7%**<br>|  |  |
| Anglogold Ashanti PLC | 7949 | $362236  |
| James Hardie Industries PLC - ADR<sup>(a)</sup> | 16784 | 451322  |
| Martin Marietta Materials, Inc. | 318 | 174569  |
| Sherwin-Williams Co. | 2251 | 772903  |
| Southern Copper Corp. | 215 | 21763  |
|  |  | 1782793  |
| **Utilities - 2.3%**<br>|  |  |
| Constellation Energy Corp. | 3813 | 1230684  |
| Talen Energy Corp.<sup>(a)</sup> | 9055 | 2632922  |
| Vistra Corp. | 13518 | 2619924  |
|  |  | 6483530  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $112,929,468)** |  | 234897361  |
|  | **Par**  |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 2.8%**<br>|  |  |
|  Arbor Realty Trust, Inc., Series 2021-FL3, Class C, 6.28% (1 mo. Term SOFR + 1.96%), 08/15/2034, (1.96% Floor) (Callable 07/15/2025)<sup>(c)</sup> | $275000 | 273613  |
|  BBCMS Trust, Series 2021-C10, Class XA, 1.33%, 07/15/2054 (Callable 05/15/2031)<sup>(d)(e)</sup> | 916918 | 47891  |
| Benchmark Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class XA, <br>1.86%, 09/15/2053 (Callable 10/15/2030)<sup>(d)(e)</sup> | 936762 | 43683  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B29, Class XA, <br>1.13%, 09/15/2054 (Callable 08/15/2031)<sup>(d)(e)</sup> | 981856 | 37103  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, <br>5.68% (1 mo. Term SOFR + 1.36%), 11/15/2036, (1.25% Floor)<sup>(c)</sup> | 84533 | 84427  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, <br>5.53% (1 mo. Term SOFR + 1.21%), 09/15/2036, (1.10% Floor)<sup>(c)</sup> | 161794 | 161036  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, <br>5.31% (1 mo. Term SOFR + 1.00%), 01/15/2039, (1.00% Floor)<sup>(c)</sup> | 200000 | 199875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, <br>6.07% (1 mo. Term SOFR + 1.76%), 12/09/2040, (1.76% Floor)<sup>(c)</sup> | 143202 | 143426  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-KING, Class C, <br>6.25% (1 mo. Term SOFR + 1.94%), 05/15/2034, (1.94% Floor)<sup>(c)</sup> | 177661 | 177550  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** <br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, <br>6.10% (1 mo. Term SOFR + 1.79%), 02/15/2039, (1.79% Floor)<sup>(c)</sup> | 94697 | $94904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-GW, Class B, <br>6.15% (1 mo. Term SOFR + 1.85%), 07/15/2042, (1.85% Floor)<sup>(c)</sup> | 150000 | 150281  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, <br>5.46% (1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(c)</sup> | 150000 | 149062  |
| &nbsp;&nbsp;&nbsp; BX Trust 2024-VLT4, Series 2024-AIRC, Class B, 6.45% (1 mo. Term SOFR + 2.14%), 08/15/2039, <br>(2.14% Floor)<sup>(c)</sup> | 145608 | 145881  |
|  CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/2048 (Callable 01/10/2026) | 200000 | 198803  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)<sup>(d)(e)</sup> | 644612 | 27718  |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, <br>4.92%, 11/10/2041<sup>(c)(e)</sup> | 100000 | 99736  |
|  DK Trust, Series 2024-SPBX, Class A, 5.81% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(c)</sup> | 150000 | 150047  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
|  Series 5410, Class DF, 5.76% (30 day avg SOFR US + 1.45%), 05/25/2054, (1.45% Floor), (6.75% Cap) | 513741 | 515646  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, <br>1.76%, 04/25/2030 (Callable 04/25/2030)<sup>(d)(e)</sup> | 374104 | 23591  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, <br>1.04%, 09/25/2030 (Callable 06/25/2030)<sup>(d)(e)</sup> | 984497 | 39900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K123, Class X1, <br>0.86%, 12/25/2030 (Callable 10/25/2030)<sup>(d)(e)</sup> | 1381272 | 46588  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class X1, <br>0.49%, 04/25/2030 (Callable 02/25/2030)<sup>(d)(e)</sup> | 2366347 | 33727  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, <br>5.76% (30 day avg SOFR US + 1.45%), 06/25/2054, (1.45% Floor), (6.50% Cap) | 859734 | 860701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, <br>5.76% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 1443675 | 1445298  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series 2024-HULA, Class A, <br>6.12% (1 mo. Term SOFR + 1.81%), 08/15/2039, (1.81% Floor)<sup>(c)</sup> | 150000 | $150188  |
|  Great Wolf Trust, Series 2024-WOLF, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 03/15/2039, (1.54% Floor)<sup>(c)</sup> | 150000 | 150234  |
| &nbsp;&nbsp;&nbsp; Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, <br>6.43% (1 mo. Term SOFR + 2.11%), 07/15/2039, (2.00% Floor) (Callable 07/15/2025)<sup>(c)</sup> | 275000 | 271686  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, <br>6.07%, 07/15/2029<sup>(c)(e)</sup> | 225000 | 230375  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, <br>5.00%, 02/25/2055 (Callable 03/25/2048)<sup>(c)(e)</sup> | 81731 | 79605  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034<sup>(c)</sup> | 67844 | 67398  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, <br>3.50%, 05/25/2045 (Callable 07/25/2025)<sup>(c)(e)</sup> | 41165 | 37925  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, <br>3.50%, 05/25/2047 (Callable 12/25/2028)<sup>(c)(e)</sup> | 42321 | 37815  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, <br>3.50%, 10/25/2048 (Callable 08/25/2027)<sup>(c)(e)</sup> | 73293 | 65498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, <br>4.00%, 05/25/2049 (Callable 07/25/2025)<sup>(c)(e)</sup> | 7882 | 7288  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, <br>3.50%, 05/25/2050 (Callable 04/25/2035)<sup>(c)(e)</sup> | 58554 | 52004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, <br>3.50%, 07/25/2050 (Callable 05/25/2035)<sup>(c)(e)</sup> | 58182 | 51219  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-INV7, Class A3A, <br>2.50%, 02/25/2052 (Callable 09/25/2045)<sup>(c)(e)</sup> | 273550 | 244662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, <br>3.00%, 11/25/2052 (Callable 04/25/2042)<sup>(c)(e)</sup> | 163425 | 138930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, <br>5.00%, 07/25/2053 (Callable 11/25/2036)<sup>(c)(e)</sup> | 68571 | 66701  |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.92%, 03/10/2033<sup>(c)(e)</sup> | 125000 | 122895  |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2021-J1, Class A10, <br>2.00%, 10/25/2051 (Callable 07/25/2045)<sup>(c)(e)</sup> | 100000 | 60768 |

---

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** <br>|  |  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CH2, Class A1, <br>4.50%, 08/25/2049 (Callable 07/25/2025)<sup>(c)(e)</sup> | 632 | $627  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CH3, Class A1, <br>4.00%, 09/25/2049 (Callable 08/25/2033)<sup>(c)(e)</sup> | 4687 | 4361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, <br>2.50%, 11/25/2050 (Callable 01/25/2041)<sup>(c)(e)</sup> | 200000 | 143504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br>6.00%, 01/25/2055 (Callable 10/25/2041)<sup>(c)(e)</sup> | 92089 | 92812  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(c)</sup> | 190000 | 166279  |
| &nbsp;&nbsp;&nbsp; Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, <br>7.23%, 12/10/2034<sup>(c)(e)</sup> | 198824 | 202207  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 09/25/2037)<sup>(c)(e)(f)</sup> | 80160 | 69311  |
| &nbsp;&nbsp;&nbsp; WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, <br>4.21%, 08/15/2047 (Callable 07/15/2026)<sup>(e)</sup> | 131714 | 128291  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $8,058,047)** |  | 7793070  |
|  **AFFILIATED REGISTERED INVESTMENT COMPANIES - 2.7%**<br>|  |  |
| Voya VACS Series EMHCD Fund | 177 | 1821  |
| Voya VACS Series HYB Fund | 108313 | 1123205  |
| Voya VACS Series SC Fund | 587517 | 6245304  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $7,389,478)** |  | 7370330 |
|  | **Par**  |  |
| **CORPORATE BONDS - 2.3%**<br>|  |  |
| **Communication Services - 0.2%**<br>|  |  |
|  AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | $130000 | 111691  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 17000 | 16827  |
|  T-Mobile USA, Inc., 2.25%, 02/15/2026 (Callable 07/11/2025) | 107000 | 105427  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 139000 | 119784  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 60000 | 58289 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | $60000 | $55090  |
|  |  | 467108  |
| **Communications - 0.0%<sup>(g)</sup>**<br>|  |  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 20000 | 18871  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 07/11/2025) | 15000 | 14439  |
|  |  | 33310  |
| **Consumer Discretionary - 0.1%**<br>|  |  |
|  Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | 87000 | 76863  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 90000 | 83221  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 60000 | 59096  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., <br>3.60%, 09/01/2027 (Callable 06/01/2027) | 124000 | 122340  |
|  |  | 341520  |
| **Consumer Staples - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Nestle Holdings, Inc., <br>5.25%, 03/13/2026<sup>(c)</sup> | 150000 | 150998  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 69000 | 65155  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 90000 | 86893  |
|  |  | 303046  |
| **Energy - 0.2%**<br>|  |  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 97000 | 93725  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 65000 | 60794  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 65000 | 62773  |
| &nbsp;&nbsp;&nbsp; MPLX LP, 2.65%, 08/15/2030 <br>(Callable 05/15/2030) | 29000 | 26180  |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc., 5.38%, 01/01/2026 <br>(Callable 10/01/2025) | 86000 | 86095  |
|  Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025 (Callable 07/31/2025) | 86000 | 86009  |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, <br>5.00%, 03/15/2027 (Callable 09/15/2026) | 50000 | 50305  |
|  |  | 465881  |
| **Financials - 0.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., <br>1.20%, 07/08/2025 | 62000 | 61956  |
|  Aviation Capital Group LLC, 5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(c)</sup> | 40000 | 40299  |

---

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

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | $279000 | $271257  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 42000 | 41338  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 15000 | 14640  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 147000 | 134188  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>2.70%, 08/03/2026 | 94000 | 92456  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(c)</sup> | 94000 | 86603  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(c)</sup> | 37000 | 33920  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 83000 | 80232  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 85000 | 87320  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 32000 | 31225  |
|  HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200000 | 185866  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 142000 | 136842  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 44000 | 42976  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 46000 | 43099  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 17000 | 14706  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 62000 | 55248  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 65000 | 64389  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025) | 24000 | 23615  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 159000 | 155186  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | $67000 | $64952  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 38000 | 39554  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 31000 | 26778  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033) | 92000 | 93272  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032) | 5000 | 4966  |
|  Royal Bank of Canada, 1.20%, 04/27/2026 | 70000 | 68298  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., <br>2.80%, 03/10/2027<sup>(c)</sup> | 63000 | 61510  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 35000 | 35053  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025) | 35000 | 35003  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 21000 | 20716  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 16000 | 15746  |
|  |  | 2163209  |
| **Health Care - 0.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amgen, Inc., 5.15%, 03/02/2028 <br>(Callable 02/02/2028) | 92000 | 93869  |
| CVS Health Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/20/2025 (Callable 07/16/2025) | 212000 | 211839  |
| &nbsp;&nbsp;&nbsp; 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 130000 | 112298  |
| &nbsp;&nbsp;&nbsp; HCA, Inc., 4.13%, 06/15/2029 <br>(Callable 03/15/2029) | 86000 | 84502  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 09/02/2025 (Callable 08/02/2025) | 54000 | 53597  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 153000 | 144812  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 45000 | 39777  |
|  |  | 740694  |
| **Industrials - 0.0%<sup>(g)</sup>**<br>|  |  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 123000 | 114108 |
| **Information Technology - 0.2%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Apple, Inc., 1.20%, 02/08/2028 <br>(Callable 12/08/2027)  | 76000  | 70914  |

---

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

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Information Technology - (Continued)**<br>|  |  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | $61000 | $60411  |
| Intel Corp., 3.70%, 07/29/2025 | 29000 | 28971  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 92000 | 89865  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 176000 | 164152  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 51000 | 44204  |
|  |  | 458517  |
| **Materials - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc., 4.80%, 03/24/2030 <br>(Callable 12/24/2029) | 54000 | 55332  |
| &nbsp;&nbsp;&nbsp; Nucor Corp., 4.30%, 05/23/2027 <br>(Callable 04/23/2027) | 59000 | 59188  |
| Nutrien Ltd., 5.95%, 11/07/2025 | 83000 | 83432  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 97000 | 94754  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 65000 | 61016 |
|  |  | 353722  |
| **Real Estate - 0.1%**<br>|  |  |
| Equinix, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 07/15/2025 | 110000 | 109839  |
| &nbsp;&nbsp;&nbsp; 2.90%, 11/18/2026 (Callable 09/18/2026) | 49000 | 48001  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 96000 | 89838  |
|  |  | 247678  |
| **Utilities - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AES Corp., 1.38%, 01/15/2026 <br>(Callable 12/15/2025) | 66000 | 64747  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 62000 | 61543  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 132000 | 129124  |
|  Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025) | 87000 | 86353  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 87000 | 87535  |
|  Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 106000 | 104251  |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br>1.65%, 03/15/2026 (Callable 02/15/2026) | 70000 | 68548  |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., <br>5.15%, 10/01/2027 (Callable 09/01/2027) | 57000 | 58015  |
|  |  | 660116  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $6,522,142)** |  | 6348909  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 1.0%**<br>|  |  |
|  Babson CLO Ltd./Cayman Islands, Series 2018-4A, Class A1R, 5.41% (3 mo. Term SOFR + 1.15%), 10/15/2030, (1.15% Floor) (Callable 07/15/2025)<sup>(c)</sup> | $231999 | $232097  |
|  Benefit Street Partners CLO Ltd., Series 2021-23A, Class A1, 5.62% (3 mo. Term SOFR + 1.34%), 04/25/2034, (1.08% Floor) (Callable 07/25/2025)<sup>(c)</sup> | 250000 | 250000  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.66% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(c)</sup> | 250000 | 251470  |
|  CIFC Funding Ltd., Series 2022-1A, Class A, 5.60% (3 mo. Term SOFR + 1.32%), 04/17/2035, (1.32% Floor) (Callable 07/17/2025)<sup>(c)</sup> | 250000 | 250562  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.64% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(c)</sup> | 250000 | 250106  |
|  Marble Point CLO, Series 2020-3A, Class AR, 5.67% (3 mo. Term SOFR + 1.40%), 01/19/2034, (1.40% Floor) (Callable 07/19/2025)<sup>(c)</sup> | 300000 | 300071  |
|  Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 5.51% (3 mo. Term SOFR + 1.24%), 01/20/2035, (1.24% Floor) (Callable 07/20/2025)<sup>(c)</sup> | 295449 | 295743  |
|  OHA Credit Funding, Series 2019-4A, Class AR2, 5.56% (3 mo. Term SOFR + 1.29%), 01/22/2038, (1.29% Floor) (Callable 01/22/2027)<sup>(c)</sup> | 500000 | 501003  |
|  Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 5.72% (3 mo. Term SOFR + 1.41%), 11/14/2034, (1.41% Floor) (Callable 08/14/2025)<sup>(c)</sup> | 250000 | 250176  |
|  TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.52% (3 mo. Term SOFR + 1.28%), 10/13/2032, (1.02% Floor) (Callable 07/13/2025)<sup>(c)</sup> | 295853 | 295928  |
|  Wind River CLO Ltd., Series 2018-2A, Class A1R, 5.46% (3 mo. Term SOFR + 1.20%), 07/15/2030, (1.20% Floor) (Callable 07/15/2025)<sup>(c)</sup> | 23754 | 23752  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $2,893,924)** |  | 2900908  |
| **ASSET-BACKED SECURITIES - 1.0%**<br>|  |  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 52773 | 51366  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 2383 | 2305  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 25494 | 24353  |

---

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

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Beacon Container Finance LLC, Series 2021-1A, Class A, <br>2.25%, 10/22/2046<sup>(c)</sup> | $63333 | $58561  |
|  CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 06/15/2027) | 150000 | 152724  |
| &nbsp;&nbsp;&nbsp; CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 <br>(Callable 12/15/2027) | 250000 | 252488  |
| &nbsp;&nbsp;&nbsp; COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 <br>(Callable 07/25/2025)<sup>(c)(e)</sup> | 179207 | 148237  |
| &nbsp;&nbsp;&nbsp; Container Leasing International LLC, Series 2022-1A, Class A, <br>2.72%, 01/18/2047<sup>(c)</sup> | 89767 | 81913  |
| &nbsp;&nbsp;&nbsp; FedEx Corp., Series 2020-1AA, <br>1.88%, 02/20/2034 | 168581 | 144819  |
|  General Motors Financial Co., Inc., Series 2021-2, Class C, 1.01%, 01/19/2027 (Callable 12/18/2025) | 52372 | 51847  |
| &nbsp;&nbsp;&nbsp; Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, <br>5.78%, 04/15/2031 (Callable 02/15/2027) | 150000 | 153076  |
|  Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, 1.40%, 11/25/2050 (Callable 10/25/2028)<sup>(c)</sup> | 83113 | 73690  |
| &nbsp;&nbsp;&nbsp; Loanpal Solar Loan Ltd., Series <br>2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 11/20/2036)<sup>(c)</sup> | 134731 | 113718  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, <br>3.82%, 06/22/2043 (Callable 07/20/2029)<sup>(c)</sup> | 197770 | 185310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>1.44%, 08/20/2046 (Callable 09/20/2032)<sup>(c)</sup> | 39439 | 33821  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.31%, 01/15/2069 (Callable 02/15/2028)<sup>(c)</sup> | 67397 | 62928  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069 (Callable 12/15/2028)<sup>(c)</sup> | 39295 | 35792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, <br>3.48%, 04/15/2060 (Callable 05/15/2032)<sup>(c)</sup> | 99686 | 93011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 08/15/2033)<sup>(c)</sup> | 142003 | 145065  |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2023-1A, Class A, <br>5.50%, 06/14/2038 (Callable 06/14/2028)<sup>(c)</sup> | 150000 | 154460  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 07/10/2025)<sup>(c)</sup> | 44200 | 43797  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 11/15/2025)<sup>(c)</sup> | $12749 | $12729  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, <br>5.93%, 07/17/2028 (Callable 07/15/2027) | 135861 | 136441  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class B, <br>4.93%, 09/17/2029 (Callable 10/15/2027) | 100000 | 100660  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2024-D, Class A1A, <br>5.38%, 07/15/2053<sup>(c)</sup> | 88858 | 90442  |
|  SoFi Consumer Loan Program Trust, Series 2025-1, Class B, 5.12%, 02/27/2034 (Callable 07/25/2028)<sup>(c)</sup> | 100000 | 101026  |
|  SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, 3.34%, 08/25/2047 (Callable 01/25/2026)<sup>(c)</sup> | 7410 | 7374  |
|  Sunnova Energy International, Inc., Series 2020-AA, Class A, 2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(c)</sup> | 157453 | 136349  |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(c)</sup> | 158702 | 142633  |
|  World Omni Auto Receivables Trust, Series 2024-C, Class B, 4.68%, 07/15/2030 (Callable 09/15/2027) | 100000 | 100352  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $2,995,185)** |  | 2891287  |
| **U.S. TREASURY SECURITIES - 0.4%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | 61000 | 60955  |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | 55000 | 54265  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 2500 | 2503  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 91000 | 87652  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 44800 | 43213  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 2000 | 1964  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 47700 | 47696  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 150300 | 150658  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 3000 | 3050  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 2400 | 2378  |
| &nbsp;&nbsp;&nbsp; 3.38%, 09/15/2027 | 43000 | 42704  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 5500 | 5509  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028 | 13200 | 13270  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 79000 | 80142  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 2000 | 2001  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 19000 | 17528  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 84400 | 84980  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 178900 | 172485  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 71000 | 71111  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 70000 | 68168  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,017,999)** |  | 1012232 |

---

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

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.1%** | **REAL ESTATE INVESTMENT TRUSTS - 0.1%** |  |
| **Real Estate - 0.1%**<br>|  |  |
| Public Storage | 376 | $110326  |
| Simon Property Group, Inc. | 851 | 136807  |
|  |  | 247133  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS** <br>**(Cost $259,555)** |  | 247133  |
| **RIGHTS - 0.0%<sup>(g)</sup>**<br>|  |  |
| ABIOMED, Inc.<sup>(a)(h)</sup> | 1153 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.7%**<br>**(Cost $142,065,798)** |  | $263461230  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 3.0%<sup>(i)</sup> |  | 8317172  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.3% |  | 6473512  |
| **TOTAL NET ASSETS - 100.0%** |  | $278251914 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

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

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $9,339,224 or 3.4% of the Fund's net assets.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Represents less than 0.05% of net assets.

<sup>(h)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2025.

<sup>(i)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

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

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF FUTURES CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts**<br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $1457625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20296  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized**<br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | (8) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $914125 | &nbsp;&nbsp;&nbsp;&nbsp; $(20267)  |
| U.S. Treasury 2 Year Notes | (26) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5408610 | &nbsp;&nbsp;&nbsp;&nbsp; (20848)  |
| U.S. Treasury 5 Year Note | (17) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1853000 | &nbsp;&nbsp;&nbsp;&nbsp; (19611)  |
| U.S. Treasury Long Bonds | (7) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 808281 | &nbsp;&nbsp;&nbsp;&nbsp; (29044)  |
| U.S. Treasury Ultra Bonds | (4) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 476500 | &nbsp;&nbsp;&nbsp;&nbsp; (20259)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(110029)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp; $(89733) |

---

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

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LARGE COMPANY GROWTH PORTFOLIO** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value/** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Russell 1000 Growth Total Return Index | Morgan Stanley | Receive | EFFR + <br>0.86% | Termination | 02/27/2026 | $42676867 | &nbsp;&nbsp; $779926  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $779926 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

EFFR - Effective Federal Funds Rate was 4.33% as of June 30, 2025.

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

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 81.9%**<br>|  |  |
| **Communication Services - 5.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 7710 | $1358733  |
| Alphabet, Inc. - Class C | 2240 | 397354  |
| AT&T, Inc. | 13440 | 388954  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 590 | 241198  |
| Comcast Corp. - Class A | 46648 | 1664867  |
| Meta Platforms, Inc. - Class A | 650 | 479758  |
| Nexstar Media Group, Inc. | 710 | 122794  |
| Omnicom Group, Inc. | 10137 | 729256  |
| Paramount Global - Class B | 23200 | 299280  |
| Verizon Communications, Inc. | 18229 | 788769  |
| Walt Disney Co. | 8780 | 1088808  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 34664 | 397249  |
| WPP PLC - ADR | 19790 | 692848  |
|  |  | 8649868  |
| **Consumer Discretionary - 5.1%**<br>|  |  |
| Advance Auto Parts, Inc. | 810 | 37657  |
| Amazon.com, Inc.<sup>(a)</sup> | 9114 | 1999520  |
| Aptiv PLC<sup>(a)</sup> | 9000 | 613980  |
| Bath & Body Works, Inc. | 3811 | 114177  |
| Birkenstock Holding PLC<sup>(a)</sup> | 1961 | 96442  |
| Booking Holdings, Inc. | 20 | 115785  |
| BorgWarner, Inc. | 7270 | 243400  |
| Darden Restaurants, Inc. | 1090 | 237587  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 220 | 54232  |
| Gap, Inc. | 14070 | 306867  |
| General Motors Co. | 23084 | 1135964  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 2318 | 438102  |
| Hasbro, Inc. | 810 | 59794  |
| Lennar Corp. - Class B | 1440 | 151560  |
| Lithia Motors, Inc. | 780 | 263500  |
| Lowe's Cos., Inc. | 1530 | 339461  |
| LVMH Moet Hennessy Louis Vuitton SE | 234 | 122550  |
| Magna International, Inc. | 24072 | 929420  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 750 | 67597  |
| Ross Stores, Inc. | 1120 | 142890  |
| Royal Caribbean Cruises Ltd. | 250 | 78285  |
| Tapestry, Inc. | 600 | 52686  |
| TJX Cos., Inc. | 1470 | 181530  |
| TopBuild Corp.<sup>(a)</sup> | 390 | 126259  |
| YETI Holdings, Inc.<sup>(a)</sup> | 630 | 19858  |
| Yum! Brands, Inc. | 3540 | 524557  |
|  |  | 8453660  |
| **Consumer Staples - 5.4%**<br>|  |  |
| Altria Group, Inc. | 6770 | 396925  |
| Anheuser-Busch InBev SA/NV - ADR | 3410 | 234335  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 7035 | 758584  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 92 | 17554  |
| Colgate-Palmolive Co. | 10500 | 954450  |
| Conagra Brands, Inc. | 11700 | 239499  |
| Constellation Brands, Inc. - Class A | 3000 | 488040  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Costco Wholesale Corp. | 40 | $39598  |
| Diageo PLC | 5542 | 139060  |
| Dollar General Corp. | 1050 | 120099  |
| Dollar Tree, Inc.<sup>(a)</sup> | 950 | 94088  |
| General Mills, Inc. | 1740 | 90149  |
| Kenvue, Inc. | 29061 | 608247  |
| Kraft Heinz Co. | 28900 | 746198  |
| Lamb Weston Holdings, Inc. | 490 | 25406  |
| Maplebear, Inc.<sup>(a)</sup> | 3930 | 177793  |
| PepsiCo, Inc. | 1215 | 160429  |
| Pernod Ricard SA | 927 | 92380  |
| Philip Morris International, Inc. | 7250 | 1320442  |
| Procter & Gamble Co. | 3249 | 517631  |
| Target Corp. | 1580 | 155867  |
| Unilever PLC - ADR | 5915 | 361821  |
| US Foods Holding Corp.<sup>(a)</sup> | 1540 | 118595  |
| Walgreens Boots Alliance, Inc. | 11110 | 127543  |
| Walmart, Inc. | 10474 | 1024148  |
|  |  | 9008881  |
| **Energy - 5.1%**<br>|  |  |
| Antero Midstream Corp. | 6813 | 129106  |
| APA Corp. | 65264 | 1193679  |
| Baker Hughes Co. | 17225 | 660407  |
| Cheniere Energy, Inc. | 2740 | 667245  |
| Chevron Corp. | 1744 | 249723  |
| ConocoPhillips | 10622 | 953218  |
| EOG Resources, Inc. | 400 | 47844  |
| Exxon Mobil Corp. | 3407 | 367275  |
| Kinder Morgan, Inc. | 5150 | 151410  |
| Murphy Oil Corp. | 5550 | 124875  |
| NOV, Inc. | 60195 | 748224  |
| Ovintiv, Inc. | 15900 | 604995  |
| Permian Resources Corp. | 3220 | 43856  |
| Schlumberger NV | 22370 | 756106  |
| Shell PLC - ADR | 12147 | 855270  |
| Targa Resources Corp. | 588 | 102359  |
| TechnipFMC PLC | 10900 | 375396  |
| TotalEnergies SE | 5473 | 335886  |
|  |  | 8366874  |
| **Financials - 19.5%**<br>|  |  |
| AIB Group PLC | 44433 | 365595  |
| Allstate Corp. | 757 | 152392  |
| American Express Co. | 2740 | 874005  |
| American International Group, Inc. | 15859 | 1357372  |
| Aon PLC - Class A | 1742 | 621476  |
| Arthur J Gallagher & Co. | 1110 | 355333  |
| Axis Capital Holdings Ltd. | 2292 | 237955  |
| Bank of America Corp. | 44135 | 2088468  |
| Bank OZK | 1390 | 65413  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 2538 | 1232884  |
| Blackrock, Inc. | 50 | 52463  |
| Brown & Brown, Inc. | 300 | 33261  |
| Capital One Financial Corp. | 6636 | 1411875  |

---

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

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Cboe Global Markets, Inc. | 1190 | $277520  |
| Charles Schwab Corp. | 22305 | 2035108  |
| Citigroup, Inc. | 21266 | 1810162  |
| Citizens Financial Group, Inc. | 17115 | 765896  |
| CME Group, Inc. | 3265 | 899899  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 330 | 115662  |
| Commerce Bancshares, Inc. | 6405 | 398199  |
| Corebridge Financial, Inc. | 15990 | 567645  |
| Cullen/Frost Bankers, Inc. | 290 | 37277  |
|  Fidelity National Information Services, Inc. | 7480 | 608947  |
| Fifth Third Bancorp | 1930 | 79381  |
| First Citizens BancShares, Inc. - Class A | 264 | 516508  |
| First Hawaiian, Inc. | 14180 | 353933  |
| Goldman Sachs Group, Inc. | 395 | 279561  |
| Hartford Insurance Group, Inc. | 3767 | 477919  |
| Intercontinental Exchange, Inc. | 2450 | 449502  |
| Janus Henderson Group PLC | 4760 | 184878  |
| JPMorgan Chase & Co. | 6207 | 1799471  |
| Lincoln National Corp. | 3800 | 131480  |
| M&T Bank Corp. | 2360 | 457816  |
| MarketAxess Holdings, Inc. | 800 | 178672  |
| Marsh & McLennan Cos., Inc. | 2194 | 479696  |
| Mastercard, Inc. - Class A | 1190 | 668709  |
| MGIC Investment Corp. | 7046 | 196161  |
| Moody's Corp. | 964 | 483533  |
| Morningstar, Inc. | 774 | 242982  |
| MSCI, Inc. | 520 | 299905  |
| Northern Trust Corp. | 2963 | 375679  |
| Old Republic International Corp. | 6160 | 236790  |
| Pinnacle Financial Partners, Inc. | 246 | 27161  |
| PNC Financial Services Group, Inc. | 1090 | 203198  |
| Primerica, Inc. | 676 | 185001  |
| Progressive Corp. | 702 | 187336  |
| Prosperity Bancshares, Inc. | 950 | 66728  |
| Resona Holdings, Inc. | 30700 | 283965  |
| RLI Corp. | 2980 | 215216  |
| S&P Global, Inc. | 1116 | 588456  |
| SEI Investments Co. | 3133 | 281531  |
| State Street Corp. | 9546 | 1015122  |
| Stifel Financial Corp. | 658 | 68287  |
| Synchrony Financial | 7480 | 499215  |
| Tradeweb Markets, Inc. - Class A | 190 | 27816  |
| Truist Financial Corp. | 9300 | 399807  |
| US Bancorp | 19325 | 874456  |
| Virtu Financial, Inc. - Class A | 6546 | 293195  |
| Wells Fargo & Co. | 21261 | 1703431  |
| Willis Towers Watson PLC | 2062 | 632003  |
| XP, Inc. - Class A | 28910 | 583982  |
|  |  | 32393289  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Health Care - 11.1%**<br>|  |  |
| Abbott Laboratories | 7471 | $1016131  |
| AbbVie, Inc. | 1410 | 261724  |
| Agilent Technologies, Inc. | 5146 | 607279  |
| Amgen, Inc. | 420 | 117268  |
| Becton Dickinson & Co. | 3914 | 674186  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 1255 | 302857  |
| Bio-Techne Corp. | 7717 | 397040  |
| Boston Scientific Corp.<sup>(a)</sup> | 4210 | 452196  |
| Bruker Corp. | 2291 | 94389  |
| Centene Corp.<sup>(a)</sup> | 7012 | 380611  |
| Chemed Corp. | 152 | 74013  |
| Cigna Group | 2477 | 818847  |
| CVS Health Corp. | 13011 | 897499  |
| Danaher Corp. | 1298 | 256407  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 2720 | 166845  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 1200 | 93852  |
| Elevance Health, Inc. | 2545 | 989903  |
| Envista Holdings Corp.<sup>(a)</sup> | 8123 | 158723  |
| Exelixis, Inc.<sup>(a)</sup> | 1630 | 71842  |
| GE HealthCare Technologies, Inc. | 16158 | 1196823  |
| Gilead Sciences, Inc. | 5291 | 586613  |
| GSK PLC - ADR | 5861 | 225062  |
| Haleon PLC | 61721 | 317196  |
| HCA Healthcare, Inc. | 1973 | 755856  |
| Humana, Inc. | 2530 | 618534  |
| ICON PLC<sup>(a)</sup> | 1527 | 222102  |
| Illumina, Inc.<sup>(a)</sup> | 2640 | 251882  |
| Insmed, Inc.<sup>(a)</sup> | 440 | 44282  |
| Johnson & Johnson | 6710 | 1024953  |
| Labcorp Holdings, Inc. | 980 | 257260  |
|  Maravai LifeSciences Holdings, Inc. - Class A<sup>(a)</sup> | 5276 | 12715  |
| McKesson Corp. | 103 | 75476  |
| Medtronic PLC | 11183 | 974822  |
| Merck & Co., Inc. | 5060 | 400550  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 190 | 56601  |
| Pfizer, Inc. | 8190 | 198526  |
| ResMed, Inc. | 1740 | 448920  |
| Sanofi SA - ADR | 4255 | 205559  |
| Solventum Corp.<sup>(a)</sup> | 7691 | 583285  |
| Stryker Corp. | 700 | 276941  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 530 | 93280  |
| United Therapeutics Corp.<sup>(a)</sup> | 130 | 37356  |
| UnitedHealth Group, Inc. | 1540 | 480434  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | 1350 | 244553  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 1021 | 294028  |
| Waters Corp.<sup>(a)</sup> | 1368 | 477487  |
| Zimmer Biomet Holdings, Inc. | 2884 | 263050  |
|  |  | 18455758  |

---

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

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - 10.5%**<br>|  |  |
| Acuity, Inc. | 190 | $56685  |
| AECOM | 5390 | 608315  |
| Allegion PLC | 2273 | 327585  |
| Armstrong World Industries, Inc. | 1220 | 198177  |
| ATI, Inc.<sup>(a)</sup> | 840 | 72526  |
| Automatic Data Processing, Inc. | 580 | 178872  |
| Boeing Co.<sup>(a)</sup> | 2360 | 494491  |
| Caterpillar, Inc. | 980 | 380446  |
| Cintas Corp. | 1220 | 271901  |
| CNH Industrial NV | 42040 | 544838  |
| Crane Co. | 400 | 75956  |
| Cummins, Inc. | 2746 | 899315  |
| Deere & Co. | 510 | 259330  |
| Delta Air Lines, Inc. | 4000 | 196720  |
| EMCOR Group, Inc. | 502 | 268515  |
| Emerson Electric Co. | 2722 | 362924  |
| Equifax, Inc. | 309 | 80145  |
| FedEx Corp. | 4180 | 950156  |
| Ferguson Enterprises, Inc. | 1862 | 405450  |
| Flowserve Corp. | 2590 | 135586  |
| Fluor Corp.<sup>(a)</sup> | 4126 | 211540  |
| Fortive Corp. | 3300 | 172029  |
| General Dynamics Corp. | 4237 | 1235763  |
| General Electric Co. | 1110 | 285703  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 33760 | 465888  |
| Howmet Aerospace, Inc. | 1540 | 286640  |
| Hubbell, Inc. | 882 | 360218  |
| IDEX Corp. | 901 | 158189  |
| Lockheed Martin Corp. | 1156 | 535390  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 9830 | 154921  |
| MasTec, Inc.<sup>(a)</sup> | 410 | 69876  |
| MSA Safety, Inc. | 1711 | 286644  |
| Mueller Industries, Inc. | 3610 | 286887  |
| Nordson Corp. | 1168 | 250384  |
| Norfolk Southern Corp. | 1600 | 409552  |
| Otis Worldwide Corp. | 2462 | 243787  |
| PACCAR, Inc. | 6651 | 632244  |
| Parker-Hannifin Corp. | 340 | 237480  |
| QXO, Inc.<sup>(a)</sup> | 1120 | 24125  |
| Republic Services, Inc. | 485 | 119606  |
| Rockwell Automation, Inc. | 1080 | 358744  |
| RTX Corp. | 5800 | 846916  |
| Sensata Technologies Holding PLC | 1339 | 40317  |
| Simpson Manufacturing Co., Inc. | 847 | 131547  |
| Stanley Black & Decker, Inc. | 4590 | 310972  |
| Tetra Tech, Inc. | 8220 | 295591  |
| Textron, Inc. | 430 | 34525  |
| Timken Co. | 3200 | 232160  |
| Trane Technologies PLC | 570 | 249324  |
| TransUnion | 3754 | 330352  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 2244 | 178690  |
| Verisk Analytics, Inc. | 854 | 266021  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Watsco, Inc. | 420 | $185480  |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. - <br>Class A | 2049 | 503829  |
|  Westinghouse Air Brake Technologies Corp. | 1169 | 244730  |
| Woodward, Inc. | 87 | 21323  |
|  |  | 17425320  |
| **Information Technology - 13.1%**<br>|  |  |
| Accenture PLC - Class A | 1555 | 464774  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 430 | 61017  |
| Analog Devices, Inc. | 7011 | 1668758  |
| Applied Materials, Inc. | 1251 | 229021  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 317 | 64380  |
| Autodesk, Inc.<sup>(a)</sup> | 1458 | 451353  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1741 | 536489  |
| Capgemini SE | 1858 | 317462  |
| Cisco Systems, Inc. | 11248 | 780386  |
|  Cognizant Technology Solutions Corp. - Class A | 2958 | 230813  |
| Corning, Inc. | 6950 | 365501  |
| F5, Inc.<sup>(a)</sup> | 9294 | 2735410  |
| Flex Ltd.<sup>(a)</sup> | 7010 | 349939  |
| Fortinet, Inc.<sup>(a)</sup> | 1900 | 200868  |
| Gen Digital, Inc. | 3560 | 104664  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 3220 | 527629  |
| KLA Corp. | 368 | 329632  |
| Lam Research Corp. | 5152 | 501496  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 6580 | 322354  |
| Littelfuse, Inc. | 130 | 29475  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 1441 | 47611  |
| Micron Technology, Inc. | 2457 | 302825  |
| Microsoft Corp. | 5864 | 2916812  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 116 | 46891  |
| Motorola Solutions, Inc. | 410 | 172389  |
| Pegasystems, Inc. | 8996 | 486953  |
| PTC, Inc.<sup>(a)</sup> | 1325 | 228350  |
| QUALCOMM, Inc. | 1740 | 277112  |
| Ralliant Corp.<sup>(a)</sup> | 1100 | 53339  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 310 | 27773  |
| Salesforce, Inc. | 3124 | 851884  |
| Synopsys, Inc.<sup>(a)</sup> | 491 | 251726  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3190 | 722503  |
| TE Connectivity PLC | 4469 | 753786  |
| Telefonaktiebolaget LM Ericsson - ADR | 170182 | 1443143  |
| Universal Display Corp. | 750 | 115845  |
| VeriSign, Inc. | 422 | 121874  |
| Workday, Inc. - Class A<sup>(a)</sup> | 10558 | 2533920  |
|  |  | 21626157  |
| **Materials - 3.8%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 1938 | 230895  |
| Alcoa Corp. | 264 | 7791  |
| Corteva, Inc. | 5638 | 420200  |
| CRH PLC | 5548 | 509306  |

---

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

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Ecolab, Inc. | 190 | $51194  |
| Franco-Nevada Corp. | 4075 | 669027  |
| Freeport-McMoRan, Inc. | 20400 | 884340  |
| Martin Marietta Materials, Inc. | 521 | 286008  |
| Newmont Corp. | 3440 | 200415  |
| Olin Corp. | 17190 | 345347  |
| PPG Industries, Inc. | 6500 | 739375  |
| Royal Gold, Inc. | 3168 | 563397  |
| RPM International, Inc. | 1475 | 162014  |
| Scotts Miracle-Gro Co. | 3040 | 200518  |
| Vulcan Materials Co. | 1166 | 304116  |
| Wheaton Precious Metals Corp. | 8244 | 741370  |
|  |  | 6315313  |
| **Real Estate - 0.3%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 2854 | 399902  |
| **Utilities - 2.8%**<br>|  |  |
| American Electric Power Co., Inc. | 1410 | 146302  |
| Clearway Energy, Inc. - Class C | 7630 | 244160  |
| Dominion Energy, Inc. | 22770 | 1286960  |
| Duke Energy Corp. | 1100 | 129800  |
| Edison International | 2480 | 127968  |
| Entergy Corp. | 420 | 34910  |
| Eversource Energy | 3540 | 225215  |
| Exelon Corp. | 6630 | 287875  |
| IDACORP, Inc. | 240 | 27708  |
| National Fuel Gas Co. | 4140 | 350699  |
| NextEra Energy, Inc. | 6580 | 456783  |
| NRG Energy, Inc. | 1750 | 281015  |
| OGE Energy Corp. | 5720 | 253854  |
| PPL Corp. | 19293 | 653840  |
| Southern Co. | 2061 | 189262  |
|  |  | 4696351  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $108,608,804)** |  | 135791373 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 3.2%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 3.2%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - 3.2%** |
|  Arbor Realty Trust, Inc., Series 2021-FL3, Class C, 6.28% (1 mo. Term SOFR + 1.96%), 08/15/2034, (1.96% Floor) (Callable 07/15/2025)<sup>(c)</sup> | $225000 | 223865  |
|  BBCMS Trust, Series 2021-C10, Class XA, 1.33%, 07/15/2054 (Callable 05/15/2031)<sup>(d)(e)</sup> | 916918 | 47891  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class C, <br>5.53% (1 mo. Term SOFR + 1.21%), 09/15/2036, (1.10% Floor)<sup>(c)</sup> | 121104 | 120536 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CSMO, Class B, <br>7.45% (1 mo. Term SOFR + 3.14%), 06/15/2027, (3.14% Floor)<sup>(c)</sup> | $100000 | $100750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, <br>5.31% (1 mo. Term SOFR + 1.00%), 01/15/2039, (1.00% Floor)<sup>(c)</sup> | 200000 | 199875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PSB, Class A, <br>6.76% (1 mo. Term SOFR + 2.45%), 08/15/2039, (2.45% Floor)<sup>(c)</sup> | 78173 | 78149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, <br>6.10% (1 mo. Term SOFR + 1.79%), 02/15/2039, (1.79% Floor)<sup>(c)</sup> | 94697 | 94904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, <br>5.46% (1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(c)</sup> | 150000 | 149062  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)<sup>(d)(e)</sup> | 417636 | 17958  |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, <br>4.92%, 11/10/2041<sup>(c)(e)</sup> | 100000 | 99736  |
|  DK Trust, Series 2024-SPBX, Class A, 5.81% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(c)</sup> | 125000 | 125039  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5410, Class DF, 5.76% (30 day avg SOFR US + 1.45%), 05/25/2054, (1.45% Floor), <br>(6.75% Cap) | 386911 | 388346  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, <br>1.76%, 04/25/2030 (Callable 04/25/2030)<sup>(d)(e)</sup> | 280578 | 17693  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, <br>1.04%, 09/25/2030 (Callable 06/25/2030)<sup>(d)(e)</sup> | 590698 | 23940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class X1, <br>0.49%, 04/25/2030 (Callable 02/25/2030)<sup>(d)(e)</sup> | 1521223 | 21681  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, <br>5.76% (30 day avg SOFR US + 1.45%), 06/25/2054, (1.45% Floor), (6.50% Cap) | 605507 | 606188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, <br>5.76% (30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), (6.50% Cap) | 1043118 | 1044290  |
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series 2024-HULA, Class A, 6.12% <br>(1 mo. Term SOFR + 1.81%), 08/15/2039, (1.81% Floor)<sup>(c)</sup> | 100000 | 100125  |

---

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

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Greystone Commercial Real Estate Notes, Series 2021-FL3, Class C, <br>6.43% (1 mo. Term SOFR + 2.11%), 07/15/2039, (2.00% Floor) (Callable 07/15/2025)<sup>(c)</sup> | $225000 | $222288  |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. II, Series 2024-FAIR, Class A, <br>6.07%, 07/15/2029<sup>(c)(e)</sup> | 175000 | 179181  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, <br>5.00%, 02/25/2055 (Callable 03/25/2048)<sup>(c)(e)</sup> | 81731 | 79605  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034<sup>(c)</sup> | 46969 | 46660  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, <br>3.50%, 05/25/2045 (Callable 07/25/2025)<sup>(c)(e)</sup> | 29403 | 27089  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, <br>3.50%, 05/25/2047 (Callable 12/25/2028)<sup>(c)(e)</sup> | 27843 | 24879  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, <br>3.50%, 10/25/2048 (Callable 08/25/2027)<sup>(c)(e)</sup> | 46940 | 41948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, <br>4.00%, 05/25/2049 (Callable 07/25/2025)<sup>(c)(e)</sup> | 7128 | 6592  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, <br>3.50%, 05/25/2050 (Callable 04/25/2035)<sup>(c)(e)</sup> | 43915 | 39003  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, <br>3.50%, 07/25/2050 (Callable 05/25/2035)<sup>(c)(e)</sup> | 34909 | 30731  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, <br>3.00%, 11/25/2052 (Callable 04/25/2042)<sup>(c)(e)</sup> | 163425 | 138930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, <br>5.00%, 07/25/2053 (Callable 11/25/2036)<sup>(c)(e)</sup> | 68571 | 66701  |
| &nbsp;&nbsp;&nbsp; ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, <br>5.75%, 07/15/2039<sup>(c)(e)</sup> | 200000 | 203887  |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.92%, 03/10/2033<sup>(c)(e)</sup> | 125000 | 122895  |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2021-J1, Class A10, <br>2.00%, 10/25/2051 (Callable 07/25/2045)<sup>(c)(e)</sup> | 100000 | 60768  |
|  PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 09/25/2032)<sup>(c)(e)</sup> | 27505 | 23615  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3, Class A2, <br>2.50%, 03/25/2043 (Callable 11/25/2025)<sup>(e)</sup> | 38781 | 33541  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CH2, Class A1, <br>4.50%, 08/25/2049 (Callable 07/25/2025)<sup>(c)(e)</sup> | $316 | $314  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, <br>2.50%, 11/25/2050 (Callable 01/25/2041)<sup>(c)(e)</sup> | 100000 | 71752  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(c)</sup> | 140000 | 122521  |
| &nbsp;&nbsp;&nbsp; Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, <br>7.23%, 12/10/2034<sup>(c)(e)</sup> | 132549 | 134805  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 09/25/2037)<sup>(c)(e)(f)</sup> | 48096 | 41587  |
| &nbsp;&nbsp;&nbsp; WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, <br>4.21%, 08/15/2047 (Callable 07/15/2026)<sup>(e)</sup> | 87809 | 85527  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $5,414,554)** |  | 5264847  |
|  | **Shares**  |  |
| &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.8%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.8%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED INVESTMENT** <br>**COMPANIES - 2.8%** |
| Voya VACS Series EMHCD Fund | 129 | 1330  |
| Voya VACS Series HYB Fund | 91802 | 951988  |
| Voya VACS Series SC Fund | 345495 | 3672608  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $4,662,612)** |  | 4625926  |
|  | **Par** |  |
| **CORPORATE BONDS - 2.5%** | **CORPORATE BONDS - 2.5%** | **CORPORATE BONDS - 2.5%** |
| **Communication Services - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc., 2.25%, 02/01/2032 <br>(Callable 11/01/2031) | $87000 | 74747  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 11000 | 10888  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 07/11/2025) | 74000 | 72912  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 13000 | 12266  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 07/11/2025) | 11000 | 10588  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 96000 | 82729  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 42000 | 40803  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 42000 | 38563  |
|  |  | 343496  |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Consumer Discretionary - 0.1%**<br>|  |  |
|  Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | $64000 | $56543  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 60000 | 55481  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 42000 | 41367  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., <br>3.60%, 09/01/2027 (Callable 06/01/2027) | 86000 | 84849  |
|  |  | 238240  |
| **Consumer Staples - 0.1%**<br>|  |  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 25000 | 23607  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 64000 | 61790  |
|  |  | 85397  |
| **Energy - 0.2%**<br>|  |  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 69000 | 66670  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 46000 | 43024  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 45000 | 43459  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 16000 | 14444  |
|  Ovintiv, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025) | 60000 | 60066  |
|  Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025 (Callable 07/31/2025) | 60000 | 60006  |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, <br>5.00%, 03/15/2027 (Callable 09/15/2026) | 34000 | 34207  |
|  |  | 321876  |
| **Financials - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., <br>1.20%, 07/08/2025 | 44000 | 43969  |
| &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC, <br>5.13%, 04/10/2030 (Callable 03/10/2030)<sup>(c)</sup> | 25000 | 25187  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 194000 | 188616  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 26000 | 25590  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 10000 | 9760  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 103000 | 94023  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>2.70%, 08/03/2026 | $66000 | $64916  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(c)</sup> | 62000 | 57121  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(c)</sup> | 23000 | 21085  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 58000 | 56066  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 60000 | 61637  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 23000 | 22443  |
|  HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200000 | 185866  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 99000 | 95404  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 48000 | 46883  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 31000 | 29045  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 8000 | 6921  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 43000 | 38317  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | 30000 | 29718  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025) | 16000 | 15744  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 111000 | 108337  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 46000 | 44594  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 26000 | 27063  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 15000 | 12957  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033) | 64000 | 64885  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>1.20%, 04/27/2026 | 50000 | 48784  |

---

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

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Bank Ltd., <br>2.80%, 03/10/2027<sup>(c)</sup> | $52000 | $50771  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 23000 | 23035  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025) | 24000 | 24002  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 15000 | 14797  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 11000 | 10825  |
|  |  | 1548361  |
| **Health Care - 0.2%**<br>|  |  |
|  Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028) | 63000 | 64280  |
|  CVS Health Corp., 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 54000 | 46647  |
|  HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | 60000 | 58955  |
|  Johnson & Johnson, 1.30%, 09/01/2030 (Callable 06/01/2030) | 60000 | 52223  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 09/02/2025 (Callable 08/02/2025) | 38000 | 37716  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 107000 | 101274  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 31000 | 27401  |
|  |  | 388496  |
| **Industrials - 0.0%<sup>(g)</sup>**<br>|  |  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 77000 | 71434  |
| **Information Technology - 0.2%**<br>|  |  |
|  Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 54000 | 50386  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 43000 | 42585  |
| Intel Corp., 3.70%, 07/29/2025 | 24000 | 23976  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 66000 | 64468  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 121000 | 112854  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 37000 | 32070  |
|  |  | 326339  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **Materials - 0.2%**<br>|  |  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | $39000 | $39962  |
|  Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 41000 | 41131  |
| Nutrien Ltd., 5.95%, 11/07/2025 | 59000 | 59308  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 68000 | 66425  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 47000 | 44119  |
|  |  | 250945  |
| **Real Estate - 0.1%**<br>|  |  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 40000 | 39184  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 69000 | 64571  |
|  |  | 103755 |
| **Utilities - 0.3%**<br>|  |  |
|  AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025) | 45000 | 44146  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 47000 | 46654  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 92000 | 89996  |
|  Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025) | 61000 | 60546  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 70000 | 70431  |
|  Sierra Pacific Power Co., 2.60%, 05/01/2026 (Callable 02/01/2026) | 74000 | 72779  |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br>1.65%, 03/15/2026 (Callable 02/15/2026) | 45000 | 44066  |
|  WEC Energy Group, Inc., 5.15%, 10/01/2027 (Callable 09/01/2027) | 39000 | 39694  |
|  |  | 468312  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $4,207,946)** |  | 4146651  |
| **ASSET-BACKED SECURITIES - 1.3%** | **ASSET-BACKED SECURITIES - 1.3%** | **ASSET-BACKED SECURITIES - 1.3%** |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 33270 | 32383  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 1191 | 1153  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 10926 | 10437  |
|  CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 02/15/2029 (Callable 06/15/2027) | 100000 | 101816  |
|  CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 12/15/2027) | 200000 | 201991  |
|  COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 07/25/2025)<sup>(c)(e)</sup> | 119471 | 98824  |

---

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

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  | **ASSET-BACKED SECURITIES - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Container Leasing International LLC, Series 2022-1A, Class A, <br>2.72%, 01/18/2047<sup>(c)</sup> | $71813 | $65530  |
| &nbsp;&nbsp;&nbsp; FedEx Corp., Series 2020-1AA, <br>1.88%, 02/20/2034 | 80494 | 69148  |
| &nbsp;&nbsp;&nbsp; GLS Auto Receivables Trust, <br>Series 2025-1A, Class C, <br>5.07%, 11/15/2030 (Callable 11/15/2029)<sup>(c)</sup> | 150000 | 151797  |
| &nbsp;&nbsp;&nbsp; Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, <br>5.78%, 04/15/2031 (Callable 02/15/2027) | 150000 | 153076  |
| &nbsp;&nbsp;&nbsp; Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, <br>1.40%, 11/25/2050 (Callable 10/25/2028)<sup>(c)</sup> | 55409 | 49127  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, <br>3.82%, 06/22/2043 (Callable 07/20/2029)<sup>(c)</sup> | 156135 | 146297  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>1.44%, 08/20/2046 (Callable 09/20/2032)<sup>(c)</sup> | 39439 | 33821  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, <br>1.17%, 09/16/2069 (Callable 03/15/2028)<sup>(c)</sup> | 33837 | 31489  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069 (Callable 12/15/2028)<sup>(c)</sup> | 26197 | 23861  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 08/15/2033)<sup>(c)</sup> | 142003 | 145065  |
| &nbsp;&nbsp;&nbsp; OneMain Financial Issuance Trust, Series 2023-1A, Class A, <br>5.50%, 06/14/2038 (Callable 06/14/2028)<sup>(c)</sup> | 100000 | 102974  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 07/10/2025)<sup>(c)</sup> | 22100 | 21899  |
|  Santander Consumer Auto Receivables Trust, Series 2021-AA, Class C, 1.03%, 11/16/2026 (Callable 11/15/2025)<sup>(c)</sup> | 8499 | 8486  |
|  Santander Consumer USA Holdings, Inc., Series 2024-4, Class B, 4.93%, 09/17/2029 (Callable 10/15/2027) | 100000 | 100660  |
|  Santander Consumer USA, Inc., Series 2024-2, Class B, 4.52%, 07/16/2029 (Callable 01/15/2028) | 100000 | 99602  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, <br>1.60%, 09/15/2054<sup>(c)</sup> | 66983 | 62978  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-1, Class B, <br>5.12%, 02/27/2034 (Callable 07/25/2028)<sup>(c)</sup> | $100000 | $101026  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, <br>3.34%, 08/25/2047 (Callable 01/25/2026)<sup>(c)</sup> | 4446 | 4424  |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc., Series 2020-AA, Class A, <br>2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(c)</sup> | 94472 | 81810  |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(c)</sup> | 119027 | 106975  |
|  Verus Securitization Trust, Series 2021-3, Class A1, 1.05%, 06/25/2066 (Callable 07/25/2025)<sup>(c)(e)</sup> | 124917 | 106415  |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-C, Class B, <br>4.68%, 07/15/2030 (Callable 09/15/2027) | 100000 | 100351  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $2,274,414)** |  | 2213415  |
|  | **Shares** |  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - 1.3%** | **REAL ESTATE INVESTMENT TRUSTS - 1.3%** |
| **Real Estate - 1.3%**<br>|  |  |
| Camden Property Trust | 330 | 37188  |
| CubeSmart | 1350 | 57375  |
| EastGroup Properties, Inc. | 810 | 135367  |
| Equinix, Inc. | 100 | 79547  |
| Equity Residential | 5684 | 383613  |
| First Industrial Realty Trust, Inc. | 1430 | 68826  |
| Millrose Properties, Inc. | 945 | 26942  |
| Public Storage | 95 | 27875  |
| SBA Communications Corp. | 50 | 11742  |
| Simon Property Group, Inc. | 3200 | 514432  |
| STAG Industrial, Inc. | 1260 | 45713  |
| UDR, Inc. | 2960 | 120857  |
| Ventas, Inc. | 6037 | 381237  |
| VICI Properties, Inc. | 1310 | 42706  |
| Welltower, Inc. | 1198 | 184168  |
|  |  | 2117588  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $2,116,025)** |  | 2117588  |
|  | **Par** |  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - 1.2%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - 1.2%** | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - 1.2%** |
| &nbsp;&nbsp;&nbsp; Benefit Street Partners CLO Ltd., Series 2020-21A, Class A1R, <br>5.69% (3 mo. Term SOFR + 1.43%), 10/15/2034, (1.17% Floor) (Callable 07/15/2025)<sup>(c)</sup> | $250000 | 250437  |

---

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

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.66% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(c)</sup> | $250000 | $251470  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.64% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(c)</sup> | 250000 | 250106  |
| &nbsp;&nbsp;&nbsp; Madison Park Funding Ltd., <br>Series 2016-21A, Class ABRR, <br>5.92% (3 mo. Term SOFR + 1.66%), 10/15/2032, (1.66% Floor) (Callable 07/15/2025)<sup>(c)</sup> | 250000 | 250165  |
| &nbsp;&nbsp;&nbsp; Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, <br>5.51% (3 mo. Term SOFR + 1.24%), 01/20/2035, (1.24% Floor) (Callable 07/20/2025)<sup>(c)</sup> | 246207 | 246453  |
| &nbsp;&nbsp;&nbsp; Octagon Investment Partners Ltd., Series 2020-3A, Class A1R2, <br>5.62% (3 mo. Term SOFR + 1.36%), 01/15/2038, (1.36% Floor) (Callable 10/15/2026)<sup>(c)</sup> | 250000 | 250126  |
| &nbsp;&nbsp;&nbsp; OHA Loan Funding Ltd., Series 2015-1A, Class AR3, 5.68% (3 mo. Term <br>SOFR + 1.41%), 01/19/2037, (1.15% Floor) (Callable 07/19/2025)<sup>(c)</sup> | 270000 | 270166  |
| &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 5.72% (3 mo. Term <br>SOFR + 1.41%), 11/14/2034, (1.41% Floor) (Callable 08/14/2025)<sup>(c)</sup> | 250000 | 250176  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $2,012,797)** |  | 2019099  |
| **U.S. TREASURY SECURITIES - 0.2%** | **U.S. TREASURY SECURITIES - 0.2%** | **U.S. TREASURY SECURITIES - 0.2%** |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | 15000 | 14989  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 33600 | 33638  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 60200 | 57985  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 90100 | 86880  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 9900 | 9549  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 300 | 295  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 20600 | 20598  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 64800 | 64954  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 500 | 495  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 17800 | 17828  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028 | 43000 | 43228  |
| &nbsp;&nbsp;&nbsp; 1.25%, 09/30/2028 | 700 | 648  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 6000 | 6087  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 1000 | 1001  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 5100 | 4705  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 4300 | 4330  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 | 24600 | 23718  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | $14000 | $14022  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 41000 | 39927  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $448,571)** |  | 444877  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 94.4%** <br>**(Cost $129,745,723)** |  | $156623776  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 3.4%<sup>(h)(i)</sup> |  | 5672143  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.2% |  | 3541674  |
| **TOTAL NET ASSETS - 100.0%** |  | $165837593 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SE - Societas Europeae

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $238,745.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $6,493,853 or 3.9% of the Fund's net assets.

<sup>(d)</sup> Interest only security.

<sup>(e)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(f)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(g)</sup> Represents less than 0.05% of net assets.

<sup>(h)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(i)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $238,856 which represented 0.1% of net assets. 

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

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $228531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5063  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5063 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | (1) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $112125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2010)  |
| U.S. Treasury 2 Year Notes | (18) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3744422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14677)  |
| U.S. Treasury 5 Year Note | (12) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14461)  |
| U.S. Treasury Long Bonds | (3) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 346406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12447)  |
| U.S. Treasury Ultra Bonds | (4) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 476500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20259)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(63854)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(58791) |

---

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

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Schedule of Total Return Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized Appreciation** <br>(Depreciation)  |
|  Russell 1000 Value Total Return Index | Morgan <br>Stanley | &nbsp;&nbsp;&nbsp; Receive | &nbsp;&nbsp;&nbsp;&nbsp; EFFR + <br>0.82% | Termination | 02/27/2026 | $27435474 | &nbsp;&nbsp; $(217397)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp; $(217397) |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

EFFR - Effective Federal Funds Rate was 4.33% as of June 30, 2025.

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

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.3%**<br>|  |  |
| **Communication Services - 2.0%**<br>|  |  |
| Cargurus, Inc.<sup>(a)</sup> | 831 | $27814  |
| CuriosityStream, Inc. | 494 | 2781  |
| EverQuote, Inc. - Class A<sup>(a)</sup> | 1753 | 42387  |
| EW Scripps Co. - Class A<sup>(a)</sup> | 1274 | 3746  |
| Globalstar, Inc.<sup>(a)</sup> | 562 | 13235  |
| Gogo, Inc.<sup>(a)</sup> | 953 | 13990  |
| Grindr, Inc.<sup>(a)</sup> | 6776 | 153815  |
| IMAX Corp.<sup>(a)</sup> | 3286 | 91877  |
| John Wiley & Sons, Inc. - Class A | 569 | 25394  |
| MNTN, Inc. - Class A<sup>(a)</sup> | 3167 | 69262  |
| Shutterstock, Inc.<sup>(b)</sup> | 44 | 834  |
| Travelzoo<sup>(a)</sup> | 793 | 10095  |
| Yelp, Inc.<sup>(a)</sup> | 106 | 3633  |
|  |  | 458863  |
| **Consumer Discretionary - 10.2%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 294 | 24358  |
| Academy Sports & Outdoors, Inc. | 392 | 17566  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 297 | 37787  |
| American Public Education, Inc.<sup>(a)</sup> | 1426 | 43436  |
| Birkenstock Holding PLC<sup>(a)</sup> | 1380 | 67869  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 1090 | 165680  |
| Brinker International, Inc.<sup>(a)</sup> | 180 | 32459  |
| Cavco Industries, Inc.<sup>(a)</sup> | 12 | 5213  |
| Champion Homes, Inc.<sup>(a)</sup> | 1490 | 93289  |
| Coursera, Inc.<sup>(a)</sup> | 113 | 990  |
| European Wax Center, Inc. - Class A<sup>(a)</sup> | 1386 | 7803  |
| Frontdoor, Inc.<sup>(a)</sup> | 721 | 42496  |
|  GigaCloud Technology, Inc. - Class A<sup>(a)(b)</sup> | 149 | 2947  |
| Groupon, Inc.<sup>(a)</sup> | 525 | 17561  |
| Installed Building Products, Inc. | 27 | 4869  |
| Laureate Education, Inc.<sup>(a)</sup> | 1335 | 31212  |
| LCI Industries | 291 | 26536  |
| Lincoln Educational Services Corp.<sup>(a)</sup> | 1961 | 45201  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 4476 | 26901  |
| OneSpaWorld Holdings Ltd. | 10639 | 216929  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 1228 | 8522  |
| RealReal Inc/The<sup>(a)</sup> | 1608 | 7702  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 2035 | 30322  |
| Sabre Corp.<sup>(a)</sup> | 5385 | 17017  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 399 | 56099  |
| Steven Madden Ltd. | 952 | 22829  |
| Stride, Inc.<sup>(a)</sup> | 800 | 116152  |
| Super Group SGHC Ltd. | 7475 | 82001  |
| Texas Roadhouse, Inc. | 2082 | 390188  |
| ThredUp, Inc. - Class A<sup>(a)</sup> | 1474 | 11040  |
| TopBuild Corp.<sup>(a)</sup> | 227 | 73489  |
| Udemy, Inc.<sup>(a)</sup> | 4410 | 31002  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 4591 | 155589  |
| Upbound Group, Inc. | 1049 | 26330  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 395 | 28653  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 7711 | $169102  |
| Wingstop, Inc. | 450 | 151533  |
| Wolverine World Wide, Inc. | 816 | 14753  |
| Xponential Fitness, Inc. - Class A<sup>(a)</sup> | 256 | 1918  |
|  |  | 2305343  |
| **Consumer Staples - 4.7%**<br>|  |  |
| Cal-Maine Foods, Inc. | 391 | 38955  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 1971 | 125770  |
| Herbalife Ltd.<sup>(a)</sup> | 3821 | 32937  |
| J & J Snack Foods Corp. | 1460 | 165579  |
| Lancaster Colony Corp. | 12 | 2073  |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, <br>Inc. | 2779 | 109076  |
| Oddity Tech Ltd. - Class A<sup>(a)</sup> | 1629 | 122941  |
| PriceSmart, Inc. | 124 | 13025  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 1569 | 258320  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 3060 | 110466  |
| Vital Farms, Inc.<sup>(a)</sup> | 2370 | 91292  |
|  |  | 1070434  |
| **Energy - 3.0%**<br>|  |  |
| Archrock, Inc. | 805 | 19988  |
| ChampionX Corp. | 322 | 7999  |
| Excelerate Energy, Inc. - Class A | 9541 | 279742  |
| Gulfport Energy Corp.<sup>(a)</sup> | 19 | 3822  |
| Kodiak Gas Services, Inc. | 148 | 5072  |
| Magnolia Oil & Gas Corp. - Class A | 4070 | 91494  |
| Oceaneering International, Inc.<sup>(a)</sup> | 5760 | 119347  |
| Permian Resources Corp. | 10570 | 143963  |
| Riley Exploration Permian, Inc. | 213 | 5587  |
| Sable Offshore Corp.<sup>(a)</sup> | 100 | 2198  |
|  |  | 679212  |
| **Financials - 10.2%**<br>|  |  |
|  Artisan Partners Asset Management, Inc. - Class A | 1953 | 86577  |
| BancFirst Corp. | 280 | 34614  |
| Bancorp, Inc.<sup>(a)</sup> | 559 | 31846  |
| Bank OZK | 2035 | 95767  |
| Cadence Bank | 2710 | 86666  |
| Cohen & Steers, Inc. | 11 | 829  |
| Dave, Inc.<sup>(a)</sup> | 496 | 133131  |
| Diamond Hill Investment Group, Inc. | 44 | 6394  |
| EVERTEC, Inc. | 626 | 22567  |
| First BanCorp/Puerto Rico | 1460 | 30412  |
| First Business Financial Services, Inc. | 49 | 2482  |
| First Financial Bankshares, Inc. | 2254 | 81099  |
| First Western Financial, Inc.<sup>(a)</sup> | 354 | 7986  |
| Goosehead Insurance, Inc. - Class A | 107 | 11290  |
| HCI Group, Inc. | 232 | 35310  |
| Hippo Holdings, Inc.<sup>(a)</sup> | 299 | 8351  |
| Home BancShares, Inc. | 6180 | 175883  |
| I3 Verticals, Inc. - Class A<sup>(a)</sup> | 4558 | 125254  |
| Lemonade, Inc.<sup>(a)</sup> | 535 | 23438  |

---

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

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| LendingTree, Inc.<sup>(a)</sup> | 99 | $3670  |
| Marex Group PLC | 2211 | 87268  |
| Moelis & Co. - Class A | 1388 | 86500  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | 3341 | 36651  |
| Nicolet Bankshares, Inc. | 118 | 14571  |
| Northfield Bancorp, Inc. | 575 | 6601  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 1165 | 24978  |
| Pagseguro Digital Ltd. - Class A | 7987 | 76995  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 439 | 67716  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 4192 | 137288  |
| Perella Weinberg Partners | 8185 | 158953  |
| Piper Sandler Cos. | 316 | 87829  |
| PJT Partners, Inc. - Class A | 200 | 33002  |
| Remitly Global, Inc.<sup>(a)</sup> | 543 | 10192  |
| Root, Inc./OH<sup>(a)</sup> | 266 | 34040  |
| Selectquote, Inc.<sup>(a)</sup> | 2700 | 6426  |
| ServisFirst Bancshares, Inc. | 59 | 4573  |
| Sezzle, Inc.<sup>(a)</sup> | 345 | 61841  |
| Shore Bancshares, Inc. | 347 | 5455  |
| SiriusPoint Ltd.<sup>(a)</sup> | 103 | 2100  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 959 | 15382  |
| Triumph Financial, Inc.<sup>(a)</sup> | 1992 | 109779  |
| Trupanion, Inc.<sup>(a)(b)</sup> | 78 | 4317  |
| TWFG, Inc.<sup>(a)</sup> | 1168 | 40880  |
| Universal Insurance Holdings, Inc. | 685 | 18995  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 906 | 58600  |
| Victory Capital Holdings, Inc. - Class A | 1272 | 80988  |
| WisdomTree, Inc. | 2580 | 29696  |
|  |  | 2305182  |
| **Health Care - 23.1%**<br>|  |  |
| Abeona Therapeutics, Inc.<sup>(a)</sup> | 1080 | 6134  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 1770 | 38179  |
| Accuray, Inc.<sup>(a)</sup> | 4807 | 6586  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 9140 | 106481  |
| Addus HomeCare Corp.<sup>(a)</sup> | 178 | 20504  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 14179 | 258200  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 211 | 11259  |
| Alkermes PLC<sup>(a)</sup> | 1010 | 28896  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 8581 | 69420  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 2700 | 176175  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 187 | 8121  |
| Arcellx, Inc.<sup>(a)</sup> | 491 | 32332  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 1066 | 14945  |
| Ardent Health, Inc.<sup>(a)</sup> | 812 | 11092  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 1911 | 30194  |
| Artivion, Inc.<sup>(a)</sup> | 2857 | 88853  |
| Arvinas, Inc.<sup>(a)</sup> | 1101 | 8103  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 2017 | 17084  |
| Avadel Pharmaceuticals PLC<sup>(a)</sup> | 2475 | 21904  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 84 | 8769  |
| Beta Bionics, Inc.<sup>(a)</sup> | 3192 | 46475  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 6900 | 61824  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Biote Corp.<sup>(a)</sup> | 2224 | $8940  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 321 | 41146  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 426 | 18395  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 1112 | 26232  |
| CareDx, Inc.<sup>(a)</sup> | 1705 | 33316  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 3708 | 80464  |
| Ceribell, Inc.<sup>(a)</sup> | 2230 | 41768  |
| Cerus Corp.<sup>(a)</sup> | 14117 | 19905  |
| CG oncology, Inc.<sup>(a)</sup> | 307 | 7982  |
| Chemed Corp. | 435 | 211815  |
| ChromaDex Corp.<sup>(a)</sup> | 438 | 6312  |
| Coherus Biosciences, Inc.<sup>(a)</sup> | 1593 | 1165  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 805 | 23804  |
| Community Health Systems, Inc.<sup>(a)</sup> | 688 | 2339  |
| Concentra Group Holdings Parent, Inc. | 801 | 16477  |
| CONMED Corp. | 403 | 20988  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 192 | 14093  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 239 | 6874  |
| Delcath Systems, Inc.<sup>(a)</sup> | 529 | 7194  |
| Dianthus Therapeutics, Inc.<sup>(a)</sup> | 228 | 4248  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 711 | 7053  |
| Enhabit, Inc.<sup>(a)</sup> | 601 | 5794  |
| Ensign Group, Inc. | 604 | 93173  |
| Esperion Therapeutics, Inc.<sup>(a)(b)</sup> | 1347 | 1326  |
| Foghorn Therapeutics, Inc.<sup>(a)</sup> | 347 | 1631  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 738 | 68125  |
| Geron Corp.<sup>(a)</sup> | 1198 | 1689  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 1490 | 77510  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 722 | 22815  |
| Harrow, Inc.<sup>(a)</sup> | 900 | 27486  |
| HealthEquity, Inc.<sup>(a)</sup> | 2367 | 247967  |
| Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 2266 | 4691  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 1335 | 66550  |
| Immunome, Inc.<sup>(a)</sup> | 1920 | 17856  |
| Innoviva, Inc.<sup>(a)</sup> | 628 | 12616  |
| Insmed, Inc.<sup>(a)</sup> | 443 | 44584  |
| Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 1176 | 2023  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 15 | 2309  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 8855 | 6351  |
| Kestra Medical Technologies Ltd.<sup>(a)</sup> | 2312 | 38333  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 575 | 79039  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 313 | 25622  |
| LeMaitre Vascular, Inc. | 2625 | 218006  |
| LENZ Therapeutics, Inc.<sup>(a)</sup> | 1005 | 29457  |
| LifeMD, Inc.<sup>(a)</sup> | 684 | 9316  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 663 | 3428  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 1540 | 175067  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 142 | 42975  |
| MannKind Corp.<sup>(a)</sup> | 10794 | 40370  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 548 | 171995  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 1535 | 143492  |
| Mesa Laboratories, Inc. | 1143 | 107693  |
| Mind Medicine MindMed, Inc.<sup>(a)</sup> | 1404 | 9112  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 2815 | 143255  |

---

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

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** <br>|  |  |
| NeuroPace, Inc.<sup>(a)</sup> | 3100 | $34534  |
| Novavax, Inc.<sup>(a)(b)</sup> | 663 | 4177  |
| Novocure Ltd.<sup>(a)</sup> | 1035 | 18423  |
| Omada Health, Inc.<sup>(a)</sup> | 2136 | 39089  |
| OptimizeRx Corp.<sup>(a)</sup> | 435 | 5872  |
| Option Care Health, Inc.<sup>(a)</sup> | 305 | 9906  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 285 | 1043  |
| Owens & Minor, Inc.<sup>(a)</sup> | 1170 | 10647  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 287 | 6859  |
| Phibro Animal Health Corp. - Class A | 480 | 12259  |
| Phreesia, Inc.<sup>(a)</sup> | 2369 | 67422  |
| Privia Health Group, Inc.<sup>(a)</sup> | 1370 | 31510  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 1397 | 80467  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1157 | 56508  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 1918 | 6579  |
| Repligen Corp.<sup>(a)</sup> | 1230 | 152987  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 1579 | 99777  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 929 | 17400  |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 756 | 1852  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 3858 | 136650  |
| Simulations Plus, Inc. | 2260 | 39437  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 1217 | 101960  |
| SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 220 | 10338  |
| Stevanato Group SpA | 9567 | 233722  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 472 | 14877  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 3673 | 148793  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 423 | 15224  |
| TransMedics Group, Inc.<sup>(a)</sup> | 611 | 81880  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 2346 | 34721  |
| Trevi Therapeutics, Inc.<sup>(a)</sup> | 333 | 1821  |
| Twist Bioscience Corp.<sup>(a)</sup> | 331 | 12177  |
| UFP Technologies, Inc.<sup>(a)</sup> | 325 | 79352  |
| Vaxcyte, Inc.<sup>(a)</sup> | 828 | 26918  |
| Veracyte, Inc.<sup>(a)</sup> | 484 | 13083  |
| Verastem, Inc.<sup>(a)</sup> | 784 | 3254  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 138 | 3657  |
| WaVe Life Sciences Ltd.<sup>(a)</sup> | 286 | 1859  |
| Xencor, Inc.<sup>(a)</sup> | 2398 | 18848  |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 398 | 1859  |
|  |  | 5251437  |
| **Industrials - 21.7%**<br>|  |  |
| AAON, Inc. | 3160 | 233050  |
| American Superconductor Corp.<sup>(a)</sup> | 447 | 16400  |
| Amprius Technologies, Inc.<sup>(a)</sup> | 2006 | 8445  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | 4126 | 44767  |
| Argan, Inc. | 947 | 208795  |
| Aris Water Solutions, Inc. - Class A | 6749 | 159614  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 965 | 5693  |
| Astronics Corp.<sup>(a)</sup> | 125 | 4185  |
| Bloom Energy Corp. - Class A<sup>(a)</sup> | 628 | 15022  |
| Blue Bird Corp.<sup>(a)(b)</sup> | 622 | 26846  |
| Bowman Consulting Group Ltd.<sup>(a)</sup> | 241 | 6929  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Brookfield Business Corp. | 93 | $2902  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 2175 | 250951  |
| Chart Industries, Inc.<sup>(a)</sup> | 203 | 33424  |
| Comfort Systems USA, Inc. | 20 | 10724  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 308 | 32734  |
| CRA International, Inc. | 741 | 138841  |
| CSW Industrials, Inc. | 113 | 32412  |
| DXP Enterprises, Inc.<sup>(a)</sup> | 33 | 2892  |
| Dycom Industries, Inc.<sup>(a)</sup> | 105 | 25661  |
| EMCOR Group, Inc. | 7 | 3744  |
| ESCO Technologies, Inc. | 498 | 95551  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 1357 | 59423  |
| Exponent, Inc. | 131 | 9787  |
| Federal Signal Corp. | 3921 | 417273  |
| Frontier Group Holdings, Inc.<sup>(a)</sup> | 1581 | 5739  |
| FTAI Aviation Ltd. | 142 | 16336  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 75 | 4425  |
| Granite Construction, Inc. | 937 | 87619  |
| Griffon Corp. | 441 | 31915  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 152 | 2285  |
| Herc Holdings, Inc. | 98 | 12906  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 885 | 121723  |
| Innodata, Inc.<sup>(a)</sup> | 123 | 6300  |
| Insteel Industries, Inc. | 1101 | 40968  |
| Interface, Inc. | 530 | 11093  |
| John Bean Technologies Corp. | 281 | 33793  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 2649 | 123046  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 3984 | 35497  |
| Leonardo DRS, Inc. | 478 | 22217  |
| Limbach Holdings, Inc.<sup>(a)</sup> | 794 | 111239  |
| Liquidity Services, Inc.<sup>(a)</sup> | 445 | 10498  |
| McGrath RentCorp | 68 | 7885  |
| Mercury Systems, Inc.<sup>(a)</sup> | 1353 | 72873  |
| MSA Safety, Inc. | 560 | 93817  |
| Mueller Industries, Inc. | 1045 | 83046  |
| Mueller Water Products, Inc. - Class A | 3543 | 85174  |
| MYR Group, Inc.<sup>(a)</sup> | 33 | 5988  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 1947 | 105858  |
| NuScale Power Corp.<sup>(a)</sup> | 830 | 32835  |
| Paylocity Holding Corp.<sup>(a)</sup> | 1310 | 237359  |
| Pitney Bowes, Inc. | 3204 | 34956  |
| Planet Labs PBC<sup>(a)</sup> | 346 | 2111  |
| Powell Industries, Inc. | 353 | 74289  |
| Primoris Services Corp. | 2461 | 191810  |
| REV Group, Inc. | 1101 | 52397  |
| Rocket Lab Corp.<sup>(a)</sup> | 101 | 3613  |
| Saia, Inc.<sup>(a)</sup> | 430 | 117816  |
| Simpson Manufacturing Co., Inc. | 850 | 132013  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 1084 | 250111  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 2195 | 25791  |
| TAT Technologies Ltd.<sup>(a)</sup> | 2502 | 76411  |
| Tecnoglass, Inc. | 108 | 8355  |
| UL Solutions, Inc. | 3085 | 224773  |

---

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

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** <br>|  |  |
| Upwork, Inc.<sup>(a)</sup> | 3721 | $50010  |
| Voyager Technologies, Inc. - Class A<sup>(a)</sup> | 933 | 36620  |
| VSE Corp. | 609 | 79767  |
| Watts Water Technologies, Inc. - Class A | 34 | 8360  |
| Willdan Group, Inc.<sup>(a)</sup> | 1849 | 115581  |
| WillScot Mobile Mini Holdings Corp. | 5894 | 161496  |
| Zurn Elkay Water Solutions Corp. | 950 | 34742  |
|  |  | 4929521  |
| **Information Technology - 20.0%**<br>|  |  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 753 | 34570  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 1018 | 26366  |
| Advanced Energy Industries, Inc. | 752 | 99640  |
| Agilysys, Inc.<sup>(a)</sup> | 893 | 102374  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 315 | 17820  |
| Alkami Technology, Inc.<sup>(a)</sup> | 3039 | 91595  |
| Ambarella, Inc.<sup>(a)(b)</sup> | 765 | 50540  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | 3439 | 42644  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 1020 | 234886  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 1879 | 31868  |
| Asana, Inc. - Class A<sup>(a)</sup> | 676 | 9126  |
| AudioEye, Inc.<sup>(a)</sup> | 1029 | 11988  |
| AvePoint, Inc.<sup>(a)</sup> | 1867 | 36052  |
| Backblaze, Inc. - Class A<sup>(a)</sup> | 407 | 2238  |
| Badger Meter, Inc. | 496 | 121495  |
| Bel Fuse, Inc. - Class B | 624 | 60959  |
| Belden, Inc. | 89 | 10306  |
| Calix, Inc.<sup>(a)</sup> | 1974 | 104997  |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 2844 | 31369  |
| Clear Secure, Inc. - Class A | 999 | 27732  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 2304 | 50527  |
| Commvault Systems, Inc.<sup>(a)</sup> | 687 | 119765  |
| Core Scientific, Inc.<sup>(a)</sup> | 7944 | 135604  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 282 | 2659  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 1674 | 154996  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 720 | 20563  |
| D-Wave Quantum, Inc.<sup>(a)(b)</sup> | 3770 | 55193  |
| Evolv Technologies Holdings, Inc.<sup>(a)</sup> | 3457 | 21572  |
| Fabrinet<sup>(a)</sup> | 439 | 129365  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 267 | 1885  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 2145 | 31982  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 4175 | 48221  |
| Guidewire Software, Inc.<sup>(a)</sup> | 905 | 213082  |
| Impinj, Inc.<sup>(a)</sup> | 113 | 12551  |
| indie Semiconductor, Inc. - Class A<sup>(a)(b)</sup> | 2656 | 9455  |
| InterDigital, Inc. | 496 | 111218  |
| IonQ, Inc.<sup>(a)</sup> | 1094 | 47009  |
| Itron, Inc.<sup>(a)</sup> | 759 | 99907  |
| Life360, Inc.<sup>(a)</sup> | 2255 | 147139  |
| MARA Holdings, Inc.<sup>(a)</sup> | 1127 | 17671  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Monday.com Ltd.<sup>(a)</sup> | 420 | $132082  |
| nCino, Inc.<sup>(a)</sup> | 3675 | 102790  |
| NCR Voyix Corp.<sup>(a)</sup> | 179 | 2100  |
| OneSpan, Inc. | 1661 | 27722  |
| Opera Ltd. - ADR | 5898 | 111472  |
| OSI Systems, Inc.<sup>(a)</sup> | 476 | 107033  |
| Ouster, Inc.<sup>(a)</sup> | 1013 | 24565  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 302 | 6439  |
| PAR Technology Corp.<sup>(a)</sup> | 1457 | 101072  |
| PDF Solutions, Inc.<sup>(a)</sup> | 4655 | 99524  |
| Pegasystems, Inc. | 8118 | 439427  |
| Porch Group, Inc.<sup>(a)</sup> | 935 | 11024  |
| Power Integrations, Inc. | 252 | 14087  |
| PROS Holdings, Inc.<sup>(a)</sup> | 412 | 6452  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 443 | 41460  |
| Qualys, Inc.<sup>(a)</sup> | 790 | 112867  |
| Rambus, Inc.<sup>(a)</sup> | 2012 | 128808  |
| Red Violet, Inc. | 1823 | 89692  |
| Semtech Corp.<sup>(a)</sup> | 913 | 41213  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 34 | 5010  |
| SiTime Corp.<sup>(a)</sup> | 243 | 51778  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 1809 | 19411  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 648 | 13550  |
| SPS Commerce, Inc.<sup>(a)</sup> | 13 | 1769  |
| Synaptics, Inc.<sup>(a)</sup> | 253 | 16399  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 1239 | 41853  |
| Viant Technology, Inc. - Class A<sup>(a)</sup> | 2326 | 30773  |
| Weave Communications, Inc.<sup>(a)</sup> | 3501 | 29128  |
| WM Technology, Inc.<sup>(a)</sup> | 9160 | 8207  |
| Workiva, Inc.<sup>(a)</sup> | 2024 | 138543  |
| Yext, Inc.<sup>(a)</sup> | 563 | 4786  |
|  |  | 4539965  |
| **Materials - 1.5%**<br>|  |  |
| Ardagh Metal Packaging SA | 3152 | 13491  |
| Balchem Corp. | 502 | 79918  |
| Carpenter Technology Corp. | 313 | 86507  |
| Coeur Mining, Inc.<sup>(a)</sup> | 2087 | 18491  |
|  Ferroglobe Representation & Warranty Insurance Trust<sup>(a)(c)</sup> | 840 | 0  |
| Hawkins, Inc. | 416 | 59114  |
| Hecla Mining Co. | 3221 | 19294  |
| Kaiser Aluminum Corp. | 177 | 14142  |
| Myers Industries, Inc. | 2497 | 36181  |
| Novagold Resources, Inc.<sup>(a)</sup> | 647 | 2646  |
|  |  | 329784  |
| **Real Estate - 0.6%**<br>|  |  |
| Compass, Inc. - Class A<sup>(a)</sup> | 3036 | 19066  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 360 | 92081  |
| St Joe Co. | 458 | 21846  |
|  |  | 132993  |

---

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

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities - 0.3%**<br>|  |  |
| Brookfield Infrastructure Corp. - Class A | 601 | $25002  |
| Middlesex Water Co. | 231 | 12515  |
| Otter Tail Corp. | 396 | 30528  |
| York Water Co. | 190 | 6004  |
|  |  | 74049  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,077,234)** |  | 22076783  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** | **REAL ESTATE INVESTMENT TRUSTS - 0.5%** |
| **Real Estate - 0.5%**<br>|  |  |
| CareTrust REIT, Inc. | 1864 | 57038  |
| Phillips Edison & Co., Inc. | 259 | 9073  |
| Postal Realty Trust, Inc. - Class A | 913 | 13448  |
| Tanger, Inc. | 722 | 22079  |
|  |  | 101638  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $94,881)** |  | 101638  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.8%** <br>**(Cost $18,172,115)** |  | $22178421  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.8%<sup>(d)(e)</sup> |  | 636312  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.6)% |  | (132397)  |
| **TOTAL NET ASSETS - 100.0%** |  | $22682336 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $224,780.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2025.

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(e)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $227,997 which represented 1.0% of net assets. 

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

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 90.6%**<br>|  |  |
| **Communication Services - 0.8%**<br>|  |  |
| AMC Entertainment Holdings, Inc.<sup>(a)</sup> | 9340 | $28954  |
| AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 370 | 17290  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 1130 | 7447  |
| Emerald Holding, Inc. | 1150 | 5577  |
| EW Scripps Co. - Class A<sup>(a)</sup> | 2770 | 8144  |
| John Wiley & Sons, Inc. - Class A | 300 | 13389  |
| Lumen Technologies, Inc.<sup>(a)</sup> | 750 | 3285  |
| National CineMedia, Inc. | 1040 | 5039  |
| Shutterstock, Inc.<sup>(b)</sup> | 1590 | 30146  |
| Stagwell, Inc.<sup>(a)</sup> | 2600 | 11700  |
| TEGNA, Inc. | 1370 | 22961  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1590 | 16091  |
|  |  | 170023  |
| **Consumer Discretionary - 11.2%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 450 | 20164  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 1490 | 17537  |
| Adient PLC<sup>(a)</sup> | 2523 | 49098  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 436 | 55472  |
| Advance Auto Parts, Inc. | 1040 | 48350  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 2470 | 10078  |
| American Eagle Outfitters, Inc. | 3918 | 37691  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 50 | 11927  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 270 | 6040  |
| Bloomin' Brands, Inc. | 3220 | 27724  |
| Brunswick Corp. | 590 | 32592  |
| Carter's, Inc. | 330 | 9943  |
| Century Communities, Inc. | 1406 | 79186  |
| Citi Trends, Inc.<sup>(a)</sup> | 300 | 10017  |
| Dana, Inc. | 5800 | 99470  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 300 | 9024  |
| Denny's Corp.<sup>(a)</sup> | 5230 | 21443  |
| Designer Brands, Inc. - Class A<sup>(b)</sup> | 3580 | 8520  |
| El Pollo Loco Holdings, Inc.<sup>(a)</sup> | 1260 | 13873  |
| European Wax Center, Inc. - Class A<sup>(a)</sup> | 4140 | 23308  |
| EVgo, Inc.<sup>(a)</sup> | 1130 | 4125  |
| Flexsteel Industries, Inc. | 1120 | 40354  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 1650 | 42801  |
| Garrett Motion, Inc. | 2600 | 27326  |
| Gentex Corp. | 1320 | 29027  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 560 | 12544  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 2780 | 28829  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 766 | 48166  |
| Group 1 Automotive, Inc. | 50 | 21835  |
| Groupon, Inc.<sup>(a)</sup> | 120 | 4014  |
| Harley-Davidson, Inc. | 1240 | 29264  |
| Haverty Furniture Cos., Inc. | 1190 | 24217  |
| Helen of Troy Ltd.<sup>(a)</sup> | 740 | 21001  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 700 | 29071  |
| International Game Technology PLC | 1780 | 28142  |
| Johnson Outdoors, Inc. - Class A | 1831 | 55424  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| KB Home | 1894 | $100325  |
| Laureate Education, Inc.<sup>(a)</sup> | 2030 | 47461  |
| LCI Industries | 580 | 52890  |
| Lear Corp. | 350 | 33243  |
| Legacy Housing Corp.<sup>(a)</sup> | 630 | 14276  |
| Leggett & Platt, Inc. | 1850 | 16502  |
| LGI Homes, Inc.<sup>(a)</sup> | 230 | 11850  |
| Lindblad Expeditions Holdings, Inc.<sup>(a)</sup> | 702 | 8192  |
| M/I Homes, Inc.<sup>(a)</sup> | 614 | 68842  |
| MarineMax, Inc.<sup>(a)</sup> | 600 | 15084  |
| Marriott Vacations Worldwide Corp. | 480 | 34709  |
| Monarch Casino & Resort, Inc. | 260 | 22474  |
| Monro, Inc. | 680 | 10139  |
| ODP Corp.<sup>(a)</sup> | 1710 | 31002  |
| OneWater Marine, Inc. - Class A<sup>(a)</sup> | 1300 | 17407  |
| Oxford Industries, Inc. | 560 | 22540  |
| Papa John's International, Inc. | 210 | 10277  |
| Perdoceo Education Corp. | 865 | 28277  |
| PetMed Express, Inc.<sup>(a)</sup> | 1060 | 3519  |
| Phinia, Inc. | 330 | 14682  |
| Polaris, Inc. | 730 | 29675  |
| PVH Corp. | 210 | 14406  |
| RealReal Inc/The<sup>(a)</sup> | 2010 | 9628  |
| Red Rock Resorts, Inc. - Class A | 7591 | 394960  |
| Rocky Brands, Inc. | 2390 | 53034  |
| Sabre Corp.<sup>(a)</sup> | 5070 | 16021  |
| Signet Jewelers Ltd. | 370 | 29433  |
| Sonic Automotive, Inc. - Class A | 480 | 38366  |
| Steven Madden Ltd. | 980 | 23500  |
| Strategic Education, Inc. | 40 | 3405  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 906 | 55647  |
| Thor Industries, Inc. | 250 | 22202  |
| Travel + Leisure Co. | 610 | 31482  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 675 | 21566  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 590 | 27819  |
| Upbound Group, Inc. | 2030 | 50953  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 800 | 58032  |
| Visteon Corp.<sup>(a)</sup> | 270 | 25191  |
| Worthington Enterprises, Inc. | 420 | 26729  |
| Xponential Fitness, Inc. - Class A<sup>(a)</sup> | 858 | 6426  |
|  |  | 2539763  |
| **Consumer Staples - 3.5%**<br>|  |  |
| Andersons, Inc. | 570 | 20947  |
| Cal-Maine Foods, Inc. | 416 | 41446  |
| Central Garden & Pet Co.<sup>(a)</sup> | 380 | 13368  |
| Edgewell Personal Care Co. | 490 | 11471  |
| Energizer Holdings, Inc. | 460 | 9274  |
| Hain Celestial Group, Inc.<sup>(a)</sup> | 4490 | 6825  |
| Herbalife Ltd.<sup>(a)</sup> | 4840 | 41721  |
| HF Foods Group, Inc.<sup>(a)</sup> | 2242 | 7130  |
| Interparfums, Inc. | 70 | 9192  |
| John B Sanfilippo & Son, Inc. | 320 | 20237  |
| Lancaster Colony Corp. | 479 | 82757  |

---

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

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Staples - (Continued)** <br>|  |  |
| Mama's Creations, Inc.<sup>(a)</sup> | 9644 | $80045  |
| MGP Ingredients, Inc. | 230 | 6893  |
| Mission Produce, Inc.<sup>(a)</sup> | 359 | 4207  |
| Oil-Dri Corp. of America | 2829 | 166883  |
| Post Holdings, Inc.<sup>(a)</sup> | 726 | 79156  |
| PriceSmart, Inc. | 400 | 42016  |
| Primo Brands Corp. | 640 | 18957  |
| United Natural Foods, Inc.<sup>(a)</sup> | 1000 | 23310  |
| Utz Brands, Inc. | 6357 | 79780  |
| Village Super Market, Inc. - Class A | 424 | 16324  |
| WK Kellogg Co. | 1350 | 21519  |
|  |  | 803458  |
| **Energy - 6.3%**<br>|  |  |
| Baytex Energy Corp. | 15193 | 27195  |
| Berry Corp. | 2810 | 7784  |
| Cactus, Inc. - Class A | 350 | 15302  |
| California Resources Corp. | 1149 | 52475  |
| Calumet, Inc.<sup>(a)</sup> | 270 | 4254  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 798 | 146178  |
| Civitas Resources, Inc. | 4955 | 136362  |
| Clean Energy Fuels Corp.<sup>(a)</sup> | 5880 | 11466  |
| Core Laboratories, Inc. | 990 | 11405  |
| Crescent Energy Co. - Class A | 2910 | 25026  |
| CVR Energy, Inc. | 1450 | 38932  |
| Delek US Holdings, Inc. | 1300 | 27534  |
| Dorian LPG Ltd. | 590 | 14384  |
| Excelerate Energy, Inc. - Class A | 550 | 16126  |
| Expro Group Holdings NV<sup>(a)</sup> | 3670 | 31525  |
| Green Plains, Inc.<sup>(a)</sup> | 3230 | 19477  |
| Innovex International, Inc.<sup>(a)</sup> | 4170 | 65135  |
| International Seaways, Inc. | 430 | 15686  |
| Kinetik Holdings, Inc. | 590 | 25989  |
| Kodiak Gas Services, Inc. | 470 | 16107  |
| Kosmos Energy Ltd.<sup>(a)</sup> | 17340 | 29825  |
| Liberty Energy, Inc. | 1910 | 21927  |
| Magnolia Oil & Gas Corp. - Class A | 3502 | 78725  |
| Matador Resources Co. | 50 | 2386  |
| Murphy Oil Corp. | 1230 | 27675  |
|  National Energy Services Reunited Corp.<sup>(a)(b)</sup> | 2120 | 12762  |
| Newpark Resources, Inc.<sup>(a)</sup> | 3950 | 33615  |
| NextDecade Corp.<sup>(a)</sup> | 3720 | 33145  |
| Northern Oil & Gas, Inc. | 1790 | 50746  |
| NOV, Inc. | 2140 | 26600  |
| Oceaneering International, Inc.<sup>(a)</sup> | 462 | 9573  |
| Oil States International, Inc.<sup>(a)</sup> | 7910 | 42398  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 1400 | 37142  |
| Patterson-UTI Energy, Inc. | 744 | 4412  |
| PBF Energy, Inc. - Class A | 1610 | 34889  |
| ProFrac Holding Corp. - Class A<sup>(a)(b)</sup> | 2400 | 18624  |
| ProPetro Holding Corp.<sup>(a)</sup> | 3860 | 23044  |
| REX American Resources Corp.<sup>(a)</sup> | 715 | 34828  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| RPC, Inc. | 4286 | $20273  |
| Select Water Solutions, Inc. | 2310 | 19958  |
| Talos Energy, Inc.<sup>(a)</sup> | 5350 | 45368  |
| Tidewater, Inc.<sup>(a)</sup> | 260 | 11994  |
| Transocean Ltd.<sup>(a)</sup> | 5990 | 15514  |
| VAALCO Energy, Inc. | 7110 | 25667  |
| Valaris Ltd.<sup>(a)</sup> | 100 | 4211  |
| Vital Energy, Inc.<sup>(a)(b)</sup> | 1600 | 25744  |
| World Kinect Corp. | 1160 | 32886  |
|  |  | 1432273  |
| **Financials - 28.3%<sup>(c)</sup>**<br>|  |  |
| 1st Source Corp. | 1580 | 98071  |
| Alerus Financial Corp. | 2147 | 46461  |
| Ambac Financial Group, Inc.<sup>(a)</sup> | 1420 | 10082  |
| Amerant Bancorp, Inc. | 1070 | 19506  |
| Arrow Financial Corp. | 320 | 8454  |
|  Artisan Partners Asset Management, Inc. - Class A | 980 | 43443  |
| Associated Banc-Corp. | 1160 | 28292  |
| Assured Guaranty Ltd. | 175 | 15242  |
| Banc of California, Inc. | 2082 | 29252  |
| BancFirst Corp. | 1011 | 124980  |
|  Banco Latinoamericano de Comercio Exterior SA | 1655 | 66696  |
| Bancorp, Inc.<sup>(a)</sup> | 633 | 36062  |
| Bank of Marin Bancorp | 390 | 8908  |
| Bank of NT Butterfield & Son Ltd. | 258 | 11424  |
| Bank OZK | 5488 | 258265  |
| Bank7 Corp. | 1820 | 76131  |
| BankUnited, Inc. | 2370 | 84348  |
| BayCom Corp. | 360 | 9976  |
| Berkshire Hills Bancorp, Inc. | 1632 | 40865  |
| BGC Group, Inc. - Class A | 4722 | 48306  |
| BOK Financial Corp. | 895 | 87379  |
| Bread Financial Holdings, Inc. | 1738 | 99275  |
| Bridgewater Bancshares, Inc.<sup>(a)</sup> | 550 | 8750  |
| Brookline Bancorp, Inc. | 2450 | 25847  |
|  Burke & Herbert Financial Services Corp. | 250 | 14933  |
| Cadence Bank | 1190 | 38056  |
| California BanCorp<sup>(a)</sup> | 510 | 8038  |
| Camden National Corp. | 360 | 14609  |
| Capital Bancorp, Inc. | 260 | 8731  |
| Capitol Federal Financial, Inc. | 4580 | 27938  |
| Carter Bankshares, Inc.<sup>(a)</sup> | 530 | 9190  |
| Cass Information Systems, Inc. | 380 | 16511  |
| Cathay General Bancorp | 890 | 40522  |
| Central Pacific Financial Corp. | 820 | 22985  |
| City Holding Co. | 117 | 14323  |
| Civista Bancshares, Inc. | 510 | 11832  |
| Claros Mortgage Trust, Inc. | 4390 | 12511  |
| CNB Financial Corp. | 630 | 14402  |
| CNO Financial Group, Inc. | 680 | 26234  |
| Colony Bankcorp, Inc. | 780 | 12847  |

---

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

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| Columbia Banking System, Inc. | 870 | $20341  |
| Community Financial System, Inc. | 624 | 35487  |
| Community Trust Bancorp, Inc. | 475 | 25137  |
| ConnectOne Bancorp, Inc. | 1556 | 36037  |
| CVB Financial Corp. | 2366 | 46823  |
| Diamond Hill Investment Group, Inc. | 120 | 17437  |
| Dime Community Bancshares, Inc. | 490 | 13201  |
| Eagle Bancorp Montana, Inc. | 592 | 9869  |
| Eagle Bancorp, Inc. | 1330 | 25908  |
| Employers Holdings, Inc. | 950 | 44821  |
| Enact Holdings, Inc. | 990 | 36778  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 330 | 12774  |
| Enova International, Inc.<sup>(a)</sup> | 426 | 47508  |
| Enterprise Financial Services Corp. | 400 | 22040  |
| Esquire Financial Holdings, Inc. | 457 | 43260  |
| Essent Group Ltd. | 475 | 28847  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 270 | 27373  |
| F&G Annuities & Life, Inc. | 760 | 24305  |
| Farmers National Banc Corp. | 377 | 5199  |
| FB Financial Corp. | 469 | 21246  |
| Federated Hermes, Inc. | 685 | 30359  |
| Financial Institutions, Inc. | 880 | 22598  |
| First BanCorp/Puerto Rico | 1910 | 39785  |
| First Busey Corp. | 1331 | 30460  |
| First Commonwealth Financial Corp. | 3110 | 50475  |
| First Financial Bancorp | 1196 | 29015  |
| First Financial Corp. | 888 | 48121  |
| First Foundation, Inc.<sup>(a)</sup> | 3890 | 19839  |
| First Hawaiian, Inc. | 1170 | 29203  |
| First Internet Bancorp | 360 | 9684  |
|  First Interstate BancSystem, Inc. - Class A | 740 | 21327  |
| First Merchants Corp. | 717 | 27461  |
| First Mid Bancshares, Inc. | 250 | 9372  |
| First Western Financial, Inc.<sup>(a)</sup> | 2021 | 45594  |
| Five Star Bancorp | 110 | 3139  |
| Flushing Financial Corp. | 2120 | 25186  |
| Fulton Financial Corp. | 3750 | 67650  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | 5681 | 44198  |
| Glacier Bancorp, Inc. | 2330 | 100376  |
| Great Southern Bancorp, Inc. | 220 | 12932  |
| Green Dot Corp. - Class A<sup>(a)</sup> | 650 | 7007  |
| Hamilton Lane, Inc. - Class A | 240 | 34109  |
| Hancock Whitney Corp. | 3195 | 183393  |
| Hanmi Financial Corp. | 1250 | 30850  |
| Hanover Insurance Group, Inc. | 160 | 27179  |
| HBT Financial, Inc. | 1280 | 32269  |
| Heritage Commerce Corp. | 3240 | 32173  |
| Heritage Financial Corp. | 600 | 14304  |
| Hilltop Holdings, Inc. | 940 | 28529  |
| Hingham Institution for Savings | 90 | 22351  |
| Home Bancorp, Inc. | 100 | 5178  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Home BancShares, Inc. | 5131 | $146028  |
| HomeStreet, Inc.<sup>(a)</sup> | 690 | 9018  |
| Hope Bancorp, Inc. | 2620 | 28113  |
| Horace Mann Educators Corp. | 630 | 27071  |
| Horizon Bancorp, Inc. | 1410 | 21686  |
| Independent Bank Corp. | 1739 | 109357  |
| International Bancshares Corp. | 1909 | 127063  |
|  International General Insurance Holdings Ltd. | 5122 | 123030  |
| International Money Express, Inc.<sup>(a)</sup> | 1420 | 14328  |
| Kearny Financial Corp. | 3010 | 19445  |
| Kemper Corp. | 460 | 29688  |
| LendingTree, Inc.<sup>(a)</sup> | 250 | 9268  |
| Lincoln National Corp. | 520 | 17992  |
| Live Oak Bancshares, Inc. | 6955 | 207259  |
| Mercantile Bank Corp. | 330 | 15315  |
| Merchants Bancorp | 770 | 25464  |
| Mercury General Corp. | 160 | 10774  |
| MGIC Investment Corp. | 820 | 22829  |
| Mid Penn Bancorp, Inc. | 330 | 9306  |
| Midland States Bancorp, Inc. | 2610 | 45205  |
| MidWestOne Financial Group, Inc. | 500 | 14385  |
| Moelis & Co. - Class A | 240 | 14957  |
| Mr Cooper Group, Inc.<sup>(a)</sup> | 1626 | 242615  |
| Navient Corp. | 2150 | 30315  |
| NB Bancorp, Inc.<sup>(a)</sup> | 1230 | 21968  |
| NBT Bancorp, Inc. | 172 | 7147  |
| Nelnet, Inc. - Class A | 770 | 93262  |
| New York Community Bancorp, Inc. | 2600 | 27560  |
| Nicolet Bankshares, Inc. | 260 | 32105  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 1035 | 43667  |
| Northeast Bank | 91 | 8098  |
| Northfield Bancorp, Inc. | 2470 | 28356  |
| Northrim BanCorp, Inc. | 242 | 22569  |
| OceanFirst Financial Corp. | 1620 | 28528  |
| OFG Bancorp | 1245 | 53286  |
| Origin Bancorp, Inc. | 620 | 22159  |
| Orrstown Financial Services, Inc. | 565 | 17984  |
| Pacific Premier Bancorp, Inc. | 1260 | 26573  |
| Pagseguro Digital Ltd. - Class A | 5920 | 57069  |
| Pathward Financial, Inc. | 138 | 10919  |
| Peapack-Gladstone Financial Corp. | 720 | 20340  |
| Peoples Financial Services Corp. | 150 | 7406  |
| Ponce Financial Group, Inc.<sup>(a)</sup> | 540 | 7474  |
| PRA Group, Inc.<sup>(a)</sup> | 1730 | 25518  |
| Preferred Bank | 1445 | 125058  |
| Provident Financial Services, Inc. | 1685 | 29538  |
| Radian Group, Inc. | 820 | 29536  |
| RBB Bancorp | 450 | 7744  |
| S&T Bancorp, Inc. | 725 | 27420  |
| Selective Insurance Group, Inc. | 220 | 19063  |
| Selectquote, Inc.<sup>(a)</sup> | 5730 | 13637  |
| ServisFirst Bancshares, Inc. | 611 | 47359  |
| Shore Bancshares, Inc. | 502 | 7891  |

---

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

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Financials - (Continued)** <br>|  |  |
| Sierra Bancorp | 260 | $7719  |
| &nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, <br>Inc. - Class A | 3340 | 52972  |
| Simmons First National Corp. - Class A | 1420 | 26923  |
| SLM Corp. | 1100 | 36069  |
| South Plains Financial, Inc. | 260 | 9370  |
| Southern Missouri Bancorp, Inc. | 270 | 14791  |
| Southern States Bancshares, Inc. | 850 | 30914  |
| Southside Bancshares, Inc. | 410 | 12066  |
| SouthState Corp. | 440 | 40493  |
| Stewart Information Services Corp. | 290 | 18879  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 320 | 5133  |
| StoneX Group, Inc.<sup>(a)</sup> | 485 | 44203  |
| Tompkins Financial Corp. | 280 | 17564  |
| Towne Bank | 290 | 9912  |
| TriCo Bancshares | 550 | 22270  |
| Triumph Financial, Inc.<sup>(a)</sup> | 4435 | 244413  |
| TrustCo Bank Corp. NY | 750 | 25065  |
| UMB Financial Corp. | 229 | 24082  |
| United Bankshares, Inc. | 648 | 23607  |
| United Fire Group, Inc. | 1010 | 28987  |
| Universal Insurance Holdings, Inc. | 579 | 16056  |
| Univest Financial Corp. | 780 | 23431  |
| Valley National Bancorp | 2380 | 21253  |
| Veritex Holdings, Inc. | 1100 | 28710  |
| Virtus Investment Partners, Inc. | 170 | 30838  |
| WaFd, Inc. | 1013 | 29661  |
| Washington Trust Bancorp, Inc. | 970 | 27432  |
| WesBanco, Inc. | 936 | 29606  |
| Westamerica BanCorp | 646 | 31292  |
| Western Union Co. | 2570 | 21639  |
| WEX, Inc.<sup>(a)</sup> | 220 | 32316  |
| White Mountains Insurance Group Ltd. | 14 | 25140  |
| World Acceptance Corp.<sup>(a)</sup> | 290 | 47885  |
|  |  | 6458620  |
| **Health Care - 6.4%**<br>|  |  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 1190 | 27001  |
| Accuray, Inc.<sup>(a)</sup> | 2470 | 3384  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 106 | 5656  |
| Alkermes PLC<sup>(a)</sup> | 400 | 11444  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 4010 | 32441  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 810 | 18598  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 200 | 13050  |
| Ardent Health, Inc.<sup>(a)</sup> | 650 | 8879  |
| Arvinas, Inc.<sup>(a)</sup> | 600 | 4416  |
| Astrana Health, Inc.<sup>(a)</sup> | 8247 | 205185  |
| Aurinia Pharmaceuticals, Inc.<sup>(a)</sup> | 2910 | 24648  |
| Avanos Medical, Inc.<sup>(a)</sup> | 7853 | 96121  |
| Aveanna Healthcare Holdings, Inc.<sup>(a)</sup> | 593 | 3101  |
| Azenta, Inc.<sup>(a)</sup> | 430 | 13235  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 2230 | 19981  |
| Biote Corp.<sup>(a)</sup> | 5767 | 23183  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| CareDx, Inc.<sup>(a)</sup> | 1240 | $24230  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 409 | 8875  |
| Coherus Biosciences, Inc.<sup>(a)</sup> | 3110 | 2274  |
| Concentra Group Holdings Parent, Inc. | 1175 | 24170  |
| Editas Medicine, Inc.<sup>(a)</sup> | 4852 | 10674  |
| Embecta Corp. | 1160 | 11240  |
| Enhabit, Inc.<sup>(a)</sup> | 3620 | 34897  |
| Envista Holdings Corp.<sup>(a)</sup> | 760 | 14850  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 1070 | 5286  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 620 | 4266  |
| Heron Therapeutics, Inc.<sup>(a)(b)</sup> | 4030 | 8342  |
| Inmode Ltd.<sup>(a)</sup> | 1810 | 26136  |
| Innoviva, Inc.<sup>(a)</sup> | 1542 | 30979  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 1820 | 17072  |
| Ironwood Pharmaceuticals, Inc.<sup>(a)</sup> | 10741 | 7703  |
| Kodiak Sciences, Inc.<sup>(a)</sup> | 1320 | 4924  |
| Korro Bio, Inc.<sup>(a)</sup> | 230 | 2873  |
| Kura Oncology, Inc.<sup>(a)</sup> | 1310 | 7559  |
| LivaNova Plc<sup>(a)</sup> | 690 | 31064  |
| MannKind Corp.<sup>(a)</sup> | 6930 | 25918  |
| Mesa Laboratories, Inc. | 1106 | 104207  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 2110 | 9516  |
| National Research Corp. | 370 | 6216  |
| Nkarta, Inc.<sup>(a)</sup> | 2560 | 4250  |
| Novavax, Inc.<sup>(a)(b)</sup> | 870 | 5481  |
| Omnicell, Inc.<sup>(a)</sup> | 200 | 5880  |
| Option Care Health, Inc.<sup>(a)</sup> | 320 | 10394  |
| Organogenesis Holdings, Inc.<sup>(a)</sup> | 880 | 3221  |
| Owens & Minor, Inc.<sup>(a)</sup> | 3240 | 29484  |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California, <br>Inc.<sup>(a)</sup> | 3590 | 4452  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 427 | 10205  |
| PACS Group, Inc.<sup>(a)</sup> | 430 | 5556  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 980 | 14063  |
| Phibro Animal Health Corp. - Class A | 700 | 17878  |
| Prothena Corp. PLC<sup>(a)</sup> | 830 | 5038  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 1150 | 56166  |
| Puma Biotechnology, Inc.<sup>(a)</sup> | 5980 | 20511  |
| REGENXBIO, Inc.<sup>(a)</sup> | 1600 | 13136  |
| Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 134 | 2510  |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 3140 | 7693  |
| Select Medical Holdings Corp. | 1060 | 16091  |
| SIGA Technologies, Inc. | 2140 | 13953  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 450 | 6736  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 250 | 7880  |
| Twist Bioscience Corp.<sup>(a)</sup> | 75 | 2759  |
| UFP Technologies, Inc.<sup>(a)</sup> | 495 | 120859  |
| Utah Medical Products, Inc. | 418 | 23793  |
| Vaxcyte, Inc.<sup>(a)</sup> | 750 | 24382  |
| Veracyte, Inc.<sup>(a)</sup> | 1686 | 45573  |
| Verve Therapeutics, Inc.<sup>(a)</sup> | 1400 | 15722  |
| Xencor, Inc.<sup>(a)</sup> | 2820 | 22165  |
| XOMA Royalty Corp.<sup>(a)</sup> | 490 | 12348  |
|  |  | 1461773  |

---

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

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Industrials - 18.5%**<br>|  |  |
| ABM Industries, Inc. | 930 | $43905  |
| AerSale Corp.<sup>(a)</sup> | 1730 | 10397  |
| Alamo Group, Inc. | 100 | 21838  |
| Albany International Corp. - Class A | 370 | 25948  |
| Allegiant Travel Co.<sup>(a)</sup> | 3127 | 171829  |
| Allient, Inc. | 2412 | 87580  |
| American Woodmark Corp.<sup>(a)</sup> | 360 | 19213  |
| Apogee Enterprises, Inc. | 490 | 19894  |
| Aris Water Solutions, Inc. - Class A | 860 | 20339  |
| Armstrong World Industries, Inc. | 150 | 24366  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 3940 | 23246  |
| Astronics Corp.<sup>(a)</sup> | 170 | 5692  |
| Asure Software, Inc.<sup>(a)</sup> | 3941 | 38464  |
| Atkore, Inc. | 650 | 45857  |
| Atmus Filtration Technologies, Inc. | 590 | 21488  |
| AZZ, Inc. | 1038 | 98070  |
| Blue Bird Corp.<sup>(a)(b)</sup> | 440 | 18990  |
| Brady Corp. - Class A | 110 | 7477  |
| Brink's Co. | 320 | 28573  |
| Brookfield Business Corp. | 251 | 7831  |
| Cimpress PLC<sup>(a)</sup> | 1190 | 55930  |
| Columbus McKinnon Corp. | 980 | 14965  |
| Concrete Pumping Holdings, Inc. | 11615 | 71432  |
| Douglas Dynamics, Inc. | 870 | 25639  |
| Ducommun, Inc.<sup>(a)</sup> | 3359 | 277554  |
| Energy Recovery, Inc.<sup>(a)</sup> | 4172 | 53318  |
| Ennis, Inc. | 400 | 7256  |
| Esab Corp. | 200 | 24110  |
| ESCO Technologies, Inc. | 249 | 47776  |
| First Advantage Corp.<sup>(a)</sup> | 10029 | 166582  |
| Fluor Corp.<sup>(a)</sup> | 830 | 42554  |
| Forrester Research, Inc.<sup>(a)</sup> | 470 | 4653  |
| Fortune Brands Innovations, Inc. | 1216 | 62600  |
| Franklin Covey Co.<sup>(a)</sup> | 220 | 5020  |
| FTAI Infrastructure, Inc. | 26615 | 164215  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 1070 | 24642  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 820 | 48380  |
| Global Industrial Co. | 1029 | 27793  |
| Graham Corp.<sup>(a)</sup> | 3639 | 180167  |
| Granite Construction, Inc. | 560 | 52366  |
| Greenbrier Cos., Inc. | 610 | 28090  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 3050 | 45841  |
| Heartland Express, Inc. | 1430 | 12355  |
| Heidrick & Struggles International, Inc. | 540 | 24710  |
| Helios Technologies, Inc. | 1903 | 63503  |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 2000 | 13660  |
| Hillenbrand, Inc. | 1130 | 22679  |
| Hillman Solutions Corp.<sup>(a)</sup> | 2930 | 20920  |
| HireQuest, Inc. | 700 | 7007  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 90 | 12379  |
| Insperity, Inc. | 310 | 18637  |
| Insteel Industries, Inc. | 2070 | 77025  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Interface, Inc. | 1720 | $36000  |
| Janus International Group, Inc.<sup>(a)</sup> | 4090 | 33293  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 3680 | 14426  |
| John Bean Technologies Corp. | 530 | 63738  |
| Kennametal, Inc. | 700 | 16072  |
| Kforce, Inc. | 630 | 25912  |
| Korn Ferry | 480 | 35198  |
| L B Foster Co. - Class A<sup>(a)</sup> | 430 | 9404  |
| Lindsay Corp. | 170 | 24523  |
| Manitowoc Co., Inc.<sup>(a)</sup> | 1050 | 12621  |
| ManpowerGroup, Inc. | 640 | 25856  |
| Marten Transport Ltd. | 540 | 7015  |
| Matson, Inc. | 465 | 51778  |
| Maximus, Inc. | 410 | 28782  |
| McGrath RentCorp | 80 | 9277  |
| Miller Industries, Inc. | 1487 | 66112  |
| MillerKnoll, Inc. | 1510 | 29324  |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 560 | 12258  |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - <br>Class A | 340 | 28907  |
| Mueller Industries, Inc. | 606 | 48159  |
| National Presto Industries, Inc. | 75 | 7347  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 1390 | 75574  |
|  Perma-Fix Environmental Services, Inc.<sup>(a)</sup> | 6214 | 65371  |
| Pitney Bowes, Inc. | 5300 | 57823  |
| Proficient Auto Logistics, Inc.<sup>(a)</sup> | 13639 | 99019  |
| Proto Labs, Inc.<sup>(a)</sup> | 370 | 14815  |
| Quanex Building Products Corp. | 240 | 4536  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 2030 | 44782  |
| Resources Connection, Inc. | 3160 | 16969  |
| REV Group, Inc. | 240 | 11422  |
| Rush Enterprises, Inc. - Class A | 517 | 26631  |
| Schneider National, Inc. - Class B | 580 | 14007  |
| Science Applications International Corp. | 110 | 12387  |
| Sensata Technologies Holding PLC | 1010 | 30411  |
| SkyWest, Inc.<sup>(a)</sup> | 390 | 40158  |
| Steelcase, Inc. - Class A | 7815 | 81510  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 100 | 23073  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 5710 | 67092  |
| Sunrun, Inc.<sup>(a)</sup> | 2150 | 17587  |
| Tennant Co. | 290 | 22469  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 2919 | 81966  |
| Timken Co. | 420 | 30471  |
| Titan Machinery, Inc.<sup>(a)</sup> | 1730 | 34271  |
| Trinity Industries, Inc. | 365 | 9859  |
| TrueBlue, Inc.<sup>(a)</sup> | 3020 | 19570  |
| Tutor Perini Corp.<sup>(a)</sup> | 2190 | 102448  |
| UniFirst Corp. | 70 | 13175  |
| Wabash National Corp. | 2630 | 27957  |
| WESCO International, Inc. | 150 | 27780  |
| Willdan Group, Inc.<sup>(a)</sup> | 1160 | 72512  |
| Zurn Elkay Water Solutions Corp. | 1260 | 46078  |
|  |  | 4222480  |

---

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

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - 6.4%**<br>|  |  |
| Adeia, Inc. | 1690 | $23897  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 420 | 10790  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 190 | 24212  |
| ASGN, Inc.<sup>(a)</sup> | 440 | 21969  |
| Aviat Networks, Inc.<sup>(a)</sup> | 460 | 11063  |
| Avnet, Inc. | 410 | 21763  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 150 | 10453  |
| Belden, Inc. | 70 | 8106  |
| Benchmark Electronics, Inc. | 270 | 10484  |
| Cerence, Inc.<sup>(a)</sup> | 1030 | 10516  |
| Cleanspark, Inc.<sup>(a)</sup> | 460 | 5074  |
| Commvault Systems, Inc.<sup>(a)</sup> | 240 | 41839  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 1500 | 14145  |
| Crane NXT Co. | 590 | 31801  |
| Digi International, Inc.<sup>(a)</sup> | 270 | 9412  |
| Diodes, Inc.<sup>(a)</sup> | 360 | 19040  |
| ePlus, Inc.<sup>(a)</sup> | 455 | 32806  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 1090 | 7695  |
| Ichor Holdings Ltd.<sup>(a)</sup> | 570 | 11195  |
| Immersion Corp. | 3140 | 24743  |
| indie Semiconductor, Inc. - Class A<sup>(a)(b)</sup> | 6083 | 21655  |
| InterDigital, Inc. | 60 | 13454  |
| IPG Photonics Corp.<sup>(a)</sup> | 370 | 25401  |
| Itron, Inc.<sup>(a)</sup> | 1650 | 217190  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 1060 | 20384  |
| Knowles Corp.<sup>(a)</sup> | 2510 | 44226  |
| MARA Holdings, Inc.<sup>(a)</sup> | 290 | 4547  |
| Methode Electronics, Inc. | 3390 | 32239  |
| NCR Voyix Corp.<sup>(a)</sup> | 1490 | 17478  |
| NETGEAR, Inc.<sup>(a)</sup> | 850 | 24709  |
| Olo, Inc. - Class A<sup>(a)</sup> | 1670 | 14863  |
| OneSpan, Inc. | 2208 | 36852  |
| OSI Systems, Inc.<sup>(a)</sup> | 273 | 61387  |
| Ouster, Inc.<sup>(a)</sup> | 790 | 19157  |
| Pagaya Technologies Ltd. - Class A<sup>(a)</sup> | 1160 | 24731  |
| PC Connection, Inc. | 130 | 8551  |
| Photronics, Inc.<sup>(a)</sup> | 1080 | 20336  |
| Plexus Corp.<sup>(a)</sup> | 156 | 21108  |
| Progress Software Corp. | 569 | 36325  |
| Rimini Street, Inc.<sup>(a)</sup> | 8250 | 31103  |
| Sanmina Corp.<sup>(a)</sup> | 210 | 20544  |
| ScanSource, Inc.<sup>(a)</sup> | 850 | 35539  |
| SMART Global Holdings, Inc.<sup>(a)</sup> | 2440 | 48336  |
| Synaptics, Inc.<sup>(a)</sup> | 1080 | 70006  |
| TTM Technologies, Inc.<sup>(a)</sup> | 2350 | 95927  |
| Viasat, Inc.<sup>(a)</sup> | 490 | 7154  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 4380 | 44107  |
| Vishay Intertechnology, Inc. | 2000 | 31760  |
| Vontier Corp. | 430 | 15867  |
| Xerox Holdings Corp.<sup>(b)</sup> | 6160 | 32463  |
|  |  | 1448402  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 5.4%**<br>|  |  |
| AdvanSix, Inc. | 550 | $13063  |
| American Vanguard Corp. | 1380 | 5410  |
| Ashland, Inc. | 694 | 34894  |
| Avient Corp. | 120 | 3877  |
| Cabot Corp. | 205 | 15375  |
| Caledonia Mining Corp. PLC | 5560 | 107419  |
| Carpenter Technology Corp. | 157 | 43392  |
| Coeur Mining, Inc.<sup>(a)</sup> | 6420 | 56881  |
| Compass Minerals International, Inc.<sup>(a)</sup> | 230 | 4621  |
| Constellium SE<sup>(a)</sup> | 2030 | 26999  |
| Core Molding Technologies, Inc.<sup>(a)</sup> | 2716 | 45059  |
| Ecovyst, Inc.<sup>(a)</sup> | 4365 | 35924  |
| Hecla Mining Co. | 11470 | 68705  |
| Huntsman Corp. | 1500 | 15630  |
| Ingevity Corp.<sup>(a)</sup> | 380 | 16374  |
| Innospec, Inc. | 140 | 11773  |
| Kaiser Aluminum Corp. | 410 | 32759  |
| Knife River Corp.<sup>(a)</sup> | 220 | 17961  |
| Myers Industries, Inc. | 2160 | 31298  |
| Olin Corp. | 1160 | 23304  |
| Orion SA | 7405 | 77679  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 420 | 5846  |
| Silgan Holdings, Inc. | 390 | 21130  |
| Sonoco Products Co. | 590 | 25700  |
| SSR Mining, Inc.<sup>(a)</sup> | 2490 | 31723  |
| SunCoke Energy, Inc. | 216 | 1855  |
| Sylvamo Corp. | 200 | 10020  |
| Taseko Mines Ltd.<sup>(a)</sup> | 40308 | 126970  |
| Titan America SA | 7874 | 98268  |
| TriMas Corp. | 1030 | 29468  |
| Tronox Holdings PLC | 3400 | 17238  |
| United States Lime & Minerals, Inc. | 1789 | 178542  |
|  |  | 1235157  |
| **Real Estate - 0.6%**<br>|  |  |
| Anywhere Real Estate, Inc.<sup>(a)</sup> | 2350 | 8507  |
| Compass, Inc. - Class A<sup>(a)</sup> | 2360 | 14821  |
| Cushman & Wakefield PLC<sup>(a)</sup> | 3230 | 35756  |
| DigitalBridge Group, Inc. | 510 | 5279  |
| Douglas Elliman, Inc.<sup>(a)</sup> | 4200 | 9744  |
| Kennedy-Wilson Holdings, Inc. | 4920 | 33456  |
| Marcus & Millichap, Inc. | 440 | 13512  |
| RMR Group, Inc. - Class A | 690 | 11281  |
|  |  | 132356  |
| **Utilities - 3.2%**<br>|  |  |
| Avista Corp. | 1960 | 74382  |
| Black Hills Corp. | 750 | 42075  |
| Brookfield Infrastructure Corp. - Class A | 1685 | 70096  |
| California Water Service Group | 300 | 13644  |
| MDU Resources Group, Inc. | 1640 | 27339  |
| Middlesex Water Co. | 240 | 13003  |
| New Jersey Resources Corp. | 110 | 4930  |
| Northwest Natural Holding Co. | 590 | 23435  |

---

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

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Utilities - (Continued)**<br>|  |  |
| Northwestern Energy Group, Inc. | 490 | $25137  |
| ONE Gas, Inc. | 930 | 66830  |
| Otter Tail Corp. | 1316 | 101451  |
| Portland General Electric Co. | 610 | 24784  |
| SJW Group | 470 | 24426  |
| Southwest Gas Holdings, Inc. | 580 | 43146  |
| Spire, Inc. | 340 | 24817  |
| TXNM Energy, Inc. | 495 | 27878  |
| UGI Corp. | 3271 | 119130  |
| Unitil Corp. | 220 | 11473  |
|  |  | 737976  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,240,200)** |  | 20642281  |
| **REAL ESTATE INVESTMENT TRUSTS - 8.1%** | **REAL ESTATE INVESTMENT TRUSTS - 8.1%** | **REAL ESTATE INVESTMENT TRUSTS - 8.1%** |
| **Financials - 0.4%**<br>|  |  |
|  Apollo Commercial Real Estate Finance, Inc. | 1460 | 14133  |
| Ares Commercial Real Estate Corp. | 2470 | 11782  |
| BrightSpire Capital, Inc. | 3000 | 15150  |
| Granite Point Mortgage Trust, Inc. | 4070 | 10053  |
| New York Mortgage Trust, Inc. | 5720 | 38324  |
| Orchid Island Capital, Inc. | 1740 | 12197  |
| Two Harbors Investment Corp. | 392 | 4222  |
|  |  | 105861  |
| **Industrials - 0.2%**<br>|  |  |
| CoreCivic, Inc.<sup>(a)</sup> | 2030 | 42772  |
| **Real Estate - 7.5%**<br>|  |  |
| Acadia Realty Trust | 210 | 3900  |
| Alexander & Baldwin, Inc. | 4230 | 75421  |
| Alexander's, Inc. | 70 | 15772  |
| American Assets Trust, Inc. | 730 | 14417  |
| Armada Hoffler Properties, Inc.<sup>(b)</sup> | 2980 | 20473  |
| CareTrust REIT, Inc. | 250 | 7650  |
| COPT Defense Properties | 475 | 13100  |
| CTO Realty Growth, Inc. | 2730 | 47120  |
| CubeSmart | 2211 | 93967  |
| Curbline Properties Corp. | 4272 | 97530  |
| DiamondRock Hospitality Co. | 2830 | 21678  |
| Diversified Healthcare Trust | 1380 | 4940  |
| Douglas Emmett, Inc.<sup>(b)</sup> | 1830 | 27523  |
| Empire State Realty Trust, Inc. - Class A | 3620 | 29286  |
| Essential Properties Realty Trust, Inc. | 2575 | 82168  |
| Gladstone Commercial Corp. | 2890 | 41414  |
| Macerich Co. | 2359 | 38169  |
| National Health Investors, Inc. | 1675 | 117451  |
| One Liberty Properties, Inc. | 1830 | 43664  |
| Paramount Group, Inc. | 1900 | 11590  |
| Park Hotels & Resorts, Inc. | 2770 | 28337  |
| Pebblebrook Hotel Trust | 2850 | 28471  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Phillips Edison & Co., Inc. | 300 | $10509  |
| Postal Realty Trust, Inc. - Class A | 6640 | 97807  |
| RLJ Lodging Trust | 8580 | 62462  |
| Ryman Hospitality Properties, Inc. | 3308 | 326400  |
| Sabra Health Care REIT, Inc. | 6668 | 122958  |
| Safehold, Inc. | 1419 | 22080  |
| Seritage Growth Properties - Class A<sup>(a)</sup> | 3820 | 11766  |
| Service Properties Trust | 17840 | 42638  |
| STAG Industrial, Inc. | 782 | 28371  |
| Strawberry Fields REIT, Inc. | 4531 | 47757  |
| Tanger, Inc. | 500 | 15290  |
| Urban Edge Properties | 2977 | 55551  |
|  |  | 1707630  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,923,454)** |  | 1856263  |
| **CLOSED-END FUNDS - 0.1%**<br>|  |  |
| NewtekOne, Inc. | 2610 | 29441  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $31,437)** |  | 29441  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $20,195,091)** |  | $22527985  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.4%<sup>(d)(e)</sup> |  | 550863  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.2)% |  | (281996)  |
| **TOTAL NET ASSETS - 100.0%** |  | $22796852 |

---

Percentages are stated as a percent of net assets.

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

AMBAC - American Municipal Bond Assurance Corporation

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $268,018.

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

<sup>(d)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(e)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $284,468 which represented 1.2% of net assets. 

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

33<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 96.3%** | **COMMON STOCKS - 96.3%** | **COMMON STOCKS - 96.3%** |
| **Communication Services - 9.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 28008 | $4935850  |
| Alphabet, Inc. - Class C | 24584 | 4360956  |
| AMC Networks, Inc. - Class A<sup>(a)</sup> | 231 | 1448  |
| Angi, Inc.<sup>(a)</sup> | 183 | 2793  |
| Anterix, Inc.<sup>(a)</sup> | 141 | 3617  |
| AST SpaceMobile, Inc.<sup>(a)(b)</sup> | 853 | 39861  |
| AT&T, Inc. | 34509 | 998690  |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. - <br>Class C<sup>(a)</sup> | 231 | 10804  |
| Bandwidth, Inc. - Class A<sup>(a)</sup> | 117 | 1860  |
| Boston Omaha Corp. - Class A<sup>(a)</sup> | 206 | 2892  |
| Bumble, Inc. - Class A<sup>(a)</sup> | 510 | 3361  |
| Cable One, Inc. | 20 | 2716  |
| Cargurus, Inc.<sup>(a)</sup> | 337 | 11279  |
| Cars.com, Inc.<sup>(a)</sup> | 215 | 2548  |
|  Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 456 | 186417  |
| Cinemark Holdings, Inc. | 460 | 13883  |
| Cogent Communications Holdings, Inc. | 234 | 11281  |
| Comcast Corp. - Class A | 18026 | 643348  |
| DoubleVerify Holdings, Inc.<sup>(a)</sup> | 698 | 10449  |
| EchoStar Corp. - Class A<sup>(a)(b)</sup> | 617 | 17091  |
| Electronic Arts, Inc. | 1146 | 183016  |
| Fox Corp. - Class A | 1094 | 61308  |
| Fox Corp. - Class B | 569 | 29377  |
| Frontier Communications Parent, Inc.<sup>(a)</sup> | 904 | 32906  |
| Globalstar, Inc.<sup>(a)</sup> | 318 | 7489  |
| Gogo, Inc.<sup>(a)</sup> | 386 | 5667  |
| IAC, Inc.<sup>(a)</sup> | 349 | 13032  |
| Ibotta, Inc. - Class A<sup>(a)</sup> | 58 | 2123  |
| IDT Corp. - Class B | 119 | 8130  |
| Integral Ad Science Holding Corp.<sup>(a)</sup> | 103 | 856  |
| Interpublic Group of Cos., Inc. | 1688 | 41322  |
| Iridium Communications, Inc. | 332 | 10016  |
| John Wiley & Sons, Inc. - Class A | 200 | 8926  |
| Liberty Broadband Corp. - Class A<sup>(a)</sup> | 85 | 8315  |
| Liberty Broadband Corp. - Class C<sup>(a)</sup> | 523 | 51453  |
| Liberty Global Ltd. - Class A<sup>(a)</sup> | 829 | 8298  |
| Liberty Global Ltd. - Class C<sup>(a)</sup> | 925 | 9537  |
| Liberty Latin America Ltd. - Class C<sup>(a)</sup> | 634 | 3944  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class A<sup>(a)</sup> | 111 | 10541  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula <br>One - Class C<sup>(a)</sup> | 1077 | 112547  |
|  Liberty Media Corp.-Liberty Live - Class A<sup>(a)</sup> | 95 | 7551  |
|  Liberty Media Corp.-Liberty Live - Class C<sup>(a)</sup> | 313 | 25403  |
| Lionsgate Studios Corp.<sup>(a)</sup> | 784 | 4555  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 755 | 114216  |
|  Madison Square Garden Entertainment Corp.<sup>(a)</sup> | 192 | 7674  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 93 | $19432  |
| Magnite, Inc.<sup>(a)</sup> | 700 | 16884  |
| Marcus Corp. | 100 | 1686  |
| Match Group, Inc. | 1360 | 42010  |
| Meta Platforms, Inc. - Class A | 10526 | 7769135  |
| Netflix, Inc.<sup>(a)</sup> | 2045 | 2738521  |
| New York Times Co. - Class A | 782 | 43776  |
| News Corp. - Class A | 1749 | 51980  |
| News Corp. - Class B | 576 | 19763  |
| Nexstar Media Group, Inc. | 140 | 24213  |
| Omnicom Group, Inc. | 909 | 65393  |
| Paramount Global - Class B | 2767 | 35694  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 2898 | 103922  |
| PubMatic, Inc. - Class A<sup>(a)</sup> | 268 | 3334  |
| QuinStreet, Inc.<sup>(a)</sup> | 121 | 1948  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 534 | 80404  |
| ROBLOX Corp. - Class A<sup>(a)</sup> | 2705 | 284566  |
| Roku, Inc.<sup>(a)</sup> | 605 | 53173  |
| Rumble, Inc.<sup>(a)</sup> | 1521 | 13659  |
| Scholastic Corp. | 152 | 3189  |
| Shenandoah Telecommunications Co. | 300 | 4098  |
| Shutterstock, Inc.<sup>(b)</sup> | 122 | 2313  |
| Sinclair, Inc. | 166 | 2294  |
| Sirius XM Holdings, Inc. | 1502 | 34501  |
| Skillz, Inc.<sup>(a)</sup> | 1328 | 9057  |
| Snap, Inc. - Class A<sup>(a)</sup> | 5395 | 46883  |
| Sphere Entertainment Co.<sup>(a)</sup> | 192 | 8026  |
| Stagwell, Inc.<sup>(a)</sup> | 683 | 3074  |
| Starz Entertainment Corp.<sup>(a)</sup> | 52 | 840  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 783 | 190152  |
| TEGNA, Inc. | 917 | 15369  |
| Telephone and Data Systems, Inc. | 393 | 13983  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 239 | 2906  |
| TKO Group Holdings, Inc. | 212 | 38573  |
| T-Mobile US, Inc. | 2283 | 543948  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 2155 | 155138  |
| Travelzoo<sup>(a)</sup> | 3058 | 38928  |
| TripAdvisor, Inc.<sup>(a)</sup> | 616 | 8039  |
|  Trump Media & Technology Group Corp.<sup>(a)(b)</sup> | 635 | 11455  |
| United States Cellular Corp.<sup>(a)</sup> | 114 | 7293  |
| Verizon Communications, Inc. | 20259 | 876607  |
| Vimeo, Inc.<sup>(a)</sup> | 1060 | 4282  |
| Walt Disney Co. | 8697 | 1078515  |
| Warner Bros Discovery, Inc.<sup>(a)</sup> | 10379 | 118943  |
| Warner Music Group Corp. - Class A | 618 | 16834  |
| WideOpenWest, Inc.<sup>(a)</sup> | 194 | 788  |
| Yelp, Inc.<sup>(a)</sup> | 351 | 12029  |
| Ziff Davis, Inc.<sup>(a)</sup> | 258 | 7810  |
| ZipRecruiter, Inc. - Class A<sup>(a)</sup> | 326 | 1633  |
| ZoomInfo Technologies, Inc.<sup>(a)</sup> | 1580 | 15990  |
|  |  | 26672329  |

---

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

34<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Discretionary - 10.3%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 248 | $20547  |
| Academy Sports & Outdoors, Inc. | 357 | 15997  |
| Accel Entertainment, Inc.<sup>(a)</sup> | 75 | 883  |
| Acushnet Holdings Corp.<sup>(b)</sup> | 172 | 12525  |
| Adient PLC<sup>(a)</sup> | 490 | 9535  |
| ADT, Inc. | 1989 | 16847  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 183 | 23283  |
| Advance Auto Parts, Inc. | 314 | 14598  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1998 | 264415  |
| A-Mark Precious Metals, Inc. | 160 | 3549  |
| Amazon.com, Inc.<sup>(a)</sup> | 45646 | 10014276  |
|  American Axle & Manufacturing Holdings, Inc.<sup>(a)</sup> | 626 | 2554  |
| American Eagle Outfitters, Inc. | 873 | 8398  |
| American Public Education, Inc.<sup>(a)</sup> | 1010 | 30765  |
| Aramark | 1263 | 52882  |
| Arhaus, Inc.<sup>(a)</sup> | 360 | 3121  |
| Arko Corp. | 521 | 2204  |
| Asbury Automotive Group, Inc.<sup>(a)</sup> | 103 | 24570  |
| Autoliv, Inc. | 346 | 38717  |
| AutoNation, Inc.<sup>(a)</sup> | 151 | 29996  |
| AutoZone, Inc.<sup>(a)</sup> | 80 | 296978  |
| Bath & Body Works, Inc. | 930 | 27863  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 200 | 4474  |
| Best Buy Co., Inc. | 980 | 65787  |
| Beyond, Inc.<sup>(a)(b)</sup> | 240 | 1651  |
| BJ's Restaurants, Inc.<sup>(a)</sup> | 68 | 3033  |
| Bloomin' Brands, Inc. | 357 | 3074  |
| Booking Holdings, Inc. | 159 | 920489  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 154 | 23408  |
| BorgWarner, Inc. | 1062 | 35556  |
| Boyd Gaming Corp. | 293 | 22921  |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, <br>Inc.<sup>(a)</sup> | 247 | 30527  |
| Brinker International, Inc.<sup>(a)</sup> | 217 | 39132  |
| Brunswick Corp. | 364 | 20107  |
| Buckle, Inc. | 161 | 7301  |
| Burlington Stores, Inc.<sup>(a)</sup> | 299 | 69559  |
| Caesars Entertainment, Inc.<sup>(a)</sup> | 1039 | 29497  |
| Caleres, Inc. | 186 | 2273  |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. - <br>Class A | 203 | 3490  |
| CarMax, Inc.<sup>(a)</sup> | 717 | 48190  |
| Carnival Corp.<sup>(a)</sup> | 4901 | 137816  |
| Carter's, Inc. | 172 | 5182  |
| Carvana Co.<sup>(a)</sup> | 591 | 199143  |
| Cava Group, Inc.<sup>(a)</sup> | 467 | 39335  |
| Cavco Industries, Inc.<sup>(a)</sup> | 32 | 13902  |
| Century Communities, Inc. | 128 | 7209  |
| Champion Homes, Inc.<sup>(a)</sup> | 304 | 19033  |
| Cheesecake Factory, Inc.<sup>(b)</sup> | 167 | 10464  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 1115 | 47521  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 6429 | $360988  |
| Choice Hotels International, Inc.<sup>(b)</sup> | 107 | 13576  |
| Churchill Downs, Inc. | 332 | 33532  |
| Columbia Sportswear Co. | 163 | 9956  |
| Coupang, Inc.<sup>(a)</sup> | 5997 | 179670  |
| Coursera, Inc.<sup>(a)</sup> | 645 | 5650  |
| Cracker Barrel Old Country Store, Inc. | 93 | 5680  |
| Crocs, Inc.<sup>(a)</sup> | 270 | 27346  |
| Dana, Inc. | 414 | 7100  |
| Darden Restaurants, Inc. | 573 | 124897  |
| Dave & Buster's Entertainment, Inc.<sup>(a)</sup> | 222 | 6678  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 747 | 76993  |
| Denny's Corp.<sup>(a)</sup> | 90 | 369  |
| Dick's Sporting Goods, Inc. | 268 | 53013  |
| Dillard's, Inc. - Class A<sup>(b)</sup> | 38 | 15878  |
| Dine Brands Global, Inc. | 78 | 1898  |
| Domino's Pizza, Inc. | 162 | 72997  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 1594 | 392937  |
| Dorman Products, Inc.<sup>(a)</sup> | 131 | 16070  |
| DR Horton, Inc. | 1346 | 173526  |
| DraftKings, Inc. - Class A<sup>(a)</sup> | 2285 | 98004  |
| Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 193 | 4850  |
| Duolingo, Inc.<sup>(a)</sup> | 181 | 74214  |
| Dutch Bros, Inc. - Class A<sup>(a)</sup> | 521 | 35621  |
| eBay, Inc. | 2196 | 163514  |
| Ethan Allen Interiors, Inc. | 52 | 1448  |
| Etsy, Inc.<sup>(a)</sup> | 466 | 23375  |
| Everi Holdings, Inc.<sup>(a)</sup> | 548 | 7804  |
| Expedia Group, Inc. | 607 | 102389  |
| Figs, Inc. - Class A<sup>(a)</sup> | 673 | 3796  |
| First Watch Restaurant Group, Inc.<sup>(a)</sup> | 195 | 3128  |
| Five Below, Inc.<sup>(a)</sup> | 284 | 37255  |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. - <br>Class A<sup>(a)</sup> | 522 | 39651  |
| Foot Locker, Inc.<sup>(a)</sup> | 475 | 11637  |
| Ford Motor Co. | 18687 | 202754  |
| Fox Factory Holding Corp.<sup>(a)</sup> | 225 | 5837  |
| Frontdoor, Inc.<sup>(a)</sup> | 358 | 21101  |
| Funko, Inc. - Class A<sup>(a)</sup> | 237 | 1128  |
| GameStop Corp. - Class A<sup>(a)(b)</sup> | 1424 | 34731  |
| Gap, Inc. | 1034 | 22552  |
| General Motors Co. | 4724 | 232468  |
| Gentex Corp. | 1120 | 24629  |
| Gentherm, Inc.<sup>(a)</sup> | 127 | 3593  |
| Genuine Parts Co. | 650 | 78852  |
| G-III Apparel Group Ltd.<sup>(a)</sup> | 165 | 3696  |
| Global Business Travel Group I<sup>(a)</sup> | 904 | 5695  |
| Golden Entertainment, Inc. | 100 | 2943  |
| Goodyear Tire & Rubber Co.<sup>(a)</sup> | 978 | 10142  |
| Graham Holdings Co. - Class B | 12 | 11354  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 139 | 26271  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 172 | 10815  |
| Group 1 Automotive, Inc. | 54 | 23582  |
| Guess?, Inc.<sup>(b)</sup> | 138 | 1668  |

---

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

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Discretionary - (Continued)**<br>|  |  |
| H&R Block, Inc. | 643 | $35294  |
| Hanesbrands, Inc.<sup>(a)</sup> | 1393 | 6380  |
| Harley-Davidson, Inc. | 651 | 15364  |
| Hasbro, Inc. | 672 | 49607  |
| Haverty Furniture Cos., Inc. | 125 | 2544  |
| Helen of Troy Ltd.<sup>(a)</sup> | 127 | 3604  |
| Hilton Grand Vacations, Inc.<sup>(a)</sup> | 346 | 14369  |
| Hilton Worldwide Holdings, Inc. | 1123 | 299100  |
| Home Depot, Inc. | 4806 | 1762072  |
| Hovnanian Enterprises, Inc. - Class A<sup>(a)</sup> | 25 | 2614  |
| Hyatt Hotels Corp. - Class A | 214 | 29885  |
| Installed Building Products, Inc. | 125 | 22540  |
| Jack in the Box, Inc. | 88 | 1536  |
| KB Home | 375 | 19864  |
| Kohl's Corp.<sup>(b)</sup> | 555 | 4706  |
| Kontoor Brands, Inc. | 268 | 17680  |
| Krispy Kreme, Inc.<sup>(b)</sup> | 424 | 1234  |
| Kura Sushi USA, Inc. - Class A<sup>(a)</sup> | 3 | 258  |
| Las Vegas Sands Corp. | 1898 | 82582  |
| Laureate Education, Inc.<sup>(a)</sup> | 494 | 11550  |
| La-Z-Boy, Inc. | 228 | 8475  |
| LCI Industries | 109 | 9940  |
| Lear Corp. | 261 | 24790  |
| Leggett & Platt, Inc. | 706 | 6298  |
| Lennar Corp. - Class A | 1148 | 126980  |
| Levi Strauss & Co. - Class A | 499 | 9227  |
| LGI Homes, Inc.<sup>(a)</sup> | 109 | 5616  |
| Life Time Group Holdings, Inc.<sup>(a)</sup> | 332 | 10070  |
| Light & Wonder, Inc.<sup>(a)</sup> | 438 | 42162  |
| Lithia Motors, Inc. | 121 | 40876  |
| LKQ Corp. | 1198 | 44338  |
| Lowe's Cos., Inc. | 2725 | 604596  |
| Lucky Strike Entertainment Corp. | 519 | 4738  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 504 | 119740  |
| M/I Homes, Inc.<sup>(a)</sup> | 144 | 16145  |
| Macy's, Inc. | 1219 | 14214  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 86 | 2695  |
| MarineMax, Inc.<sup>(a)</sup> | 165 | 4148  |
| Marriott International, Inc. - Class A | 1155 | 315558  |
| Marriott Vacations Worldwide Corp. | 155 | 11208  |
| Mattel, Inc.<sup>(a)</sup> | 1652 | 32577  |
| Matthews International Corp. - Class A | 100 | 2391  |
| McDonald's Corp. | 3479 | 1016459  |
| Meritage Homes Corp. | 342 | 22904  |
| MGM Resorts International<sup>(a)</sup> | 1056 | 36316  |
| Mister Car Wash, Inc.<sup>(a)</sup> | 341 | 2049  |
| Mobileye Global, Inc. - Class A<sup>(a)(b)</sup> | 791 | 14222  |
| Modine Manufacturing Co.<sup>(a)</sup> | 228 | 22458  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 266 | 27887  |
| Monarch Casino & Resort, Inc. | 82 | 7088  |
| Monro, Inc. | 167 | 2490  |
| Murphy USA, Inc. | 83 | 33764  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| National Vision Holdings, Inc.<sup>(a)</sup> | 396 | $9112  |
| Newell Brands, Inc. | 2053 | 11086  |
| NIKE, Inc. - Class B | 5586 | 396829  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 2074 | 42061  |
| NVR, Inc.<sup>(a)</sup> | 14 | 103399  |
| ODP Corp.<sup>(a)</sup> | 176 | 3191  |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 289 | 38084  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 4140 | 373138  |
| Oxford Industries, Inc. | 60 | 2415  |
| Papa John's International, Inc. | 173 | 8467  |
| Patrick Industries, Inc. | 184 | 16978  |
| Peloton Interactive, Inc. - Class A<sup>(a)</sup> | 1568 | 10882  |
| Penn Entertainment, Inc.<sup>(a)</sup> | 842 | 15047  |
| Penske Automotive Group, Inc. | 102 | 17525  |
| Perdoceo Education Corp. | 208 | 6800  |
| Phinia, Inc. | 219 | 9743  |
| Planet Fitness, Inc. - Class A<sup>(a)</sup> | 374 | 40785  |
| Polaris, Inc. | 291 | 11829  |
| Pool Corp. | 168 | 48969  |
| Portillo's, Inc. - Class A<sup>(a)</sup> | 238 | 2777  |
| PulteGroup, Inc. | 984 | 103773  |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, <br>Inc.<sup>(a)</sup> | 100 | 2883  |
| PVH Corp. | 228 | 15641  |
| QuantumScape Corp.<sup>(a)(b)</sup> | 2099 | 14105  |
| Ralph Lauren Corp. | 196 | 53759  |
| RCI Hospitality Holdings, Inc. | 72 | 2745  |
| RealReal, Inc.<sup>(a)</sup> | 778 | 3727  |
| Red Rock Resorts, Inc. - Class A | 263 | 13684  |
| Revolve Group, Inc.<sup>(a)</sup> | 216 | 4331  |
| RH<sup>(a)</sup> | 69 | 13042  |
| Rivian Automotive, Inc. - Class A<sup>(a)</sup> | 4380 | 60181  |
| Ross Stores, Inc. | 1541 | 196601  |
| Royal Caribbean Cruises Ltd. | 1192 | 373263  |
| Rush Street Interactive, Inc.<sup>(a)</sup> | 500 | 7450  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 700 | 6482  |
| Service Corp. International | 644 | 52422  |
| Shake Shack, Inc. - Class A<sup>(a)</sup> | 200 | 28120  |
| SharkNinja, Inc.<sup>(a)</sup> | 303 | 29994  |
| Shoe Carnival, Inc. | 120 | 2245  |
| Signet Jewelers Ltd. | 218 | 17342  |
| Six Flags Entertainment Corp. | 189 | 5751  |
| Skechers USA, Inc. - Class A<sup>(a)</sup> | 610 | 38491  |
| Sleep Number Corp.<sup>(a)</sup> | 90 | 608  |
| Somnigroup International, Inc. | 978 | 66553  |
| Sonic Automotive, Inc. - Class A | 30 | 2398  |
| Sonos, Inc.<sup>(a)</sup> | 508 | 5491  |
| Standard Motor Products, Inc. | 43 | 1321  |
| Starbucks Corp. | 5445 | 498925  |
| Steven Madden Ltd. | 349 | 8369  |
| Stoneridge, Inc.<sup>(a)</sup> | 18 | 127  |
| Strategic Education, Inc. | 109 | 9279  |
| Stride, Inc.<sup>(a)</sup> | 186 | 27005  |
| Sturm Ruger & Co., Inc. | 93 | 3339  |

---

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

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Consumer Discretionary - (Continued)** <br>|  |  |
| Sweetgreen, Inc. - Class A<sup>(a)</sup> | 430 | $6398  |
| Tapestry, Inc. | 1012 | 88864  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 532 | 32675  |
| Tesla, Inc.<sup>(a)</sup> | 13486 | 4283963  |
| Texas Roadhouse, Inc. | 332 | 62220  |
| Thor Industries, Inc. | 240 | 21314  |
| TJX Cos., Inc. | 5431 | 670674  |
| Toll Brothers, Inc. | 492 | 56152  |
| TopBuild Corp.<sup>(a)</sup> | 141 | 45647  |
| Topgolf Callaway Brands Corp.<sup>(a)</sup> | 650 | 5233  |
| Tractor Supply Co. | 2614 | 137941  |
| Travel + Leisure Co. | 238 | 12283  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 522 | 16678  |
| Udemy, Inc.<sup>(a)</sup> | 372 | 2615  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 228 | 106663  |
| Under Armour, Inc. - Class A<sup>(a)</sup> | 706 | 4822  |
| Under Armour, Inc. - Class C<sup>(a)</sup> | 595 | 3862  |
| United Parks & Resorts, Inc.<sup>(a)</sup> | 216 | 10184  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 300 | 10167  |
| Upbound Group, Inc. | 194 | 4869  |
| Urban Outfitters, Inc.<sup>(a)</sup> | 277 | 20094  |
| Vail Resorts, Inc. | 152 | 23884  |
| Valvoline, Inc.<sup>(a)</sup> | 693 | 26244  |
| VF Corp. | 1979 | 23253  |
| Victoria's Secret & Co.<sup>(a)(b)</sup> | 336 | 6223  |
| Viking Holdings Ltd.<sup>(a)</sup> | 844 | 44977  |
| Visteon Corp.<sup>(a)</sup> | 149 | 13902  |
| Warby Parker, Inc. - Class A<sup>(a)</sup> | 541 | 11864  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 501 | 25621  |
| Wendy's Co. | 881 | 10061  |
| Whirlpool Corp. | 272 | 27586  |
| Williams-Sonoma, Inc. | 594 | 97042  |
| Wingstop, Inc. | 142 | 47817  |
| Winmark Corp. | 20 | 7552  |
| Winnebago Industries, Inc. | 175 | 5075  |
| Wolverine World Wide, Inc. | 533 | 9637  |
| Wyndham Hotels & Resorts, Inc. | 368 | 29885  |
| Wynn Resorts Ltd. | 384 | 35969  |
| XPEL, Inc.<sup>(a)</sup> | 88 | 3159  |
| YETI Holdings, Inc.<sup>(a)</sup> | 494 | 15571  |
| Yum! Brands, Inc. | 1357 | 201080  |
|  |  | 29767314  |
| **Consumer Staples - 5.2%**<br>|  |  |
| Albertsons Cos., Inc. - Class A | 2161 | 46483  |
| Altria Group, Inc. | 8128 | 476545  |
| Andersons, Inc. | 195 | 7166  |
| Archer-Daniels-Midland Co. | 2332 | 123083  |
| B&G Foods, Inc.<sup>(b)</sup> | 250 | 1058  |
| BellRing Brands, Inc.<sup>(a)</sup> | 626 | 36264  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 651 | 70197  |
| Boston Beer Co., Inc. - Class A<sup>(a)</sup> | 50 | 9541  |
| Brown-Forman Corp. - Class A | 189 | 5192  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Brown-Forman Corp. - Class B | 1327 | $35710  |
| Bunge Global SA | 664 | 53306  |
| Calavo Growers, Inc. | 158 | 4201  |
| Cal-Maine Foods, Inc. | 201 | 20026  |
| Casey's General Stores, Inc. | 172 | 87766  |
| Celsius Holdings, Inc.<sup>(a)</sup> | 810 | 37576  |
| Central Garden & Pet Co. - Class A<sup>(a)</sup> | 206 | 6446  |
| Chefs' Warehouse, Inc.<sup>(a)</sup> | 129 | 8231  |
| Church & Dwight Co., Inc. | 1166 | 112064  |
| Clorox Co. | 570 | 68440  |
| Coca-Cola Co. | 20547 | 1453700  |
| Coca-Cola Consolidated, Inc. | 230 | 25680  |
| Colgate-Palmolive Co. | 3869 | 351692  |
| Conagra Brands, Inc. | 2366 | 48432  |
| Constellation Brands, Inc. - Class A | 679 | 110460  |
| Costco Wholesale Corp. | 2132 | 2110552  |
| Coty, Inc. - Class A<sup>(a)</sup> | 1329 | 6180  |
| Darling Ingredients, Inc.<sup>(a)</sup> | 753 | 28569  |
| Dole PLC | 419 | 5862  |
| Dollar General Corp. | 1038 | 118726  |
| Dollar Tree, Inc.<sup>(a)</sup> | 1018 | 100823  |
| Edgewell Personal Care Co. | 275 | 6438  |
| elf Beauty, Inc.<sup>(a)</sup> | 257 | 31981  |
| Energizer Holdings, Inc. | 355 | 7157  |
| Estee Lauder Cos., Inc. - Class A | 1163 | 93970  |
| Flowers Foods, Inc. | 1066 | 17035  |
| Fresh Del Monte Produce, Inc. | 515 | 16696  |
| Freshpet, Inc.<sup>(a)</sup> | 222 | 15087  |
| General Mills, Inc. | 2612 | 135328  |
| Grocery Outlet Holding Corp.<sup>(a)</sup> | 407 | 5055  |
| Herbalife Ltd.<sup>(a)</sup> | 328 | 2827  |
| Hershey Co. | 707 | 117327  |
| Hormel Foods Corp. | 1413 | 42743  |
| Ingles Markets, Inc. - Class A | 56 | 3549  |
| Ingredion, Inc. | 309 | 41907  |
| Interparfums, Inc. | 111 | 14575  |
| J & J Snack Foods Corp. | 84 | 9526  |
| J M Smucker Co. | 525 | 51555  |
| John B Sanfilippo & Son, Inc. | 24 | 1518  |
| Kellanova | 1390 | 110547  |
| Kenvue, Inc. | 9261 | 193833  |
| Keurig Dr Pepper, Inc. | 5397 | 178425  |
| Kimberly-Clark Corp. | 1581 | 203823  |
| Kraft Heinz Co. | 5827 | 150453  |
| Kroger Co. | 3483 | 249836  |
| Lamb Weston Holdings, Inc. | 617 | 31991  |
| Maplebear, Inc.<sup>(a)</sup> | 880 | 39811  |
| Marzetti Co. | 91 | 15722  |
| McCormick & Co., Inc. | 1193 | 90453  |
| Medifast, Inc.<sup>(a)</sup> | 73 | 1026  |
| MGP Ingredients, Inc. | 71 | 2128  |
| Mission Produce, Inc.<sup>(a)</sup> | 336 | 3938  |
| Molson Coors Beverage Co. - Class B | 832 | 40011  |
| Mondelez International, Inc. - Class A | 6216 | 419207  |

---

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

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  | **Consumer Staples - (Continued)**  |
| Monster Beverage Corp.<sup>(a)</sup> | 3275 | $205146  |
| National Beverage Corp.<sup>(a)</sup> | 92 | 3978  |
| Nu Skin Enterprises, Inc. - Class A | 325 | 2597  |
| PepsiCo, Inc. | 6581 | 868955  |
| Performance Food Group Co.<sup>(a)</sup> | 763 | 66740  |
| Philip Morris International, Inc. | 7472 | 1360875  |
| Pilgrim's Pride Corp. | 231 | 10390  |
| Post Holdings, Inc.<sup>(a)</sup> | 224 | 24423  |
| PriceSmart, Inc. | 115 | 12080  |
| Primo Brands Corp. | 277 | 8205  |
| Procter & Gamble Co. | 11282 | 1797448  |
| Reynolds Consumer Products, Inc. | 328 | 7026  |
| Seaboard Corp. | 1 | 2861  |
| Simply Good Foods Co.<sup>(a)</sup> | 418 | 13205  |
| SpartanNash Co. | 169 | 4477  |
| Spectrum Brands Holdings, Inc. | 158 | 8374  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 460 | 75734  |
| SunOpta, Inc.<sup>(a)</sup> | 148 | 858  |
| Sysco Corp. | 2369 | 179428  |
| Target Corp. | 2173 | 214366  |
| The Campbell's Co. | 969 | 29700  |
| Tootsie Roll Industries, Inc. | 26 | 875  |
| TreeHouse Foods, Inc.<sup>(a)</sup> | 298 | 5787  |
| Turning Point Brands, Inc. | 120 | 9092  |
| Tyson Foods, Inc. - Class A | 1297 | 72554  |
| United Natural Foods, Inc.<sup>(a)</sup> | 297 | 6923  |
| Universal Corp. | 109 | 6348  |
| US Foods Holding Corp.<sup>(a)</sup> | 1063 | 81862  |
| USANA Health Sciences, Inc.<sup>(a)</sup> | 87 | 2656  |
| Utz Brands, Inc. | 259 | 3250  |
| Vita Coco Co., Inc.<sup>(a)</sup> | 205 | 7401  |
| Vital Farms, Inc.<sup>(a)</sup> | 216 | 8320  |
| Walgreens Boots Alliance, Inc. | 3650 | 41902  |
| Walmart, Inc. | 21005 | 2053869  |
| WD-40 Co. | 72 | 16422  |
| Weis Markets, Inc. | 68 | 4929  |
| WK Kellogg Co. | 419 | 6679  |
|  |  | 15141184  |
| **Energy - 3.1%**<br>|  |  |
| Antero Midstream Corp. | 1528 | 28956  |
| Antero Resources Corp.<sup>(a)</sup> | 1436 | 57842  |
| APA Corp. | 1812 | 33141  |
| Archrock, Inc. | 633 | 15717  |
| Ardmore Shipping Corp. | 262 | 2515  |
| Aris Water Solutions, Inc. - Class A | 341 | 8065  |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> | 280 | 3744  |
| Baker Hughes Co. | 4637 | 177783  |
| Bristow Group, Inc.<sup>(a)</sup> | 100 | 3297  |
| Cactus, Inc. - Class A | 322 | 14078  |
| California Resources Corp. | 314 | 14340  |
| Centrus Energy Corp. - Class A<sup>(a)</sup> | 99 | 18135  |
| ChampionX Corp. | 915 | 22729  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cheniere Energy, Inc. | 1075 | $261784  |
| Chevron Corp. | 8472 | 1213106  |
| Chord Energy Corp. | 256 | 24794  |
| Civitas Resources, Inc. | 388 | 10678  |
| CNX Resources Corp.<sup>(a)</sup> | 617 | 20781  |
| Comstock Resources, Inc.<sup>(a)</sup> | 349 | 9657  |
| ConocoPhillips | 6666 | 598207  |
| Core Laboratories, Inc. | 251 | 2891  |
| Core Natural Resources, Inc. | 276 | 19248  |
| Coterra Energy, Inc. | 3507 | 89008  |
| Crescent Energy Co. - Class A | 900 | 7740  |
| CVR Energy, Inc. | 161 | 4323  |
| Delek US Holdings, Inc. | 301 | 6375  |
| Devon Energy Corp. | 2934 | 93330  |
| Diamondback Energy, Inc. | 892 | 122561  |
| Dorian LPG Ltd. | 219 | 5339  |
| DT Midstream, Inc. | 511 | 56164  |
| EOG Resources, Inc. | 2651 | 317086  |
| EQT Corp. | 2912 | 169828  |
| Excelerate Energy, Inc. - Class A | 203 | 5952  |
| Expand Energy Corp. | 1001 | 117057  |
| Expro Group Holdings NV<sup>(a)</sup> | 554 | 4759  |
| Exxon Mobil Corp. | 20908 | 2253882  |
| Green Plains, Inc.<sup>(a)</sup> | 300 | 1809  |
| Gulfport Energy Corp.<sup>(a)</sup> | 95 | 19111  |
| Halliburton Co. | 4117 | 83904  |
| Helix Energy Solutions Group, Inc.<sup>(a)</sup> | 525 | 3276  |
| Helmerich & Payne, Inc. | 437 | 6625  |
| Hess Corp. | 1350 | 187029  |
| HF Sinclair Corp. | 802 | 32946  |
| Innovex International, Inc.<sup>(a)</sup> | 145 | 2265  |
| International Seaways, Inc. | 208 | 7588  |
| Kinder Morgan, Inc. | 9226 | 271244  |
| Kinetik Holdings, Inc. | 131 | 5771  |
| Kodiak Gas Services, Inc. | 149 | 5106  |
| Liberty Energy, Inc. | 843 | 9678  |
| Magnolia Oil & Gas Corp. - Class A | 901 | 20254  |
| Marathon Petroleum Corp. | 1480 | 245843  |
| Matador Resources Co. | 583 | 27821  |
| Murphy Oil Corp. | 491 | 11047  |
| Nabors Industries Ltd.<sup>(a)</sup> | 48 | 1345  |
| New Fortress Energy, Inc.<sup>(b)</sup> | 540 | 1793  |
| NextDecade Corp.<sup>(a)</sup> | 760 | 6772  |
| Northern Oil & Gas, Inc. | 500 | 14175  |
| NOV, Inc. | 1571 | 19527  |
| Occidental Petroleum Corp. | 4533 | 190431  |
| Oceaneering International, Inc.<sup>(a)</sup> | 527 | 10919  |
| ONEOK, Inc. | 2975 | 242849  |
| Ovintiv, Inc. | 1258 | 47867  |
| Par Pacific Holdings, Inc.<sup>(a)</sup> | 350 | 9285  |
| Patterson-UTI Energy, Inc. | 1757 | 10419  |
| PBF Energy, Inc. - Class A | 558 | 12092  |
| Peabody Energy Corp. | 733 | 9837  |
| Permian Resources Corp. | 2815 | 38340  |

---

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

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| Phillips 66 | 1927 | $229891  |
| ProPetro Holding Corp.<sup>(a)</sup> | 504 | 3009  |
| Range Resources Corp. | 1174 | 47747  |
| REX American Resources Corp.<sup>(a)</sup> | 114 | 5553  |
| RPC, Inc. | 625 | 2956  |
| Sable Offshore Corp.<sup>(a)</sup> | 309 | 6792  |
| Schlumberger NV | 6458 | 218280  |
| Select Water Solutions, Inc. | 615 | 5314  |
| SFL Corp. Ltd. | 575 | 4790  |
| Sitio Royalties Corp. - Class A | 319 | 5863  |
| SM Energy Co. | 630 | 15567  |
| Talos Energy, Inc.<sup>(a)</sup> | 634 | 5376  |
| Targa Resources Corp. | 1037 | 180521  |
| Teekay Corp. Ltd. | 486 | 4009  |
| Texas Pacific Land Corp. | 107 | 113034  |
| Tidewater, Inc.<sup>(a)</sup> | 230 | 10610  |
| Uranium Energy Corp.<sup>(a)</sup> | 1873 | 12736  |
| Valaris Ltd.<sup>(a)</sup> | 351 | 14781  |
| Valero Energy Corp. | 1502 | 201899  |
| Viper Energy, Inc. | 559 | 21315  |
| Vital Energy, Inc.<sup>(a)(b)</sup> | 85 | 1368  |
| Vitesse Energy, Inc. | 10 | 221  |
| Weatherford International PLC | 360 | 18112  |
| Williams Cos., Inc. | 5825 | 365868  |
| World Kinect Corp. | 203 | 5755  |
|  |  | 8873227  |
| **Financials - 13.9%**<br>|  |  |
| 1st Source Corp. | 103 | 6393  |
| Acadian Asset Management, Inc. | 244 | 8599  |
| Affiliated Managers Group, Inc. | 120 | 23612  |
| Affirm Holdings, Inc.<sup>(a)</sup> | 1318 | 91127  |
| Aflac, Inc. | 2344 | 247198  |
| Allstate Corp. | 1274 | 256469  |
| Ally Financial, Inc. | 1504 | 58581  |
| Ambac Financial Group, Inc.<sup>(a)</sup> | 148 | 1051  |
| Amerant Bancorp, Inc. | 194 | 3537  |
| American Express Co. | 3377 | 1077195  |
| American Financial Group, Inc. | 343 | 43290  |
| American International Group, Inc. | 2815 | 240936  |
| Ameriprise Financial, Inc. | 488 | 260460  |
| Ameris Bancorp | 300 | 19410  |
| AMERISAFE, Inc. | 107 | 4679  |
| Aon PLC - Class A | 1007 | 359257  |
| Apollo Global Management, Inc. | 1940 | 275228  |
| Arch Capital Group Ltd. | 1754 | 159702  |
| Ares Management Corp. - Class A | 907 | 157092  |
| Arthur J Gallagher & Co. | 1213 | 388306  |
|  Artisan Partners Asset Management, Inc. - Class A | 337 | 14939  |
| Associated Banc-Corp. | 670 | 16341  |
| Assurant, Inc. | 258 | 50952  |
| Assured Guaranty Ltd. | 197 | 17159  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Atlantic Union Bankshares Corp. | 590 | $18455  |
| Atlanticus Holdings Corp.<sup>(a)</sup> | 33 | 1807  |
| AvidXchange Holdings, Inc.<sup>(a)</sup> | 768 | 7519  |
| Axis Capital Holdings Ltd. | 380 | 39452  |
| Axos Financial, Inc.<sup>(a)</sup> | 270 | 20531  |
|  Baldwin Insurance Group, Inc. - Class A<sup>(a)</sup> | 317 | 13571  |
| Banc of California, Inc. | 801 | 11254  |
| BancFirst Corp. | 115 | 14216  |
| Bancorp, Inc.<sup>(a)</sup> | 267 | 15211  |
| Bank First Corp. | 22 | 2588  |
| Bank of America Corp. | 36543 | 1729215  |
| Bank of Hawaii Corp. | 217 | 14654  |
| Bank of New York Mellon Corp. | 3439 | 313327  |
| Bank of NT Butterfield & Son Ltd. | 250 | 11070  |
| Bank OZK | 548 | 25789  |
| BankUnited, Inc. | 414 | 14734  |
| Banner Corp. | 180 | 11547  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 6417 | 3117186  |
| Berkshire Hills Bancorp, Inc. | 300 | 7512  |
| BGC Group, Inc. - Class A | 1563 | 15989  |
| Blackrock, Inc. | 693 | 727130  |
| Blackstone, Inc. | 3442 | 514854  |
| Block, Inc.<sup>(a)</sup> | 2589 | 175871  |
| Blue Owl Capital, Inc. - Class A | 3035 | 58302  |
| BOK Financial Corp. | 119 | 11618  |
| Bowhead Specialty Holdings, Inc.<sup>(a)</sup> | 166 | 6230  |
| Bread Financial Holdings, Inc. | 186 | 10624  |
| Brighthouse Financial, Inc.<sup>(a)</sup> | 294 | 15808  |
| Brookline Bancorp, Inc. | 500 | 5275  |
| Brown & Brown, Inc. | 1125 | 124729  |
|  Burke & Herbert Financial Services Corp. | 409 | 24430  |
| Business First Bancshares, Inc. | 30 | 740  |
| Byline Bancorp, Inc. | 146 | 3903  |
| Cadence Bank | 846 | 27055  |
| Camden National Corp. | 115 | 4667  |
| Cannae Holdings, Inc. | 369 | 7694  |
| Cantaloupe, Inc.<sup>(a)</sup> | 192 | 2110  |
| Capital One Financial Corp. | 3036 | 645939  |
| Capitol Federal Financial, Inc. | 420 | 2562  |
| Carlyle Group, Inc. | 1250 | 64250  |
| Cass Information Systems, Inc. | 101 | 4388  |
| Cathay General Bancorp | 343 | 15617  |
| Cboe Global Markets, Inc. | 511 | 119170  |
| Central Pacific Financial Corp. | 231 | 6475  |
| Charles Schwab Corp. | 8212 | 749263  |
| Cincinnati Financial Corp. | 720 | 107222  |
| Citigroup, Inc. | 9045 | 769910  |
| Citizens Financial Group, Inc. | 2168 | 97018  |
| City Holding Co. | 74 | 9059  |
| CME Group, Inc. | 1727 | 475996  |
| CNO Financial Group, Inc. | 421 | 16242  |
| Coastal Financial Corp.<sup>(a)</sup> | 80 | 7750  |

---

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

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Cohen & Steers, Inc. | 133 | $10022  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 977 | 342429  |
| Columbia Banking System, Inc. | 976 | 22819  |
| Columbia Financial, Inc.<sup>(a)</sup> | 232 | 3366  |
| Comerica, Inc. | 673 | 40144  |
| Commerce Bancshares, Inc. | 634 | 39416  |
| Community Financial System, Inc. | 299 | 17004  |
| Community Trust Bancorp, Inc. | 110 | 5821  |
| Compass Diversified Holdings | 337 | 2116  |
| ConnectOne Bancorp, Inc. | 180 | 4169  |
| Corebridge Financial, Inc. | 1776 | 63048  |
| Corpay, Inc.<sup>(a)</sup> | 317 | 105187  |
| Crawford & Co. - Class A | 75 | 793  |
| Credit Acceptance Corp.<sup>(a)</sup> | 26 | 13245  |
| Cullen/Frost Bankers, Inc. | 304 | 39076  |
| Customers Bancorp, Inc.<sup>(a)</sup> | 121 | 7108  |
| CVB Financial Corp. | 789 | 15614  |
| Dave, Inc.<sup>(a)</sup> | 73 | 19594  |
| Diamond Hill Investment Group, Inc. | 13 | 1889  |
| DigitalBridge Group, Inc. | 763 | 7897  |
| Dime Community Bancshares, Inc. | 140 | 3772  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 159 | 9802  |
| Eagle Bancorp, Inc. | 194 | 3779  |
| East West Bancorp, Inc. | 687 | 69373  |
| Eastern Bankshares, Inc. | 964 | 14720  |
| eHealth, Inc.<sup>(a)</sup> | 175 | 761  |
| Employers Holdings, Inc. | 179 | 8445  |
| Enact Holdings, Inc. | 212 | 7876  |
| Encore Capital Group, Inc.<sup>(a)</sup> | 154 | 5961  |
| Enova International, Inc.<sup>(a)</sup> | 136 | 15167  |
| Enstar Group Ltd.<sup>(a)</sup> | 57 | 19173  |
| Enterprise Financial Services Corp. | 202 | 11130  |
| Equitable Holdings, Inc. | 1501 | 84206  |
| Erie Indemnity Co. - Class A | 124 | 43002  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 215 | 21797  |
| Evercore, Inc. - Class A | 179 | 48334  |
| Everest Group Ltd. | 152 | 51657  |
| EZCORP, Inc. - Class A<sup>(a)</sup> | 424 | 5885  |
| FactSet Research Systems, Inc. | 179 | 80063  |
| Farmers National Banc Corp. | 315 | 4344  |
| FB Financial Corp. | 189 | 8562  |
|  Federal Agricultural Mortgage Corp. - Class C | 49 | 9520  |
| Federated Hermes, Inc. | 299 | 13252  |
| Fidelity National Financial, Inc. | 1286 | 72093  |
|  Fidelity National Information Services, Inc. | 2509 | 204258  |
| Fifth Third Bancorp | 3108 | 127832  |
| First American Financial Corp. | 423 | 25968  |
| First BanCorp/Puerto Rico | 663 | 13810  |
| First Bancorp/Southern Pines NC | 156 | 6878  |
| First Busey Corp. | 380 | 8690  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| First Citizens BancShares, Inc. - Class A | 47 | $91954  |
| First Commonwealth Financial Corp. | 429 | 6963  |
| First Community Bankshares, Inc. | 51 | 1998  |
| First Financial Bancorp | 510 | 12373  |
| First Financial Bankshares, Inc. | 730 | 26265  |
| First Financial Corp. | 100 | 5419  |
| First Foundation, Inc.<sup>(a)</sup> | 478 | 2438  |
| First Hawaiian, Inc. | 541 | 13503  |
| First Horizon Corp. | 2508 | 53170  |
|  First Interstate BancSystem, Inc. - Class A | 446 | 12854  |
| First Merchants Corp. | 303 | 11605  |
| First Mid Bancshares, Inc. | 165 | 6186  |
| FirstCash Holdings, Inc. | 171 | 23109  |
| Fiserv, Inc.<sup>(a)</sup> | 2682 | 462404  |
| Flagstar Financial, Inc. | 1363 | 14448  |
| Flushing Financial Corp. | 249 | 2958  |
| Flywire Corp.<sup>(a)</sup> | 607 | 7102  |
| FNB Corp. | 1919 | 27979  |
| Franklin Resources, Inc. | 1434 | 34201  |
| Fulton Financial Corp. | 889 | 16038  |
| Genworth Financial, Inc. - Class A<sup>(a)</sup> | 2084 | 16214  |
| German American Bancorp, Inc. | 257 | 9897  |
| Glacier Bancorp, Inc. | 550 | 23694  |
| Global Payments, Inc. | 1211 | 96928  |
| Globe Life, Inc. | 407 | 50586  |
| Goldman Sachs Group, Inc. | 1495 | 1058086  |
| Goosehead Insurance, Inc. - Class A | 134 | 14138  |
| Green Dot Corp. - Class A<sup>(a)</sup> | 15 | 162  |
|  Hamilton Insurance Group Ltd. - Class B<sup>(a)</sup> | 348 | 7524  |
| Hamilton Lane, Inc. - Class A | 169 | 24018  |
| Hancock Whitney Corp. | 401 | 23017  |
| Hanmi Financial Corp. | 200 | 4936  |
| Hanover Insurance Group, Inc. | 187 | 31766  |
| HarborOne Bancorp, Inc. | 359 | 4193  |
| Hartford Insurance Group, Inc. | 1350 | 171274  |
| HCI Group, Inc. | 47 | 7153  |
| Heritage Commerce Corp. | 466 | 4627  |
| Heritage Financial Corp. | 184 | 4387  |
| Hilltop Holdings, Inc. | 306 | 9287  |
| Home BancShares, Inc. | 950 | 27037  |
| HomeStreet, Inc.<sup>(a)</sup> | 165 | 2157  |
| Hope Bancorp, Inc. | 702 | 7532  |
| Horace Mann Educators Corp. | 249 | 10700  |
| Horizon Bancorp, Inc. | 262 | 4030  |
| Houlihan Lokey, Inc. | 266 | 47867  |
| Huntington Bancshares, Inc. | 6708 | 112426  |
| Independent Bank Corp. | 244 | 15344  |
| Independent Bank Corp. | 171 | 5542  |
| Interactive Brokers Group, Inc. - Class A | 2000 | 110820  |
| Intercontinental Exchange, Inc. | 2745 | 503625  |
| International Bancshares Corp. | 280 | 18637  |
| International Money Express, Inc.<sup>(a)</sup> | 206 | 2079  |

---

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

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Invesco Ltd. | 2200 | $34694  |
| Jack Henry & Associates, Inc. | 358 | 64501  |
| Jackson Financial, Inc. - Class A | 376 | 33385  |
| Jefferies Financial Group, Inc. | 818 | 44736  |
| JPMorgan Chase & Co. | 13413 | 3888563  |
| Kearny Financial Corp. | 459 | 2965  |
| Kemper Corp. | 300 | 19362  |
| KeyCorp | 5310 | 92500  |
| Kinsale Capital Group, Inc. | 109 | 52745  |
| KKR & Co., Inc. | 3240 | 431017  |
| Lakeland Financial Corp. | 98 | 6022  |
| Lazard, Inc. | 411 | 19720  |
| Lemonade, Inc.<sup>(a)</sup> | 362 | 15859  |
| LendingClub Corp.<sup>(a)</sup> | 494 | 5943  |
| LendingTree, Inc.<sup>(a)</sup> | 63 | 2335  |
| Lincoln National Corp. | 836 | 28926  |
| Live Oak Bancshares, Inc. | 223 | 6645  |
| Loews Corp. | 871 | 79836  |
| LPL Financial Holdings, Inc. | 361 | 135364  |
| M&T Bank Corp. | 772 | 149760  |
| Markel Group, Inc.<sup>(a)</sup> | 60 | 119842  |
| MarketAxess Holdings, Inc. | 182 | 40648  |
| Marqeta, Inc. - Class A<sup>(a)</sup> | 1936 | 11287  |
| Marsh & McLennan Cos., Inc. | 2362 | 516428  |
| Mastercard, Inc. - Class A | 3945 | 2216853  |
| Mercantile Bank Corp. | 108 | 5012  |
| Merchants Bancorp | 103 | 3406  |
| Mercury General Corp. | 82 | 5522  |
| MetLife, Inc. | 2705 | 217536  |
| Metropolitan Bank Holding Corp.<sup>(a)</sup> | 75 | 5250  |
| MGIC Investment Corp. | 1215 | 33826  |
| Midland States Bancorp, Inc. | 35 | 606  |
| Moelis & Co. - Class A | 332 | 20690  |
| Moody's Corp. | 864 | 433374  |
| Morgan Stanley | 5929 | 835159  |
| Morningstar, Inc. | 111 | 34846  |
| Mr Cooper Group, Inc.<sup>(a)</sup> | 276 | 41182  |
| MSCI, Inc. | 359 | 207050  |
| Nasdaq, Inc. | 2017 | 180360  |
| National Bank Holdings Corp. - Class A | 156 | 5867  |
| Navient Corp. | 669 | 9433  |
| NB Bancorp, Inc.<sup>(a)</sup> | 362 | 6465  |
| NBT Bancorp, Inc. | 200 | 8310  |
| NCR Atleos Corp.<sup>(a)</sup> | 320 | 9130  |
| Nelnet, Inc. - Class A | 73 | 8842  |
| NerdWallet, Inc. - Class A<sup>(a)</sup> | 275 | 3017  |
| Nicolet Bankshares, Inc. | 38 | 4692  |
| NMI Holdings, Inc. - Class A<sup>(a)</sup> | 394 | 16623  |
| Northeast Bank | 310 | 27587  |
| Northern Trust Corp. | 934 | 118422  |
| Northfield Bancorp, Inc. | 338 | 3880  |
| Northwest Bancshares, Inc. | 517 | 6607  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 14916 | $204648  |
| &nbsp;&nbsp;&nbsp; Nuveen Churchill Direct Lending <br>Corp.<sup>(b)</sup> | 3650 | 59093  |
| OceanFirst Financial Corp. | 100 | 1761  |
| OFG Bancorp | 211 | 9031  |
| Old National Bancorp | 1596 | 34059  |
| Old Republic International Corp. | 1088 | 41823  |
| Old Second Bancorp, Inc. | 369 | 6546  |
| OneMain Holdings, Inc. | 618 | 35226  |
| Origin Bancorp, Inc. | 124 | 4432  |
| Oscar Health, Inc. - Class A<sup>(a)</sup> | 742 | 15908  |
| Pacific Premier Bancorp, Inc. | 489 | 10313  |
| Pagseguro Digital Ltd. - Class A | 773 | 7452  |
| Palomar Holdings, Inc.<sup>(a)</sup> | 121 | 18664  |
| Park National Corp. | 87 | 14552  |
| Pathward Financial, Inc. | 106 | 8387  |
| Patria Investments Ltd. - Class A | 274 | 3852  |
| Payoneer Global, Inc.<sup>(a)</sup> | 1300 | 8905  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 4745 | 352648  |
| Peapack-Gladstone Financial Corp. | 140 | 3955  |
| PennyMac Financial Services, Inc. | 250 | 24910  |
| Peoples Bancorp, Inc. | 167 | 5100  |
| Perella Weinberg Partners | 238 | 4622  |
| Pinnacle Financial Partners, Inc. | 368 | 40631  |
| Piper Sandler Cos. | 85 | 23625  |
| PJT Partners, Inc. - Class A | 86 | 14191  |
| PNC Financial Services Group, Inc. | 1897 | 353639  |
| Popular, Inc. | 354 | 39014  |
| PRA Group, Inc.<sup>(a)</sup> | 117 | 1726  |
| Preferred Bank | 74 | 6404  |
| Primerica, Inc. | 171 | 46798  |
| Principal Financial Group, Inc. | 1037 | 82369  |
| ProAssurance Corp.<sup>(a)</sup> | 230 | 5251  |
| PROG Holdings, Inc. | 248 | 7279  |
| Progressive Corp. | 2812 | 750410  |
| Prosperity Bancshares, Inc. | 470 | 33013  |
| Provident Financial Services, Inc. | 449 | 7871  |
| Prudential Financial, Inc. | 1717 | 184474  |
| QCR Holdings, Inc. | 47 | 3191  |
| Radian Group, Inc. | 745 | 26835  |
| Raymond James Financial, Inc. | 882 | 135272  |
| Regions Financial Corp. | 4448 | 104617  |
| Reinsurance Group of America, Inc. | 333 | 66054  |
| Remitly Global, Inc.<sup>(a)</sup> | 643 | 12069  |
| RenaissanceRe Holdings Ltd. | 230 | 55867  |
| Renasant Corp. | 392 | 14085  |
| Repay Holdings Corp.<sup>(a)</sup> | 388 | 1870  |
| RLI Corp. | 390 | 28166  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 3606 | 337630  |
| Root, Inc./OH<sup>(a)</sup> | 49 | 6271  |
| Ryan Specialty Holdings, Inc. | 502 | 34131  |
| S&P Global, Inc. | 1480 | 780389  |
| S&T Bancorp, Inc. | 187 | 7072  |
| Safety Insurance Group, Inc. | 96 | 7621  |

---

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

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Seacoast Banking Corp. of Florida | 500 | $13810  |
| SEI Investments Co. | 431 | 38730  |
| Selective Insurance Group, Inc. | 300 | 25995  |
| ServisFirst Bancshares, Inc. | 248 | 19222  |
| Sezzle, Inc.<sup>(a)</sup> | 35 | 6274  |
| Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 339 | 33598  |
| Simmons First National Corp. - Class A | 687 | 13026  |
| SiriusPoint Ltd.<sup>(a)</sup> | 408 | 8319  |
|  Skyward Specialty Insurance Group, Inc.<sup>(a)</sup> | 210 | 12136  |
| SLM Corp. | 1100 | 36069  |
| SoFi Technologies, Inc.<sup>(a)</sup> | 5533 | 100756  |
| Southside Bancshares, Inc. | 171 | 5033  |
| SouthState Corp. | 489 | 45003  |
| State Street Corp. | 1362 | 144835  |
| Stellar Bancorp, Inc. | 125 | 3497  |
| StepStone Group, Inc. - Class A | 321 | 17815  |
| Stewart Information Services Corp. | 107 | 6966  |
| Stifel Financial Corp. | 510 | 52928  |
| Stock Yards Bancorp, Inc. | 90 | 7108  |
| StoneX Group, Inc.<sup>(a)</sup> | 211 | 19231  |
| Synchrony Financial | 1804 | 120399  |
| Synovus Financial Corp. | 727 | 37622  |
| T Rowe Price Group, Inc. | 1027 | 99106  |
| Texas Capital Bancshares, Inc.<sup>(a)</sup> | 203 | 16118  |
| TFS Financial Corp. | 156 | 2020  |
| Toast, Inc. - Class A<sup>(a)</sup> | 2164 | 95844  |
| Tompkins Financial Corp. | 39 | 2446  |
| Towne Bank | 374 | 12783  |
| TPG, Inc. | 394 | 20665  |
| Tradeweb Markets, Inc. - Class A | 577 | 84473  |
| Travelers Cos., Inc. | 1087 | 290816  |
| TriCo Bancshares | 215 | 8705  |
| Triumph Financial, Inc.<sup>(a)</sup> | 132 | 7275  |
| Truist Financial Corp. | 6337 | 272428  |
| Trupanion, Inc.<sup>(a)(b)</sup> | 112 | 6199  |
| TrustCo Bank Corp. NY | 153 | 5113  |
| Trustmark Corp. | 270 | 9844  |
| UMB Financial Corp. | 347 | 36491  |
| United Bankshares, Inc. | 707 | 25756  |
| United Community Banks, Inc. | 615 | 18321  |
| United Fire Group, Inc. | 166 | 4764  |
| Univest Financial Corp. | 201 | 6038  |
| Unum Group | 824 | 66546  |
| Upstart Holdings, Inc.<sup>(a)</sup> | 371 | 23996  |
| US Bancorp | 7466 | 337836  |
| UWM Holdings Corp. | 603 | 2496  |
| Valley National Bancorp | 2390 | 21343  |
| Veritex Holdings, Inc. | 320 | 8352  |
| Victory Capital Holdings, Inc. - Class A | 193 | 12288  |
| Virtu Financial, Inc. - Class A | 350 | 15676  |
| Virtus Investment Partners, Inc. | 38 | 6893  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Visa, Inc. - Class A | 8275 | $2938039  |
| Voya Financial, Inc. | 464 | 32944  |
| W R Berkley Corp. | 1415 | 103960  |
| WaFd, Inc. | 460 | 13469  |
| Walker & Dunlop, Inc. | 152 | 10713  |
| Washington Trust Bancorp, Inc. | 100 | 2828  |
| Webster Financial Corp. | 777 | 42424  |
| Wells Fargo & Co. | 15805 | 1266297  |
| WesBanco, Inc. | 443 | 14012  |
| Westamerica BanCorp | 176 | 8525  |
| Western Alliance Bancorp | 491 | 38288  |
| Western Union Co. | 1755 | 14777  |
| WEX, Inc.<sup>(a)</sup> | 168 | 24678  |
| White Mountains Insurance Group Ltd. | 12 | 21549  |
| Wintrust Financial Corp.<sup>(b)</sup> | 319 | 39550  |
| WisdomTree, Inc. | 353 | 4063  |
| World Acceptance Corp.<sup>(a)</sup> | 17 | 2807  |
| WSFS Financial Corp. | 274 | 15070  |
| Zions Bancorp NA | 746 | 38747  |
|  |  | 40310653  |
| **Health Care - 9.6%**<br>|  |  |
| 10X Genomics, Inc. - Class A<sup>(a)</sup> | 700 | 8106  |
| 89bio, Inc.<sup>(a)</sup> | 264 | 2592  |
| Abbott Laboratories | 8304 | 1129427  |
| AbbVie, Inc. | 8485 | 1574986  |
| Acadia Healthcare Co., Inc.<sup>(a)</sup> | 477 | 10823  |
| ACADIA Pharmaceuticals, Inc.<sup>(a)</sup> | 903 | 19478  |
| AdaptHealth Corp.<sup>(a)</sup> | 397 | 3744  |
| Adaptive Biotechnologies Corp.<sup>(a)</sup> | 930 | 10834  |
| Addus HomeCare Corp.<sup>(a)</sup> | 70 | 8063  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 1139 | 20741  |
| Agilent Technologies, Inc. | 1345 | 158723  |
| agilon health, Inc.<sup>(a)</sup> | 1608 | 3698  |
| Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 300 | 9978  |
| Akero Therapeutics, Inc.<sup>(a)</sup> | 269 | 14354  |
| Align Technology, Inc.<sup>(a)</sup> | 344 | 65130  |
| Alignment Healthcare, Inc.<sup>(a)</sup> | 664 | 9296  |
| Alkermes PLC<sup>(a)</sup> | 655 | 18740  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 586 | 191089  |
| Alphatec Holdings, Inc.<sup>(a)</sup> | 518 | 5750  |
| Altimmune, Inc.<sup>(a)(b)</sup> | 457 | 1769  |
| Amedisys, Inc.<sup>(a)</sup> | 151 | 14857  |
| Amgen, Inc. | 2584 | 721479  |
| Amicus Therapeutics, Inc.<sup>(a)</sup> | 1252 | 7174  |
| AMN Healthcare Services, Inc.<sup>(a)</sup> | 188 | 3886  |
| Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 772 | 6245  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 217 | 4982  |
| AnaptysBio, Inc.<sup>(a)</sup> | 182 | 4040  |
| Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 627 | 5781  |
| AngioDynamics, Inc.<sup>(a)</sup> | 231 | 2292  |
| ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 90 | 5873  |
| Anika Therapeutics, Inc.<sup>(a)</sup> | 100 | 1058  |
| Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 490 | 8482  |

---

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

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Apogee Therapeutics, Inc.<sup>(a)</sup> | 261 | $11335  |
| Arcellx, Inc.<sup>(a)</sup> | 176 | 11590  |
| Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 257 | 3344  |
| Arcus Biosciences, Inc.<sup>(a)</sup> | 347 | 2825  |
| Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 702 | 9842  |
| Ardelyx, Inc.<sup>(a)</sup> | 927 | 3634  |
| Arrowhead Pharmaceuticals, Inc.<sup>(a)</sup> | 563 | 8895  |
| ARS Pharmaceuticals, Inc.<sup>(a)</sup> | 555 | 9685  |
| Artivion, Inc.<sup>(a)</sup> | 300 | 9330  |
| Arvinas, Inc.<sup>(a)</sup> | 300 | 2208  |
| Astrana Health, Inc.<sup>(a)</sup> | 202 | 5026  |
| Astria Therapeutics, Inc.<sup>(a)</sup> | 80 | 429  |
| AtriCure, Inc.<sup>(a)</sup> | 208 | 6816  |
| Avanos Medical, Inc.<sup>(a)</sup> | 297 | 3635  |
| Avantor, Inc.<sup>(a)</sup> | 3375 | 45428  |
| Avidity Biosciences, Inc.<sup>(a)</sup> | 1146 | 32546  |
| Axogen, Inc.<sup>(a)</sup> | 391 | 4242  |
| Axsome Therapeutics, Inc.<sup>(a)</sup> | 169 | 17642  |
| Azenta, Inc.<sup>(a)</sup> | 282 | 8680  |
| Baxter International, Inc. | 2375 | 71915  |
| Beam Therapeutics, Inc.<sup>(a)</sup> | 449 | 7637  |
| Becton Dickinson & Co. | 1383 | 238222  |
| Belite Bio, Inc. - ADR<sup>(a)(b)</sup> | 146 | 8424  |
| BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 1160 | 10394  |
| Biogen, Inc.<sup>(a)</sup> | 722 | 90676  |
| Biohaven Ltd.<sup>(a)</sup> | 379 | 5348  |
| BioLife Solutions, Inc.<sup>(a)</sup> | 211 | 4545  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 898 | 49363  |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> | 97 | 23408  |
| Bio-Techne Corp. | 765 | 39359  |
| Blueprint Medicines Corp.<sup>(a)</sup> | 320 | 41018  |
| Boston Scientific Corp.<sup>(a)</sup> | 7127 | 765511  |
| Bridgebio Pharma, Inc.<sup>(a)</sup> | 683 | 29492  |
| BrightSpring Health Services, Inc.<sup>(a)</sup> | 302 | 7124  |
| Bristol-Myers Squibb Co. | 9815 | 454336  |
| Brookdale Senior Living, Inc.<sup>(a)</sup> | 621 | 4322  |
| Bruker Corp. | 542 | 22330  |
| Cardinal Health, Inc. | 1147 | 192696  |
| CareDx, Inc.<sup>(a)</sup> | 240 | 4690  |
| Castle Biosciences, Inc.<sup>(a)</sup> | 171 | 3492  |
| Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 507 | 11002  |
| Celcuity, Inc.<sup>(a)</sup> | 1368 | 18263  |
| Celldex Therapeutics, Inc.<sup>(a)</sup> | 262 | 5332  |
| Cencora, Inc. | 862 | 258471  |
| Centene Corp.<sup>(a)</sup> | 2398 | 130163  |
| Certara, Inc.<sup>(a)</sup> | 668 | 7816  |
| CG oncology, Inc.<sup>(a)</sup> | 159 | 4134  |
|  Charles River Laboratories International, Inc.<sup>(a)</sup> | 250 | 37933  |
| Chemed Corp. | 75 | 36520  |
| Cigna Group | 1299 | 429423  |
| Cincor Pharmaceuticals, Inc.<sup>(a)(c)</sup> | 146 | 0  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Cogent Biosciences, Inc.<sup>(a)</sup> | 343 | $2463  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 187 | 5530  |
| Concentra Group Holdings Parent, Inc. | 633 | 13021  |
| Concert Pharmaceuticals, Inc.<sup>(a)(c)</sup> | 9764 | 0  |
| CONMED Corp. | 169 | 8802  |
| Cooper Cos., Inc.<sup>(a)</sup> | 917 | 65254  |
| Corcept Therapeutics, Inc.<sup>(a)</sup> | 430 | 31562  |
| CorVel Corp.<sup>(a)</sup> | 123 | 12642  |
| Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 450 | 12942  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 193 | 2519  |
| CryoPort, Inc.<sup>(a)</sup> | 420 | 3133  |
| Cullinan Therapeutics, Inc.<sup>(a)</sup> | 281 | 2116  |
| CVS Health Corp. | 6067 | 418502  |
| Cytek Biosciences, Inc.<sup>(a)</sup> | 397 | 1350  |
| Cytokinetics, Inc.<sup>(a)</sup> | 566 | 18701  |
| Danaher Corp. | 3297 | 651289  |
| DaVita, Inc.<sup>(a)</sup> | 383 | 54558  |
| Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 242 | 1573  |
| Denali Therapeutics, Inc.<sup>(a)</sup> | 627 | 8772  |
| DENTSPLY SIRONA, Inc. | 1122 | 17817  |
| Dexcom, Inc.<sup>(a)</sup> | 1865 | 162796  |
| Disc Medicine, Inc.<sup>(a)</sup> | 100 | 5296  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 631 | 38706  |
| Dynavax Technologies Corp.<sup>(a)</sup> | 612 | 6071  |
| Dyne Therapeutics, Inc.<sup>(a)</sup> | 322 | 3065  |
| Edgewise Therapeutics, Inc.<sup>(a)</sup> | 230 | 3015  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 2746 | 214765  |
| Elanco Animal Health, Inc.<sup>(a)</sup> | 2580 | 36842  |
| Elevance Health, Inc. | 1096 | 426300  |
| Eli Lilly & Co. | 4093 | 3190616  |
| Embecta Corp. | 345 | 3343  |
| Enanta Pharmaceuticals, Inc.<sup>(a)</sup> | 103 | 779  |
| Encompass Health Corp. | 494 | 60579  |
| Enhabit, Inc.<sup>(a)</sup> | 236 | 2275  |
| Enovis Corp.<sup>(a)</sup> | 346 | 10851  |
| Ensign Group, Inc. | 264 | 40725  |
| Envista Holdings Corp.<sup>(a)</sup> | 798 | 15593  |
| Establishment Labs Holdings, Inc.<sup>(a)</sup> | 112 | 4784  |
| Evolent Health, Inc. - Class A<sup>(a)</sup> | 492 | 5540  |
| Evolus, Inc.<sup>(a)</sup> | 316 | 2910  |
| Exact Sciences Corp.<sup>(a)</sup> | 924 | 49101  |
| Exelixis, Inc.<sup>(a)</sup> | 1330 | 58620  |
| EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 148 | 1393  |
| Fortrea Holdings, Inc.<sup>(a)</sup> | 469 | 2317  |
| Fulcrum Therapeutics, Inc.<sup>(a)</sup> | 295 | 2030  |
| Fulgent Genetics, Inc.<sup>(a)</sup> | 178 | 3539  |
| GE HealthCare Technologies, Inc. | 2157 | 159769  |
| GeneDx Holdings Corp.<sup>(a)</sup> | 95 | 8769  |
| Gilead Sciences, Inc. | 6030 | 668546  |
| Glaukos Corp.<sup>(a)</sup> | 251 | 25926  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 579 | 34173  |
| GRAIL, Inc.<sup>(a)(b)</sup> | 135 | 6942  |
| Guardant Health, Inc.<sup>(a)</sup> | 570 | 29663  |
| Haemonetics Corp.<sup>(a)</sup> | 250 | 18653  |

---

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

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
| Halozyme Therapeutics, Inc.<sup>(a)</sup> | 605 | $31472  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 168 | 5309  |
| Harrow, Inc.<sup>(a)</sup> | 170 | 5192  |
| HCA Healthcare, Inc. | 849 | 325252  |
| Health Catalyst, Inc.<sup>(a)</sup> | 72 | 271  |
| HealthEquity, Inc.<sup>(a)</sup> | 430 | 45047  |
| HealthStream, Inc. | 210 | 5811  |
| Henry Schein, Inc.<sup>(a)</sup> | 633 | 46241  |
| Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 881 | 43918  |
| Hologic, Inc.<sup>(a)</sup> | 1052 | 68548  |
| Humana, Inc. | 580 | 141798  |
| ICON PLC<sup>(a)</sup> | 403 | 58616  |
| ICU Medical, Inc.<sup>(a)</sup> | 100 | 13215  |
| Ideaya Biosciences, Inc.<sup>(a)</sup> | 260 | 5465  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 381 | 204346  |
| Illumina, Inc.<sup>(a)</sup> | 757 | 72225  |
| Immunome, Inc.<sup>(a)</sup> | 251 | 2334  |
| Immunovant, Inc.<sup>(a)</sup> | 304 | 4864  |
| Incyte Corp.<sup>(a)</sup> | 893 | 60813  |
| Inhibrx Biosciences, Inc.<sup>(a)</sup> | 38 | 542  |
| Innoviva, Inc.<sup>(a)</sup> | 242 | 4862  |
| Inogen, Inc.<sup>(a)</sup> | 213 | 1497  |
| Insmed, Inc.<sup>(a)</sup> | 852 | 85745  |
| Inspire Medical Systems, Inc.<sup>(a)</sup> | 141 | 18298  |
| Insulet Corp.<sup>(a)</sup> | 346 | 108706  |
| Integer Holdings Corp.<sup>(a)</sup> | 148 | 18200  |
| Integra LifeSciences Holdings Corp.<sup>(a)</sup> | 378 | 4638  |
| Intellia Therapeutics, Inc.<sup>(a)</sup> | 617 | 5787  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1706 | 927057  |
| Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 700 | 27657  |
| Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 902 | 1551  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 849 | 133794  |
| iRhythm Technologies, Inc.<sup>(a)</sup> | 166 | 25557  |
| iTeos Therapeutics, Inc.<sup>(a)</sup> | 258 | 2572  |
| Janux Therapeutics, Inc.<sup>(a)</sup> | 167 | 3858  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 258 | 27379  |
| Johnson & Johnson | 11691 | 1785800  |
| Keros Therapeutics, Inc.<sup>(a)</sup> | 124 | 1655  |
|  Kiniksa Pharmaceuticals International PLC<sup>(a)</sup> | 106 | 2933  |
| Krystal Biotech, Inc.<sup>(a)</sup> | 108 | 14846  |
| Kura Oncology, Inc.<sup>(a)</sup> | 403 | 2325  |
| Kymera Therapeutics, Inc.<sup>(a)</sup> | 271 | 11826  |
| Labcorp Holdings, Inc. | 389 | 102116  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 358 | 29306  |
| Legend Biotech Corp. - ADR<sup>(a)</sup> | 920 | 32651  |
| LeMaitre Vascular, Inc. | 104 | 8637  |
| LifeStance Health Group, Inc.<sup>(a)</sup> | 653 | 3376  |
| Ligand Pharmaceuticals, Inc.<sup>(a)</sup> | 50 | 5684  |
| Liquidia Corp.<sup>(a)</sup> | 551 | 6865  |
| Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 122 | 36922  |
| MannKind Corp.<sup>(a)</sup> | 982 | 3673  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Masimo Corp.<sup>(a)</sup> | 220 | $37008  |
| McKesson Corp. | 611 | 447729  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 127 | 39860  |
| Medtronic PLC | 6195 | 540018  |
| Merck & Co., Inc. | 12203 | 965989  |
| Merit Medical Systems, Inc.<sup>(a)</sup> | 298 | 27857  |
| Mesa Laboratories, Inc. | 34 | 3203  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 102 | 119821  |
| MiMedx Group, Inc.<sup>(a)</sup> | 749 | 4576  |
| Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 146 | 7430  |
| Moderna, Inc.<sup>(a)</sup> | 1664 | 45910  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 273 | 81327  |
| Monte Rosa Therapeutics, Inc.<sup>(a)</sup> | 2022 | 9119  |
| Myriad Genetics, Inc.<sup>(a)</sup> | 450 | 2390  |
| Natera, Inc.<sup>(a)</sup> | 625 | 105588  |
| National HealthCare Corp. | 67 | 7170  |
| National Research Corp. | 128 | 2150  |
| Neogen Corp.<sup>(a)</sup> | 1159 | 5540  |
| NeoGenomics, Inc.<sup>(a)</sup> | 690 | 5044  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 480 | 60331  |
| Novavax, Inc.<sup>(a)(b)</sup> | 757 | 4769  |
| Nurix Therapeutics, Inc.<sup>(a)</sup> | 394 | 4488  |
| Nuvalent, Inc. - Class A<sup>(a)</sup> | 204 | 15565  |
| Ocular Therapeutix, Inc.<sup>(a)</sup> | 426 | 3953  |
| Olema Pharmaceuticals, Inc.<sup>(a)</sup> | 354 | 1508  |
| OmniAb, Inc.<sup>(a)(c)</sup> | 42 | 0  |
| OmniAb, Inc.<sup>(a)(c)</sup> | 42 | 0  |
| Omnicell, Inc.<sup>(a)</sup> | 252 | 7409  |
| Option Care Health, Inc.<sup>(a)</sup> | 718 | 23321  |
| Organon & Co. | 1281 | 12400  |
| Orthofix Medical, Inc.<sup>(a)</sup> | 298 | 3323  |
| OrthoPediatrics Corp.<sup>(a)</sup> | 105 | 2255  |
| Owens & Minor, Inc.<sup>(a)</sup> | 312 | 2839  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 279 | 6668  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 600 | 8610  |
| Pennant Group, Inc.<sup>(a)</sup> | 150 | 4477  |
| Penumbra, Inc.<sup>(a)</sup> | 184 | 47220  |
| Perrigo Co. PLC | 698 | 18651  |
| Pfizer, Inc. | 27499 | 666576  |
| Phreesia, Inc.<sup>(a)</sup> | 360 | 10246  |
| Praxis Precision Medicines, Inc.<sup>(a)</sup> | 134 | 5635  |
| Premier, Inc. - Class A | 304 | 6667  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 271 | 21639  |
| Privia Health Group, Inc.<sup>(a)</sup> | 611 | 14053  |
| PROCEPT BioRobotics Corp.<sup>(a)</sup> | 284 | 16358  |
| Progyny, Inc.<sup>(a)</sup> | 390 | 8580  |
| Protagonist Therapeutics, Inc.<sup>(a)</sup> | 308 | 17023  |
| Prothena Corp. PLC<sup>(a)</sup> | 257 | 1560  |
| PTC Therapeutics, Inc.<sup>(a)</sup> | 372 | 18168  |
| Pulmonx Corp.<sup>(a)</sup> | 288 | 746  |
| Quanterix Corp.<sup>(a)</sup> | 228 | 1516  |
| Quest Diagnostics, Inc. | 548 | 98437  |
| QuidelOrtho Corp.<sup>(a)</sup> | 264 | 7608  |
| RadNet, Inc.<sup>(a)</sup> | 264 | 15024  |

---

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

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Health Care - (Continued)**  | **Health Care - (Continued)**  | **Health Care - (Continued)**  |
|  Recursion Pharmaceuticals, Inc. - Class A<sup>(a)(b)</sup> | 1236 | $6254  |
| Regeneron Pharmaceuticals, Inc. | 504 | 264600  |
| REGENXBIO, Inc.<sup>(a)</sup> | 218 | 1790  |
| Repligen Corp.<sup>(a)</sup> | 267 | 33209  |
| Replimune Group, Inc.<sup>(a)</sup> | 282 | 2620  |
| ResMed, Inc. | 691 | 178278  |
| Revolution Medicines, Inc.<sup>(a)</sup> | 747 | 27482  |
| Revvity, Inc. | 562 | 54357  |
| Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 559 | 35323  |
| Rocket Pharmaceuticals, Inc.<sup>(a)</sup> | 400 | 980  |
| Royalty Pharma PLC - Class A | 1718 | 61900  |
| RxSight, Inc.<sup>(a)</sup> | 228 | 2964  |
| Sage Therapeutics, Inc.<sup>(a)</sup> | 300 | 2736  |
| Sanofi SA<sup>(a)(c)</sup> | 155 | 0  |
| Sarepta Therapeutics, Inc.<sup>(a)</sup> | 463 | 7917  |
| Scholar Rock Holding Corp.<sup>(a)</sup> | 328 | 11618  |
| Schrodinger, Inc.<sup>(a)</sup> | 309 | 6217  |
| Select Medical Holdings Corp. | 415 | 6300  |
| SI-BONE, Inc.<sup>(a)</sup> | 281 | 5288  |
| Simulations Plus, Inc. | 97 | 1693  |
| Soleno Therapeutics, Inc.<sup>(a)</sup> | 173 | 14494  |
| Solventum Corp.<sup>(a)</sup> | 699 | 53012  |
| Sotera Health Co.<sup>(a)</sup> | 601 | 6683  |
| SpringWorks Therapeutics, Inc.<sup>(a)</sup> | 280 | 13157  |
| Spyre Therapeutics, Inc.<sup>(a)</sup> | 352 | 5269  |
| STAAR Surgical Co.<sup>(a)</sup> | 280 | 4698  |
| STERIS PLC | 480 | 115306  |
| Structure Therapeutics, Inc. - ADR<sup>(a)</sup> | 183 | 3795  |
| Stryker Corp. | 1719 | 680088  |
| Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 514 | 10938  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 275 | 8668  |
| Surgery Partners, Inc.<sup>(a)</sup> | 422 | 9381  |
| Surmodics, Inc.<sup>(a)</sup> | 134 | 3981  |
| Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 387 | 3624  |
| Tandem Diabetes Care, Inc.<sup>(a)</sup> | 348 | 6487  |
| Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 201 | 8143  |
| Teladoc Health, Inc.<sup>(a)</sup> | 839 | 7308  |
| Teleflex, Inc. | 234 | 27696  |
| Tempus AI, Inc.<sup>(a)(b)</sup> | 244 | 15504  |
| Tenet Healthcare Corp.<sup>(a)</sup> | 422 | 74272  |
| TG Therapeutics, Inc.<sup>(a)</sup> | 745 | 26813  |
| Thermo Fisher Scientific, Inc. | 1813 | 735099  |
| &nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding <br>Corp.<sup>(a)(b)</sup> | 2736 | 98441  |
| Tourmaline Bio, Inc.<sup>(a)</sup> | 121 | 1935  |
| TransMedics Group, Inc.<sup>(a)</sup> | 156 | 20906  |
| Travere Therapeutics, Inc.<sup>(a)</sup> | 326 | 4825  |
| Treace Medical Concepts, Inc.<sup>(a)</sup> | 218 | 1282  |
| TruBridge, Inc.<sup>(a)</sup> | 100 | 2342  |
| Twist Bioscience Corp.<sup>(a)</sup> | 376 | 13833  |
| UFP Technologies, Inc.<sup>(a)</sup> | 46 | 11231  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 353 | $12835  |
| United Therapeutics Corp.<sup>(a)</sup> | 204 | 58619  |
| UnitedHealth Group, Inc. | 4404 | 1373916  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. - <br>Class B | 257 | 46556  |
| US Physical Therapy, Inc. | 93 | 7273  |
| Vanda Pharmaceuticals, Inc.<sup>(a)</sup> | 481 | 2270  |
| Varex Imaging Corp.<sup>(a)</sup> | 282 | 2445  |
| Vaxcyte, Inc.<sup>(a)</sup> | 665 | 21619  |
| Veeva Systems, Inc. - Class A<sup>(a)</sup> | 699 | 201298  |
| Vera Therapeutics, Inc.<sup>(a)</sup> | 198 | 4665  |
| Veracyte, Inc.<sup>(a)</sup> | 440 | 11893  |
| Vericel Corp.<sup>(a)</sup> | 230 | 9787  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1250 | 556500  |
| Verve Therapeutics, Inc.<sup>(a)</sup> | 193 | 2167  |
| Viatris, Inc. | 5852 | 52258  |
| Viking Therapeutics, Inc.<sup>(a)</sup> | 461 | 12217  |
| Vir Biotechnology, Inc.<sup>(a)</sup> | 580 | 2923  |
| Viridian Therapeutics, Inc.<sup>(a)</sup> | 2436 | 34055  |
| Waters Corp.<sup>(a)</sup> | 283 | 98778  |
| Waystar Holding Corp.<sup>(a)</sup> | 553 | 22601  |
| West Pharmaceutical Services, Inc. | 332 | 72642  |
| Xencor, Inc.<sup>(a)</sup> | 269 | 2114  |
| Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 3272 | 15280  |
| Y-mAbs Therapeutics, Inc.<sup>(a)</sup> | 304 | 1371  |
| Zimmer Biomet Holdings, Inc. | 945 | 86193  |
| Zimvie, Inc.<sup>(a)</sup> | 127 | 1187  |
| Zoetis, Inc. | 2141 | 333889  |
| Zymeworks, Inc.<sup>(a)</sup> | 387 | 4857  |
|  |  | 27836148  |
| **Industrials - 9.7%**<br>|  |  |
| 3M Co. | 2603 | 396281  |
| A O Smith Corp. | 532 | 34883  |
| AAON, Inc. | 321 | 23674  |
| AAR Corp.<sup>(a)</sup> | 187 | 12864  |
| ABM Industries, Inc. | 247 | 11661  |
| ACCO Brands Corp. | 825 | 2954  |
| Acuity, Inc. | 159 | 47436  |
| ACV Auctions, Inc. - Class A<sup>(a)</sup> | 684 | 11095  |
| Advanced Drainage Systems, Inc. | 355 | 40775  |
| AECOM | 632 | 71328  |
| AeroVironment, Inc.<sup>(a)</sup> | 126 | 35904  |
| AGCO Corp. | 299 | 30845  |
| Air Lease Corp. | 501 | 29304  |
| Alamo Group, Inc. | 63 | 13758  |
| Alaska Air Group, Inc.<sup>(a)</sup> | 596 | 29490  |
| Albany International Corp. - Class A | 165 | 11571  |
| Alight, Inc. - Class A | 2158 | 12214  |
| Allegiant Travel Co.<sup>(a)</sup> | 73 | 4011  |
| Allegion PLC | 404 | 58224  |
| Allison Transmission Holdings, Inc. | 402 | 38186  |
| Amentum Holdings, Inc.<sup>(a)</sup> | 1092 | 25778  |
| Ameresco, Inc. - Class A<sup>(a)</sup> | 181 | 2749  |

---

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

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| American Airlines Group, Inc.<sup>(a)</sup> | 3039 | $34098  |
| American Superconductor Corp.<sup>(a)</sup> | 360 | 13208  |
| American Woodmark Corp.<sup>(a)</sup> | 101 | 5390  |
| AMETEK, Inc. | 1118 | 202313  |
| API Group Corp.<sup>(a)</sup> | 1161 | 59269  |
| Apogee Enterprises, Inc. | 118 | 4791  |
| Applied Industrial Technologies, Inc. | 175 | 40679  |
| ArcBest Corp. | 109 | 8394  |
| Archer Aviation, Inc. - Class A<sup>(a)</sup> | 1807 | 19606  |
| Arcosa, Inc. | 200 | 17342  |
| Argan, Inc. | 73 | 16095  |
| Armstrong World Industries, Inc. | 217 | 35250  |
| Array Technologies, Inc.<sup>(a)(b)</sup> | 750 | 4425  |
| Astec Industries, Inc. | 92 | 3835  |
| Astronics Corp.<sup>(a)</sup> | 241 | 8069  |
| ATI, Inc.<sup>(a)</sup> | 703 | 60697  |
| Atkore, Inc. | 202 | 14251  |
| Atmus Filtration Technologies, Inc. | 330 | 12019  |
| Automatic Data Processing, Inc. | 1956 | 603230  |
| Avis Budget Group, Inc.<sup>(a)</sup> | 148 | 25019  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 353 | 292263  |
| AZEK Co., Inc.<sup>(a)</sup> | 652 | 35436  |
| AZZ, Inc. | 130 | 12282  |
| Barrett Business Services, Inc. | 96 | 4002  |
| Bloom Energy Corp. - Class A<sup>(a)(b)</sup> | 1070 | 25594  |
| Blue Bird Corp.<sup>(a)(b)</sup> | 138 | 5956  |
| Boeing Co.<sup>(a)</sup> | 3618 | 758080  |
| Boise Cascade Co. | 148 | 12849  |
| Booz Allen Hamilton Holding Corp. | 621 | 64665  |
| Brady Corp. - Class A | 166 | 11283  |
| BrightView Holdings, Inc.<sup>(a)</sup> | 204 | 3397  |
| Brink's Co. | 213 | 19019  |
| Broadridge Financial Solutions, Inc. | 558 | 135611  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 551 | 64296  |
| BWX Technologies, Inc. | 439 | 63242  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 111 | 52914  |
| Cadre Holdings, Inc. | 61 | 1943  |
| Carlisle Cos., Inc. | 218 | 81401  |
| Carrier Global Corp. | 3840 | 281050  |
| Casella Waste Systems, Inc. - Class A<sup>(a)</sup> | 276 | 31845  |
| Caterpillar, Inc. | 2296 | 891330  |
| CBIZ, Inc.<sup>(a)</sup> | 220 | 15776  |
| CECO Environmental Corp.<sup>(a)</sup> | 217 | 6143  |
| CH Robinson Worldwide, Inc. | 581 | 55747  |
| Chart Industries, Inc.<sup>(a)</sup> | 200 | 32930  |
| Cimpress PLC<sup>(a)</sup> | 90 | 4230  |
| Cintas Corp. | 1651 | 367958  |
| Clean Harbors, Inc.<sup>(a)</sup> | 252 | 58257  |
| Columbus McKinnon Corp. | 101 | 1542  |
| Comfort Systems USA, Inc. | 169 | 90620  |
| Concentrix Corp. | 159 | 8404  |
| Construction Partners, Inc. - Class A<sup>(a)</sup> | 212 | 22531  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Copart, Inc.<sup>(a)</sup> | 4290 | $210510  |
| Core & Main, Inc. - Class A<sup>(a)</sup> | 962 | 58057  |
| CRA International, Inc. | 15 | 2811  |
| Crane Co. | 280 | 53169  |
| CSG Systems International, Inc. | 167 | 10907  |
| CSW Industrials, Inc. | 73 | 20939  |
| CSX Corp. | 9064 | 295758  |
| Cummins, Inc. | 650 | 212875  |
| Curtiss-Wright Corp. | 172 | 84031  |
| Dayforce, Inc.<sup>(a)</sup> | 780 | 43204  |
| Deere & Co. | 1210 | 615273  |
| Delta Air Lines, Inc. | 3119 | 153392  |
| Deluxe Corp. | 200 | 3182  |
| DNOW, Inc.<sup>(a)</sup> | 649 | 9625  |
| Donaldson Co., Inc. | 592 | 41055  |
| Douglas Dynamics, Inc. | 169 | 4980  |
| Dover Corp. | 660 | 120932  |
| Driven Brands Holdings, Inc.<sup>(a)</sup> | 420 | 7375  |
| Ducommun, Inc.<sup>(a)</sup> | 100 | 8263  |
| Dun & Bradstreet Holdings, Inc. | 1224 | 11126  |
| DXP Enterprises, Inc.<sup>(a)</sup> | 30 | 2630  |
| Dycom Industries, Inc.<sup>(a)</sup> | 152 | 37147  |
| Eaton Corp. PLC | 1917 | 684350  |
| EMCOR Group, Inc. | 210 | 112327  |
| Emerson Electric Co. | 2731 | 364124  |
| Energy Recovery, Inc.<sup>(a)</sup> | 281 | 3591  |
| Enerpac Tool Group Corp. | 290 | 11762  |
| EnerSys | 202 | 17326  |
| Ennis, Inc. | 50 | 907  |
| Enovix Corp.<sup>(a)</sup> | 1755 | 18147  |
| Enpro, Inc. | 118 | 22603  |
| Enviri Corp.<sup>(a)</sup> | 3 | 26  |
| Eos Energy Enterprises, Inc.<sup>(a)(b)</sup> | 1317 | 6743  |
| Equifax, Inc. | 604 | 156659  |
| Esab Corp. | 280 | 33754  |
| ESCO Technologies, Inc. | 136 | 26094  |
| Everus Construction Group, Inc.<sup>(a)</sup> | 225 | 14294  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 721 | 31573  |
|  Expeditors International of Washington, Inc. | 674 | 77005  |
| Exponent, Inc. | 255 | 19051  |
| Fastenal Co. | 5438 | 228396  |
| Federal Signal Corp. | 319 | 33948  |
| FedEx Corp. | 1055 | 239812  |
| Ferguson Enterprises, Inc. | 935 | 203596  |
| First Advantage Corp.<sup>(a)</sup> | 366 | 6079  |
| Flowserve Corp. | 584 | 30572  |
| Fluence Energy, Inc.<sup>(a)</sup> | 667 | 4476  |
| Fluor Corp.<sup>(a)</sup> | 724 | 37119  |
| Fortive Corp. | 1603 | 83564  |
| Fortune Brands Innovations, Inc. | 636 | 32741  |
| Forward Air Corp.<sup>(a)</sup> | 152 | 3730  |
| Franklin Covey Co.<sup>(a)</sup> | 104 | 2373  |
| Franklin Electric Co., Inc. | 206 | 18486  |

---

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

46<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| FTAI Aviation Ltd. | 495 | $56945  |
| FTAI Infrastructure, Inc. | 259 | 1598  |
| FTI Consulting, Inc.<sup>(a)</sup> | 180 | 29070  |
| FuelCell Energy, Inc.<sup>(a)</sup> | 428 | 2401  |
| Gates Industrial Corp. PLC<sup>(a)</sup> | 1190 | 27406  |
| GATX Corp. | 168 | 25798  |
| GE Vernova, Inc. | 1325 | 701124  |
| Genco Shipping & Trading Ltd. | 206 | 2692  |
| Generac Holdings, Inc.<sup>(a)</sup> | 272 | 38953  |
| General Dynamics Corp. | 1292 | 376825  |
| General Electric Co. | 5154 | 1326588  |
| Genpact Ltd. | 713 | 31379  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 138 | 8142  |
| Global Industrial Co. | 10 | 270  |
| GMS, Inc.<sup>(a)</sup> | 191 | 20771  |
| Gorman-Rupp Co. | 58 | 2130  |
| Graco, Inc. | 784 | 67400  |
| Granite Construction, Inc. | 246 | 23003  |
| Greenbrier Cos., Inc. | 109 | 5019  |
| Griffon Corp. | 156 | 11290  |
| GXO Logistics, Inc.<sup>(a)</sup> | 623 | 30340  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 1094 | 15097  |
| Healthcare Services Group, Inc.<sup>(a)</sup> | 375 | 5636  |
| Heartland Express, Inc. | 340 | 2938  |
| HEICO Corp. | 206 | 67568  |
| HEICO Corp. - Class A | 366 | 94703  |
| Heidrick & Struggles International, Inc. | 39 | 1785  |
| Helios Technologies, Inc. | 150 | 5006  |
| Herc Holdings, Inc. | 164 | 21598  |
| Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 1622 | 11078  |
| Hexcel Corp. | 439 | 24799  |
| Hillenbrand, Inc. | 325 | 6523  |
| Hillman Solutions Corp.<sup>(a)</sup> | 977 | 6976  |
| HNI Corp. | 274 | 13475  |
| Honeywell International, Inc. | 3126 | 727983  |
| Howmet Aerospace, Inc. | 1934 | 359975  |
| Hub Group, Inc. - Class A | 286 | 9561  |
| Hubbell, Inc. | 256 | 104553  |
| Huntington Ingalls Industries, Inc. | 174 | 42014  |
| Huron Consulting Group, Inc.<sup>(a)</sup> | 65 | 8940  |
| Hyster-Yale, Inc. | 62 | 2466  |
| ICF International, Inc. | 97 | 8217  |
| IDEX Corp. | 379 | 66541  |
| IES Holdings, Inc.<sup>(a)</sup> | 98 | 29031  |
| Illinois Tool Works, Inc. | 1399 | 345903  |
| Ingersoll Rand, Inc. | 1965 | 163449  |
| Innodata, Inc.<sup>(a)</sup> | 175 | 8964  |
| Insperity, Inc. | 190 | 11423  |
| Insteel Industries, Inc. | 55 | 2047  |
| Interface, Inc. | 189 | 3956  |
| Intuitive Machines, Inc.<sup>(a)</sup> | 343 | 3728  |
| ITT, Inc. | 405 | 63516  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Jacobs Solutions, Inc. | 589 | $77424  |
| Janus International Group, Inc.<sup>(a)</sup> | 533 | 4339  |
| JB Hunt Transport Services, Inc. | 367 | 52701  |
| JBT Marel Corp. | 213 | 25615  |
| JELD-WEN Holding, Inc.<sup>(a)</sup> | 322 | 1262  |
| JetBlue Airways Corp.<sup>(a)</sup> | 1750 | 7403  |
| Joby Aviation, Inc.<sup>(a)(b)</sup> | 2389 | 25204  |
| Johnson Controls International PLC | 3187 | 336611  |
| Kadant, Inc. | 54 | 17142  |
| KBR, Inc. | 652 | 31257  |
| Kelly Services, Inc. - Class A | 233 | 2728  |
| Kennametal, Inc. | 304 | 6980  |
| Kforce, Inc. | 69 | 2838  |
| Kirby Corp.<sup>(a)</sup> | 300 | 34023  |
|  Knight-Swift Transportation Holdings, Inc. | 748 | 33084  |
| Korn Ferry | 285 | 20899  |
|  Kratos Defense & Security Solutions, Inc.<sup>(a)</sup> | 758 | 35209  |
| L3Harris Technologies, Inc. | 915 | 229519  |
| Landstar System, Inc. | 171 | 23772  |
| Legalzoom.com, Inc.<sup>(a)</sup> | 741 | 6602  |
| Leidos Holdings, Inc. | 634 | 100020  |
| Lennox International, Inc. | 155 | 88852  |
| Leonardo DRS, Inc. | 332 | 15431  |
| Limbach Holdings, Inc.<sup>(a)</sup> | 88 | 12329  |
| Lincoln Electric Holdings, Inc. | 266 | 55147  |
| Lindsay Corp. | 58 | 8367  |
| Liquidity Services, Inc.<sup>(a)</sup> | 105 | 2477  |
| Loar Holdings, Inc.<sup>(a)</sup> | 322 | 27747  |
| Lockheed Martin Corp. | 1138 | 527053  |
| Lyft, Inc. - Class A<sup>(a)</sup> | 1606 | 25311  |
| Manitowoc Co., Inc.<sup>(a)</sup> | 268 | 3221  |
| ManpowerGroup, Inc. | 256 | 10342  |
| Marten Transport Ltd. | 308 | 4001  |
| Masco Corp. | 975 | 62751  |
| MasTec, Inc.<sup>(a)</sup> | 282 | 48061  |
| Masterbrand, Inc.<sup>(a)</sup> | 726 | 7935  |
| Matson, Inc. | 175 | 19486  |
| Maximus, Inc. | 236 | 16567  |
| McGrath RentCorp | 114 | 13219  |
| Mercury Systems, Inc.<sup>(a)</sup> | 217 | 11688  |
| Middleby Corp.<sup>(a)</sup> | 237 | 34128  |
| Miller Industries, Inc. | 104 | 4624  |
| MillerKnoll, Inc. | 460 | 8933  |
| Montrose Environmental Group, Inc.<sup>(a)</sup> | 185 | 4050  |
| Moog, Inc. - Class A | 135 | 24431  |
| MRC Global, Inc.<sup>(a)</sup> | 586 | 8034  |
| MSA Safety, Inc. | 195 | 32668  |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. - <br>Class A | 245 | 20830  |
| Mueller Industries, Inc. | 503 | 39973  |
| Mueller Water Products, Inc. - Class A | 1017 | 24449  |
| MYR Group, Inc.<sup>(a)</sup> | 77 | 13972  |

---

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

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| NANO Nuclear Energy, Inc.<sup>(a)</sup> | 196 | $6760  |
| NEXTracker, Inc. - Class A<sup>(a)</sup> | 702 | 38168  |
| Nordson Corp. | 258 | 55307  |
| Norfolk Southern Corp. | 1094 | 280031  |
| Northrop Grumman Corp. | 699 | 349486  |
| NPK International, Inc.<sup>(a)</sup> | 729 | 6204  |
| NuScale Power Corp.<sup>(a)</sup> | 387 | 15310  |
| NV5 Global, Inc.<sup>(a)</sup> | 280 | 6465  |
| nVent Electric PLC | 806 | 59040  |
| Old Dominion Freight Line, Inc. | 866 | 140552  |
| OPENLANE, Inc.<sup>(a)</sup> | 361 | 8826  |
| Oshkosh Corp. | 312 | 35425  |
| Otis Worldwide Corp. | 1874 | 185563  |
| Owens Corning | 393 | 54045  |
| PACCAR, Inc. | 2459 | 233753  |
| Parker-Hannifin Corp. | 617 | 430956  |
| Parsons Corp.<sup>(a)</sup> | 517 | 37105  |
| Paychex, Inc. | 1530 | 222554  |
| Paycom Software, Inc. | 252 | 58313  |
| Paylocity Holding Corp.<sup>(a)</sup> | 213 | 38593  |
| Pitney Bowes, Inc. | 1050 | 11456  |
| Powell Industries, Inc. | 33 | 6945  |
| Primoris Services Corp. | 238 | 18550  |
| Proto Labs, Inc.<sup>(a)</sup> | 130 | 5205  |
| Quanex Building Products Corp. | 112 | 2117  |
| Quanta Services, Inc. | 709 | 268059  |
| QXO, Inc.<sup>(a)</sup> | 1974 | 42520  |
| RB Global, Inc.<sup>(b)</sup> | 903 | 95890  |
| RBC Bearings, Inc.<sup>(a)</sup> | 145 | 55796  |
| Regal Rexnord Corp.<sup>(b)</sup> | 343 | 49721  |
| Republic Services, Inc. | 975 | 240445  |
| Resideo Technologies, Inc.<sup>(a)</sup> | 758 | 16721  |
| Resolute Holdings Management, Inc.<sup>(a)</sup> | 38 | 1211  |
| Resources Connection, Inc. | 200 | 1074  |
| REV Group, Inc. | 220 | 10470  |
| Robert Half, Inc. | 493 | 20238  |
| Rocket Lab Corp.<sup>(a)</sup> | 2002 | 71612  |
| Rockwell Automation, Inc. | 530 | 176050  |
| Rollins, Inc. | 1432 | 80793  |
| RTX Corp. | 6445 | 941099  |
| Rush Enterprises, Inc. - Class A | 342 | 17616  |
| RXO, Inc.<sup>(a)</sup> | 636 | 9998  |
| Ryder System, Inc. | 207 | 32913  |
| Saia, Inc.<sup>(a)</sup> | 135 | 36989  |
| Schneider National, Inc. - Class B | 218 | 5265  |
| &nbsp;&nbsp;&nbsp; Science Applications International <br>Corp. | 253 | 28490  |
| Sensata Technologies Holding PLC | 783 | 23576  |
|  Shoals Technologies Group, Inc. - Class A<sup>(a)</sup> | 971 | 4127  |
| Shyft Group, Inc. | 75 | 941  |
| Simpson Manufacturing Co., Inc. | 183 | 28422  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| SiteOne Landscape Supply, Inc.<sup>(a)</sup> | 230 | $27816  |
| SkyWest, Inc.<sup>(a)</sup> | 217 | 22345  |
| Snap-on, Inc. | 238 | 74061  |
| Southwest Airlines Co. | 2824 | 91611  |
|  Spirit AeroSystems Holdings, Inc. - Class A<sup>(a)</sup> | 594 | 22661  |
| SPX Technologies, Inc.<sup>(a)</sup> | 229 | 38399  |
| SS&C Technologies Holdings, Inc. | 1003 | 83048  |
| StandardAero, Inc.<sup>(a)</sup> | 1571 | 49722  |
| Standex International Corp. | 50 | 7824  |
| Stanley Black & Decker, Inc. | 753 | 51016  |
| Steelcase, Inc. - Class A | 551 | 5747  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 145 | 33456  |
| Stratasys Ltd.<sup>(a)</sup> | 380 | 4359  |
| Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 326 | 3831  |
| Sunrun, Inc.<sup>(a)(b)</sup> | 1045 | 8548  |
| Symbotic, Inc.<sup>(a)(b)</sup> | 224 | 8702  |
| Tennant Co. | 99 | 7671  |
| Terex Corp. | 353 | 16482  |
| Tetra Tech, Inc. | 1265 | 45489  |
| Textron, Inc. | 885 | 71057  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 89 | 2499  |
| Timken Co. | 302 | 21910  |
| Titan International, Inc.<sup>(a)</sup> | 375 | 3851  |
| Titan Machinery, Inc.<sup>(a)</sup> | 167 | 3308  |
| Toro Co. | 515 | 36400  |
| Trane Technologies PLC | 1080 | 472403  |
| Transcat, Inc.<sup>(a)</sup> | 59 | 5072  |
| TransDigm Group, Inc. | 266 | 404490  |
| TransUnion | 964 | 84832  |
| Trex Co., Inc.<sup>(a)</sup> | 524 | 28495  |
| TriNet Group, Inc. | 236 | 17261  |
| Trinity Industries, Inc. | 359 | 9697  |
| Triumph Group, Inc.<sup>(a)</sup> | 454 | 11691  |
| TrueBlue, Inc.<sup>(a)</sup> | 55 | 356  |
| TTEC Holdings, Inc.<sup>(a)</sup> | 54 | 260  |
| Tutor Perini Corp.<sup>(a)</sup> | 200 | 9356  |
| Uber Technologies, Inc.<sup>(a)</sup> | 9640 | 899412  |
| UFP Industries, Inc. | 262 | 26032  |
| U-Haul Holding Co.<sup>(a)</sup> | 29 | 1756  |
| U-Haul Holding Co. | 478 | 25989  |
| UL Solutions, Inc. | 300 | 21858  |
| UniFirst Corp. | 86 | 16187  |
| Union Pacific Corp. | 2928 | 673674  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 1602 | 127567  |
| United Parcel Service, Inc. - Class B | 3547 | 358034  |
| United Rentals, Inc. | 312 | 235061  |
| Upwork, Inc.<sup>(a)</sup> | 481 | 6465  |
| V2X, Inc.<sup>(a)</sup> | 108 | 5243  |
| Valmont Industries, Inc. | 92 | 30044  |
| Veralto Corp. | 1137 | 114780  |
| Verisk Analytics, Inc. | 676 | 210574  |
| Verra Mobility Corp.<sup>(a)</sup> | 778 | 19753  |
| Vertiv Holdings Co. - Class A | 1781 | 228698  |

---

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

48<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - (Continued)**  | **Industrials - (Continued)**  | **Industrials - (Continued)**  |
| Vestis Corp. | 703 | $4028  |
| Vicor Corp.<sup>(a)</sup> | 89 | 4037  |
| VSE Corp. | 105 | 13753  |
| Wabash National Corp. | 195 | 2073  |
| Waste Management, Inc. | 1938 | 443453  |
| Watsco, Inc. | 166 | 73309  |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. - <br>Class A | 128 | 31474  |
| Werner Enterprises, Inc. | 290 | 7934  |
| WESCO International, Inc. | 221 | 40929  |
|  Westinghouse Air Brake Technologies Corp. | 821 | 171876  |
| Willdan Group, Inc.<sup>(a)</sup> | 64 | 4001  |
| WillScot Mobile Mini Holdings Corp. | 927 | 25400  |
| Woodward, Inc. | 273 | 66910  |
| Worthington Enterprises, Inc. | 191 | 12155  |
| WW Grainger, Inc. | 216 | 224692  |
| Xometry, Inc. - Class A<sup>(a)</sup> | 195 | 6589  |
| XPO, Inc.<sup>(a)</sup> | 558 | 70470  |
| Xylem, Inc. | 1135 | 146824  |
| Zurn Elkay Water Solutions Corp. | 730 | 26696  |
|  |  | 28187553  |
| **Information Technology - 30.6%<sup>(d)</sup>**<br>|  |  |
| A10 Networks, Inc. | 327 | 6327  |
| Accenture PLC - Class A | 3003 | 897567  |
| ACI Worldwide, Inc.<sup>(a)</sup> | 560 | 25710  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 346 | 8961  |
| Adeia, Inc. | 458 | 6476  |
| Adobe, Inc.<sup>(a)</sup> | 2089 | 808192  |
| ADTRAN Holdings, Inc.<sup>(a)</sup> | 374 | 3355  |
| Advanced Energy Industries, Inc. | 173 | 22923  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 7754 | 1100293  |
| Aehr Test Systems<sup>(a)(b)</sup> | 132 | 1707  |
| Agilysys, Inc.<sup>(a)</sup> | 128 | 14674  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 745 | 59421  |
| Alarm.com Holdings, Inc.<sup>(a)</sup> | 253 | 14312  |
| Alkami Technology, Inc.<sup>(a)</sup> | 304 | 9163  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> | 616 | 21061  |
| Alpha & Omega Semiconductor Ltd.<sup>(a)</sup> | 148 | 3798  |
| Ambarella, Inc.<sup>(a)(b)</sup> | 160 | 10570  |
| Amdocs Ltd. | 551 | 50273  |
| Amkor Technology, Inc. | 587 | 12321  |
| Amphenol Corp. - Class A | 5789 | 571664  |
| Amplitude, Inc. - Class A<sup>(a)</sup> | 314 | 3894  |
| Analog Devices, Inc. | 2382 | 566964  |
| ANSYS, Inc.<sup>(a)</sup> | 419 | 147161  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 119 | 27403  |
| Appian Corp. - Class A<sup>(a)</sup> | 213 | 6360  |
| Apple, Inc. | 72257 | 14824969  |
| Applied Digital Corp.<sup>(a)(b)</sup> | 1071 | 10785  |
| Applied Materials, Inc. | 3902 | 714339  |
| Applied Optoelectronics, Inc.<sup>(a)</sup> | 226 | 5806  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 1000 | $350080  |
| Arista Networks, Inc.<sup>(a)</sup> | 4955 | 506946  |
| Arlo Technologies, Inc.<sup>(a)</sup> | 613 | 10396  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 271 | 34534  |
| Asana, Inc. - Class A<sup>(a)</sup> | 399 | 5387  |
| ASGN, Inc.<sup>(a)</sup> | 250 | 12483  |
| Astera Labs, Inc.<sup>(a)</sup> | 617 | 55789  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 771 | 156582  |
| Aurora Innovation, Inc.<sup>(a)</sup> | 4402 | 23066  |
| Autodesk, Inc.<sup>(a)</sup> | 1032 | 319476  |
| AvePoint, Inc.<sup>(a)</sup> | 419 | 8091  |
| Avnet, Inc. | 458 | 24311  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 150 | 10454  |
| Badger Meter, Inc. | 134 | 32823  |
| Bel Fuse, Inc. - Class B | 33 | 3224  |
| Belden, Inc. | 167 | 19339  |
| Benchmark Electronics, Inc. | 136 | 5281  |
| Bentley Systems, Inc. - Class B | 649 | 35027  |
| BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 3268 | 22190  |
| BigCommerce Holdings, Inc.<sup>(a)</sup> | 323 | 1615  |
| BILL Holdings, Inc.<sup>(a)</sup> | 502 | 23223  |
| Blackbaud, Inc.<sup>(a)</sup> | 200 | 12842  |
| BlackLine, Inc.<sup>(a)</sup> | 240 | 13589  |
| Box, Inc. - Class A<sup>(a)</sup> | 708 | 24192  |
| Braze, Inc. - Class A<sup>(a)</sup> | 253 | 7109  |
| Broadcom, Inc. | 22114 | 6095724  |
| C3.ai, Inc. - Class A<sup>(a)</sup> | 589 | 14472  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1315 | 405217  |
| Calix, Inc.<sup>(a)</sup> | 308 | 16383  |
|  CCC Intelligent Solutions Holdings, Inc.<sup>(a)</sup> | 1988 | 18707  |
| CDW Corp./DE | 637 | 113762  |
| CEVA, Inc.<sup>(a)</sup> | 176 | 3868  |
| Ciena Corp.<sup>(a)</sup> | 655 | 53271  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 224 | 23353  |
| Cisco Systems, Inc. | 19172 | 1330153  |
| Cleanspark, Inc.<sup>(a)(b)</sup> | 1185 | 13071  |
| Clear Secure, Inc. - Class A | 415 | 11520  |
| Clearfield, Inc.<sup>(a)</sup> | 62 | 2691  |
|  Clearwater Analytics Holdings, Inc. - Class A<sup>(a)</sup> | 1094 | 23991  |
| Cloudflare, Inc. - Class A<sup>(a)</sup> | 1445 | 282974  |
| Cognex Corp. | 895 | 28389  |
|  Cognizant Technology Solutions Corp. - Class A | 2402 | 187428  |
| Coherent Corp.<sup>(a)</sup> | 744 | 66372  |
| Cohu, Inc.<sup>(a)</sup> | 226 | 4348  |
| CommScope Holding Co., Inc.<sup>(a)</sup> | 1602 | 13265  |
| Commvault Systems, Inc.<sup>(a)</sup> | 190 | 33123  |
| Confluent, Inc. - Class A<sup>(a)</sup> | 1199 | 29891  |
| Consensus Cloud Solutions, Inc.<sup>(a)</sup> | 108 | 2490  |
| Core Scientific, Inc.<sup>(a)</sup> | 1454 | 24820  |
| Corning, Inc. | 3760 | 197738  |
| Corsair Gaming, Inc.<sup>(a)</sup> | 381 | 3593  |

---

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

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Couchbase, Inc.<sup>(a)</sup> | 157 | $3828  |
| Crane NXT Co. | 260 | 14014  |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <br>Ltd.<sup>(a)</sup> | 668 | 61850  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 1095 | 557694  |
| CTS Corp. | 112 | 4772  |
| CYNGN, Inc.<sup>(a)</sup> | 1371 | 19742  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 1448 | 194510  |
| Dell Technologies, Inc. - Class C | 1512 | 185371  |
| Diebold Nixdorf, Inc.<sup>(a)</sup> | 188 | 10415  |
| Digi International, Inc.<sup>(a)</sup> | 182 | 6345  |
| Digimarc Corp.<sup>(a)</sup> | 114 | 1506  |
| DigitalOcean Holdings, Inc.<sup>(a)</sup> | 270 | 7711  |
| Diodes, Inc.<sup>(a)</sup> | 233 | 12323  |
| Docusign, Inc.<sup>(a)</sup> | 981 | 76410  |
| Dolby Laboratories, Inc. - Class A | 300 | 22278  |
| Domo, Inc. - Class B<sup>(a)</sup> | 254 | 3548  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 1050 | 30030  |
| DXC Technology Co.<sup>(a)</sup> | 797 | 12186  |
| Dynatrace, Inc.<sup>(a)</sup> | 1345 | 74257  |
| eGain Corp.<sup>(a)</sup> | 150 | 938  |
| Elastic NV<sup>(a)</sup> | 467 | 39382  |
| Enphase Energy, Inc.<sup>(a)</sup> | 663 | 26288  |
| Entegris, Inc. | 753 | 60729  |
| EPAM Systems, Inc.<sup>(a)</sup> | 261 | 46150  |
| ePlus, Inc.<sup>(a)</sup> | 132 | 9517  |
| Extreme Networks, Inc.<sup>(a)</sup> | 685 | 12296  |
| F5, Inc.<sup>(a)</sup> | 264 | 77700  |
| Fabrinet<sup>(a)</sup> | 185 | 54516  |
| Fair Isaac Corp.<sup>(a)</sup> | 113 | 206559  |
| FARO Technologies, Inc.<sup>(a)</sup> | 170 | 7466  |
| Fastly, Inc. - Class A<sup>(a)</sup> | 589 | 4158  |
| First Solar, Inc.<sup>(a)</sup> | 465 | 76976  |
| Five9, Inc.<sup>(a)(b)</sup> | 321 | 8500  |
| Flex Ltd.<sup>(a)</sup> | 1747 | 87210  |
| FormFactor, Inc.<sup>(a)</sup> | 429 | 14762  |
| Fortinet, Inc.<sup>(a)</sup> | 3090 | 326675  |
| Freshworks, Inc. - Class A<sup>(a)</sup> | 748 | 11153  |
| Gartner, Inc.<sup>(a)</sup> | 357 | 144307  |
| Gen Digital, Inc. | 2736 | 80438  |
| Gitlab, Inc. - Class A<sup>(a)</sup> | 553 | 24946  |
| GLOBALFOUNDRIES, Inc.<sup>(a)</sup> | 564 | 21545  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 685 | 123341  |
| Grid Dynamics Holdings, Inc.<sup>(a)</sup> | 258 | 2980  |
| Guidewire Software, Inc.<sup>(a)</sup> | 391 | 92061  |
| Hackett Group, Inc. | 40 | 1017  |
| Harmonic, Inc.<sup>(a)</sup> | 547 | 5180  |
| Hewlett Packard Enterprise Co. | 6136 | 125481  |
| HP, Inc. | 4548 | 111244  |
| HubSpot, Inc.<sup>(a)</sup> | 246 | 136931  |
| Hut 8 Corp.<sup>(a)(b)</sup> | 771 | 14341  |
| Ichor Holdings Ltd.<sup>(a)</sup> | 183 | 3594  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Impinj, Inc.<sup>(a)</sup> | 147 | $16327  |
| Informatica, Inc. - Class A<sup>(a)</sup> | 940 | 22889  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 129 | 17813  |
| Intapp, Inc.<sup>(a)</sup> | 328 | 16931  |
| Intel Corp. | 20834 | 466682  |
| InterDigital, Inc. | 121 | 27132  |
| International Business Machines Corp. | 4460 | 1314719  |
| Intuit, Inc. | 1313 | 1034158  |
| IonQ, Inc.<sup>(a)(b)</sup> | 900 | 38673  |
| IPG Photonics Corp.<sup>(a)</sup> | 131 | 8993  |
| Itron, Inc.<sup>(a)</sup> | 213 | 28037  |
| Jabil, Inc. | 492 | 107305  |
| Jamf Holding Corp.<sup>(a)</sup> | 327 | 3110  |
| JFrog Ltd.<sup>(a)</sup> | 414 | 18166  |
| Juniper Networks, Inc. | 1570 | 62690  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 847 | 138789  |
| Kimball Electronics, Inc.<sup>(a)</sup> | 204 | 3923  |
| KLA Corp. | 639 | 572378  |
| Klaviyo, Inc. - Class A<sup>(a)</sup> | 217 | 7287  |
| Knowles Corp.<sup>(a)</sup> | 458 | 8070  |
| Kulicke & Soffa Industries, Inc. | 303 | 10484  |
| Kyndryl Holdings, Inc.<sup>(a)</sup> | 1009 | 42338  |
| Lam Research Corp. | 6153 | 598933  |
| Lattice Semiconductor Corp.<sup>(a)</sup> | 660 | 32333  |
| Life360, Inc.<sup>(a)(b)</sup> | 316 | 20619  |
| Littelfuse, Inc. | 119 | 26981  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 375 | 12390  |
| Lumentum Holdings, Inc.<sup>(a)</sup> | 357 | 33936  |
|  MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 319 | 45710  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 306 | 60426  |
| MARA Holdings, Inc.<sup>(a)(b)</sup> | 1667 | 26139  |
| Marvell Technology, Inc. | 4122 | 319043  |
| MaxLinear, Inc.<sup>(a)</sup> | 475 | 6750  |
| Meridianlink, Inc.<sup>(a)</sup> | 187 | 3035  |
| Methode Electronics, Inc. | 233 | 2216  |
| MicroAlgo, Inc.<sup>(a)</sup> | 953 | 485  |
| Microchip Technology, Inc. | 2499 | 175855  |
| Micron Technology, Inc. | 5334 | 657416  |
| Microsoft Corp. | 35265 | 17541164  |
| MicroStrategy, Inc. - Class A<sup>(a)</sup> | 1148 | 464056  |
| Mirion Technologies, Inc.<sup>(a)</sup> | 851 | 18322  |
| Mitek Systems, Inc.<sup>(a)</sup> | 85 | 842  |
| MKS, Inc. | 351 | 34875  |
| MongoDB, Inc.<sup>(a)</sup> | 356 | 74756  |
| Monolithic Power Systems, Inc. | 230 | 168217  |
| Motorola Solutions, Inc. | 796 | 334686  |
| N-able, Inc.<sup>(a)</sup> | 173 | 1401  |
| Napco Security Technologies, Inc. | 177 | 5255  |
| nCino, Inc.<sup>(a)</sup> | 590 | 16502  |
| NCR Voyix Corp.<sup>(a)</sup> | 640 | 7507  |
| NetApp, Inc. | 983 | 104739  |
| NETGEAR, Inc.<sup>(a)</sup> | 50 | 1454  |
| NetScout Systems, Inc.<sup>(a)</sup> | 295 | 7319  |

---

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

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| NextNav, Inc.<sup>(a)</sup> | 521 | $7919  |
| Novanta, Inc.<sup>(a)</sup> | 179 | 23078  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 1223 | 93486  |
| NVIDIA Corp. | 112794 | 17820324  |
| Okta, Inc.<sup>(a)</sup> | 790 | 78976  |
| Olo, Inc. - Class A<sup>(a)</sup> | 606 | 5393  |
| ON Semiconductor Corp.<sup>(a)</sup> | 1960 | 102724  |
| Onestream, Inc.<sup>(a)</sup> | 313 | 8858  |
| Onto Innovation, Inc.<sup>(a)</sup> | 245 | 24728  |
| Oracle Corp. | 7917 | 1730894  |
| OSI Systems, Inc.<sup>(a)</sup> | 67 | 15066  |
| PagerDuty, Inc.<sup>(a)</sup> | 430 | 6570  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 10208 | 1391555  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 3152 | 645025  |
| PAR Technology Corp.<sup>(a)</sup> | 126 | 8741  |
| PC Connection, Inc. | 80 | 5262  |
| PDF Solutions, Inc.<sup>(a)</sup> | 190 | 4062  |
| Pegasystems, Inc. | 362 | 19595  |
| Penguin Solutions, Inc.<sup>(a)</sup> | 139 | 2754  |
| Photronics, Inc.<sup>(a)</sup> | 241 | 4538  |
| Plexus Corp.<sup>(a)</sup> | 130 | 17590  |
| Power Integrations, Inc. | 280 | 15652  |
| Powerfleet, Inc. NJ<sup>(a)</sup> | 1185 | 5107  |
| Procore Technologies, Inc.<sup>(a)</sup> | 678 | 46389  |
| Progress Software Corp. | 200 | 12768  |
| PROS Holdings, Inc.<sup>(a)</sup> | 262 | 4103  |
| PTC, Inc.<sup>(a)</sup> | 569 | 98061  |
| Pure Storage, Inc. - Class A<sup>(a)</sup> | 1477 | 85046  |
| Q2 Holdings, Inc.<sup>(a)</sup> | 314 | 29387  |
| Qorvo, Inc.<sup>(a)</sup> | 487 | 41351  |
| QUALCOMM, Inc. | 5320 | 847263  |
| Qualys, Inc.<sup>(a)</sup> | 189 | 27002  |
| Quantum Computing, Inc.<sup>(a)(b)</sup> | 707 | 13553  |
| Ralliant Corp.<sup>(a)</sup> | 534 | 25910  |
| Rambus, Inc.<sup>(a)</sup> | 535 | 34251  |
| Rapid7, Inc.<sup>(a)</sup> | 324 | 7494  |
| Rigetti Computing, Inc.<sup>(a)(b)</sup> | 2036 | 24147  |
| RingCentral, Inc. - Class A<sup>(a)</sup> | 260 | 7371  |
| Riot Platforms, Inc.<sup>(a)</sup> | 2688 | 30374  |
| Rogers Corp.<sup>(a)</sup> | 57 | 3903  |
| Roper Technologies, Inc. | 515 | 291923  |
| Rubrik, Inc. - Class A<sup>(a)</sup> | 372 | 33327  |
| Salesforce, Inc. | 4489 | 1224105  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 1135 | 45150  |
| Sandisk Corp./DE<sup>(a)</sup> | 570 | 25850  |
| Sanmina Corp.<sup>(a)</sup> | 263 | 25729  |
| ScanSource, Inc.<sup>(a)</sup> | 70 | 2927  |
| Seagate Technology Holdings PLC | 983 | 141876  |
| SEMrush Holdings, Inc. - Class A<sup>(a)</sup> | 145 | 1312  |
| Semtech Corp.<sup>(a)</sup> | 419 | 18914  |
| SentinelOne, Inc. - Class A<sup>(a)</sup> | 1285 | 23490  |
| ServiceNow, Inc.<sup>(a)</sup> | 988 | 1015743  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Silicon Laboratories, Inc.<sup>(a)</sup> | 143 | $21072  |
| SiTime Corp.<sup>(a)</sup> | 103 | 21947  |
| Skyworks Solutions, Inc. | 798 | 59467  |
| Snowflake, Inc. - Class A<sup>(a)</sup> | 1471 | 329166  |
| SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 1535 | 16471  |
| Sprinklr, Inc. - Class A<sup>(a)</sup> | 487 | 4120  |
| Sprout Social, Inc. - Class A<sup>(a)</sup> | 244 | 5102  |
| SPS Commerce, Inc.<sup>(a)</sup> | 129 | 17556  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 2440 | 119584  |
| Synaptics, Inc.<sup>(a)</sup> | 208 | 13483  |
| Synopsys, Inc.<sup>(a)</sup> | 735 | 376820  |
| TD SYNNEX Corp. | 388 | 52652  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 221 | 113221  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 539 | 18207  |
| Teradata Corp.<sup>(a)</sup> | 534 | 11914  |
| Teradyne, Inc. | 786 | 70677  |
| Texas Instruments, Inc. | 4376 | 908545  |
| Trimble, Inc.<sup>(a)</sup> | 1124 | 85402  |
| TTM Technologies, Inc.<sup>(a)</sup> | 488 | 19920  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 675 | 83943  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 201 | 119161  |
| Ubiquiti, Inc. | 13 | 5351  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 2042 | 26138  |
| Ultra Clean Holdings, Inc.<sup>(a)</sup> | 240 | 5417  |
| Unity Software, Inc.<sup>(a)</sup> | 1533 | 37099  |
| Universal Display Corp. | 221 | 34136  |
| Varonis Systems, Inc.<sup>(a)</sup> | 458 | 23244  |
| Veeco Instruments, Inc.<sup>(a)</sup> | 337 | 6848  |
| Verint Systems, Inc.<sup>(a)</sup> | 375 | 7376  |
| VeriSign, Inc. | 456 | 131693  |
| Vertex, Inc. - Class A<sup>(a)</sup> | 276 | 9752  |
| Viasat, Inc.<sup>(a)</sup> | 490 | 7154  |
| Viavi Solutions, Inc.<sup>(a)</sup> | 1328 | 13373  |
| Vishay Intertechnology, Inc. | 598 | 9496  |
| Vontier Corp. | 800 | 29520  |
| Weave Communications, Inc.<sup>(a)</sup> | 328 | 2729  |
| Western Digital Corp. | 1712 | 109551  |
| Workday, Inc. - Class A<sup>(a)</sup> | 1011 | 242640  |
| Workiva, Inc.<sup>(a)</sup> | 259 | 17729  |
| Xerox Holdings Corp.<sup>(b)</sup> | 573 | 3020  |
| Xperi, Inc.<sup>(a)</sup> | 319 | 2523  |
| Yext, Inc.<sup>(a)</sup> | 383 | 3256  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 257 | 79249  |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. - <br>Class A<sup>(a)</sup> | 1069 | 16559  |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - <br>Class A<sup>(a)</sup> | 1284 | 100126  |
| Zscaler, Inc.<sup>(a)</sup> | 464 | 145668  |
|  |  | 88467232  |
| **Materials - 2.2%**<br>|  |  |
| AdvanSix, Inc. | 144 | 3420  |
| Air Products and Chemicals, Inc. | 1058 | 298419  |
| Albemarle Corp.<sup>(b)</sup> | 597 | 37414  |
| Alcoa Corp. | 1259 | 37153  |

---

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

51<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| Alpha Metallurgical Resources, Inc.<sup>(a)</sup> | 55 | $6186  |
| Amcor PLC | 4190 | 38506  |
| American Vanguard Corp. | 244 | 956  |
| AptarGroup, Inc. | 314 | 49119  |
| Ashland, Inc. | 249 | 12520  |
| Aspen Aerogels, Inc.<sup>(a)</sup> | 416 | 2463  |
| Avery Dennison Corp. | 371 | 65099  |
| Avient Corp. | 483 | 15606  |
| Axalta Coating Systems Ltd.<sup>(a)</sup> | 1074 | 31887  |
| Balchem Corp. | 171 | 27223  |
| Ball Corp. | 1378 | 77292  |
| Cabot Corp. | 255 | 19125  |
| Carpenter Technology Corp. | 245 | 67713  |
| Celanese Corp. | 561 | 31040  |
| Century Aluminum Co.<sup>(a)</sup> | 341 | 6145  |
| CF Industries Holdings, Inc. | 810 | 74520  |
| Chemours Co. | 824 | 9435  |
| Clearwater Paper Corp.<sup>(a)</sup> | 130 | 3541  |
| Cleveland-Cliffs, Inc.<sup>(a)</sup> | 2575 | 19570  |
| Coeur Mining, Inc.<sup>(a)</sup> | 3048 | 27005  |
| Commercial Metals Co. | 556 | 27194  |
| Compass Minerals International, Inc.<sup>(a)</sup> | 222 | 4460  |
| Corteva, Inc. | 3294 | 245502  |
| CRH PLC | 3184 | 292291  |
| Crown Holdings, Inc. | 583 | 60037  |
| Dow, Inc. | 3350 | 88708  |
| DuPont de Nemours, Inc. | 1990 | 136494  |
| Eagle Materials, Inc. | 169 | 34157  |
| Eastman Chemical Co. | 583 | 43527  |
| Ecolab, Inc. | 1203 | 324136  |
| Ecovyst, Inc.<sup>(a)</sup> | 550 | 4527  |
| Element Solutions, Inc. | 1211 | 27429  |
|  Ferroglobe Representation & Warranty Insurance Trust<sup>(a)(c)</sup> | 500 | 0  |
| FMC Corp. | 599 | 25008  |
| Freeport-McMoRan, Inc. | 6729 | 291702  |
| Graphic Packaging Holding Co. | 1499 | 31584  |
| Greif, Inc. - Class A | 91 | 5914  |
| Hawkins, Inc. | 94 | 13357  |
| HB Fuller Co. | 268 | 16120  |
| Hecla Mining Co. | 3124 | 18713  |
| Huntsman Corp. | 909 | 9472  |
| Ingevity Corp.<sup>(a)</sup> | 207 | 8920  |
| Innospec, Inc. | 129 | 10848  |
| International Flavors & Fragrances, Inc. | 1247 | 91717  |
| International Paper Co. | 2535 | 118714  |
| Kaiser Aluminum Corp. | 53 | 4235  |
| Knife River Corp.<sup>(a)</sup> | 278 | 22696  |
| Koppers Holdings, Inc. | 156 | 5015  |
| Linde PLC | 2245 | 1053309  |
| Louisiana-Pacific Corp. | 332 | 28549  |
| LSB Industries, Inc.<sup>(a)</sup> | 333 | 2597  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| LyondellBasell Industries NV - Class A | 1272 | $73598  |
| Magnera Corp.<sup>(a)</sup> | 159 | 1921  |
| Martin Marietta Materials, Inc. | 285 | 156454  |
| Materion Corp. | 93 | 7381  |
| Mativ Holdings, Inc. | 371 | 2530  |
| Metallus, Inc.<sup>(a)</sup> | 104 | 1603  |
| Minerals Technologies, Inc. | 180 | 9913  |
| Mosaic Co. | 1420 | 51802  |
| MP Materials Corp.<sup>(a)(b)</sup> | 646 | 21492  |
| Myers Industries, Inc. | 200 | 2898  |
| NewMarket Corp. | 33 | 22798  |
| Newmont Corp. | 5378 | 313322  |
| Nucor Corp. | 1089 | 141069  |
| O-I Glass, Inc.<sup>(a)</sup> | 647 | 9537  |
| Olin Corp. | 601 | 12074  |
| Olympic Steel, Inc. | 36 | 1173  |
| Packaging Corp. of America | 415 | 78207  |
| Perimeter Solutions, Inc.<sup>(a)</sup> | 692 | 9633  |
| Piedmont Lithium, Inc.<sup>(a)</sup> | 92 | 535  |
| PPG Industries, Inc. | 1105 | 125694  |
| PureCycle Technologies, Inc.<sup>(a)</sup> | 395 | 5412  |
| Quaker Chemical Corp. | 74 | 8284  |
| Radius Recycling, Inc. - Class A | 162 | 4810  |
| Ramaco Resources, Inc. - Class B | 6 | 49  |
| Reliance, Inc. | 246 | 77219  |
| Royal Gold, Inc. | 305 | 54241  |
| RPM International, Inc. | 620 | 68101  |
| Ryerson Holding Corp. | 173 | 3732  |
| Scotts Miracle-Gro Co. | 175 | 11543  |
| Sealed Air Corp. | 666 | 20666  |
| Sensient Technologies Corp. | 232 | 22857  |
| Sherwin-Williams Co. | 1112 | 381816  |
| Silgan Holdings, Inc. | 400 | 21672  |
| Smurfit WestRock PLC | 2448 | 105631  |
| Sonoco Products Co. | 473 | 20604  |
| Southern Copper Corp. | 543 | 54969  |
| Steel Dynamics, Inc. | 698 | 89351  |
| Stepan Co. | 97 | 5294  |
| SunCoke Energy, Inc. | 555 | 4767  |
| Sylvamo Corp. | 156 | 7816  |
| TriMas Corp. | 223 | 6380  |
| Tronox Holdings PLC | 721 | 3655  |
| United States Lime & Minerals, Inc. | 21 | 2096  |
| Vulcan Materials Co. | 631 | 164577  |
| Warrior Met Coal, Inc. | 276 | 12649  |
| Westlake Corp. | 157 | 11921  |
| Worthington Steel, Inc. | 191 | 5698  |
|  |  | 6227733 |
| **Real Estate - 0.2%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 1446 | 202614  |
| Compass, Inc. - Class A<sup>(a)</sup> | 2675 | 16799  |
| CoStar Group, Inc.<sup>(a)</sup> | 1946 | 156458  |
| eXp World Holdings, Inc. | 290 | 2639  |

---

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

52<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Real Estate - (Continued)**  | **Real Estate - (Continued)**  | **Real Estate - (Continued)**  |
| Forestar Group, Inc.<sup>(a)</sup> | 47 | $940  |
| Howard Hughes Holdings, Inc.<sup>(a)</sup> | 236 | 15930  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 235 | 60108  |
| Kennedy-Wilson Holdings, Inc. | 609 | 4141  |
| Marcus & Millichap, Inc. | 126 | 3870  |
| Newmark Group, Inc. - Class A | 765 | 9295  |
| Redfin Corp.<sup>(a)(b)</sup> | 865 | 9679  |
| St Joe Co. | 268 | 12784  |
| Star Holdings<sup>(a)</sup> | 78 | 609  |
| Tejon Ranch Co.<sup>(a)</sup> | 50 | 848  |
| Zillow Group, Inc. - Class A<sup>(a)</sup> | 247 | 16917  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 761 | 53308  |
|  |  | 566939  |
| **Utilities - 2.3%**<br>|  |  |
| AES Corp. | 3666 | 38566  |
| ALLETE, Inc. | 284 | 18196  |
| Alliant Energy Corp. | 1265 | 76494  |
| Ameren Corp. | 1314 | 126197  |
| American Electric Power Co., Inc. | 2559 | 265522  |
| American States Water Co. | 220 | 16865  |
| American Water Works Co., Inc. | 926 | 128816  |
| Atmos Energy Corp. | 752 | 115891  |
| Avista Corp. | 333 | 12637  |
| Black Hills Corp. | 353 | 19803  |
| California Water Service Group | 289 | 13144  |
| CenterPoint Energy, Inc. | 3177 | 116723  |
| Chesapeake Utilities Corp. | 102 | 12262  |
| Clearway Energy, Inc. - Class A | 90 | 2723  |
| Clearway Energy, Inc. - Class C | 471 | 15072  |
| CMS Energy Corp. | 1463 | 101357  |
| Consolidated Edison, Inc. | 1664 | 166982  |
| Constellation Energy Corp. | 1505 | 485754  |
| Dominion Energy, Inc. | 4066 | 229810  |
| DTE Energy Co. | 988 | 130870  |
| Duke Energy Corp. | 3726 | 439668  |
| Edison International | 1884 | 97214  |
| Entergy Corp. | 2068 | 171892  |
| Essential Utilities, Inc. | 1320 | 49025  |
| Evergy, Inc. | 1059 | 72997  |
| Eversource Energy | 1746 | 111080  |
| Exelon Corp. | 4862 | 211108  |
| FirstEnergy Corp. | 2743 | 110433  |
| H2O America | 180 | 9355  |
| Hawaiian Electric Industries, Inc.<sup>(a)</sup> | 566 | 6017  |
| IDACORP, Inc. | 268 | 30941  |
| MDU Resources Group, Inc. | 900 | 15003  |
| MGE Energy, Inc. | 151 | 13354  |
| Middlesex Water Co. | 66 | 3576  |
| National Fuel Gas Co. | 454 | 38458  |
| New Jersey Resources Corp. | 429 | 19228  |
| NextEra Energy, Inc. | 9893 | 686772  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| NiSource, Inc. | 2249 | $90725  |
| Northwest Natural Holding Co. | 223 | 8858  |
| Northwestern Energy Group, Inc. | 330 | 16929  |
| NRG Energy, Inc. | 926 | 148697  |
| OGE Energy Corp. | 900 | 39942  |
| Oklo, Inc.<sup>(a)(b)</sup> | 341 | 19093  |
| ONE Gas, Inc. | 287 | 20624  |
| Ormat Technologies, Inc. | 300 | 25128  |
| Otter Tail Corp. | 196 | 15110  |
| PG&E Corp. | 10351 | 144293  |
| Pinnacle West Capital Corp. | 577 | 51624  |
| Portland General Electric Co. | 500 | 20315  |
| PPL Corp. | 3529 | 119598  |
| Public Service Enterprise Group, Inc. | 2383 | 200601  |
| Sempra | 3111 | 235720  |
| Southern Co. | 5272 | 484128  |
| Southwest Gas Holdings, Inc. | 325 | 24177  |
| Spire, Inc. | 291 | 21240  |
| Talen Energy Corp.<sup>(a)</sup> | 213 | 61934  |
| TXNM Energy, Inc. | 480 | 27034  |
| UGI Corp. | 939 | 34198  |
| Unitil Corp. | 106 | 5528  |
| Vistra Corp. | 1624 | 314747  |
| WEC Energy Group, Inc. | 1545 | 160989  |
| Xcel Energy, Inc. | 2718 | 185096  |
| York Water Co. | 128 | 4045  |
|  |  | 6660178  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,099,007)** |  | 278710490  |
| **REAL ESTATE INVESTMENT TRUSTS - 2.3%** | **REAL ESTATE INVESTMENT TRUSTS - 2.3%** | **REAL ESTATE INVESTMENT TRUSTS - 2.3%** |
| **Financials - 0.1%**<br>|  |  |
| AGNC Investment Corp.<sup>(b)</sup> | 4313 | 39637  |
| Annaly Capital Management, Inc. | 2914 | 54842  |
|  Apollo Commercial Real Estate Finance, Inc. | 709 | 6863  |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 831 | 8892  |
| ARMOUR Residential REIT, Inc.<sup>(b)</sup> | 309 | 5194  |
|  Blackstone Mortgage Trust, Inc. - Class A<sup>(b)</sup> | 829 | 15958  |
| BrightSpire Capital, Inc. | 637 | 3217  |
| Chimera Investment Corp. | 392 | 5437  |
| Dynex Capital, Inc. | 405 | 4949  |
| Franklin BSP Realty Trust, Inc.<sup>(b)</sup> | 422 | 4511  |
|  HA Sustainable Infrastructure Capital, Inc. | 550 | 14773  |
| Invesco Mortgage Capital, Inc. | 242 | 1897  |
| KKR Real Estate Finance Trust, Inc. | 295 | 2587  |
| Ladder Capital Corp. | 559 | 6009  |
| MFA Financial, Inc. | 505 | 4777  |
| New York Mortgage Trust, Inc. | 627 | 4201  |
| Orchid Island Capital, Inc. | 79 | 554  |
| PennyMac Mortgage Investment Trust | 450 | 5787  |
| Ready Capital Corp. | 1095 | 4785  |

---

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

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Redwood Trust, Inc. | 692 | $4090  |
| Rithm Capital Corp. | 2404 | 27141  |
| Starwood Property Trust, Inc. | 1518 | 30466  |
| TPG RE Finance Trust, Inc. | 306 | 2363  |
| Two Harbors Investment Corp. | 282 | 3037  |
|  |  | 261967  |
| **Industrials - 0.0%<sup>(e)</sup>**<br>|  |  |
| CoreCivic, Inc.<sup>(a)</sup> | 374 | 7880  |
| GEO Group, Inc.<sup>(a)</sup> | 632 | 15137  |
|  |  | 23017  |
| **Real Estate - 2.2%**<br>|  |  |
| Acadia Realty Trust | 558 | 10362  |
| Agree Realty Corp.<sup>(b)</sup> | 525 | 38357  |
| Alexander & Baldwin, Inc. | 248 | 4422  |
| Alexandria Real Estate Equities, Inc. | 753 | 54690  |
| American Assets Trust, Inc. | 228 | 4503  |
| American Healthcare REIT, Inc. | 742 | 27261  |
| American Homes 4 Rent - Class A | 1662 | 59948  |
| American Tower Corp. | 2245 | 496190  |
| Americold Realty Trust, Inc. | 1314 | 21852  |
|  Apartment Investment and Management Co. - Class A | 826 | 7145  |
| Apple Hospitality REIT, Inc.<sup>(b)</sup> | 981 | 11448  |
| Armada Hoffler Properties, Inc.<sup>(b)</sup> | 467 | 3208  |
| AvalonBay Communities, Inc. | 685 | 139398  |
| Brandywine Realty Trust | 646 | 2771  |
| Brixmor Property Group, Inc. | 1345 | 35024  |
| Broadstone Net Lease, Inc. | 915 | 14686  |
| BXP, Inc.<sup>(b)</sup> | 785 | 52964  |
| Camden Property Trust | 516 | 58148  |
| CareTrust REIT, Inc. | 885 | 27081  |
| CBL & Associates Properties, Inc. | 204 | 5180  |
| Centerspace | 64 | 3852  |
| Chatham Lodging Trust | 425 | 2962  |
| Community Healthcare Trust, Inc. | 154 | 2561  |
| COPT Defense Properties | 501 | 13818  |
| Cousins Properties, Inc. | 839 | 25195  |
| Crown Castle, Inc. | 2075 | 213165  |
| CubeSmart | 1094 | 46495  |
| Curbline Properties Corp. | 404 | 9223  |
| DiamondRock Hospitality Co. | 1103 | 8449  |
| Digital Realty Trust, Inc. | 1619 | 282240  |
| Douglas Emmett, Inc.<sup>(b)</sup> | 854 | 12844  |
| Easterly Government Properties, Inc. | 250 | 5550  |
| EastGroup Properties, Inc. | 266 | 44454  |
| Elme Communities | 425 | 6758  |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. - <br>Class A | 745 | 6027  |
| EPR Properties<sup>(b)</sup> | 422 | 24586  |
| Equinix, Inc. | 466 | 370689  |
| Equity LifeStyle Properties, Inc. | 896 | 55256  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Equity Residential | 1780 | $120132  |
| Essential Properties Realty Trust, Inc. | 830 | 26485  |
| Essex Property Trust, Inc. | 299 | 84737  |
| Extra Space Storage, Inc. | 1013 | 149357  |
| Farmland Partners, Inc. | 384 | 4420  |
| Federal Realty Investment Trust | 414 | 39326  |
| First Industrial Realty Trust, Inc. | 645 | 31044  |
| Four Corners Property Trust, Inc. | 497 | 13374  |
| Gaming and Leisure Properties, Inc. | 1308 | 61057  |
| Getty Realty Corp. | 219 | 6053  |
| Gladstone Commercial Corp. | 312 | 4471  |
| Gladstone Land Corp. | 269 | 2736  |
| Global Medical REIT, Inc. | 581 | 4026  |
| Global Net Lease, Inc. | 842 | 6357  |
| Healthcare Realty Trust, Inc. | 1656 | 26264  |
| Healthpeak Properties, Inc. | 3510 | 61460  |
| Highwoods Properties, Inc. | 510 | 15856  |
| Host Hotels & Resorts, Inc. | 2916 | 44790  |
| Independence Realty Trust, Inc. | 942 | 16664  |
| Innovative Industrial Properties, Inc. | 150 | 8283  |
| InvenTrust Properties Corp. | 272 | 7453  |
| Invitation Homes, Inc. | 2893 | 94890  |
| Iron Mountain, Inc. | 1421 | 145752  |
| JBG SMITH Properties | 497 | 8598  |
| Kilroy Realty Corp.<sup>(b)</sup> | 620 | 21272  |
| Kimco Realty Corp. | 3306 | 69492  |
| Kite Realty Group Trust | 1127 | 25527  |
| Lamar Advertising Co. - Class A | 422 | 51214  |
| Lineage, Inc.<sup>(b)</sup> | 321 | 13970  |
| LTC Properties, Inc. | 251 | 8687  |
| LXP Industrial Trust | 1665 | 13753  |
| Macerich Co. | 1161 | 18785  |
| Medical Properties Trust, Inc.<sup>(b)</sup> | 2958 | 12749  |
|  Mid-America Apartment Communities, Inc. | 539 | 79777  |
| National Health Investors, Inc. | 228 | 15987  |
| National Storage Affiliates Trust | 202 | 6462  |
| NET Lease Office Properties<sup>(a)</sup> | 74 | 2409  |
| NETSTREIT Corp. | 318 | 5384  |
| NexPoint Residential Trust, Inc. | 152 | 5065  |
| NNN REIT, Inc. | 936 | 40416  |
| Omega Healthcare Investors, Inc. | 1407 | 51567  |
| Outfront Media, Inc.<sup>(b)</sup> | 718 | 11718  |
| Paramount Group, Inc. | 1239 | 7558  |
| Park Hotels & Resorts, Inc. | 982 | 10046  |
| Peakstone Realty Trust | 296 | 3910  |
| Pebblebrook Hotel Trust | 664 | 6633  |
| Phillips Edison & Co., Inc. | 626 | 21929  |
| Piedmont Realty Trust, Inc. - Class A | 597 | 4352  |
| Plymouth Industrial REIT, Inc. | 286 | 4593  |
| PotlatchDeltic Corp. | 420 | 16115  |
| Prologis, Inc. | 4368 | 459164  |
| Public Storage | 758 | 222412  |
| Rayonier, Inc. | 811 | 17988  |

---

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

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - (Continued)** |
| **Real Estate - (Continued)**  | **Real Estate - (Continued)**  | **Real Estate - (Continued)**  |
| Realty Income Corp. | 4339 | $249970  |
| Regency Centers Corp. | 845 | 60189  |
| Rexford Industrial Realty, Inc. | 1095 | 38949  |
| RLJ Lodging Trust | 855 | 6224  |
| Ryman Hospitality Properties, Inc. | 287 | 28318  |
| Sabra Health Care REIT, Inc. | 1058 | 19510  |
| Safehold, Inc. | 300 | 4668  |
| Saul Centers, Inc. | 18 | 615  |
| SBA Communications Corp. | 512 | 120238  |
| Sila Realty Trust, Inc. | 300 | 7101  |
| Simon Property Group, Inc. | 1558 | 250464  |
| SITE Centers Corp. | 202 | 2285  |
| SL Green Realty Corp. | 357 | 22098  |
| STAG Industrial, Inc. | 961 | 34865  |
| Summit Hotel Properties, Inc. | 268 | 1364  |
| Sun Communities, Inc. | 614 | 77665  |
| Sunstone Hotel Investors, Inc. | 940 | 8159  |
| Tanger, Inc. | 583 | 17828  |
| Terreno Realty Corp. | 509 | 28540  |
| UDR, Inc. | 1607 | 65614  |
| UMH Properties, Inc. | 256 | 4298  |
| Uniti Group, Inc. | 1189 | 5136  |
| Universal Health Realty Income Trust | 117 | 4677  |
| Urban Edge Properties | 694 | 12950  |
| Ventas, Inc. | 2116 | 133625  |
| Veris Residential, Inc. | 312 | 4646  |
| VICI Properties, Inc. | 4991 | 162707  |
| Vornado Realty Trust | 895 | 34225  |
| Welltower, Inc. | 3093 | 475487  |
| Weyerhaeuser Co. | 3409 | 87577  |
| WP Carey, Inc. | 1041 | 64938  |
| Xenia Hotels & Resorts, Inc. | 560 | 7039  |
|  |  | 6463250  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE** <br>**INVESTMENT TRUSTS** <br>**(Cost $3,181,295)** |  | 6748234  |
| **CLOSED-END FUNDS - 0.0%<sup>(e)</sup>**<br>|  |  |
| Ellington Credit Co. | 99 | 569  |
| &nbsp;&nbsp;&nbsp; **TOTAL CLOSED-END FUNDS** <br>**(Cost $701)** |  | 569 |
| **ESCROW NOTES - 0.0%<sup>(e)</sup>**<br>|  |  |
| GCI LIBERTY INC SR ESCROW<sup>(a)(f)</sup> | 411 | 0  |
| SPIRIT MTA REIT - ESCROW<sup>(a)(c)(f)</sup> | 300 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL ESCROW NOTES** <br>**(Cost $2,322)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0%<sup>(e)</sup>**<br>|  |  |
| ABIOMED, Inc.<sup>(a)(c)</sup> | 239 | $0  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co., <br>Expires 01/23/2031, Exercise Price $12.00<sup>(a)(c)</sup> | 277 | 0  |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc., <br>Expires 04/21/2026, Exercise Price $1.00<sup>(a)(c)</sup> | 316 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $58,283,325)** |  | $285459293  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 2.0%<sup>(g)(h)</sup> |  | 5654186  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.6)% |  | (1490029)  |
| **TOTAL NET ASSETS - 100.0%** |  | $289623450 |

---

Percentages are stated as a percent of net assets.

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

ADR - American Depositary Receipt

AMBAC - American Municipal Bond Assurance Corporation

MTA - Monthly Treasury Average

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $1,537,356.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2025.

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

<sup>(e)</sup> Represents less than 0.05% of net assets.

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(g)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(h)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $1,555,399 which represented 0.5% of net assets. 

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

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 80.6%**<br>|  |  |
| **Australia - 1.7%**<br>|  |  |
| AGL Energy Ltd. | 19646 | $126236  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 3393 | 689084  |
| Aurelia Metals Ltd.<sup>(a)</sup> | 124043 | 15528  |
| Aussie Broadband Ltd. | 8436 | 21721  |
| Brambles Ltd. | 7515 | 115843  |
| Bravura Solutions Ltd. | 19368 | 28301  |
| Cochlear Ltd. | 797 | 157596  |
| Computershare Ltd. | 6264 | 164472  |
| CSL Ltd. | 157 | 24747  |
| Domain Holdings Australia Ltd. | 16136 | 46623  |
| Emeco Holdings Ltd.<sup>(a)</sup> | 54821 | 29949  |
| Fortescue Ltd. | 14400 | 144915  |
| Helia Group Ltd. | 6874 | 25473  |
| Inghams Group Ltd. | 24986 | 58391  |
| Insurance Australia Group Ltd. | 8583 | 51014  |
| IRESS Ltd. | 15558 | 81924  |
| JB Hi-Fi Ltd. | 595 | 43217  |
| Macquarie Group Ltd. | 671 | 101029  |
| Metals X Ltd.<sup>(a)</sup> | 158018 | 56685  |
| Monadelphous Group Ltd. | 20106 | 232393  |
| Netwealth Group Ltd. | 2142 | 47547  |
| Northern Star Resources Ltd. | 32023 | 396084  |
| NRW Holdings Ltd. | 26633 | 52416  |
| Perenti Ltd. | 180292 | 192243  |
| Perseus Mining Ltd. | 93531 | 213136  |
| Qantas Airways Ltd. | 11585 | 81901  |
| QBE Insurance Group Ltd. | 251 | 3865  |
| Ramelius Resources Ltd. | 65423 | 110246  |
| Regis Healthcare Ltd. | 7330 | 37824  |
| Technology One Ltd. | 8658 | 233719  |
| Telstra Group Ltd. | 6092 | 19406  |
| Wesfarmers Ltd. | 427 | 23819  |
| Westgold Resources Ltd. | 33262 | 63906  |
| Woodside Energy Group Ltd. | 6316 | 97340  |
|  |  | 3788593  |
| **Austria - 0.3%**<br>|  |  |
| ANDRITZ AG | 903 | 67053  |
| BAWAG Group AG<sup>(b)</sup> | 198 | 25238  |
| Erste Group Bank AG | 1012 | 86016  |
| Palfinger AG | 615 | 25896  |
| Porr Ag | 6052 | 200661  |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 4986 | 256437  |
|  |  | 661301  |
| **Belgium - 0.3%**<br>|  |  |
| Colruyt Group NV | 1176 | 50868  |
| Deme Group NV | 1372 | 208589  |
| Fagron | 1038 | 27439  |
| KBC Group NV | 1107 | 113864  |
| Melexis NV | 296 | 25236  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Titan SA | 4092 | $185370  |
| UCB SA | 204 | 40078  |
|  |  | 651444  |
| **Bermuda - 0.5%**<br>|  |  |
| Arch Capital Group Ltd. | 12462 | 1134665  |
| **Brazil - 1.6%**<br>|  |  |
| Ambev SA | 260600 | 637458  |
| B3 SA - Brasil Bolsa Balcao | 70300 | 188136  |
| Banco Bradesco SA | 6000 | 15980  |
| Banco do Brasil SA | 98100 | 400301  |
| BB Seguridade Participacoes SA | 22900 | 151189  |
| BRF SA | 18300 | 67971  |
| C&A MODAS SA | 33900 | 123605  |
| Cia De Sanena Do Parana | 36100 | 253752  |
| JBS NV<sup>(a)</sup> | 6600 | 96137  |
| Klabin SA | 22220 | 75824  |
| Marcopolo SA | 70000 | 84261  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> | 85448 | 1172347  |
| StoneCo Ltd. - Class A<sup>(a)</sup> | 5371 | 86151  |
| TIM SA | 27400 | 110395  |
| Vale SA | 23500 | 227945  |
| XP, Inc. - Class A | 1972 | 39835  |
|  |  | 3731287  |
| **Britain - 0.1%**<br>|  |  |
| Rightmove PLC | 22910 | 248224  |
| **Canada - 4.4%**<br>|  |  |
| AGF Management Ltd. - Class B | 4894 | 47511  |
| Agnico Eagle Mines Ltd. | 900 | 107227  |
|  ALIMENTATION COUCHE-TARD, Inc. | 100 | 4971  |
| Allied Gold Corp.<sup>(a)</sup> | 1400 | 18793  |
| ARC Resources Ltd. | 7700 | 162340  |
| Bank of Nova Scotia | 500 | 27648  |
| Barrick Mining Corp. | 10300 | 214434  |
| Bausch Health Cos., Inc.<sup>(a)</sup> | 4660 | 31072  |
| Bird Construction, Inc. | 1452 | 30698  |
| Cameco Corp. | 1600 | 118824  |
| Canadian Imperial Bank of Commerce | 700 | 49688  |
| Canadian Natural Resources Ltd. | 26817 | 842862  |
| Canadian Pacific Kansas City Ltd. | 15879 | 1258728  |
| Celestica, Inc.<sup>(a)</sup> | 1600 | 249984  |
| CES Energy Solutions Corp. | 7213 | 35118  |
| Cogeco, Inc. | 1433 | 70748  |
| Colliers International Group, Inc. | 406 | 53121  |
| Definity Financial Corp. | 2056 | 119835  |
| Docebo, Inc.<sup>(a)</sup> | 706 | 20463  |
| Dollarama, Inc. | 300 | 42270  |
| Extendicare, Inc. | 20705 | 214995  |
| Fairfax Financial Holdings Ltd. | 100 | 180503  |
| Finning International, Inc. | 2471 | 105645  |
| First Quantum Minerals Ltd.<sup>(a)</sup> | 200 | 3553  |

---

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

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Canada - (Continued)**  | **Canada - (Continued)**  | **Canada - (Continued)**  |
| Fortuna Mining Corp.<sup>(a)</sup> | 7684 | $50277  |
| George Weston Ltd. | 350 | 70195  |
| Gildan Activewear, Inc. | 2900 | 142897  |
| Hudbay Minerals, Inc. | 6575 | 69770  |
| iA Financial Corp., Inc. | 2600 | 285041  |
| IAMGOLD Corp.<sup>(a)</sup> | 16448 | 121148  |
| IGM Financial, Inc. | 2600 | 82138  |
| Kinaxis, Inc.<sup>(a)</sup> | 308 | 45806  |
| Kinross Gold Corp. | 8200 | 128141  |
| Loblaw Cos. Ltd. | 100 | 16541  |
| Lundin Gold, Inc. | 500 | 26400  |
| Lundin Mining Corp. | 4600 | 48373  |
| Magna International, Inc. | 5495 | 212162  |
| Magna International, Inc. | 19945 | 770997  |
| MDA Space Ltd.<sup>(a)</sup> | 3163 | 81552  |
| Metro, Inc. | 1300 | 102119  |
| National Bank of Canada | 100 | 10319  |
| New Gold, Inc.<sup>(a)</sup> | 11621 | 57774  |
| OceanaGold Corp. | 7550 | 106557  |
| Pan American Silver Corp. | 6500 | 184439  |
| Parex Resources, Inc. | 12624 | 128952  |
| Precision Drilling Corp.<sup>(a)</sup> | 824 | 39023  |
| Propel Holdings, Inc. | 1878 | 52185  |
| Royal Bank of Canada | 2700 | 355843  |
| Secure Waste Infrastructure Corp. | 4779 | 54281  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 3700 | 426747  |
| Sienna Senior Living, Inc. | 13617 | 190493  |
| Silvercorp Metals, Inc. | 10900 | 46185  |
| Stantec, Inc. | 2700 | 293783  |
| Sun Life Financial, Inc. | 1600 | 106463  |
| Suncor Energy, Inc. | 100 | 3746  |
| Taseko Mines Ltd.<sup>(a)</sup> | 15560 | 49134  |
| TMX Group Ltd. | 5200 | 220411  |
| Torex Gold Resources, Inc.<sup>(a)</sup> | 2460 | 80245  |
| Transcontinental, Inc. - Class A | 12139 | 186397  |
| Waste Connections, Inc. | 4020 | 750614  |
| Wesdome Gold Mines Ltd.<sup>(a)</sup> | 4720 | 65752  |
| Westshore Terminals Investment Corp. | 2150 | 41666  |
| Wheaton Precious Metals Corp. | 600 | 53957  |
| Whitecap Resources, Inc. | 4300 | 28893  |
| WSP Global, Inc. | 1500 | 305970  |
|  |  | 10104417  |
| **Chile - 0.1%**<br>|  |  |
|  Empresa Nacional de Telecomunicaciones SA | 5938 | 19125  |
| Engie Energia Chile SA | 30833 | 43025  |
| Falabella SA | 15627 | 83031  |
|  |  | 145181  |
| **China - 5.2%**<br>|  |  |
| 361 Degrees International Ltd. | 59000 | 37516  |
| 3SBio, Inc.<sup>(b)</sup> | 8500 | 25657  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| AAC Technologies Holdings, Inc. | 27500 | $142714  |
| Alibaba Group Holding Ltd. | 103584 | 1470015  |
| ANE Cayman, Inc.<sup>(a)</sup> | 62500 | 62813  |
|  Anker Innovations Technology Co. Ltd. - Class A | 700 | 11048  |
| Atour Lifestyle Holdings Ltd. - ADR | 2288 | 74383  |
|  Avary Holding Shenzhen Co. Ltd. - Class A | 4600 | 20640  |
| Baidu, Inc. - ADR<sup>(a)</sup> | 3345 | 286867  |
| Baidu, Inc. - Class A<sup>(a)</sup> | 15550 | 165745  |
| Bank of Beijing Co. Ltd. | 13600 | 12982  |
| Bank of Chengdu Co. Ltd. - Class A | 2300 | 6457  |
| Bank of China Ltd. - Class A | 70500 | 55353  |
| Bank of China Ltd. - Class H | 5000 | 2909  |
| Bank of Hangzhou Co. Ltd. - Class A | 11252 | 26446  |
| Bank of Jiangsu Co. Ltd. - Class A | 36800 | 61352  |
| Bank of Suzhou Co. Ltd. - Class A | 7000 | 8586  |
| Beijing Jingneng Clean Energy Co. Ltd. | 94000 | 28312  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> | 1380 | 29572  |
|  BOE Technology Group Co. Ltd. - Class A | 71700 | 40058  |
| BYD Co. Ltd. - Class H | 10500 | 164335  |
|  Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - Class A | 500 | 8714  |
|  Chaozhou Three-Circle Group Co. Ltd. - Class A | 3300 | 15389  |
|  Chifeng Jilong Gold Mining Co. Ltd. - Class A | 3300 | 11593  |
|  China Construction Bank Corp. - Class H | 191000 | 192988  |
| China Hongqiao Group Ltd. | 6000 | 13778  |
| China Life Insurance Co. Ltd. - Class A | 4400 | 25294  |
| China Life Insurance Co. Ltd. - Class H | 20000 | 48142  |
|  China Merchants Bank Co. Ltd. - Class H | 81000 | 566923  |
| China Oilfield Services Ltd. - Class H | 16000 | 13110  |
|  China Pacific Insurance Group Co. Ltd. - Class A | 14900 | 78004  |
|  China Pacific Insurance Group Co. Ltd. - Class H | 18600 | 63820  |
| China XLX Fertiliser Ltd. | 38000 | 26611  |
| China Yangtze Power Co. Ltd. - Class A | 48800 | 205301  |
| CMOC Group Ltd. - Class A | 37400 | 43954  |
| CMOC Group Ltd. - Class H | 51000 | 51616  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class A | 25200 | 52899  |
|  COSCO SHIPPING Holdings Co. Ltd. - Class H | 94500 | 164293  |
|  Country Garden Services Holdings Co. Ltd. | 28000 | 23447  |
| Dongfang Electric Corp. Ltd. - Class A | 2800 | 6564  |
| Dongyue Group Ltd. | 31000 | 41479  |
| Eastroc Beverage Group Co. Ltd. | 1100 | 48193  |
| Eoptolink Technology, Inc. Ltd. | 1400 | 24825  |
| FinVolution Group - ADR | 9936 | 94193  |

---

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

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **China - (Continued)**  | **China - (Continued)**  | **China - (Continued)**  |
|  Foxconn Industrial Internet Co. Ltd. - Class A | 28800 | $85948  |
| Fufeng Group Ltd. | 136000 | 119562  |
|  Fuyao Glass Industry Group Co. Ltd. - Class A | 1700 | 13552  |
| Great Wall Motor Co. Ltd. - Class H | 60000 | 92564  |
| Greentown Service Group Co. Ltd. | 40000 | 22354  |
| Haier Smart Home Co. Ltd. | 13600 | 46963  |
| Haier Smart Home Co. Ltd. - Class H | 334404 | 958730  |
|  Hansoh Pharmaceutical Group Co. Ltd.<sup>(b)</sup> | 30000 | 113920  |
|  Huizhou Desay Sv Automotive Co. Ltd. - Class A | 1100 | 15739  |
|  Humanwell Healthcare Group Co. Ltd. - Class A | 3300 | 9663  |
| IEIT Systems Co. Ltd. | 2900 | 20688  |
|  Industrial & Commercial Bank of China Ltd. - Class H | 18000 | 14280  |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 3500 | 35006  |
| JD.com, Inc. - Class A | 350 | 5706  |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 12900 | 93652  |
| Jinan Acetate Chemical Co. Ltd. | 10000 | 30995  |
| JNBY Design Ltd. | 49000 | 108020  |
| Kinetic Development Group Ltd. | 246000 | 35466  |
| Kingsoft Corp. Ltd. | 11200 | 58371  |
| Lenovo Group Ltd. | 64000 | 77018  |
| LexinFintech Holdings Ltd. - ADR | 10987 | 79216  |
| Li Auto, Inc. - Class A<sup>(a)</sup> | 6200 | 84351  |
| Lonking Holdings Ltd. | 446000 | 119465  |
|  Luxshare Precision Industry Co. Ltd. - Class A | 14000 | 68052  |
| Meitu, Inc.<sup>(b)</sup> | 32500 | 37250  |
| Meituan - Class B<sup>(a)(b)</sup> | 65100 | 1041825  |
| Muyuan Foods Co. Ltd. - Class A | 10400 | 61034  |
| NetEase, Inc. | 6300 | 169931  |
| Newborn Town, Inc.<sup>(a)</sup> | 46000 | 57800  |
| Onewo, Inc. - Class H | 11600 | 31148  |
| Orient Securities Co. Ltd. - Class A | 14700 | 19839  |
| PetroChina Co. Ltd. - Class H | 24000 | 20610  |
|  Ping An Insurance Group Co. of China Ltd. - Class H | 12500 | 79581  |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 2400 | 81527  |
| Qifu Technology, Inc. - ADR | 2940 | 127478  |
| Seres Group Co. Ltd. - Class A | 3000 | 56456  |
| SF Holding Co. Ltd. - Class A | 5700 | 38888  |
| Shanghai Chicmax Cosmetic Co. Ltd. | 4500 | 47113  |
|  Shenzhen Inovance Technology Co. Ltd. - Class A | 2700 | 24438  |
|  Shenzhou International Group Holdings Ltd. | 900 | 6402  |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | 22000 | 31230  |
| Tencent Holdings Ltd. | 28180 | 1809920  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Tongcheng Travel Holdings Ltd. | 17200 | $42969  |
| Weichai Power Co. Ltd. - Class A | 5712 | 12299  |
| Weichai Power Co. Ltd. - Class H | 235000 | 478086  |
| Weilong Delicious Global Holdings Ltd. | 27400 | 50668  |
| Western Mining Co. Ltd. - Class A | 4700 | 10909  |
| WuXi AppTec Co. Ltd. - Class A | 4960 | 48383  |
| WuXi AppTec Co. Ltd. - Class H<sup>(b)</sup> | 9900 | 99440  |
| XD, Inc. | 9200 | 56692  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 15800 | 121766  |
|  Yealink Network Technology Corp. Ltd. - Class A | 2500 | 12129  |
| Yuexiu Services Group Ltd. | 120000 | 44099  |
| Yutong Bus Co. Ltd. - Class A | 4200 | 14572  |
| Zai Lab Ltd. - ADR<sup>(a)</sup> | 1228 | 42943  |
| Zhejiang NHU Co. Ltd. - Class A | 6700 | 19867  |
| Zijin Mining Group Co. Ltd. - Class A | 7600 | 20916  |
| Zijin Mining Group Co. Ltd. - Class H | 20000 | 50907  |
| ZTO Express Cayman, Inc. | 3550 | 63005  |
|  |  | 11796291  |
| **Colombia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Geopark Ltd. | 5098 | 33239  |
| **Czech Republic - 0.0%<sup>(c)</sup>**<br>|  |  |
| Komercni Banka AS | 966 | 46707  |
| Moneta Money Bank AS<sup>(b)</sup> | 749 | 5167  |
|  |  | 51874  |
| **Denmark - 1.6%**<br>|  |  |
| ALK-Abello AS<sup>(a)</sup> | 7862 | 232442  |
| AP Moller - Maersk AS - Class A | 43 | 79411  |
| Danske Bank AS | 22950 | 935686  |
| Dfds AS<sup>(a)</sup> | 2222 | 39425  |
| Genmab AS<sup>(a)</sup> | 1497 | 309761  |
| H Lundbeck AS | 16769 | 96248  |
| NKT AS<sup>(a)</sup> | 404 | 32682  |
| Novo Nordisk AS | 19094 | 1332341  |
| Novonesis Novozymes B | 1942 | 139447  |
| Per Aarsleff Holding AS | 2399 | 248805  |
| Vestas Wind Systems AS | 15062 | 226324  |
|  |  | 3672572 |
| **Egypt - 0.0%<sup>(c)</sup>**<br>|  |  |
| Telecom Egypt Co. | 31977 | 24499  |
| **Finland - 0.5%**<br>|  |  |
| Incap Oyj<sup>(a)</sup> | 2028 | 26403  |
| Nokia Oyj | 91416 | 472724  |
| Nordea Bank Abp | 25248 | 375433  |
| Orion Oyj - Class B | 3591 | 270300  |
| QT Group Oyj<sup>(a)</sup> | 413 | 27986  |
| Wartsila OYJ Abp | 1129 | 26682  |
|  |  | 1199528  |
| **France - 4.8%**<br>|  |  |
| Accor SA | 6982 | 365265  |
| Airbus SE | 1023 | 214057  |

---

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

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **France - (Continued)**  | **France - (Continued)**  | **France - (Continued)**  |
| Amundi SA<sup>(b)</sup> | 11813 | $957585  |
| Arkema SA | 13124 | 968841  |
| Bouygues SA | 6206 | 280933  |
| Catana Group | 7300 | 28410  |
|  Cie Generale des Etablissements Michelin SCA | 25947 | 965474  |
| Dassault Aviation SA | 23 | 8150  |
| Eiffage SA | 762 | 107164  |
| Elis SA | 3936 | 113071  |
| Engie SA | 975 | 22960  |
| Esso SA Francaise | 202 | 35929  |
| Etablissements Maurel et Prom SA | 10866 | 61381  |
| Gaztransport Et Technigaz SA | 440 | 87339  |
| Hermes International SCA | 58 | 157355  |
| Ipsen SA | 301 | 35886  |
| IPSOS SA | 399 | 21413  |
| Jacquet Metals SACA | 858 | 22364  |
| Kaufman & Broad SA | 581 | 22634  |
| Mersen SA | 1797 | 46849  |
| Pluxee NV | 2103 | 45858  |
| Publicis Groupe SA | 1685 | 190221  |
| Pullup Entertainment<sup>(a)</sup> | 952 | 21566  |
| Renault SA | 3337 | 154002  |
| Rexel SA | 42641 | 1315884  |
| Rubis SCA | 6349 | 205344  |
| Safran SA | 6443 | 2098387  |
| Sanofi SA | 8975 | 868401  |
| Schneider Electric SE | 128 | 34132  |
| Societe Generale SA | 1790 | 102568  |
| Technip Energies NV | 3835 | 161642  |
| Teleperformance SE | 11325 | 1099641  |
| Thales SA | 139 | 40950  |
| Valeo SE | 2983 | 32720  |
| Vinci SA | 876 | 129309  |
|  |  | 11023685  |
| **Germany - 7.7%**<br>|  |  |
| Allianz SE | 64 | 25931  |
| Atoss Software SE | 1929 | 320386  |
| BASF SE | 27241 | 1343655  |
| Bayer AG | 23846 | 717054  |
| CECONOMY AG<sup>(a)</sup> | 11987 | 51119  |
| Cewe Stiftung & Co. KGAA | 334 | 38597  |
| Commerzbank AG | 2188 | 69036  |
| Continental AG | 8644 | 754300  |
| Daimler Truck Holding AG | 31309 | 1481859  |
| Delivery Hero SE<sup>(a)(b)</sup> | 627 | 16977  |
| Deutsche Boerse AG | 2870 | 936490  |
| Deutsche Telekom AG | 19012 | 696073  |
| Elmos Semiconductor SE | 271 | 28661  |
| Evonik Industries AG | 10588 | 218264  |
| Fresenius Medical Care AG | 17924 | 1027696  |
| Friedrich Vorwerk Group SE | 305 | 21044  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hannover Rueck SE | 51 | $16048  |
| Hornbach Holding AG & Co. KGaA | 1620 | 202341  |
| IONOS Group SE<sup>(a)</sup> | 928 | 43634  |
| KION Group AG | 684 | 38082  |
| Knorr-Bremse AG | 662 | 63985  |
| Krones AG | 300 | 49474  |
| LEG Immobilien SE | 2654 | 235465  |
| MBB SE | 225 | 37313  |
| Mercedes-Benz Group AG | 2693 | 157568  |
| MTU Aero Engines AG | 619 | 275268  |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 317 | 205586  |
| Rheinmetall AG | 722 | 1527551  |
| SAP SE | 7767 | 2362631  |
| Schaeffler AG | 4344 | 23751  |
| Scout24 SE<sup>(b)</sup> | 390 | 53783  |
| Siemens AG | 248 | 63606  |
| Siemens Energy AG<sup>(a)</sup> | 28687 | 3315153  |
| SUSS MicroTec SE | 3244 | 178026  |
| Talanx AG | 2351 | 304437  |
| thyssenkrupp AG | 4984 | 53521  |
| TUI AG<sup>(a)</sup> | 8607 | 75217  |
| Vonovia SE | 15664 | 551752  |
|  |  | 17581334  |
| **Greece - 0.1%**<br>|  |  |
| Aegean Airlines SA | 2192 | 31552  |
| Alpha Bank SA | 4216 | 14895  |
| FF Group<sup>(a)(d)</sup> | 2880 | 0  |
|  Hellenic Telecommunications Organization SA | 1497 | 28496  |
| JUMBO SA | 1009 | 34865  |
| National Bank of Greece SA | 1089 | 13923  |
| OPAP SA | 3175 | 72095  |
| StealthGas, Inc.<sup>(a)</sup> | 5698 | 36524  |
|  |  | 232350  |
| **Hong Kong - 1.8%**<br>|  |  |
| AIA Group Ltd. | 29400 | 264387  |
| Bank of East Asia Ltd. | 144600 | 223268  |
| BOC Hong Kong Holdings Ltd. | 119500 | 519821  |
| BOE Varitronix Ltd. | 48000 | 40485  |
| Bosideng International Holdings Ltd. | 8000 | 4734  |
| China Foods Ltd. | 122000 | 47751  |
| China Overseas Land & Investment Ltd. | 500339 | 869293  |
| China Overseas Property Holdings Ltd. | 45000 | 31465  |
|  China Taiping Insurance Holdings Co. Ltd. | 17000 | 33242  |
| Dah Sing Banking Group Ltd. | 92800 | 107641  |
| Dah Sing Financial Holdings Ltd. | 13200 | 50122  |
| First Pacific Co. Ltd. | 196000 | 138857  |
| Galaxy Entertainment Group Ltd. | 236000 | 1050133  |
| Geely Automobile Holdings Ltd. | 114000 | 232260  |
| HKT Trust & HKT Ltd. | 49000 | 73175  |
| JS Global Lifestyle Co. Ltd.<sup>(a)(b)</sup> | 225500 | 57029  |

---

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

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Hong Kong - (Continued)**  | **Hong Kong - (Continued)**  | **Hong Kong - (Continued)**  |
| NetEase Cloud Music, Inc.<sup>(a)(b)</sup> | 1350 | $41548  |
| Sinofert Holdings Ltd. | 458000 | 74759  |
| SITC International Holdings Co. Ltd. | 35000 | 112348  |
| Stella International Holdings Ltd. | 17500 | 32240  |
| Techtronic Industries Co. Ltd. | 2000 | 22031  |
|  United Laboratories International Holdings Ltd. | 30000 | 57481  |
| Wasion Holdings Ltd. | 26000 | 27679  |
|  |  | 4111749  |
| **Hungary - 0.3%**<br>|  |  |
|  Magyar Telekom Telecommunications PLC | 38409 | 201517  |
| OTP Bank Nyrt | 5094 | 406897  |
|  |  | 608414  |
| **India - 2.1%**<br>|  |  |
| Acutaas Chemicals Ltd. | 2952 | 39424  |
| Affle 3i Ltd.<sup>(a)</sup> | 2498 | 58251  |
| Ajanta Pharma Ltd. | 3895 | 117119  |
| Akums Drugs & Pharmaceuticals Ltd.<sup>(a)</sup> | 3991 | 27322  |
| Alembic Pharmaceuticals Ltd. | 2109 | 25581  |
| Anup Engineering Ltd. | 1547 | 50156  |
| Artemis Medicare Services Ltd. | 8291 | 24595  |
| AU Small Finance Bank Ltd.<sup>(b)</sup> | 1405 | 13398  |
| AurionPro Solutions Ltd. | 1774 | 29827  |
| Bharat Electronics Ltd. | 8914 | 43830  |
| Bharat Petroleum Corp. Ltd. | 21243 | 82250  |
| Can Fin Homes Ltd. | 2654 | 24544  |
| Canara Bank | 21726 | 28942  |
| Caplin Point Laboratories Ltd. | 1581 | 39156  |
| CMS Info Systems Ltd. | 9201 | 53751  |
| Coforge Ltd. | 1665 | 37384  |
| CRISIL Ltd. | 397 | 28053  |
| Doms Industries Ltd. | 728 | 21432  |
| Emcure Pharmaceuticals Ltd.<sup>(a)</sup> | 1374 | 20772  |
| Epigral Ltd. | 1395 | 29383  |
| Force Motors Ltd. | 826 | 154745  |
| GE Vernova T&D India Ltd. | 778 | 21476  |
| GHCL Ltd. | 3627 | 25982  |
| Godawari Power and Ispat Ltd. | 45621 | 100808  |
| Gujarat State Petronet Ltd. | 4665 | 17957  |
| Gulf Oil Lubricants India Ltd. | 1601 | 23579  |
| Hero MotoCorp Ltd. | 2342 | 115750  |
| ICICI Bank Ltd. | 33951 | 571668  |
| ICICI Bank Ltd. - ADR | 32443 | 1091383  |
| Indegene Ltd. | 17938 | 120260  |
| IndiaMart InterMesh Ltd.<sup>(b)</sup> | 2072 | 62893  |
| Indian Metals & Ferro Alloys Ltd. | 4541 | 41748  |
| Indraprastha Medical Corp. Ltd. | 5465 | 31047  |
| InterGlobe Aviation Ltd.<sup>(a)(b)</sup> | 3352 | 234130  |
| Ipca Laboratories Ltd. | 1737 | 28162  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| J Kumar Infraprojects Ltd. | 4264 | $35909  |
| Jindal Saw Ltd. | 9266 | 26035  |
| Jupiter Life Line Hospitals Ltd. | 1322 | 23097  |
| Kalyan Jewellers India Ltd. | 7017 | 45498  |
| Karur Vysya Bank Ltd. | 8308 | 25929  |
| Kaveri Seed Co. Ltd. | 7771 | 106917  |
| KPIT Technologies Ltd. | 1807 | 26536  |
| LT Foods Ltd. | 4942 | 28056  |
| Lupin Ltd. | 6838 | 154905  |
| Manappuram Finance Ltd. | 22457 | 72125  |
| Narayana Hrudayalaya Ltd. | 2125 | 53817  |
| National Aluminium Co. Ltd. | 11013 | 24760  |
| Nava Ltd. | 17757 | 125711  |
| NESCO Ltd. | 8650 | 117507  |
| NTPC Ltd. | 5927 | 23154  |
| One 97 Communications Ltd.<sup>(a)</sup> | 2330 | 25146  |
| PG Electroplast Ltd. | 2116 | 18637  |
| Power Grid Corp. of India Ltd. | 4199 | 14687  |
| Procter & Gamble Health Ltd. | 1039 | 71255  |
| Sarda Energy & Minerals Ltd. | 8954 | 46327  |
| Tips Music Ltd. | 7193 | 56535  |
| Transformers & Rectifiers India Ltd. | 3519 | 20048  |
| Union Bank of India Ltd. | 48941 | 87692  |
|  |  | 4667041  |
| **Indonesia - 0.3%**<br>|  |  |
| Aneka Tambang Tbk | 228700 | 42927  |
| Bank Rakyat Indonesia Persero Tbk PT | 1909300 | 441542  |
| Ciputra Development Tbk PT | 1051000 | 62031  |
| Elnusa Tbk PT | 641300 | 18526  |
| Pakuwon Jati Tbk PT | 3080900 | 71165  |
| Triputra Agro Persada PT | 754900 | 46122  |
|  |  | 682313  |
| **Ireland - 0.9%**<br>|  |  |
| Bank of Ireland Group PLC | 75702 | 1080276  |
| Cairn Homes PLC | 16465 | 41599  |
| Experian PLC | 16408 | 845281  |
| Greencore Group PLC | 7935 | 25429  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 489 | 51179  |
|  |  | 2043764  |
| **Israel - 0.8%**<br>|  |  |
| Ashdod Refinery Ltd.<sup>(a)</sup> | 850 | 16282  |
| Camtek Ltd.<sup>(a)(e)</sup> | 629 | 53188  |
| Ceragon Networks Ltd.<sup>(a)</sup> | 14681 | 36115  |
| El Al Israel Airlines<sup>(a)</sup> | 8737 | 34287  |
| Fiverr International Ltd.<sup>(a)</sup> | 766 | 22467  |
| Ituran Location and Control Ltd. | 2385 | 92371  |
| Monday.com Ltd.<sup>(a)</sup> | 3590 | 1128983  |
| Nova Ltd.<sup>(a)</sup> | 388 | 106777  |
| Oddity Tech Ltd. - Class A<sup>(a)</sup> | 2678 | 202109  |
| SimilarWeb Ltd.<sup>(a)</sup> | 2627 | 20596  |
|  |  | 1713175  |

---

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

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Italy - 2.2%**<br>|  |  |
| Banca Monte dei Paschi di Siena SpA | 15028 | $127906  |
| Banco BPM SpA | 14627 | 170855  |
| Buzzi SpA | 4887 | 271035  |
| CIR SpA-Compagnie Industriali<sup>(a)</sup> | 30879 | 21282  |
| Enel SpA | 109375 | 1038099  |
| Ferrari NV | 2210 | 1083554  |
| Fincantieri SpA<sup>(a)</sup> | 3884 | 74828  |
| FinecoBank Banca Fineco SpA | 12589 | 279427  |
| Intesa Sanpaolo SpA | 148915 | 858396  |
| Iren SpA | 11294 | 34861  |
| Iveco Group NV | 14916 | 293548  |
| OVS SpA<sup>(b)</sup> | 5663 | 24701  |
|  Recordati Industria Chimica e Farmaceutica SpA | 2115 | 133069  |
| Reply SpA | 374 | 64604  |
| UniCredit SpA | 6622 | 444139  |
| Webuild SpA | 43219 | 183150  |
|  |  | 5103454  |
| **Japan - 10.8%**<br>|  |  |
| 77 Bank Ltd. | 1800 | 61175  |
| Advantest Corp. | 1300 | 96299  |
| Aica Kogyo Co. Ltd. | 6800 | 169719  |
| Aiful Corp. | 8700 | 25398  |
| Aisan Industry Co. Ltd. | 2200 | 25545  |
| Aoyama Trading Co. Ltd. | 2500 | 37916  |
| Argo Graphics, Inc. | 1100 | 40022  |
| Asics Corp. | 4300 | 109846  |
| Astellas Pharma, Inc. | 24800 | 243175  |
| Avex, Inc. | 8700 | 76837  |
| Bandai Namco Holdings, Inc. | 4200 | 150353  |
| BayCurrent, Inc. | 1000 | 51517  |
| B-Lot Co. Ltd. | 3500 | 33944  |
| Change Holdings, Inc. | 4700 | 37653  |
| Charm Care Corp. KK | 4100 | 36891  |
| Chiyoda Co. Ltd. | 2800 | 23231  |
| Chiyoda Corp.<sup>(a)</sup> | 15000 | 35480  |
| Chugoku Electric Power Co., Inc. | 18800 | 92857  |
| Concordia Financial Group Ltd. | 14500 | 93768  |
| Credit Saison Co. Ltd. | 3500 | 94341  |
| Cybozu, Inc. | 7600 | 196670  |
| Daifuku Co. Ltd. | 5600 | 144762  |
| Dai-ichi Life Holdings, Inc. | 600 | 4535  |
| Daiichi Sankyo Co. Ltd. | 16000 | 372571  |
| Daikin Industries Ltd. | 6500 | 767900  |
| Daito Trust Construction Co. Ltd. | 1900 | 207101  |
| Disco Corp. | 500 | 147944  |
| Earth Corp. | 1100 | 37263  |
| Electric Power Development Co. Ltd. | 2000 | 34080  |
| Ferrotec Corp. | 4900 | 103089  |
| Foster Electric Co. Ltd. | 5600 | 60884  |
| Fuji Seal International, Inc. | 2200 | 42502  |
| Fujikura Ltd. | 900 | 47293  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Fujita Kanko, Inc. | 1600 | $123744  |
| Fukuoka Financial Group, Inc. | 14600 | 388825  |
| Glory Ltd. | 18400 | 428113  |
| Greens Co. Ltd. | 3800 | 54917  |
| grems, Inc. | 2300 | 37909  |
| GS Yuasa Corp. | 10800 | 201182  |
| H2O Retailing Corp. | 2100 | 27505  |
| Hachijuni Bank Ltd. | 9100 | 73636  |
| Hagihara Industries, Inc. | 2500 | 26453  |
| Hamakyorex Co. Ltd. | 5900 | 55383  |
| Hitachi Ltd. | 13200 | 382389  |
| Hokuhoku Financial Group, Inc. | 1700 | 32294  |
| Hokuriku Electric Power Co. | 7100 | 35390  |
| Hyakugo Bank Ltd. | 23700 | 113127  |
| Insource Co. Ltd. | 3700 | 25431  |
| Intermestic, Inc. | 7800 | 92096  |
| J Trust Co. Ltd. | 20500 | 60035  |
| Japan Airlines Co. Ltd. | 4600 | 93705  |
| Japan Communications, Inc.<sup>(a)</sup> | 32900 | 36547  |
| JINS Holdings, Inc. | 1100 | 65132  |
| JTEKT Corp. | 2700 | 22165  |
| Juroku Financial Group, Inc. | 2500 | 83730  |
| Kaneka Corp. | 3100 | 85365  |
| KAWADA TECHNOLOGIES, Inc. | 1700 | 45511  |
| Keyence Corp. | 100 | 40154  |
| Kintetsu Department Store Co. Ltd. | 4400 | 53648  |
| Komatsu Ltd. | 29595 | 968712  |
| Konami Group Corp. | 3300 | 521113  |
| Konica Minolta, Inc.<sup>(a)</sup> | 25500 | 82517  |
| Kyoto Financial Group, Inc. | 1500 | 26888  |
| Lacto Japan Co. Ltd. | 5300 | 135563  |
| Leopalace21 Corp. | 15600 | 67369  |
| Lintec Corp. | 1500 | 30795  |
| LY Corp. | 70600 | 259982  |
| Macbee Planet, Inc. | 1000 | 18980  |
| Management Solutions Co. Ltd. | 2300 | 28392  |
| Maruha Nichiro Corp. | 2100 | 44416  |
| MatsukiyoCocokara & Co. | 11100 | 228724  |
| Mazda Motor Corp. | 11100 | 66678  |
| Metaplanet, Inc.<sup>(a)</sup> | 1700 | 19309  |
| MIMAKI ENGINEERING Co. Ltd | 4100 | 54218  |
| MINEBEA MITSUMI, Inc. | 45000 | 657980  |
| Mitsubishi Heavy Industries Ltd. | 86700 | 2172665  |
| Mitsubishi Motors Corp. | 18700 | 52795  |
| Mitsubishi UFJ Financial Group, Inc. | 10900 | 149239  |
| Morinaga Milk Industry Co. Ltd. | 2100 | 47178  |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings, <br>Inc. | 10100 | 225293  |
| Murata Manufacturing Co. Ltd. | 50500 | 746993  |
| Nagase & Co. Ltd. | 1700 | 32698  |
| Namura Shipbuilding Co. Ltd. | 3500 | 75941  |
| Nankai Electric Railway Co. Ltd. | 5700 | 86106  |
| NexTone, Inc.<sup>(a)</sup> | 1600 | 23783  |
| NGK Insulators Ltd. | 8600 | 107808  |

---

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

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Japan - (Continued)**  | **Japan - (Continued)**  | **Japan - (Continued)**  |
| NIDEC CORP | 9200 | $178084  |
| Nintendo Co. Ltd. | 13100 | 1256513  |
| Nippn Corp. | 1400 | 20691  |
| Nippon Light Metal Holdings Co. Ltd. | 18000 | 202920  |
| Nippon Paper Industries Co. Ltd. | 19900 | 143077  |
| Nippon Sheet Glass Co. Ltd.<sup>(a)</sup> | 21800 | 68077  |
| Nippon Shinyaku Co. Ltd. | 1900 | 41420  |
| Nippon Yusen KK | 5500 | 197464  |
| Nipro Corp. | 4900 | 43365  |
| Nishi-Nippon Railroad Co. Ltd. | 15300 | 215822  |
| NSK Ltd. | 17700 | 83105  |
| NTN Corp. | 69800 | 109858  |
| Obayashi Corp. | 17000 | 257261  |
| Oita Bank Ltd. | 2400 | 66378  |
| Oki Electric Industry Co. Ltd. | 26100 | 290548  |
| Olympus Corp. | 74500 | 883983  |
| Open House Group Co. Ltd. | 900 | 40725  |
| Oracle Corp. Japan | 1200 | 143188  |
| Otsuka Corp. | 3200 | 65161  |
| Panasonic Holdings Corp. | 9100 | 97758  |
| Persol Holdings Co. Ltd. | 24300 | 47372  |
| PHC Holdings Corp. | 5300 | 33495  |
| PIA Corp.<sup>(a)</sup> | 2000 | 40778  |
| Resona Holdings, Inc. | 65400 | 600269  |
| Round One Corp. | 5600 | 56920  |
| Sac's Bar Holdings, Inc. | 3900 | 21748  |
| Sakata INX Corp. | 17500 | 235659  |
| San ju San Financial Group, Inc. | 3900 | 79751  |
| Sanken Electric Co. Ltd.<sup>(a)</sup> | 1000 | 55788  |
| Sanko Gosei Ltd. | 7600 | 35744  |
| Sanrio Co. Ltd. | 4700 | 227345  |
| Sanyo Shokai Ltd. | 3700 | 66949  |
| Sato Corp. | 8700 | 124307  |
| SCREEN Holdings Co. Ltd. | 900 | 73084  |
| SCSK Corp. | 5500 | 165624  |
| Seiko Group Corp. | 1500 | 45428  |
| Shibaura Machine Co. Ltd. | 1900 | 41779  |
| Shiga Bank Ltd. | 1800 | 72353  |
| Showa Sangyo Co. Ltd. | 9100 | 188162  |
| Siix Corp. | 13100 | 106046  |
| Sony Group Corp. | 1100 | 28676  |
| Sumitomo Electric Industries Ltd. | 7200 | 153501  |
| Sumitomo Mitsui Financial Group, Inc. | 15200 | 381064  |
| Sumitomo Mitsui Trust Group, Inc. | 2200 | 58319  |
| Suntory Beverage & Food Ltd. | 30200 | 966714  |
| Suzuken Co. Ltd. | 700 | 25312  |
| T&D Holdings, Inc. | 5300 | 115930  |
| Tadano Ltd. | 5300 | 35217  |
| Takeda Pharmaceutical Co. Ltd. | 7800 | 240775  |
| TDK Corp. | 90000 | 1052658  |
| Toei Co. Ltd. | 700 | 25361  |
| Toho Co. Ltd. | 1000 | 21605  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Tokai Carbon Co. Ltd. | 2600 | $18320  |
| Tokio Marine Holdings, Inc. | 2500 | 105462  |
| Tokyo Century Corp. | 1900 | 21385  |
| Tokyo Electron Ltd. | 1500 | 286379  |
| Tokyu Fudosan Holdings Corp. | 4700 | 33672  |
| Toray Industries, Inc. | 36200 | 247257  |
| Toyoda Gosei Co. Ltd. | 6300 | 123787  |
| Toyota Boshoku Corp. | 2700 | 36744  |
| Toyota Tsusho Corp. | 6300 | 142297  |
| Traders Holdings Co. Ltd. | 5600 | 41868  |
| Trend Micro, Inc. | 600 | 41447  |
| Vital KSK Holdings, Inc. | 2400 | 20196  |
| YAMABIKO Corp. | 12300 | 180495  |
| Yamaha Corp. | 15700 | 113144  |
| ZERIA Pharmaceutical Co. Ltd. | 8000 | 115816  |
|  |  | 24676482  |
| **Luxembourg - 0.5%**<br>|  |  |
| ArcelorMittal SA | 36709 | 1160302  |
| d'Amico International Shipping SA | 12091 | 49093  |
|  |  | 1209395  |
| **Malaysia - 0.1%**<br>|  |  |
| Bumi Armada Bhd | 198600 | 21465  |
| Eco World Development Group Bhd | 81000 | 37781  |
| Fraser & Neave Holdings Bhd | 7700 | 53877  |
| My EG Services Bhd | 117100 | 26436  |
| Sime Darby Property Bhd | 241000 | 82476  |
| SP Setia Bhd Group | 196800 | 52314  |
|  |  | 274349  |
| **Mexico - 0.2%**<br>|  |  |
| America Movil SAB de CV<sup>(a)</sup> | 102400 | 91680  |
| Arca Continental SAB de CV | 2500 | 26486  |
|  Genomma Lab Internacional SAB de CV - Class B | 61400 | 66915  |
| Gentera SAB de CV | 26800 | 57186  |
|  Grupo Aeroportuario del Centro Norte SAB de CV | 9200 | 121003  |
| Grupo Televisa SAB - ADR | 11071 | 24245  |
|  Promotora y Operadora de Infraestructura SAB de CV | 6050 | 68236  |
| Qualitas Controladora SAB de CV | 5200 | 53454  |
|  |  | 509205  |
| **Netherlands - 2.9%**<br>|  |  |
| Adyen NV<sup>(a)(b)</sup> | 710 | 1303642  |
| ASM International NV | 1631 | 1044277  |
| ASML Holding NV | 389 | 311453  |
| ASML Holding NV | 1426 | 1142782  |
| ASR Nederland NV | 3177 | 211018  |
| Corbion NV | 2710 | 58301  |
| ING Groep NV | 45868 | 1006569  |
| Koninklijke Heijmans N.V | 2919 | 188970  |
| Koninklijke Philips NV | 12014 | 288441  |
| NEPI Rockcastle NV | 19480 | 148677  |
| NN Group NV | 110 | 7311  |

---

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

62<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Netherlands - (Continued)**  | **Netherlands - (Continued)**  | **Netherlands - (Continued)**  |
| Randstad NV | 19689 | $909337  |
| Signify NV<sup>(b)</sup> | 1554 | 42073  |
|  |  | 6662851  |
| **Norway - 0.7%**<br>|  |  |
| Aker Solutions ASA | 10574 | 36425  |
| BW Offshore Ltd. | 11927 | 35741  |
| DNB Bank ASA | 13415 | 371196  |
| Equinor ASA | 35641 | 899907  |
| Hoegh Autoliners ASA | 11091 | 98248  |
| Norsk Hydro ASA | 4522 | 25771  |
| Norwegian Air Shuttle ASA<sup>(a)</sup> | 27156 | 39340  |
| Odfjell SE - Class A | 2398 | 25729  |
| Sea1 offshore, Inc. | 8647 | 21064  |
| Solstad Offshore ASA<sup>(a)</sup> | 5143 | 21762  |
| Veidekke ASA | 3054 | 49094  |
| Wallenius Wilhelmsen ASA | 9916 | 81608  |
|  |  | 1705885  |
| **Peru - 0.1%**<br>|  |  |
| Cia de Minas Buenaventura SAA - ADR | 666 | 10936  |
| Credicorp Ltd. | 346 | 77338  |
| Hochschild Mining PLC | 13176 | 46442  |
|  |  | 134716  |
| **Philippines - 0.1%**<br>|  |  |
|  Converge Information and Communications Technology Solutions, Inc. | 76500 | 26429  |
| DigiPlus Interactive Corp. | 52600 | 48498  |
|  International Container Terminal Services, Inc. | 18470 | 135131  |
| Megaworld Corp. | 503000 | 17592  |
| Robinsons Land Corp. | 364900 | 88101  |
|  |  | 315751  |
| **Poland - 0.1%**<br>|  |  |
| Bank Polska Kasa Opieki SA | 1985 | 102365  |
| Enea SA | 11874 | 64554  |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 1642 | 34349  |
| Santander Bank Polska SA | 890 | 122420  |
|  |  | 323688  |
| **Portugal - 0.2%**<br>|  |  |
| Banco Comercial Portugues SA | 195029 | 151965  |
| Sonae SGPS SA | 168198 | 239452  |
|  |  | 391417  |
| **Russia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Novolipetsk Steel PJSC<sup>(a)(d)</sup> | 46050 | 0  |
| PhosAgro PJSC - GDR<sup>(a)(d)</sup> | 5089 | 0  |
| Sberbank of Russia PJSC<sup>(d)</sup> | 29200 | 0  |
| Severstal PAO<sup>(d)</sup> | 608 | 0  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Surgutneftegas PAO<sup>(d)</sup> | 168940 | $0  |
| Tatneft PJSC<sup>(d)</sup> | 19624 | 0  |
|  |  | 0 |
| **Saudi Arabia - 0.2%**<br>|  |  |
|  Al Babtain Power & Telecommunication Co. | 5685 | 83000  |
| Arab National Bank | 31670 | 183428  |
| Electrical Industries Co. | 15227 | 34233  |
| Riyad Bank | 8010 | 61388  |
| Sumou Real Estate Co. | 2945 | 31570  |
|  |  | 393619  |
| **Singapore - 1.5%**<br>|  |  |
| DBS Group Holdings Ltd. | 16400 | 579892  |
| Food Empire Holdings Ltd. | 19600 | 28389  |
| Rex International Holding Ltd.<sup>(a)</sup> | 250900 | 34755  |
| Sea Ltd. - ADR<sup>(a)</sup> | 16457 | 2632132  |
| Singapore Exchange Ltd. | 13700 | 160252  |
|  Singapore Technologies Engineering Ltd. | 7200 | 44123  |
| United Overseas Bank Ltd. | 1500 | 42498  |
|  |  | 3522041  |
| **South Africa - 0.4%**<br>|  |  |
| AVI Ltd. | 24402 | 129990  |
| Capitec Bank Holdings Ltd. | 37 | 7442  |
| Gold Fields Ltd. | 3983 | 94350  |
| Investec Ltd. | 29310 | 218879  |
| Netcare Ltd. | 30222 | 23831  |
| Omnia Holdings Ltd. | 10211 | 45865  |
| Reunert Ltd. | 14848 | 48320  |
| Standard Bank Group Ltd. | 20702 | 266904  |
| Telkom SA SOC Ltd. | 10730 | 32806  |
|  |  | 868387  |
| **South Korea - 2.6%**<br>|  |  |
| BNK Financial Group, Inc. | 8125 | 74851  |
| CJ Logistics Corp. | 335 | 21673  |
| Coway Co. Ltd. | 100 | 7174  |
| DB HiTek Co. Ltd. | 1174 | 40703  |
| DB Insurance Co. Ltd. | 1507 | 137743  |
| Dongjin Semichem Co. Ltd. | 900 | 21729  |
| ENF Technology Co. Ltd. | 1013 | 29157  |
| Han Kuk Carbon Co. Ltd. | 3145 | 60500  |
| Hankook Tire & Technology Co. Ltd. | 2166 | 63699  |
| Hanwha Life Insurance Co. Ltd.<sup>(a)</sup> | 9288 | 22693  |
| HD Hyundai Co. Ltd. | 1393 | 133749  |
| HD Hyundai Heavy Industries Co. Ltd. | 244 | 77460  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1082 | 293707  |
| HMM Co. Ltd. | 8353 | 139239  |
| Hyundai Glovis Co. Ltd. | 1226 | 122438  |
| Hyundai Rotem Co. Ltd. | 225 | 32755  |
| Iljin Electric Co. Ltd. | 1006 | 30804  |
| JB Financial Group Co. Ltd. | 14847 | 226063  |

---

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

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **South Korea - (Continued)**  | **South Korea - (Continued)**  | **South Korea - (Continued)**  |
| Jusung Engineering Co. Ltd. | 1665 | $38347  |
| KakaoBank Corp. | 5527 | 122980  |
| KB Financial Group, Inc. | 3170 | 260454  |
| KCC Corp. | 422 | 97546  |
| Kia Corp. | 2927 | 209570  |
| KIWOOM Securities Co. Ltd. | 1832 | 311062  |
| Kolmar Korea Co. Ltd. | 424 | 31298  |
| Korea Electric Terminal Co. Ltd. | 1651 | 79634  |
| Korea Investment Holdings Co. Ltd. | 1375 | 142211  |
| Korean Air Lines Co. Ltd. | 980 | 16636  |
| Krafton, Inc.<sup>(a)</sup> | 100 | 26904  |
| KT&G Corp. | 524 | 49538  |
| Kumho Tire Co., Inc.<sup>(a)</sup> | 5902 | 19698  |
| Kyung Dong Navien Co. Ltd. | 2010 | 107811  |
| LG Corp. | 300 | 17702  |
| LIG Nex1 Co. Ltd. | 338 | 135311  |
| LigaChem Biosciences, Inc.<sup>(a)</sup> | 299 | 25376  |
| LS Corp. | 225 | 32736  |
| NH Investment & Securities Co. Ltd. | 5274 | 78157  |
| S-1 Corp. | 3900 | 198274  |
| Samsung Electronics Co. Ltd. | 34789 | 1542358  |
| Samyang Foods Co. Ltd. | 133 | 137451  |
| Shinhan Financial Group Co. Ltd. | 11400 | 518579  |
| SK Hynix, Inc. | 391 | 84694  |
| SL Corp. | 1847 | 42607  |
| SOOP Co. Ltd. | 459 | 30958  |
| Youngone Corp. | 1230 | 57496  |
|  |  | 5951525  |
| **Spain - 1.1%**<br>|  |  |
| Acciona SA | 849 | 152827  |
|  ACS Actividades de Construccion y Servicios SA | 3498 | 242926  |
| Aedas Homes SA<sup>(b)</sup> | 794 | 22934  |
| Aena SME SA<sup>(b)</sup> | 1000 | 26694  |
| Banco Bilbao Vizcaya Argentaria SA | 22990 | 353589  |
| Banco Santander SA | 62529 | 517652  |
| CaixaBank SA | 49667 | 430304  |
|  Distribuidora Internacional de Alimentacion SA<sup>(a)</sup> | 1911 | 60309  |
| Endesa SA | 1429 | 45266  |
| Gestamp Automocion SA<sup>(b)</sup> | 12593 | 43347  |
| Grifols SA<sup>(a)</sup> | 9986 | 121757  |
| Iberdrola SA | 22919 | 440584  |
| Prosegur Cia de Seguridad SA | 19280 | 66305  |
| Repsol SA | 1520 | 22266  |
| Unicaja Banco SA<sup>(b)</sup> | 17875 | 42243  |
|  |  | 2589003  |
| **Sweden - 2.0%**<br>|  |  |
| AcadeMedia AB<sup>(b)</sup> | 5139 | 45273  |
| AddTech AB - Class B | 149 | 5076  |
| Alfa Laval AB | 1825 | 76872  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Ambea AB<sup>(b)</sup> | 3675 | $43801  |
| Attendo AB<sup>(b)</sup> | 33029 | 221607  |
| Betsson AB | 9845 | 208119  |
| Camurus AB<sup>(a)</sup> | 2963 | 190092  |
| Castellum AB | 2280 | 30113  |
| Clas Ohlson AB - Class B | 2084 | 71245  |
| Hemnet Group AB | 3639 | 106436  |
| Hoist Finance AB<sup>(b)</sup> | 3975 | 35110  |
| Loomis AB | 1471 | 61857  |
| Peab AB - Class B | 13315 | 109070  |
| Skanska AB - Class B | 10781 | 251115  |
| SkiStar AB | 1610 | 26337  |
| Spotify Technology SA<sup>(a)</sup> | 3208 | 2461627  |
| Svenska Handelsbanken AB - Class A | 1671 | 22347  |
| Swedish Orphan Biovitrum AB<sup>(a)</sup> | 6431 | 196235  |
| Tele2 AB - Class B | 18250 | 266757  |
|  Telefonaktiebolaget LM Ericsson - Class B | 8442 | 72351  |
| Thule Group AB<sup>(b)</sup> | 683 | 19656  |
| Volvo AB - Class B | 679 | 19064  |
|  |  | 4540160  |
| **Switzerland - 2.9%**<br>|  |  |
| ABB Ltd. | 3493 | 208817  |
| Belimo Holding AG | 33 | 33736  |
| Coca-Cola HBC AG | 5631 | 292341  |
| dormakaba Holding AG | 58 | 53132  |
| Inficon Holding AG | 1620 | 218102  |
| International Workplace Group PLC | 44032 | 126248  |
| Julius Baer Group Ltd. | 12383 | 835570  |
| Logitech International SA | 643 | 58104  |
| Novartis AG | 7221 | 873561  |
| Roche Holding AG | 3875 | 1266778  |
| Roche Holding AG | 318 | 110643  |
| Schindler Holding AG | 573 | 213430  |
| Sika AG | 137 | 37177  |
| Swiss Re AG | 2141 | 371543  |
| UBS Group AG | 53278 | 1810287  |
|  |  | 6509469  |
| **Taiwan - 3.8%**<br>|  |  |
| Accton Technology Corp. | 16000 | 397796  |
|  Advanced Energy Solution Holding Co. Ltd. | 1000 | 36089  |
| Advancetek Enterprise Co. Ltd. | 34000 | 83720  |
| Advantech Co. Ltd. | 1599 | 18620  |
| Airoha Technology Corp. | 1000 | 18057  |
| Arcadyan Technology Corp. | 9000 | 61798  |
| Asia Optical Co., Inc. | 26000 | 121299  |
| Azurewave Technologies, Inc. | 14000 | 28131  |
| Chroma ATE, Inc. | 3000 | 45258  |
| Chunghwa Precision Test Tech Co. Ltd. | 1000 | 28643  |
| CyberPower Systems, Inc. | 3000 | 26424  |
| Depo Auto Parts Ind Co. Ltd. | 39000 | 255790  |

---

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

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Taiwan - (Continued)**  | **Taiwan - (Continued)**  | **Taiwan - (Continued)**  |
|  Dynapack International Technology Corp. | 14000 | $107804  |
| Elite Advanced Laser Corp. | 3000 | 21331  |
| Eva Airways Corp. | 54000 | 73790  |
| FocalTech Systems Co. Ltd. | 35000 | 79233  |
|  Formosa Advanced Technologies Co. Ltd. | 39000 | 37325  |
| Fortune Electric Co. Ltd. | 1100 | 21084  |
| Fositek Corp. | 1000 | 27624  |
| Fu Hua Innovation Co. Ltd. | 24000 | 27413  |
|  Fulgent Sun International Holding Co. Ltd. | 11000 | 39371  |
| Fusheng Precision Co. Ltd. | 2000 | 20242  |
| Genesys Logic, Inc. | 5000 | 25349  |
| Genius Electronic Optical Co. Ltd. | 4000 | 57262  |
| Himax Technologies, Inc. - ADR<sup>(e)</sup> | 3270 | 29201  |
| Hon Hai Precision Industry Co. Ltd. | 96000 | 526307  |
| Huang Hsiang Construction Corp. | 34000 | 50243  |
| Insyde Software Corp. | 5000 | 43840  |
| ITE Technology, Inc. | 22000 | 106237  |
| ITH Corp.<sup>(a)</sup> | 19000 | 34646  |
| Kindom Development Co. Ltd. | 13000 | 22439  |
| Lotes Co. Ltd. | 3000 | 137833  |
| LuxNet Corp. | 5000 | 30629  |
| MediaTek, Inc. | 12000 | 510928  |
| Merry Electronics Co. Ltd. | 28000 | 104993  |
| Nan Pao Resins Chemical Co. Ltd. | 14000 | 143597  |
| Pixart Imaging, Inc. | 8000 | 62885  |
| Sincere Navigation Corp. | 39000 | 28854  |
| Sinon Corp. | 17000 | 24384  |
| SinoPac Financial Holdings Co. Ltd. | 77000 | 63815  |
| Sitronix Technology Corp. | 3000 | 20805  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 136600 | 4932080  |
| Via Technologies, Inc. | 10000 | 21040  |
|  |  | 8554209  |
| **Thailand - 0.4%**<br>|  |  |
| Amata Corp. PCL | 49300 | 21301  |
| Bangchak Corp. PCL - NVDR | 18400 | 17268  |
| Bangkok Airways PCL | 83600 | 31437  |
| Bangkok Bank PCL - NVDR | 53500 | 228822  |
| BTS Group Holdings PCL - NVDR<sup>(a)</sup> | 232600 | 25771  |
| Carabao Group PCL | 19000 | 28656  |
| Com7 PCL | 78800 | 44909  |
| GFPT PCL - NVDR | 69800 | 18924  |
| Kasikornbank PCL - NVDR | 4100 | 19365  |
| Krung Thai Bank PCL - NVDR | 48900 | 32087  |
| Regional Container Lines PCL | 84700 | 67123  |
| Rojana Industrial Park PCL | 374600 | 50265  |
| SCB X PCL | 71500 | 256231  |
|  |  | 842159  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Turkey - 0.1%**<br>|  |  |
|  Avrupakent Gayrimenkul Yatirim Ortakligi AS | 13853 | $22383  |
|  Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(a)</sup> | 56412 | 22013  |
| Turkcell Iletisim Hizmetleri AS | 15675 | 38080  |
| Turkiye Is Bankasi AS - Class C | 17302 | 5835  |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(a)</sup> | 99132 | 31274  |
|  |  | 119585  |
| **United Arab Emirates - 0.3%**<br>|  |  |
| Abu Dhabi Islamic Bank PJSC | 36207 | 211924  |
| Aldar Properties PJSC | 50723 | 123213  |
| Deyaar Development PJSC | 181022 | 48803  |
| Emaar Development PJSC | 9041 | 33360  |
| First Abu Dhabi Bank PJSC | 22978 | 103867  |
| Orascom Construction PLC | 6073 | 40527  |
| Parkin Co. PJSC | 15557 | 27531  |
|  |  | 589225  |
| **United Kingdom - 9.3%**<br>|  |  |
| 3i Group PLC | 28276 | 1599474  |
| Aberdeen Group PLC | 83565 | 214793  |
| Admiral Group PLC | 1444 | 64820  |
| Alpha Group International PLC | 1985 | 86806  |
| Anglogold Ashanti PLC | 6969 | 317589  |
| Aon PLC - Class A | 1986 | 708525  |
| AstraZeneca PLC | 9050 | 1262090  |
| BAE Systems PLC | 94350 | 2442643  |
| Barclays PLC | 147311 | 682297  |
| Beazley PLC | 13152 | 168836  |
| British American Tobacco PLC | 4537 | 214701  |
| Centrica PLC | 167069 | 370540  |
| Chemring Group PLC | 4820 | 37428  |
| Cohort PLC | 3556 | 75753  |
| Compass Group PLC | 26122 | 884754  |
| Cranswick PLC | 1013 | 74450  |
| Currys PLC<sup>(a)</sup> | 102736 | 171642  |
| Drax Group PLC | 14948 | 142213  |
| Dunelm Group PLC | 10131 | 164809  |
| Endeavour Mining PLC | 687 | 21124  |
| Energean PLC | 3223 | 40336  |
| EnQuest PLC | 100745 | 17500  |
| Foresight Group Holdings Ltd. | 8499 | 51780  |
| Future PLC | 3413 | 34225  |
| Games Workshop Group PLC | 1440 | 320683  |
| Gamma Communications PLC | 1970 | 30778  |
| GSK PLC | 47897 | 913046  |
| Harbour Energy PLC | 16830 | 45269  |
| HSBC Holdings PLC | 108684 | 1315840  |
| IMI PLC | 7784 | 223799  |
| Imperial Brands PLC | 5896 | 232760  |
| InterContinental Hotels Group PLC | 197 | 22493  |
| J Sainsbury PLC | 252426 | 1004158  |
| Johnson Service Group PLC | 39856 | 83133  |

---

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

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  | **United Kingdom - (Continued)**  |
| Just Group PLC | 16116 | $29299  |
| Lancashire Holdings Ltd. | 4739 | 37411  |
| Marks & Spencer Group PLC | 23229 | 113003  |
| Mitchells & Butlers PLC<sup>(a)</sup> | 13194 | 51905  |
| Mitie Group PLC | 13928 | 27030  |
| NatWest Group PLC | 37797 | 265390  |
| Next PLC | 336 | 57402  |
| Paragon Banking Group PLC | 23532 | 304985  |
| Reckitt Benckiser Group PLC | 18684 | 1271012  |
| Rolls-Royce Holdings PLC | 221874 | 2947871  |
| Savills PLC | 1622 | 22122  |
| Shell PLC | 27357 | 960614  |
| Stolt-Nielsen Ltd. | 2652 | 67373  |
| Tesco PLC | 90904 | 500756  |
| TP ICAP Group PLC | 16118 | 60305  |
| Trainline PLC<sup>(a)(b)</sup> | 10920 | 41814  |
| United Utilities Group PLC | 7479 | 117434  |
| Vodafone Group PLC | 208527 | 222688  |
|  |  | 21139501  |
| **United States - 2.2%**<br>|  |  |
| BeOne Medicines Ltd.<sup>(a)</sup> | 400 | 7522  |
|  Brookfield Asset Management Ltd. - Class A | 200 | 11070  |
| Carnival PLC - ADR<sup>(a)</sup> | 7255 | 185075  |
| Coupang, Inc.<sup>(a)</sup> | 45292 | 1356948  |
| Linde PLC | 1907 | 894726  |
| Nexteer Automotive Group Ltd. | 30000 | 21802  |
| Philip Morris International, Inc. | 11275 | 2053516  |
| Resolute Forest Products<sup>(a)(d)</sup> | 1388 | 0  |
| STERIS PLC | 2038 | 489568  |
|  |  | 5020227  |
| **Uruguay - 0.6%**<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> | 483 | 1262383  |
| **Vietnam - 0.2%**<br>|  |  |
| Vietnam Dairy Products JSC | 187500 | 416548  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $135,015,893)** |  | 183532174 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS - 3.2%**<br>|  |  |
|  BANK-2020, Series 2020-BN30, Class XA, 1.37%, 12/15/2053<sup>(f)(g)</sup> | $944389 | 48582  |
| &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust, Series <br>2020-B19, Class XA, 1.86%, 09/15/2053 (Callable 10/15/2030)<sup>(f)(g)</sup> | 936762 | 43683  |
| BX Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, 5.68% <br>(1 mo. Term SOFR + 1.36%), 11/15/2036, (1.25% Floor)<sup>(b)</sup> | 126799 | 126641 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class A, 5.31% <br>(1 mo. Term SOFR + 1.00%), 01/15/2039, (1.00% Floor)<sup>(b)</sup> | $200000 | $199875  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PSB, Class A, 6.76% <br>(1 mo. Term SOFR + 2.45%), 08/15/2039, (2.45% Floor)<sup>(b)</sup> | 78173 | 78149  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-XL4, Class B, 6.10% <br>(1 mo. Term SOFR + 1.79%), 02/15/2039, (1.79% Floor)<sup>(b)</sup> | 94697 | 94904  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ROIC, Class A, 5.46% <br>(1 mo. Term SOFR + 1.14%), 03/15/2030, (1.14% Floor)<sup>(b)</sup> | 200000 | 198750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC, Class B, 6.45% <br>(1 mo. Term SOFR + 2.14%), 08/15/2039, (2.14% Floor)<sup>(b)</sup> | 145608 | 145881  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2020-C9, Class XA, 1.82%, 09/15/2053 (Callable 06/15/2030)<sup>(f)(g)</sup> | 717244 | 30841  |
| &nbsp;&nbsp;&nbsp; Computershare Corporate Trust, Series 2021-FCMT, Class A, 5.63% <br>(1 mo. Term SOFR + 1.31%), 05/15/2031, (1.20% Floor)<sup>(b)</sup> | 100000 | 99316  |
| &nbsp;&nbsp;&nbsp; CSTL Commercial Mortgage Trust, Series 2024-GATE, Class A, <br>4.92%, 11/10/2041<sup>(b)(g)</sup> | 100000 | 99736  |
|  DK Trust, Series 2024-SPBX, Class A, 5.81% (1 mo. Term SOFR + 1.50%), 03/15/2034, (1.50% Floor)<sup>(b)</sup> | 175000 | 175055  |
| &nbsp;&nbsp;&nbsp; DTP Commercial Mortgage Trust, Series 2023-STE2, Class A, <br>6.04%, 01/15/2041<sup>(b)(g)</sup> | 100000 | 102290  |
|  ELM Trust, Series 2024-ELM, Class B15, 6.20%, 06/10/2039<sup>(b)(g)</sup> | 100000 | 100828  |
| Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5410, Class DF, 5.76% (30 day avg SOFR US + 1.45%), 05/25/2054, (1.45% Floor), <br>(6.75% Cap) | 511333 | 513229  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class X1, <br>1.76%, 04/25/2030 (Callable 04/25/2030)<sup>(f)(g)</sup> | 467630 | 29488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K118, Class X1, <br>1.04%, 09/25/2030 (Callable 06/25/2030)<sup>(f)(g)</sup> | 984497 | 39900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K151, Class X1, <br>0.49%, 04/25/2030 (Callable 02/25/2030)<sup>(f)(g)</sup> | 2535372 | 36136  |
| Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-100, Class FD, 5.76% <br>(30 day avg SOFR US + 1.45%), 06/25/2054, (1.45% Floor), <br>(6.50% Cap) | 806484 | 807391  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-93, Class FL, 5.76% <br>(30 day avg SOFR US + 1.45%), 12/25/2054, (1.45% Floor), <br>(6.50% Cap) | 1385260 | 1386818  |

---

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

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED MORTGAGE** <br>**OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; FS Commercial Mortgage Trust, Series 2024-HULA, Class A, 6.12% <br>(1 mo. Term SOFR + 1.81%), 08/15/2039, (1.81% Floor)<sup>(b)</sup> | $150000 | $150188  |
| &nbsp;&nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 03/15/2039, <br>(1.54% Floor)<sup>(b)</sup> | 150000 | 150234  |
| GS Mortgage Securities Corp. II<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1, Class A3, <br>3.73%, 11/10/2048 (Callable <br>11/10/2025) | 150000 | 149524  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-SHIP, Class C, <br>5.69%, 09/10/2038<sup>(b)(g)</sup> | 150000 | 150094  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FAIR, Class A, <br>6.07%, 07/15/2029<sup>(b)(g)</sup> | 225000 | 230375  |
| &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust, Series 2024-PJ9, Class A3, <br>5.00%, 02/25/2055 (Callable 03/25/2048)<sup>(b)(g)</sup> | 81731 | 79605  |
|  JP Morgan Chase Commercial Mortgage Securities, Series 2019-ICON, Class A, 3.88%, 01/05/2034<sup>(b)</sup> | 78281 | 77766  |
| JP Morgan Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-3, Class A3, <br>3.50%, 05/25/2045 (Callable 07/25/2025)<sup>(b)(g)</sup> | 47045 | 43343  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, <br>3.50%, 05/25/2047 (Callable 12/25/2028)<sup>(b)(g)</sup> | 45662 | 40801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-5, Class A1, <br>3.50%, 10/25/2048 (Callable 08/25/2027)<sup>(b)(g)</sup> | 83339 | 74477  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class A3, <br>4.00%, 05/25/2049 (Callable 07/25/2025)<sup>(b)(g)</sup> | 8171 | 7556  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-INV3, Class A3, <br>3.50%, 05/25/2050 (Callable 04/25/2035)<sup>(b)(g)</sup> | 87831 | 78006  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2, Class A15, <br>3.50%, 07/25/2050 (Callable 05/25/2035)<sup>(b)(g)</sup> | 58182 | 51218  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-6, Class A3, <br>3.00%, 11/25/2052 (Callable 04/25/2042)<sup>(b)(g)</sup> | 163425 | 138930  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-2, Class A3A, <br>5.00%, 07/25/2053 (Callable 11/25/2036)<sup>(b)(g)</sup> | 68571 | 66701  |
| &nbsp;&nbsp;&nbsp; ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, <br>5.75%, 07/15/2039<sup>(b)(g)</sup> | 250000 | 254859  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  PRM5 Trust, Series 2025-PRM5, Class B, 4.92%, 03/10/2033<sup>(b)(g)</sup> | $125000 | $122895  |
| &nbsp;&nbsp;&nbsp; Provident Funding Mortgage Trust, Series 2021-J1, Class A10, <br>2.00%, 10/25/2051 (Callable 07/25/2045)<sup>(b)(g)</sup> | 200000 | 121536  |
|  PSMC Trust, Series 2020-3, Class A1, 3.00%, 11/25/2050 (Callable 09/25/2032)<sup>(b)(g)</sup> | 55010 | 47229  |
| Sequoia Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-3, Class A2, <br>2.50%, 03/25/2043 (Callable 11/25/2025)<sup>(g)</sup> | 67867 | 58696  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CH2, Class A1, <br>4.50%, 08/25/2049 (Callable 07/25/2025)<sup>(b)(g)</sup> | 316 | 313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CH3, Class A1, <br>4.00%, 09/25/2049 (Callable 08/25/2033)<sup>(b)(g)</sup> | 4687 | 4361  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4, Class A8, <br>2.50%, 11/25/2050 (Callable 01/25/2041)<sup>(b)(g)</sup> | 200000 | 143504  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A1, <br>6.00%, 01/25/2055 (Callable 10/25/2041)<sup>(b)(g)</sup> | 92089 | 92812  |
|  SLG Office Trust, Series 2021-OVA, Class A, 2.59%, 07/15/2041<sup>(b)</sup> | 220000 | 192533  |
| &nbsp;&nbsp;&nbsp; Tharaldson Hotel Portfolio Trust, Series 2023-THL, Class A, <br>7.23%, 12/10/2034<sup>(b)(g)</sup> | 154641 | 157272  |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2020-RR1, Class A1, 3.00% (1 Month U.S. LIBOR + 0.00%), 05/25/2050 (Callable 09/25/2037)<sup>(b)(g)(h)</sup> | 80160 | 69311  |
|  WF-RBS Commercial Mortgage Trust, Series 2014-C21, Class B, 4.21%, 08/15/2047 (Callable 07/15/2026)<sup>(g)</sup> | 151471 | 147535  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $7,549,926)** |  | 7259167  |
|  | **Shares** |  |
|  **AFFILIATED REGISTERED INVESTMENT COMPANIES - 2.5%**<br>|  |  |
| Voya VACS Series EMHCD Fund | 153 | 1568  |
| Voya VACS Series HYB Fund | 102878 | 1066844  |
| Voya VACS Series SC Fund - Class SC | 429728 | 4568006  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED INVESTMENT COMPANIES** <br>**(Cost $5,667,421)** |  | 5636418  |

---

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

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - 2.4%**<br>|  |  |
| **Canada - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia, <br>2.70%, 08/03/2026 | $90000 | $88522  |
|  Enbridge, Inc., 1.60%, 10/04/2026 (Callable 09/04/2026) | 93000 | 89860  |
| Nutrien Ltd., 5.95%, 11/07/2025 | 80000 | 80417  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada, <br>1.20%, 04/27/2026 | 74000 | 72200  |
|  |  | 330999  |
| **Japan - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Sumitomo Mitsui Trust Bank Ltd., 2.80%, 03/10/2027<sup>(b)</sup> | 71000 | 69321  |
| **United Kingdom - 0.2%**<br>|  |  |
|  HSBC Holdings PLC, 2.21% to 08/17/2028 then SOFR + 1.29%, 08/17/2029 (Callable 08/17/2028) | 200000 | 185866  |
| Royalty Pharma PLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.20%, 09/02/2025 (Callable 08/02/2025) | 52000 | 51612  |
| &nbsp;&nbsp;&nbsp; 1.75%, 09/02/2027 (Callable 07/02/2027) | 145000 | 137240  |
| &nbsp;&nbsp;&nbsp; 2.20%, 09/02/2030 (Callable 06/02/2030) | 42000 | 37125  |
|  |  | 411843  |
| **United States - 2.0%**<br>|  |  |
|  AES Corp., 1.38%, 01/15/2026 (Callable 12/15/2025) | 57000 | 55918  |
|  Amazon.com, Inc., 1.50%, 06/03/2030 (Callable 03/03/2030) | 88000 | 77746  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028) | 65000 | 64521  |
| &nbsp;&nbsp;&nbsp; American Honda Finance Corp., <br>1.20%, 07/08/2025 | 60000 | 59957  |
|  Amgen, Inc., 5.15%, 03/02/2028 (Callable 02/02/2028) | 86000 | 87747  |
|  Apple, Inc., 1.20%, 02/08/2028 (Callable 12/08/2027) | 74000 | 69048  |
|  AT&T, Inc., 2.25%, 02/01/2032 (Callable 11/01/2031) | 119000 | 102240  |
| Bank of America Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 (Callable 07/22/2026) | 246000 | 239173  |
| &nbsp;&nbsp;&nbsp; 3.59% to 07/21/2027 then 3 mo. Term SOFR + 1.63%, 07/21/2028 (Callable 07/21/2027) | 30000 | 29527  |
| &nbsp;&nbsp;&nbsp; 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 (Callable 12/20/2027) | 15000 | 14640  |
| &nbsp;&nbsp;&nbsp; 2.59% to 04/29/2030 then SOFR + 2.15%, 04/29/2031 (Callable 04/29/2030) | 144000 | 131450  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; 5.87% to 09/15/2033 then SOFR + 1.84%, 09/15/2034 (Callable 09/15/2033) | $2000 | $2102  |
| Blackstone Holdings Finance Co. LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 08/05/2028 (Callable 06/05/2028)<sup>(b)</sup> | 92000 | 84761  |
| &nbsp;&nbsp;&nbsp; 2.50%, 01/10/2030 (Callable 10/10/2029)<sup>(b)</sup> | 36000 | 33003  |
|  Broadcom, Inc., 3.46%, 09/15/2026 (Callable 07/15/2026) | 57000 | 56450  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026) | 79000 | 76365  |
|  Carrier Global Corp., 2.72%, 02/15/2030 (Callable 11/15/2029) | 101000 | 93699  |
|  CVS Health Corp., 1.75% (SOFR Rate + 0.00%), 08/21/2030 (Callable 05/21/2030) | 119000 | 102796  |
|  Duke Energy Corp., 3.15%, 08/15/2027 (Callable 05/15/2027) | 117000 | 114451  |
|  Ecolab, Inc., 4.80%, 03/24/2030 (Callable 12/24/2029) | 52000 | 53283  |
|  Entergy Corp., 0.90%, 09/15/2025 (Callable 08/15/2025) | 82000 | 81390  |
|  Enterprise Products Operating LLC, 2.80%, 01/31/2030 (Callable 10/31/2029) | 59000 | 55183  |
|  Equinix, Inc., 2.90%, 11/18/2026 (Callable 09/18/2026) | 51000 | 49960  |
|  Fiserv, Inc., 5.45%, 03/02/2028 (Callable 02/02/2028) | 82000 | 84238  |
|  Global Payments, Inc., 1.20% (SOFR Rate + 0.00%), 03/01/2026 (Callable 02/01/2026) | 31000 | 30249  |
|  HCA, Inc., 4.13%, 06/15/2029 (Callable 03/15/2029) | 76000 | 74676  |
|  Home Depot, Inc., 1.50%, 09/15/2028 (Callable 07/15/2028) | 84000 | 77673  |
| Intel Corp., 3.70%, 07/29/2025 | 28000 | 27972  |
| JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.47% to 09/22/2026 then SOFR + 0.77%, 09/22/2027 (Callable 09/22/2026) | 123000 | 118532  |
| &nbsp;&nbsp;&nbsp; 2.95% to 02/24/2027 then SOFR + 1.17%, 02/24/2028 (Callable 02/24/2027) | 66000 | 64464  |
| &nbsp;&nbsp;&nbsp; 2.07% to 06/01/2028 then SOFR + 1.02%, 06/01/2029 (Callable 06/01/2028) | 43000 | 40288  |
| &nbsp;&nbsp;&nbsp; 1.95% to 02/04/2031 then SOFR + 1.07%, 02/04/2032 (Callable 02/04/2031) | 16000 | 13841  |
| &nbsp;&nbsp;&nbsp; 2.58% to 04/22/2031 then 3 mo. Term SOFR + 1.25%, 04/22/2032 (Callable 04/22/2031) | 59000 | 52575  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026) | 62000 | 59876  |

---

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

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **United States - (Continued)**  | **United States - (Continued)**  | **United States - (Continued)**  |
|  Kite Realty Group LP, 4.00%, 10/01/2026 (Callable 07/01/2026) | $38000 | $37643  |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027 (Callable 03/01/2027) | 57000 | 56141  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 (Callable 07/15/2027) | 16000 | 15838  |
| Morgan Stanley<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.99% to 12/10/2025 then SOFR + 0.72%, 12/10/2026 (Callable 12/10/2025) | 21000 | 20663  |
| &nbsp;&nbsp;&nbsp; 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027 (Callable 05/04/2026) | 137000 | 133714  |
| &nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 (Callable 07/20/2026) | 64000 | 62044  |
| &nbsp;&nbsp;&nbsp; 6.30% to 10/18/2027 then SOFR + 2.24%, 10/18/2028 (Callable 10/18/2027) | 36000 | 37472  |
| &nbsp;&nbsp;&nbsp; 2.24% to 07/21/2031 then SOFR + 1.18%, 07/21/2032 (Callable 07/21/2031) | 30000 | 25914  |
| &nbsp;&nbsp;&nbsp; 5.25% to 04/21/2033 then SOFR + 1.87%, 04/21/2034 (Callable 04/21/2033) | 86000 | 87189  |
| &nbsp;&nbsp;&nbsp; 5.30% to 04/20/2032 then SOFR + 2.62%, 04/20/2037 (Callable 04/20/2032) | 7000 | 6952  |
|  MPLX LP, 2.65%, 08/15/2030 (Callable 05/15/2030) | 26000 | 23472  |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027 (Callable 06/15/2027) | 84000 | 84517  |
|  Nucor Corp., 4.30%, 05/23/2027 (Callable 04/23/2027) | 56000 | 56179  |
| Oracle Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/15/2027 (Callable 08/15/2027) | 89000 | 86935  |
| &nbsp;&nbsp;&nbsp; 2.95%, 04/01/2030 (Callable 01/01/2030) | 172000 | 160421  |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc., <br>3.60%, 09/01/2027 (Callable 06/01/2027) | 104000 | 102608  |
|  Ovintiv, Inc., 5.38%, 01/01/2026 (Callable 10/01/2025) | 82000 | 82090  |
|  PepsiCo, Inc., 2.63%, 07/29/2029 (Callable 04/29/2029) | 54000 | 50991  |
|  Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025 (Callable 07/31/2025) | 82000 | 82008  |
|  PPG Industries, Inc., 1.20%, 03/15/2026 (Callable 02/15/2026) | 92000 | 89869  |
|  Realty Income Corp., 3.25%, 01/15/2031 (Callable 10/15/2030) | 98000 | 91710  |
| &nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction LLC, <br>5.00%, 03/15/2027 (Callable 09/15/2026) | 46000 | 46281  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; Sierra Pacific Power Co., <br>2.60%, 05/01/2026 (Callable 02/01/2026) | $90000 | $88515  |
| &nbsp;&nbsp;&nbsp; Southwestern Electric Power Co., <br>1.65%, 03/15/2026 (Callable 02/15/2026) | 61000 | 59734  |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027 (Callable 08/15/2027) | 59000 | 55384  |
| T-Mobile USA, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.25%, 02/15/2026 (Callable 07/11/2025) | 97000 | 95574  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027) | 18000 | 16984  |
| &nbsp;&nbsp;&nbsp; 3.38%, 04/15/2029 (Callable 07/11/2025) | 14000 | 13476  |
|  US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 (Callable 07/22/2027) | 30000 | 30045  |
| Verizon Communications, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36%, 03/15/2032 (Callable 12/15/2031) | 130000 | 112028  |
| &nbsp;&nbsp;&nbsp; 4.78%, 02/15/2035 (Callable 11/15/2034) | 55000 | 53432  |
|  VMware LLC, 2.20%, 08/15/2031 (Callable 05/15/2031) | 50000 | 43338  |
|  Walmart, Inc., 1.05%, 09/17/2026 (Callable 08/17/2026) | 86000 | 83031  |
|  Walt Disney Co., 2.00%, 09/01/2029 (Callable 06/01/2029) | 58000 | 53253  |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc., <br>5.15%, 10/01/2027 (Callable 09/01/2027) | 53000 | 53943  |
| Wells Fargo & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.54% to 08/15/2025 then SOFR + 1.56%, 08/15/2026 (Callable 08/15/2025) | 35000 | 35003  |
| &nbsp;&nbsp;&nbsp; 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028 (Callable 03/24/2027) | 20000 | 19729  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027) | 16000 | 15746  |
|  |  | 4649660  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $5,620,668)** |  | 5461823  |
| **ASSET-BACKED SECURITIES - 1.2%**<br>|  |  |
| American Airlines Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2015-2, 3.60%, 09/22/2027 | 56214 | 54716  |
| &nbsp;&nbsp;&nbsp; Series 2016-1, 3.58%, 01/15/2028 | 4170 | 4034  |
| &nbsp;&nbsp;&nbsp; Series 2016-2, 3.20%, 06/15/2028 | 23673 | 22614  |
| &nbsp;&nbsp;&nbsp; CarMax Auto Owner Trust, Series <br>2023-3, Class B, 5.47%, 02/15/2029 (Callable 06/15/2027) | 150000 | 152395  |
|  CNH Equipment Trust, Series 2023-A, Class A4, 4.77%, 10/15/2030 (Callable 12/15/2027) | 300000 | 302986  |

---

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

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  COLT Funding LLC, Series 2021-2, Class A1, 0.92%, 08/25/2066 (Callable 07/25/2025)<sup>(b)(g)</sup> | $179207 | $148237  |
| &nbsp;&nbsp;&nbsp; Container Leasing International LLC, Series 2022-1A, Class A, <br>2.72%, 01/18/2047<sup>(b)</sup> | 53860 | 49148  |
| &nbsp;&nbsp;&nbsp; FedEx Corp., Series 2020-1AA, <br>1.88%, 02/20/2034 | 105553 | 90675  |
|  Harley-Davidson Customer Funding Corp., Series 2023-B, Class A4, 5.78%, 04/15/2031 (Callable 02/15/2027) | 150000 | 153076  |
| &nbsp;&nbsp;&nbsp; Laurel Road Prime Student Loan Trust, Series 2020-A, Class A2FX, <br>1.40%, 11/25/2050 (Callable 10/25/2028)<sup>(b)</sup> | 83113 | 73690  |
| &nbsp;&nbsp;&nbsp; Loanpal Solar Loan Ltd., Series <br>2020-2GF, Class A, 2.75%, 07/20/2047 (Callable 11/20/2036)<sup>(b)</sup> | 161677 | 136894  |
| Mosaic Solar Loans LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, <br>3.82%, 06/22/2043 (Callable 07/20/2029)<sup>(b)</sup> | 197770 | 185310  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2A, Class A, <br>1.44%, 08/20/2046 (Callable 09/20/2032)<sup>(b)</sup> | 59158 | 50731  |
| Navient Student Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GA, Class A, <br>1.17%, 09/16/2069 (Callable 03/15/2028)<sup>(b)</sup> | 59214 | 55106  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, <br>1.31%, 01/15/2069 (Callable 02/15/2028)<sup>(b)</sup> | 50548 | 47170  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A, <br>0.84%, 05/15/2069 (Callable 12/15/2028)<sup>(b)</sup> | 39295 | 35792  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class C, <br>3.48%, 04/15/2060 (Callable 05/15/2032)<sup>(b)</sup> | 99686 | 93011  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A, Class A, <br>5.51%, 10/15/2071 (Callable 08/15/2033)<sup>(b)</sup> | 142003 | 145065  |
|  Oscar Finance Holdings 2 General, Inc. Association, Series 2021-1A, Class A4, 1.00%, 04/10/2028 (Callable 07/10/2025)<sup>(b)</sup> | 44200 | 43797  |
| Santander Consumer USA Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-6, Class A3, <br>5.93%, 07/17/2028 (Callable 07/15/2027) | 181147 | 181921  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-4, Class B, <br>4.93%, 09/17/2029 (Callable 10/15/2027) | 100000 | 100660  |
| &nbsp;&nbsp;&nbsp; SMB Private Education Loan Trust, Series 2020-PTB, Class A2A, <br>1.60%, 09/15/2054<sup>(b)</sup> | 117221 | 110212  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; SoFi Consumer Loan Program Trust, Series 2025-1, Class B, <br>5.12%, 02/27/2034 (Callable 07/25/2028)<sup>(b)</sup> | $100000 | $101026  |
| &nbsp;&nbsp;&nbsp; SoFi Professional Loan Program LLC, Series 2018-B, Class A2FX, <br>3.34%, 08/25/2047 (Callable 01/25/2026)<sup>(b)</sup> | 7410 | 7374  |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc., Series 2020-AA, Class A, <br>2.98%, 06/20/2047 (Callable 06/20/2027)<sup>(b)</sup> | 188943 | 163619  |
|  Sunrun, Inc., Series 2020-1A, Class A, 2.21%, 07/31/2051<sup>(b)</sup> | 158702 | 142633  |
| &nbsp;&nbsp;&nbsp; World Omni Auto Receivables Trust, Series 2024-C, Class B, <br>4.68%, 07/15/2030 (Callable 09/15/2027) | 100000 | 100351  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $2,882,579)** |  | 2764972  |
|  **COLLATERALIZED LOAN OBLIGATIONS - 1.1%**<br>|  |  |
|  Benefit Street Partners CLO Ltd., Series 2020-21A, Class A1R, 5.69% (3 mo. Term SOFR + 1.43%), 10/15/2034, (1.17% Floor) (Callable 07/15/2025)<sup>(b)</sup> | 250000 | 250437  |
|  Betony CLO 2, Series 2018-1A, Class A1, 5.62% (3 mo. Term SOFR + 1.34%), 04/30/2031, (1.08% Floor) (Callable 07/30/2025)<sup>(b)</sup> | 91419 | 91529  |
|  CBAM Ltd., Series 2017-1A, Class AR2, 5.66% (3 mo. Term SOFR + 1.39%), 01/20/2038, (1.39% Floor) (Callable 01/20/2027)<sup>(b)</sup> | 250000 | 251470  |
|  Empower CLO Ltd., Series 2025-1A, Class A, 5.64% (3 mo. Term SOFR + 1.31%), 07/20/2038, (1.31% Floor) (Callable 07/20/2027)<sup>(b)</sup> | 250000 | 250106  |
|  Madison Park Funding Ltd., Series 2016-21A, Class ABRR, 5.92% (3 mo. Term SOFR + 1.66%), 10/15/2032, (1.66% Floor) (Callable 07/15/2025)<sup>(b)</sup> | 250000 | 250165  |
|  Neuberger Berman CLO Ltd., Series 2019-34A, Class A1R, 5.51% (3 mo. Term SOFR + 1.24%), 01/20/2035, (1.24% Floor) (Callable 07/20/2025)<sup>(b)</sup> | 246207 | 246453  |
|  Octagon Investment Partners Ltd., Series 2020-3A, Class A1R2, 5.62% (3 mo. Term SOFR + 1.36%), 01/15/2038, (1.36% Floor) (Callable 10/15/2026)<sup>(b)</sup> | 400000 | 400201  |
|  Palmer Square CLO Ltd., Series 2019-1A, Class A1R, 5.72% (3 mo. Term SOFR + 1.41%), 11/14/2034, (1.41% Floor) (Callable 08/14/2025)<sup>(b)</sup> | 250000 | 250176  |

---

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

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  | &nbsp;&nbsp;&nbsp; **COLLATERALIZED LOAN** <br>**OBLIGATIONS - (Continued)**  |
|  TCI-Symphony CLO Ltd., Series 2016-1A, Class AR2, 5.52% (3 mo. Term SOFR + 1.28%), 10/13/2032, (1.02% Floor) (Callable 07/13/2025)<sup>(b)</sup> | $295853 | $295928  |
|  Wind River CLO Ltd., Series 2018-2A, Class A1R, 5.46% (3 mo. Term SOFR + 1.20%), 07/15/2030, (1.20% Floor) (Callable 07/15/2025)<sup>(b)</sup> | 23754 | 23752  |
|  AB BSL CLO Ltd., Series 2023-4A, Class A1R, 5.53% (3 mo. Term SOFR + 1.30%), 04/20/2038, (1.30% Floor) (Callable 04/20/2027)<sup>(b)</sup> | 250000 | 250334  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN OBLIGATIONS** <br>**(Cost $2,552,745)** |  | 2560551 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
|  **REAL ESTATE INVESTMENT TRUSTS - 1.1%**<br>|  |  |
| **Australia - 0.1%**<br>|  |  |
| Dexus Industria REIT | 23796 | 42613  |
| Goodman Group | 302 | 6807  |
| Ingenia Communities Group | 5905 | 21267  |
| Region Group | 57450 | 83403  |
| Stockland | 5207 | 18419  |
| Vicinity Ltd. | 5279 | 8615  |
|  |  | 181124  |
| **Canada - 0.1%**<br>|  |  |
| Primaris Real Estate Investment Trust | 14453 | 156232  |
| Slate Grocery REIT | 10911 | 115140  |
|  |  | 271372  |
| **France - 0.0%<sup>(c)</sup>**<br>|  |  |
| Klepierre SA | 1788 | 70842  |
| **Hong Kong - 0.0%<sup>(c)</sup>**<br>|  |  |
| Link REIT | 3000 | 15993  |
| **India - 0.1%**<br>|  |  |
| Brookfield India Real Estate Trust<sup>(b)</sup> | 17837 | 65477  |
| Mindspace Business Parks REIT<sup>(b)</sup> | 14350 | 66955  |
|  |  | 132432  |
| **Japan - 0.4%**<br>|  |  |
| Global One Real Estate Investment Corp. | 312 | 295678  |
| Japan Excellent, Inc. | 120 | 111349  |
| KDX Realty Investment Corp. | 94 | 101826  |
| Nippon Building Fund, Inc. | 219 | 202033  |
| Sekisui House Reit, Inc. | 280 | 147524  |
|  |  | 858410  |
| **Malaysia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Pavilion Real Estate Investment Trust | 342100 | 129912 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Mexico - 0.0%<sup>(c)</sup>**<br>|  |  |
| Fibra Uno Administracion SAB de CV | 19100 | $26404  |
| Prologis Property Mexico SAB de CV | 9000 | 33934  |
|  |  | 60338 |
| **Netherlands - 0.0%<sup>(c)</sup>**<br>|  |  |
| Wereldhave NV | 3354 | 67485  |
| **Philippines - 0.1%**<br>|  |  |
| AREIT, Inc. | 234200 | 170496  |
| **Saudi Arabia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Al Rajhi REIT | 8154 | 18088  |
| **Singapore - 0.1%**<br>|  |  |
| AIMS APAC REIT | 19500 | 20254  |
| CapitaLand Ascendas REIT | 5500 | 11596  |
| ESR-REIT | 67380 | 130494  |
|  |  | 162344  |
| **South Africa - 0.1%**<br>|  |  |
| Redefine Properties Ltd. | 441591 | 114328  |
| Vukile Property Fund Ltd. | 22015 | 24429  |
|  |  | 138757  |
| **Thailand - 0.0%<sup>(c)</sup>**<br>|  |  |
| CPN Retail Growth Leasehold REIT | 60200 | 20210  |
| **Turkey - 0.1%**<br>|  |  |
|  Reysas Gayrimenkul Yatirim Ortakligi AS<sup>(a)</sup> | 290808 | 144942  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $2,160,301)** |  | 2442745  |
| **PREFERRED STOCKS - 0.6%**<br>|  |  |
| **Brazil - 0.4%**<br>|  |  |
| Banco Bradesco SA, | 34100 | 105506  |
| Cia De Sanena Do Parana | 45500 | 63312  |
| Cia Energetica de Minas Gerais | 232370 | 464047  |
| Itau Unibanco Holding SA | 54283 | 368374  |
|  |  | 1001239  |
| **Colombia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Grupo Cibest SA | 2992 | 33807  |
| **Germany - 0.1%**<br>|  |  |
| Bayerische Motoren Werke AG | 100 | 8286  |
| Draegerwerk AG & Co. KGaA | 337 | 26688  |
| FUCHS SE | 678 | 37364  |
| Sartorius AG | 273 | 69482  |
| Volkswagen AG | 97 | 10243  |
|  |  | 152063  |

---

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

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** | **PREFERRED STOCKS - (Continued)** |
| **Russia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Surgutneftegas PAO<sup>(d)</sup> | 270800 | $0  |
| **South Korea - 0.1%**<br>|  |  |
| Samsung Electronics Co. Ltd. | 3491 | 128022  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $1,228,018)** |  | 1315131 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY SECURITIES - 0.4%**<br>|  |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/31/2025 | $26000 | 25653  |
| &nbsp;&nbsp;&nbsp; 4.13%, 06/15/2026 | 53700 | 53761  |
| &nbsp;&nbsp;&nbsp; 0.88%, 09/30/2026 | 103800 | 99980  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | 8800 | 8485  |
| &nbsp;&nbsp;&nbsp; 1.50%, 01/31/2027 | 8300 | 8006  |
| &nbsp;&nbsp;&nbsp; 2.75%, 04/30/2027 | 400 | 393  |
| &nbsp;&nbsp;&nbsp; 3.75%, 04/30/2027 | 45600 | 45596  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/31/2027 | 143700 | 144042  |
| &nbsp;&nbsp;&nbsp; 4.63%, 06/15/2027 | 2000 | 2033  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/30/2027 | 1100 | 1090  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028 | 23900 | 23938  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028 | 57600 | 57906  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030 | 81600 | 81906  |
| &nbsp;&nbsp;&nbsp; 1.63%, 05/15/2031 | 126700 | 111739  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032 | 124700 | 124793  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 8100 | 7472  |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032 | 62200 | 62628  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 | 138000 | 138216  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 60000 | 58519  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,071,780)** |  | 1056156  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 93.1%** <br>**(Cost $163,749,331)** |  | $212029137  |
| &nbsp;&nbsp;&nbsp; Money Market Deposit <br>Account - 4.3%<sup>(i)(j)</sup> |  | 9808188  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 2.6% |  | 5890072  |
| **TOTAL NET ASSETS - 100.0%** |  | $227727397 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

JSC - Public Joint Stock Company

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $13,417,220 or 5.9% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of June 30, 2025.

<sup>(e)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $81,503.

<sup>(f)</sup> Interest only security.

<sup>(g)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

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

<sup>(i)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(j)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $85,208 which represented 0.0% of net assets. 

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

72<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Purchased** | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $342797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7594  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7594 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts Sold**  | **Expiration Date** | **Notional Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; $336375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(6030)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4160469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16098)  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp; 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1308000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14460)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 808281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29044)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 595625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25324)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(90956)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(83362) |

---

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

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Schedule of TOTAL RETURN SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/** <br>**Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity** <br>**Date** | **Notional Amount** | **Value/ Unrealized Appreciation**<br>(Depreciation)  |
|  MSCI EAFE Total Return Index | Goldman Sachs | Receive | EFFR + 0.50% | Monthly | 02/27/2026 | $26276117 | $3093824  |
|  MSCI Emerging Markets Total Return Index | Morgan Stanley | Receive | EFFR + 0.50% | At Maturity | 02/27/2026 | 11324201 | 1130643  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $4224467 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

EFFR - Effective Federal Funds Rate was 4.33% as of June 30, 2025.

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

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 29.9%** | **CORPORATE BONDS - 29.9%** | **CORPORATE BONDS - 29.9%** |
| **Basic Materials - 1.7%**  | **Basic Materials - 1.7%**  | **Basic Materials - 1.7%**  |
|  Air Products and Chemicals, Inc., 4.30%, 06/11/2028 (Callable 05/11/2028)  | $86000 | $86436  |
|  Albemarle Corp., 4.65%, 06/01/2027 (Callable 05/01/2027)  | 82000 | 81601  |
|  ArcelorMittal SA, 6.00%, 06/17/2034 (Callable 03/17/2034)  | 36000 | 37586  |
|  Aris Mining Corp., 8.00%, 10/31/2029 (Callable 10/31/2026)<sup>(a)</sup> | 200000 | 204000  |
| Braskem Netherlands Finance BV  | Braskem Netherlands Finance BV  | Braskem Netherlands Finance BV  |
| &nbsp;&nbsp;&nbsp; 4.50%, 01/31/2030 (Callable 10/31/2029)  | 200000 | 154000  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/31/2050<sup>(a)</sup> | 200000 | 126500  |
|  CAP SA, 3.90%, 04/27/2031 (Callable 01/27/2031)<sup>(b)</sup> | 200000 | 161000  |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/15/2030 (Callable 04/15/2027)  | 5000 | 5095  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2033 (Callable 04/15/2028)<sup>(b)</sup> | 5000 | 5012  |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/15/2030 (Callable 04/15/2026)<sup>(a)</sup> | 324000 | 312255  |
| &nbsp;&nbsp;&nbsp; 7.38%, 05/01/2033 (Callable 05/01/2028)<sup>(a)</sup> | 230000 | 215913  |
| Corp. Nacional del Cobre de Chile  | Corp. Nacional del Cobre de Chile  | Corp. Nacional del Cobre de Chile  |
| &nbsp;&nbsp;&nbsp; 5.13%, 02/02/2033 (Callable 11/02/2032)  | 200000 | 193955  |
| &nbsp;&nbsp;&nbsp; 6.44%, 01/26/2036 (Callable 10/26/2035)<sup>(a)</sup> | 200000 | 209370  |
|  CSN Resources SA, 5.88%, 04/08/2032 (Callable 04/08/2027)<sup>(b)</sup> | 200000 | 164250  |
|  Ecolab, Inc., 4.30%, 06/15/2028 (Callable 05/15/2028)  | 74000 | 74503  |
|  EIDP, Inc., 5.13%, 05/15/2032 (Callable 04/15/2032)  | 46000 | 46869  |
| Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  | Freeport-McMoRan, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/14/2034 (Callable 05/14/2034)  | 75000 | 75943  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2043 (Callable 09/15/2042)  | 400000 | 378850  |
|  Glencore Funding LLC, 5.37%, 04/04/2029 (Callable 03/04/2029)<sup>(a)</sup> | 60000 | 61459  |
|  Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/2029 (Callable 02/15/2029)  | 200000 | 207413  |
|  Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028 (Callable 07/31/2025)<sup>(a)</sup> | 30000 | 30000  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Newmont Corp. / Newcrest Finance Pty Ltd., 5.35%, 03/15/2034 (Callable 12/15/2033)  |  | $34000 | $34849  |
|  Novelis, Inc., 6.88%, 01/30/2030 (Callable 01/30/2027)<sup>(a)</sup> |  | 10000 | 10338  |
|  Olin Corp., 6.63%, 04/01/2033 (Callable 04/01/2028)<sup>(a)</sup> |  | 10000 | 9825  |
| Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  | Rio Tinto Finance USA PLC  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/14/2028 (Callable 02/14/2028)  |  | 43000 | 43289  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/14/2055 (Callable 09/14/2054)  |  | 21000 | 20951  |
|  Vale Overseas Ltd., 6.40%, 06/28/2054 (Callable 12/28/2053)  |  | 31000 | 30258  |
|  WR Grace Holdings LLC, 5.63%, 08/15/2029 (Callable 07/31/2025)<sup>(a)</sup> |  | 10000 | 9038  |
|  |  |  | 2990558  |
| **Communications - 1.8%** | **Communications - 1.8%** | **Communications - 1.8%** | **Communications - 1.8%** |
|  Alphabet, Inc., 3.00%, 05/06/2033 (Callable 02/06/2033)  | EUR | 200000 | 233176  |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2053 (Callable 03/15/2053)  |  | 79000 | 53525  |
| &nbsp;&nbsp;&nbsp; 6.05%, 08/15/2056 (Callable 02/15/2056)  |  | 10000 | 10187  |
|  Bell Telephone Co. of Canada or Bell Canada, 6.88% to 09/15/2030 then 5 yr. CMT Rate + 2.39%, 09/15/2055 (Callable 06/15/2030)  |  | 17000 | 17334  |
|  CCO Holdings LLC / CCO Holdings Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/01/2027 (Callable 07/31/2025)<sup>(a)</sup> |  | 15000 | 14944  |
| &nbsp;&nbsp;&nbsp; 4.75%, 03/01/2030 (Callable 07/31/2025)<sup>(a)</sup> |  | 25000 | 24062  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/01/2032 (Callable 02/01/2027)<sup>(a)</sup> |  | 25000 | 23562  |
|  Charter Communications Operating LLC / Charter Communications Operating Capital<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2048 (Callable 10/01/2047)  |  | 90000 | 81830  |
| &nbsp;&nbsp;&nbsp; 5.13%, 07/01/2049 (Callable 01/01/2049)  |  | 265000 | 220124  |
|  Cisco Systems, Inc., 4.55%, 02/24/2028 (Callable 01/24/2028)  |  | 97000 | 98262  |

---

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

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Communications - (Continued)**  | **Communications - (Continued)**  | **Communications - (Continued)**  |
|  Clear Channel Outdoor Holdings, Inc., 7.50%, 06/01/2029 (Callable 07/31/2025)<sup>(a)(b)</sup> | $10000 | $9200  |
|  CommScope LLC, 9.50%, 12/15/2031 (Callable 06/15/2026)<sup>(a)(b)</sup> | 15000 | 15656  |
|  Digicel Group Holdings Ltd., 0.00%, 12/31/2030<sup>(a)(c)</sup> | 131130 | 2082  |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (Callable 07/31/2025)<sup>(a)</sup> | 40000 | 39700  |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 12/01/2028 (Callable 12/01/2027)<sup>(a)</sup> | 20000 | 17250  |
| &nbsp;&nbsp;&nbsp; 5.13%, 06/01/2029  | 5000 | 3337  |
|  EchoStar Corp., 10.75%, 11/30/2029 (Callable 11/30/2026)  | 10000 | 10300  |
|  Expedia Group, Inc., 3.80%, 02/15/2028 (Callable 11/15/2027)  | 63000 | 62062  |
|  Gray Television, Inc., 10.50%, 07/15/2029 (Callable 07/15/2026)<sup>(a)</sup> | 15000 | 16050  |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.50%, 04/01/2030 (Callable 03/22/2026)<sup>(a)</sup> | 15000 | 13575  |
| &nbsp;&nbsp;&nbsp; 6.88%, 06/30/2033 (Callable 06/30/2028)<sup>(a)</sup> | 30000 | 30525  |
|  Match Group Holdings II LLC, 4.13%, 08/01/2030 (Callable 07/31/2025)<sup>(a)</sup> | 60000 | 55650  |
| McGraw-Hill Education, Inc.  | McGraw-Hill Education, Inc.  | McGraw-Hill Education, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 08/01/2028 (Callable 07/31/2025)<sup>(a)</sup> | 20000 | 20050  |
| &nbsp;&nbsp;&nbsp; 7.38%, 09/01/2031 (Callable 09/01/2027)<sup>(a)</sup> | 5000 | 5175  |
|  Meta Platforms, Inc., 5.40%, 08/15/2054 (Callable 02/15/2054)  | 66000 | 64267  |
|  Motorola Solutions, Inc., 5.20%, 08/15/2032 (Callable 06/15/2032)  | 28000 | 28414  |
|  Netflix, Inc., 5.40%, 08/15/2054 (Callable 02/15/2054)  | 47000 | 46011  |
|  News Corp., 3.88%, 05/15/2029 (Callable 07/11/2025)<sup>(a)</sup> | 280000 | 268120  |
|  Paramount Global, 6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 (Callable 03/30/2027)  | 76000 | 74589  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Sirius XM Radio LLC, 4.13%, 07/01/2030 (Callable 07/31/2025)<sup>(a)</sup> |  | $235000 | $216200  |
|  TELUS Corp., 7.00% to 10/15/2035 then 5 yr. CMT Rate + 2.71%, 10/15/2055 (Callable 07/15/2035)  |  | 9000 | 9079  |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| &nbsp;&nbsp;&nbsp; 2.05%, 02/15/2028 (Callable 12/15/2027)  |  | 73000 | 68878  |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/15/2031 (Callable 02/15/2026)  |  | 50000 | 45504  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/15/2031 (Callable 04/15/2026)  |  | 130000 | 122071  |
| &nbsp;&nbsp;&nbsp; 2.70%, 03/15/2032 (Callable 12/15/2031)  |  | 70000 | 61550  |
| &nbsp;&nbsp;&nbsp; 5.50%, 01/15/2055 (Callable 07/15/2054)  |  | 37000 | 35074  |
| &nbsp;&nbsp;&nbsp; 5.25%, 06/15/2055 (Callable 12/15/2054)  |  | 24000 | 21853  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/15/2055 (Callable 05/15/2055)  |  | 19000 | 18942  |
|  Uber Technologies, Inc., 4.80%, 09/15/2034 (Callable 06/15/2034)  |  | 142000 | 139261  |
|  Univision Communications, Inc., 7.38%, 06/30/2030 (Callable 07/31/2025)<sup>(a)</sup> |  | 15000 | 14662  |
|  VeriSign, Inc., 5.25%, 06/01/2032 (Callable 04/01/2032)  |  | 45000 | 45755  |
|  Videotron Ltd., 5.70%, 01/15/2035 (Callable 10/15/2034)<sup>(a)</sup> |  | 37000 | 37264  |
| Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  | Virgin Media Secured Finance PLC  |
| &nbsp;&nbsp;&nbsp; 5.50%, 05/15/2029 (Callable 07/11/2025)<sup>(a)</sup> |  | 276000 | 270976  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2030 (Callable 08/15/2025)<sup>(a)</sup> |  | 100000 | 92625  |
| Vmed O2 UK Financing I PLC  | Vmed O2 UK Financing I PLC  | Vmed O2 UK Financing I PLC  | Vmed O2 UK Financing I PLC  |
| &nbsp;&nbsp;&nbsp; 4.25%, 01/31/2031 (Callable 01/31/2026)<sup>(a)</sup> |  | 215000 | 196145  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2032 (Callable 04/15/2027)<sup>(a)</sup> | EUR | 150000 | 180644  |
|  Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (Callable 10/01/2027)<sup>(a)</sup> |  | 10000 | 10462  |
|  |  |  | 3145964  |
| **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** | **Consumer, Cyclical - 2.7%** |
|  1011778 BC ULC / New Red Finance, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 3.88%, 01/15/2028 (Callable 07/31/2025)<sup>(a)</sup> |  | 112000 | 109060  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2029 (Callable 07/11/2025)<sup>(a)</sup> |  | 191000 | 181450  |

---

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

76<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** |
|  American Airlines, Inc., 8.50%, 05/15/2029 (Callable 11/15/2025)<sup>(a)</sup> |  | $15000 | $15712  |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029<sup>(a)</sup> |  | 280000 | 279300  |
|  AutoNation, Inc., 5.89%, 03/15/2035 (Callable 12/15/2034)  |  | 31000 | 31334  |
|  AutoZone, Inc., 5.13%, 06/15/2030 (Callable 05/15/2030)  |  | 34000 | 34790  |
|  Caesars Entertainment, Inc., 6.00%, 10/15/2032 (Callable 10/15/2027)<sup>(a)</sup> |  | 35000 | 34213  |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> | EUR | 100000 | 125251  |
| &nbsp;&nbsp;&nbsp; 5.88%, 06/15/2031 (Callable 03/15/2031)<sup>(a)</sup> |  | 30000 | 30450  |
| &nbsp;&nbsp;&nbsp; 6.13%, 02/15/2033 (Callable 02/15/2028)<sup>(a)</sup> |  | 13000 | 13276  |
| Carvana Co.  | Carvana Co.  | Carvana Co.  | Carvana Co.  |
| &nbsp;&nbsp;&nbsp; 9.00% (or 12.00% PIK), 12/01/2028 (Callable 07/11/2025)<sup>(a)</sup> |  | 12890 | 13228  |
| &nbsp;&nbsp;&nbsp; 9.00% (or 13.00% PIK), 06/01/2030 (Callable 08/15/2025)<sup>(a)</sup> |  | 5000 | 5250  |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030 (Callable 02/15/2027)<sup>(a)</sup> |  | 40000 | 41600  |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (Callable 05/15/2027)<sup>(a)</sup> |  | 15000 | 15938  |
|  Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (Callable 07/31/2025)<sup>(a)</sup> |  | 15000 | 14325  |
|  Delta Air Lines 2020-1 Class A Pass Through Trust, 2.50%, 06/10/2028  |  | 54821 | 51844  |
|  Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (Callable 07/31/2025)<sup>(a)</sup> |  | 10000 | 7700  |
|  Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 6.75%, 01/15/2030 (Callable 07/31/2025)<sup>(a)</sup> |  | 10000 | 9200  |
|  Ford Motor Co., 3.25%, 02/12/2032 (Callable 11/12/2031)  |  | 770000 | 648984  |
|  Ford Motor Credit Co. LLC, 5.63%, 10/09/2028  | GBP | 200000 | 273848  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Full House Resorts, Inc., 8.25%, 02/15/2028 (Callable 07/16/2025)<sup>(a)</sup> | $15000 | $14512  |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| &nbsp;&nbsp;&nbsp; 4.35%, 01/17/2027 (Callable 10/17/2026)  | 58000 | 57653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50% to 09/30/2028 then <br>3 mo. LIBOR US + 3.44%, Perpetual (Callable 09/30/2028)<sup>(d)</sup> | 52000 | 51285  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70% to 09/30/2030 then <br>5 yr. CMT Rate+ 5.00%, Perpetual <br>(Callable 09/30/2030)  | 84000 | 83370  |
|  Genuine Parts Co., 4.95%, 08/15/2029 (Callable 07/15/2029)  | 53000 | 53742  |
| Hilton Domestic Operating Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 01/15/2030 (Callable 07/11/2025)  | 130000 | 129025  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2032 (Callable 08/15/2026)<sup>(a)</sup> | 70000 | 63088  |
|  Home Depot, Inc., 4.88%, 06/25/2027 (Callable 05/25/2027)  | 43000 | 43661  |
|  Honda Motor Co. Ltd., 4.44%, 07/08/2028 (Callable 06/08/2028)  | 82000 | 82089  |
|  Hyundai Capital America, 5.30%, 01/08/2029 (Callable 12/08/2028)<sup>(a)</sup> | 61000 | 61923  |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (Callable 08/27/2027)<sup>(a)</sup> | 165000 | 160462  |
|  Life Time, Inc., 6.00%, 11/15/2031 (Callable 11/15/2027)<sup>(a)</sup> | 55000 | 55687  |
| &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc., <br>7.25%, 11/15/2029 (Callable 07/16/2025)<sup>(a)</sup> | 15000 | 15450  |
| Lowe's Cos., Inc.  | Lowe's Cos., Inc.  | Lowe's Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 3.35%, 04/01/2027 (Callable 03/01/2027)  | 134000 | 131980  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/15/2053 (Callable 10/15/2052)  | 21000 | 20161  |
|  Marriott International, Inc./MD, 5.30%, 05/15/2034 (Callable 02/15/2034)  | 68000 | 68668  |
|  McDonald's Corp., 5.45%, 08/14/2053 (Callable 02/14/2053)  | 32000 | 30766  |
|  Meritage Homes Corp., 5.65%, 03/15/2035 (Callable 12/15/2034)  | 21000 | 20797  |

---

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

77<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  | **Consumer, Cyclical - (Continued)**  |
|  Michaels Cos., Inc., 5.25%, 05/01/2028 (Callable 07/11/2025)<sup>(a)</sup> | $10000 | $8050  |
|  NCL Corp. Ltd., 6.75%, 02/01/2032 (Callable 02/01/2028)<sup>(a)</sup> | 110000 | 112338  |
|  O'Reilly Automotive, Inc., 5.00%, 08/19/2034 (Callable 05/19/2034)  | 35000 | 34699  |
|  QXO Building Products, Inc., 6.75%, 04/30/2032 (Callable 04/30/2028)<sup>(a)</sup> | 10000 | 10288  |
|  Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (Callable 02/01/2028)<sup>(a)</sup> | 45000 | 45000  |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/01/2026 (Callable 01/01/2026)<sup>(a)</sup> | 85000 | 84469  |
| &nbsp;&nbsp;&nbsp; 5.38%, 07/15/2027 (Callable 10/15/2026)<sup>(a)</sup> | 90000 | 90562  |
| &nbsp;&nbsp;&nbsp; 6.00%, 02/01/2033 (Callable 08/01/2027)<sup>(a)</sup> | 215000 | 219021  |
| Sabre GLBL, Inc.  | Sabre GLBL, Inc.  | Sabre GLBL, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.63%, 06/01/2027 (Callable 07/31/2025)<sup>(a)</sup> | 3000 | 3071  |
| &nbsp;&nbsp;&nbsp; 10.75%, 11/15/2029 (Callable 11/15/2025)<sup>(a)</sup> | 18000 | 18495  |
|  Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030 (Callable 07/31/2025)<sup>(a)</sup> | 10000 | 9600  |
|  Six Flags Entertainment Corp., 7.25%, 05/15/2031 (Callable 05/15/2026)<sup>(a)</sup> | 30000 | 30825  |
|  Staples, Inc., 10.75%, 09/01/2029 (Callable 09/01/2026)<sup>(a)</sup> | 15000 | 14288  |
|  Toll Brothers Finance Corp., 4.35%, 02/15/2028 (Callable 11/15/2027)  | 51000 | 50745  |
|  Travel + Leisure Co., 4.50%, 12/01/2029 (Callable 09/01/2029)<sup>(a)</sup> | 170000 | 162987  |
|  United Airlines, Inc., 4.63%, 04/15/2029 (Callable 10/15/2028)<sup>(a)</sup> | 50000 | 48539  |
|  Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (Callable 09/15/2026)<sup>(a)(b)</sup> | 25000 | 26187  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Voyager Parent LLC, 9.25%, 07/01/2032 (Callable 07/01/2028)<sup>(a)</sup> |  | $15000 | $15581  |
|  Whirlpool Corp., 6.50%, 06/15/2033 (Callable 03/15/2033)  |  | 15000 | 15056  |
|  WMG Acquisition Corp., 3.00%, 02/15/2031 (Callable 02/15/2026)<sup>(a)(b)</sup> |  | 150000 | 136532  |
| Yum! Brands, Inc.  | Yum! Brands, Inc.  | Yum! Brands, Inc.  | Yum! Brands, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2030 (Callable 10/15/2029)<sup>(a)</sup> |  | 267000 | 263329  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/15/2031 (Callable 12/15/2030)  |  | 325000 | 299000  |
| &nbsp;&nbsp;&nbsp; 4.63%, 01/31/2032 (Callable 10/01/2026)  |  | 125000 | 120313  |
|  |  |  | 4900047  |
| **Consumer, Non-cyclical - 3.8%** | **Consumer, Non-cyclical - 3.8%** | **Consumer, Non-cyclical - 3.8%** | **Consumer, Non-cyclical - 3.8%** |
|  AbbVie, Inc., 4.70%, 05/14/2045 (Callable 11/14/2044)  |  | 63000 | 56306  |
|  Adani International Container Terminal Pvt Ltd., 3.00%, 02/16/2031 (Callable 08/18/2030)  |  | 160000 | 140370  |
|  Adani Ports & Special Economic Zone Ltd., 3.10%, 02/02/2031  |  | 200000 | 168635  |
|  Agilent Technologies, Inc., 4.75%, 09/09/2034 (Callable 06/09/2034)  |  | 36000 | 35230  |
|  Allergan Funding SCS, 2.63%, 11/15/2028 (Callable 08/15/2028)  | EUR | 100000 | 113870  |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 (Callable 02/15/2027)<sup>(a)</sup> |  | 40000 | 41800  |
| Amgen, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/02/2028 (Callable 02/02/2028)  |  | 140000 | 142844  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/02/2063 (Callable 09/02/2062)  |  | 61000 | 59116  |
|  Avery Dennison Corp., 5.75%, 03/15/2033 (Callable 12/15/2032)  |  | 16000 | 16606  |
| BAT Capital Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 08/15/2035 (Callable 05/15/2035)  |  | 35000 | 35468  |
| &nbsp;&nbsp;&nbsp; 4.54%, 08/15/2047 (Callable 02/15/2047)  |  | 32000 | 25761  |
|  Bausch + Lomb Corp., 8.38%, 10/01/2028 (Callable 10/01/2025)<sup>(a)</sup> |  | 40000 | 41700  |

---

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

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** |
| Bausch Health Cos., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.25%, 01/30/2030 (Callable 07/16/2025)<sup>(a)</sup> | $10000 | $6300  |
| &nbsp;&nbsp;&nbsp; 14.00%, 10/15/2030 (Callable 10/15/2025)<sup>(a)</sup> | 1000 | 870  |
|  Becton Dickinson & Co., 4.69%, 02/13/2028 (Callable 01/13/2028)  | 86000 | 86640  |
|  Bimbo Bakeries USA, Inc., 5.38%, 01/09/2036 (Callable 10/09/2035)<sup>(a)</sup> | 200000 | 197610  |
|  Biogen, Inc., 5.05%, 01/15/2031 (Callable 12/15/2030)  | 69000 | 70009  |
|  Bunge Ltd. Finance Corp., 4.65%, 09/17/2034 (Callable 06/17/2034)  | 41000 | 39735  |
| Cardinal Health, Inc.  | Cardinal Health, Inc.  | Cardinal Health, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.60%, 03/15/2043  | 35000 | 30055  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2044 (Callable 05/15/2044)  | 5000 | 4199  |
| Centene Corp.  | Centene Corp.  | Centene Corp.  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 (Callable 07/31/2025)  | 45000 | 43487  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 (Callable 07/16/2025)  | 195000 | 178274  |
| &nbsp;&nbsp;&nbsp; 3.00%, 10/15/2030 (Callable 07/15/2030)  | 210000 | 185918  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 (Callable 12/01/2030)  | 229000 | 196659  |
|  CHS/Community Health Systems, Inc., 6.00%, 01/15/2029 (Callable 07/16/2025)<sup>(a)</sup> | 25000 | 23938  |
|  Darling Ingredients, Inc., 6.00%, 06/15/2030 (Callable 07/11/2025)<sup>(a)</sup> | 225000 | 228094  |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 (Callable 11/15/2026)<sup>(a)</sup> | 15000 | 15188  |
|  Element Fleet Management Corp., 5.04%, 03/25/2030 (Callable 02/25/2030)<sup>(a)</sup> | 35000 | 35289  |
|  Elevance Health, Inc., 4.55%, 05/15/2052 (Callable 11/15/2051)  | 25000 | 20345  |
|  Eli Lilly & Co., 4.55%, 02/12/2028 (Callable 01/12/2028)  | 66000 | 66824  |
|  Flowers Foods, Inc., 5.75%, 03/15/2035 (Callable 12/15/2034)  | 36000 | 36839  |
|  Garda World Security Corp., 8.25%, 08/01/2032 (Callable 08/01/2027)<sup>(a)</sup> | 45000 | 46012  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2030 (Callable 03/01/2030)  | $291000 | $274611  |
| &nbsp;&nbsp;&nbsp; 5.60%, 04/01/2034 (Callable 01/01/2034)  | 285000 | 291482  |
|  Herc Holdings, Inc., 7.00%, 06/15/2030 (Callable 06/15/2027)<sup>(a)</sup> | 15000 | 15656  |
|  IQVIA, Inc., 6.25%, 02/01/2029 (Callable 01/01/2029)  | 38000 | 39727  |
| &nbsp;&nbsp;&nbsp; JBS USA Holding Lux Sarl/ <br>JBS USA Food Co./ JBS <br>Lux Co. Sarl <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/01/2031 (Callable 12/01/2026)  | 51000 | 47454  |
| &nbsp;&nbsp;&nbsp; 3.63%, 01/15/2032 (Callable 01/15/2027)  | 90000 | 82212  |
| &nbsp;&nbsp;&nbsp; 5.75%, 04/01/2033 (Callable 01/01/2033)  | 36000 | 36990  |
|  Johnson & Johnson, 4.55%, 03/01/2028 (Callable 02/01/2028)  | 63000 | 64026  |
|  JSW Infrastructure Ltd., 4.95%, 01/21/2029 (Callable 10/21/2028)  | 200000 | 195000  |
|  Keurig Dr Pepper, Inc., 5.20%, 03/15/2031 (Callable 01/15/2031)  | 61000 | 62778  |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039  | 90000 | 99198  |
| &nbsp;&nbsp;&nbsp; 7.13%, 08/01/2039<sup>(a)</sup> | 95000 | 106252  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/01/2046 (Callable 12/01/2045)  | 250000 | 201355  |
|  Laboratory Corp. of America Holdings, 4.55%, 04/01/2032 (Callable 02/01/2032)  | 64000 | 63070  |
|  LifePoint Health, Inc., 10.00%, 06/01/2032 (Callable 06/01/2027)<sup>(a)</sup> | 25000 | 25625  |
|  MARB BondCo PLC, 3.95%, 01/29/2031 (Callable 01/29/2026)<sup>(a)</sup> | 200000 | 177406  |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/01/2035 (Callable 12/01/2034)<sup>(a)</sup> | 185000 | 187068  |
| &nbsp;&nbsp;&nbsp; 5.70%, 05/01/2055 (Callable 11/01/2054)<sup>(a)</sup> | 36000 | 35813  |
|  Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (Callable 07/31/2025)<sup>(a)</sup> | 10000 | 9725  |
|  Medline Borrower LP, 5.25%, 10/01/2029 (Callable 07/31/2025)<sup>(a)</sup> | 30000 | 29700  |

---

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

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** |
|  Performance Food Group, Inc., 4.25%, 08/01/2029 (Callable 07/31/2025)<sup>(a)</sup> | $90000 | $86512  |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2033 (Callable 11/15/2032)  | 34000 | 35108  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/13/2034 (Callable 11/13/2033)  | 33000 | 33607  |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.50%, 12/15/2029 (Callable 07/16/2025)<sup>(a)</sup> | 85000 | 84575  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2031 (Callable 09/15/2026)<sup>(a)</sup> | 5000 | 4625  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2033 (Callable 09/01/2027)<sup>(a)</sup> | 270000 | 272700  |
|  Prumo Participacoes e Investimentos S/A, 7.50%, 12/31/2031 (Callable 07/31/2025)  | 140934 | 142696  |
|  Quanta Services, Inc., 5.25%, 08/09/2034 (Callable 05/09/2034)  | 37000 | 37291  |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.60%, 12/15/2027 (Callable 11/15/2027)  | 87000 | 87679  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/15/2034 (Callable 09/15/2034)  | 67000 | 66432  |
|  Radiology Partners, Inc., 8.50%, 07/15/2032 (Callable 07/15/2028)<sup>(a)</sup> | 30000 | 30000  |
|  Rede D'or Finance Sarl, 4.95%, 01/17/2028 (Callable 10/17/2027)<sup>(a)</sup> | 100000 | 98625  |
|  Rollins, Inc., 5.25%, 02/24/2035 (Callable 11/24/2034)  | 16000 | 16025  |
|  Royalty Pharma PLC, 5.15%, 09/02/2029 (Callable 08/02/2029)  | 33000 | 33632  |
|  Rutas 2 & 7 Finance Ltd., 0.00%, 09/30/2036<sup>(c)</sup> | 306667 | 221567  |
|  Smith & Nephew PLC, 5.15%, 03/20/2027 (Callable 02/20/2027)  | 91000 | 92032  |
|  Solventum Corp., 5.45%, 02/25/2027 (Callable 01/25/2027)  | 90000 | 91280  |
| Stryker Corp.  | Stryker Corp.  | Stryker Corp.  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/10/2028 (Callable 01/10/2028)  | 47000 | 47659  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/07/2028 (Callable 12/07/2027)  | 54000 | 53322  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Tenet Healthcare Corp., 6.13%, 06/15/2030 (Callable 07/31/2025)  | $35000 | $35613  |
|  The Campbell's Co., 5.40%, 03/21/2034 (Callable 12/21/2033)  | 36000 | 36444  |
|  Triton Container International Ltd. / TAL International Container Corp., 3.25%, 03/15/2032 (Callable 12/15/2031)  | 36000 | 31159  |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 (Callable 07/31/2025)<sup>(a)</sup> | 70000 | 68950  |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.00%, 07/15/2030 (Callable 07/15/2025)  | 110000 | 104912  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 08/15/2025)  | 195000 | 182569  |
|  UnitedHealth Group, Inc., 2.95%, 10/15/2027  | 77000 | 74865  |
|  US Foods, Inc., 5.75%, 04/15/2033 (Callable 10/15/2027)<sup>(a)</sup> | 40000 | 40000  |
|  Verisk Analytics, Inc., 5.25%, 06/05/2034 (Callable 03/05/2034)  | 37000 | 37703  |
|  Veritiv Operating Co., 10.50%, 11/30/2030 (Callable 11/30/2026)<sup>(a)</sup> | 10000 | 10787  |
|  VT Topco, Inc., 8.50%, 08/15/2030 (Callable 08/15/2026)<sup>(a)</sup> | 20000 | 21100  |
|  Wand NewCo 3, Inc., 7.63%, 01/30/2032 (Callable 01/30/2027)<sup>(a)</sup> | 20000 | 21025  |
| Zimmer Biomet Holdings, Inc.  | Zimmer Biomet Holdings, Inc.  | Zimmer Biomet Holdings, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.70%, 02/19/2027  | 95000 | 95464  |
| &nbsp;&nbsp;&nbsp; 5.20%, 09/15/2034 (Callable 06/15/2034)  | 65000 | 65042  |
|  |  | 6796139  |
| **Energy - 4.3%** | **Energy - 4.3%** | **Energy - 4.3%** |
|  AI Candelaria Spain SA, 7.50%, 12/15/2028 (Callable 09/15/2028)  | 162499 | 162499  |
|  Aker BP ASA, 5.13%, 10/01/2034 (Callable 07/01/2034)<sup>(a)</sup> | 150000 | 143667  |
|  APA Corp., 6.10%, 02/15/2035 (Callable 11/15/2034)<sup>(a)</sup> | 19000 | 18553  |
|  Archrock Partners LP / Archrock Partners Finance Corp., 6.63%, 09/01/2032 (Callable 09/01/2027)<sup>(a)</sup> | 30000 | 30525  |

---

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

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
|  Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.25%, 07/15/2032 (Callable 07/15/2027)<sup>(a)</sup> | $15000 | $15825  |
|  Buckeye Partners LP, 6.88%, 07/01/2029 (Callable 07/01/2026)<sup>(a)</sup> | 15000 | 15487  |
|  Canacol Energy Ltd., 5.75%, 11/24/2028 (Callable 07/31/2025)  | 200000 | 71000  |
| Cenovus Energy, Inc.  | Cenovus Energy, Inc.  | Cenovus Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/07/2028 (Callable 12/07/2027) <br> CAD | 100000 | 73210  |
| &nbsp;&nbsp;&nbsp; 6.75%, 11/15/2039  | 394000 | 419406  |
| &nbsp;&nbsp;&nbsp; 5.40%, 06/15/2047 (Callable 12/15/2046)  | 107000 | 94746  |
|  Cheniere Energy Partners LP, 4.00%, 03/01/2031 (Callable 03/01/2026)  | 390000 | 370000  |
|  Cheniere Energy, Inc., 4.63%, 10/15/2028 (Callable 07/11/2025)  | 62000 | 61910  |
|  Chord Energy Corp., 6.75%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 25000 | 25375  |
| Civitas Resources, Inc.  | Civitas Resources, Inc.  | Civitas Resources, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/2028 (Callable 07/11/2025)<sup>(a)</sup> | 15000 | 15300  |
| &nbsp;&nbsp;&nbsp; 8.75%, 07/01/2031 (Callable 07/01/2026)<sup>(a)</sup> | 165000 | 166856  |
|  CNX Resources Corp., 6.00%, 01/15/2029 (Callable 07/31/2025)<sup>(a)</sup> | 20000 | 20000  |
|  Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/2033 (Callable 08/15/2033)<sup>(a)</sup> | 115000 | 120421  |
| Continental Resources, Inc./OK  | Continental Resources, Inc./OK  | Continental Resources, Inc./OK  |
| &nbsp;&nbsp;&nbsp; 5.75%, 01/15/2031 (Callable 07/15/2030)<sup>(a)</sup> | 162000 | 163386  |
| &nbsp;&nbsp;&nbsp; 2.88%, 04/01/2032 (Callable 01/01/2032)<sup>(a)</sup> | 376000 | 315991  |
|  Cosan Overseas Ltd., 8.25%, Perpetual (Callable 08/05/2025)  | 200000 | 200500  |
|  Devon Energy Corp., 5.75%, 09/15/2054 (Callable 03/15/2054)  | 16000 | 14349  |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027 (Callable 03/18/2027)  | 75000 | 76027  |
|  DT Midstream, Inc., 4.13%, 06/15/2029 (Callable 07/31/2025)<sup>(a)</sup> | 20000 | 19250  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Eastern Energy Gas Holdings LLC, <br>5.65%, 10/15/2054 (Callable 04/15/2054)  | $36000 | $34268  |
| Ecopetrol SA  | Ecopetrol SA  | Ecopetrol SA  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/02/2031 (Callable 08/02/2031)  | 50000 | 42125  |
| &nbsp;&nbsp;&nbsp; 5.88%, 11/02/2051 (Callable 05/02/2051)  | 300000 | 198000  |
| Enbridge, Inc.  | Enbridge, Inc.  | Enbridge, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.60%, 06/20/2028 (Callable 05/20/2028)  | 69000 | 69372  |
| &nbsp;&nbsp;&nbsp; 7.20% to 06/27/2034 then 5 yr. CMT Rate + 2.97%, 06/27/2054 (Callable 03/27/2034)  | 140000 | 143500  |
| &nbsp;&nbsp;&nbsp; 8.50% to 01/15/2034 then 5 yr. CMT Rate + 4.43%, 01/15/2084 (Callable 10/15/2033)  | 165000 | 183311  |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| &nbsp;&nbsp;&nbsp; 7.13% to 05/15/2030 then 5 yr. CMT Rate + 5.31%, Perpetual (Callable 05/15/2030)  | 345000 | 351893  |
| &nbsp;&nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 (Callable 02/15/2029)  | 185000 | 197239  |
|  Enterprise Products Operating LLC, 4.30%, 06/20/2028 (Callable 05/20/2028)  | 100000 | 100458  |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| &nbsp;&nbsp;&nbsp; 3.63%, 05/15/2031 (Callable 05/15/2030)<sup>(a)</sup> | 350000 | 324568  |
| &nbsp;&nbsp;&nbsp; 5.75%, 02/01/2034 (Callable 11/01/2033)  | 55000 | 56785  |
|  Expand Energy Corp., 6.75%, 04/15/2029 (Callable 07/31/2025)<sup>(a)</sup> | 22000 | 22299  |
|  Fermaca Enterprises S de RL de CV, 6.38%, 03/30/2038 (Callable 09/30/2037)  | 174337 | 169052  |
|  Florida Gas Transmission Co. LLC, 5.75%, 07/15/2035 (Callable 04/15/2035)<sup>(a)</sup> | 15000 | 15303  |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (Callable 09/01/2026)<sup>(a)</sup> | 30000 | 30712  |
|  Harvest Midstream I LP, 7.50%, 05/15/2032 (Callable 05/15/2027)<sup>(a)</sup> | 30000 | 31650  |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| &nbsp;&nbsp;&nbsp; 5.88%, 03/01/2028 (Callable 03/01/2026)<sup>(a)</sup> | 19000 | 19238  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/15/2030 (Callable 10/15/2025)<sup>(a)</sup> | 38000 | 38143  |

---

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

81<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 7.25%, 02/15/2035 (Callable 02/15/2030)<sup>(a)</sup> | $15000 | $14569  |
|  Kinder Morgan Energy Partners LP, 6.95%, 01/15/2038  | 48000 | 53148  |
|  Kinder Morgan, Inc., 1.75%, 11/15/2026 (Callable 10/15/2026)  | 55000 | 53116  |
|  Kinetik Holdings LP, 5.88%, 06/15/2030 (Callable 07/31/2025)<sup>(a)</sup> | 38000 | 38237  |
|  Kodiak Gas Services LLC, 7.25%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | 30000 | 30975  |
|  Long Ridge Energy LLC, 8.75%, 02/15/2032 (Callable 02/15/2028)<sup>(a)</sup> | 75000 | 77437  |
|  Matador Resources Co., 6.50%, 04/15/2032 (Callable 04/15/2027)<sup>(a)</sup> | 20000 | 20000  |
|  MC Brazil Downstream Trading SARL, 7.25%, 06/30/2031<sup>(a)</sup> | 182442 | 144813  |
|  Nabors Industries, Inc., 9.13%, 01/31/2030 (Callable 05/31/2026)<sup>(a)</sup> | 10000 | 9575  |
|  NGL Energy Operating LLC / NGL Energy Finance Corp., 8.13%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | 10000 | 10100  |
| Occidental Petroleum Corp.  | Occidental Petroleum Corp.  | Occidental Petroleum Corp.  |
| &nbsp;&nbsp;&nbsp; 6.63%, 09/01/2030 (Callable 03/01/2030)  | 205000 | 216275  |
| &nbsp;&nbsp;&nbsp; 6.13%, 01/01/2031 (Callable 07/01/2030)  | 105000 | 108675  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/01/2031  | 70000 | 77088  |
| &nbsp;&nbsp;&nbsp; 6.45%, 09/15/2036  | 30000 | 30525  |
|  ONEOK, Inc., 5.38%, 06/01/2029 (Callable 03/01/2029) | 36000 | 36897  |
| Ovintiv, Inc.  | Ovintiv, Inc.  | Ovintiv, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2034  | 190000 | 196627  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/01/2038  | 160000 | 161623  |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/15/2032 (Callable 01/15/2027)<sup>(a)</sup> | 15000 | 15506  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/01/2033 (Callable 08/01/2027)<sup>(a)</sup> | 35000 | 35175  |
|  Petroleos Mexicanos, 6.75%, 09/21/2047  | 100000 | 72500  |
|  Petrorio Luxembourg Holding Sarl, 6.13%, 06/09/2026 (Callable 07/31/2025)<sup>(a)</sup> | 100000 | 100518  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  QatarEnergy, 2.25%, 07/12/2031 (Callable 04/12/2031)<sup>(a)</sup> | $235000 | $205710  |
|  SM Energy Co., 7.00%, 08/01/2032 (Callable 08/01/2027)<sup>(a)</sup> | 20000 | 19650  |
|  South Bow Canadian Infrastructure Holdings Ltd., 7.50% to 03/01/2035 then 5 yr. CMT Rate + 3.67%, 03/01/2055 (Callable 12/01/2034)<sup>(a)</sup> | 90000 | 92925  |
|  Sunoco LP / Sunoco Finance Corp., 6.00%, 04/15/2027 (Callable 07/31/2025)  | 35000 | 34956  |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | 15000 | 15394  |
|  Targa Resources Corp., 5.50%, 02/15/2035 (Callable 11/15/2034)  | 17000 | 17023  |
| TransCanada PipeLinesLtd.  | TransCanada PipeLinesLtd.  | TransCanada PipeLinesLtd.  |
| &nbsp;&nbsp;&nbsp; 4.10%, 04/15/2030 (Callable 01/15/2030)  | 58000 | 56761  |
| &nbsp;&nbsp;&nbsp; 6.20%, 10/15/2037  | 95000 | 99537  |
| &nbsp;&nbsp;&nbsp; 7.25%, 08/15/2038  | 41000 | 46443  |
| &nbsp;&nbsp;&nbsp; 7.00% to 06/01/2030 then 5 yr. CMT Rate + 2.61%, 06/01/2065 (Callable 03/01/2030)  | 115000 | 115575  |
|  Transcanada Trust, 5.60% to 03/07/2032 then 5 yr. CMT Rate + 3.99%, 03/07/2082 (Callable 12/07/2031)  | 140000 | 136150  |
|  Transocean, Inc., 8.00%, 02/01/2027 (Callable 07/11/2025)<sup>(a)</sup> | 8000 | 7880  |
| Var Energi ASA  | Var Energi ASA  | Var Energi ASA  |
| &nbsp;&nbsp;&nbsp; 7.50%, 01/15/2028 (Callable 12/15/2027)<sup>(a)</sup> | 100000 | 105968  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/22/2035 (Callable 02/22/2035)<sup>(a)</sup> | 200000 | 207046  |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| &nbsp;&nbsp;&nbsp; 8.13%, 06/01/2028 (Callable 07/31/2025)<sup>(a)</sup> | 10000 | 10300  |
| &nbsp;&nbsp;&nbsp; 9.00% to 09/30/2029 then 5 yr. CMT Rate + 5.44%, Perpetual (Callable 09/30/2029)<sup>(a)</sup> | 225000 | 218250  |
| &nbsp;&nbsp;&nbsp; 8.38%, 06/01/2031 (Callable 06/01/2026)<sup>(a)</sup> | 10000 | 10350  |
| &nbsp;&nbsp;&nbsp; 9.88%, 02/01/2032 (Callable 02/01/2027)<sup>(a)</sup> | 10000 | 10800  |
|  Venture Global Plaquemines LNG LLC, 6.50%, 01/15/2034 (Callable 07/15/2033)<sup>(a)</sup> | 15000 | 15000  |

---

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

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Energy - (Continued)** | **Energy - (Continued)** | **Energy - (Continued)** |
|  Vital Energy, Inc., 7.88%, 04/15/2032 (Callable 04/15/2027)<sup>(a)(b)</sup> | $15000 | $12825  |
|  Weatherford International Ltd., 8.63%, 04/30/2030 (Callable 07/31/2025)<sup>(a)</sup> | 10000 | 10262  |
|  Western Midstream Operating LP, 4.05%, 02/01/2030 (Callable 11/01/2029)<sup>(f)</sup> | 70000 | 67277  |
|  Williams Cos., Inc., 5.30%, 09/30/2035 (Callable 06/30/2035)  | 136000 | 135016  |
|  |  | 7796676  |
| **Financial - 7.0%** | **Financial - 7.0%** | **Financial - 7.0%** |
|  Acrisure LLC / Acrisure Finance, Inc., 6.75%, 07/01/2032 (Callable 07/01/2028)<sup>(a)</sup> | 25000 | 25344  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055 (Callable 12/10/2029)  | 220000 | 227847  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 (Callable 10/31/2030)  | 150000 | 148690  |
|  Agree LP, 5.63%, 06/15/2034 (Callable 03/15/2034)  | 47000 | 48135  |
|  Air Lease Corp., 4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.15%, Perpetual (Callable 12/15/2026)  | 130000 | 125775  |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 10/15/2027 (Callable 07/31/2025)<sup>(a)</sup> | 25000 | 24875  |
| &nbsp;&nbsp;&nbsp; 6.50%, 10/01/2031 (Callable 10/01/2027)<sup>(a)</sup> | 15000 | 15244  |
| American Express Co.  | American Express Co.  | American Express Co.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.39% to 07/28/2026 then SOFR + 0.97%, 07/28/2027 <br>(Callable 07/28/2026)  | 64000 | 64628  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.02% to 04/25/2030 then SOFR + 1.44%, 04/25/2031 <br>(Callable 04/25/2030)  | 77000 | 78547  |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034 (Callable 11/01/2033)  | 49000 | 49685  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  American International Group, Inc., 5.45%, 05/07/2035 (Callable 02/07/2035)  |  | $14000 | $14307  |
| American National Group, Inc.  | American National Group, Inc.  | American National Group, Inc.  | American National Group, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.75%, 10/01/2029 (Callable 09/01/2029)  |  | 30000 | 30617  |
| &nbsp;&nbsp;&nbsp; 6.00%, 07/15/2035 (Callable 04/15/2035)  |  | 33000 | 33029  |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| &nbsp;&nbsp;&nbsp; 3.65%, 03/15/2027 (Callable 02/15/2027)  |  | 69000 | 68124  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/15/2028 (Callable 06/15/2028)  |  | 24000 | 24603  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/16/2031 (Callable 02/16/2031)  | EUR | 100000 | 125666  |
| &nbsp;&nbsp;&nbsp; 5.55%, 07/15/2033 (Callable 04/15/2033)  |  | 65000 | 66893  |
| &nbsp;&nbsp;&nbsp; 3.70%, 10/15/2049 (Callable 04/15/2049)  |  | 25000 | 18230  |
|  Americold Realty Operating Partnership LP, 5.60%, 05/15/2032 (Callable 03/15/2032)  |  | 15000 | 15073  |
|  Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 7.00%, 04/15/2030 (Callable 07/16/2025)<sup>(a)</sup> |  | 15000 | 13987  |
|  Aon North America, Inc., 5.13%, 03/01/2027 (Callable 02/01/2027)  |  | 67000 | 67750  |
|  APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor 2 LLC, 7.88%, 11/01/2029 (Callable 11/01/2026)<sup>(a)</sup> |  | 10000 | 10175  |
| Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  | Arthur J Gallagher & Co.  |
| &nbsp;&nbsp;&nbsp; 4.85%, 12/15/2029 (Callable 11/15/2029)  |  | 20000 | 20277  |
| &nbsp;&nbsp;&nbsp; 5.15%, 02/15/2035 (Callable 11/15/2034)  |  | 43000 | 42999  |
|  Aspen Insurance Holdings Ltd., 5.75%, 07/01/2030 (Callable 06/01/2030)  |  | 29000 | 29397  |
|  Athene Global Funding, 4.72%, 10/08/2029<sup>(a)</sup> |  | 62000 | 61777  |
|  Athene Holding Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054 (Callable 07/15/2034)  |  | 52000 | 51183  |
|  Aviation Capital Group LLC, 5.38%, 07/15/2029 (Callable 06/15/2029)<sup>(a)</sup> |  | 47000 | 47893  |

---

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

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)**  | **Financial - (Continued)**  | **Financial - (Continued)**  |
| AvolonHoldings Funding Ltd.  | AvolonHoldings Funding Ltd.  | AvolonHoldings Funding Ltd.  |
| &nbsp;&nbsp;&nbsp; 2.53%, 11/18/2027 (Callable 10/18/2027)<sup>(a)</sup> | $69000 | $65491  |
| &nbsp;&nbsp;&nbsp; 5.75%, 03/01/2029 (Callable 02/01/2029)<sup>(a)</sup> | 91000 | 93465  |
| AzorraFinance Ltd.  | AzorraFinance Ltd.  | AzorraFinance Ltd.  |
| &nbsp;&nbsp;&nbsp; 7.75%, 04/15/2030 (Callable 10/15/2026)<sup>(a)</sup> | 15000 | 15581  |
| &nbsp;&nbsp;&nbsp; 7.25%, 01/15/2031 (Callable 07/15/2027)<sup>(a)</sup> | 25000 | 25469  |
|  Banco de Bogota SA, 6.25%, 05/12/2026  | 200000 | 200528  |
| Banco de Credito del Peru SA  | Banco de Credito del Peru SA  | Banco de Credito del Peru SA  |
| &nbsp;&nbsp;&nbsp; 3.13% to 07/01/2025 then 5 yr. CMT Rate + 3.00%, 07/01/2030 (Callable 07/01/2025)  | 100000 | 99750  |
| &nbsp;&nbsp;&nbsp; 3.25% to 09/30/2026 then 5 yr. CMT Rate + 2.45%, 09/30/2031 (Callable 09/30/2026)  | 140000 | 135653  |
|  Banco do Brasil SA/Cayman, 8.75% to 04/15/2034 then 10 yr. CMT Rate + 4.40%, Perpetual (Callable 10/15/2025)  | 200000 | 201750  |
|  Banco Industrial SA/Guatemala, 4.88% to 01/29/2026 then 5 yr. CMT Rate + 4.44%, 01/29/2031 (Callable 01/29/2026)  | 150000 | 149625  |
|  Banco Internacional del Peru SAA Interbank<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.00% to 07/08/2025 then 5 yr. CMT Rate + 3.71%, 07/08/2030 (Callable 07/08/2025)  | 200000 | 199209  |
| &nbsp;&nbsp;&nbsp; 6.40% to 04/30/2030 then 5 yr. CMT Rate + 2.07%, 04/30/2035 (Callable 04/30/2030)<sup>(a)</sup> | 150000 | 153225  |
|  Banco Mercantil del Norte SA/Grand Cayman, 8.38% to 05/20/2031 then 5 yr. CMT Rate + 4.07%, Perpetual (Callable 05/20/2031)<sup>(a)</sup> | 200000 | 201750  |
| &nbsp;&nbsp;&nbsp; Bank Negara Indonesia Persero Tbk PT, <br>3.75%, 03/30/2026  | 200000 | 197750  |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73% to 07/22/2026 then SOFR + 0.96%, 07/22/2027 <br>(Callable 07/22/2026)  | 46000 | 44723  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55% to 02/04/2027 then SOFR + 1.05%, 02/04/2028 <br>(Callable 02/04/2027)  |  | $74000 | $71964  |
| &nbsp;&nbsp;&nbsp; 3.71% to 04/24/2027 then 3 mo. Term SOFR + 1.77%, 04/24/2028 (Callable 04/24/2027)  |  | 79000 | 78090  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/01/2030 then 5 yr. CMT Rate + 2.68%, Perpetual (Callable 05/01/2030)  |  | 303000 | 313605  |
| &nbsp;&nbsp;&nbsp; 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035 (Callable 01/23/2034)  |  | 26000 | 26688  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.74% to 02/12/2035 then SOFR + 1.70%, 02/12/2036 <br>(Callable 02/12/2035)  |  | 32000 | 32412  |
| Bank of Montreal  | Bank of Montreal  | Bank of Montreal  | Bank of Montreal  |
| &nbsp;&nbsp;&nbsp; 7.33% to 11/26/2027 then Government of Canada 5 Year Bond Yield + 4.10%, 11/26/2082 (Callable 11/26/2027) | CAD | 270000 | 208432  |
| &nbsp;&nbsp;&nbsp; 7.30% to 11/26/2034 then 5 yr. CMT Rate + 3.01%, 11/26/2084 (Callable 11/26/2034) |  | 270000 | 274967  |
| Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  | Bank of New York Mellon Corp.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.44% to 06/09/2027 then SOFR + 0.68%, 06/09/2028 <br>(Callable 06/09/2027)  |  | 56000 | 56326  |
| &nbsp;&nbsp;&nbsp; 5.06% to 07/22/2031 then SOFR + 1.23%, 07/22/2032 (Callable 07/22/2031)  |  | 54000 | 55176  |
|  Bank of Nova Scotia, 8.63% to 10/27/2027 then 5 yr. CMT Rate + 4.39%, 10/27/2082 (Callable 10/27/2027)  |  | 200000 | 212206  |
|  Barclays PLC, 7.63% to 09/15/2035 then USISSO05 + 3.69%, Perpetual (Callable 03/15/2035)  |  | 200000 | 201250  |
|  Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 (Callable 03/19/2039)  | GBP | 120000 | 114080  |
|  BNG Bank NV, 3.30%, 07/17/2028  | AUD | 210000 | 136619  |
|  Brookfield Finance, Inc., 5.81%, 03/03/2055 (Callable 09/03/2054)  |  | 36000 | 35040  |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.70%, 06/23/2028 (Callable 05/23/2028)  |  | 73000 | 73636  |
| &nbsp;&nbsp;&nbsp; 6.25%, 06/23/2055 (Callable 12/12/2054)  |  | 14000 | 14446  |

---

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

84<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)** | **Financial - (Continued)** | **Financial - (Continued)** |
|  Canadian Imperial Bank of Commerce, 5.25% to 01/13/2030 then SOFR + 1.11%, 01/13/2031 (Callable 01/13/2030)  | $36000 | $36796  |
|  Capital One Financial Corp., 1.88% to 11/02/2026 then SOFR + 0.86%, 11/02/2027 (Callable 11/02/2026)  | 50000 | 48332  |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.95% to 05/07/2030 then SOFR + 1.46%, 05/07/2031 <br>(Callable 05/07/2030)  | 30000 | 30272  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06% to 01/25/2032 then SOFR + 1.35%, 01/25/2033 <br>(Callable 01/25/2032)  | 67000 | 59919  |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030 (Callable 01/30/2029)  | 17000 | 17418  |
|  ConnectOne Bancorp, Inc., 8.13% to 06/01/2030 then 3 mo. Term SOFR + 4.42%, 06/01/2035 (Callable 06/01/2030)  | 110000 | 110202  |
|  Corebridge Financial, Inc., 3.65%, 04/05/2027 (Callable 03/05/2027)  | 45000 | 44384  |
| Equinix, Inc.  | Equinix, Inc.  | Equinix, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.90%, 04/15/2032 (Callable 01/15/2032)  | 37000 | 35036  |
| &nbsp;&nbsp;&nbsp; 2.95%, 09/15/2051 (Callable 03/15/2051)  | 56000 | 34066  |
|  Extra Space Storage LP, 5.40%, 06/15/2035 (Callable 03/15/2035)  | 36000 | 36050  |
|  First Citizens BancShares, Inc./NC, 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 (Callable 12/12/2034)  | 170000 | 169153  |
|  First Horizon Corp., 5.51% to 03/07/2030 then SOFR + 1.77%, 03/07/2031 (Callable 03/07/2030)  | 205000 | 208213  |
|  First Industrial LP, 5.25%, 01/15/2031 (Callable 12/15/2030)  | 44000 | 44531  |
|  First Interstate BancSystem, Inc., 7.63% to 06/15/2030 then 3 mo. Term SOFR + 3.98%, 06/15/2035 (Callable 06/15/2030)  | 70000 | 71714  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Five Star Bancorp, 6.00% to 09/01/2027 then SOFR + 3.29%, 09/01/2032 (Callable 08/18/2027)<sup>(a)</sup> | $50000 | $48754  |
|  GGAM Finance Ltd., 6.88%, 04/15/2029 (Callable 04/15/2026)<sup>(a)</sup> | 30000 | 30900  |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (Callable 03/01/2026)<sup>(a)</sup> | 65000 | 66544  |
|  Guardian Life Global Funding, 4.80%, 04/28/2030<sup>(a)</sup> | 30000 | 30533  |
| Host Hotels & Resorts LP  | Host Hotels & Resorts LP  | Host Hotels & Resorts LP  |
| &nbsp;&nbsp;&nbsp; 3.38%, 12/15/2029 (Callable 09/15/2029)  | 45000 | 42449  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/15/2030 (Callable 06/15/2030)  | 30000 | 27877  |
| HSBC Holdings PLC  | HSBC Holdings PLC  | HSBC Holdings PLC  |
| &nbsp;&nbsp;&nbsp; 5.96% (SOFR + 1.57%), 05/13/2031 (Callable 05/13/2030)  | 235000 | 236233  |
| &nbsp;&nbsp;&nbsp; 6.95% to 02/27/2032 then 5 yr. CMT Rate + 2.64%, Perpetual (Callable 08/27/2031)  | 200000 | 200500  |
|  HUB International Ltd., 7.25%, 06/15/2030 (Callable 06/15/2026)<sup>(a)</sup> | 15000 | 15675  |
| Huntington Bancshares, Inc./OH  | Huntington Bancshares, Inc./OH  | Huntington Bancshares, Inc./OH  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.27% to 01/15/2030 then SOFR + 1.28%, 01/15/2031 <br>(Callable 01/15/2030)  | 20000 | 20497  |
| &nbsp;&nbsp;&nbsp; 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035 (Callable 02/02/2034)  | 19000 | 19324  |
|  Independent Bank Group, Inc., 8.38% to 08/15/2029 then 3 mo. Term SOFR + 4.61%, 08/15/2034 (Callable 08/15/2029)  | 70000 | 71887  |
|  InRetail Shopping Malls, 5.75%, 04/03/2028 (Callable 07/11/2025)  | 100000 | 100000  |
|  Iron Mountain, Inc., 6.25%, 01/15/2033 (Callable 12/06/2027)<sup>(a)</sup> | 5000 | 5144  |
| JPMorgan Chase & Co.  | JPMorgan Chase & Co.  | JPMorgan Chase & Co.  |
| &nbsp;&nbsp;&nbsp; 6.07% (SOFR + 1.33%), 10/22/2027 (Callable 10/22/2026)  | 92000 | 94000  |
| &nbsp;&nbsp;&nbsp; 4.51% (SOFR + 0.86%), 10/22/2028 (Callable 10/22/2027)  | 88000 | 88149  |

---

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

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)** | **Financial - (Continued)** | **Financial - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.14% to 01/24/2030 then SOFR + 1.01%, 01/24/2031 <br>(Callable 01/24/2030) | $31000 | $31739  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.10% to 04/22/2030 then SOFR + 1.44%, 04/22/2031 <br>(Callable 04/22/2030)  | 69000 | 70718  |
|  Lineage OP LP, 5.25%, 07/15/2030 (Callable 06/15/2030)<sup>(a)</sup> | 34000 | 34128  |
| Macquarie AirfinanceHoldings Ltd.  | Macquarie AirfinanceHoldings Ltd.  | Macquarie AirfinanceHoldings Ltd.  |
| &nbsp;&nbsp;&nbsp; 5.20%, 03/27/2028 (Callable 02/27/2028)<sup>(a)</sup> | 37000 | 37372  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/17/2030 (Callable 02/17/2030)<sup>(a)</sup> | 37000 | 36880  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/26/2031 (Callable 01/26/2031)<sup>(a)</sup> | 4000 | 4223  |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027 (Callable 10/08/2027)  | 70000 | 70505  |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055 (Callable 03/15/2035)  | 30000 | 30859  |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51% to 07/20/2026 then SOFR + 0.86%, 07/20/2027 <br>(Callable 07/20/2026)  | 62000 | 60105  |
| &nbsp;&nbsp;&nbsp; 5.95% to 01/19/2033 then 5 yr. CMT Rate + 2.43%, 01/19/2038 (Callable 01/19/2033)  | 18000 | 18471  |
| &nbsp;&nbsp;&nbsp; 5.94% to 02/07/2034 then 5 yr. CMT Rate + 1.80%, 02/07/2039 (Callable 02/07/2034)  | 35000 | 35867  |
|  Omega Healthcare Investors, Inc., 4.75%, 01/15/2028 (Callable 10/15/2027) | 35000 | 35092  |
| OneMainFinance Corp.  | OneMainFinance Corp.  | OneMainFinance Corp.  |
| &nbsp;&nbsp;&nbsp; 7.50%, 05/15/2031 (Callable 05/15/2027)  | 35000 | 36400  |
| &nbsp;&nbsp;&nbsp; 7.13%, 09/15/2032 (Callable 06/15/2028)  | 10000 | 10312  |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (Callable 06/01/2027)<sup>(a)</sup> | 25000 | 25969  |
|  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 7.00%, 02/01/2030 (Callable 08/01/2026)<sup>(a)</sup> | 50000 | 51500  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| &nbsp;&nbsp;&nbsp; 7.88%, 12/15/2029 (Callable 12/15/2026)<sup>(a)</sup> | $20000 | $21175  |
| &nbsp;&nbsp;&nbsp; 6.88%, 05/15/2032 (Callable 05/15/2028)<sup>(a)</sup> | 30000 | 30562  |
|  Phillips Edison Grocery Center Operating Partnership I LP, 5.25%, 08/15/2032 (Callable 06/15/2032)  | 38000 | 38402  |
|  Popular, Inc., 7.25%, 03/13/2028 (Callable 02/13/2028)  | 140000 | 148604  |
|  Provident Financial Services, Inc., 9.00% to 05/15/2029 then 3 mo. Term SOFR + 4.77%, 05/15/2034 (Callable 05/15/2029)  | 110000 | 112373  |
|  Prudential Financial, Inc., 5.20%, 03/14/2035 (Callable 12/14/2034)  | 44000 | 44261  |
|  RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 06/15/2033 (Callable 06/15/2028)<sup>(a)</sup> | 25000 | 25656  |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| &nbsp;&nbsp;&nbsp; 6.13%, 08/01/2030 (Callable 08/01/2027)<sup>(a)</sup> | 15000 | 15244  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/01/2033 (Callable 08/01/2028)<sup>(a)</sup> | 15000 | 15319  |
| Royal Bank of Canada  | Royal Bank of Canada  | Royal Bank of Canada  |
| &nbsp;&nbsp;&nbsp; 4.20% to 02/24/2027 then Government of Canada 5 Year Bond Yield + 2.71%, Perpetual (Callable 02/24/2027) <br> CAD | 400000 | 264621  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028 <br>(Callable 03/27/2027)  | 50000 | 50313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.52% to 10/18/2027 then SOFR + 0.86%, 10/18/2028 <br>(Callable 10/18/2027)  | 113000 | 113323  |
| &nbsp;&nbsp;&nbsp; 7.50% to 05/02/2029 then 5 yr. CMT Rate + 2.89%, 05/02/2084 (Callable 05/02/2029)  | 315000 | 326802  |
| &nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 (Callable 11/24/2034)  | 200000 | 188250  |
|  Santander Holdings USA, Inc., 5.47% to 03/20/2028 then SOFR + 1.61%, 03/20/2029 (Callable 03/20/2028)  | 23000 | 23389  |

---

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

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financial - (Continued)** | **Financial - (Continued)** | **Financial - (Continued)** |
| SBA Communications Corp.  | SBA Communications Corp.  | SBA Communications Corp.  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2027 (Callable 07/11/2025)  | $220000 | $216700  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/01/2029 (Callable 07/31/2025)  | 170000 | 160561  |
|  Societe Generale SA, 8.13% to 05/21/2030 then 5 yr. CMT Rate + 3.79%, Perpetual (Callable 11/21/2029)<sup>(a)</sup> | 200000 | 203250  |
|  State Street Corp., 4.54% (SOFR + 0.95%), 04/24/2028 (Callable 04/24/2027)  | 29000 | 29218  |
|  Sun Communities Operating LP, 2.70%, 07/15/2031 (Callable 04/15/2031)  | 43000 | 38015  |
|  SURA Asset Management SA, 6.35%, 05/13/2032 (Callable 03/13/2032)<sup>(a)</sup> | 200000 | 210750  |
| Toronto-Dominion Bank  | Toronto-Dominion Bank  | Toronto-Dominion Bank  |
| &nbsp;&nbsp;&nbsp; 2.67%, 09/09/2025 <br> CAD | 214000 | 157075  |
| &nbsp;&nbsp;&nbsp; 4.98%, 04/05/2027  | 73000 | 73885  |
| &nbsp;&nbsp;&nbsp; 8.13% to 10/31/2027 then 5 yr. CMT Rate + 4.08%, 10/31/2082 (Callable 10/31/2027)  | 205000 | 214990  |
|  Truist Financial Corp., 5.15% to 08/05/2031 then SOFR + 1.57%, 08/05/2032 (Callable 08/05/2031)  | 64000 | 65072  |
| UBS Group AG  | UBS Group AG  | UBS Group AG  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.00% to 08/10/2030 then USISSO05 + 3.08%, <br>Perpetual (Callable 02/10/2030)<sup>(a)</sup> | 400000 | 397500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13% to 02/10/2035 then USISSO05 + 3.18%, <br>Perpetual (Callable 08/10/2034)<sup>(a)</sup> | 200000 | 198750  |
| &nbsp;&nbsp;&nbsp; Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 8.63%, <br>06/15/2032 (Callable 06/15/2028)<sup>(a)</sup> | 15000 | 15169  |
|  US Bancorp, 3.70% to 01/15/2027 then 5 yr. CMT Rate + 2.54%, Perpetual (Callable 01/15/2027)  | 120000 | 114750  |
| VICI Properties LP  | VICI Properties LP  | VICI Properties LP  |
| &nbsp;&nbsp;&nbsp; 5.13%, 05/15/2032 (Callable 02/15/2032)  | 145000 | 144154  |
| &nbsp;&nbsp;&nbsp; 5.63%, 04/01/2035 (Callable 01/01/2035)  | 150000 | 150827  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  VICI Properties LP / VICI Note Co., Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/01/2029 (Callable 07/11/2025)<sup>(a)</sup> |  | $174000 | $170283  |
| &nbsp;&nbsp;&nbsp; 4.13%, 08/15/2030 (Callable 07/31/2025)<sup>(a)</sup> |  | 165000 | 157935  |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp., <br>3.88% to 11/01/2025 then <br>3 mo. Term SOFR + 3.69%, <br>11/01/2030 (Callable 11/01/2025)  |  | 125000 | 122676  |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| &nbsp;&nbsp;&nbsp; 3.58% to 05/22/2027 then 3 mo. Term SOFR + 1.57%, 05/22/2028 (Callable 05/22/2027)  |  | 78000 | 76760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.15% to 04/23/2030 then SOFR + 1.50%, 04/23/2031 <br>(Callable 04/23/2030)  |  | 103000 | 105291  |
| &nbsp;&nbsp;&nbsp; 3.90% to 07/22/2031 then 3 mo. EURIBOR + 1.22%, 07/22/2032 (Callable 07/22/2031) | EUR | 100000 | 121182  |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp, 3.00% to 06/15/2026 then 3 mo. Term SOFR + 2.25%, <br>06/15/2031 (Callable 06/15/2026)  |  | 220000 | 203016  |
|  |  |  | 12640451  |
| **Government - 1.6%** | **Government - 1.6%** | **Government - 1.6%** | **Government - 1.6%** |
|  Asian Development Bank, 3.63%, 01/22/2029  | NOK | 1000000 | 98427  |
|  Asian Infrastructure Investment Bank<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.20%, 12/15/2025  | GBP | 100000 | 134733  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/01/2029  | INR | 14400000 | 170160  |
|  European Bank for Reconstruction & Development<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/15/2026  | INR | 11700000 | 135127  |
| &nbsp;&nbsp;&nbsp; 6.30%, 10/26/2027  | INR | 11300000 | 131323  |
|  European Investment Bank, 1.25%, 02/17/2027  | NOK | 330000 | 31430  |
|  Indonesia Government International Bond, 1.10%, 03/12/2033  | EUR | 100000 | 98400  |
| Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank | Inter-American Development Bank |
| &nbsp;&nbsp;&nbsp; 2.75%, 10/30/2025  | AUD | 75000 | 49195  |
| &nbsp;&nbsp;&nbsp; 2.70%, 01/29/2026  | AUD | 10000 | 6544  |
| &nbsp;&nbsp;&nbsp; 7.00%, 01/25/2029  | INR | 11000000 | 130062  |
|  International Bank for Reconstruction & Development<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 03/16/2026  | NOK | 620000 | 60281  |
| &nbsp;&nbsp;&nbsp; 1.20%, 08/08/2034  | EUR | 260000 | 264380  |

---

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

87<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Government - (Continued)** | **Government - (Continued)** | **Government - (Continued)** | **Government - (Continued)** |
|  International Development Association, 1.75%, 02/17/2027  | NOK | 540000 | $51783  |
|  International Finance Corp., 0.38%, 09/10/2025  | NZD | 165000 | 99996  |
|  Kommunalbanken AS, 4.25%, 07/16/2025  | AUD | 84000 | 55289  |
|  New Zealand Local Government Funding Agency Bond, 4.70%, 08/01/2028  | AUD | 95000 | 64132  |
|  Peru Government Bond, 6.85%, 08/12/2035<sup>(a)</sup> | PEN | 2375000 | 693547  |
|  Philippine Government International Bond<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 0.88%, 05/17/2027  | EUR | 185000 | 211754  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/14/2036  | PHP | 5000000 | 86546  |
|  Province of Ontario Canada, 3.10%, 01/31/2034  | EUR | 100000 | 117560  |
|  Treasury Corp. of Victoria, 4.25%, 12/20/2032  | AUD | 205000 | 133214  |
|  |  |  | 2823883  |
| **Industrial - 2.6%** | **Industrial - 2.6%** | **Industrial - 2.6%** | **Industrial - 2.6%** |
|  AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (Callable 03/15/2026)<sup>(a)</sup> |  | 20000 | 20650  |
|  AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027)  |  | 48000 | 48670  |
| Amphenol Corp.  | Amphenol Corp.  | Amphenol Corp.  | Amphenol Corp.  |
| &nbsp;&nbsp;&nbsp; 4.38%, 06/12/2028 (Callable 05/12/2028)  |  | 55000 | 55394  |
| &nbsp;&nbsp;&nbsp; 5.38%, 11/15/2054 (Callable 05/15/2054)  |  | 31000 | 30322  |
|  Amrize Finance US LLC, 4.95%, 04/07/2030 (Callable 03/07/2030)<sup>(a)</sup> |  | 15000 | 15202  |
|  Arrow Electronics, Inc., 5.88%, 04/10/2034 (Callable 01/10/2034)  |  | 36000 | 37109  |
|  Avnet, Inc., 6.25%, 03/15/2028 (Callable 02/15/2028)  |  | 53000 | 55002  |
| Ball Corp.  | Ball Corp.  | Ball Corp.  | Ball Corp.  |
| &nbsp;&nbsp;&nbsp; 6.88%, 03/15/2028 (Callable 07/16/2025)  |  | 175000 | 178719  |
| &nbsp;&nbsp;&nbsp; 2.88%, 08/15/2030 (Callable 05/15/2030)  |  | 275000 | 247844  |
|  Bioceanico Sovereign Certificate Ltd., 0.00%, 06/05/2034<sup>(c)</sup> |  | 221979 | 175364  |
| Boeing Co.  | Boeing Co.  | Boeing Co.  | Boeing Co.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 05/01/2030 (Callable 02/01/2030)  |  | 170000 | 172946  |
| &nbsp;&nbsp;&nbsp; 5.81%, 05/01/2050 (Callable 11/01/2049)  |  | 145000 | 139264  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2034 (Callable 03/01/2029)<sup>(a)</sup> |  | $35000 | $35569  |
| &nbsp;&nbsp;&nbsp; 6.75%, 05/15/2035 (Callable 05/15/2030)<sup>(a)</sup> |  | 15000 | 15394  |
|  Burlington Northern Santa Fe LLC, 5.50%, 03/15/2055 (Callable 09/15/2054)  |  | 34000 | 33532  |
|  Caterpillar Financial Services Corp., 4.40%, 03/03/2028  |  | 56000 | 56411  |
|  CCL Industries, Inc., 3.05%, 06/01/2030 (Callable 03/01/2030)<sup>(a)</sup> |  | 37000 | 34254  |
|  Cellnex Finance Co. SA, 2.00%, 09/15/2032 (Callable 06/15/2032)  | EUR | 100000 | 105825  |
|  Cemex SAB de CV, 5.13% to 09/08/2026 then 5 yr. CMT Rate + 4.53%, Perpetual (Callable 06/08/2026)  |  | 200000 | 197750  |
|  Clydesdale Acquisition Holdings, Inc., 6.75%, 04/15/2032 (Callable 04/15/2028)<sup>(a)</sup> |  | 5000 | 5106  |
|  Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 (Callable 08/15/2026)<sup>(a)</sup> |  | 20000 | 18325  |
| CSX Corp.  | CSX Corp.  | CSX Corp.  | CSX Corp.  |
| &nbsp;&nbsp;&nbsp; 5.05%, 06/15/2035 (Callable 03/15/2035)  |  | 7000 | 7035  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/01/2046 (Callable 05/01/2046)  |  | 74000 | 57485  |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030 (Callable 06/15/2026)<sup>(a)</sup> |  | 30000 | 30637  |
|  Fortress Transportation and Infrastructure Investors LLC, 5.88%, 04/15/2033 (Callable 10/15/2027)<sup>(a)</sup> |  | 10000 | 9850  |
| GATX Corp.  | GATX Corp.  | GATX Corp.  | GATX Corp.  |
| &nbsp;&nbsp;&nbsp; 5.40%, 03/15/2027 (Callable 02/15/2027)  |  | 59000 | 59773  |
| &nbsp;&nbsp;&nbsp; 5.50%, 06/15/2035 (Callable 03/15/2035)  |  | 21000 | 21208  |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (Callable 04/15/2027)<sup>(a)</sup> |  | 35000 | 35700  |
|  Goat Holdco LLC, 6.75%, 02/01/2032 (Callable 02/01/2028)<sup>(a)</sup> |  | 20000 | 20325  |
|  Griffon Corp., 5.75%, 03/01/2028 (Callable 07/31/2025)  |  | 30000 | 29888  |
|  Hexcel Corp., 5.88%, 02/26/2035 (Callable 11/26/2034)  |  | 22000 | 22243  |

---

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

88<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Industrial - (Continued)** | **Industrial - (Continued)** | **Industrial - (Continued)** |
|  Husky Injection Molding Systems Ltd. / Titan Co.-Borrower LLC, 9.00%, 02/15/2029 (Callable 02/15/2026)<sup>(a)</sup> | $45000 | $46800  |
|  Ingersoll Rand, Inc., 5.20%, 06/15/2027 (Callable 05/15/2027)  | 47000 | 47696  |
|  John Deere Capital Corp., 4.25%, 06/05/2028  | 69000 | 69339  |
|  L3Harris Technologies, Inc., 4.40%, 06/15/2028 (Callable 03/15/2028)  | 69000 | 68993  |
|  Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/2034  | 159064 | 161221  |
|  Madison IAQ LLC, 5.88%, 06/30/2029 (Callable 07/31/2025)<sup>(a)</sup> | 15000 | 14738  |
|  MasTec, Inc., 5.90%, 06/15/2029 (Callable 05/15/2029)  | 37000 | 38326  |
|  Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (Callable 04/01/2027)<sup>(a)</sup> | 30000 | 30675  |
|  Molex Electronic Technologies LLC, 5.25%, 04/30/2032 (Callable 02/29/2032)<sup>(a)</sup> | 34000 | 34440  |
|  Norfolk Southern Corp., 5.10%, 05/01/2035 (Callable 02/01/2035)  | 14000 | 14053  |
|  Northrop Grumman Corp., 5.20%, 06/01/2054 (Callable 12/01/2053)  | 61000 | 56675  |
|  Owens Corning, 5.70%, 06/15/2034 (Callable 03/15/2034)  | 32000 | 33159  |
|  Penske Truck Leasing Co. Lp/ PTL Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 03/30/2029 (Callable 02/28/2029)<sup>(a)</sup> | 76000 | 77869  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2030 (Callable 01/01/2030)<sup>(a)</sup> | 66000 | 67392  |
| QuikreteHoldings, Inc.  | QuikreteHoldings, Inc.  | QuikreteHoldings, Inc.  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/01/2032 (Callable 03/01/2028)<sup>(a)</sup> | 60000 | 61500  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/01/2033 (Callable 03/01/2028)<sup>(a)</sup> | 85000 | 87656  |
|  Regal Rexnord Corp., 6.05%, 04/15/2028 (Callable 03/15/2028)  | 63000 | 64855  |
|  Republic Services, Inc., 5.15%, 03/15/2035 (Callable 12/15/2034)  | 69000 | 70263  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Ryder System, Inc., 5.25%, 06/01/2028 (Callable 05/01/2028)  | $70000 | $71826  |
|  Sealed Air Corp., 5.00%, 04/15/2029 (Callable 07/31/2025)<sup>(a)</sup> | 65000 | 64269  |
|  Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031 (Callable 11/15/2026)<sup>(a)</sup> | 20000 | 21050  |
|  Simpar Europe SA, 5.20%, 01/26/2031 (Callable 01/26/2026)  | 200000 | 162000  |
|  Sonoco Products Co., 4.60%, 09/01/2029 (Callable 08/01/2029)  | 34000 | 33924  |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 (Callable 08/15/2027)<sup>(a)</sup> | 15000 | 15356  |
|  Stanley Black & Decker, Inc., 6.71% to 03/15/2030 then 5 yr. CMT Rate + 2.66%, 03/15/2060 (Callable 03/15/2030)  | 355000 | 344265  |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 (Callable 02/15/2027)<sup>(a)</sup> | 20000 | 19775  |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.13%, 12/01/2031 (Callable 12/01/2026)<sup>(a)</sup> | 290000 | 303050  |
| &nbsp;&nbsp;&nbsp; 6.38%, 05/31/2033 (Callable 05/31/2028)<sup>(a)</sup> | 30000 | 30037  |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (Callable 12/31/2025)<sup>(a)</sup> | 30000 | 31800  |
|  Waste Connections, Inc., 5.25%, 09/01/2035 (Callable 06/01/2035)  | 28000 | 28620  |
|  Waste Management, Inc., 4.95%, 07/03/2027 (Callable 06/03/2027)  | 85000 | 86383  |
|  Watco Cos. LLC / Watco Finance Corp., 7.13%, 08/01/2032 (Callable 08/01/2027)<sup>(a)</sup> | 15000 | 15600  |
|  WESCO Distribution, Inc., 6.38%, 03/15/2033 (Callable 03/15/2028)<sup>(a)</sup> | 55000 | 56650  |
|  Westinghouse Air Brake Technologies Corp., 4.90%, 05/29/2030 (Callable 04/29/2030)  | 69000 | 69970  |
|  XPO, Inc., 7.13%, 06/01/2031 (Callable 06/01/2026)<sup>(a)</sup> | 30000 | 31275  |
|  Yinson Bergenia Production BV, 8.50%, 01/31/2045 (Callable 01/31/2043)<sup>(a)</sup> | 200000 | 202180  |
|  |  | 4606476  |

---

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

89<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Technology - 1.3%** | **Technology - 1.3%** | **Technology - 1.3%** |
|  Accenture Capital, Inc., 3.90%, 10/04/2027 (Callable 09/04/2027)  | $25000 | $24930  |
|  Advanced Micro Devices, Inc., 4.32%, 03/24/2028 (Callable 02/24/2028)  | 37000 | 37282  |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 (Callable 08/01/2027)<sup>(a)</sup> | 15000 | 15375  |
|  Analog Devices, Inc., 4.25%, 06/15/2028 (Callable 05/15/2028)  | 83000 | 83303  |
|  AppLovin Corp., 5.38%, 12/01/2031 (Callable 10/01/2031)  | 32000 | 32474  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/2030 (Callable 07/31/2025)<sup>(a)</sup> | 20000 | 19650  |
|  Atlassian Corp., 5.25%, 05/15/2029 (Callable 04/15/2029)  | 21000 | 21544  |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| &nbsp;&nbsp;&nbsp; 4.15%, 02/15/2028 (Callable 01/15/2028)  | 76000 | 75764  |
| &nbsp;&nbsp;&nbsp; 4.80%, 04/15/2028 (Callable 03/15/2028)  | 97000 | 98411  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2041 (Callable 08/15/2040)<sup>(a)</sup> | 78000 | 61230  |
|  CACI International, Inc., 6.38%, 06/15/2033 (Callable 06/15/2028)<sup>(a)</sup> | 95000 | 97850  |
|  Cadence Design Systems, Inc., 4.20%, 09/10/2027  | 121000 | 121043  |
|  CDW LLC / CDW Finance Corp., 3.57%, 12/01/2031 (Callable 09/01/2031)  | 20000 | 18370  |
|  Cloud Software Group, Inc., 6.50%, 03/31/2029 (Callable 09/30/2025)<sup>(a)</sup> | 10000 | 10050  |
|  CoreWeave, Inc., 9.25%, 06/01/2030 (Callable 06/01/2027)<sup>(a)</sup> | 265000 | 270962  |
|  Dell International LLC / EMC Corp., 8.35%, 07/15/2046 (Callable 01/15/2046)  | 110000 | 139725  |
| Dell, Inc., 6.50%, 04/15/2038 | 17000 | 18027  |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029 (Callable 12/01/2026)<sup>(a)</sup> | 15000 | 15300  |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.15%, 03/15/2027 (Callable 02/15/2027)  | 55000 | 55723  |
| &nbsp;&nbsp;&nbsp; 5.45%, 03/15/2034 (Callable 12/15/2033)  | 61000 | 62345  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Gartner, Inc., 3.75%, 10/01/2030 (Callable 10/01/2025)<sup>(a)</sup> | $90000 | $84237  |
|  Hewlett Packard Enterprise Co., 5.00%, 10/15/2034 (Callable 07/15/2034)  | 77000 | 74707  |
|  Kyndryl Holdings, Inc., 4.10%, 10/15/2041 (Callable 04/15/2041)  | 84000 | 66464  |
|  Marvell Technology, Inc., 5.95%, 09/15/2033 (Callable 06/15/2033)  | 64000 | 67475  |
| MSCI, Inc.  | MSCI, Inc.  | MSCI, Inc.  |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/01/2030 (Callable 07/31/2025)<sup>(a)</sup> | 250000 | 234626  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2031 (Callable 07/31/2025)<sup>(a)</sup> | 105000 | 98960  |
| &nbsp;&nbsp;&nbsp; 3.63%, 11/01/2031 (Callable 11/01/2026)<sup>(a)</sup> | 161000 | 147676  |
|  NetApp, Inc., 5.50%, 03/17/2032 (Callable 01/17/2032)  | 16000 | 16469  |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| &nbsp;&nbsp;&nbsp; 3.80%, 11/15/2037 (Callable 05/15/2037)  | 21000 | 17949  |
| &nbsp;&nbsp;&nbsp; 5.38%, 09/27/2054 (Callable 03/27/2054)  | 37000 | 33572  |
|  Paychex, Inc., 5.35%, 04/15/2032 (Callable 02/15/2032)  | 68000 | 69762  |
|  Qorvo, Inc., 3.38%, 04/01/2031 (Callable 04/01/2026)<sup>(a)</sup> | 32000 | 28880  |
|  Synopsys, Inc., 4.65%, 04/01/2028 (Callable 03/01/2028)  | 34000 | 34335  |
|  UKG, Inc., 6.88%, 02/01/2031 (Callable 02/01/2027)<sup>(a)</sup> | 40000 | 41350  |
|  VMware LLC, 3.90%, 08/21/2027 (Callable 05/21/2027)  | 66000 | 65407  |
|  Workday, Inc., 3.80%, 04/01/2032 (Callable 01/01/2032)  | 36000 | 33821  |
|  |  | 2395048  |
| **Utilities - 3.1%** | **Utilities - 3.1%** | **Utilities - 3.1%** |
|  Adani Electricity Mumbai Ltd., 3.87%, 07/22/2031 (Callable 01/22/2031)  | 200000 | 170389  |
|  Adani Transmission Step-One Ltd., 4.25%, 05/21/2036  | 139000 | 117391  |
|  AEP Texas, Inc., 5.45%, 05/15/2029 (Callable 04/15/2029)  | 20000 | 20623 |
| AES Corp.  | AES Corp.  | AES Corp.  |
| &nbsp;&nbsp;&nbsp; 5.45%, 06/01/2028 (Callable 05/01/2028)  | 56000  | 57108  |

---

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

90<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Utilities - (Continued)**  | **Utilities - (Continued)**  | **Utilities - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 7.60% to 01/15/2030 then 5 yr. CMT Rate + 3.20%, 01/15/2055 (Callable 10/15/2029)  | $530000 | $544575  |
|  Alabama Power Co., 3.75%, 09/01/2027 (Callable 08/01/2027)  | 98000 | 97389  |
|  Ameren Illinois Co., 3.80%, 05/15/2028 (Callable 02/15/2028)  | 120000 | 119115  |
|  American Electric Power Co., Inc., 6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 (Callable 09/15/2034)  | 260000 | 270376  |
|  Arizona Public Service Co., 5.70%, 08/15/2034 (Callable 05/15/2034)  | 32000 | 32933  |
|  Black Hills Corp., 6.00%, 01/15/2035 (Callable 10/15/2034)  | 61000 | 63092  |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (Callable 05/01/2028)<sup>(a)</sup> | 61000 | 61763  |
|  Chile Electricity Lux MPC Sarl, 6.01%, 01/20/2033  | 186000 | 193008  |
|  Chile Electricity PEC SpA, 0.00%, 01/25/2028<sup>(a)(c)</sup> | 194834 | 170846  |
|  CMS Energy Corp., 6.50% to 06/01/2035 then 5 yr. CMT Rate + 1.96%, 06/01/2055 (Callable 03/01/2035)  | 65000 | 65162  |
|  Comision Federal de Electricidad, 6.45%, 01/24/2035 (Callable 10/24/2034)<sup>(a)</sup> | 200000 | 196997  |
|  Commonwealth Edison Co., 5.95%, 06/01/2055 (Callable 12/01/2054)  | 69000 | 71436  |
|  Consumers Energy Co., 4.50%, 01/15/2031 (Callable 11/15/2030)  | 20000 | 20060  |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| &nbsp;&nbsp;&nbsp; 7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054 (Callable 03/03/2034)  | 155000 | 165462  |
| &nbsp;&nbsp;&nbsp; 6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, 02/01/2055 (Callable 11/03/2029)  | 125000 | 131250  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055 (Callable 02/15/2035)  | 140000 | 142450  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  DTE Energy Co., 5.85%, 06/01/2034 (Callable 03/01/2034)  |  | $48000 | $50134  |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2052 (Callable 02/15/2052)  |  | 25000 | 21927  |
| &nbsp;&nbsp;&nbsp; 5.80%, 06/15/2054 (Callable 12/15/2053)  |  | 51000 | 49680  |
| &nbsp;&nbsp;&nbsp; 6.45% to 09/01/2034 then 5 yr. CMT Rate + 2.59%, 09/01/2054 (Callable 06/01/2034)  |  | 45000 | 46350  |
|  E.ON SE, 0.63%, 11/07/2031 (Callable 08/07/2031)  | EUR | 75000 | 76449  |
| &nbsp;&nbsp;&nbsp; Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, <br>06/15/2076 (Callable 06/15/2026)<sup>(d)</sup> |  | 230000 | 231437  |
|  Empresa Electrica Cochrane SpA, 5.50%, 05/14/2027  |  | 62060 | 61207  |
|  Entergy Louisiana LLC, 5.80%, 03/15/2055 (Callable 09/15/2054)  |  | 62000 | 61759  |
|  EUSHI Finance, Inc., 7.63% to 12/15/2029 then 5 yr. CMT Rate + 3.14%, 12/15/2054 (Callable 09/15/2029)  |  | 80000 | 82948  |
|  Eversource Energy, 2.90%, 03/01/2027 (Callable 02/01/2027)  |  | 61000 | 59517  |
|  Exelon Corp., 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055 (Callable 12/15/2034)  |  | 165000 | 167888  |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 01/31/2041 (Callable 07/31/2040)<sup>(a)</sup> |  | 198850 | 203500  |
|  Georgia Power Co., 5.00%, 02/23/2027 (Callable 01/23/2027)  |  | 48000 | 48686  |
|  JSW Hydro Energy Ltd., 4.13%, 05/18/2031 (Callable 05/18/2026)  |  | 284000 | 259860  |
|  Lightning Power LLC, 7.25%, 08/15/2032 (Callable 08/15/2027)<sup>(a)</sup> |  | 20000 | 21050  |
|  Mong Duong Finance Holdings BV, 5.13%, 05/07/2029 (Callable 07/31/2025)  |  | 169400 | 165377  |
|  National Fuel Gas Co., 5.95%, 03/15/2035 (Callable 12/15/2034)  |  | 15000 | 15313  |

---

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

91<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Utilities - (Continued)** | **Utilities - (Continued)** | **Utilities - (Continued)** |
|  National Rural Utilities Cooperative Finance Corp., 4.12%, 09/16/2027 (Callable 08/16/2027)  | $88000 | $87780  |
|  NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 07/15/2027 (Callable 06/15/2027)  | 74000 | 74455  |
| &nbsp;&nbsp;&nbsp; 6.75% to 06/15/2034 then 5 yr. CMT Rate + 2.46%, 06/15/2054 (Callable 03/15/2034)  | 18000 | 18675  |
| &nbsp;&nbsp;&nbsp; 6.50% to 08/15/2035 then 5 yr. CMT Rate + 1.98%, 08/15/2055 (Callable 05/15/2035)  | 90000 | 92250  |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| &nbsp;&nbsp;&nbsp; 5.35%, 04/01/2034 (Callable 01/01/2034)  | 61000 | 61863  |
| &nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 (Callable 08/30/2029) | 18000 | 18585  |
| &nbsp;&nbsp;&nbsp; 5.85%, 04/01/2055 (Callable 10/01/2054)  | 30000 | 29552  |
|  NRG Energy, Inc., 6.00%, 02/01/2033 (Callable 11/01/2027)<sup>(a)</sup> | 15000 | 15131  |
|  PSEG Power LLC, 5.20%, 05/15/2030 (Callable 04/15/2030)<sup>(a)</sup> | 24000 | 24512  |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027 (Callable 10/15/2027)  | 143000 | 147960  |
|  Sempra, 6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 (Callable 01/01/2035)  | 110000 | 103950  |
|  Southern Co., 6.38% to 03/15/2035 then 5 yr. CMT Rate + 2.07%, 03/15/2055 (Callable 12/15/2034)  | 167000 | 172010  |
|  Tierra Mojada Luxembourg II Sarl, 5.75%, 12/01/2040 (Callable 12/01/2037)  | 169056 | 159199  |
|  Trans-Allegheny Interstate Line Co., 5.00%, 01/15/2031 (Callable 12/15/2030)<sup>(a)</sup> | 68000 | 69079  |
|  Venture Global Plaquemines LNG LLC, 7.50%, 05/01/2033 (Callable 12/01/2032)<sup>(a)</sup> | 5000 | 5338  |
|  Virginia Electric and Power Co., 5.55%, 08/15/2054 (Callable 02/15/2054)  | 25000 | 24070  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Vistra Operations Co. LLC, 7.75%, 10/15/2031 (Callable 10/15/2026)<sup>(a)</sup> | $20000 | $21250  |
|  WEC Energy Group, Inc., 2.20%, 12/15/2028 (Callable 10/15/2028)  | 54000 | 50246  |
|  |  | 5510412  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $54,220,885)** |  | 53605654  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 18.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 18.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 18.0%** |
|  American Tower Depositor Sub LLC, 5.49%, 03/15/2028 (Callable 03/15/2027)<sup>(a)</sup> | 155000 | 156970  |
|  Angel Oak Mortgage Trust LLC, Series 2019-2, Class B2, 6.29%, 03/25/2049 (Callable 07/25/2025)<sup>(a)(g)</sup> | 1300000 | 1307025  |
|  Arbor Realty Trust, Inc., Series 2021-FL4, Class D, 7.33% (1 mo. Term SOFR + 3.01%), 11/15/2036, (3.01% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 275000 | 274791  |
|  AREIT Trust, Series 2025-CRE10, Class D, 7.10% (1 mo. Term SOFR + 2.79%), 01/17/2030, (2.79% Floor) (Callable 07/17/2027)<sup>(a)</sup> | 100000 | 99001  |
| Arroyo Mortgage Trust  | Arroyo Mortgage Trust  | Arroyo Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-1, Class A1, 3.81%, 01/25/2049 (Callable 07/25/2025)<sup>(a)(g)</sup> | 30743 | 29869  |
| &nbsp;&nbsp;&nbsp; Series 2019-2, Class A3, 3.80%, 04/25/2049 (Callable 07/25/2025)<sup>(a)(g)</sup> | 61209 | 59388  |
|  ARZ Trust, Series 2024-BILT, Class C, 6.36%, 06/11/2029<sup>(a)</sup> | 250000 | 255743  |
|  Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2017-BNK3, Class B, 3.88%, 02/15/2050 (Callable 02/15/2027)<sup>(g)</sup> | 350000 | 337552  |
|  BANK-2017, Series 2017-BNK8, Class XE, 1.43%, 11/15/2050 (Callable 08/15/2027)<sup>(a)(g)(h)</sup> | 7050000 | 193071  |
|  BANK-2018, Series 2018-BN11, Class XA, 0.59%, 03/15/2061 (Callable 01/15/2028)<sup>(g)(h)</sup> | 10892678 | 125996  |

---

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

92<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| BANK-2019 | BANK-2019 | BANK-2019 |
| &nbsp;&nbsp;&nbsp; Series 2019-BN18, Class B, 3.98%, 05/15/2062 (Callable 05/15/2029)  | $125000 | $111179  |
| &nbsp;&nbsp;&nbsp; Series 2019-BN21, Class XA, 0.95%, 10/17/2052 (Callable 07/15/2029)<sup>(g)(h)</sup> | 3920422 | 109289  |
|  Bayview Asset Management LLC/Private Equity, Series 2022-2, Class AF, 5.00% (30 day avg SOFR US + 0.85%), 12/25/2051, (0.00% Floor), (5.00% Cap) (Callable 05/25/2045)<sup>(a)</sup> | 392543 | 361500  |
| BBCMS Trust  | BBCMS Trust  | BBCMS Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-BWAY, Class E, 7.28% (1 mo. Term SOFR + 2.96%), 11/15/2034, (2.85% Floor)<sup>(a)</sup> | 100000 | 375  |
| &nbsp;&nbsp;&nbsp; Series 2021-C11, Class XD, 1.63%, 09/15/2054<sup>(a)(g)(h)</sup> | 1255000 | 95532  |
| &nbsp;&nbsp;&nbsp; Series 2024-5C29, Class C, 5.51%, 09/15/2057 (Callable 09/15/2029) | 100000 | 99119  |
|  BCRR Trust, Series 2016-FRR3, Class E, 6.25% (30 day avg SOFR US + 18.46%), 05/26/2026, (18.35% Floor)<sup>(a)</sup> | 797720 | 784899  |
| Benchmark Mortgage Trust  | Benchmark Mortgage Trust  | Benchmark Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2018-B2, Class C, 4.45%, 02/15/2051 (Callable 02/15/2028)<sup>(g)</sup> | 150000 | 125198  |
| &nbsp;&nbsp;&nbsp; Series 2018-B4, Class XD, 1.75%, 07/15/2051 (Callable 04/15/2028)<sup>(a)(g)(h)</sup> | 7000000 | 302347  |
| &nbsp;&nbsp;&nbsp; Series 2019-B10, Class XB, 1.08%, 03/15/2062 (Callable 01/15/2029)<sup>(a)(g)(h)</sup> | 2820000 | 85260  |
| &nbsp;&nbsp;&nbsp; Series 2020-B18, Class XA, 1.92%, 07/15/2053 (Callable 05/15/2030)<sup>(g)(h)</sup> | 1418110 | 70404  |
|  Blackstone Mortgage Trust, Inc., Series 2021-FL4, Class A, 5.48% (1 mo. Term SOFR + 1.16%), 05/15/2038, (1.05% Floor) (Callable 07/15/2026)<sup>(a)</sup> | 62924 | 62371  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  BLP Commercial Mortgage Trust, Series 2024-IND2, Class B, 6.00% (1 mo. Term SOFR + 1.69%), 03/15/2041, (1.69% Floor)<sup>(a)</sup> | $332090 | $332505  |
|  BMO Mortgage Trust, Series 2024-5C6, Class C, 5.88%, 09/15/2057 (Callable 09/15/2029)<sup>(g)</sup> | 60000 | 59809  |
|  BPR Trust, Series 2021-TY, Class D, 6.78% (1 mo. Term SOFR + 2.46%), 09/15/2038, (2.35% Floor)<sup>(a)</sup> | 100000 | 99017  |
| BSPRT 2017-FL1 Co.-Issuer LLC  | BSPRT 2017-FL1 Co.-Issuer LLC  | BSPRT 2017-FL1 Co.-Issuer LLC  |
| &nbsp;&nbsp;&nbsp; Series 2023-FL10, Class A, 6.57% (1 mo. Term SOFR + 2.26%), 09/15/2035, (2.26% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 98476 | 98537  |
| &nbsp;&nbsp;&nbsp; Series 2023-FL10, Class B, 7.58% (1 mo. Term SOFR + 3.27%), 09/15/2035, (3.27% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 100396  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL11, Class B, 6.61% (1 mo. Term SOFR + 2.29%), 07/15/2039, (2.29% Floor) (Callable 09/15/2027)<sup>(a)</sup> | 100000 | 99312  |
| BX Trust  | BX Trust  | BX Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-21M, Class A, 5.16% (1 mo. Term SOFR + 0.84%), 10/15/2036, (0.73% Floor)<sup>(a)</sup> | 29752 | 29742  |
| &nbsp;&nbsp;&nbsp; Series 2021-21M, Class E, 6.60% (1 mo. Term SOFR + 2.29%), 10/15/2036, (2.17% Floor)<sup>(a)</sup> | 175000 | 174234  |
| &nbsp;&nbsp;&nbsp; Series 2021-ARIA, Class C, 6.07% (1 mo. Term SOFR + 1.76%), 10/15/2036, (1.65% Floor)<sup>(a)</sup> | 450000 | 449297  |
| &nbsp;&nbsp;&nbsp; Series 2021-CIP, Class A, 5.35% (1 mo. Term SOFR + 1.04%), 12/15/2038, (0.92% Floor)<sup>(a)</sup> | 96761 | 96701  |

---

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

93<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-LBA, Class EV, 6.43% (1 mo. Term SOFR + 2.11%), 02/15/2036, (2.00% Floor)<sup>(a)</sup> | $197702 | $196343  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class A, 5.17% (1 mo. Term SOFR + 0.86%), 11/15/2036, (0.75% Floor)<sup>(a)</sup> | 380398 | 380160  |
| &nbsp;&nbsp;&nbsp; Series 2021-RISE, Class B, 5.68% (1 mo. Term SOFR + 1.36%), 11/15/2036, (1.25% Floor)<sup>(a)</sup> | 84533 | 84427  |
| &nbsp;&nbsp;&nbsp; Series 2021-SDMF, Class D, 5.81% (1 mo. Term SOFR + 1.50%), 09/15/2034, (1.39% Floor)<sup>(a)</sup> | 329672 | 326375  |
| &nbsp;&nbsp;&nbsp; Series 2021-VOLT, Class A, 5.13% (1 mo. Term SOFR + 0.81%), 09/15/2036, (0.70% Floor)<sup>(a)</sup> | 111415 | 109494  |
| &nbsp;&nbsp;&nbsp; Series 2021-XL2, Class A, 5.11% (1 mo. Term SOFR + 0.80%), 10/15/2038, (0.69% Floor)<sup>(a)</sup> | 41648 | 41635  |
| &nbsp;&nbsp;&nbsp; Series 2022-CLS, Class A, 5.76%, 10/13/2027<sup>(a)</sup> | 65000 | 65740  |
| &nbsp;&nbsp;&nbsp; Series 2022-LBA6, Class C, 5.91% (1 mo. Term SOFR + 1.60%), 01/15/2039, (1.60% Floor)<sup>(a)</sup> | 350000 | 349891  |
| &nbsp;&nbsp;&nbsp; Series 2023-XL3, Class A, 6.07% (1 mo. Term SOFR + 1.76%), 12/09/2040, (1.76% Floor)<sup>(a)</sup> | 322204 | 322707  |
| &nbsp;&nbsp;&nbsp; Series 2024-BIO, Class D, 7.95% (1 mo. Term SOFR + 3.64%), 02/15/2041<sup>(a)</sup> | 100000 | 98652  |
| &nbsp;&nbsp;&nbsp; Series 2024-XL5, Class A, 5.70% (1 mo. Term SOFR + 1.39%), 03/15/2041, (1.39% Floor)<sup>(a)</sup> | 120448 | 120561  |
|  Century Plaza Towers, Series 2019-CPT, Class E, 3.10%, 11/13/2039 (Callable 11/13/2029)<sup>(a)(g)</sup> | 130000 | 105452  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  CFCRE Commercial Mortgage Trust, Series 2016-C4, Class XA, 1.73%, 05/10/2058 (Callable 11/10/2026)<sup>(g)(h)</sup> | $525133 | $3499  |
|  Chase Mortgage Finance Corp., Series 2024-6, Class A9A, 6.00%, 05/25/2055 (Callable 02/25/2030)<sup>(a)(g)</sup> | 334279 | 334710  |
| CIM Trust  | CIM Trust  | CIM Trust  |
| &nbsp;&nbsp;&nbsp; Series 2018-INV1, Class A10, 4.00%, 08/25/2048 (Callable 10/25/2027)<sup>(a)(g)</sup> | 163293 | 151687  |
| &nbsp;&nbsp;&nbsp; Series 2019-INV2, Class A3, 4.00%, 05/25/2049 (Callable 07/25/2030)<sup>(a)(g)</sup> | 11850 | 11026  |
| &nbsp;&nbsp;&nbsp; Series 2019-J1, Class B2, 3.92%, 08/25/2049 (Callable 06/25/2026)<sup>(a)(g)</sup> | 153548 | 142168  |
|  Citigroup Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C1, Class XA, 1.98%, 05/10/2049 (Callable 06/10/2026)<sup>(g)(h)</sup> | 677718 | 5363  |
| &nbsp;&nbsp;&nbsp; Series 2017-P8, Class XA, 1.00%, 09/15/2050 (Callable 07/15/2027)<sup>(g)(h)</sup> | 938013 | 12840  |
| &nbsp;&nbsp;&nbsp; Series 2019-C7, Class XA, 0.94%, 12/15/2072 (Callable 10/15/2029)<sup>(g)(h)</sup> | 3595626 | 114249  |
| &nbsp;&nbsp;&nbsp; Series 2023-SMRT, Class A, 6.01%, 10/12/2040<sup>(a)(g)</sup> | 100000 | 103080  |
|  Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD4, Class XA, 1.37%, 05/10/2050 (Callable 05/10/2027)<sup>(g)(h)</sup> | 1320893 | 20260  |
|  Commercial Mortgage Pass Through Certificates, Series 2013-CR12, Class XA, 0.67%, 10/10/2046 (Callable 07/10/2025)<sup>(g)(h)</sup> | 224258 | 3  |
| Computershare Corporate Trust  | Computershare Corporate Trust  | Computershare Corporate Trust  |
| &nbsp;&nbsp;&nbsp; Series 2015-SG1, Class A4, 3.79%, 09/15/2048 (Callable 08/15/2025)  | 138927 | 138356  |
| &nbsp;&nbsp;&nbsp; Series 2018-C45, Class XA, 0.92%, 06/15/2051 (Callable 04/15/2028)<sup>(g)(h)</sup> | 4618644 | 87475  |

---

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

94<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-C59, Class E, 2.50%, 04/15/2054 (Callable 04/15/2031)<sup>(a)</sup> | $400000 | $238168  |
|  Connecticut Avenue Securities Trust 2025-R02, Series 2025-R02, Class 1M2, 5.91% (30 day avg SOFR US + 1.60%), 02/25/2045, (0.00% Floor) (Callable 02/25/2030)<sup>(a)</sup> | 140000 | 140428  |
|  Countrywide Alternative Loan Trust <br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-16CB, Class 5A4, 6.25%, 08/25/2037 (Callable 07/25/2025)  | 453489 | 212338  |
| &nbsp;&nbsp;&nbsp; Series 2007-OA4, Class A1, 4.77% (1 mo. Term SOFR + 0.45%), 05/25/2047, (0.34% Floor) (Callable 07/25/2025)  | 205800 | 188603  |
|  Credit Suisse Mortgage Capital Certificates, Series 2019-NQM1, Class A1, 3.66%, 10/25/2059 (Callable 07/25/2025)<sup>(a)(f)</sup> | 5965 | 5893  |
|  CSAIL Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-C6, Class XA, 2.01%, 01/15/2049 (Callable 02/15/2026)<sup>(g)(h)</sup> | 568474 | 3150  |
| &nbsp;&nbsp;&nbsp; Series 2017-CX10, Class XA, 0.98%, 11/15/2050 (Callable 09/15/2027)<sup>(g)(h)</sup> | 4012092 | 51730  |
| &nbsp;&nbsp;&nbsp; Series 2018-CX12, Class XA, 0.70%, 08/15/2051 (Callable 06/15/2028)<sup>(g)(h)</sup> | 3982661 | 56958  |
|  ELM Trust, Series 2024-ELM, Class C15, 6.40%, 06/10/2039<sup>(a)(g)</sup> | 300000 | 301679  |
|  Fannie Mae Connecticut Avenue Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-R01, Class 1M1, 5.31% (30 day avg SOFR US + 1.00%), 12/25/2041, (0.00% Floor) (Callable 12/25/2026)<sup>(a)</sup> | 19153 | 19159  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-R03, Class 1M1, 6.41% (30 day avg SOFR US + 2.10%), 03/25/2042, (0.00% Floor) (Callable 03/25/2027)<sup>(a)</sup> | $12694 | $12898  |
| &nbsp;&nbsp;&nbsp; Series 2022-R04, Class 1M1, 6.31% (30 day avg SOFR US + 2.00%), 03/25/2042, (0.00% Floor) (Callable 03/25/2027)<sup>(a)</sup> | 26579 | 26967  |
| &nbsp;&nbsp;&nbsp; Series 2022-R05, Class 2M2, 7.31% (30 day avg SOFR US + 3.00%), 04/25/2042, (0.00% Floor) (Callable 04/25/2027)<sup>(a)</sup> | 210000 | 215561  |
| &nbsp;&nbsp;&nbsp; Series 2022-R06, Class 1M1, 7.06% (30 day avg SOFR US + 2.75%), 05/25/2042, (0.00% Floor) (Callable 05/25/2027)<sup>(a)</sup> | 52397 | 53592  |
| &nbsp;&nbsp;&nbsp; Series 2022-R08, Class 1M2, 7.91% (30 day avg SOFR US + 3.60%), 07/25/2042, (0.00% Floor) (Callable 07/25/2027)<sup>(a)</sup> | 300000 | 312937  |
| &nbsp;&nbsp;&nbsp; Series 2022-R09, Class 2M1, 6.81% (30 day avg SOFR US + 2.50%), 09/25/2042, (0.00% Floor) (Callable 09/25/2027)<sup>(a)</sup> | 55079 | 56044  |
| &nbsp;&nbsp;&nbsp; Series 2023-R01, Class 1M1, 6.71% (30 day avg SOFR US + 2.40%), 12/25/2042, (0.00% Floor) (Callable 12/25/2027)<sup>(a)</sup> | 39325 | 40301  |
| &nbsp;&nbsp;&nbsp; Series 2023-R03, Class 2M2, 8.21% (30 day avg SOFR US + 3.90%), 04/25/2043, (0.00% Floor) (Callable 04/25/2028)<sup>(a)</sup> | 65000 | 69127  |
| &nbsp;&nbsp;&nbsp; Series 2023-R06, Class 1M2, 7.01% (30 day avg SOFR US + 2.70%), 07/25/2043, (0.00% Floor) (Callable 07/25/2028)<sup>(a)</sup> | 85000 | 87842  |

---

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

95<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1, 5.41% (30 day avg SOFR US + 1.10%), 02/25/2044, (0.00% Floor) (Callable 02/25/2029)<sup>(a)</sup> | $117805 | $117719  |
| &nbsp;&nbsp;&nbsp; Series 2024-R03, Class 2M2, 6.26% (30 day avg SOFR US + 1.95%), 03/25/2044, (0.00% Floor) (Callable 03/25/2029)<sup>(a)</sup> | 300000 | 302795  |
| &nbsp;&nbsp;&nbsp; Series 2025-R04, Class 1M1, 5.51% (30 day avg SOFR US + 1.20%), 05/25/2045, (0.00% Floor) (Callable 05/25/2030)<sup>(a)</sup> | 120000 | 120225  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2980, Class SC, 2.28% (-1 x 30 day avg SOFR US + 6.59%), 05/15/2035, (0.00% Floor), (6.70% Cap)<sup>(h)(i)</sup> | 137082 | 11065  |
| &nbsp;&nbsp;&nbsp; Series 2989, Class SG, 3.02% (-7 x 30 day avg SOFR US + 33.15%), 08/15/2034, (0.00% Floor), (33.95% Cap)<sup>(i)</sup> | 138815 | 153362  |
| &nbsp;&nbsp;&nbsp; Series 3311, Class IA, 1.99% (-1 x 30 day avg SOFR US + 6.30%), 05/15/2037, (0.00% Floor), (6.41% Cap)<sup>(h)(i)</sup> | 826020 | 77342  |
| &nbsp;&nbsp;&nbsp; Series 3359, Class SC, 1.30% (-1 x 30 day avg SOFR US + 5.61%), 08/15/2037, (0.00% Floor), (5.72% Cap)<sup>(h)(i)</sup> | 273435 | 20146  |
| &nbsp;&nbsp;&nbsp; Series 3966, Class SA, 1.48% (-1 x 30 day avg SOFR US + 5.79%), 12/15/2041, (0.00% Floor), (5.90% Cap)<sup>(h)(i)</sup> | 406606 | 38133  |
| &nbsp;&nbsp;&nbsp; Series 4077, Class TS, 1.58% (-1 x 30 day avg SOFR US + 5.89%), 05/15/2041, (0.00% Floor), (6.00% Cap)<sup>(h)(i)</sup> | 238166 | 22851  |
| &nbsp;&nbsp;&nbsp; Series 4089, Class SH, 1.58% (-1 x 30 day avg SOFR US + 5.89%), 08/15/2042, (0.00% Floor), (6.00% Cap)<sup>(h)(i)</sup> | 314881 | 33326  |
| &nbsp;&nbsp;&nbsp; Series 4249, Class CS, 1.33% (-1 x 30 day avg SOFR US + 4.56%), 09/15/2043, (0.00% Floor), (4.65% Cap)<sup>(i)</sup> | 531152 | 388332  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 4993, Class KS, 1.63% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2050, (0.00% Floor), (6.05% Cap)<sup>(h)(i)</sup> | $2221515 | $327226  |
| &nbsp;&nbsp;&nbsp; Series K109, Class X1, 1.69%, 04/25/2030 (Callable 04/25/2030)<sup>(g)(h)</sup> | 654812 | 39957  |
| &nbsp;&nbsp;&nbsp; Series K117, Class X1, 1.32%, 08/25/2030 (Callable 07/25/2030)<sup>(g)(h)</sup> | 1261296 | 63979  |
| &nbsp;&nbsp;&nbsp; Series K-1515, Class X1, 1.63%, 02/25/2035 (Callable 11/25/2034)<sup>(g)(h)</sup> | 789571 | 77898  |
| &nbsp;&nbsp;&nbsp; Series K-1518, Class X1, 0.95%, 10/25/2035 (Callable 07/25/2035)<sup>(g)(h)</sup> | 1458921 | 87548  |
| &nbsp;&nbsp;&nbsp; Series K-1521, Class X1, 1.09%, 08/25/2036 (Callable 06/25/2036)<sup>(g)(h)</sup> | 809920 | 60707  |
| &nbsp;&nbsp;&nbsp; Series KL06, Class XFX, 1.46%, 12/25/2029 (Callable 09/25/2029)<sup>(g)(h)</sup> | 947116 | 39283  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2007-50, Class SX, 2.03% (-1 x 30 day avg SOFR US + 6.34%), 06/25/2037, (0.00% Floor), (6.45% Cap)<sup>(h)(i)</sup> | 1392248 | 136997  |
| &nbsp;&nbsp;&nbsp; Series 2008-22, Class SB, 1.74% (-1 x 30 day avg SOFR US + 6.05%), 04/25/2048, (0.00% Floor), (6.16% Cap)<sup>(h)(i)</sup> | 1172654 | 141815  |
| &nbsp;&nbsp;&nbsp; Series 2009-52, Class PI, 5.00%, 07/25/2039<sup>(h)</sup> | 52689 | 7414  |
| &nbsp;&nbsp;&nbsp; Series 2009-78, Class XS, 2.32% (-1 x 30 day avg SOFR US + 6.63%), 10/25/2039, (0.00% Floor), (6.74% Cap)<sup>(h)(i)</sup> | 1806774 | 198690  |
| &nbsp;&nbsp;&nbsp; Series 2009-86, Class IP, 5.50%, 10/25/2039<sup>(h)</sup> | 50349 | 9730 |
| &nbsp;&nbsp;&nbsp; Series 2010-19, Class SM, 1.83% (-1 x 30 day avg SOFR US + 6.14%), 03/25/2040, (0.00% Floor), (6.25% Cap)<sup>(h)(i)</sup>  | 2999019  | 276552  |

---

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

96<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2011-124, Class NS, 2.08% (-1 x 30 day avg SOFR US + 6.39%), 12/25/2041, (0.00% Floor), (6.50% Cap)<sup>(h)(i)</sup> | $288197 | $37903  |
| &nbsp;&nbsp;&nbsp; Series 2012-20, Class SA, 2.03% (-1 x 30 day avg SOFR US + 6.34%), 03/25/2042, (0.00% Floor), (6.45% Cap)<sup>(h)(i)</sup> | 272849 | 30592  |
| &nbsp;&nbsp;&nbsp; Series 2012-76, Class SC, 1.58% (-1 x 30 day avg SOFR US + 5.89%), 07/25/2042, (0.00% Floor), (6.00% Cap)<sup>(h)(i)</sup> | 131769 | 15048  |
| &nbsp;&nbsp;&nbsp; Series 2014-28, Class SD, 1.63% (-1 x 30 day avg SOFR US + 5.94%), 05/25/2044, (0.00% Floor), (6.05% Cap)<sup>(h)(i)</sup> | 581089 | 59837  |
| &nbsp;&nbsp;&nbsp; Series 2017-53, Class IE, 4.00%, 07/25/2047<sup>(h)</sup> | 126619 | 26422  |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class PS, 1.63% (-1 x 30 day avg SOFR US + 5.94%), 07/25/2049, (0.00% Floor), (6.05% Cap)<sup>(h)(i)</sup> | 3505631 | 419855  |
| &nbsp;&nbsp;&nbsp; Series 2019-83, Class QS, 1.53% (-1 x 30 day avg SOFR US + 5.84%), 01/25/2050, (0.00% Floor), (5.95% Cap)<sup>(h)(i)</sup> | 3962388 | 531047  |
| &nbsp;&nbsp;&nbsp; Series 2020-53, Class DI, 3.00%, 08/25/2060<sup>(h)</sup> | 2464718 | 396903  |
| &nbsp;&nbsp;&nbsp; Series 2020-79, Class IT, 4.00%, 11/25/2050<sup>(h)</sup> | 4961259 | 1039076  |
| &nbsp;&nbsp;&nbsp; Series 2020-99, Class IC, 3.50%, 04/25/2050<sup>(h)</sup> | 3591380 | 666868  |
| &nbsp;&nbsp;&nbsp; Series 2021-R02, Class 2B2, 10.51% (30 day avg SOFR US + 6.20%), 11/25/2041, (0.00% Floor) (Callable 11/25/2026)<sup>(a)</sup> | 55000 | 57704  |
| &nbsp;&nbsp;&nbsp; Series 419, Class C4, 3.50%, 04/25/2044<sup>(h)</sup> | 1778406 | 282343  |
|  First Republic Mortgage Loan Trust, Series 2020-1, Class B1, 2.88%, 04/25/2050<sup>(a)(g)</sup> | 687061 | 629498  |
|  Flagstar Mortgage Trust, Series 2018-6RR, Class B1, 4.90%, 10/25/2048 (Callable 03/25/2034)<sup>(a)(g)</sup> | 406820 | 394091  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Freddie Mac Structured Agency Credit Risk Debt Notes<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2021-DNA5, Class M2, 5.96% (30 day avg SOFR US + 1.65%), 01/25/2034, (0.00% Floor) (Callable 01/25/2034)<sup>(a)</sup> | $134803 | $135580  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class B1, 8.06% <br>(30 day avg SOFR US + 3.75%), 12/25/2041, (0.00% Floor) (Callable 12/25/2026)<sup>(a)</sup> | 700000 | 722250  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-HQA4, Class M2, 6.66% <br>(30 day avg SOFR US + 2.35%), 12/25/2041, (0.00% Floor) (Callable 12/25/2026)<sup>(a)</sup> | 400000 | 405263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA3, Class M1A, 6.31% <br>(30 day avg SOFR US + 2.00%), 04/25/2042, (0.00% Floor) (Callable 04/25/2027)<sup>(a)</sup> | 47537 | 48139  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1A, 6.51% <br>(30 day avg SOFR US + 2.20%), 05/25/2042, (0.00% Floor) (Callable 05/25/2027)<sup>(a)</sup> | 84560 | 85910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA4, Class M1B, 7.66% <br>(30 day avg SOFR US + 3.35%), 05/25/2042, (0.00% Floor) (Callable 05/25/2027)<sup>(a)</sup> | 110000 | 114323  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA6, Class M1A, 6.46% <br>(30 day avg SOFR US + 2.15%), 09/25/2042, (0.00% Floor) (Callable 09/25/2027)<sup>(a)</sup> | 60621 | 61000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-DNA7, Class M1A, 6.81% <br>(30 day avg SOFR US + 2.50%), 03/25/2052, (0.00% Floor) (Callable 09/25/2027)<sup>(a)</sup> | 53511 | 54171  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA1, Class M1B, 7.81% <br>(30 day avg SOFR US + 3.50%), 03/25/2042, (0.00% Floor) (Callable 03/25/2027)<sup>(a)</sup> | 85000 | 88387  |

---

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

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HQA3, Class M1B, 7.86% <br>(30 day avg SOFR US + 3.55%), 08/25/2042, (0.00% Floor) (Callable 08/25/2027)<sup>(a)</sup> | $105000 | $109791  |
| &nbsp;&nbsp;&nbsp; Series 2024-HQA1, Class M2, 6.31% (30 day avg SOFR US + 2.00%), 03/25/2044, (0.00% Floor) (Callable 03/25/2029)<sup>(a)</sup> | 185000 | 186869  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M1, 5.46% (30 day avg SOFR US + 1.15%), 02/25/2045, (0.00% Floor) (Callable 02/25/2030)<sup>(a)</sup> | 135083 | 135120  |
| &nbsp;&nbsp;&nbsp; Series 2025-HQA1, Class M2, 5.96% (30 day avg SOFR US + 1.65%), 02/25/2045, (0.00% Floor) (Callable 02/25/2030)<sup>(a)</sup> | 120000 | 120347  |
|  FREMF Mortgage Trust, Series 2019-KF71, Class C, 10.43% (30 day avg SOFR US + 6.11%), 10/25/2029, (6.00% Floor) (Callable 10/25/2029)<sup>(a)</sup> | 148755 | 144940  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2010-133, Class SD, 1.64% (-1 x 1 mo. Term SOFR + 5.96%), 10/16/2040, (0.00% Floor), (6.07% Cap)<sup>(h)(i)</sup> | 1256572 | 60526  |
| &nbsp;&nbsp;&nbsp; Series 2014-102, Class SY, 1.22% (-1 x 1 mo. Term SOFR + 5.54%), 02/20/2044, (0.00% Floor), (5.65% Cap)<sup>(h)(i)</sup> | 1216527 | 76451  |
| &nbsp;&nbsp;&nbsp; Series 2018-83, Class HI, 5.00%, 01/20/2048<sup>(h)</sup> | 582561 | 109243  |
|  Great Wolf Trust, Series 2024-WOLF, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 03/15/2039, (1.54% Floor)<sup>(a)</sup> | 350000 | 350547  |
|  Greystone Commercial Real Estate Notes, Series 2021-FL3, Class D, 6.63% (1 mo. Term SOFR + 2.31%), 07/15/2039, (2.20% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 98877  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| GS Mortgage Securities Corp. II  | GS Mortgage Securities Corp. II  | GS Mortgage Securities Corp. II  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC13, <br>Class B, 4.01%, <br>07/10/2046 (Callable 05/10/2027)<sup>(a)(g)</sup> | $100000 | $96341  |
| &nbsp;&nbsp;&nbsp; Series 2018-GS9, Class A4, 3.99%, 03/10/2051 (Callable 03/10/2028)<sup>(g)</sup> | 250000 | 245775  |
| &nbsp;&nbsp;&nbsp; Series 2018-RIVR, Class C, 5.86% (1 mo. Term SOFR + 1.55%), 07/15/2035, (1.50% Floor)<sup>(a)</sup> | 122000 | 6099  |
| &nbsp;&nbsp;&nbsp; Series 2019-GC42, Class XA, 0.93%, 09/10/2052 (Callable 09/10/2029)<sup>(g)(h)</sup> | 2138011 | 58379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class XA, 1.24%, <br>05/12/2053 (Callable 02/12/2030)<sup>(g)(h)</sup> | 1456209 | 60866  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GSA2, Class XA, 1.77%, <br>12/12/2053 (Callable 10/10/2030)<sup>(a)(g)(h)</sup> | 1137750 | 77073  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FAIR, <br>Class A, 6.07%, <br>07/15/2029<sup>(a)(g)</sup> | 400000 | 409556  |
|  GS Mortgage-Backed Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-PJ6, <br>Class A4, 2.50%, <br>05/25/2051 (Callable 01/25/2041)<sup>(a)(g)</sup> | 293809 | 238097  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ1, <br>Class A4, 2.50%, <br>05/28/2052 (Callable 02/25/2044)<sup>(a)(g)</sup> | 243108 | 197240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-PJ4, <br>Class B2, 6.13%, <br>08/25/2054 (Callable 11/25/2032)<sup>(a)(g)</sup> | 97776 | 96949  |
| GSAA Trust  | GSAA Trust  | GSAA Trust  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-4, <br>Class 4A3, 4.18%, <br>03/25/2036 (Callable 07/25/2025)<sup>(g)</sup> | 365081 | 216865  |
| &nbsp;&nbsp;&nbsp; Series 2007-7, Class A4, 4.97% (1 mo. Term SOFR + 0.65%), 07/25/2037, (0.54% Floor) (Callable 07/25/2025)  | 54737 | 53622  |

---

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

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  |
|  GSCG Trust, Series 2019-600C, Class E, 4.12%, 09/06/2034<sup>(a)(g)</sup> | $183000 | $7357  |
|  HIG RCP LLC, Series 2023-FL1, Class B, 7.93% (1 mo. Term SOFR + 3.61%), 09/19/2038, (3.61% Floor) (Callable 08/19/2026)<sup>(a)</sup> | 100000 | 100297  |
|  HTL Commercial Mortgage Trust, Series 2024-T53, Class A, 6.07%, 05/10/2039<sup>(a)(g)</sup> | 500000 | 505931  |
|  Hundred Acre Wood Trust, Series 2021-INV1, Class A27, 2.50%, 07/25/2051 (Callable 11/25/2042)<sup>(a)(g)</sup> | 281696 | 228372  |
| JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  | JP Morgan Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2018-8, Class B1, 4.05%, 01/25/2049 (Callable 07/25/2025)<sup>(a)(g)</sup> | 416929 | 382560  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class A15, 3.50%, 03/25/2050 (Callable 11/25/2026)<sup>(a)(g)</sup> | 6790 | 6023  |
| &nbsp;&nbsp;&nbsp; Series 2019-8, Class B2A, 3.14%, 03/25/2050 (Callable 11/25/2026)<sup>(a)(g)</sup> | 172653 | 149970  |
| &nbsp;&nbsp;&nbsp; Series 2020-4, Class A5, 3.00%, 11/25/2050 (Callable 10/25/2028)<sup>(a)(g)</sup> | 158454 | 135536  |
| &nbsp;&nbsp;&nbsp; Series 2022-5, Class A9, 2.80%, 09/25/2052 (Callable 02/25/2046)<sup>(a)(g)</sup> | 418142 | 343415  |
| &nbsp;&nbsp;&nbsp; Series 2025-CCM1, Class A2, 5.50%, 06/25/2055 (Callable 09/25/2038)<sup>(a)(g)</sup> | 192013 | 190805  |
|  JPMDB Commercial Mortgage Securities Trust, Series 2016-C2, Class XA, 1.62%, 06/15/2049 (Callable 03/15/2026)<sup>(g)(h)</sup> | 848215 | 7437  |
| Life Mortgage Trust US  | Life Mortgage Trust US  | Life Mortgage Trust US  |
| &nbsp;&nbsp;&nbsp; Series 2022-BMR2, Class A1, 5.61% (1 mo. Term SOFR + 1.30%), 05/15/2039, (1.30% Floor) (Callable 05/15/2026)<sup>(a)</sup> | 170000 | 164687  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2022-BMR2, Class B, 6.11% (1 mo. Term SOFR + 1.79%), 05/15/2039, (1.79% Floor) (Callable 05/15/2026)<sup>(a)</sup> | $250000 | $229863  |
| LoanCore  | LoanCore  | LoanCore  |
| &nbsp;&nbsp;&nbsp; Series 2021-CRE6, Class D, 7.28% (1 mo. Term SOFR + 2.96%), 11/15/2038, (2.85% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 99973  |
| &nbsp;&nbsp;&nbsp; Series 2022-CRE7, Class C, 6.80% (30 day avg SOFR US + 2.50%), 01/17/2037, (2.50% Floor) (Callable 07/17/2025)<sup>(a)</sup> | 100000 | 99019  |
| &nbsp;&nbsp;&nbsp; Series 2025-CRE8, Class D, 7.05% (1 mo. Term SOFR + 2.74%), 08/17/2042, (2.74% Floor) (Callable 08/17/2027)<sup>(a)</sup> | 100000 | 98000  |
|  LSTAR Commercial Mortgage Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class C, 4.69%, 03/10/2049 (Callable 03/10/2026)<sup>(a)(g)</sup> | 274000 | 257752  |
| &nbsp;&nbsp;&nbsp; Series 2016-4, Class XA, 1.68%, 03/10/2049 (Callable 03/10/2026)<sup>(a)(g)(h)</sup> | 335401 | 264  |
| &nbsp;&nbsp;&nbsp; Series 2017-5, Class X, 1.00%, 03/10/2050 (Callable 03/10/2027)<sup>(a)(g)(h)</sup> | 1743878 | 12186  |
|  MF1 Multifamily Housing Mortgage Loan Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL15, Class B, 6.81% (1 mo. Term SOFR + 2.49%), 08/18/2041, (2.49% Floor) (Callable 07/18/2026)<sup>(a)</sup> | 100000 | 99875  |
| &nbsp;&nbsp;&nbsp; Series 2024-FL16, Class D, 7.90% (1 mo. Term SOFR + 3.59%), 11/18/2039, (3.59% Floor) (Callable 10/18/2026)<sup>(a)</sup> | 100000 | 99203  |
| &nbsp;&nbsp;&nbsp; Series 2025-FL17, Class D, 7.06% (1 mo. Term SOFR + 2.74%), 02/18/2040, (2.74% Floor) (Callable 07/18/2026)<sup>(a)</sup> | 100000 | 98440  |

---

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

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  |
|  MHC Commercial Mortgage Trust, Series 2021-MHC, Class F, 7.03% (1 mo. Term SOFR + 2.72%), 04/15/2038, (2.60% Floor)<sup>(a)</sup> | $240000 | $239952  |
|  Morgan Stanley Bank of America Merrill Lynch Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-C9, Class B, 3.71%, 05/15/2046 (Callable 06/15/2028)<sup>(g)</sup> | 90823 | 87041  |
| &nbsp;&nbsp;&nbsp; Series 2014-C17, Class E, 3.50%, 08/15/2047 (Callable 07/15/2025)<sup>(a)</sup> | 95724 | 94737  |
| Morgan Stanley Capital I, Inc.  | Morgan Stanley Capital I, Inc.  | Morgan Stanley Capital I, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2016-UB12, Class XA, 0.77%, 12/15/2049 (Callable 09/15/2026)<sup>(g)(h)</sup> | 2417877 | 13584  |
| &nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class E, 6.67% (1 mo. Term SOFR + 2.36%), 12/15/2036, (3.74% Floor)<sup>(a)</sup> | 147000 | 6439  |
| &nbsp;&nbsp;&nbsp; Series 2019-NUGS, Class F, 7.27% (1 mo. Term SOFR + 2.96%), 12/15/2036, (4.34% Floor)<sup>(a)</sup> | 125000 | 1811  |
| &nbsp;&nbsp;&nbsp; Series 2019-PLND, Class E, 6.58% (1 mo. Term SOFR + 2.26%), 05/15/2036, (2.15% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 189000 | 17955  |
|  ONNI Commercial Mortgage Trust, Series 2024-APT, Class A, 5.75%, 07/15/2039<sup>(a)(g)</sup> | 350000 | 356802  |
|  PFP III Ltd., Series 2024-11, Class B, 6.80% (1 mo. Term SOFR + 2.49%), 09/17/2039, (2.49% Floor) (Callable 09/17/2027)<sup>(a)</sup> | 99553 | 99491  |
|  PR Mortgage Loan Trust, Series 2014-1, Class APT, 5.86%, 10/25/2049 (Callable 10/25/2032)<sup>(a)(g)</sup> | 843370 | 799106  |
|  Provident Funding Mortgage Trust, Series 2021-J1, Class A10, 2.00%, 10/25/2051 (Callable 07/25/2045)<sup>(a)(g)</sup> | 200000 | 121536  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Rate Mortgage Trust, Series 2021-HB1, Class A31, 2.50%, 12/25/2051 (Callable 04/25/2049)<sup>(a)(g)</sup> | $410374 | $332691  |
|  RCKT Mortgage Trust, Series 2021-1, Class B3, 2.71%, 03/25/2051 (Callable 05/25/2043)<sup>(a)(g)</sup> | 438967 | 367521  |
|  RLGH Trust, Series 2021-TROT, Class A, 5.23% (1 mo. Term SOFR + 0.91%), 04/15/2036, (0.80% Floor)<sup>(a)</sup> | 100000 | 99558  |
|  ROCK Trust 2024-CNTR, Series 2024-CNTR, Class D, 7.11%, 11/13/2041<sup>(a)</sup> | 300000 | 312267  |
|  SCOTT Trust 2023-SFS, Series 2023-SFS, Class AS, 6.20%, 03/10/2040<sup>(a)</sup> | 100000 | 101415  |
| Sequoia Mortgage Trust  | Sequoia Mortgage Trust  | Sequoia Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-3, Class B3, 2.65%, 05/25/2051 (Callable 08/25/2038)<sup>(a)(g)</sup> | 446604 | 362472  |
| &nbsp;&nbsp;&nbsp; Series 2024-9, Class A20, 5.50%, 10/25/2054 (Callable 11/25/2029)<sup>(a)(g)</sup> | 140650 | 138974  |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A19, 6.00%, 03/25/2055 (Callable 01/25/2035)<sup>(a)(g)</sup> | 183640 | 183877  |
|  SG Commercial Mortgage Securities LLC, Series 2016-C5, Class XA, 1.98%, 10/10/2048 (Callable 07/10/2026)<sup>(g)(h)</sup> | 810586 | 9350  |
|  SMRT 2022-MINI, Series 2022-MINI, Class B, 5.66% (1 mo. Term SOFR + 1.35%), 01/15/2039, (1.35% Floor)<sup>(a)</sup> | 250000 | 247812  |
|  TPG Real Estate Finance Issuer Ltd., Series 2022-FL5, Class AS, 6.46% (1 mo. Term SOFR + 2.15%), 02/15/2039, (2.15% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 99655  |
| UBS Commercial Mortgage Trust  | UBS Commercial Mortgage Trust  | UBS Commercial Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2017-C3, Class C, 4.50%, 08/15/2050 (Callable 08/15/2027)<sup>(g)</sup> | 100000 | 94589  |

---

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

100<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  | **COLLATERALIZED MORTGAGE OBLIGATIONS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Series 2018-C13, Class C, 5.14%, 10/15/2051 (Callable 10/15/2028)<sup>(g)</sup> | $100000 | $91473  |
| &nbsp;&nbsp;&nbsp; Series 2018-C9, Class XA, 1.07%, 03/15/2051 (Callable 03/15/2028)<sup>(g)(h)</sup> | 2149953 | 36072  |
|  UBS-Barclays Commercial Mortgage Trust, Series 2019-C3, Class XA, 1.47%, 05/15/2052 (Callable 03/15/2029)<sup>(g)(h)</sup> | 1374209 | 54553  |
|  Verus Securitization Trust, Series 2022-INV1, Class A1, 5.04%, 08/25/2067 (Callable 08/25/2025)<sup>(a)(f)</sup> | 71458 | 71038  |
|  WaMu Mortgage Pass Through Certificates, Series 2007-HY3, Class 1A1, 3.83%, 03/25/2037 (Callable 07/25/2025)<sup>(g)</sup> | 308756 | 246255  |
|  Wells Fargo Commercial Mortgage Trust 2024-1CHI, Series 2024-5C2, Class C, 6.53%, 11/15/2057 (Callable 11/15/2029)<sup>(g)</sup> | 100000 | 102444  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** <br>**(Cost $36,601,290)** |  | 32318267  |
| **U.S. TREASURY SECURITIES - 8.1%** | **U.S. TREASURY SECURITIES - 8.1%** | **U.S. TREASURY SECURITIES - 8.1%** |
| United States Treasury Note/Bond  | United States Treasury Note/Bond  | United States Treasury Note/Bond  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/30/2027  | 308300 | 308493  |
| &nbsp;&nbsp;&nbsp; 3.75%, 05/15/2028  | 8700 | 8714  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/15/2028  | 105000 | 105558  |
| &nbsp;&nbsp;&nbsp; 3.88%, 06/30/2030  | 517300 | 519240  |
| &nbsp;&nbsp;&nbsp; 0.63%, 08/15/2030  | 1000000 | 852734  |
| &nbsp;&nbsp;&nbsp; 0.88%, 11/15/2030  | 3000000 | 2573437  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2032  | 25000 | 23328  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032  | 791000 | 791587  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032  | 595000 | 548888  |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033  | 625000 | 602588  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035  | 2284000 | 2287569  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040  | 6800000 | 4328625  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042  | 140000 | 101768  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042  | 90000 | 68509  |
| &nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049  | 1155000 | 851136  |
| &nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050  | 368000 | 216099  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2053  | 150000 | 122443  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055  | 255600 | 248910  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $14,921,854)** |  | 14559626  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 8.0%** | **MORTGAGE-BACKED SECURITIES - 8.0%** | **MORTGAGE-BACKED SECURITIES - 8.0%** |
|  BANK-2020, Series 2020-BN30, Class XA, 1.37%, 12/15/2053<sup>(g)(h)</sup> | $1227705 | $63156  |
| Benchmark Mortgage Trust  | Benchmark Mortgage Trust  | Benchmark Mortgage Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-B25, Class XA, 1.19%, 04/15/2054 (Callable 02/15/2031)<sup>(g)(h)</sup> | 2195434 | 95094  |
| &nbsp;&nbsp;&nbsp; Series 2023-V2, Class XA, 1.22%, 05/15/2055 (Callable 03/15/2028)<sup>(g)(h)</sup> | 1796067 | 42801  |
|  BOCA Commercial Mortgage Trust, Series 2024-BOCA, Class A, 6.23% (1 mo. Term SOFR + 1.92%), 08/15/2041, (1.92% Floor)<sup>(a)</sup> | 100000 | 100250  |
| BX Trust  | BX Trust  | BX Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-ACNT, Class C, 5.93% (1 mo. Term SOFR + 1.61%), 11/15/2038, (1.50% Floor)<sup>(a)</sup> | 85730 | 85623  |
| &nbsp;&nbsp;&nbsp; Series 2021-LBA, Class DJV, 6.03% (1 mo. Term SOFR + 1.71%), 02/15/2036, (1.60% Floor)<sup>(a)</sup> | 100000 | 99313  |
| &nbsp;&nbsp;&nbsp; Series 2022-PSB, Class C, 8.01% (1 mo. Term SOFR + 3.70%), 08/15/2039, (3.70% Floor)<sup>(a)</sup> | 91000 | 91000  |
| &nbsp;&nbsp;&nbsp; Series 2023-VLT3, Class A, 6.25% (1 mo. Term SOFR + 1.94%), 11/15/2028, (1.94% Floor)<sup>(a)</sup> | 375000 | 375000  |
| &nbsp;&nbsp;&nbsp; Series 2024-CNYN, Class C, 6.25% (1 mo. Term SOFR + 1.94%), 04/15/2041, (1.94% Floor)<sup>(a)</sup> | 251773 | 252167  |
| &nbsp;&nbsp;&nbsp; Series 2024-KING, Class B, 6.05% (1 mo. Term SOFR + 1.74%), 05/15/2034, (1.74% Floor)<sup>(a)</sup> | 378023 | 377787  |
| &nbsp;&nbsp;&nbsp; Series 2025-VLT6, Class C, 6.50% (1 mo. Term SOFR + 2.19%), 03/15/2042, (2.19% Floor)<sup>(a)</sup> | 300000 | 299437  |

---

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

101<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
|  BX Trust 2024-VLT4, Series 2024-AIRC, Class C, 6.90% (1 mo. Term SOFR + 2.59%), 08/15/2039, (2.59% Floor)<sup>(a)</sup> | $97072 | $97254  |
|  DBGS Mortgage Trust, Series 2021-W52, Class A, 5.82% (1 mo. Term SOFR + 1.51%), 10/15/2036, (1.40% Floor)<sup>(a)</sup> | 100000 | 98919  |
|  ELP Commercial Mortgage Trust, Series 2021-ELP, Class E, 6.54% (1 mo. Term SOFR + 2.23%), 11/15/2038, (2.12% Floor)<sup>(a)</sup> | 99884 | 99759  |
|  Federal Home Loan Mortgage Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool QX2709, 6.00%, 01/01/2055  | 270789 | 275591  |
| &nbsp;&nbsp;&nbsp; Pool RJ2751, 6.00%, 11/01/2054  | 154395 | 157615  |
| &nbsp;&nbsp;&nbsp; Pool RJ3275, 5.50%, 02/01/2055  | 195176 | 197066  |
| &nbsp;&nbsp;&nbsp; Pool RJ3503, 6.00%, 02/01/2055  | 187771 | 193213  |
| &nbsp;&nbsp;&nbsp; Pool SD6621, 6.00%, 10/01/2054  | 116954 | 120417  |
| &nbsp;&nbsp;&nbsp; Pool U69911, 4.00%, 04/01/2045  | 3486884 | 3347370  |
| &nbsp;&nbsp;&nbsp; Series 2021-P011, Class X1, 1.76%, 09/25/2045<sup>(g)(h)</sup> | 509070 | 54951  |
| &nbsp;&nbsp;&nbsp; Series K122, Class X1, 0.96%, 11/25/2030 (Callable 08/25/2030)<sup>(g)(h)</sup> | 1824521 | 68439  |
| &nbsp;&nbsp;&nbsp; Series KG04, Class X1, 0.93%, 11/25/2030 (Callable 08/25/2030)<sup>(g)(h)</sup> | 1881542 | 68295  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Pool CB7984, 5.50%, 02/01/2054  | 159995 | 160494  |
| &nbsp;&nbsp;&nbsp; Pool CB8140, 5.50%, 03/01/2054  | 244754 | 246817  |
| &nbsp;&nbsp;&nbsp; Pool CB8331, 5.50%, 04/01/2054  | 437841 | 438933  |
| &nbsp;&nbsp;&nbsp; Pool CB9324, 5.50%, 10/01/2054  | 311243 | 313769  |
| &nbsp;&nbsp;&nbsp; Pool CB9326, 5.50%, 10/01/2054  | 171192 | 172207  |
| &nbsp;&nbsp;&nbsp; Pool CB9484, 5.50%, 11/01/2054  | 172770 | 174442  |
| &nbsp;&nbsp;&nbsp; Pool CB9672, 5.50%, 12/01/2054  | 302691 | 306094  |
| &nbsp;&nbsp;&nbsp; Pool CB9734, 5.50%, 01/01/2055  | 195567 | 195994  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Pool CB9793, 5.50%, 01/01/2055  | $198434 | $200913  |
| &nbsp;&nbsp;&nbsp; Pool CB9794, 5.50%, 01/01/2055  | 179149 | 181163  |
| &nbsp;&nbsp;&nbsp; Pool CB9812, 6.00%, 01/01/2055  | 163276 | 167957  |
| &nbsp;&nbsp;&nbsp; Pool FS7738, 6.00%, 03/01/2054  | 2807623 | 2901501  |
| &nbsp;&nbsp;&nbsp; Pool MA5039, 5.50%, 06/01/2053  | 3712 | 3722  |
| Ginnie Mae II Pool  | Ginnie Mae II Pool  | Ginnie Mae II Pool  |
| &nbsp;&nbsp;&nbsp; Pool MA8200, 4.00%, 08/20/2052  | 77293 | 72525  |
| &nbsp;&nbsp;&nbsp; Pool MA8201, 4.50%, 08/20/2052  | 35936 | 34710  |
| &nbsp;&nbsp;&nbsp; Pool MA8268, 4.50%, 09/20/2052  | 64483 | 62283  |
| &nbsp;&nbsp;&nbsp; Pool MA8346, 4.00%, 10/20/2052  | 91116 | 84902  |
| &nbsp;&nbsp;&nbsp; Pool MA8426, 4.00%, 11/20/2052  | 91901 | 85632  |
| &nbsp;&nbsp;&nbsp; Pool MA8489, 4.50%, 12/20/2052  | 100487 | 97059  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2022-192, Class IO, 0.67%, 09/16/2064 (Callable 07/16/2048)<sup>(g)(h)</sup> | 3450040 | 196805  |
| &nbsp;&nbsp;&nbsp; Series 2024-15, Class BI, 0.73%, 10/16/2065 (Callable 11/16/2048)<sup>(g)(h)</sup> | 3459486 | 194340  |
| &nbsp;&nbsp;&nbsp; Series 2024-35, Class IB, 0.80%, 07/16/2065 (Callable 11/16/2048)<sup>(g)(h)</sup> | 3142062 | 191829  |
|  Great Wolf Trust, Series 2024-WLF2, Class A, 6.00% (1 mo. Term SOFR + 1.69%), 05/15/2041<sup>(a)</sup> | 250000 | 250547  |
|  GS Mortgage Securities Corp. II, Series 2021-DM, Class D, 6.71% (1 mo. Term SOFR + 2.40%), 11/15/2036, (2.29% Floor)<sup>(a)</sup> | 100000 | 99000  |
|  INTOWN Mortgage Trust, Series 2025-STAY, Class B, 6.06% (1 mo. Term SOFR + 1.75%), 03/15/2042, (1.75% Floor)<sup>(a)</sup> | 115000 | 114497  |
|  KREST Commercial Mortgage Securities Trust, Series 2025-AIP4, Class C, 6.16% (1 mo. Term SOFR + 1.85%), 03/15/2042, (1.85% Floor)<sup>(a)</sup> | 300000 | 299062  |

---

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

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** | **MORTGAGE-BACKED SECURITIES - (Continued)** |
|  KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, 5.85% (1 mo. Term SOFR + 1.54%), 12/15/2039, (1.54% Floor)<sup>(a)</sup> | $300000 | $299249  |
|  NYC Commercial Mortgage Trust, Series 2025-3BP, Class A, 5.52% (1 mo. Term SOFR + 1.21%), 02/15/2042, (1.21% Floor)<sup>(a)</sup> | 100000 | 99687  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $14,347,578)** |  | 14306650  |
| **ASSET-BACKED SECURITIES - 7.1%** | **ASSET-BACKED SECURITIES - 7.1%** | **ASSET-BACKED SECURITIES - 7.1%** |
|  ACE Securities Corp., Series 2007-D1, Class A4, 6.93%, 02/25/2038 (Callable 09/25/2029)<sup>(a)(f)</sup> | 184191 | 158853  |
|  ACREC Trust, Series 2021-FL1, Class C, 6.58% (1 mo. Term SOFR + 2.26%), 10/16/2036, (2.15% Floor) (Callable 07/16/2025)<sup>(a)</sup> | 375000 | 375132  |
|  Affirm, Inc., Series 2025-1A, Class D, 5.62%, 02/15/2033 (Callable 02/15/2027)<sup>(a)</sup> | 250000 | 250928  |
|  Air Canada, 3.70%, 01/15/2026<sup>(a)</sup> | 363757 | 359785  |
|  AMSR Trust, Series 2021-SFR3, Class H, 4.90%, 10/17/2038<sup>(a)</sup> | 550000 | 530391  |
|  Apollo Aviation Securitization Equity Trust, Series 2024-2A, Class B, 6.61%, 09/16/2049<sup>(a)</sup> | 237096 | 240095  |
|  Aqua Finance Trust, Series 2021-A, Class A, 1.54%, 07/17/2046 (Callable 12/17/2027)<sup>(a)</sup> | 39983 | 36894  |
| AutoNation Finance Trust  | AutoNation Finance Trust  | AutoNation Finance Trust  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class C, 5.19%, 12/10/2030 (Callable 05/10/2028)<sup>(a)</sup> | 45000 | 45415  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class D, 5.63%, 09/10/2032 (Callable 05/10/2028)<sup>(a)</sup> | 25000 | 25258  |
|  Blackbird Capital Aircraft, Series 2021-1A, Class A, 2.44%, 07/15/2046 (Callable 07/15/2028)<sup>(a)</sup> | 166000 | 155614  |
|  Blue Stream Communications LLC, Series 2024-1A, Class B, 6.04%, 11/20/2054 (Callable 05/20/2028)<sup>(a)</sup> | 250000 | 252644  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Bojangles Issuer LLC, Series 2024-1A, Class A2, 6.58%, 11/20/2054 (Callable 11/20/2027)<sup>(a)</sup> | $175000 | $178053  |
|  Citigroup Mortgage Loan Trust, Inc., Series 2015-RP2, Class B4, 4.25%, 01/25/2053 (Callable 09/25/2028)<sup>(a)</sup> | 362824 | 356817  |
|  COLT Funding LLC, Series 2022-5, Class A1, 4.55%, 04/25/2067 (Callable 07/25/2025)<sup>(a)(g)</sup> | 71799 | 72265  |
|  Compass Datacenters LLC, Series 2024-1A, Class B, 7.00%, 02/25/2049 (Callable 02/25/2027)<sup>(a)</sup> | 250000 | 256765  |
|  DataBank Issuer, Series 2023-1A, Class A2, 5.12%, 02/25/2053 (Callable 02/25/2026)<sup>(a)</sup> | 355000 | 354269  |
|  DB Master Finance Parent LLC, Series 2019-1A, Class A2II, 4.02%, 05/20/2049 (Callable 08/20/2025)<sup>(a)</sup> | 84825 | 84933  |
|  DigitalBridge Group, Inc., Series 2023-1A, Class B, 5.75%, 09/15/2048 (Callable 09/15/2026)<sup>(a)</sup> | 100000 | 97479  |
|  Exeter Automobile Receivables Trust, Series 2024-1A, Class B, 5.29%, 08/15/2028 (Callable 05/15/2028)  | 100000 | 100203  |
|  First Franklin Mortgage Loan Asset Backed Certificates, Series 2004-FF10, Class M1, 5.71% (1 mo. Term SOFR + 1.39%), 07/25/2034, (1.28% Floor) (Callable 07/25/2025)  | 46503 | 45813  |
|  FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037<sup>(a)</sup> | 87496 | 86148  |
|  GCAT, Series 2022-NQM4, Class A1, 5.27%, 08/25/2067 (Callable 08/25/2025)<sup>(a)(f)</sup> | 75902 | 75621  |
|  GSAA Trust, Series 2005-6, Class M1, 5.08% (1 mo. Term SOFR + 0.76%), 06/25/2035, (0.65% Floor) (Callable 07/25/2025)  | 678 | 678  |
|  Helios Issuer LLC, Series 2020-2A, Class A, 2.73%, 11/01/2055 (Callable 10/30/2030)<sup>(a)</sup> | 434824 | 353971  |
|  Home Partners of America Trust, Series 2019-1, Class B, 3.16%, 09/17/2039 (Callable 07/17/2025)<sup>(a)</sup> | 76218 | 73131  |

---

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

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  Horizon Aircraft Finance Ltd., Series 2024-1, Class A, 5.38%, 09/15/2049<sup>(a)</sup> | $269500 | $267991  |
|  Jersey Mike's Funding, Series 2024-1A, Class A2, 5.64%, 02/15/2055 (Callable 02/15/2029)<sup>(a)</sup> | 209475 | 211543  |
| KREF  | KREF  | KREF  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL2, Class B, 6.08% (1 mo. Term SOFR + 1.76%), 02/15/2039, (1.65% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 97582  |
| &nbsp;&nbsp;&nbsp; Series 2022-FL3, Class A, 5.77% (1 mo. Term SOFR + 1.45%), 02/17/2039, (1.45% Floor) (Callable 07/17/2025)<sup>(a)</sup> | 76814 | 76764  |
| &nbsp;&nbsp;&nbsp; Lunar Structured Aircraft Portfolio Notes, <br>Series 2021-1, Class A, 2.64%, 10/15/2046<sup>(a)</sup> | 173551 | 159640  |
|  MFRA Trust, Series 2020-NQM3, Class A3, 1.63%, 01/26/2065 (Callable 07/25/2025)<sup>(a)(g)</sup> | 62387 | 60052  |
|  Mill City Solar Loan, Series 2019-2GS, Class A, 3.69%, 07/20/2043 (Callable 03/20/2035)<sup>(a)</sup> | 58552 | 52835  |
| Mosaic Solar Loans LLC  | Mosaic Solar Loans LLC  | Mosaic Solar Loans LLC  |
| &nbsp;&nbsp;&nbsp; Series 2017-2A, Class A, 3.82%, 06/22/2043 (Callable 07/20/2029)<sup>(a)</sup> | 194648 | 182384  |
| &nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 4.01%, 06/22/2043 (Callable 05/20/2030)<sup>(a)</sup> | 121063 | 112962  |
| &nbsp;&nbsp;&nbsp; Series 2018-2GS, Class A, 4.20%, 02/22/2044 (Callable 06/20/2030)<sup>(a)</sup> | 133579 | 124176  |
| &nbsp;&nbsp;&nbsp; Series 2018-2GS, Class B, 4.74%, 02/22/2044 (Callable 06/20/2030)<sup>(a)</sup> | 83801 | 76156  |
| Navient Student Loan Trust  | Navient Student Loan Trust  | Navient Student Loan Trust  |
| &nbsp;&nbsp;&nbsp; Series 2019-GA, Class A, 2.40%, 10/15/2068 (Callable 05/15/2027)<sup>(a)</sup> | 31791 | 30518  |
| &nbsp;&nbsp;&nbsp; Series 2020-BA, Class A2, 2.12%, 01/15/2069 (Callable 09/15/2027)<sup>(a)</sup> | 71548 | 67651  |
| &nbsp;&nbsp;&nbsp; Series 2020-HA, Class A, 1.31%, 01/15/2069 (Callable 02/15/2028)<sup>(a)</sup> | 42123 | 39330  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 12/15/2028)<sup>(a)</sup> | $39295 | $35792  |
| &nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/2069 (Callable 09/15/2029)<sup>(a)</sup> | 34846 | 31681  |
| &nbsp;&nbsp;&nbsp; Series 2021-FA, Class A, 1.11%, 02/18/2070 (Callable 11/15/2030)<sup>(a)</sup> | 329344 | 289043  |
|  Navigator Aircraft ABS Ltd., Series 2024-1, Class A, 5.40%, 08/15/2049<sup>(a)</sup> | 235119 | 232549  |
|  Neighborly Issuer, Series 2021-1A, Class A2, 3.58%, 04/30/2051 (Callable 10/30/2026)<sup>(a)</sup> | 240000 | 223668  |
|  OCCU Auto Receivables Trust, Series 2022-1A, Class A3, 5.50%, 10/15/2027 (Callable 07/15/2027)<sup>(a)</sup> | 46419 | 46498  |
|  Pagaya AI Debt Selection Trust, Series 2024-11, Class D, 6.31%, 07/15/2032 (Callable 12/15/2026)<sup>(a)</sup> | 249971 | 250146  |
|  PennyMac Mortgage Investment Trust, Series 2017-PM1, Class XIO, 0.00%, 10/25/2048<sup>(a)(c)(h)</sup> | 127457758 | 635097  |
| Progress Residential Trust  | Progress Residential Trust  | Progress Residential Trust  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR3, Class G, 4.25%, 05/17/2026<sup>(a)</sup> | 1100000 | 1090480  |
| &nbsp;&nbsp;&nbsp; Series 2021-SFR6, Class G, 4.00%, 07/17/2038 (Callable 07/17/2026)<sup>(a)</sup> | 700000 | 690025  |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class B, 5.93%, 05/25/2055 (Callable 05/25/2028)<sup>(a)</sup> | 250000 | 253340  |
|  Ready Capital Corp., Series 2023-FL11, Class B, 7.85% (1 mo. Term SOFR + 3.53%), 10/25/2039, (3.53% Floor) (Callable 07/25/2025)<sup>(a)</sup> | 100000 | 100024  |
|  Renaissance Home Equity Loan Trust, Series 2004-4, Class MF2, 5.82%, 02/25/2035 (Callable 07/25/2025)<sup>(f)</sup> | 233100 | 205048  |
|  Santander Consumer USA Holdings, Inc., Series 2022-3, Class C, 4.49%, 08/15/2029 (Callable 07/15/2026)  | 200000 | 199750  |
|  SBA Depositor LLC, Series 2022-1, 6.60%, 01/15/2028 (Callable 01/15/2027)<sup>(a)</sup> | 145000 | 148755  |

---

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

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** | **ASSET-BACKED SECURITIES - (Continued)** |
|  SERVPRO Master Issuer LLC, Series 2024-1A, Class A2, 6.17%, 01/25/2054 (Callable 01/25/2029)<sup>(a)</sup> | $98750 | $101098  |
| &nbsp;&nbsp;&nbsp; Slam Ltd., Series 2024-1A, Class A, 5.34%, <br>09/15/2049<sup>(a)</sup> | 114303 | 112450  |
|  SMB Private Education Loan Trust, Series 2024-F, Class A1A, 5.06%, 03/16/2054 (Callable 09/15/2035)<sup>(a)</sup> | 91262 | 91964  |
|  SoFi Professional Loan Program LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series 2018-C, Class R1, 0.00%, 01/25/2048 (Callable 07/25/2026)<sup>(a)(c)</sup> | 10000 | 74866  |
| &nbsp;&nbsp;&nbsp; Series 2020-C, Class AFX, 1.95%, 02/15/2046 (Callable 09/15/2028)<sup>(a)</sup> | 56947 | 53298  |
| &nbsp;&nbsp;&nbsp; Series 2021-B, Class R1, 0.00%, 02/15/2047 (Callable 02/15/2030)<sup>(a)(c)</sup> | 10000 | 268592  |
|  Structured Asset Securities Corp., Series 2006-BC3, Class A3, 4.75% (1 mo. Term SOFR + 0.43%), 10/25/2036, (0.32% Floor) (Callable 07/25/2025)  | 385168 | 321351  |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc., Series 2023-A, Class A, 5.30%, 05/20/2050 <br>(Callable 05/20/2028)<sup>(a)</sup> | 88340 | 79670  |
| Sunrun, Inc.  | Sunrun, Inc.  | Sunrun, Inc.  |
| &nbsp;&nbsp;&nbsp; Series 2019-1A, Class A, 3.98%, 06/30/2054 (Callable 12/30/2030)<sup>(a)</sup> | 82442 | 76450  |
| &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2A, 6.41%, 04/30/2060<sup>(a)</sup> | 99891 | 99003  |
| &nbsp;&nbsp;&nbsp; Taco Bell Corp., Series 2016-1A, <br>Class A23, 4.97%, <br>05/25/2046 <br>(Callable 08/25/2025)<sup>(a)</sup> | 129375 | 129409  |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc., <br>Series 2022-1A, Class A, 4.91%, 05/22/2028 (Callable 01/20/2026)<sup>(a)</sup> | 41101 | 41126  |
|  Vericrest Opportunity Loan Transferee, Series 2021-NPL1, Class A2, 8.95%, 02/27/2051 (Callable 07/25/2025)<sup>(a)(f)</sup> | 178650 | 178550  |
|  Verus Securitization Trust, Series 2022-8, Class A3, 6.13%, 09/25/2067 (Callable 10/25/2025)<sup>(a)(f)</sup> | 77064 | 77380  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Wendy's SPV Guarantor LLC, Series 2019-1A, Class A2I, 3.78%, 06/15/2049 (Callable 09/15/2025)<sup>(a)</sup> | $88489 | $87313  |
|  Wingstop, Inc., Series 2020-1A, Class A2, 2.84%, 12/05/2050 (Callable 09/05/2025)<sup>(a)</sup> | 246250 | 234106  |
|  Zaxby's Operating Co. LP, Series 2021-1A, Class A2, 3.24%, 07/30/2051 (Callable 07/30/2025)<sup>(a)</sup> | 144375 | 133742  |
| &nbsp;&nbsp;&nbsp; Zayo Group LLC, Series 2025-1A, <br>Class A2, 5.65%, <br>03/20/2055 (Callable 09/20/2028)<sup>(a)</sup> | 90000 | 91685  |
| &nbsp;&nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES** <br>**(Cost $13,307,580)** |  | 12810688  |
| **BANK LOANS - 6.7%**<br>|  |  |
| **Basic Materials - 0.2%** | **Basic Materials - 0.2%** | **Basic Materials - 0.2%** |
| &nbsp;&nbsp;&nbsp; Hexion Holdings Corp., Senior Secured First Lien, 8.31% <br>(1 mo. SOFR US + 4.00%), 03/15/2029, (0.50% Floor) (Callable 07/31/2025)  | 29548 | 29521  |
| &nbsp;&nbsp;&nbsp; INEOS US Finance LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 02/07/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 94626 | 90509  |
|  INEOS US Petrochem LLC, Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.78% (1 mo. SOFR US + 4.25%), 03/29/2029, (0.00% Floor) (Callable 07/31/2025)  | 44288 | 41354  |
| &nbsp;&nbsp;&nbsp; 8.58% (1 mo. SOFR US + 4.25%), 10/07/2031, (0.00% Floor) (Callable 07/31/2025)  | 29925 | 27419  |
|  Vantage Specialty Chemicals, Inc., Senior Secured First Lien, 9.03% (3 mo. SOFR US + 4.75%), 10/26/2026, (0.50% Floor) (Callable 07/31/2025)  | 59542 | 57798  |
| &nbsp;&nbsp;&nbsp; WR Grace Holdings LLC, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 09/22/2028, <br>(0.50% Floor) (Callable 07/31/2025)  | 24935 | 25003  |
|  |  | 271604  |

---

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

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Communications - 0.3%** | **Communications - 0.3%** | **Communications - 0.3%** |
|  Acuris Finance US, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 02/16/2028, (0.00% Floor) (Callable 07/31/2025)  | $40059 | $40146  |
|  Altice France SA, Senior Secured First Lien, 9.76% (3 mo. SOFR US + 5.50%), 08/31/2028, (0.00% Floor) (Callable 07/31/2025)  | 24537 | 22295  |
|  Arches Buyer, Inc., Senior Secured First Lien, 7.78% (1 mo. SOFR US + 3.25%), 12/06/2027, (0.50% Floor) (Callable 07/31/2025)  | 29922 | 29591  |
|  Cengage Learning, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.82% (1 mo. SOFR US + 3.50%), 03/22/2031, (1.00% Floor) (Callable 07/31/2025)  | 9119 | 9151  |
| &nbsp;&nbsp;&nbsp; 7.83% (3 mo. SOFR US + 3.50%), 03/24/2031, (1.00% Floor) (Callable 07/31/2025)  | 15632 | 15688  |
|  CommScope T/L (12/24), Senior Secured First Lien, 9.58% (1 mo. SOFR US + 5.25%), 12/17/2029, (2.00% Floor)  | 67700 | 68624  |
|  CSC Holdings LLC, Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.00% (Prime Rate + 1.50%), 04/15/2027, (0.00% Floor) (Callable 07/31/2025)  | 23138 | 22572  |
| &nbsp;&nbsp;&nbsp; 8.81% (1 mo. SOFR US + 4.50%), 01/18/2028, (0.00% Floor) (Callable 07/31/2025)  | 10000 | 9881  |
|  Directv Financing LLC, Senior Secured First Lien, 9.80% (3 mo. SOFR US + 5.00%), 08/02/2027, (0.75% Floor) (Callable 07/31/2025)  | 4361 | 4383  |
|  Gen Digital, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 04/16/2032, (0.00% Floor) (Callable 07/31/2025)  | 55000 | 54973  |
|  Gray Media, Inc., Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.00%), 12/01/2028, (0.00% Floor) (Callable 07/31/2025)  | 14837 | 14404  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Lumen Technologies, Inc., Senior Secured First Lien, 6.91% (1 mo. SOFR US + 2.35%), 04/16/2029, (2.00% Floor)  | $13208 | $13068  |
|  MH Sub I LLC, Senior Secured First Lien, 8.58% (1 mo. SOFR US + 4.25%), 12/31/2031, (0.50% Floor) (Callable 07/31/2025)  | 32639 | 28447  |
|  NEP Group, Inc., Senior Secured First Lien, 7.96% (3 mo. SOFR US + 3.25%), 08/19/2026, (0.00% Floor) | 65221 | 60268  |
|  StubHub Holdco Sub LLC, Senior Secured First Lien, 9.08% (1 mo. SOFR US + 4.75%), 03/15/2030, (0.00% Floor) (Callable 07/31/2025)  | 39008 | 37967  |
| &nbsp;&nbsp;&nbsp; Zayo Group Holdings, Inc., Senior Secured First Lien, 7.56% (1 mo. SOFR US + 3.00%), 03/09/2027, <br>(0.00% Floor) (Callable 07/31/2025)  | 20000 | 19076  |
|  Zayo Group Holdings, Inc., First Lien, 8.58% (1 mo. Term SOFR + 4.25%), 03/09/2027 (Callable 07/31/2025)  | 9974 | 9605  |
|  |  | 460139  |
| **Consumer, Cyclical - 2.5%** | **Consumer, Cyclical - 2.5%** | **Consumer, Cyclical - 2.5%** |
|  1011778 BC ULC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 09/23/2030, (0.00% Floor) (Callable 07/31/2025)  | 707339 | 705203  |
|  AAdvantage Loyalty IP Ltd., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.52% (3 mo. SOFR US + 2.25%), 04/20/2028, (0.00% Floor) (Callable 07/31/2025)  | 64536 | 64208  |
| &nbsp;&nbsp;&nbsp; 7.58% (3 mo. SOFR US + 3.25%), 05/28/2032, (0.00% Floor) (Callable 07/31/2025)  | 195000 | 196511  |
| &nbsp;&nbsp;&nbsp; Aramark Services, Inc., <br>Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 mo. SOFR US + 2.00%), 04/06/2028, (0.00% Floor) (Callable 07/31/2025)  | 30000 | 30091  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 mo. SOFR US + 2.00%), 06/24/2030, (0.00% Floor) (Callable 07/31/2025)  | 133097 | 133651  |

---

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

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** |
|  AS Mileage Plan IP Ltd., Senior Secured First Lien, 6.27% (3 mo. SOFR US + 2.00%), 10/15/2031, (0.00% Floor) (Callable 07/31/2025)  | $94463 | $95077  |
|  Aspire Bakeries T/L B (6/25), 0.00%, 12/23/2030  | 34824 | 34828  |
| &nbsp;&nbsp;&nbsp; BCPE Empire Holdings, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 12/26/2030, <br>(0.50% Floor) (Callable <br>07/31/2025)  | 69327 | 69015  |
|  Beach Acquisition Bidco LLC, 8.06% (1 mo. Term SOFR + 3.25%), 06/28/2032 (Callable 07/31/2025)  | 25000 | 25156  |
|  Carnival Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.31% (1 mo. SOFR US + 2.00%), 08/09/2027, (0.75% Floor) (Callable 07/31/2025)  | 22312 | 22367  |
| &nbsp;&nbsp;&nbsp; 6.31% (1 mo. SOFR US + 2.00%), 10/18/2028, (0.75% Floor) (Callable 07/31/2025)  | 83000 | 83169  |
|  Clarios Global LP, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 01/28/2032, (0.00% Floor) (Callable 07/31/2025)  | 375000 | 375821  |
|  ClubCorp Holdings, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026, (0.00% Floor)  | 57384 | 57528  |
| &nbsp;&nbsp;&nbsp; 9.82% (3 mo. SOFR US + 5.00%), 09/18/2026, (0.00% Floor)  | 35 | 35  |
|  Crown Finance US, Inc., Senior Secured First Lien, 9.57% (1 mo. SOFR US + 5.25%), 12/02/2031, (0.00% Floor) (Callable 07/31/2025)  | 24887 | 24912  |
|  Delta 2 Lux Sarl, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 09/19/2031, (0.50% Floor) (Callable 07/31/2025)  | 85000 | 85244  |
|  Delta 2 Lux Sarl, 7.20% (3 mo. Term SOFR + 2.00%), 09/19/2031 (Callable 07/31/2025)  | 43000 | 43124  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Dexko Global, Inc., Senior Secured First Lien, 8.45% (1 mo. SOFR US + 3.75%), 10/04/2028, (0.50% Floor) (Callable 07/31/2025)  | $32918 | $31581  |
|  EG America LLC, Senior Secured First Lien, 8.58% (3 mo. SOFR US + 4.25%), 02/07/2028, (0.00% Floor) (Callable 07/31/2025)  | 26002 | 26153  |
| &nbsp;&nbsp;&nbsp; Fertitta Entertainment LLC/NV, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 01/29/2029, <br>(0.50% Floor) (Callable <br>07/31/2025)  | 66209 | 66211  |
|  Flutter Financing BV, Senior Secured First Lien, 6.30% (3 mo. SOFR US + 2.00%), 06/04/2032, (0.50% Floor) (Callable 07/31/2025)  | 15000 | 15019  |
|  GBT US III LLC, Senior Secured First Lien, 6.78% (3 mo. SOFR US + 2.50%), 07/28/2031, (0.00% Floor) (Callable 07/31/2025)  | 24875 | 24948  |
|  Gloves Buyer, Inc., Senior Secured First Lien, 8.44% (1 mo. SOFR US + 4.00%), 05/24/2032, (0.50% Floor) (Callable 07/31/2025)  | 165000 | 162113  |
| &nbsp;&nbsp;&nbsp; Golden State Foods LLC, Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.25%), 12/04/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 19851 | 19971  |
| &nbsp;&nbsp;&nbsp; Great Outdoors Group LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 01/23/2032, <br>(0.75% Floor) (Callable 07/31/2025)  | 426711 | 426779  |
|  Hilton Domestic Operating Co., Inc., Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 11/08/2030, (0.00% Floor) (Callable 07/31/2025)  | 140000 | 140634  |
|  Hunter Douglas, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 01/20/2032, (0.00% Floor) (Callable 07/31/2025)  | 43822 | 43722  |
|  JetBlue Airways Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.07% (3 mo. SOFR US + 4.75%), 08/27/2029, (0.50% Floor) (Callable 07/31/2025)  | 185340 | 174521  |

---

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

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** | **Consumer, Cyclical - (Continued)** |
| &nbsp;&nbsp;&nbsp; 9.07% (3 mo. SOFR US + 4.75%), 08/27/2029, (0.50% Floor) (Callable 07/31/2025)  | $19115 | $18000  |
|  KFC Holding Co., Senior Secured First Lien, 6.18% (1 mo. SOFR US + 1.75%), 03/15/2028, (0.00% Floor) (Callable 07/31/2025)  | 118912 | 119637  |
|  LBM Acquisition LLC, Senior Secured First Lien, 8.26% (1 mo. SOFR US + 3.75%), 06/06/2031, (0.75% Floor) (Callable 07/31/2025)  | 91012 | 85323  |
|  LC Ahab US Bidco LLC, Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 05/01/2031, (0.00% Floor)  | 49787 | 49818  |
|  Life Time, Inc., Senior Secured First Lien, 6.78% (3 mo. SOFR US + 2.50%), 11/05/2031, (0.00% Floor) (Callable 07/31/2025)  | 75 | 75  |
|  Michaels Cos., Inc., First Lien, 8.81% (3 mo. Term SOFR + 4.25%), 04/17/2028 (Callable 07/31/2025)  | 14961 | 12577  |
| &nbsp;&nbsp;&nbsp; Ontario Gaming GTA LP, Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 08/01/2030, <br>(0.50% Floor) (Callable 07/31/2025)  | 30483 | 30231  |
|  PetSmart LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 02/14/2028, (0.75% Floor) (Callable 07/31/2025)  | 62618 | 62109  |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc., Senior Secured First Lien, 7.28% (3 mo. SOFR US + 3.00%), 04/30/2032, <br>(0.00% Floor) (Callable 07/31/2025)  | 11333 | 11425  |
|  Sabre GLBL, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.06% (1 mo. SOFR US + 3.50%), 12/17/2027, (0.50% Floor) (Callable 07/31/2025)  | 8884 | 8764  |
| &nbsp;&nbsp;&nbsp; 10.53% (1 mo. SOFR US + 6.00%), 11/15/2029, (0.00% Floor) (Callable 07/31/2025)  | 7816 | 7455  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Sabre GLBL, Inc., First Lien, 10.43% (1 mo. Term SOFR + 6.00%), 11/15/2029 (Callable 07/31/2025)  | $18114 | $18114  |
|  Solenis Holdings Ltd., Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 06/23/2031, (0.50% Floor) (Callable 07/31/2025)  | 74438 | 73711  |
|  SWF Holdings I Corp., Senior Secured First Lien, 8.56% (1 mo. SOFR US + 4.00%), 10/06/2028, (1.00% Floor) | 10896 | 8403  |
|  Travel + Leisure Co., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 12/14/2029, (0.50% Floor) (Callable 07/31/2025)  | 258376 | 258957  |
|  UFC Holdings LLC, Senior Secured First Lien, 6.57% (3 mo. SOFR US + 2.25%), 11/21/2031, (0.00% Floor) (Callable 07/31/2025)  | 164263 | 165062  |
|  United Airlines, Inc., Senior Secured First Lien, 6.28% (3 mo. SOFR US + 2.00%), 02/24/2031, (0.00% Floor) (Callable 07/31/2025)  | 177006 | 177615  |
|  Victra Holdings LLC, Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 03/29/2029, (0.75% Floor) (Callable 07/31/2025)  | 24375 | 24413  |
|  Voyager Parent LLC, 9.07% (1 mo. Term SOFR + 4.75%), 05/10/2032 (Callable 07/31/2025)  | 120000 | 118933  |
|  WestJet Loyalty LP, Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 02/14/2031, (0.00% Floor) (Callable 07/31/2025)  | 29226 | 29266  |
|  White Cap Supply Holdings LLC, Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 10/31/2029, (0.00% Floor) (Callable 07/31/2025)  | 54762 | 54547  |
|  |  | 4512027  |
| **Consumer, Non-cyclical - 1.1%** | **Consumer, Non-cyclical - 1.1%** | **Consumer, Non-cyclical - 1.1%** |
|  1261229 BC Ltd., Senior Secured First Lien, 10.56% (1 mo. SOFR US + 6.25%), 10/08/2030, (0.00% Floor) (Callable 07/31/2025)  | 15000 | 14500  |
|  ADMI Corp., Senior Secured First Lien, 8.31% (1 mo. SOFR US + 3.75%), 12/23/2027, (0.50% Floor) | 49095 | 46947  |

---

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

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC, Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 05/15/2028, <br>(0.50% Floor) (Callable 07/31/2025)  | $69622 | $70033  |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare LLC, Senior Secured First Lien, 8.28% <br>(3 mo. SOFR US + 3.75%), 07/17/2028, (0.50% Floor) (Callable 07/31/2025)  | 95225 | 93410  |
|  Bausch + Lomb Corp., First Lien, 8.57% (1 mo. Term SOFR + 4.25%), 01/15/2031 (Callable 07/31/2025)  | 95000 | 95297  |
|  Camelot US Acquisition LLC, First Lien, 7.58% (1 mo. Term SOFR + 3.25%), 01/31/2031 (Callable 07/31/2025)  | 40000 | 40075  |
| &nbsp;&nbsp;&nbsp; CHG Healthcare Services, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 09/29/2028, <br>(0.50% Floor) (Callable 07/31/2025) | 53293 | 53538  |
| &nbsp;&nbsp;&nbsp; Creative Artists Agency LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 10/01/2031, <br>(0.00% Floor) (Callable 07/31/2025) | 4975 | 4995  |
|  EAB Global, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 08/16/2030, (0.50% Floor) (Callable 07/31/2025)  | 29625 | 29144  |
| &nbsp;&nbsp;&nbsp; Gainwell Acquisition Corp., <br>Senior Secured First Lien, 4.50% (3 mo. SOFR US + 4.00%), 10/01/2027, <br>(0.75% Floor) (Callable 07/31/2025)  | 91715 | 88574  |
| &nbsp;&nbsp;&nbsp; Garda World Security Corp., Senior Secured First Lien, 7.31% (1 mo. SOFR US + 3.00%), 02/01/2029, <br>(0.00% Floor) (Callable 07/31/2025)  | 14211 | 14254  |
| &nbsp;&nbsp;&nbsp; Grant Thornton Advisors LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 05/30/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 40000 | 40115  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Herc Holdings, Inc., Senior Secured First Lien, 6.32% (1 mo. SOFR US + 2.00%), 06/02/2032, (0.00% Floor) (Callable 07/31/2025)  | $15000 | $15075  |
|  Kronos Acquisition Holdings, Inc., Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 07/08/2031, (0.00% Floor) (Callable 07/31/2025)  | 14116 | 12690  |
|  LifePoint Health, Inc., Senior Secured First Lien, 8.01% (3 mo. SOFR US + 3.75%), 05/19/2031, (0.00% Floor) (Callable 07/31/2025)  | 72291 | 71636  |
|  Mavis Tire Express Services Topco Corp., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 05/04/2028, (0.75% Floor) (Callable 07/31/2025)  | 14963 | 14974  |
|  Medline Borrower LP, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 10/23/2028, (0.50% Floor) (Callable 07/31/2025)  | 332649 | 333406  |
|  Opal US LLC, Senior Secured First Lien, 7.44% (6 mo. SOFR US + 3.25%), 04/23/2032, (0.00% Floor) (Callable 07/31/2025)  | 295000 | 296568  |
|  Organon & Co., Senior Secured First Lien, 6.57% (1 mo. SOFR US + 2.25%), 05/19/2031, (0.50% Floor) (Callable 07/31/2025)  | 40000 | 39433  |
|  Prime Security Services Borrower LLC, 6.07% (1 mo. Term SOFR + 1.75%), 03/08/2032 (Callable 07/31/2025)  | 59850 | 59445  |
|  Radiology Partners, Inc., 8.82% (1 mo. Term SOFR + 4.50%), 06/30/2032 (Callable 07/31/2025)  | 65000 | 64553  |
| &nbsp;&nbsp;&nbsp; Restaurant Technologies, Inc., Senior Secured First Lien, 8.55% (3 mo. SOFR US + 4.25%), 04/02/2029, <br>(0.50% Floor) (Callable 07/31/2025)  | 39414 | 39152  |
|  Savor Acquisition, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 02/19/2032, (0.00% Floor) (Callable 07/31/2025)  | 36552 | 36817  |

---

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

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** | **Consumer, Non-cyclical - (Continued)** |
|  Savor Acquisition, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 02/19/2032 (Callable 07/31/2025)  | $3448 | $3473  |
|  Select Medical Corp., Senior Secured First Lien, 6.33% (1 mo. SOFR US + 2.00%), 12/03/2031, (0.00% Floor) (Callable 07/31/2025)  | 29850 | 29981  |
| &nbsp;&nbsp;&nbsp; Sotera Health Holdings LLC, Senior Secured First Lien, 7.55% (1 mo. SOFR US + 3.25%), 05/30/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 79400 | 79847  |
| &nbsp;&nbsp;&nbsp; Team Health Holdings, Inc., Senior Secured First Lien, 9.53% (3 mo. SOFR US + 5.25%), 03/02/2027, <br>(1.00% Floor) (Callable 07/31/2025)  | 29741 | 29639  |
|  United Rentals North America, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 02/14/2031, (0.00% Floor) (Callable 07/31/2025)  | 78850 | 79704  |
|  Verde Purchaser LLC, Senior Secured First Lien, 8.30% (3 mo. SOFR US + 4.00%), 11/30/2030, (0.00% Floor) (Callable 07/31/2025)  | 24900 | 25018  |
|  Vestis Corp., Senior Secured First Lien, 6.58% (3 mo. SOFR US + 2.25%), 02/24/2031, (0.00% Floor) (Callable 07/31/2025)  | 44094 | 42440  |
|  Wand NewCo 3, Inc., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 01/30/2031, (0.00% Floor) (Callable 07/31/2025)  | 57749 | 57557  |
|  |  | 1922290  |
| **Energy - 0.2%** | **Energy - 0.2%** | **Energy - 0.2%** |
|  Apro LLC, Senior Secured First Lien, 8.06% (1 mo. SOFR US + 3.75%), 07/09/2031, (0.00% Floor) (Callable 07/31/2025)  | 54637 | 54569  |
|  Freeport LNG Investments LLLP, Senior Secured First Lien, 7.52% (3 mo. SOFR US + 3.25%), 12/21/2028, (0.00% Floor) (Callable 07/31/2025)  | 52641 | 52762  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Hilcorp Energy I LP, Senior Secured First Lien, 6.31% (1 mo. SOFR US + 2.00%), 02/11/2030, (0.00% Floor) (Callable 07/31/2025)  | $149625 | $150093  |
|  Long Ridge Energy T/L B (2/25), Senior Secured First Lien, 8.83% (3 mo. SOFR US + 4.50%), 02/09/2032, (0.00% Floor)  | 154613 | 152937  |
|  WaterBridge Midstream Operating LLC, Senior Secured First Lien, 9.58% (3 mo. SOFR US + 4.75%), 06/27/2029, (0.00% Floor) (Callable 07/31/2025)  | 14888 | 14848  |
|  WhiteWater Matterhorn Holdings LLC, Senior Secured First Lien, 6.57% (3 mo. SOFR US + 2.25%), 06/16/2032, (0.00% Floor) (Callable 07/31/2025)  | 15000 | 15012  |
|  |  | 440221  |
| **Financial - 0.5%** | **Financial - 0.5%** | **Financial - 0.5%** |
|  Acrisure LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 11/06/2030, (0.00% Floor) (Callable 07/31/2025)  | 91824 | 91716  |
|  Alera Group, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 05/28/2032, (0.50% Floor) (Callable 07/31/2025)  | 45000 | 45186  |
|  Alliant Holdings Intermediate LLC, Senior Secured First Lien, 7.07% (1 mo. SOFR US + 2.75%), 09/19/2031, (0.00% Floor) (Callable 07/31/2025)  | 98506 | 98640  |
|  AmWINS Group, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 01/30/2032, (0.75% Floor) (Callable 07/31/2025)  | 44775 | 44841  |
|  Ardonagh Group Finco Pty Ltd., First Lien, 7.04% (6 mo. Term SOFR + 3.75%), 02/18/2031  | 54863 | 54588  |
|  Asurion LLC, Senior Secured First Lien, 8.78% (1 mo. SOFR US + 4.25%), 08/21/2028, (0.00% Floor) (Callable 07/31/2025)  | 44320 | 43912  |
|  Asurion LLC, First Lien, 8.56% (1 mo. Term SOFR + 4.25%), 09/19/2030 (Callable 07/31/2025)  | 10000 | 9728  |

---

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

110<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Financial - (Continued)** | **Financial - (Continued)** | **Financial - (Continued)** |
| &nbsp;&nbsp;&nbsp; BCP VI Summit Holdings LP, Senior Secured First Lien, 7.83% (1 mo. SOFR US + 3.50%), 01/30/2032, <br>(0.00% Floor) (Callable 07/31/2025)  | $50000 | $50378  |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 06/16/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 34650 | 34731  |
|  Colossus Acquireco LLC, 6.06% (1 mo. Term SOFR + 1.75%), 06/14/2032 (Callable 07/31/2025)  | 115000 | 114382  |
|  Corpay Technologies Operating Co. LLC, Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 04/28/2028, (0.00% Floor) (Callable 07/31/2025)  | 9950 | 9963  |
|  CPI Holdco B LLC, Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 05/19/2031, (0.00% Floor) (Callable 07/31/2025)  | 20000 | 20006  |
|  Edelman Financial Engines Center LLC, Senior Secured Second Lien, 9.58% (1 mo. SOFR US + 5.25%), 10/06/2028, (0.00% Floor) (Callable 07/31/2025)  | 25000 | 25134  |
|  Focus Financial Partners LLC, First Lien, 7.08% (1 mo. Term SOFR + 2.75%), 09/15/2031 (Callable 07/31/2025)  | 19950 | 19930  |
|  GC Ferry Acquisition I, Inc., 7.83% (1 mo. Term SOFR + 3.50%), 06/07/2032 (Callable 07/31/2025)  | 60000 | 59019  |
| &nbsp;&nbsp;&nbsp; Hightower Holding LLC, Senior Secured First Lien, 7.26% (3 mo. SOFR US + 3.00%), 02/03/2032, <br>(0.00% Floor) (Callable 07/31/2025)  | 99600 | 99517  |
| &nbsp;&nbsp;&nbsp; OneDigital Borrower LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 07/02/2031, <br>(0.50% Floor) (Callable 07/31/2025)  | 69150 | 69129  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Trucordia Insurance Holdings LLC, First Lien, 7.56% (1 mo. Term SOFR + 3.25%), 06/17/2032 (Callable 07/31/2025)  | $50000 | $50156  |
|  |  | 940956  |
| **Industrial - 1.0%** | **Industrial - 1.0%** | **Industrial - 1.0%** |
|  AECOM, Senior Secured First Lien, 6.07% (1 mo. SOFR US + 1.75%), 04/17/2031, (0.00% Floor) (Callable 07/31/2025)  | 187864 | 189654  |
| &nbsp;&nbsp;&nbsp; Brand Industrial Services, Inc., Senior Secured First Lien, 8.78% (3 mo. SOFR US + 4.50%), 08/01/2030, <br>(0.50% Floor) (Callable 07/31/2025)  | 29551 | 24854  |
|  Clean Harbors, Inc., Senior Secured First Lien, 6.08% (1 mo. SOFR US + 1.75%), 10/10/2028, (0.00% Floor) (Callable 07/31/2025)  | 128869 | 130206  |
|  Clydesdale Acquisition Holdings, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 03/29/2032, (0.50% Floor) (Callable 07/31/2025)  | 179070 | 178573  |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc., Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 11/03/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 44775 | 44971  |
|  Dynasty Acquisition Co., Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 mo. SOFR US + 2.00%), 10/31/2031, (0.00% Floor) (Callable 07/31/2025)  | 69199 | 69309  |
| &nbsp;&nbsp;&nbsp; 6.33% (1 mo. SOFR US + 2.00%), 10/31/2031 (Callable 07/31/2025) | 26321 | 26363  |
|  Emrld Borrower LP, Senior Secured First Lien, 6.83% (1 mo. SOFR US + 2.50%), 08/04/2031, (0.00% Floor) (Callable 07/31/2025)  | 14888 | 14882  |
|  GFL ES US LLC, Senior Secured First Lien, 6.82% (3 mo. SOFR US + 2.50%), 03/03/2032, (0.00% Floor) (Callable 07/31/2025)  | 70000 | 70131  |

---

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

111<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** | **BANK LOANS - (Continued)** |
| **Industrial - (Continued)** | **Industrial - (Continued)** | **Industrial - (Continued)** |
|  Husky Injection Molding Systems Ltd., Senior Secured First Lien <br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.67% (1 mo. SOFR US + 4.50%), 02/15/2029, (0.00% Floor) (Callable 07/31/2025)  | $44550 | $44725  |
| &nbsp;&nbsp;&nbsp; 8.80% (3 mo. SOFR US + 4.50%), 02/15/2029, (0.00% Floor) (Callable 07/31/2025)  | 44550 | 44725  |
|  Kaman Corp., First Lien, 7.30% (3 mo. Term SOFR + 2.75%), 02/26/2032 (Callable 07/31/2025)  | 6466 | 6466  |
|  Kaman Corp., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.03% (6 mo. SOFR US + 2.75%), 02/26/2032, (0.50% Floor) (Callable 07/31/2025)  | 34267 | 34270  |
| &nbsp;&nbsp;&nbsp; 7.08% (3 mo. SOFR US + 2.75%), 02/26/2032, (0.50% Floor) (Callable 07/31/2025)  | 34267 | 34270  |
|  Madison IAQ LLC, Senior Secured First Lien, 7.51% (3 mo. SOFR US + 3.25%), 05/06/2032, (0.50% Floor) (Callable 07/31/2025)  | 60000 | 60237  |
| &nbsp;&nbsp;&nbsp; Madison Safety & Flow LLC, Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 09/26/2031, <br>(0.00% Floor) (Callable 07/31/2025)  | 24813 | 24890  |
|  MIWD Holdco II LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 03/28/2031, (0.00% Floor) (Callable 07/31/2025)  | 44887 | 45040  |
|  MX Holdings US, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 03/17/2032, (0.00% Floor) (Callable 07/31/2025)  | 15000 | 15084  |
|  Pretium PKG Holdings, Inc., Senior Secured First Lien, 8.01% (3 mo. SOFR US + 3.75%), 10/02/2028, (1.00% Floor)  | 22958 | 22970  |
|  Quikrete Holdings, Inc., Senior Secured First Lien, 6.58% (1 mo. SOFR US + 2.25%), 02/10/2032, (0.00% Floor) (Callable 07/31/2025)  | 394013 | 393963  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Signia Aerospace LLC, Senior Secured First Lien, 7.30% (3 mo. SOFR US + 3.00%), 12/11/2031, (0.50% Floor) (Callable 07/31/2025)  | $59850 | $60224  |
|  Signia Aerospace LLC, First Lien, 7.67% (3 mo. Term SOFR + 3.00%), 12/11/2031 (Callable 07/31/2025)  | 5000 | 5031  |
|  Tecta America Corp., Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 02/18/2032, (0.00% Floor) (Callable 07/31/2025)  | 45000 | 45155  |
|  TransDigm, Inc., Senior Secured First Lien<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.05% (3 mo. SOFR US + 2.75%), 03/22/2030, (0.00% Floor) (Callable 07/31/2025)  | 29625 | 29765  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 02/28/2031, (0.00% Floor) (Callable 07/31/2025)  | 49313 | 49456  |
| &nbsp;&nbsp;&nbsp; 6.80% (3 mo. SOFR US + 2.50%), 01/20/2032, (0.00% Floor) (Callable 07/31/2025)  | 39576 | 39680  |
| &nbsp;&nbsp;&nbsp; Trident TPI Holdings, Inc., Senior Secured First Lien, 8.05% (6 mo. SOFR US + 3.75%), 09/18/2028, <br>(0.50% Floor) (Callable 07/31/2025)  | 59850 | 58885  |
|  |  | 1763779  |
| **Technology - 0.8%** | **Technology - 0.8%** | **Technology - 0.8%** |
|  Applied Systems, Inc., Senior Secured Second Lien, 8.80% (3 mo. SOFR US + 4.50%), 02/23/2032, (0.00% Floor) | 10000 | 10279  |
|  Ascend Learning LLC, Senior Secured First Lien, 7.33% (1 mo. SOFR US + 3.00%), 12/11/2028, (0.00% Floor) (Callable 07/31/2025)  | 94343 | 94436  |
|  AthenaHealth Group, Inc., Senior Secured First Lien, 7.08% (1 mo. SOFR US + 2.75%), 02/15/2029, (0.50% Floor)  | 65453 | 65461  |
|  BMC Software, Inc., Senior Secured First Lien, 7.33% (3 mo. SOFR US + 3.00%), 07/30/2031, (0.00% Floor) (Callable 07/31/2025) | 89775 | 89320  |

---

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

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  | **BANK LOANS - (Continued)**  |
| **Technology - (Continued)**  | **Technology - (Continued)**  | **Technology - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Boxer Parent Co., Inc., Senior Secured Second Lien, 10.08% (3 mo. SOFR US + 5.75%), 07/30/2032, <br>(0.00% Floor) (Callable 07/31/2025)  | $34012 | $33183  |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., <br>Senior Secured First Lien  | &nbsp;&nbsp;&nbsp; CACI International, Inc., <br>Senior Secured First Lien  | &nbsp;&nbsp;&nbsp; CACI International, Inc., <br>Senior Secured First Lien  |
| &nbsp;&nbsp;&nbsp; 6.07% (1 mo. SOFR US + 1.75%), 10/30/2031, (0.00% Floor) (Callable 07/31/2025)  | 205240 | 205241  |
| &nbsp;&nbsp;&nbsp; 6.08% (1 mo. SOFR US + 1.75%), 10/30/2031, (0.00% Floor) (Callable 07/31/2025)  | 13560 | 13561  |
|  Central Parent, Inc., Senior Secured First Lien, 7.55% (3 mo. SOFR US + 3.25%), 07/06/2029, (0.00% Floor) (Callable 07/31/2025)  | 9950 | 8333  |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics LLC, Senior Secured First Lien, 6.52% (3 mo. SOFR US + 2.25%), 04/21/2032, <br>(0.00% Floor) (Callable 07/31/2025)  | 170000 | 170212  |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 03/24/2031, <br>(0.50% Floor) (Callable 07/31/2025)  | 223788 | 224417  |
| &nbsp;&nbsp;&nbsp; Cotiviti, Inc., Senior Secured <br>First Lien  | &nbsp;&nbsp;&nbsp; Cotiviti, Inc., Senior Secured <br>First Lien  | &nbsp;&nbsp;&nbsp; Cotiviti, Inc., Senior Secured <br>First Lien  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 05/01/2031, (0.00% Floor) (Callable 07/31/2025)  | 49004 | 48836  |
| &nbsp;&nbsp;&nbsp; 7.07% (1 mo. SOFR US + 2.75%), 03/29/2032, (0.00% Floor) (Callable 07/31/2025)  | 45000 | 44841  |
|  Dcert Buyer, Inc., First Lien, 8.33% (1 mo. Term SOFR + 4.00%), 10/16/2026 (Callable 07/31/2025)  | 0<sup>(j)</sup> | 0<sup>(j)</sup>  |
|  Kaseya, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 03/22/2032, (0.00% Floor) (Callable 07/31/2025)  | 184538 | 185475  |
|  McAfee Corp., Senior Secured First Lien, 7.32% (1 mo. SOFR US + 3.00%), 03/01/2029, (0.50% Floor) (Callable 07/31/2025)  | 38785 | 37747  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Mitchell International, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 06/17/2031, <br>(0.50% Floor) (Callable 07/31/2025)  |  | $62606 | $62627  |
| &nbsp;&nbsp;&nbsp; Mitchell International, Inc., Senior Secured Second Lien, 9.58% (1 mo. SOFR US + 5.25%), 06/17/2032, <br>(0.00% Floor) (Callable 07/31/2025)  |  | 10000 | 9877  |
|  Peraton Corp., Senior Secured First Lien, 8.28% (1 mo. SOFR US + 3.75%), 02/01/2028, (0.75% Floor) (Callable 07/31/2025)  |  | 29788 | 26381  |
|  PointClickCare Technologies, Inc., Senior Secured First Lien, 7.42% (6 mo. SOFR US + 3.25%), 11/03/2031, (0.00% Floor) (Callable 07/31/2025)  |  | 138 | 137  |
|  Polaris Newco LLC, Senior Secured First Lien, 8.41% (3 mo. SOFR US + 3.75%), 06/05/2028, (0.50% Floor) (Callable 07/31/2025)  |  | 29692 | 28976  |
|  RealPage, Inc., Senior Secured First Lien, 8.05% (3 mo. SOFR US + 3.75%), 04/24/2028, (0.50% Floor) (Callable 07/31/2025)  |  | 19950 | 20007  |
| &nbsp;&nbsp;&nbsp; Zelis Payments Buyer, Inc., Senior Secured First Lien, 7.58% (1 mo. SOFR US + 3.25%), 11/26/2031, <br>(0.00% Floor) (Callable 07/31/2025)  |  | 54750 | 54533  |
|  |  |  | 1433880  |
| **Utilities - 0.1%** | **Utilities - 0.1%** | **Utilities - 0.1%** | **Utilities - 0.1%** |
|  NRG Energy, Inc., Senior Secured First Lien, 6.08% (3 mo. SOFR US + 1.75%), 04/16/2031, (0.00% Floor) (Callable 07/31/2025)  |  | 198405 | 199025  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $11,952,514)** |  |  | 11943921  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.8%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.8%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.8%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 5.8%** |
|  Abu Dhabi Government International Bond, 3.88%, 04/16/2050<sup>(a)</sup> |  | 200000 | 154804  |
| Airservices Australia  | Airservices Australia  | Airservices Australia  | Airservices Australia  |
| &nbsp;&nbsp;&nbsp; 5.40%, 11/15/2028 (Callable 08/15/2028)  | AUD | 200000 | 137158  |
| &nbsp;&nbsp;&nbsp; 2.20%, 05/15/2030  | AUD | 210000 | 125513  |

---

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

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - (Continued)**  | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - (Continued)**  | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - (Continued)**  | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - (Continued)**  |
|  Brazil Letras do Tesouro Nacional, 0.00%, 01/01/2026<sup>(c)</sup> | BRL | 5978000 | $1024123  |
| &nbsp;&nbsp;&nbsp; Brazil Notasdo Tesouro <br>Nacional Serie B  | &nbsp;&nbsp;&nbsp; Brazil Notasdo Tesouro <br>Nacional Serie B  | &nbsp;&nbsp;&nbsp; Brazil Notasdo Tesouro <br>Nacional Serie B  | &nbsp;&nbsp;&nbsp; Brazil Notasdo Tesouro <br>Nacional Serie B  |
| &nbsp;&nbsp;&nbsp; 6.00%, 05/15/2035  | BRL | 300000 | 230750  |
| &nbsp;&nbsp;&nbsp; 6.00%, 08/15/2050  | BRL | 213000 | 160899  |
| &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland <br>Bundesanleihe  | &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland <br>Bundesanleihe  | &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland <br>Bundesanleihe  | &nbsp;&nbsp;&nbsp; Bundesrepublik Deutschland <br>Bundesanleihe  |
| &nbsp;&nbsp;&nbsp; 2.20%, 02/15/2034  | EUR | 105000 | 120652  |
| &nbsp;&nbsp;&nbsp; 0.00%, 05/15/2035<sup>(c)</sup> | EUR | 55000 | 50083  |
| Canadian Government Bond  | Canadian Government Bond  | Canadian Government Bond  | Canadian Government Bond  |
| &nbsp;&nbsp;&nbsp; 3.50%, 09/01/2029  | CAD | 85000 | 64173  |
| &nbsp;&nbsp;&nbsp; 0.50%, 12/01/2030  | CAD | 70000 | 45236  |
|  China Government Bond, 2.69%, 08/12/2026  | CNY | 680000 | 96337  |
| &nbsp;&nbsp;&nbsp; Colombia Government International Bond, 4.13%, 05/15/2051 <br>(Callable 11/15/2050)  |  | 200000 | 114000  |
|  CPPIB Capital, Inc., 2.25%, 12/01/2031<sup>(a)</sup> | CAD | 100000 | 68902  |
|  Finland Government Bond, 3.00%, 09/15/2033<sup>(a)</sup> | EUR | 150000 | 178840  |
|  Guatemala Government Bond, 4.50%, 05/03/2026  |  | 200000 | 198250  |
|  Indonesia Government International Bond, 3.05%, 03/12/2051  |  | 100000 | 65820  |
| Indonesia Treasury Bond  | Indonesia Treasury Bond  | Indonesia Treasury Bond  | Indonesia Treasury Bond  |
| &nbsp;&nbsp;&nbsp; 8.38%, 09/15/2026  | IDR | 1606000000 | 101791  |
| &nbsp;&nbsp;&nbsp; 5.13%, 04/15/2027  | IDR | 211000000 | 12795  |
| &nbsp;&nbsp;&nbsp; 6.38%, 08/15/2028  | IDR | 4531000000 | 280316  |
| &nbsp;&nbsp;&nbsp; 9.00%, 03/15/2029  | IDR | 514000000 | 34462  |
| &nbsp;&nbsp;&nbsp; 6.50%, 07/15/2030  | IDR | 2823000000 | 175066  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/15/2031  | IDR | 5458000000 | 336658  |
| &nbsp;&nbsp;&nbsp; 8.75%, 05/15/2031  | IDR | 2438000000 | 166478  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/15/2032  | IDR | 5326000000 | 325038  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/15/2033  | IDR | 1779000000 | 109118  |
| &nbsp;&nbsp;&nbsp; 6.63%, 02/15/2034  | IDR | 1680000000 | 103232  |
| &nbsp;&nbsp;&nbsp; 7.50%, 06/15/2035  | IDR | 1015000000 | 66120  |
|  Japan Government Twenty Year Bond, 2.10%, 12/20/2025  | JPY | 84050000 | 588166  |
|  Mexican Udibonos, 2.75%, 11/27/2031  | MXN | 9338832 | 441310  |
|  NBN Co. Ltd., 5.35%, 03/06/2035 (Callable 12/06/2034)  | AUD | 90000 | 60358  |
| New South Wales Treasury Corp.  | New South Wales Treasury Corp.  | New South Wales Treasury Corp.  | New South Wales Treasury Corp.  |
| &nbsp;&nbsp;&nbsp; 4.75%, 09/20/2035  | AUD | 295000 | 192471  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/20/2036  | AUD | 355000 | 219887  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/07/2041  | AUD | 205000 | 90714  |
| New Zealand Government Bond  | New Zealand Government Bond  | New Zealand Government Bond  | New Zealand Government Bond  |
| &nbsp;&nbsp;&nbsp; 2.00%, 05/15/2032  | NZD | 240000 | 126911  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2034  | NZD | 725000 | 435236  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2035  | NZD | 445000 | $270065  |
| &nbsp;&nbsp;&nbsp; 4.25%, 05/15/2036  | NZD | 118000 | 69480  |
| &nbsp;&nbsp;&nbsp; 1.75%, 05/15/2041  | NZD | 405000 | 159896  |
| &nbsp;&nbsp;&nbsp; New Zealand Local Government <br>Funding Agency Bond  | &nbsp;&nbsp;&nbsp; New Zealand Local Government <br>Funding Agency Bond  | &nbsp;&nbsp;&nbsp; New Zealand Local Government <br>Funding Agency Bond  | &nbsp;&nbsp;&nbsp; New Zealand Local Government <br>Funding Agency Bond  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2031  | NZD | 320000 | 173462  |
| &nbsp;&nbsp;&nbsp; 3.50%, 04/14/2033  | NZD | 132000 | 73944  |
| Norway Government Bond  | Norway Government Bond  | Norway Government Bond  | Norway Government Bond  |
| &nbsp;&nbsp;&nbsp; 2.13%, 05/18/2032<sup>(a)</sup> | NOK | 3335000 | 298543  |
| &nbsp;&nbsp;&nbsp; 3.75%, 06/12/2035<sup>(a)</sup> | NOK | 955000 | 94181  |
|  Paraguay Government International Bond, 4.70%, 03/27/2027  |  | 143000 | 142642  |
| Philippine Government Bond  | Philippine Government Bond  | Philippine Government Bond  | Philippine Government Bond  |
| &nbsp;&nbsp;&nbsp; 6.25%, 02/28/2029  | PHP | 8670000 | 155986  |
| &nbsp;&nbsp;&nbsp; 6.50%, 05/19/2029  | PHP | 7390000 | 134000  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/27/2030  | PHP | 16180000 | 292975  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2032  | PHP | 12890000 | 236980  |
| &nbsp;&nbsp;&nbsp; 6.38%, 04/28/2035  | PHP | 6680000 | 118959  |
| &nbsp;&nbsp;&nbsp; 8.00%, 09/30/2035  | PHP | 3300000 | 65850  |
|  Province of Quebec Canada, 4.50%, 09/08/2033  |  | 153000 | 153013  |
| Queensland Treasury Corp.  | Queensland Treasury Corp.  | Queensland Treasury Corp.  | Queensland Treasury Corp.  |
| &nbsp;&nbsp;&nbsp; 5.25%, 07/21/2036<sup>(a)</sup> | AUD | 385000 | 257133  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/20/2041<sup>(a)</sup> | AUD | 200000 | 86072  |
|  Singapore Government Bond, 3.38%, 09/01/2033  | SGD | 215000 | 184246  |
|  South Australian Government Financing Authority, 1.75%, 05/24/2034  | AUD | 265000 | 136563  |
| Treasury Corp. of Victoria  | Treasury Corp. of Victoria  | Treasury Corp. of Victoria  | Treasury Corp. of Victoria  |
| &nbsp;&nbsp;&nbsp; 2.25%, 11/20/2034  | AUD | 150000 | 79302  |
| &nbsp;&nbsp;&nbsp; 5.00%, 11/20/2040  | AUD | 140000 | 87326  |
| United Kingdom Gilt  | United Kingdom Gilt  | United Kingdom Gilt  | United Kingdom Gilt  |
| &nbsp;&nbsp;&nbsp; 4.13%, 07/22/2029  | GBP | 90000 | 124687  |
| &nbsp;&nbsp;&nbsp; 3.25%, 01/31/2033  | GBP | 125000 | 160497  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/31/2034  | GBP | 125000 | 169333  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $10,474,296)** |  |  | 10426802  |
| **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** | **COLLATERALIZED LOAN OBLIGATIONS - 3.7%** |
|  AB BSL CLO Ltd., Series 2023-4A, Class BR, 6.13% (3 mo. Term SOFR + 1.90%), 04/20/2038, (1.90% Floor) (Callable 04/20/2027)<sup>(a)</sup> |  | 250000 | 250231  |
| Bain Capital Credit CLO | Bain Capital Credit CLO | Bain Capital Credit CLO | Bain Capital Credit CLO |
| &nbsp;&nbsp;&nbsp; Series 2022-6A, Class CR, 6.27% (3 mo. Term SOFR + 2.00%), 01/22/2038, (2.00% Floor) (Callable 01/22/2027)<sup>(a)</sup> |  | 500000 | 501101  |

---

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

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)** |
| &nbsp;&nbsp;&nbsp; Series 2024-4A, Class C, 6.18% (3 mo. Term SOFR + 1.90%), 10/23/2037, (1.90% Floor) (Callable 10/23/2026)<sup>(a)</sup> | $250000 | $250935  |
| BDS Ltd.  | BDS Ltd.  | BDS Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL10, Class A, 5.78% (1 mo. Term SOFR + 1.46%), 12/16/2036, (1.46% Floor) (Callable 07/16/2025)<sup>(a)</sup> | 48244 | 48249  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL9, Class D, 6.68% (1 mo. Term SOFR + 2.36%), 11/16/2038, (2.25% Floor) (Callable 07/16/2025)<sup>(a)</sup> | 100000 | 99802  |
|  BlueMountain CLO Ltd., Series 2021-28A, Class C, 6.52% (3 mo. Term SOFR + 2.26%), 04/15/2034, (2.00% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 250000 | 250065  |
|  CBAM Ltd., Series 2017-1A, Class CR2, 6.37% (3 mo. Term SOFR + 2.10%), 01/20/2038, (2.10% Floor) (Callable 01/20/2027)<sup>(a)</sup> | 250000 | 250678  |
|  Cent CLO, Series 2018-27A, Class DR, 8.37% (3 mo. Term SOFR + 4.09%), 01/25/2035, (3.83% Floor) (Callable 07/25/2025)<sup>(a)</sup> | 500000 | 488908  |
|  CIFC Funding Ltd., Series 2015-4A, Class BR2, 6.43% (3 mo. Term SOFR + 2.16%), 04/20/2034, (2.16% Floor) (Callable 07/20/2025)<sup>(a)</sup> | 250000 | 250251  |
|  Elmwood CLO Ltd., Series 2020-1A, Class AR, 5.73% (3 mo. Term SOFR + 1.46%), 04/18/2037, (1.46% Floor) (Callable 04/18/2026)<sup>(a)</sup> | 250000 | 251030  |
|  Empower CLO Ltd., Series 2024-2A, Class C, 6.36% (3 mo. Term SOFR + 2.10%), 07/15/2037, (2.10% Floor) (Callable 07/15/2026)<sup>(a)</sup> | 500000 | 501436  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| FS RIALTO  | FS RIALTO  | FS RIALTO  |
| &nbsp;&nbsp;&nbsp; Series 2021-FL3, Class D, 6.93% (1 mo. Term SOFR + 2.61%), 11/16/2036, (2.61% Floor) (Callable 07/16/2025)<sup>(a)</sup> | $100000 | $99384  |
| &nbsp;&nbsp;&nbsp; Series 2022-FL4, Class AS, 6.70% (30 day avg SOFR US + 2.40%), 01/19/2039, (2.40% Floor) (Callable 07/17/2025)<sup>(a)</sup> | 100000 | 100073  |
|  Katayma CLO Ltd., Series 2024-2A, Class D, 8.77% (3 mo. Term SOFR + 4.50%), 04/20/2037, (4.50% Floor) (Callable 04/20/2026)<sup>(a)</sup> | 430000 | 434134  |
|  LCM LP, Series 24A, Class CR, 6.43% (3 mo. Term SOFR + 2.16%), 03/20/2030, (0.00% Floor) (Callable 07/20/2025)<sup>(a)</sup> | 250000 | 250058  |
|  Lument Finance Trust, Inc., Series 2021-FL1, Class B, 6.18% (1 mo. Term SOFR + 1.86%), 06/15/2039, (1.86% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 100000 | 99668  |
|  Madison Park Funding Ltd., Series 2016-21A, Class BRR, 6.72% (3 mo. Term SOFR + 2.46%), 10/15/2032, (2.46% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 250000 | 250314  |
| Neuberger Berman CLO Ltd.  | Neuberger Berman CLO Ltd.  | Neuberger Berman CLO Ltd.  |
| &nbsp;&nbsp;&nbsp; Series 2021-40A, Class C, 6.27% (3 mo. Term SOFR + 2.01%), 04/16/2033, (1.75% Floor) (Callable 07/16/2025)<sup>(a)</sup> | 250000 | 250125  |
| &nbsp;&nbsp;&nbsp; Series 2021-44A, Class DR, 6.91% (3 mo. Term SOFR + 2.65%), 10/16/2035, (2.65% Floor) (Callable 01/16/2026)<sup>(a)</sup> | 500000 | 496007  |
|  Palmer Square Loan Funding Ltd., Series 2022-2A, Class B, 6.46% (3 mo. Term SOFR + 2.20%), 10/15/2030, (2.20% Floor) (Callable 07/15/2025)<sup>(a)</sup> | 800000 | 800979  |

---

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

115<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  | **COLLATERALIZED LOAN OBLIGATIONS - (Continued)**  |
|  Storm King Park CLO Ltd., Series 2022-1A, Class AR, 5.62% (3 mo. Term SOFR + 1.36%), 10/15/2037, (1.36% Floor) (Callable 10/15/2026)<sup>(a)</sup> |  | $500000 | $500730  |
|  TCI-Flatiron CLO Ltd., Series 2018-1A, Class CR, 6.29% (3 mo. Term SOFR + 2.01%), 01/29/2032, (1.75% Floor) (Callable 07/29/2025)<sup>(a)</sup> |  | 250000 | 250170  |
| &nbsp;&nbsp;&nbsp; **TOTAL COLLATERALIZED LOAN** <br>**OBLIGATIONS** <br>**(Cost $6,681,295)** |  |  | 6674328  |
|  |  | **Shares** |  |
| &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED** <br>**INVESTMENT COMPANIES - 3.5%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED** <br>**INVESTMENT COMPANIES - 3.5%** | &nbsp;&nbsp;&nbsp; **AFFILIATED REGISTERED** <br>**INVESTMENT COMPANIES - 3.5%** |  |
|  Voya VACS Series EMHCD Fund  |  | 182059 | 1871567  |
| &nbsp;&nbsp;&nbsp; Voya VACS Series HYB <br>Fund  |  | 427644 | 4434667  |
| &nbsp;&nbsp;&nbsp; **TOTAL AFFILIATED REGISTERED** <br>**INVESTMENT COMPANIES** <br>**(Cost $6,810,469)** |  |  | 6306234  |
|  |  | **Par** |  |
| **FOREIGN GOVERNMENT AGENCY ISSUES - 1.7%** | **FOREIGN GOVERNMENT AGENCY ISSUES - 1.7%** | **FOREIGN GOVERNMENT AGENCY ISSUES - 1.7%** | **FOREIGN GOVERNMENT AGENCY ISSUES - 1.7%** |
|  CDP Financial, Inc., 4.20%, 12/02/2030  | CAD | 100000 | 76999  |
|  City of Oslo Norway, 3.99%, 06/11/2029  | NOK | 2000000 | 197651  |
|  Export-Import Bank of India, 3.88%, 02/01/2028<sup>(a)</sup> |  | 200000 | 196468  |
|  Indian Railway Finance Corp. Ltd., 3.25%, 02/13/2030<sup>(a)</sup> |  | 100000 | 93840  |
|  New Zealand Government Bond, 3.50%, 04/14/2033 | NZD | 265000 | 152518  |
|  Norway Government Bond, 3.00%, 08/15/2033<sup>(a)</sup> | NOK | 1035000 | 96972  |
|  Nota do Tesouro Nacional, 10.00%, 01/01/2027  | BRL | 5800000 | 1012686  |
| &nbsp;&nbsp;&nbsp; Ontario Teachers' Finance Trust, <br>2.00%, 04/16/2031<sup>(a)</sup> |  | 250000 | 222362  |
| &nbsp;&nbsp;&nbsp; Province of British Columbia Canada, <br>4.20%, 07/06/2033  |  | 145000 | 142291  |
| Province of Ontario Canada  | Province of Ontario Canada  | Province of Ontario Canada  | Province of Ontario Canada  |
| &nbsp;&nbsp;&nbsp; 1.35%, 12/02/2030  | CAD | 345000 | 230818  |
| &nbsp;&nbsp;&nbsp; 3.45%, 06/02/2045  | CAD | 160000 | 102514  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
|  Queensland Treasury Corp., 3.25%, 05/21/2035<sup>(a)</sup> | EUR | 100000 | $117896  |
|  Republic of Austria Government Bond, 2.90%, 02/20/2033<sup>(a)</sup> | EUR | 50000 | 59451  |
|  Treasury Corp. of Victoria, 4.75%, 09/15/2036  | AUD | 450000 | 287833  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**AGENCY ISSUES** <br>**(Cost $2,977,779)** |  |  | 2990299  |
| **CONVERTIBLE BONDS - 0.7%** | **CONVERTIBLE BONDS - 0.7%** | **CONVERTIBLE BONDS - 0.7%** | **CONVERTIBLE BONDS - 0.7%** |
| **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** |
|  Burlington Stores, Inc., 1.25%, 12/15/2027  |  | 110000 | 141881  |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027 |  | 135000 | 126137  |
|  |  |  | 268018  |
| **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd., 1.82% to 03/10/2026 then 5 yr. CMT Rate + 1.10%, 03/10/2031 <br>(Callable 03/10/2026)  |  | 200000 | 196508  |
| **Utilities - 0.4%** | **Utilities - 0.4%** | **Utilities - 0.4%** | **Utilities - 0.4%** |
|  CenterPoint Energy, Inc., 4.25%, 08/15/2026  |  | 185000 | 198486  |
|  FirstEnergy Corp., 3.88%, 01/15/2031<sup>(a)</sup> |  | 170000 | 172020  |
| Southern Co.  | Southern Co.  | Southern Co.  | Southern Co.  |
| &nbsp;&nbsp;&nbsp; 4.50%, 06/15/2027  |  | 155000 | 170195  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/15/2028<sup>(a)</sup> |  | 100000 | 100812  |
|  TXNM Energy, Inc., 5.75%, 06/01/2054  |  | 105000 | 135722  |
|  |  |  | 777235  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $1,155,990)** |  |  | 1241761  |
|  |  | **Shares** |  |
| **CONVERTIBLE PREFERRED STOCKS - 0.6%** | **CONVERTIBLE PREFERRED STOCKS - 0.6%** | **CONVERTIBLE PREFERRED STOCKS - 0.6%** | **CONVERTIBLE PREFERRED STOCKS - 0.6%** |
| **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** | **Consumer, Cyclical - 0.2%** |
| &nbsp;&nbsp;&nbsp; QXO, Inc., <br>5.50%, 05/15/2028  |  | 5350 | 331647  |
| **Industrial - 0.1%** | **Industrial - 0.1%** | **Industrial - 0.1%** | **Industrial - 0.1%** |
| &nbsp;&nbsp;&nbsp; Boeing Co., <br>6.00%, 10/15/2027  |  | 1800 | 122400  |
| **Technology - 0.1%** | **Technology - 0.1%** | **Technology - 0.1%** | **Technology - 0.1%** |
|  Hewlett Packard Enterprise Co., 7.63%, 09/01/2027  |  | 2750 | 161920 |

---

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

116<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **CONVERTIBLE PREFERRED STOCKS - (Continued)**  | **CONVERTIBLE PREFERRED STOCKS - (Continued)**  | **CONVERTIBLE PREFERRED STOCKS - (Continued)**  |
| **Utilities - 0.2%** | **Utilities - 0.2%** | **Utilities - 0.2%** |
|  NextEra Energy, Inc., 7.23%, 11/01/2027  | 8650 | $382762  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE** <br>**PREFERRED STOCKS** <br>**(Cost $885,822)** |  | 998729  |
| **PREFERRED STOCKS - 0.3%**<br>|  |  |
| **Financial - 0.3%** | **Financial - 0.3%** | **Financial - 0.3%** |
|  Bank of Hawaii Corp., 8.00%, Perpetual  | 4900 | 128086  |
|  First Busey Corp., Series B, 8.25%, Perpetual  | 4950 | 123948  |
|  UMB Financial Corp., 7.75% to 07/15/2030 then 5 yr. CMT Rate + 3.74%, Perpetual  | 7375 | 191308  |
|  Wintrust Financial Corp., Series F, 7.88% to 07/15/2030 then 5 yr. CMT Rate + 3.88%, Perpetual  | 4250 | 108800  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $536,875)** |  | 552142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.1%<sup>(e)</sup>**  | **PURCHASED OPTIONS - 0.1%<sup>(e)</sup>**  | **PURCHASED OPTIONS - 0.1%<sup>(e)</sup>**  | **PURCHASED OPTIONS - 0.1%<sup>(e)</sup>**  |
| **Call Options - 0.0%<sup>(k)</sup>**<br>|  |  |  |
|  10-Year Forward Interest Rate Swap, Counterparty: Barclays Capital, Inc., Pay: Fixed; Expiration: 11/27/2034; Exercise Rate: 2.36%  | $678000 | 678000 | $11221  |
|  10-Year Forward Interest Rate Swap, Counterparty: J.P. Morgan Securities, Inc., Pay: Fixed; Expiration: 08/14/2034; Exercise Rate: 2.38%  | 641560 | 641560 | 10674  |
|  Interest Rate Swap - Forward Volatility Agreement 5Y5Y30Y, Counterparty: Barclays Capital, Inc., Pay: SOFR; Expiration: 06/14/2027; Exercise Rate: 0.00%  | 775000 | 775000 | 27635  |
|  MC 5YX5Y, Counterparty: Morgan Stanley, Pay: 6 mo. EURIBOR; Expiration: 05/20/2026; Exercise Rate: 2.50%  | 1194000 | 1194000 | 4757  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
|  USD/CNH, Counterparty: J.P. Morgan Securities, Inc., Expiration: 11/04/2025; Exercise Price: $7.40  | $650000 | 650000 | $1009  |
| **Total Call Options** |  |  | 55296  |
| **Put Options - 0.1%**<br>|  |  |  |
|  10-Year Forward Interest Rate Swap, Counterparty: Morgan Stanley, Receive 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.00%  | 604000 | 604000 | 4028  |
|  10-Year Forward Interest Rate Swap, Counterparty: UBS AG, Receive: 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.00%  | 453000 | 453000 | 3021  |
|  1-Year Forward Interest Rate Swap, Counterparty: UBS AG, Receive: SOFR; Expiration: 02/02/2026; Exercise Rate: 3.67%  | 3648500 | 3648500 | 4426  |
|  30-Year Forward Interest Rate Swap, Counterparty: UBS AG, Receive: SOFR; Expiration: 11/28/2025; Exercise Rate: 4.55%  | 593200 | 593200 | 4672  |
|  Interest Rate Swap - Forward Volatility Agreement 5Y5Y30Y, Counterparty: Barclays Capital, Inc., Receive: SOFR; Expiration: 05/25/2027; Exercise Rate: 0.00%  | 2436500 | 2436500 | 76596  |
|  USD/JPY, Counterparty: Goldman Sachs, Expiration: 10/13/2025; Exercise Price: $125.00 | 16000 | 16000 | 22  |
|  USD/JPY, Counterparty: Morgan Stanley, Expiration: 10/13/2025; Exercise Price: $125.00 | 32000 | 16000 | 22  |
| **Total Put Options** |  |  | 92787  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $16,801)** |  |  | 148083 |

---

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

117<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF INVESTMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par**  | **Value**  |
| **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** |
| **U.S. Treasury Bills - 3.2%**<br>|  |  |
| 4.23%, 07/31/2025<sup>(l)</sup> | $5800000 | $5779869  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $5,779,862)** |  | 5779869  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.4%** <br>**(Cost $180,670,890)** |  | $174663053  |
|  Money Market Deposit Account - 2.1%<sup>(m)(n)</sup> |  | 3707964  |
|  Other Assets in Excess of Liabilities - 0.5%  |  | 1013337  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $179384354 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

USISSO05- 5 Year US Dollar SOFR Swap Rate

AUD - Australian Dollar

BRL - Brazilian Real

CAD - Canadian Dollar

CNY - Chinese Yuan Renminbi

EUR - Euro

GBP - British Pound

IDR - Indonesian Rupiah

INR - Indian Rupee

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

NZD - New Zealand Dollar

PEN - Peruvian Sol

PHP - Philippine Peso

SGD - Singapore Dollar

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $63,941,192 or 35.6% of the Fund's net assets.

<sup>(b)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $462,712.

<sup>(c)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(d)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Step coupon bond. The rate disclosed is as of June 30, 2025.

<sup>(g)</sup> Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of June 30, 2025.

<sup>(h)</sup> Interest only security.

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

<sup>(j)</sup> Rounds to zero.

<sup>(k)</sup> Represents less than 0.05% of net assets.

<sup>(l)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

<sup>(m)</sup> The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.24%.

<sup>(n)</sup> All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of June 30, 2025 is $471,515 which represented 0.3% of net assets. 

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** | **WRITTEN OPTIONS - (0.1)%** |
| **Call Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
|  10-Year Forward Interest Rate Swap, Counterparty: UBS AG, Receive: SOFR; Expiration: 05/22/2035; Exercise Rate: 4.63% | $(297000) | (297000) | $(20932)  |
|  EUR/USD, Counterparty: Goldman Sachs; Expiration: 07/31/2025; Exercise Price: $1.20 | (1805000) | (1805000) | (6929)  |
|  EUR/USD, Counterparty: J.P. Morgan Securities, Inc.; Expiration: 07/30/2025; Exercise Price: $1.20 | (600000) | (600000) | (2696)  |
|  MC 10YX10Y, Counterparty: Morgan Stanley, Receive: 6 mo. EURIBOR; Expiration: 05/20/2026; Exercise Rate: 2.30% | (597000) | (597000) | (3058)  |
|  USD/BRL, Counterparty: BNP Paribas Securities Corp.; Expiration: 06/10/2026; Exercise Price: $6.30 | (559000) | (559000) | (17609)  |
|  USD/CNH, Counterparty: J.P. Morgan Securities, Inc.; Expiration: 11/04/2025; Exercise Price: $7.65 | (650000) | (650000) | (356)  |
|  USD/INR, Counterparty: Goldman Sachs; Expiration: 05/12/2027; Exercise Price: $89.42 | (399000) | (399000) | (10886)  |
|  USD/TRY, Counterparty: Deutsche Bank; Expiration: 11/07/2025; Exercise Price: $47.00 | (355000) | (355000) | (11726)  |
| **Total Call Options** |  |  | (74192)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| 10-Year Forward Interest Rate Swap Counterparty: UBS AG;<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Pay 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.25% | (453000) | (453000) | (1342)  |
| &nbsp;&nbsp;&nbsp; Pay 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.50% | (453000) | (453000) | (593)  |
| &nbsp;&nbsp;&nbsp; Pay SOFR; Expiration: 05/22/2035; Exercise Rate: 4.63% | (297000) | (297000) | (16840)  |
| 10-Year Forward Interest Rate Swap Counterparty: Morgan Stanley;<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Pay 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.25% | (604000) | (604000) | (1789)  |
| &nbsp;&nbsp;&nbsp; Pay 6 mo. EURIBOR; Expiration: 12/15/2025; Exercise Rate: 3.50% | (604000) | (604000) | (790)  |
|  10-Year Forward Interest Rate Swap, Counterparty: Barclays Capital, Inc., Pay: SOFR; Expiration: 11/27/2034; Exercise Rate: 5.36% | (678000) | (678000) | (29348)  |
|  10-Year Forward Interest Rate Swap, Counterparty: J.P. Morgan Securities, Inc., Pay: SOFR; Expiration: 08/14/2034; Exercise Rate: 5.54% | (641560) | (641560) | (25787)  |
| 1-Year Forward Interest Rate Swap Counterparty: UBS AG;<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Pay SOFR; Expiration: 02/02/2026; Exercise Rate: 3.97% | (3648500) | (3648500) | (1945)  |
| &nbsp;&nbsp;&nbsp; Pay SOFR; Expiration: 02/02/2026; Exercise Rate: 4.19% | (3648500) | (3648500) | (1007)  |
|  2-Year Forward Interest Rate Swap, Counterparty: BNP Paribas Securities Corp., Pay: SOFR; Expiration: 08/19/2025; Exercise Rate: 3.95% | (1483000) | (1483000) | (141)  |
|  2-Year Forward Interest Rate Swap, Counterparty: UBS AG, Pay: SOFR; Expiration: 11/28/2025; Exercise Rate: 4.00% | (5338800) | (5338800) | (3198)  |
| CDX NA HY Series 44 Counterparty: Goldman Sachs;<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Pay: Floating; Expiration: 07/16/2025; Exercise Rate: 105.00% | (1086000) | (1086000) | (697)  |
| &nbsp;&nbsp;&nbsp; Pay: Floating; Expiration: 08/20/2025; Exercise Rate: 104.50% | (514000) | (514000) | (13284)  |
|  CDX NA HY Series 44, Counterparty: J.P. Morgan Securities, Inc., Pay: Floating; Expiration: 08/20/2025; Exercise Rate: 104.50% | (567000) | (567000) | (14654)  |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF WRITTEN OPTIONS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
|  CDX NA HY Series 44, Counterparty: Barclays Capital, Inc., Pay: Floating; Expiration: 08/20/2025; Exercise Rate: 105.00% | $(1086000) | (1086000) | $(3002)  |
|  USD/INR, Counterparty: Goldman Sachs; Expiration: 05/12/2027; Exercise Price: $89.42 | (399000) | (399000) | (10192)  |
| **Total Put Options** |  |  | (124609)  |
| **TOTAL WRITTEN OPTIONS (Premiums received $125,422)** |  |  | $(198801) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Income Opportunities Fund** 

**Schedule of Futures Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp; 3 | 09/19/2025 | $342797 | &nbsp;&nbsp;&nbsp;&nbsp; $1728  |
| Euro-Bund | &nbsp;&nbsp;&nbsp; 7 | 09/08/2025 | 1073174 | &nbsp;&nbsp;&nbsp;&nbsp; (8006)  |
| U.S. Treasury 2 Year Notes | &nbsp;&nbsp;&nbsp; 228 | 09/30/2025 | 47429344 | &nbsp;&nbsp;&nbsp;&nbsp; 175366  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp; 217 | 09/30/2025 | 23653000 | &nbsp;&nbsp;&nbsp;&nbsp; 272682  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp; 40 | 09/19/2025 | 4618750 | &nbsp;&nbsp;&nbsp;&nbsp; 184296  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp; 3 | 09/19/2025 | 357375 | &nbsp;&nbsp;&nbsp;&nbsp; 17665  |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $643731 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Sold** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| 10 Year U.S. Ultra Treasury Notes | &nbsp;&nbsp;&nbsp;&nbsp;(49) | 09/19/2025 | $5599016 | &nbsp;&nbsp;&nbsp; $(124132)  |
| Canadian 10 Year Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(4) | 09/18/2025 | 358362 | &nbsp;&nbsp;&nbsp; (3530)  |
| Euro-BTP Italian Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 09/08/2025 | 1282791 | &nbsp;&nbsp;&nbsp; (1919)  |
| French Government Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 09/08/2025 | 291755 | &nbsp;&nbsp;&nbsp; 57  |
| U.S. Treasury 10 Year Notes | &nbsp;&nbsp;&nbsp;&nbsp;(58) | 09/19/2025 | 6503250 | &nbsp;&nbsp;&nbsp; (111824)  |
| U.S. Treasury Long Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(13) | 09/19/2025 | 1501094 | &nbsp;&nbsp;&nbsp; (45028)  |
| U.S. Treasury Ultra Bonds | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 09/19/2025 | 119125 | &nbsp;&nbsp;&nbsp; (5065)  |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $(291441)  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp; $352290 |

---

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| Barclays Capital, Inc. | 07/23/2025 | CAD | 282269  | MXN | 3918706  | $(743)  |
| Barclays Capital, Inc. | 07/23/2025 | EUR | 555000  | NOK | 6352516  | 24505  |
| Barclays Capital, Inc. | 07/18/2025 | EUR | 4833  | USD | 5498  | 203  |
| Barclays Capital, Inc. | 07/23/2025 | JPY | 319912296  | USD | 2219681  | 8089  |
| Barclays Capital, Inc. | 09/17/2025 | MXN | 2885248  | USD | 150183  | 2270  |
| Barclays Capital, Inc. | 07/23/2025 | NOK | 6528872  | EUR | 555250  | (7301)  |
| Barclays Capital, Inc. | 07/18/2025 | USD | 1766  | EUR | 1552  | (64)  |
| Barclays Capital, Inc. | 07/23/2025 | USD | 554936  | JPY | 80073988  | (2674)  |
| Barclays Capital, Inc. | 09/17/2025 | USD | 146080  | MXN | 2783794  | (1013)  |
| Barclays Capital, Inc. | 09/17/2025 | USD | 855172  | SGD | 1094526  | (10691)  |
| BNP Paribas Securities Corp. | 07/11/2025 | USD | 588520  | MXN | 11657326  | (31996)  |
| Citibank Global Markets, Inc. | 07/11/2025 | CLP | 1125589  | USD | 1181  | 27  |
| Citibank Global Markets, Inc. | 07/23/2025 | EUR | 277500  | USD | 318833  | 8589  |
| Citibank Global Markets, Inc. | 07/23/2025 | NOK | 3236336  | EUR | 278500  | (7471)  |
| Citibank Global Markets, Inc. | 07/18/2025 | USD | 365  | EUR | 324  | (18)  |
| Citibank Global Markets, Inc. | 09/17/2025 | USD | 356078  | EUR | 301935  | (1487)  |
| Citibank Global Markets, Inc. | 09/17/2025 | USD | 868291  | NOK | 8778828  | (3109)  |
| Deutsche Bank | 11/10/2025 | USD | 125418  | TRY | 5914715  | (6585)  |
| Goldman Sachs | 07/23/2025 | MXN | 7832596  | CAD | 557500  | 6404  |
| Goldman Sachs | 07/23/2025 | NOK | 3193702  | EUR | 278500  | (11702)  |
| Goldman Sachs | 09/17/2025 | NOK | 1879446  | USD | 185842  | 714  |
| Goldman Sachs | 07/11/2025 | PEN | 815411  | USD | 227940  | 2171  |
| Goldman Sachs | 09/17/2025 | SGD | 442828  | USD | 347365  | 2950  |
| Goldman Sachs | 11/10/2025 | TRY | 5907190  | USD | 125418  | 6417  |
| Goldman Sachs | 07/11/2025 | USD | 347364  | BRL | 2011030  | (21750)  |
| Goldman Sachs | 01/05/2026 | USD | 960398  | BRL | 5978000  | (88896)  |
| Goldman Sachs | 07/11/2025 | USD | 275002  | MXN | 5431211  | (14099)  |
| Goldman Sachs | 09/17/2025 | USD | 624950  | MXN | 12039757  | (11217)  |
| Goldman Sachs | 07/11/2025 | USD | 567000  | PEN | 2053714  | (12563)  |
| Goldman Sachs | 09/17/2025 | USD | 352819  | SGD | 448564  | (2033)  |
| HSBC Bank | 07/23/2025 | EUR | 555000  | NOK | 6480993  | 11757  |
| HSBC Bank | 07/23/2025 | EUR | 555000  | USD | 640280  | 14565  |
| HSBC Bank | 07/23/2025 | JPY | 40581367  | USD | 277500  | 5096  |
| HSBC Bank | 07/23/2025 | NOK | 6507855  | EUR | 556125  | (10419)  |
| HSBC Bank | 09/17/2025 | SGD | 663025  | USD | 521048  | 3462  |
| HSBC Bank | 07/23/2025 | USD | 554936  | JPY | 80541004  | (5926)  |
| HSBC Bank | 09/17/2025 | USD | 882048  | SGD | 1124153  | (7252)  |
| J.P. Morgan Securities, Inc. | 07/23/2025 | CAD | 284028  | MXN | 3963108  | (1810)  |
| J.P. Morgan Securities, Inc. | 07/23/2025 | EUR | 1392500  | NOK | 16165835  | 38928  |
| J.P. Morgan Securities, Inc. | 07/23/2025 | NOK | 9663432  | EUR | 833750  | (24871)  |
| J.P. Morgan Securities, Inc. | 09/17/2025 | USD | 711954  | EUR | 603869  | (3176)  |
| Morgan Stanley | 07/23/2025 | MXN | 8054495  | CAD | 573333  | 6557  |
| Morgan Stanley | 07/23/2025 | USD | 1275815  | EUR | 1110000  | (33874)  |
| Morgan Stanley | 07/11/2025 | USD | 320644  | PEN | 1158967  | (6419)  |
| Nomura Securities International, Inc. | 07/11/2025 | CNY | 1984465  | USD | 276565  | 607  |

---

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

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**Wilshire Income Opportunities Fund** 

**Schedule of Forward Currency Contracts** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | CAD | 564537  | MXN | 7847135  | $(2003)  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | EUR | 277500  | NOK | 3269599  | 2991  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | EUR | 277500  | USD | 319393  | 8030  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | JPY | 40302685  | USD | 277500  | 3155  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | NOK | 6451365  | EUR | 556125  | (16024)  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 07/23/2025 | USD | 554936  | JPY | 79914931  | (1567)  |
|  Royal Bank of Canada Investment Management (USA) Ltd. | 09/17/2025 | USD | 352819  | SGD | 448786  | (2209)  |
| Standard Chartered Securities N.A. | 07/23/2025 | EUR | 277500  | NOK | 3261125  | 3831  |
| Standard Chartered Securities N.A. | 07/23/2025 | USD | 832468  | JPY | 119974761  | (2999)  |
| Standard Chartered Securities N.A. | 09/17/2025 | USD | 352819  | SGD | 447922  | (1525)  |
| State Street Bank & Trust Co. | 07/11/2025 | MXN | 3209268  | USD | 162242  | 8586  |
| State Street Bank & Trust Co. | 07/11/2025 | USD | 275028  | CNY | 1995963  | (3750)  |
| State Street Bank & Trust Co. | 07/23/2025 | USD | 554936  | JPY | 80014887  | (2263)  |
| State Street Bank & Trust Co. | 09/17/2025 | USD | 271059  | JPY | 38862459  | (1265)  |
| State Street Bank & Trust Co. | 07/11/2025 | USD | 1370  | ZAR | 25653  | (77)  |
| UBS AG | 07/23/2025 | JPY | 80132398  | USD | 555000  | 3017  |
| UBS AG | 07/23/2025 | NOK | 3238662  | EUR | 277625  | (6208)  |
| UBS AG | 09/17/2025 | NOK | 1881979  | USD | 185842  | 966  |
| UBS AG | 09/17/2025 | USD | 276883  | GBP | 201232  | 519  |
| UBS AG | 07/23/2025 | USD | 277468  | JPY | 40022642  | (1237)  |
| UBS AG | 09/17/2025 | USD | 684138  | SGD | 875987  | (8843)  |
| Wells Fargo | 07/18/2025 | CAD | 11338  | USD | 8129  | 206  |
| Wells Fargo | 07/18/2025 | JPY | 145  | USD | 1  | 0  |
| Wells Fargo | 07/18/2025 | USD | 6207  | JPY | 898864  | (48)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $(204565) |

---

BRL - Brazilian Real

CAD - Canadian Dollar

CLP - Chilean Peso

EUR - Euro

GBP - British Pound

JPY - Japanese Yen

MXN - Mexican Peso

NOK - Norwegian Krone

PEN - Peruvian Sol

SGD - Singapore Dollar

TRY - Turkish Lira

USD - United States Dollar

ZAR - South African Rand

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Income Opportunities Fund** 

**Schedule of Centrally Cleared Interest Rate Swap Contracts** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive Floating** <br>**Rate** | **Floating** <br>**Rate Index** | **Fixed Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Upfront** <br>**Premiums** <br>**Paid**<br>(Received) | **Unrealized** <br>**Appreciation**<br>(Depreciation) | **Value**  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.70% | Annually | 05/05/2035 | &nbsp;&nbsp; $218543 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $(50) | $(50)  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.84% | Annually | 08/16/2044 | &nbsp;&nbsp; 256600 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8091 | 8091  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.86% | Annually | 11/29/2044 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 9812 | 9813  |
| Receive | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.86% | Annually | 05/05/2055 | &nbsp;&nbsp; 103617 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1095 | 1095  |
| Pay | &nbsp;&nbsp; SOFR | &nbsp;&nbsp; 3.93% | Annually | 05/05/2045 | &nbsp;&nbsp; 262690 | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1355) | (1355)  |
| **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | **Total Interest Rate Swaps** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17593 | $17593 |

---

The swaps are centrally cleared. Morgan Stanley is the counterparty for the swaps in the Fund.

SOFR - Secured Overnight Financing Rate

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF CREDIT DEFAULT SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation \*** | **Financing** <br>**Rate** <br>**Received** <br>(Paid) | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value** | **Premiums** <br>**Paid** <br>(Received) | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| **Buy Protection:**<br>|  |  |  |  |  |  |  |
|  CDX EM Series 43 (Buy Protection) | &nbsp;&nbsp;&nbsp; (1.00)% | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | 06/20/2030 | $1900000 | $46634 | $63126 | &nbsp;&nbsp;&nbsp; $(16492)  |
| **Sell Protection:**<br>|  |  |  |  |  |  |  |
|  CDX NA HY Series 44 (Sell Protection) | &nbsp;&nbsp;&nbsp; 5.00% | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | 06/20/2030 | 2160000 | 165260 | 121932 | &nbsp;&nbsp;&nbsp; 43328  |
|  |  |  |  |  | $211894 | $185058 | &nbsp;&nbsp;&nbsp; $26836 |

---

\* Centrally cleared swap.

<sup>(a)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index. 

<sup>(b)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(c)</sup> The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF TOTAL RETURN SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Counterparty** | **Pay/** <br>**Receive** <br>**Reference** <br>**Entity** | **Financing** <br>**Rate** | **Payment** <br>**Frequency** | **Maturity** <br>**Date** | **Notional** <br>**Amount** | **Value/**<br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| &nbsp;&nbsp;&nbsp; IBOXHY <br>Index-L-MS | Morgan Stanley | &nbsp;&nbsp; Receive | &nbsp;&nbsp;&nbsp; SOFR | Termination | 12/22/2025 | $3328361 | &nbsp;&nbsp;&nbsp; $84092  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp; $84092 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of June 30, 2025.

SOFR - Secured Overnight Financing Rate was 4.45% as of June 30, 2025.

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE INCOME OPPORTUNITIES FUND** 

**SCHEDULE OF OVER THE COUNTER VOLATILITY SWAP CONTRACTS** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Strike** | **Counterparty** | **Maturity Date** | **Payment Frequency** | **Notional Amount** | **Value** | **Premiums Paid (Received)** | **Net** <br>**Unrealized Appreciation (Depreciation)**  |
|  EUR/USD Volatility | &nbsp;&nbsp;&nbsp; 8.40% | Morgan Stanley | 02/10/2026 | Quarterly | $(1044000) | $38342 | $(150) | $38492  |
| &nbsp;&nbsp;&nbsp; USD/BRL <br>Volatility | &nbsp;&nbsp;&nbsp; 18.30% | Goldman Sachs | 06/24/2026 | Quarterly | (830000) | 2953 | (415) | 3368  |
|  USD/INR Volatility | &nbsp;&nbsp;&nbsp; 4.33% | BNP Paribas Securities Corp. | 02/10/2026 | Quarterly | 1044000 | (11264) | 78 | (11342)  |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $30031 | $(487) | $30581 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **LARGE COMPANY** <br>**GROWTH** <br>**PORTFOLIO** | **LARGE COMPANY** <br>**VALUE** <br>**PORTFOLIO**  |
| **ASSETS:**<br>|  |  |
| Unaffiliated investments, at value\* (Note 2) | $256090900 | $151997850  |
| Investments in affiliated registered investment companies, at value (Note 6) | 7370330 | 4625926  |
| Cash and cash equivalents | 14597469 | 9334742  |
| Cash proceeds from securities lending (Note 8) |  | 238856  |
| Margin deposits for futures contracts | 87639 | 56563  |
| Receivable for capital shares sold | 7031 | 1125  |
| Receivable for investment securities sold | 908524 | 30538  |
| Net unrealized appreciation on swap contracts | 779926 | —  |
| Securities lending income receivable | 1 | 30  |
| Dividends and interest receivable | 223376 | 233891  |
| Foreign withholding tax reclaims receivable | 11461 | 8781  |
| Other assets | 28339 | 22977  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 280104996 | 166551279  |
| **LIABILITIES:**<br>|  |  |
| Payable upon return of securities loaned (Note 8) |  | 238856  |
| Payable for capital shares redeemed | 842997 | 15789  |
| Payable for investment securities purchased | 494023 | 41588  |
| Investment advisory fees payable (Note 3) | 164389 | 98251  |
| Distribution fees payable (Note 4) | 56491 | 654  |
| Shareholder service fees payable (Note 4) | 38243 | 7141  |
| Net variation margin payable on futures contracts | 10297 | 10297  |
| Unrealized depreciation on swap contracts |  | 217397  |
| Administration fees payable | 46217 | 35479  |
| Foreign withholding tax payable | 3206 | 1326  |
| Line of credit payable (Note 5) | 150000 | —  |
| Accrued Directors' fees (Note 3) | 3939 | 1587  |
| Accrued interest expense (Note 5) | 156 | 105  |
| Accrued expenses and other payables | 43124 | 45216  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1853082 | 713686  |
| **NET ASSETS** | $278251914 | $165837593  |
| \* Includes value of securities on loan | $— | $238745  |
| **Net Assets Consist of:**<br>|  |  |
| Paid-in capital | $125440852 | $125836114  |
| Distributable earnings | 152811062 | 40001479  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $278251914 | $165837593  |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LARGE COMPANY** <br>**GROWTH** <br>**PORTFOLIO** | **LARGE COMPANY** <br>**VALUE** <br>**PORTFOLIO**  |
| **Net Asset Value Per Share:**<br>|  |  |
| **Investment Class**<br>|  |  |
| Net assets applicable to Investment Class | $80930023 | $3961286  |
|  Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) | 1747403 | 176439  |
| Net asset value, offering and redemption price per share | $46.31 | $22.45  |
| **Institutional Class**<br>|  |  |
| Net assets applicable to Institutional Class | $197321891 | $161876307  |
|  Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) | 3449879 | 7300623  |
| Net asset value, offering and redemption price per share | $57.20 | $22.17  |
| Unaffiliated investments, at cost (Note 2) | $134676320 | $125083111  |
| Investments in affiliated registered investment companies, at cost (Note 6) | $7389478 | $4662612 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Company** <br>**Growth** <br>**Portfolio**  | **Small Company** <br>**Value** <br>**Portfolio**  | **FT Wilshire** <br>**5000 Index<sup>SM</sup>** <br>**Fund**  |
| **ASSETS:**<br>|  |  |  |
| Unaffiliated investments, at value\* (Note 2) | $22178421 | $22527985 | $285459293  |
| Cash and cash equivalents | 408315 | 266395 | 4098993  |
| Cash proceeds from securities lending (Note 8) | 227997 | 284468 | 1555399  |
| Receivable for capital shares sold | 156 | 156 | 55666  |
| Receivable for investment securities sold | 124772 | 28702 | —  |
| Securities lending income receivable | 71 | 443 | 3688  |
| Dividends and interest receivable | 7619 | 29500 | 165800  |
| Foreign withholding tax reclaims receivable | 55 | 25 | 1580  |
| Other assets | 21679 | 18758 | 24812  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 22969085 | 23156432 | 291365231  |
| **LIABILITIES:**<br>|  |  |  |
| Payable upon return of securities loaned (Note 8) | 227997 | 284468 | 1555399  |
| Payable for capital shares redeemed | 3922 | 3511 | 17722  |
| Payable for investment securities purchased | 5204 | 26251 | —  |
| Investment advisory fees payable (Note 3) | 5341 | 5228 | 23080  |
| Accrued Directors' fees (Note 3) |  | 152 | —  |
| Distribution fees payable (Note 4) | 11635 | 621 | 31633  |
| Shareholder service fees payable (Note 4) | 1747 | 1188 | 2155  |
| Administration fees payable | 10686 | 11328 | 58846  |
| Foreign withholding tax payable | 75 | 97 | 31  |
| Accrued interest expense (Note 5) | 5 | 3 | —  |
| Accrued expenses and other payables | 20137 | 26733 | 52915  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 286749 | 359580 | 1741781  |
| **NET ASSETS** | $22682336 | $22796852 | $289623450  |
| \* Includes value of securities on loan | $224780 | $268018 | $1537356  |
| **Net Assets Consist of:**<br>|  |  |  |
| Paid-in capital | $20768333 | $18863187 | $53479469  |
| Distributable earnings | 1914003 | 3933665 | 236143981  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $22682336 | $22796852 | $289623450  |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Company** <br>**Growth** <br>**Portfolio**  | **Small Company** <br>**Value** <br>**Portfolio**  | **FT Wilshire** <br>**5000 Index<sup>SM</sup>** <br>**Fund**  |
| **Net Asset Value Per Share:** <br>|  |  |  |
| **Investment Class**<br>|  |  |  |
| Net assets applicable to Investment Class | $5287954 | $4363608 | $230779906  |
|  Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) | 320305 | 176099 | 6694578  |
| Net asset value, offering and redemption price per share | $16.51 | $24.78 | $34.47  |
| **Institutional Class**<br>|  |  |  |
| Net assets applicable to Institutional Class | $17394382 | $18433244 | $58843544  |
|  Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share) | 870812 | 721843 | 1703008  |
| Net asset value, offering and redemption price per share | $19.97 | $25.54 | $34.55  |
| Unaffiliated investments, at cost (Note 2) | $18172115 | $20195091 | $58283325 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Unaffiliated investments, at value\* (Note 2) | $206392719 | $168356819  |
| Investments in affiliated registered investment companies, at value (Note 6) | 5636418 | 6306234  |
| Cash and cash equivalents | 9722980 | 3480037  |
| Foreign currency, at value | 65556 | 468767  |
| Cash proceeds from securities lending (Note 8) | 85208 | 471515  |
| Swap receivable |  | 44433  |
| Swap premium paid |  | 184571  |
| Margin deposits for futures contracts | 91303 | 913287  |
| Margin deposits for swap contracts | 1180000 | 445644  |
| Receivable for capital shares sold | 1610 | 4782  |
| Receivable for investment securities sold | 64407 | 1558966  |
| Unrealized appreciation on swap contracts | 4224467 | —  |
| Unrealized appreciation on foreign forward currency contracts (Note 7) |  | 174612  |
| Net variation margin receivable on futures contracts |  | 27122  |
| Net variation margin receivable on swap contracts | 29077 | —  |
| Securities lending income receivable | 149 | 359  |
| Dividends and interest receivable | 700436 | 1255210  |
| Foreign withholding tax reclaims receivable | 531445 | 5792  |
| Other assets | 16116 | 26999  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 228741891 | 183725149  |
| **LIABILITIES:**<br>|  |  |
| Options written, at value |  | 198801  |
| Swap premium received |  | 184571  |
| Swaption premium received |  | 28903  |
| Payable upon return of securities loaned (Note 8) | 85208 | 471515  |
| Payable for capital shares redeemed | 156420 | 433143  |
| Payable for investment securities purchased | 322168 | 2308593  |
| Payable for distributions |  | 39935  |
| Unrealized depreciation on foreign forward currency contracts (Note 7) |  | 379177  |
| Net variation margin payable on futures contracts | 15891 | —  |
| Net variation margin payable on swaps |  | 5331  |
| Investment advisory fees payable (Note 3) | 163742 | 66143  |
| Distribution fees payable (Note 4) | 154 | 27  |
| Shareholder service fees payable (Note 4) | 17280 | 18209  |
| Administration fees payable | 55661 | 43483  |
| Foreign withholding tax payable | 38918 | 9095  |
| Accrued interest expense (Note 5) | 224 | —  |
| Accrued expenses and other payables | 158828 | 153869  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1014494 | 4340795  |
| **NET ASSETS** | $227727397 | $179384354  |
| \* Includes value of securities on loan | $81503 | $462712  |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statement of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund**  | **Wilshire Income** <br>**Opportunities** <br>**Fund**  |
| **Net Assets Consist of:**<br>|  |  |
| Paid-in capital | $162633009 | $214239366  |
| Distributable earnings (Accumulated losses) | 65094388 | (34855012)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $227727397 | $179384354  |
| **Net Asset Value Per Share:**<br>|  |  |
| **Investment Class**<br>|  |  |
| Net assets applicable to Investment Class | $946291 | $188733  |
|  Investment Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)<sup>†</sup> | 76851 | 20887  |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $12.31 | $9.04  |
| **Institutional Class**<br>|  |  |
| Net assets applicable to Institutional Class | $226781106 | $179195621  |
|  Institutional Class shares of beneficial interest outstanding (50,000,000 shares authorized, per class, per Portfolio, par value $.001 per share)<sup>†</sup> | 18741360 | 20093019  |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $12.10 | $8.92  |
| Unaffiliated investments, at cost (Note 2) | $158081910 | $173860421  |
| Investments in affiliated registered investment companies, at cost (Note 6) | $5667421 | $6810469  |
| Foreign currency, at cost | $59013 | $464175  |
| Premiums received for options written | $— | $125422 |

---

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

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

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Large Company** <br>**Growth** <br>**Portfolio** | **Large Company** <br>**Value** <br>**Portfolio**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends | $469628 | $1368743  |
| Dividends from affiliated investment companies (Note 6) | 223456 | 152686  |
| Interest | 726465 | 494635  |
| Income from securities lending (Note 8) | 112 | 249  |
| Foreign taxes withheld | (7084) | (17481)  |
| &nbsp;&nbsp;&nbsp; **Total income** | 1412577 | 1998832  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (Note 3) | 929343 | 600035  |
| Shareholder Service fees (Note 4)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 51501 | 39054  |
| &nbsp;&nbsp;&nbsp; Investment Class | 47975 | 1175  |
| Distribution (12b-1) fees (Note 4)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investment Class | 91556 | 4739  |
| Administration and accounting fees (Note 3) | 71745 | 53033  |
| Directors' fees and expenses (Note 3) | 34756 | 23154  |
| Pricing costs | 21737 | 23325  |
| Professional fees | 27938 | 22443  |
| Registration and filing fees | 19067 | 18734  |
| Transfer agent fees (Note 3) | 14978 | 12105  |
| Printing expense | 8094 | 6224  |
| Custodian fees (Note 3) | 14058 | 15628  |
| Insurance expense | 7081 | 4852  |
| Other | 6133 | 5808  |
| Interest expense (Note 2) | 650 | 2  |
|  Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3) |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1346612 | 830311  |
| &nbsp;&nbsp;&nbsp; Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3) | (7231) | (24727)  |
| &nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 4) | (343) | (116)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1339038 | 805468  |
| **Net investment income** | 73539 | 1193364  |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):**<br>|  |  |
| Net realized gains (losses) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sale of unaffiliated investments | 8801958 | 5981146  |
| &nbsp;&nbsp;&nbsp; Sale of affiliated investment company shares |  | 12786  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 44040 | 20384  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 13233240 | 5216975  |
| &nbsp;&nbsp;&nbsp; Swaption contracts | 1839 | 1343  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (1534)  |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Large Company** <br>**Growth** <br>**Portfolio** | **Large Company** <br>**Value** <br>**Portfolio**  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | $13624879 | $1426177  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated investment company shares | 99734 | 66264  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (131796) | (90648)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (11558133) | (4036200)  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies |  | 296  |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized gains on investments and foreign currency transactions** | 24115761 | 8596989  |
| &nbsp;&nbsp;&nbsp; **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $24189300 | $9790353 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Small Company** <br>**Growth** <br>**Portfolio** | **Small Company** <br>**Value** <br>**Portfolio** | **Ft Wilshire** <br>**5000 Index<sup>SM</sup>** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividends | $71501 | $260592 | $1808129  |
| Interest | 8698 | 5922 | 56714  |
| Income from securities lending (Note 8) | 417 | 1405 | 10439  |
| Foreign taxes withheld | (209) | (466) | (207)  |
| &nbsp;&nbsp;&nbsp; **Total income** | 163124 | 267453 | 1875075  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee (Note 3) | 96150 | 96867 | 136550  |
| Administration and accounting fees (Note 3) | 16536 | 17798 | 90273  |
| Registration and filing fees | 17286 | 17322 | 20093  |
| Shareholder Service fees (Note 4)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 11740 | 11333 | 12499  |
| &nbsp;&nbsp;&nbsp; Investment Class | 1648 | 2347 | 75055  |
| Professional fees | 11759 | 11643 | 28528  |
| Transfer agent fees (Note 3) | 10143 | 10140 | 15482  |
| Distribution (12b-1) fees (Note 4)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Class | 6538 | 5641 | 217550  |
| Printing expense | 5512 | 5516 | 6596  |
| Pricing costs | 6279 | 10248 | 35282  |
| Custodian fees (Note 3) | 7990 | 6356 | 9960  |
| Directors' fees and expenses (Note 3) | 3383 | 3529 | 37485  |
| Other | 1986 | 1991 | 3035  |
| Insurance expense | 696 | 741 | 7864  |
| Interest expense (Note 5) | 3 | 4 | 259  |
|  Previous investment advisory fee reductions and expense reimbursements recouped by the Investment Adviser (Note 3) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 197649 | 201476 | 696511  |
| &nbsp;&nbsp;&nbsp; Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3) | (66678) | (70475) | —  |
| &nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 4) | (174) | (137) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 130797 | 130864 | 1178564  |
| **Net investment income (loss)** | (50390) | 136589 | 2379585  |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS (NOTES 2 and 6):**<br>|  |  |  |
| Net realized gains (losses) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Sale of unaffiliated investments | 647424 | 952736 | 8905976  |
| Net change in unrealized appreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | (1261337) | (1700934) | 4456911  |
|  **Net realized and unrealized gains on investments and foreign currency transactions** | (613913) | (748198) | 13362887  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $(664303) | $(611609) | $14541451 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund** | **Wilshire Income** <br>**Opportunities** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividends | $3704366 | $21189  |
| Dividends from affiliated investment companies (Note 6) | 186762 | 185371  |
| Interest | 639524 | 5269754  |
| Income from securities lending (Note 7) | 1564 | 2462  |
| Foreign taxes withheld | (418691) | (13761)  |
| Other Income | 8883 | —  |
| &nbsp;&nbsp;&nbsp; **Total income** | 4122408 | 5465015  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee (Note 3) | 1073370 | 555615  |
| Custodian fees (Note 3) | 125467 | 41178  |
| Administration and accounting fees (Note 3) | 77988 | 65090  |
| Shareholder service fees (Note 4) |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class | 50263 | 43478  |
| &nbsp;&nbsp;&nbsp; Investment Class | 593 | 110  |
| Pricing costs | 45209 | 152079  |
| Directors' fees and expenses (Note 3) | 30255 | 27285  |
| Professional fees | 37655 | 32987  |
| Registration and filing fees | 18195 | 18546  |
| Transfer agent fees (Note 3) | 13592 | 12052  |
| Printing expense | 6774 | 6245  |
| Insurance expense | 5771 | 6422  |
| Interest expense (Note 2) | 1146 | 43  |
| Other | 5485 | 6503  |
| Distribution (12b-1) fees (Note 4) |  |  |
| Investment Class | 988 | 239  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1492751 | 967872  |
| &nbsp;&nbsp;&nbsp; Fees reduced and/or expenses reimbursed by Investment Adviser (Note 3) | (148903) | (134161)  |
| &nbsp;&nbsp;&nbsp; Fees paid indirectly (Note 4) | (1388) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1342460 | 833711  |
| **Net investment income** | 2779948 | 4631304  |
| &nbsp;&nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY** <br>**TRANSACTIONS (NOTES 2 and 6):**<br>|  |  |
| Net realized gains (losses) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Sale of unaffiliated investments | 10355941 | (1454684)  |
| &nbsp;&nbsp;&nbsp; Foreign capital gains tax | 20417 | —  |
| &nbsp;&nbsp;&nbsp; Sale of affiliated investment company shares | 17408 | —  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distribution from affiliated registered investment companies |  | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 27289 | 216356  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (20480)  |
| &nbsp;&nbsp;&nbsp; Option contracts written |  | 49973  |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Statements of Operations** 

**For the Six Months Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire** <br>**International** <br>**Equity Fund** | **Wilshire Income** <br>**Opportunities** <br>**Fund**  |
| &nbsp;&nbsp;&nbsp; Swap contracts | $4071961 | $18454  |
| &nbsp;&nbsp;&nbsp; Swaption contracts | 1761 | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | 3731 | 17778  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated investments | 24643142 | 5266533  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated investment company shares | 80770 | 90492  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (126261) | 252842  |
| &nbsp;&nbsp;&nbsp; Forward foreign currency contracts |  | (1104147)  |
| &nbsp;&nbsp;&nbsp; Option contracts written |  | 12299  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 1283124 | 148493  |
| &nbsp;&nbsp;&nbsp; Swaption contracts |  | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 76980 | 23499  |
|  **Net realized and unrealized gains on investments and foreign currency transactions** | 40456263 | 3517408  |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $43236211 | $8148712 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company Growth Portfolio** | **Large Company Growth Portfolio** | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  |
|  | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net invesment income | $73539 | $252905 | $1193364 | $2291518  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments and foreign currency transactions | 22081077 | 36821436 | 11231100 | 13967626  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from registered investment companies |  | 45 |  | 32  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 2034684 | 39825302 | (2634111) | 5675994  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 24189300 | 76899688 | 9790353 | 21935170  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Class shares |  | (9279340) |  | (291248)  |
| &nbsp;&nbsp;&nbsp; Institutional Class shares |  | (17999831) |  | (13082872)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (27279171) |  | (13374120)  |
|  **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 282647 | 459954 | 80 | 136885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | 9022114 |  | 239715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2959815) | (7780002) | (105405) | (428469)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from Investment Class share transactions** | (2677168) | 1702066 | (105325) | (51869)  |
| &nbsp;&nbsp;&nbsp; **Institutional Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 24567181 | 8755400 | 8169104 | 6148831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | 17507410 |  | 12921572  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19284339) | (55860663) | (14085330) | (30462894)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from Institutional Class share transactions** | 5282842 | (29597853) | (5916226) | (11392491)  |
| **Net increase (decrease) in net assets** | 26794974 | 21724730 | 3768802 | (2883310)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 251456940 | 229732210 | 162068791 | 164952101  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $278251914 | $251456940 | $165837593 | $162068791 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Company Growth Portfolio** | **Small Company Growth Portfolio** | **Small Company Value Portfolio**  | **Small Company Value Portfolio**  |
|  | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $(50390) | $(127184) | &nbsp;&nbsp; $136589 | $226697  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments | &nbsp;&nbsp; 647424 | 1316404 | &nbsp;&nbsp; 952736 | 2731168  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (1261337) | (111909) | &nbsp;&nbsp; (1700934) | (973412)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (664303) | 1077311 | &nbsp;&nbsp; (611609) | 1984453  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** <br>**(Notes 2 and 11):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Class shares | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | (442867)  |
| &nbsp;&nbsp;&nbsp; Institutional Class shares | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | (1766089)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | (2208956)  |
|  **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 51598 | 61500 | &nbsp;&nbsp; 10901 | 17734  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 438236  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (268145) | (641399) | &nbsp;&nbsp; (588484) | (868515)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from Investment Class share transactions** | &nbsp;&nbsp; (216547) | (579899) | &nbsp;&nbsp; (577583) | (412545)  |
| &nbsp;&nbsp;&nbsp; **Institutional Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 505166 | 1003060 | &nbsp;&nbsp; 487780 | 1062053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 1738119  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (1628245) | (2490832) | &nbsp;&nbsp; (1606659) | (3221189)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from Institutional Class share transactions** | &nbsp;&nbsp; (1123079) | (1487772) | &nbsp;&nbsp; (1118879) | (421017)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (2003929) | (990360) | &nbsp;&nbsp; (2308071) | (1058065)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp; 24686265 | 25676625 | &nbsp;&nbsp; 25104923 | 26162988  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp; $22682336 | $24686265 | &nbsp;&nbsp; $22796852 | $25104923 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **FT Wilshire 5000 Index<sup>SM</sup> Fund**  | **FT Wilshire 5000 Index<sup>SM</sup> Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  |
|  | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended June 30,** <br>**2025 (Unaudited)** | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1178564 | $2379585 | $2779948 | $4284666  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) on investments and foreign currency transactions | 8905976 | 5302923 | 14498508 | 15412301  |
| &nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment companies |  |  |  | 38  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 4456911 | 46154136 | 25957755 | (5535614)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 14541451 | 53836644 | 43236211 | 14161391  |
| &nbsp;&nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS** <br>**(Notes 2 and 11):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Class shares |  | (6201954) |  | (76123)  |
| &nbsp;&nbsp;&nbsp; Institutional Class shares |  | (1734011) |  | (24115464)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (7935965) |  | (24191587)  |
|  **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Investment Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5459747 | 9141479 | 107314 | 129900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | 5917370 |  | 64338  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption fees (Note 2) |  |  | 5 | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (12530966) | (16786161) | (19948) | (239881)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from Investment Class share transactions** | (7071219) | (1727312) | 87371 | (45640)  |
| &nbsp;&nbsp;&nbsp; **Institutional Class shares:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1797482 | 4113047 | 14047832 | 11345138  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | 1325071 |  | 23817577  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption fees (Note 2) |  |  | 1408 | 854  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4424875) | (5351371) | (37712686) | (38356380)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from Institutional Class share transactions** | (2627393) | 86747 | (23663446) | (3192811)  |
| **Net increase (decrease) in net assets** | 4842839 | 44260114 | 19660136 | (13268647)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 284780611 | 240520497 | 208067261 | 221335908  |
| &nbsp;&nbsp;&nbsp; End of period | $289623450 | $284780611 | $227727397 | $208067261 |

---

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

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**Wilshire Mutual Funds, Inc.** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4631304 | &nbsp;&nbsp; $9125564  |
| &nbsp;&nbsp;&nbsp; Net realized losses on investments and foreign currency transactions | (1172603) | &nbsp;&nbsp; (5987108)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term capital gain distributions from regulated investment <br>companies |  | &nbsp;&nbsp; 45668  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions and translation of other assets and liabilities denominated in foreign currencies | 4690011 | &nbsp;&nbsp; 4293211  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 8148712 | &nbsp;&nbsp; 7477335  |
| **DISTRIBUTIONS TO SHAREHOLDERS (Notes 2 and 11):**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investment Class shares | (4540) | &nbsp;&nbsp; (8769)  |
| &nbsp;&nbsp;&nbsp; Institutional Class shares | (4605947) | &nbsp;&nbsp; (9241555)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4610487) | &nbsp;&nbsp; (9250324)  |
| **CAPITAL STOCK TRANSACTIONS (DOLLARS) (Note 9):**<br>|  |  |
| &nbsp;&nbsp;&nbsp; **Investment Class shares:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4049 | &nbsp;&nbsp; 17000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | 4217 | &nbsp;&nbsp; 8032  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (33219) | &nbsp;&nbsp; (18029)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from Investment Class share** <br>**transactions** | (24953) | &nbsp;&nbsp; 7003  |
| &nbsp;&nbsp;&nbsp; **Institutional Class shares:**<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3721740 | &nbsp;&nbsp; 14637302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | 4528176 | &nbsp;&nbsp; 9129071  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30434300) | &nbsp;&nbsp; (26268818)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net decrease in net assets from Institutional Class share transactions** | (22184384) | &nbsp;&nbsp; (2502445)  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets** | (18671112) | &nbsp;&nbsp; (4268431)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 198055466 | &nbsp;&nbsp; 202323897  |
| &nbsp;&nbsp;&nbsp; End of period | $179384354 | &nbsp;&nbsp; $198055466 |

---

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Growth Portfolio** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $42.55 | $35.37 | $25.32 | $44.34 | $44.34 | $38.88  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | (0.05) | 0.01 | (0.05) | (0.27) | (0.19)  |
|  Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.79 | 12.97 | 10.07 | (13.71) | 10.33 | 15.00  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76 | 12.92 | 10.08 | (13.76) | 10.06 | 14.81  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | (0.03) |  |  | —  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (5.74) |  | (5.26) | (10.06) | (9.35)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (5.74) | (0.03) | (5.26) | (10.06) | (9.35)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $46.31 | $42.55 | $35.37 | $25.32 | $44.34 | $44.34  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.84%<sup>(g)</sup> | 36.02% | 39.81% | (31.74)% | 23.03% | 38.82%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $80930 | $77092 | $63069 | $51110 | $86217 | $77659  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%<sup>(h)</sup> | 1.30%<sup>(d)</sup> | 1.30%<sup>(d)</sup> | 1.30%<sup>(d)</sup> | 1.30%<sup>(d)</sup> | 1.30%<sup>(d)</sup>  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.31%<sup>(h)</sup> | 1.32% | 1.33% | 1.31% | 1.30% | 1.31%  |
| Net investment loss<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)%<sup>(h)</sup> | (0.11)% | 0.03% | (0.15)% | (0.55)% | (0.43%)  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49%<sup>(g)</sup> | 66% | 66% | 75% | 85% | 84% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.30%, 1.31%, 1.30%, 1.30% and 1.30% for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 respectively (Note 3).

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

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

<sup>(g)</sup> Not Annualized.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Growth Portfolio** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $52.47 | &nbsp;&nbsp; $42.55 | &nbsp;&nbsp; $30.43 | $51.72 | $50.18 | &nbsp;&nbsp; $42.99  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.10 | 0.12 | 0.07 | (0.12) | &nbsp;&nbsp; (0.06)  |
|  Net realized and unrealized gains (losses) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69 | 15.58 | 12.13 | (16.06) | 11.72 | 16.65  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73 | 15.68 | 12.25 | (15.99) | 11.60 | 16.59  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.13) | (0.04) |  | &nbsp;&nbsp; (0.05)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.74) | &nbsp;&nbsp; — | (5.26) | (10.06) | &nbsp;&nbsp; (9.35)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.76) | &nbsp;&nbsp; (0.13) | (5.30) | (10.06) | &nbsp;&nbsp; (9.40)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57.20 | &nbsp;&nbsp; $52.47 | &nbsp;&nbsp; $42.55 | $30.43 | $51.72 | &nbsp;&nbsp; $50.18  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.01%<sup>(h)</sup> | &nbsp;&nbsp; 36.43% | &nbsp;&nbsp; 40.24% | (31.53)% | 23.42% | &nbsp;&nbsp; 39.25%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $197332 | $174365 | $166663 | $147922 | $208370 | $184704  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(i)</sup> | &nbsp;&nbsp; 1.00%<sup>(g)</sup> | &nbsp;&nbsp; 1.00%<sup>(g)</sup> | 1.00%<sup>(g)</sup> | 0.97%<sup>(g)</sup> | &nbsp;&nbsp; 0.98%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(i)</sup> | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.01% | 1.00% | 0.97% | &nbsp;&nbsp; 0.98%  |
| Net investment income (loss)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15%<sup>(i)</sup> | &nbsp;&nbsp; 0.19% | &nbsp;&nbsp; 0.33% | 0.17% | (0.22)% | &nbsp;&nbsp; (0.12)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49%<sup>(h)</sup> | &nbsp;&nbsp; 66% | &nbsp;&nbsp; 66% | 75% | 85% | &nbsp;&nbsp; 84% |

---

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

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

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.00%, 1.01%, 1.00%, 0.97%, and 0.98%, for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively (Note 4).

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

<sup>(g)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investments advisory fee reductions and expense reimbursements recouped by the Investment Adviser. If this expense offset was excluded, the ratio would have been 1.00%, 1.00%, 1.00% and 0.97% for the years ended December 31, 2024, 2023, 2022 and 2021, respectively (Note 3).

<sup>(h)</sup> Not Annualized.

<sup>(i)</sup> Annualized.

See Notes to Financial Statements.

144<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.17 | $20.12 | $17.84 | $22.29 | $19.75 | $20.11  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.23 | 0.20 | 0.12 | 0.05 | 0.22  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 2.52 | 2.64 | (2.62) | 4.99 | (0.39)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | 2.75 | 2.84 | (2.50) | 5.04 | (0.17)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.17) | (0.12) | (0.21) | (0.28) | —  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.53) | (0.44) | (1.74) | (2.22) | (0.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.70) | (0.56) | (1.95) | (2.50) | (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.45 | $21.17 | $20.12 | $17.84 | $22.29 | $19.75  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.05%<sup>(f)</sup> | 13.37% | 15.96% | (11.46)% | 25.82% | (0.81)%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $3961 | $3837 | $3683 | $4029 | $6068 | $5509  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%<sup>(g)</sup> | 1.30% | 1.30% | 1.29% | 1.32% | 1.32%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30%<sup>(g)</sup> | 1.31% | 1.32% | 1.29% | 1.32% | 1.32%  |
| Net investment income<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21%<sup>(g)</sup> | 1.07% | 1.07% | 0.62% | 0.24% | 1.32%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29%<sup>(f)</sup> | 38% | 50% | 38% | 87% | 77% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.31%, 1.32%, 1.29%, 1.32%, and 1.32% for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively (Note 4).

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

<sup>(f)</sup> Not Annualized.

<sup>(g)</sup> Annualized.

See Notes to Financial Statements.

145<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Large Company Value Portfolio** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.88 | &nbsp;&nbsp; $19.91 | &nbsp;&nbsp; $17.66 | $22.29 | &nbsp;&nbsp; $19.56 | &nbsp;&nbsp; $19.86  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.30 | &nbsp;&nbsp; 0.26 | 0.18 | 0.13 | 0.28  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | 2.50 | &nbsp;&nbsp; 2.60 | (2.80) | 5.14 | &nbsp;&nbsp; (0.39)  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | 2.80 | 2.86 | (2.62) | 5.27 | &nbsp;&nbsp; (0.11)  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.17) | (0.27) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; —  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.53) | &nbsp;&nbsp; (0.44) | (1.74) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (0.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.83) | &nbsp;&nbsp; (0.61) | (2.01) | &nbsp;&nbsp; (2.54) | &nbsp;&nbsp; (0.19)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.17 | &nbsp;&nbsp; $20.88 | &nbsp;&nbsp; $19.91 | $17.66 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $19.56  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18%<sup>(f)</sup> | &nbsp;&nbsp; 13.75% | &nbsp;&nbsp; 16.27% | (11.97)% | &nbsp;&nbsp; 27.26% | &nbsp;&nbsp; (0.52)%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $161877 | $158232 | $161269 | $165710 | $223288 | $187545  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00%<sup>(g)</sup> | &nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.00% | 1.00% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03%<sup>(g)</sup> | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.05% | 1.02% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 0.99%  |
| Net investment income<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.49%<sup>(g)</sup> | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp; 1.38% | 0.92% | &nbsp;&nbsp; 0.57% | &nbsp;&nbsp; 1.65%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29%<sup>(f)</sup> | &nbsp;&nbsp; 38% | &nbsp;&nbsp; 50% | 38% | &nbsp;&nbsp; 87% | &nbsp;&nbsp; 77% |

---

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

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

<sup>(c)</sup> Ratio does not include expenses from underlying funds.

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements includes the effect of fees paid indirectly. If this expense offset was excluded, the ratio would have been 1.03%, 1.05%, 1.02%, 0.99%, and 0.99% for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 respectively (Note 4).

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

<sup>(f)</sup> Not Annualized.

<sup>(g)</sup> Annualized.

See Notes to Financial Statements.

146<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.95 | $16.26 | $13.79 | $25.11 | $30.94 | $27.09  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05) | (0.12) | (0.10) | (0.14) | (0.29) | (0.24)  |
|  Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39) | 0.81 | 2.57 | (7.65) | 4.07 | 7.84  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | 0.69 | 2.47 | (7.79) | 3.78 | 7.60  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (3.53) | (9.61) | (3.75)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.51 | $16.95 | $16.26 | $13.79 | $25.11 | $30.94  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.60)%<sup>(f)</sup> | 4.24% | 17.91% | (31.59)% | 13.07% | 28.98%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $5288 | $5655 | $6004 | $5938 | $10817 | $11128  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%<sup>(g)</sup> | 1.35% | 1.35%<sup>(c)</sup> | 1.34%<sup>(e)</sup> | 1.35% | 1.35%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.88%<sup>(g)</sup> | 1.87% | 1.67% | 1.87% | 1.63% | 1.63%  |
| Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)%<sup>(g)</sup> | (0.70)% | (0.70)% | (0.74)% | (0.88)% | (0.91)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97%<sup>(f)</sup> | 63% | 81% | 57% | 65% | 50% |

---

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

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

<sup>(c)</sup> The ratio of operating expenses after fee reductions and expense reimbursements includes previous investment advisory fee reductions and expense reimbursements recouped by the Investment Advisor. If this expense offset was excluded, the ratio would have been 1.21% for the year ended December 31, 2023 (Note 3).

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

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

<sup>(f)</sup> Not Annualized.

<sup>(g)</sup> Annualized.

See Notes to Financial Statements.

147<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Growth Portfolio** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.49 | $19.60 | $16.58 | $29.12 | $34.40 | $29.70  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment loss<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | (0.09) | (0.08) | (0.11) | (0.24) | (0.19)  |
|  Net realized and unrealized gains (losses) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48) | 0.98 | 3.10 | (8.90) | 4.57 | 8.64  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52) | 0.89 | 3.02 | (9.01) | 4.33 | 8.45  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |  |  | (3.53) | (9.61) | (3.75)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.97 | $20.49 | $19.60 | $16.58 | $29.12 | $34.40  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.49)%<sup>(e)</sup> | 4.54% | 18.21% | (31.42)% | 13.36% | 29.30%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $17394 | $19031 | $19672 | $16545 | $28146 | $36932  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%<sup>(f)</sup> | 1.10% | 1.10% | 1.09%<sup>(d)</sup> | 1.10% | 1.10%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.71%<sup>(f)</sup> | 1.67% | 1.64% | 1.67% | 1.38% | 1.36%  |
| Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)%<sup>(f)</sup> | (0.45)% | (0.44)% | (0.48)% | (0.64)% | (0.66)%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97%<sup>(e)</sup> | 63% | 81% | 57% | 65% | 50% |

---

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

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

<sup>(c)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.67%, 1.64%, 1.67%, 1.38%, and 1.36%, for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 respectively (Note 4).

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

<sup>(e)</sup> Not Annualized.

<sup>(f)</sup> Annualized.

See Notes to Financial Statements.

148<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.37 | $25.57 | $22.69 | $28.06 | $21.45 | $21.85  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.18 | 0.22 | 0.17 | 0.07 | 0.06  |
|  Net realized and unrealized gains (losses) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71) | 1.91 | 3.66 | (3.01) | 6.80 | 0.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59) | 2.09 | 3.88 | (2.84) | 6.87 | 0.09  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.29) | (0.04) | (0.18) | (0.24) | —  |
| From capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.00) | (0.96) | (2.35) | (0.02) | (0.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.29) | (1.00) | (2.53) | (0.26) | (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.78 | $25.37 | $25.57 | $22.69 | $28.06 | $21.45  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.33)%<sup>(e)</sup> | 7.70% | 17.29% | (10.33)% | 32.04% | 0.47%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $4364 | $5081 | $5517 | $5189 | $6751 | $5186  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%<sup>(f)</sup> | 1.35% | 1.35% | 1.35% | 1.35% | 1.35%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%<sup>(f)</sup> | 1.95% | 1.97% | 1.89% | 1.75% | 1.84%  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99%<sup>(f)</sup> | 0.68% | 0.93% | 0.66% | 0.28% | 0.36%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33%<sup>(e)</sup> | 53% | 65% | 52% | 45% | 54% |

---

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

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

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

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.95%, 1.97%, 1.89%, 1.75%, and 1.84%, for the years ended December 31, 2024, 2023, 2022, 2021, and 2020, respectively (Note 4).

<sup>(e)</sup> Not Annualized.

<sup>(f)</sup> Annualized.

See Notes to Financial Statements.

149<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Small Company Value Portfolio** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.11 | $26.33 | $23.32 | $28.78 | $21.99 | $22.33  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.25 | 0.29 | 0.23 | 0.13 | 0.11  |
|  Net realized and unrealized gains (losses) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72) | 1.96 | 3.78 | (3.09) | 7.00 | 0.04  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57) | 2.21 | 4.07 | (2.86) | 7.13 | 0.15  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.43) | (0.10) | (0.25) | (0.32) | —  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.00) | (0.96) | (2.35) | (0.02) | (0.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (2.43) | (1.06) | (2.60) | (0.34) | (0.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.54 | $26.11 | $26.33 | $23.32 | $28.78 | $21.99  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.18)%<sup>(e)</sup> | 7.93% | 17.62% | (10.13)% | 32.40% | 0.73%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $18433 | $20024 | $20646 | $19273 | $30347 | $34796  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10%<sup>(f)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.72%<sup>(f)</sup> | 1.70% | 1.72% | 1.60% | 1.46% | 1.52%  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%<sup>(f)</sup> | 0.93% | 1.19% | 0.96% | 0.49% | 0.59%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33%<sup>(e)</sup> | 53% | 65% | 52% | 45% | 54% |

---

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

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

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

<sup>(d)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.70%, 1.72%, 1.60%, 1.46%, and 1.51% for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 respectively (Note 4).

<sup>(e)</sup> Not Annualized.

<sup>(f)</sup> Annualized.

See Notes to Financial Statements.

150<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.72 | &nbsp;&nbsp; $27.41 | &nbsp;&nbsp; $22.68 | $29.40 | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $22.93  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.26 | &nbsp;&nbsp; 0.27 | 0.25 | 0.23 | 0.26  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 5.96 | &nbsp;&nbsp; 5.37 | (5.80) | 6.16 | 4.25  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | 6.22 | 5.64 | (5.55) | 6.39 | 4.51  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.28) | (0.25) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.26)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.63) | (0.92) | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp; (2.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (0.91) | (1.17) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.30)  |
| &nbsp;&nbsp;&nbsp; **Net asset value, end of** <br>**period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.47 | &nbsp;&nbsp; $32.72 | &nbsp;&nbsp; $27.41 | $22.68 | &nbsp;&nbsp; $29.40 | &nbsp;&nbsp; $25.14  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.35%<sup>(c)</sup> | &nbsp;&nbsp; 22.60% | &nbsp;&nbsp; 24.92% | (18.98)% | &nbsp;&nbsp; 25.59% | &nbsp;&nbsp; 19.93%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $230780 | $226375 | $191607 | $157124 | $202121 | $164172  |
| Operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56%<sup>(d)</sup> | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 0.59% | 0.57% | &nbsp;&nbsp; 0.52% | &nbsp;&nbsp; 0.61%  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82%<sup>(d)</sup> | &nbsp;&nbsp; 0.84% | &nbsp;&nbsp; 1.08% | 0.98% | &nbsp;&nbsp; 0.81% | &nbsp;&nbsp; 1.13%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%<sup>(c)</sup> | &nbsp;&nbsp; 2% | &nbsp;&nbsp; 5% | 21% | &nbsp;&nbsp; 9% | &nbsp;&nbsp; 9% |

---

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

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

<sup>(c)</sup> Not Annualized.

<sup>(d)</sup> Annualized.

See Notes to Financial Statements.

151<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32.76 | $27.43 | $22.69 | $29.42 | $25.15 | $22.93  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.33 | 0.33 | 0.30 | 0.29 | 0.33  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 5.98 | 5.38 | (5.81) | 6.17 | 4.26  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | 6.31 | 5.71 | (5.51) | 6.46 | 4.59  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.33) | (0.34) | (0.30) | (0.28) | (0.33)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.65) | (0.63) | (0.92) | (1.91) | (2.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.98) | (0.97) | (1.22) | (2.19) | (2.37)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $34.55 | $32.76 | $27.43 | $22.69 | $29.42 | $25.15  |
| Total return<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.46%<sup>(c)</sup> | 22.91% | 25.21% | (18.83)% | 25.85% | 20.28%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $58843 | $58406 | $48913 | $42372 | $56073 | $48571  |
| Operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;0.33<sup>(d)</sup> | 0.33% | 0.35% | 0.35% | 0.31% | 0.31%  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;1.04<sup>(d)</sup> | 1.07% | 1.31% | 1.17% | 1.02% | 1.44%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1%<sup>(c)</sup> | 2% | 5% | 21% | 9% | 9% |

---

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

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

<sup>(c)</sup> Not Annualized.

<sup>(d)</sup> Annualized.

See Notes to Financial Statements.

152<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.11 | $10.64 | $9.36 | $11.64 | $12.38 | $11.37  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.18 | 0.16 | 0.13 | 0.09 | 0.05  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 0.49 | 1.44 | (2.32) | 1.41 | 1.81  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | 0.67 | 1.60 | (2.19) | 1.50 | 1.86  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.40) | (0.26) | 0.00 | (0.39) | (0.02)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (0.80) | (0.06) | (0.09) | (1.85) | (0.83)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | (1.20) | (0.32) | (0.09) | (2.24) | (0.85)  |
| Redemption fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.31 | $10.11 | $10.64 | $9.36 | $11.64 | $12.38  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.76%<sup>(g)</sup> | 5.93% | 17.12% | (18.88)% | 12.48% | 16.55%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $946 | $692 | $776 | $1037 | $3269 | $2438  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50%<sup>(h)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%<sup>(h)</sup> | 1.76%<sup>(e)</sup> | 1.77%<sup>(e)</sup> | 1.75%<sup>(e)</sup> | 1.76%<sup>(e)</sup> | 1.69%<sup>(e)</sup>  |
| Net investment income<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46%<sup>(h)</sup> | 1.63% | 1.53% | 1.36% | 0.65% | 0.44%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27%<sup>(g)</sup> | 49% | 55% | 48% | 53% | 61% |

---

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

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.76%, 1.77%, 1.75%, 1.76%, and 1.69% for the years ended December 31, 2024, 2023, 2022, 2021, and 2020 respectively (Note 4).

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

<sup>(g)</sup> Not Annualized.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire International Equity Fund** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $10.49 | &nbsp;&nbsp; $9.25 | $11.47 | &nbsp;&nbsp; $12.20 | &nbsp;&nbsp; $11.19  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.22 | 0.18 | 0.15 | 0.12 | 0.08  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | 0.48 | 1.43 | (2.28) | 1.39 | 1.78  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | 0.70 | 1.61 | (2.13) | 1.51 | 1.86  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.31) |  | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.02)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.06) | (0.09) | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (0.83)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (0.37) | (0.09) | &nbsp;&nbsp; (2.24) | &nbsp;&nbsp; (0.85)  |
| Redemption fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup> | 0.00<sup>(b)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $12.10 | &nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $10.49 | $9.25 | &nbsp;&nbsp; $11.47 | &nbsp;&nbsp; $12.20  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.85%<sup>(g)</sup> | &nbsp;&nbsp; 6.29% | &nbsp;&nbsp; 17.34% | (18.63)% | &nbsp;&nbsp; 12.78% | &nbsp;&nbsp; 16.82%  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
|  Net assets, end of period (in 000's) | $226781 | $207375 | $220560 | $220963 | $295154 | $305433  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%<sup>(h)</sup> | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25% | 1.25% | &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; 1.25%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.39%<sup>(h)</sup> | &nbsp;&nbsp; 1.40%<sup>(e)</sup> | &nbsp;&nbsp; 1.43%<sup>(e)</sup> | 1.40%<sup>(e)</sup> | &nbsp;&nbsp; 1.38%<sup>(e)</sup> | &nbsp;&nbsp; 1.32%<sup>(e)</sup>  |
| Net investment income<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59%<sup>(h)</sup> | &nbsp;&nbsp; 1.93% | &nbsp;&nbsp; 1.76% | 1.57% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.71%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27%<sup>(g)</sup> | &nbsp;&nbsp; 49% | &nbsp;&nbsp; 55% | 48% | &nbsp;&nbsp; 53% | &nbsp;&nbsp; 61% |

---

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

<sup>(b)</sup> Amount rounds to less than $0.01 per share.

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

<sup>(d)</sup> Ratio does not include expenses from underlying funds.

<sup>(e)</sup> The ratio of operating expenses before fee reductions and expense reimbursements excludes the effect of fees paid indirectly. If this expense offset was included, the ratio would have been 1.40%, 1.43%, 1.40%, 1.38%, and 1.32% for the years ending December 31, 2024, 2023, 2022, 2021, and 2020, respectively (Note 4).

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

<sup>(g)</sup> Not Annualized.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Income Opportunities Fund** 

**Financial Highlights** 

**Investment Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.87 | $8.95 | $8.66 | $10.08 | $10.39 | $10.42  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.39 | 0.36 | 0.27 | 0.26 | 0.33  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | (0.08) | 0.18 | (1.40) | (0.22) | 0.03  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.31 | 0.54 | (1.13) | 0.04 | 0.36  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.39) | (0.25) | (0.29) | (0.26) | (0.35)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  | 0.00 | (0.09) | (0.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22) | (0.39) | (0.25) | (0.29) | (0.35) | (0.39)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.04 | $8.87 | $8.95 | $8.66 | $10.08 | $10.39  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.37%<sup>(g)</sup> | 3.50% | 6.34% | (11.18)% | 0.40% | 3.59%<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| Net assets, end of period (in 000's) | $189 | $210 | $205 | $516 | $2136 | $1998  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.15%<sup>(h)</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.36%<sup>(h)</sup> | 1.41% | 1.41% | 1.32% | 1.31% | 1.29%  |
| Net investment income<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.76%<sup>(h)</sup> | 4.31% | 4.12% | 2.95% | 2.49% | 3.24%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34%<sup>(g)</sup> | 94% | 66% | 78% | 109% | 104% |

---

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

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

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

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

<sup>(e)</sup> Ratio does not include expenses from underlying funds.

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

<sup>(g)</sup> Not Annualized.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Income Opportunities Fund** 

**Financial Highlights** 

**Institutional Class Shares** 

**For a Fund Share Outstanding Throughout Each Period.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Six Months Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.84 | &nbsp;&nbsp; $8.58 | $9.99 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $10.37  |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** | &nbsp;&nbsp;&nbsp; **Income (loss) from investment** <br>**operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.40 | 0.38 | 0.31 | 0.28 | 0.35  |
|  Net realized and unrealized gains (losses) on investments and foreign currency transactions<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp; (0.07) | 0.18 | (1.40) | &nbsp;&nbsp; (0.22) | 0.03  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.33 | 0.56 | (1.09) | 0.06 | 0.38  |
| **Less distributions:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.30) | (0.32) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.38)  |
| From realized capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.04)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.30) | (0.32) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.42)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.92 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.84 | $8.58 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $10.33  |
| Total return<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.46%<sup>(g)</sup> | &nbsp;&nbsp; 6.61% | &nbsp;&nbsp; 6.61% | (10.91)% | &nbsp;&nbsp; 0.63% | &nbsp;&nbsp; 3.77%<sup>(d)</sup>  |
| &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** | &nbsp;&nbsp;&nbsp; **Ratios to average net assets/**<br>**supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in 000's) | $179196 | $197845 | $202119 | $232704 | $301210 | $306671  |
|  Operating expenses after fee reductions and expense reimbursements and fees paid indirectly<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90%<sup>(h)</sup> | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90% | 0.90% | &nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.90%  |
|  Operating expenses before fee reductions and expense reimbursements and fees paid indirectly<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04%<sup>(h)</sup> | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.05% | 0.96% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92%  |
| Net investment income<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%<sup>(h)</sup> | &nbsp;&nbsp; 4.56% | &nbsp;&nbsp; 4.43% | 3.37% | &nbsp;&nbsp; 2.75% | &nbsp;&nbsp; 3.48%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34%<sup>(g)</sup> | &nbsp;&nbsp; 94% | &nbsp;&nbsp; 66% | 78% | &nbsp;&nbsp; 109% | &nbsp;&nbsp; 104% |

---

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

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

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

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

<sup>(e)</sup> Ratio does not include expenses from underlying funds.

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

<sup>(g)</sup> Not Annualized.

<sup>(h)</sup> Annualized.

See Notes to Financial Statements.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

1. Organization

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

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

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

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

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

The investment objective of FT Wilshire 5000 Index<sup>SM</sup> Fund is to replicate as closely as possible the performance of the FT Wilshire 5000 Index<sup>SM</sup> before the deduction of the Portfolio's expenses.

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

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

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

2. Significant Accounting Policies

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

The end of the reporting period for the Portfolios is June 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2025 (the "current fiscal period").

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

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

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

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

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

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

**Large Company Growth Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $234897361 | $— | $— | $234897361  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 7793070 |  | 7793070  |
| &nbsp;&nbsp;&nbsp; Affiliated Registered Investment Companies | 7370330 |  |  | 7370330  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 6348909 |  | 6348909  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2900908 |  | 2900908  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2891287 |  | 2891287  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1012232 |  | 1012232  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 247133 |  |  | 247133  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0<sup>(a)</sup> | 0  |
| **Total Investments** | $242514824 | $20946406 | $0 | $263461230  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $779926 | $— | $779926  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | 20296 |  |  | 20296  |
| **Total Other Financial Instruments** | $20296 | $779926 | $— | $800222  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $(110029) | $— | $— | $(110029)  |
| **Total Other Financial Instruments** | $(110029) | $— | $— | $(110029) |

---

**Large Company Value Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $135791373 | $— | $— | $135791373  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 5264847 |  | 5264847  |
| &nbsp;&nbsp;&nbsp; Affiliated Registered Investment Companies | 4625926 |  |  | 4625926  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 4146651 |  | 4146651  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2213415 |  | 2213415  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 2117588 |  |  | 2117588  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2019099 |  | 2019099  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 444877 |  | 444877  |
| **Total Investments** | $142534887 | $14088889 | $— | $156623776  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $5063 | $— | $— | $5063  |
| **Total Other Financial Instruments** | $5063 | $— | $— | $5063  |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $(217397) | $— | $(217397)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | (63854) |  |  | (63854)  |
| **Total Other Financial Instruments** | $(63854) | $(217397) | $— | $(281251) |

---

**Small Company Growth Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $22076783 | $— | $0<sup>(a)</sup> | $22076783  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 101638 |  |  | 101638  |
| **Total Investments** | $22178421 | $— | $0<sup>(a)</sup> | $22178421 |

---

**Small Company Value Portfolio** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $20642281 | $— | $— | $20642281  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 1856263 |  |  | 1856263  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 29441 |  |  | 29441  |
| **Total Investments** | $22527985 | $— | $— | $22527985 |

---

**FT Wilshire 5000 Index<sup>SM</sup> Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $278710490 | $— | $0<sup>(a)</sup> | $278710490  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 6748234 |  |  | 6748234  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 569 |  |  | 569  |
| &nbsp;&nbsp;&nbsp; Rights |  |  | 0<sup>(a)</sup> | 0  |
| &nbsp;&nbsp;&nbsp; Escrow Notes |  |  | 0<sup>(a)</sup> | 0  |
| **Total Investments** | $285459293 | $— | $0 | $285459293 |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Wilshire International Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $33506438 | $150025736 | $0<sup>(a)</sup> | $183532174  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 7259167 |  | 7259167  |
| &nbsp;&nbsp;&nbsp; Affiliated Registered Investment Companies | 5636418 |  |  | 5636418  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds |  | 5461823 |  | 5461823  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 2764972 |  | 2764972  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 2560551 |  | 2560551  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 331709 | 2111036 |  | 2442745  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 1035046 | 280085 | 0<sup>(a)</sup> | 1315131  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 1056156 |  | 1056156  |
| **Total Investments** | $40509611 | $171519526 | $0 | $212029137  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* | $— | $4224467 | $— | $4224467  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | 7594 |  |  | 7594  |
| **Total Other Financial Instruments** | $7594 | $4224467 | $— | $4232061  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $(90956) | $— | $— | $(90956)  |
| **Total Other Financial Instruments** | $(90956) | $— | $— | $(90956) |

---

**Wilshire Income Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $53605654 | $— | $53605654  |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 32318267 |  | 32318267  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities |  | 14559626 |  | 14559626  |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 14306650 |  | 14306650  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 12810688 |  | 12810688  |
| &nbsp;&nbsp;&nbsp; Bank Loans |  | 11943921 |  | 11943921  |
| &nbsp;&nbsp;&nbsp; Foreign Government Debt Obligations |  | 10426802 |  | 10426802  |
| &nbsp;&nbsp;&nbsp; Collateralized Loan Obligations |  | 6674328 |  | 6674328  |
| &nbsp;&nbsp;&nbsp; Affiliated Registered Investment Companies | 6306234 |  |  | 6306234  |
| &nbsp;&nbsp;&nbsp; Foreign Government Agency Issues |  | 2990299 |  | 2990299  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 1241761 |  | 1241761  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 998729 |  |  | 998729  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 552142 |  |  | 552142  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 148083 |  | 148083  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 5779869 |  | 5779869  |
| **Total Investments** | $7857105 | $166805948 | $— | $174663053  |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $651794 | $— | $— | $651794  |
| &nbsp;&nbsp;&nbsp; Forwards\* |  | 174612 |  | 174612  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps\* |  | 43328 |  | 43328  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\* |  | 84092 |  | 84092  |
| &nbsp;&nbsp;&nbsp; Volatility Swaps\* |  | 41860 |  | 41860  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps\* |  | 18998 |  | 18998  |
| **Total Other Financial Instruments** | $651794 | $362890 | $— | $1014684  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(198801) | $— | $(198801)  |
| **Total Investments** | $— | $(198801) | $— | $(198801)  |
| <u>Other Financial Instruments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forwards\* | $— | $(379177) | $— | $(379177)  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | (299504) |  |  | (299504)  |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps\* |  | (1405) |  | (1405)  |
| &nbsp;&nbsp;&nbsp; Volatility Swaps\* |  | (11342) |  | (11342)  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps\* |  | (16492) |  | (16492)  |
| **Total Other Financial Instruments** | $(299504) | $(408416) | $— | $(707920) |

---

<sup>(a)</sup> Includes securities that have been fair valued at $0. 

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

Refer to the Portfolios' Schedules of Investments for a listing of the securities by industry or sector type. Large Company Value Portfolio, Small Company Value Portfolio, and Wilshire Income Opportunities Fund did not hold any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of the end of the current fiscal period. Large Company Growth Portfolio held rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. Small Company Growth Portfolio held common stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0. FT Wilshire 5000 Index<sup>SM</sup> Fund held common stocks, escrow notes, and rights that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0, $0, and $0, respectively. Wilshire International Equity Fund held common stocks and preferred stocks that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) totaling $0 and $0, respectively. A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments, is only presented when a Portfolio has over 1% of Level 3 investments.

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

**Total Return Swaps – The Large Company Growth Portfolio, Large Company Value Portfolio, and the Wilshire International Equity Fund enter into total return swaps. In a swap transaction, two parties generally agree to exchange the returns (or differentials in rates of return) earned or realized on a particular predetermined reference instrument or instruments, which can be adjusted for an interest rate factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount" (i.e., the return on or increase in value of a particular dollar amount invested in a particular security or other asset or in a "basket" of securities representing a particular index). A party's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). An equity swap is an agreement in which at least one party's payments are based on the rate of return of an equity security or equity index. The other party's payments can be based on a fixed rate, a non-equity variable rate or even a different equity index. For financial reporting purposes, the unrealized value of such swaps is netted and displayed on the Statements of Assets and Liabilities. Cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as margin deposits for swap contracts on the Statements of Assets and Liabilities. The Portfolios use swaps to gain equity exposure of the underlying index.** 

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

**Credit Default Swaps – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund entered into credit default** 

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

**Futures Contracts – During the current fiscal period, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund held futures contracts. They may use futures contracts to gain exposure or to hedge asset classes such as currencies and fixed income. These Portfolios may use futures contacts as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns and/or assist in managing cash. With futures, there is minimal counterparty credit risk to the Portfolios since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. Upon entering into a contract, the Portfolios deposit and maintain as collateral, an initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Portfolios agree to receive from or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolios as unrealized gains and losses. Variation margin is typically settled daily. When the contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio, if any, is reported separately as Margin deposits for futures contracts on the Statements of Assets and Liabilities. Non-cash collateral pledged by the Portfolios, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount before a transfer has to be made. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance.** 

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

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

**Mortgage, Assets-backed and Collateralized Loan Securities – Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund may invest in mortgage, asset-backed and collateralized loan securities, including collateralized loan obligations ("CLOs"), which represent shares in a pool of mortgages or other debt. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to owners on a pro rata basis. These securities involve prepayment risk, which is the risk that the underlying mortgages or** 

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

other debt may be refinanced or paid off before they mature, particularly during periods of declining interest rates. In that case, proceeds from the securities may have to be reinvested at a lower interest rate. This could lower the Portfolios' return and result in losses to the Portfolios if some securities were acquired at a premium. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. The Portfolio may also invest in collateralized mortgage obligations ("CMOs"). In a CMO, a series of bonds or certificates is issued in multiple classes, which have varying levels of risks.

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

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

**Loan Participation and Assignments – Wilshire Income Opportunities Fund may invest in direct debt instruments which are interests in amounts owed to lenders and lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Portfolio will generally purchase assignments of these loans, in which case it will typically become a lender for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Portfolio generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Portfolio may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Portfolio may enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan accounts may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income on the Statements of Operations. The Portfolio currently holds $0 in unfunded loan commitments.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;• fair value of investment securities, other assets
 and liabilities at the daily rates of exchange and

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

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

**Centrally Cleared Swaps – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statements of Assets and Liabilities as "Net variation margin receivable on swap contracts" or "Net variation margin payable on swap contracts" and settled daily against the Portfolio's margin account. Because the Portfolio's margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the Commodity Futures Trading Commission ("CFTC"), or the applicable regulator. Customer Account Agreements ("CAA") and related addendums governing the Company's cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.** 

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

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following table presents, by derivative type, Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund's financial derivative instruments net of the related collateral pledged by counterparty at the end of the current fiscal period:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Net** <br>**Amount**  |
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | **Net** <br>**Amount**  |
| **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  | **Large Company Growth Portfolio**  |
| **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  |
| Total Return Swaps <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; $779926  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $779926  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | $779926 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Net** <br>**Amount**  |
| **Liabilities**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | **Net** <br>**Amount**  |
| **Large Company Value Portfolio**  | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  | **Large Company Value Portfolio**  |
| **Description/Counterparty**  | **Description/Counterparty**  |  |  |  |  |  |
| Total Return Swaps <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; $217397  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $217397  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | $217397 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Net** <br>**Amount**  |
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | **Net** <br>**Amount**  |
| **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  | **Wilshire International Equity Fund**  |
| **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  |
| Total Return Swaps <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Bank, USA  | &nbsp;&nbsp; $3093824  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $3093824  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | $3093824  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp; 1130643  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 1130643  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 1130643  |
|  | &nbsp;&nbsp; $4224467  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $4224467  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | $4224467 |

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Net** <br>**Amount**  |
| **Assets**  | **Gross Amounts** <br>**of Recognized** <br>**Assets**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | **Net** <br>**Amount**  |
| **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  | **Wilshire Income Opportunities Fund**  |
| **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  |
| **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc.  | &nbsp;&nbsp;&nbsp; $35067  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $35067  | &nbsp;&nbsp;&nbsp;&nbsp; $(22486)  | &nbsp;&nbsp;&nbsp; $—  | $12581  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc.  | &nbsp;&nbsp;&nbsp; 8616  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 8616  | &nbsp;&nbsp;&nbsp;&nbsp; (8616)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | &nbsp;&nbsp;&nbsp; 18656  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 18656  | &nbsp;&nbsp;&nbsp;&nbsp; (18656)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; HSBC Bank  | &nbsp;&nbsp;&nbsp; 34880  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 34880  | &nbsp;&nbsp;&nbsp;&nbsp; (23597)  | &nbsp;&nbsp;&nbsp; —  | 11283  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | &nbsp;&nbsp;&nbsp; 38928  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 38928  | &nbsp;&nbsp;&nbsp;&nbsp; (29857)  | &nbsp;&nbsp;&nbsp; —  | 9071  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; 6557  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 6557  | &nbsp;&nbsp;&nbsp;&nbsp; (6557)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Nomura Securities International, Inc.  | &nbsp;&nbsp;&nbsp; 607  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 607  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 607  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada Investment Management (USA) Ltd  | &nbsp;&nbsp;&nbsp; 14176  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 14176  | &nbsp;&nbsp;&nbsp;&nbsp; (14176)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Standard Chartered Securities N.A.  | &nbsp;&nbsp;&nbsp; 3831  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 3831  | &nbsp;&nbsp;&nbsp;&nbsp; (3831)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co.  | &nbsp;&nbsp;&nbsp; 8586  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 8586  | &nbsp;&nbsp;&nbsp;&nbsp; (7355)  | &nbsp;&nbsp;&nbsp; —  | 1231  |
| &nbsp;&nbsp;&nbsp; UBS AG  | &nbsp;&nbsp;&nbsp; 4502  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 4502  | &nbsp;&nbsp;&nbsp;&nbsp; (4502)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Wells Fargo  | &nbsp;&nbsp;&nbsp; 206  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 206  | &nbsp;&nbsp;&nbsp;&nbsp; (48)  | &nbsp;&nbsp;&nbsp; —  | 158  |
|  **Total Forward Foreign Currency Contracts**  | &nbsp;&nbsp;&nbsp; 174612  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 174612  | &nbsp;&nbsp;&nbsp;&nbsp; (139681)  | &nbsp;&nbsp;&nbsp; —  | 34931  |
| **Purchased Options** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc.  | &nbsp;&nbsp;&nbsp; $115452  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $115452  | &nbsp;&nbsp;&nbsp;&nbsp; $(32350)  | &nbsp;&nbsp;&nbsp; $—  | $83102  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | &nbsp;&nbsp;&nbsp; 22  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 22  | &nbsp;&nbsp;&nbsp;&nbsp;(22)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | &nbsp;&nbsp;&nbsp; 11683  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 11683  | &nbsp;&nbsp;&nbsp;&nbsp; (11683)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; 8807  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 8807  | &nbsp;&nbsp;&nbsp;&nbsp; (5637)  | &nbsp;&nbsp;&nbsp; —  | 3170  |
| &nbsp;&nbsp;&nbsp; UBS AG  | &nbsp;&nbsp;&nbsp; 12119  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 12119  | &nbsp;&nbsp;&nbsp;&nbsp; (12119)  | &nbsp;&nbsp;&nbsp; —  | —  |
| **Total Purchased Options** | &nbsp;&nbsp;&nbsp; 148083  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 148083  | &nbsp;&nbsp;&nbsp;&nbsp; (61811)  | &nbsp;&nbsp;&nbsp; —  | 86272  |
|  | &nbsp;&nbsp;&nbsp; $322695  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $322695  | &nbsp;&nbsp;&nbsp;&nbsp; $(201492)  | &nbsp;&nbsp;&nbsp; $—  | $121203 |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Liabilities**  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not Offset in the** <br>**Statement of Assets and Liabilities**  | **Net** <br>**Amount**  |
| **Liabilities**  | **Gross Amounts** <br>**of Recognized** <br>**Liabilities**  | **Gross Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  | **Net Amounts** <br>**Presented in the** <br>**Statement of Assets** <br>**and Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
| **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  | **Description/Counterparty**  |
| **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  | **Forward Foreign Currency Contracts**  |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc.  | &nbsp;&nbsp;&nbsp; $22486  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $22486  | &nbsp;&nbsp;&nbsp;&nbsp; $(22486)  | &nbsp;&nbsp;&nbsp; $—  | $—  |
| &nbsp;&nbsp;&nbsp; BNP Paribas Brokerage Services, Inc.  | &nbsp;&nbsp;&nbsp; 31996  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 31996  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 31996  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc.  | &nbsp;&nbsp;&nbsp; 12085  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 12085  | &nbsp;&nbsp;&nbsp;&nbsp; (8616)  | &nbsp;&nbsp;&nbsp; —  | 3469  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank  | &nbsp;&nbsp;&nbsp; 6585  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 6585  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 6585  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | &nbsp;&nbsp;&nbsp; 162260  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 162260  | &nbsp;&nbsp;&nbsp;&nbsp; (18656)  | &nbsp;&nbsp;&nbsp; —  | 143604  |
| &nbsp;&nbsp;&nbsp; HSBC Bank  | &nbsp;&nbsp;&nbsp; 23597  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 23597  | &nbsp;&nbsp;&nbsp;&nbsp; (23597)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | &nbsp;&nbsp;&nbsp; 29857  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 29857  | &nbsp;&nbsp;&nbsp;&nbsp; (29857)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; 40293  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 40293  | &nbsp;&nbsp;&nbsp;&nbsp; (6557)  | &nbsp;&nbsp;&nbsp; —  | 33736  |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada Investment Management (USA) Ltd  | &nbsp;&nbsp;&nbsp; 21803  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 21803  | &nbsp;&nbsp;&nbsp;&nbsp; (14176)  | &nbsp;&nbsp;&nbsp; —  | 7627  |
| &nbsp;&nbsp;&nbsp; Standard Chartered Securities N.A.  | &nbsp;&nbsp;&nbsp; 4524  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 4524  | &nbsp;&nbsp;&nbsp;&nbsp; (3831)  | &nbsp;&nbsp;&nbsp; —  | 693  |
| &nbsp;&nbsp;&nbsp; State Street Bank & Trust Co.  | &nbsp;&nbsp;&nbsp; 7355  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 7355  | &nbsp;&nbsp;&nbsp;&nbsp; (7355)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; UBS AG  | &nbsp;&nbsp;&nbsp; 16288  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 16288  | &nbsp;&nbsp;&nbsp;&nbsp; (4502)  | &nbsp;&nbsp;&nbsp; —  | 11786  |
| &nbsp;&nbsp;&nbsp; Wells Fargo  | &nbsp;&nbsp;&nbsp; 48  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 48  | &nbsp;&nbsp;&nbsp;&nbsp; (48)  | &nbsp;&nbsp;&nbsp; —  | —  |
|  **Total Forward Foreign Currency Contracts**  | &nbsp;&nbsp;&nbsp; 379177  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 379177  | &nbsp;&nbsp;&nbsp;&nbsp; (139681)  | &nbsp;&nbsp;&nbsp; —  | 239496  |
| **Written Options** <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Barclays Capital, Inc.  | &nbsp;&nbsp;&nbsp; $32350  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $32350  | &nbsp;&nbsp;&nbsp;&nbsp; $(32350)  | &nbsp;&nbsp;&nbsp; $—  | $—  |
| &nbsp;&nbsp;&nbsp; BNP Paribas Securities Corp  | &nbsp;&nbsp;&nbsp; 17750  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 17750  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 17750  |
| &nbsp;&nbsp;&nbsp; Deutsche Bank  | &nbsp;&nbsp;&nbsp; 11726  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 11726  | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | 11726  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | &nbsp;&nbsp;&nbsp; 41988  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 41988  | &nbsp;&nbsp;&nbsp;&nbsp;(22)  | &nbsp;&nbsp;&nbsp; —  | 41966  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | &nbsp;&nbsp;&nbsp; 43493  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 43493  | &nbsp;&nbsp;&nbsp;&nbsp; (11683)  | &nbsp;&nbsp;&nbsp; —  | 31810  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | &nbsp;&nbsp;&nbsp; 5637  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 5637  | &nbsp;&nbsp;&nbsp;&nbsp; (5637)  | &nbsp;&nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; UBS AG  | &nbsp;&nbsp;&nbsp; 45857  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 45857  | &nbsp;&nbsp;&nbsp;&nbsp; (12119)  | &nbsp;&nbsp;&nbsp; —  | 33738  |
| **Total Written Options**  | &nbsp;&nbsp;&nbsp; 198801  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 198801  | &nbsp;&nbsp;&nbsp;&nbsp; (61811)  | &nbsp;&nbsp;&nbsp; —  | 136990  |
|  | &nbsp;&nbsp;&nbsp; $577978  | &nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $577978  | &nbsp;&nbsp;&nbsp;&nbsp; $(201492)  | &nbsp;&nbsp;&nbsp; $—  | $376486 |

---

\* Actual collateral pledged, or margin deposits in the case of futures contracts, may be larger than than reported in order to satisfy broker or exchange requirements.

Due to the absence of a master netting agreement relating to the Funds' participation in securities lending, no additional disclosures have been made on behalf of the Funds. Please reference Note 8 for collateral related to securities on loan.

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

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

**Investments in REITs – With respect to each Portfolio, dividend income is recorded based on the income included in distributions received from its REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of these estimated amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year end, and may differ from the estimated amounts.** 

**Master Limited Partnerships ("MLPs") – Each Portfolio may invest in MLPs, which are limited partnerships or limited liability companies whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange. MLPs are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest in the MLP of as much as 2% plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP's operations and management.**

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

**Redemption Fees – Wilshire International Equity Fund charges a redemption fee of 1% on redemption of its shares held for sixty days or less, subject to certain exceptions. During the current fiscal period and the year ended December 31, 2024, Wilshire International Equity Fund collected $1,413 and $857, respectively, in redemption fees.** 

**New Accounting Pronouncements and Other Regulatory Matters – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of asegment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.**

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

3. Investment Adviser and Other Service Providers

Pursuant to the Advisory Agreement between the Company and the Adviser, the Adviser charges annual fees, computed daily and paid monthly, of 0.75% of average daily net assets for the first $1 billion and 0.65% thereafter for each of Large Company Growth Portfolio and Large Company Value Portfolio; 0.85% of average daily net assets for the first $1 billion and 0.75% thereafter for each of Small Company Growth Portfolio and Small Company Value Portfolio; 0.10% of the average daily net assets for the first $1 billion and 0.07% thereafter for FT Wilshire 5000 Index<sup>SM</sup> Fund; 1.00% of the average daily net assets for the first $1 billion and 0.90% thereafter for Wilshire International Equity Fund; and 0.60% of average daily net assets for Wilshire Income Opportunities Fund.

The Adviser has entered into expense limitation agreements with Large Company Growth Portfolio and Large Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.30% and 1.00% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has entered into expense limitation agreements with Small Company Growth Portfolio and Small Company Value Portfolio requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolios (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.35% and 1.10% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire International Equity Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, and extraordinary expenses) to 1.50% and 1.25% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. The Adviser has also entered into an expense limitation agreement with Wilshire Income Opportunities Fund requiring the Adviser to reduce its management fees or reimburse expenses to limit expenses of such Portfolio (excluding taxes, brokerage expenses, dividend expenses on short securities, acquired fund fees and expenses and extraordinary expenses) to 1.15% and 0.90% of average daily net assets for Investment Class Shares and Institutional Class Shares, respectively. These agreements to limit expenses continue through at least April 30, 2026. The Adviser may recoup the amount of any fee reductions or expense reimbursements within three years after the day on which it reduced its fees or reimbursed expenses if the recoupment does not cause a Portfolio's expenses to exceed the expense limitation that was in place at the time of the fee reduction or expense reimbursement.

During the current fiscal period, the Adviser reduced fees, reimbursed expenses or recouped fees as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Fee Reductions/** <br>**Reimbursements** | **Fees Recouped**  |
| Large Company Growth Portfolio | &nbsp;&nbsp;&nbsp; $7231 | $—  |
| Large Company Value Portfolio | &nbsp;&nbsp;&nbsp; 24727 | —  |
| Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp; 66678 | —  |
| Small Company Value Portfolio | &nbsp;&nbsp;&nbsp; 70475 | —  |
| Wilshire International Equity Fund | &nbsp;&nbsp;&nbsp; 148903 | —  |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp;&nbsp; 134161 |  |

---

As of the end of the current fiscal period, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from Large Company Growth Portfolio, Large Company Value Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio, Wilshire International Equity Fund and Wilshire Income Opportunities Fund are $70,238, $183,451, $440,956, $477,323, $1,122,162, and $819,770, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
| **Portfolio** | **2025** | **2026** | **2027** | **2028**  |
| Large Company Growth Portfolio | $6930 | $37477 | $18600 | $7231  |
| Large Company Value Portfolio | 27054 | 78058 | 53613 | 24727  |
| Small Company Growth Portfolio | 99765 | 134112 | 140401 | 66678  |
| Small Company Value Portfolio | 91987 | 159538 | 155323 | 70475  |
| Wilshire International Equity Fund | 267487 | 381711 | 324061 | 148903  |
| Wilshire Income Opportunities Fund | 118259 | 307680 | 259670 | 134161 |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The Board has approved Los Angeles Capital Management LLC ("L.A. Capital"), Pzena Investment Management, LLC ("Pzena"), Massachusetts Financial Services Company (d/b/a MFS Investment Management) ("MFS"), Ranger Investment Management, LLC ("Ranger"), AllianceBernstein, L.P. ("AllianceBernstein"), Lord, Abbett & Co. LLC ("Lord Abbett"), DoubleLine<sup>®</sup> Capital LP ("DoubleLine"), WCM Investment Management, LLC ("WCM"), Voya Investment Management Co. LLC ("Voya"), Manulife Asset Management (US) LLC ("Manulife"), Lazard Asset Management LLC ("Lazard"), Hotchkis & Wiley Capital Management, LLC ("H&W"), Diamond Hill Capital Management, Inc. ("Diamond Hill"), and Fred Alger Management, LLC ("Alger Management"), (collectively the "Sub-Advisers") to provide sub-advisory services for the Portfolios. L.A. Capital, AllianceBernstein, Alger Management and Voya each manage a portion of Large Company Growth Portfolio. L.A. Capital, H&W, MFS and Voya each manage a portion of Large Company Value Portfolio. L.A. Capital, Ranger, and Lord Abbett each manage a portion of Small Company Growth Portfolio. L.A. Capital, H&W and Diamond Hill each manage a portion of Small Company Value Portfolio. L.A. Capital is the sole sub-adviser for FT Wilshire 5000 Index<sup>SM</sup> Fund. L.A. Capital, Pzena, Lazard, WCM and Voya each manage a portion of Wilshire International Equity Fund. DoubleLine, Voya and Manulife each manage a portion of Wilshire Income Opportunities Fund.

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

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

U.S. Bank N.A. serves as the Trust's custodian. U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, (the "Administrator"), serves as the Company's administrator and accounting agent and also serves as the Trust's transfer agent and dividend disbursing agent. Foreside Fund Services, LLC, serves as the Company's principal underwriter. Certain officers and an interested Trustee of the Trust may also be officers or employees of the Adviser, Administrator or their affiliates. They receive no fees for serving as officers or as an interested Trustee of the Trust.

**Officers' and Directors' Expenses – The Company and the Wilshire Variable Insurance Trust together pay each director who is not an interested person of the Company ("Independent Director") an annual retainer of $56,000, an annual additional retainer for each Committee chair of $12,000 and an annual additional retainer to the Board chair of $12,000. In addition, each Independent Director is compensated for Board and Committee meeting attendance in accordance with the following schedule: a quarterly Board meeting or a special in-person Board meeting fee of $6,000 for Independent Directors and $7,000 for the Board chair; a virtual special Board meeting fee of $3,000 for Independent Directors and $3,500 for the Board chair; and a virtual special Committee meeting fee of $1,500.**

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

The Board has adopted a shareholder services and distribution plan (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act, on behalf of the Investment Class Shares of each Portfolio. Under the Plan, each Portfolio may pay up to 0.25% of the value of the average daily net assets attributable to the Investment Class Shares for certain services provided by financial intermediaries or for certain distribution expenses for the purpose of financing any activity intended to result in the sale of Investment Class Shares. During the current fiscal period, the distribution and service fee expenses incurred by the Investment Class of the Portfolios was 0.25% of the respective average net assets of the Investment Class of each Portfolio, FT Wilshire 5000 Index<sup>SM</sup> Fund. FT Wilshire 5000 Index<sup>SM</sup> Fund incurred distribution and service fee expenses totaling 0.20% of the average net assets of their Investment Class Shares.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

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

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Investment** <br>**Class** | **Institutional** <br>**Class**  |
| Large Company Growth Portfolio | &nbsp;&nbsp;&nbsp; 0.131% | &nbsp;&nbsp;&nbsp; 0.059%  |
| Large Company Value Portfolio | &nbsp;&nbsp;&nbsp; 0.062% | &nbsp;&nbsp;&nbsp; 0.050%  |
| Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp; 0.063% | &nbsp;&nbsp;&nbsp; 0.135%  |
| Small Company Value Portfolio | &nbsp;&nbsp;&nbsp; 0.104% | &nbsp;&nbsp;&nbsp; 0.124%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | &nbsp;&nbsp;&nbsp; 0.069% | &nbsp;&nbsp;&nbsp; 0.045%  |
| Wilshire International Equity Fund | &nbsp;&nbsp;&nbsp; 0.150% | &nbsp;&nbsp;&nbsp; 0.047%  |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.115% | &nbsp;&nbsp;&nbsp; 0.047% |

---

**Fees paid indirectly – The Company has a brokerage commission recapture program with Cowen and Company, LLC ("Cowen"), pursuant to which a portion of the Portfolios' commissions generated from transactions directed to Cowen are used to reduce the Portfolios' expenses. Under such program, Cowen, as introducing broker, retains a portion of the Portfolios' commissions. Capital Institutional Services, Inc. ("CAPIS") acquired Cowen on April 1, 2025.**

Such commissions rebated to the Portfolios during the current fiscal period were as follows:

---

| | |
|:---|:---|
| Large Company Growth Portfolio | $343  |
| Large Company Value Portfolio | 116  |
| Small Company Growth Portfolio | 174  |
| Small Company Value Portfolio | 137  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | —  |
| Wilshire International Equity Fund | 1388  |
| Wilshire Income Opportunities Fund |  |

---

For the first quarter 2025, Cowen retained the following commissions:

---

| | |
|:---|:---|
| Large Company Growth Portfolio | $1274  |
| Large Company Value Portfolio | 1019  |
| Small Company Growth Portfolio | 586  |
| Small Company Value Portfolio | 505  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | —  |
| Wilshire International Equity Fund | 3020  |
| Wilshire Income Opportunities Fund |  |

---

For the second quarter 2025, CAPIS retained the following commissions:

---

| | |
|:---|:---|
| Large Company Growth Portfolio | $180  |
| Large Company Value Portfolio | 183  |
| Small Company Growth Portfolio | 340  |
| Small Company Value Portfolio | 213  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | —  |
| Wilshire International Equity Fund | 616  |
| Wilshire Income Opportunities Fund |  |

---

5. Line of Credit

The Company and the Wilshire Variable Insurance Trust have a $75,000,000 umbrella line of credit (the "Line"), which is uncommitted and senior secured with U.S. Bank N.A. The Line serves as a temporary liquidity service to meet redemption requests that otherwise might require the untimely disposition of securities. Borrowings made by a Portfolio

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

are secured by the Portfolio's assets. The Line has a one-year term and is reviewed annually by the Board of Directors. The Line matures, unless renewed, on January 3, 2026. Interest is charged at the prime rate, which was 7.50% as of the end of the current fiscal period. As of June 30, 2025, Large Company Growth Portfolio had $150,000 outstanding borrowings. During the current fiscal period, the Portfolios' Line activity was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average** <br>**Interest Rate** | **Interest** <br>**Expense** | **Maximum** <br>**Borrowings** | **Maximum** <br>**Borrowings Date** | **Average** <br>**Borrowings**  |
| Large Company Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | $650 | $299000 | January 7, 2025 | $17232  |
| Large Company Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 2 | 11000 | March 27, 2025 | 61  |
| Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 3 | 14000 | March 27, 2025 | 77  |
| Small Company Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 4 | 14000 | April 10, 2025 | 99  |
| FT Wilshire 5000 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 259 | 478000 | January 30, 2025 | 6878  |
| Wilshire International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 1146 | 535000 | March 25, 2025 | 30387  |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7.50% | 43 | 186000 | March 19, 2025 | 1149 |

---

6. Investment Transactions

During the current fiscal period aggregate cost of purchases and proceeds from sales and maturities of investments, other than affiliated investments, short-term investments, short sales and purchases to cover short sales, and U.S. Government securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales and** <br>**Maturities**  |
| Large Company Growth Portfolio | $127363049 | $115544693  |
| Large Company Value Portfolio | 42888636 | 44202760  |
| Small Company Growth Portfolio | 21930367 | 23486756  |
| Small Company Value Portfolio | 7589051 | 9145274  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | 4004713 | 15150660  |
| Wilshire International Equity Fund | 52470697 | 71589050  |
| Wilshire Income Opportunities Fund | 40570737 | 61968948 |

---

Purchases and sales and maturities of long-term U.S. Government securities during the current fiscal period were:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales and** <br>**Maturities**  |
| Large Company Growth Portfolio | $1546913 | $1711683  |
| Large Company Value Portfolio | 855528 | 830425  |
| Wilshire International Equity Fund | 3141617 | 2863961  |
| Wilshire Income Opportunities Fund | 18581169 | 23549302 |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Due to Voya managing a portion of Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period, certain securities held by such Portfolios are considered affiliated investments. Purchases and sales of shares of affiliated registered investment companies by Large Company Growth Portfolio, Large Company Value Portfolio, Wilshire International Equity Fund, and Wilshire Income Opportunities Fund during the current fiscal period, and the value of such investments as of the end of the current fiscal period, were as follows:

**Large Company Growth Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 31,** <br>**2024** | **Purchases** | **Proceeds** <br>**from** <br>**Sales** | **Realized** <br>**Gain** <br>(Loss)  | **Change in** <br>**Unrealized** <br>**Appreciation** | **Value as of** <br>**June 30,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1648 | $136 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $37 | $1821 | &nbsp;&nbsp; $60 | &nbsp;&nbsp; $—  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 1072520 | 37722 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12963 | 1123205 | &nbsp;&nbsp; 38379 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Voya VACS Series SC <br>Fund | &nbsp;&nbsp; 5961711 | 196858 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 86735 | 6245304 | &nbsp;&nbsp; 185017 | &nbsp;&nbsp; —  |
|  | &nbsp;&nbsp; $7035879 | $234716 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $99735 | $7370330 | &nbsp;&nbsp; $223456 | &nbsp;&nbsp; $— |

---

**Large Company Value Portfolio** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 31,** <br>**2024** | **Purchases** | **Proceeds** <br>**from** <br>**Sales** | **Realized** <br>**Gain** <br>| **Change in** <br>**Unrealized** <br>**Appreciation** | **Value as of** <br>**June 30,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1251 | $52 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $27 | $1330 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $—  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 903384 | 37685 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10919 | 951988 | &nbsp;&nbsp; 32325 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Voya VACS Series SC <br>Fund | &nbsp;&nbsp; 4687429 | 155016 | (1237942) | 12786 | &nbsp;&nbsp;&nbsp;&nbsp; 55319 | 3672608 | &nbsp;&nbsp; 120317 | &nbsp;&nbsp; —  |
|  | &nbsp;&nbsp; $5592064 | $192753 | $(1237942) | $12786 | &nbsp;&nbsp;&nbsp;&nbsp; $66265 | $4625926 | &nbsp;&nbsp; $152686 | &nbsp;&nbsp; $— |

---

**Wilshire International Equity Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value as of** <br>**December 30,** <br>**2024** | **Purchases** | **Proceeds from Sales** | **Realized Gain** | **Change in Unrealized Appreciation** | **Value as of** <br>**June 30,** <br>**2025** | **Income** <br>**Distribution** | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund | &nbsp;&nbsp; $1476 | $60 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $32 | $1568 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $—  |
|  Voya VACS Series HYB Fund | &nbsp;&nbsp; 1012376 | 42231 |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12237 | 1066844 | &nbsp;&nbsp; 36225 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Voya VACS Series SC <br>Fund | &nbsp;&nbsp; 5913125 | 194259 | (1625287) | 17408 | &nbsp;&nbsp;&nbsp;&nbsp; 68501 | 4568006 | &nbsp;&nbsp; 150486 | &nbsp;&nbsp; —  |
|  | &nbsp;&nbsp; $6926977 | $236550 | $(1625287) | $17408 | &nbsp;&nbsp;&nbsp;&nbsp; $80770 | $5636418 | &nbsp;&nbsp; $186762 | &nbsp;&nbsp; $— |

---

**Wilshire Income Opportunities Fund** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Value as of** <br>**December 31,** <br>**2024**  | **Purchases**  | **Proceeds from Sales**  | **Realized** <br>**Gain** <br>(Loss)  | **Change in Unrealized Appreciation**  | **Value as of** <br>**June 30,** <br>**2025**  | **Income** <br>**Distribution**  | **Long-Term** <br>**Capital Gain** <br>**Distribution**  |
|  Voya VACS Series EMHCD Fund  | &nbsp;&nbsp; $1761302  | $72564  | &nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp; $37701  | $1871567  | &nbsp;&nbsp; $61275  | &nbsp;&nbsp; $—  |
|  Voya VACS Series HYB Fund  | &nbsp;&nbsp; 3267128  | 1114748  | &nbsp;&nbsp; —  | —  | &nbsp;&nbsp;&nbsp;&nbsp; 52791  | 4434667  | &nbsp;&nbsp; 124096  | &nbsp;&nbsp; —  |
|  | &nbsp;&nbsp; $5028430  | $1187312  | &nbsp;&nbsp; $—  | $—  | &nbsp;&nbsp;&nbsp;&nbsp; $90492  | $6306234  | &nbsp;&nbsp; $185371  | &nbsp;&nbsp; $— |

---

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

7. Derivative Transactions

Small Company Growth Portfolio, Small Company Value Portfolio and FT Wilshire 5000 Index<sup>SM</sup> Fund did not hold any derivative instruments as of or during the current fiscal period.

At the end of the current fiscal period, Large Company Growth Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Derivative Assets**  | **Derivative Assets**  | **Derivative Liabilities**  | **Derivative Liabilities**  |
| <br>**Risk**  | <br>**Derivative** <br>**Type**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  |
| Interest Rate  | Futures contracts\*  | Net variation margin <br>recievable on futures contracts  | $20296  | Net variation margin <br>recievable on futures contracts  | $110029  |
| Equity  | Total return <br>swap contracts  | Net unrealized appreciation <br>on swap contracts  | 779926  | N/A  | —  |
|  |  |  | $800222  |  | $110029 |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day's variation margin is reported within the Statement of Assets and Liabilities.

At the end of the current fiscal period, Large Company Value Portfolio is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Derivative Assets**  | **Derivative Assets**  | **Derivative Liabilities**  | **Derivative Liabilities**  |
| <br>**Risk**  | <br>**Derivative** <br>**Type**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  |
| Interest Rate  | Futures contracts\*  | Net variation margin <br>recievable on futures contracts  | &nbsp;&nbsp; $5063  | Net variation margin <br>recievable on futures contracts  | $63854  |
| Equity  | Total return <br>swap contracts  | N/A  | &nbsp;&nbsp; —  | Net unrealized depreciation <br>on swap contracts  | 217397  |
|  |  |  | &nbsp;&nbsp; $5063  |  | $281251 |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day's variation margin is reported within the Statement of Assets and Liabilities.

At the end of the current fiscal period,Wilshire International Equity Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Derivative Assets**  | **Derivative Assets**  | **Derivative Liabilities**  | **Derivative Liabilities**  |
| <br>**Risk**  | <br>**Derivative** <br>**Type**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  |
| Interest Rate  | Futures contracts\*  | Net variation margin <br>recievable on futures contracts  | $7594  | Net variation margin <br>recievable on futures contracts  | &nbsp;&nbsp; $90956  |
| Equity  | Total return <br>swap contracts  | Net unrealized appreciation <br>on swap contracts  | 4224467  | N/A  | &nbsp;&nbsp; —  |
|  |  |  | $4232061  |  | &nbsp;&nbsp; $90956 |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts. For futures contracts, only current day's variation margin is reported within the Statement of Assets and Liabilities.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

At the end of the current fiscal period, Wilshire Income Opportunities Fund is invested in derivative contracts, which are reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Derivative Assets**  | **Derivative Assets**  | **Derivative Liabilities**  | **Derivative Liabilities**  |
| <br>**Risk**  | <br>**Derivative** <br>**Type**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  | **Statements of** <br>**Assets and** <br>**Liabilities** <br>**Location**  | **Fair Value** <br>**Amount**  |
| Interest Rate  | Futures contracts\*  | Net variation margin <br>recievable on futures contracts  | $651794  | Net variation margin <br>recievable on futures contracts  | $299504  |
|  | Centrally cleared <br>interest rate swaps\*  | Net variation margin <br>payable on swap contracts  | 18998 | Net variation margin <br>payable on swap contracts | 1405 |
|  | OTC interest rate <br>options  | Unaffiliated investments, <br>at value | 147030 | Options written, at value | 135349 |
| Credit | Centrally cleared <br>credit default <br>swap contracts\* | Net variation margin <br>payable on swap contracts | 43328 | Net variation margin <br>payable on swap contracts | 16492 |
| Currency | Forward foreign <br>currency exchange <br>contracts | Unrealized <br>appreciation on <br>foreign forward <br>currency contracts | 174612 | Unrealized <br>depreciation on <br>foreign forward <br>currency contracts  | 379177 |
|  | OTC exchange rate <br>volatility swaps | Unrealized appreciation <br>on swap contracts | 41860 | Unrealized appreciation <br>on swap contracts | 11342 |
|  | OTC currency <br>options | Unaffiliated investments, <br>at value | 1053 | Options written, at value  | 63452 |
| Equity  | Total return <br>swap contracts  | Net unrealized appreciation <br>on swap contracts  | 84092  | Net unrealized appreciation <br>on swap contracts  | —  |
|  |  |  | $1162767  |  | $906721 |

---

\* Includes cumulative appreciation (depreciation) as reported on the Schedules of Futures Contracts and Schedule of Centrally Cleared Interest Rate Swaps. For futures contracts and centrally cleared interest rate swaps, only current day's variation margin is reported within the Statements of Assets and Liabilities.

For the current fiscal period, the effect of derivative contracts in Large Company Growth Portfolio's Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Statements of Operations**  | **Statements of Operations**  | **Statements of Operations**  |
| <br>**Risk** | <br>**Derivative Type** | **Location** | **Net Realized** <br>**Gains (Losses)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Interest Rate | Futures contracts | Futures contracts | $44040 | $(131796)  |
| Credit | Swap contracts | Swap contracts | 13233240 | —  |
| Equity | Total return swap contracts  | Swap contracts |  | (11558133) |

---

For the current fiscal period, the effect of derivative contracts in Large Company Value Portfolio's Statement of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Statements of Operations**  | **Statements of Operations**  | **Statements of Operations**  |
| <br>**Risk** | <br>**Derivative Type** | **Location** | **Net Realized** <br>**Gains (Losses)** | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Interest Rate | Futures contracts | Futures contracts | $20384 | $(90648)  |
| Credit | Swap contracts | Swap contracts | 5216975 | —  |
| Equity | Swap contracts  | Swap contracts |  | (4036200) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

For the current fiscal period, the effect of derivative contracts in Wilshire International Equity Fund's Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Statements of Operations**  | **Statements of Operations**  | **Statements of Operations**  |
| <br>**Risk**  | <br>**Derivative Type**  | **Location**  | **Net Realized** <br>**Gains (Losses)**  | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Interest Rate  | Futures contracts  | Futures contracts  | $27289  | $(126261)  |
| Credit  | Swap contracts  | Swap contracts  | 4071961  | —  |
| Equity  | Swap contracts  | Swap contracts  | —  | 1283124 |

---

For the current fiscal period, the effect of derivative contracts in Wilshire Income Opportunities Fund's Statements of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Statements of Operations**  | **Statements of Operations**  | **Statements of Operations**  |
| <br>**Risk**  | <br>**Derivative Type**  | **Location**  | **Net Realized** <br>**Gains (Losses)**  | **Net Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Interest Rate  | Futures contracts  | Futures contracts  | &nbsp;&nbsp; $216356  | $252842  |
| Interest Rate  | Swap contracts  | Swap contracts  | &nbsp;&nbsp; (9486)  | 18029  |
| Interest Rate  | Written options  | Option contracts written  | &nbsp;&nbsp; 40388  | (5146)  |
| Interest Rate  | Purchased options  | Unaffiliated investments  | &nbsp;&nbsp; 7453  | 38494  |
| **Interest Rate Total** |  |  | &nbsp;&nbsp; 254711  | 304219  |
| Credit | Swap contracts | Swap contracts | &nbsp;&nbsp; 12338  | 26836  |
| **Credit Total** |  |  | &nbsp;&nbsp; 12338 | 26836  |
| Currency | Forward foreign <br>currency exchange <br>contracts | Forward foreign <br>currency contracts | &nbsp;&nbsp; (20480)  | (1104147)  |
| Currency | Written options | Option contracts written | &nbsp;&nbsp; 9585  | 17445  |
| Currency | Purchased options | Unaffiliated investments | &nbsp;&nbsp; 10140  | (1651)  |
| Currency | Swap contracts | Swap contracts | &nbsp;&nbsp; 4600  | 30538  |
| **Currency Total** |  |  | &nbsp;&nbsp; 3845  | (1057815)  |
| Equity  | Swap contracts  | Swap contracts  | &nbsp;&nbsp; —  | 84092  |
| **Total Equity** |  |  | &nbsp;&nbsp; — | 84092 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The average monthly notional amount outstanding of options, swaptions, swaps, futures and forwards during the six months ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth Portfolio** | **Large Company** <br>**Value Portfolio** | **Wilshire** <br>**International** <br>**Equity Fund** | **Wilshire** <br>**Income** <br>**Opportunities Fund**  |
| <u>Asset Type</u><br>|  |  |  |  |
| **Written Options** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | $—  | $—  | $—  | &nbsp;&nbsp; $602286  |
| &nbsp;&nbsp;&nbsp; Short | —  | —  | —  | &nbsp;&nbsp; (1824857)  |
| **Swaptions**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | —  | —  | —  | &nbsp;&nbsp; 7911546  |
| &nbsp;&nbsp;&nbsp; Short | —  | —  | —  | &nbsp;&nbsp; (15438674)  |
| **Total Return Swaps** | 41237260  | 27469096  | 36596936  | &nbsp;&nbsp; —  |
| **Interest Rate Swaps** | —  | —  | —  | &nbsp;&nbsp; 982904477  |
| **Credit Default Swaps** | —  | —  | —  | &nbsp;&nbsp; 1702857  |
| **Futures**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Long | 468842  | 198653  | 297980  | &nbsp;&nbsp; 82193725  |
| &nbsp;&nbsp;&nbsp; Short | (8558193) | (5469445) | (7644700) | &nbsp;&nbsp; (18124731)  |
| **Forwards**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased | —  | —  | —  | &nbsp;&nbsp; 14487434  |
| &nbsp;&nbsp;&nbsp; Sold | —  | —  | —  | &nbsp;&nbsp; 27095915  |
| **Volatility Swaps** | —  | —  | —  | &nbsp;&nbsp; 1615429 |

---

8. Securities Lending

Each Portfolio may seek additional income by lending its securities on a short-term basis to banks, brokers and dealers in return for cash collateral, which is invested in a U.S. Bank Money Market Deposit Account. A Portfolio may return a portion of the interest earned to the borrower or a third party that is unaffiliated with the Company and acting s a "placing broker." A Portfolio receives compensation for lending securities in the form of fees. A Portfolio also continues to receive dividends on the securities loaned. Security loans are secured at all times by collateral. It is the Company's policy that the collateral be equal to at least 102% of the market value of the securities loaned (105% if the securities loaned are denominated in different currencies) plus accrued interest when the transaction is entered into, and that the collateral supporting the loans be valued daily. However, due to market fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral. On each business day, the amount of collateral is adjusted based on the prior day's market fluctuations and the current day's lending activity. Gain or loss in the market price of the securities loaned that may occur during the term of the loan are reflected in the value of the Portfolio. The risks from securities lending are that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Portfolio. Lending securities entails a risk of loss to the Portfolio if and to the extent that the market value of securities loans were to increase, the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. U.S. Bank N.A., the Portfolios' custodian, acts as the securities lending agent for the Portfolios. The value of the securities on loan and the cash collateral at the end of the current fiscal period are shown on the Statements of Assets and Liabilities. Proceeds from cash collateral received from securities on loan were invested in a U.S. Bank Money Market Deposit Account and classified as Cash and cash equivalents on the Statements of Assets and Liabilities.

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**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The following table is a summary of the Portfolios' securities lending transactions accounted for as secured borrowings with cash collateral of overnight and continuous maturities as of the end of the current fiscal period:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Gross Amount of** <br>**Recognized Assets** <br>**(Value of Securities on Loan)** | **Value of Cash** <br>**Collateral Received\***  |
| Large Company Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $238745 | &nbsp;&nbsp;&nbsp;&nbsp; $238745  |
| Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224780 | &nbsp;&nbsp;&nbsp;&nbsp; 224780  |
| Small Company Value Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268018 | &nbsp;&nbsp;&nbsp;&nbsp; 268018  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537356 | &nbsp;&nbsp;&nbsp;&nbsp; 1537356  |
| Wilshire International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81503 | &nbsp;&nbsp;&nbsp;&nbsp; 81503  |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462712 | &nbsp;&nbsp;&nbsp;&nbsp; 462712 |

---

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

9. Capital Share Transactions

Transactions in shares of the Portfolios are summarized below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth Portfolio**  | **Large Company** <br>**Growth Portfolio**  | **Large Company** <br>**Value Portfolio**  | **Large Company** <br>**Value Portfolio**  | **Small Company** <br>**Growth Portfolio**  | **Small Company** <br>**Growth Portfolio**  |
|  | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024**  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| Investment Class shares:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6753 | &nbsp;&nbsp; 10500 | 4 | &nbsp;&nbsp; 6673 | 3262 | &nbsp;&nbsp; 3736  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | &nbsp;&nbsp; 205562 |  | &nbsp;&nbsp; 10859 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (71033) | &nbsp;&nbsp; (187575) | (4841) | &nbsp;&nbsp; (19305) | (16533) | &nbsp;&nbsp; (39383)  |
|  Net increase (decrease) in Investment Class shares outstanding | (64280) | &nbsp;&nbsp; 28487 | (4837) | &nbsp;&nbsp; (1773) | (13271) | &nbsp;&nbsp; (35647)  |
| Shares outstanding at beginning of period | 1811683 | &nbsp;&nbsp; 1783196 | 181276 | &nbsp;&nbsp; 183049 | 333576 | &nbsp;&nbsp; 369223  |
| **Shares outstanding at end of period** | 1747403 | &nbsp;&nbsp; 1811683 | 176439 | &nbsp;&nbsp; 181276 | 320305 | &nbsp;&nbsp; 333576  |
| Institutional Class shares:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 501090 | &nbsp;&nbsp; 172717 | 387063 | &nbsp;&nbsp; 284013 | 26468 | &nbsp;&nbsp; 50013  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | &nbsp;&nbsp; 323428 |  | &nbsp;&nbsp; 591942 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (374285) | &nbsp;&nbsp; (1090341) | (665993) | &nbsp;&nbsp; (1394411) | (84591) | &nbsp;&nbsp; (124665)  |
|  Net increase (decrease) in Institutional Class shares outstanding | 126805 | &nbsp;&nbsp; (594196) | (278930) | &nbsp;&nbsp; (518456) | (58123) | &nbsp;&nbsp; (74652)  |
| Shares outstanding at beginning of period | 3323074 | &nbsp;&nbsp; 3917270 | 7579553 | &nbsp;&nbsp; 8098009 | 928935 | &nbsp;&nbsp; 1003587  |
| **Shares outstanding at end of period** | 3449879 | &nbsp;&nbsp; 3323074 | 7300623 | &nbsp;&nbsp; 7579553 | 870812 | &nbsp;&nbsp; 928935 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Company** <br>**Value Portfolio**  | **Small Company** <br>**Value Portfolio**  | **FT Wilshire 5000** <br>**Index<sup>SM</sup> Fund** | **FT Wilshire 5000** <br>**Index<sup>SM</sup> Fund** | **Wilshire International** <br>**Equity Fund**  | **Wilshire International** <br>**Equity Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024** | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024**  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |  |  |
| Investment Class shares:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 445 | &nbsp;&nbsp; 680 | 167695 | &nbsp;&nbsp; 295344 | 10255 | &nbsp;&nbsp; 11351  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | &nbsp;&nbsp; 16205 |  | &nbsp;&nbsp; 174544 |  | &nbsp;&nbsp; 6041  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (24645) | &nbsp;&nbsp; (32294) | (392024) | &nbsp;&nbsp; (542526) | (1818) | &nbsp;&nbsp; (21903)  |
|  Net increase (decrease) in Investment Class shares outstanding | (24200) | &nbsp;&nbsp; (15409) | (224329) | &nbsp;&nbsp; (72638) | 8437 | &nbsp;&nbsp; (4511)  |
| Shares outstanding at beginning of period | 200299 | &nbsp;&nbsp; 215708 | 6918907 | &nbsp;&nbsp; 6991545 | 68414 | &nbsp;&nbsp; 72925  |
| **Shares outstanding at end of period** | 176099 | &nbsp;&nbsp; 200299 | 6694578 | &nbsp;&nbsp; 6918907 | 76851 | &nbsp;&nbsp; 68414  |
| Institutional Class shares:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 20166 | &nbsp;&nbsp; 38910 | 54574 | &nbsp;&nbsp; 134167 | 1310950 | &nbsp;&nbsp; 1035775  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions |  | &nbsp;&nbsp; 62409 |  | &nbsp;&nbsp; 38930 |  | &nbsp;&nbsp; 2275658  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (65259) | &nbsp;&nbsp; (118640) | (134509) | &nbsp;&nbsp; (173261) | (3458970) | &nbsp;&nbsp; (3447584)  |
|  Net increase (decrease) in Institutional Class shares outstanding | (45093) | &nbsp;&nbsp; (17321) | (79935) | (164) | (2148020) | &nbsp;&nbsp; (136151)  |
| Shares outstanding at beginning of period | 766936 | &nbsp;&nbsp; 784257 | 1782943 | &nbsp;&nbsp; 1783107 | 20889380 | &nbsp;&nbsp; 21025531  |
| **Shares outstanding at end of period** | 721843 | &nbsp;&nbsp; 766936 | 1703008 | &nbsp;&nbsp; 1782943 | 18741360 | &nbsp;&nbsp; 20889380 |

---

---

| | | |
|:---|:---|:---|
|  | **Wilshire Income** <br>**Opportunities Fund**  | **Wilshire Income** <br>**Opportunities Fund**  |
|  | **Six Months** <br>**Ended** <br>**June 30,** <br>**2025** | **Year** <br>**Ended** <br>**December 31,** <br>**2024**  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| Investment Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 452 | &nbsp;&nbsp; 1899  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | 469 | &nbsp;&nbsp; 899  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3728) | &nbsp;&nbsp; (2026)  |
|  Net increase (decrease) in Investment Class shares outstanding | (2807) | &nbsp;&nbsp; 772  |
| Shares outstanding at beginning of period | 23694 | &nbsp;&nbsp; 22922  |
| **Shares outstanding at end of period** | 20887 | &nbsp;&nbsp; 23694  |
| Institutional Class shares:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 420954 | &nbsp;&nbsp; 1658689  |
| &nbsp;&nbsp;&nbsp; Shares issued as reinvestment of distributions | 510302 | &nbsp;&nbsp; 1035427  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (3426168) | &nbsp;&nbsp; (2963687)  |
|  Net increase (decrease) in Institutional Class shares outstanding | (2494912) | &nbsp;&nbsp; (269571)  |
| Shares outstanding at beginning of period | 22587931 | &nbsp;&nbsp; 22857502  |
| **Shares outstanding at end of period** | 20093019 | &nbsp;&nbsp; 22587931 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

10. Significant Shareholders

At the end of the current fiscal period, the Portfolios had the following concentrations of shareholders holding 10% or more of the outstanding shares of the Portfolios. These represent omnibus shareholder accounts comprised of many individual shareholders.

---

| | |
|:---|:---|
| **Portfolio** |  |
| Large Company Growth Portfolio (4 omnibus shareholders) | 93%  |
| Large Company Value Portfolio (4 omnibus shareholders) | 94%  |
| Small Company Growth Portfolio (4 omnibus shareholders) | 80%  |
| Small Company Value Portfolio (4 omnibus shareholders) | 88%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund (2 omnibus shareholders) | 67%  |
| Wilshire International Equity Fund (4 omnibus shareholders) | 94%  |
| Wilshire Income Opportunities Fund (4 omnibus shareholders) | 96% |

---

As of the end of the current fiscal period, an affiliated investment company, also advised by the Adviser, owned the following amounts of the outstanding shares of the Portfolios:

---

| | |
|:---|:---|
| **Portfolio** |  |
| Large Company Growth Portfolio | 49%  |
| Large Company Value Portfolio | 54%  |
| Small Company Growth Portfolio | 41%  |
| Small Company Value Portfolio | 40%  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | 0%  |
| Wilshire International Equity Fund | 48%  |
| Wilshire Income Opportunities Fund | 50% |

---

11. Tax Information

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

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The federal tax cost of portfolio securities and unrealized appreciation and depreciation, including derivatives, and the components of distributable earnings (accumulated losses) for income tax purposes as of December 31, 2024 for each Portfolio are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth Portfolio** | **Large Company** <br>**Value Portfolio** | **Small Company** <br>**Growth Portfolio** | **Small Company** <br>**Value Portfolio**  |
| Tax cost of Investments | $123383681 | $128369454 | $19592496 | $21312612  |
| Unrealized Appreciation | $122840565 | $35153725 | $6660798 | $5858422  |
| Unrealized Depreciation | (4804573 | (8200213) | (1899892) | (2314614)  |
| Net unrealized appreciation (depreciation) | 118035992 | 26953512 | 4760906 | 3543808  |
| Undistributed Ordinary Income | 4006436 | 916053 |  | 506628  |
| Undistributed Long-Term Capital Gain | 6579334 | 2341627 |  | 494838  |
| Distributable earnings | 10585770 | 3257680 |  | 1001466  |
| Other accumulated gain/(loss) |  | (66) | (2182600) | —  |
| Total distributable earnings | $128621762 | $30211126 | $2578306 | $4545274 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Wilshire 5000** <br>**Index<sup>SM</sup> Fund** | **Wilshire International** <br>**Equity Fund** | **Wilshire Income** <br>**Opportunities Fund**  |
| Tax cost of Investments | $61690298 | &nbsp;&nbsp;&nbsp;&nbsp; $175188442 | &nbsp;&nbsp; $202981122  |
| Unrealized Appreciation | $226759368 | &nbsp;&nbsp;&nbsp;&nbsp; $37551046 | &nbsp;&nbsp; $5467659  |
| Unrealized Depreciation | (5159829) | &nbsp;&nbsp;&nbsp;&nbsp; (14942122) | &nbsp;&nbsp; (17857429)  |
| Net unrealized appreciation (depreciation) | 221599539 | &nbsp;&nbsp;&nbsp;&nbsp; 22608924 | &nbsp;&nbsp; (12389770)  |
| Undistributed Ordinary Income |  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 764059  |
| Undistributed Long-Term Capital Gain | 2993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Distributable earnings | 2993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 764059  |
| Other accumulated gain/(loss) | (2) | &nbsp;&nbsp;&nbsp;&nbsp; (750747) | &nbsp;&nbsp; (26767526)  |
| Total distributable earnings (accumulated losses) | $221602530 | &nbsp;&nbsp;&nbsp;&nbsp; $21858177 | &nbsp;&nbsp; $(38393237) |

---

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

At December 31, 2024, the FT Wilshire 5000 Index Fund had post-October capital loss deferral of $714,530.

As of December 31, 2024, Income Opportunities Fund and Small Company Growth Portfolio had the following capital loss carryforwards ("CLCFs") for federal income tax purposes which do not expire:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Short-Term Loss** | **Long-Term Loss** | **Total**  |
| Small Company Growth Portfolio | &nbsp;&nbsp; $2182600 | $— | $2182600  |
| Wilshire Income Opportunities Fund | &nbsp;&nbsp; $6834679 | $19921361 | $26756040 |

---

These CLCFs may be utilized in the current and futures years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. During the year ended December 31, 2024, Wilshire International Equity Fund utilized $766,601 of CLCF.

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The tax character of distributions declared during the years ended December 31, 2024 and December 31, 2023 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **2024** <br>**Ordinary** <br>**Income** | **2024** <br>**Long-Term** <br>**Capital Gains** | **2023** <br>**Ordinary** <br>**Income** | **2023** <br>**Long-Term** <br>**Capital Gains**  |
| Large Company Growth Fund | $5672220 | $21606951 | $551373 | $—  |
| Large Company Value Portfolio | 4173905 | 9200215 | 1410988 | 3611587  |
| Small Company Growth Portfolio |  |  |  | —  |
| Small Company Value Portfolio | 553579 | 1655377 | 86218 | 952961  |
| FT Wilshire 5000 Index<sup>SM</sup> Fund | 2690316 | 5245649 | 2585421 | 5369108  |
| Wilshire International Equity Fund | 8418926 | 15772661 | 6294982 | 1180843  |
| Wilshire Income Opportunities Fund | 9250324 |  | 7094175 |  |

---

The Portfolios designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gains to zero for the tax year ended June 30, 2025.

For the year ended December 31, 2024, the following reclassifications were made on the Statements of Assets and Liabilities as a result of permanent differences between income tax regulations and GAAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Large Company** <br>**Growth Portfolio** | **Large Company** <br>**Value Portfolio** | **Small Company** <br>**Growth Portfolio** | **Small Company** <br>**Value Portfolio**  |
| Distributable earnings (accumulated losses) | &nbsp;&nbsp; $3631465 | $1370816 | &nbsp;&nbsp;&nbsp;&nbsp; $(93326) | &nbsp;&nbsp; $227805  |
| Paid-in capital | &nbsp;&nbsp; (3631465) | (1370816) | &nbsp;&nbsp;&nbsp;&nbsp; 93326 | &nbsp;&nbsp; (227805) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **FT Wilshire 5000** <br>**Index<sup>SM</sup> Fund** | **Wilshire International** <br>**Equity Fund** | **Wilshire Income** <br>**Opportunities Fund**  |
| Distributable earnings (accumulated losses) | &nbsp;&nbsp;&nbsp; $331174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $674704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4636  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; (331174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (674704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4636) |

---

Such reclassifications, primarily related to the use of utilization of earnings and profits distributed to shareholders on redemption of shares, are the result of permanent differences between financial statement and income tax reporting requirements and had no effect on each Portfolio's net assets or NAV per share.

12. Indemnifications

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

13. Certain Investment Risks

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

**Collateralized Debt Obligation ("CDO") Risk – A CDO is an ABS whose underlying collateral is typically a portfolio of bonds, bank loans, other structured finance securities and/or synthetic instruments. Investors in CDOs bear the credit risk of the underlying collateral. Multiple tranches of securities are issued by the CDO, offering investors various maturity and credit risk characteristics. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of risk. If there are defaults or the CDO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. CDOs are subject to the same risk of prepayment** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

described for certain mortgage-related and ABS, and are subject to credit risk, interest rate risk and default risk. The market value of CDOs may be affected by changes in the market's perception of the creditworthiness of the servicing agent for the pool or the originator.

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

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

**Credit Risk – A Portfolio's debt instruments are subject to credit risk, which is the risk that an issuer will be unable, or will be perceived to be unable, to repay its obligations at maturity. Funds that invest primarily in high quality securities generally are subject to less credit risk than funds that invest in lower quality securities. Certain securities are backed by credit enhancements from various financial institutions and financial guarantee assurance agencies. These credit enhancements reinforce the credit quality of the individual securities; however, if any of the financial institutions or financial guarantee assurance agencies' credit quality should deteriorate, it could cause the individual security's credit quality to change. Additionally, if a Portfolio concentrates its credit enhancements in any one financial institution, the risk of credit quality deterioration increases. The value of ABS may be affected by the credit risk of the servicing agent for the pool, the originator of the loans or receivables, or the financial institution(s) providing the credit support. In addition to credit risk, ABS and other securities with early redemption features are subject to pre-payment risk. During periods of declining interest rates, prepayment of loans underlying ABS can be expected to accelerate or an issuer may retire an outstanding bond early to reduce interest costs. A Portfolio's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable yields is subject to generally prevailing interest rates at that time.**

**Counterparty Credit Risk – Counterparty credit risk is the risk that a counterparty to a financial instrument will fail on a commitment that it has entered into with a Portfolio. A Portfolio's Sub-Adviser seeks to minimize counterparty credit risk by monitoring the creditworthiness of each counterparty on an ongoing basis.**

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

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

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

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**[**TABLE OF CONTENTS**](#TOC)**

**Wilshire Mutual Funds, Inc.** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**Sector Risk – If a Portfolio has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of the Portfolio than would be the case if the Portfolio did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Portfolio and increase the volatility of the Portfolio's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of a Portfolio's holdings would be adversely affected. As of the end of the current fiscal period, Large Company Growth Portfolio had 36.2% of the value of its net assets invested in stocks within the Information Technology sector; Small Company Value Portfolio had 28.3% of the value of its net assets invested in stocks within the Financials sector; and FT Wilshire 5000 Index Fund<sup>SM</sup> had 30.6% of the value of its net assets invested in stocks within the Information Technology sector.**

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

14. Subsequent Event Evaluation

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

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**[**TABLE OF CONTENTS**](#TOC)**

**WILSHIRE MUTUAL FUNDS, Inc.** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Information on Proxy Voting** 

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

**Information on Form N-PORT** 

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

**Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.** 

See Item 7(a).

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

187<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to previous Form N-CSR filing.](https://www.sec.gov/Archives/edgar/data/890453/000113322825002505/wmf-efp14183_ex99code.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).*](ww-efp17365_ex99cert.htm)

Filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.*

Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange
 Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not
 previously disclosed, the information should relate to events occurring during the reporting period.

Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](ww-efp17365_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Wilshire
 Mutual Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz |
|  | President and Principal Executive Officer |

---

Date <u>09/08/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Jason A. Schwarz |
|  | Jason A. Schwarz |
|  | President and Principal Executive Officer |

---

Date <u>09/08/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Michael Wauters |
|  | Michael Wauters |
|  | Treasurer, Principal Financial Officer and |
|  | Principal Accounting Officer |

---

Date <u>09/05/2025</u> <br>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Jason A. Schwarz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Wilshire Mutual Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a
date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 09/08/2025 | /s/ Jason A. Schwarz |
|  |  | Jason A. Schwarz<br> President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Michael Wauters, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Wilshire Mutual Funds, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 09/05/2025 | /s/ Michael Wauters |
|  |  | Michael Wauters |
|  |  | Treasurer, Principal Financial<br> Officer and Principal Accounting Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Wilshire Mutual Funds, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Wilshire Mutual Funds, Inc. for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Wilshire Mutual Funds, Inc. for the stated period.

---

| | |
|:---|:---|
| /s/ Jason A. Schwarz | /s/ Michael Wauters |
| Jason A. Schwarz | Michael Wauters |
| President and Principal Executive<br> Officer | Treasurer, Principal Financial<br> Officer and Principal Accounting Officer |

---

Date: <u>09/08/2025</u> Date: <u>09/05/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Wilshire Mutual Funds, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934.